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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bristol Myers Squibb Co | NYSE:BMY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.18 | 0.40% | 44.88 | 45.37 | 44.34 | 44.73 | 21,281,928 | 01:00:00 |
Bristol-Myers Squibb Company (NYSE:BMY) today reported results for the second quarter of 2016, which were highlighted by strong sales, key regulatory and clinical milestones in Immuno-Oncology and business development transactions that strengthened the company’s Immuno-Oncology pipeline.
“During the second quarter we delivered strong sales and earnings growth, achieved important regulatory milestones with Opdivo across multiple types of cancer, and further advanced our leadership in Immuno-Oncology through the breadth of the clinical data we presented at ASCO,” said Giovanni Caforio, M.D., chief executive officer, Bristol-Myers Squibb. “I am confident strong performance of our in-line products, progress with our diversified pipeline and our focused approach to business development position us well for continued success.”
Second Quarter
$ amounts in millions, except per share amounts2016
2015
Change
Total Revenues $4,871 $4,163 17% GAAP Diluted EPS 0.69 (0.08) ** Non-GAAP Diluted EPS 0.69 0.53 30%**In excess of +/- 100%
SECOND QUARTER FINANCIAL RESULTS
SECOND QUARTER PRODUCT AND PIPELINE UPDATE
Global revenues for the second quarter of 2016, compared to the second quarter of 2015, were driven by Opdivo, which grew by $718 million; Eliquis, which grew 78%; Orencia, which grew 29%; Hepatitis C Franchise, which grew 14%; and Sprycel, which grew 11%.
Opdivo
Empliciti
Orencia/Immunoscience
BUSINESS DEVELOPMENT UPDATE
2016 FINANCIAL GUIDANCE
Bristol-Myers Squibb is increasing its 2016 GAAP EPS guidance range from $2.37 - $2.47 to $2.43 - $2.53. The company is also increasing its non-GAAP EPS guidance range from $2.50 - $2.60 to $2.55 - $2.65. Both GAAP and non-GAAP guidance assume current exchange rates. Key revised 2016 non-GAAP line-item guidance assumptions include:
• Research and development expenses increasing in the mid-teen range.
• The effective tax rate is now expected to be 22%.
The financial guidance for 2016 excludes the impact of any potential future strategic acquisitions and divestitures, and any specified items that have not yet been identified and quantified. The non-GAAP 2016 guidance also excludes other specified items as discussed under “Use of Non-GAAP Financial Information.” Details reconciling adjusted non-GAAP amounts with the amounts reflecting specified items are provided in supplemental materials available on the company’s website.
Use of Non-GAAP Financial Information
This press release contains non-GAAP financial measures, including non-GAAP earnings and related EPS information, that are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis. These items are adjusted after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of future operating results. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods including restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, R&D charges in connection with the acquisition or licensing of third party intellectual property rights, divestiture gains or losses, pension, legal and other contractual settlement charges and debt redemption gains or losses, among other items. Deferred and current income taxes attributed to these items are also adjusted for considering their individual impact to the overall tax expense, deductibility and jurisdictional tax rates. Non-GAAP information is intended to portray the results of our baseline performance, supplement or enhance management, analysts and investors overall understanding of our underlying financial performance and facilitate comparisons among current, past and future periods. For example, non-GAAP earnings and EPS information is an indication of our baseline performance before items that are considered by us to not be reflective of our ongoing results. In addition, this information is among the primary indicators we use as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting for future periods. This information is not intended to be considered in isolation or as a substitute for net earnings or diluted EPS prepared in accordance with GAAP.
Statement on Cautionary Factors
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as "anticipate", "estimates", "should", "expect", "guidance", "project", "intend", "plan", "believe" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, effects of the continuing implementation of governmental laws and regulations related to Medicare, Medicaid, Medicaid managed care organizations and entities under the Public Health Service 340B program, pharmaceutical rebates and reimbursement, market factors, competitive product development and approvals, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, changes to business or tax planning strategies, difficulties and delays in product development, manufacturing or sales including any potential future recalls, patent positions and the ultimate outcome of any litigation matter. These factors also include the company’s ability to execute successfully its strategic plans, including its business development strategy, the expiration of patents or data protection on certain products, including assumptions about the company’s ability to retain patent exclusivity of certain products, and the impact and result of governmental investigations. There can be no guarantees with respect to pipeline products that future clinical studies will support the data described in this release, that the compounds will receive necessary regulatory approvals, or that they will prove to be commercially successful; nor are there guarantees that regulatory approvals will be sought, or sought within currently expected timeframes, or that contractual milestones will be achieved. For further details and a discussion of these and other risks and uncertainties, see the company's periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Company and Conference Call Information
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol-Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube and Facebook.
There will be a conference call on July 28, 2016, at 10:30 a.m. EDT during which company executives will review financial information and address inquiries from investors and analysts. Investors and the general public are invited to listen to a live webcast of the call at http://investor.bms.com or by calling the U.S. toll free 877-201-0168 or international 647-788-4901, confirmation code: 91350399. Materials related to the call will be available at the same website prior to the conference call. A replay of the call will be available beginning at 1:30 p.m. EDT on July 28 through 11:59 p.m. EDT on August 11, 2016. The replay will also be available through http://investor.bms.com or by calling the U.S. toll free 855-859-2056 or international 404-537-3406, confirmation code: 91350399.
For more information, contact: Ken Dominski, 609-252-5251, ken.dominski@bms.com, Communications; John Elicker, 609-252-4611, john.elicker@bms.com, or Bill Szablewski, 609-252-5894, william.szablewski@bms.com, Investor Relations.
BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUE
FOR THE THREE MONTHS ENDED JUNE 30, 2016 AND 2015
(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues 2016 2015 %Change
2016 2015 %Change
Three Months Ended June 30,
Key Products Oncology Empliciti $ 34 $ —N/A
$ 33 $ —N/A
Erbitux(a) — 169 (100 )% — 165 (100 )% Opdivo 840 122 ** 643 107 ** Sprycel 451 405 11 % 233 205 14 % Yervoy 241 296 (19 )% 179 136 32 % Cardiovascular Eliquis 777 437 78 % 444 243 83 % Immunoscience Orencia 593 461 29 % 401 310 29 % Virology Baraclude 299 343 (13 )% 15 37 (59 )% Hepatitis C Franchise 546 479 14 % 294 —N/A
Reyataz Franchise 247 303 (18 )% 122 157 (22 )% Sustiva Franchise 271 317 (15 )% 227 258 (12 )% Neuroscience Abilify(b) 35 107 (67 )% — 67 (100 )% Mature Products and All Other 537 724 (26 )% 97 152 (36 )% Total $ 4,871 $ 4,163 17 % $ 2,688 $ 1,837 46 % ** In excess of +/- 100% (a) Erbitux is a trademark of ImClone LLC. ImClone LLC is a wholly-owned subsidiary of Eli Lilly and Company. (b) Abilify is a trademark of Otsuka Pharmaceutical Co., Ltd.BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUE
FOR THE SIX MONTHS ENDED JUNE 30, 2016 AND 2015
(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues 2016 2015 %Change
2016 2015 %Change
Six Months Ended June 30,
Key Products Oncology Empliciti $ 62 $ —N/A
$ 61 $ —N/A
Erbitux — 334 (100 )% — 322 (100 )% Opdivo 1,544 162 ** 1,237 145 ** Sprycel 858 780 10 % 443 386 15 % Yervoy 504 621 (19 )% 378 317 19 % Cardiovascular Eliquis 1,511 792 91 % 912 443 ** Immunoscience Orencia 1,068 861 24 % 722 569 27 % Virology Baraclude 590 683 (14 )% 32 83 (61 )% Hepatitis C Franchise 973 743 31 % 553 —N/A
Reyataz Franchise 468 597 (22 )% 242 300 (19 )% Sustiva Franchise 544 607 (10 )% 455 492 (8 )% Neuroscience Abilify 68 661 (90 )% — 575 (100 )% Mature Products and All Other 1,072 1,363 (21 )% 190 249 (24 )% Total $ 9,262 $ 8,204 13 % $ 5,225 $ 3,881 35 % ** In excess of +/- 100%BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2016 AND 2015
(Unaudited, dollars and shares in millions except per share data)
Three Months EndedJune 30,
Six Months EndedJune 30,
2016 2015 2016 2015 Net product sales $ 4,432 $ 3,572 $ 8,396 $ 6,631 Alliance and other revenues 439 591 866 1,573 Total Revenues 4,871 4,163 9,262 8,204 Cost of products sold 1,206 1,013 2,258 1,860 Marketing, selling and administrative 1,238 1,135 2,306 2,164 Research and development 1,266 1,856 2,402 2,872 Other (income)/expense (454 ) 107 (974 ) (192 ) Total Expenses 3,256 4,111 5,992 6,704 Earnings Before Income Taxes 1,615 52 3,270 1,500 Provision for Income Taxes 427 162 876 411 Net Earnings/(Loss) 1,188 (110 ) 2,394 1,089 Net Earnings Attributable to Noncontrolling Interest 22 20 33 33 Net Earnings/(Loss) Attributable to BMS $ 1,166 $ (130 ) $ 2,361 $ 1,056 Average Common Shares Outstanding: Basic 1,670 1,667 1,670 1,665 Diluted 1,679 1,667 1,679 1,677 Earnings/(Loss) per Common Share Basic $ 0.70 $ (0.08 ) $ 1.41 $ 0.63 Diluted $ 0.69 $ (0.08 ) $ 1.41 $ 0.63 Other (Income)/Expense Interest expense $ 42 $ 49 $ 85 $ 100 Investment income (25 ) (26 ) (49 ) (56 ) Provision for restructuring 18 28 22 40 Litigation and other settlements 6 4 49 16 Equity in net income of affiliates (20 ) (22 ) (46 ) (48 ) Divestiture gains (283 ) (8 ) (553 ) (162 ) Royalties and licensing income (167 ) (97 ) (421 ) (195 ) Transition and other service fees (74 ) (27 ) (127 ) (54 ) Pension charges 25 36 47 63 Out-licensed intangible asset impairment — — 15 13 Equity investment impairment 45 — 45 — Written option adjustment — — — (36 ) Loss on debt redemption — 180 — 180 Other (21 ) (10 ) (41 ) (53 ) Other (income)/expense $ (454 ) $ 107 $ (974 ) $ (192 )BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2016 AND 2015
(Unaudited, dollars in millions)
Three Months EndedJune 30,
Six Months EndedJune 30,
2016
20152016
2015 Cost of products sold(a) $ 4 $ 25 $ 8 $ 59 Marketing, selling and administrative — 3 — 4 License and asset acquisition charges 139 869 264 1,031 Other 13 2 26 2 Research and development 152 871 290 1,033 Provision for restructuring 18 28 22 40 Divestiture gains (277 ) (8 ) (546 ) (160 ) Pension charges 25 36 47 63 Written option adjustment — — — (36 ) Litigation and other settlements — 1 43 15 Out-licensed intangible asset impairment — — 15 13 Loss on debt redemption — 180 — 180 Other (income)/expense (234 ) 237 (419 ) 115 Increase/(decrease) to pretax income (78 ) 1,136 (121 ) 1,211 Income tax on items above 76 (116 ) 159 (184 ) Increase/(decrease) to net earnings $ (2 ) $ 1,020 $ 38 $ 1,027 (a) Specified items in cost of products sold are accelerated depreciation, asset impairment and other shutdown costs.BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS
FOR THE THREE MONTHS ENDED JUNE 30, 2016 AND 2015
(Unaudited, dollars in millions)
Three Months Ended June 30, 2016
GAAP SpecifiedItems(a)
Non-GAAP
Gross Profit $ 3,665 $ 4 $ 3,669 Marketing, selling and administrative 1,238 — 1,238 Research and development 1,266 (152 ) 1,114 Other (income)/expense (454 ) 234 (220 ) Effective Tax Rate 26.4 % (3.6 )% 22.8 %Three Months Ended June 30, 2015
GAAP SpecifiedItems(a)
Non-GAAP
Gross Profit $ 3,150 $ 25 $ 3,175 Marketing, selling and administrative 1,135 (3 ) 1,132 Research and development 1,856 (871 ) 985 Other (income)/expense 107 (237 ) (130 ) Effective Tax Rate 311.5 % (288.1 )% 23.4 % (a) Refer to the Specified Items schedule for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate.BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS
FOR THE SIX MONTHS ENDED JUNE 30, 2016 AND 2015
(Unaudited, dollars in millions)
Six Months Ended June 30, 2016
GAAP SpecifiedItems(a)
Non-GAAP
Gross Profit $ 7,004 $ 8 $ 7,012 Marketing, selling and administrative 2,306 — 2,306 Research and development 2,402 (290 ) 2,112 Other (income)/expense (974 ) 419 (555 ) Effective Tax Rate 26.8 % (4.0 )% 22.8 %Six Months Ended June 30, 2015
GAAP SpecifiedItems(a)
Non-GAAP
Gross Profit $ 6,344 $ 59 $ 6,403 Marketing, selling and administrative 2,164 (4 ) 2,160 Research and development 2,872 (1,033 ) 1,839 Other (income)/expense (192 ) (115 ) (307 ) Effective Tax Rate 27.4 % (5.5 )% 21.9 % (a) Refer to the Specified Items schedule for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate.BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF NON-GAAP EPS TO GAAP EPS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2016 AND 2015
(Unaudited, dollars and shares in millions except per share data)
Three Months EndedJune 30,Six Months EndedJune 30,
2016 2015 2016 2015 Net Earnings/(Loss) Attributable to BMS used for Diluted EPS Calculation - GAAP $ 1,166 $ (130 ) $ 2,361 $ 1,056 Less Specified Items* (2 ) 1,020 38 1,027 Net Earnings used for Diluted EPS Calculation – Non-GAAP $ 1,164 $ 890 $ 2,399 $ 2,083 Weighted-average Common Shares Outstanding - Diluted - GAAP 1,679 1,667 1,679 1,677 Incremental shares attributable to share-based compensation plans — 10 — — Weighted-average Common Shares Outstanding- Diluted - Non-GAAP 1,679 1,677 1,679 1,677 Diluted Earnings/(Loss) Per Share — GAAP $ 0.69 $ (0.08 ) $ 1.41 $ 0.63 Diluted EPS Attributable to Specified Items — 0.61 0.02 0.61 Diluted Earnings Per Share — Non-GAAP $ 0.69 $ 0.53 $ 1.43 $ 1.24 * Refer to the Specified Items schedule for further details.BRISTOL-MYERS SQUIBB COMPANY
NET CASH/(DEBT) CALCULATION
AS OF JUNE 30, 2016 AND MARCH 31, 2016
(Unaudited, dollars in millions)
June 30, 2016 March 31, 2016 Cash and cash equivalents $ 2,934 $ 2,644 Marketable securities - current 1,717 1,663 Marketable securities - non-current 3,281 3,689 Cash, cash equivalents and marketable securities 7,932 7,996 Short-term borrowings (155 ) (106 ) Long-term debt (6,581 ) (6,593 ) Net cash position $ 1,196 $ 1,297
View source version on businesswire.com: http://www.businesswire.com/news/home/20160728005221/en/
Bristol-Myers Squibb CompanyCommunications:Ken Dominski, 609-252-5251ken.dominski@bms.comorInvestor Relations:John Elicker, 609-252-4611john.elicker@bms.comorBill Szablewski, 609-252-5894william.szablewski@bms.com
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