We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|
-0.125 | -0.28% | 43.985 | 44.34 | 43.73 | 44.34 | 5,457,769 | 17:40:37 |
Bristol-Myers Squibb Company (NYSE:BMY) today reported results for the second quarter of 2017 which were highlighted by strong sales for key products Opdivo and Eliquis and regulatory approvals for Opdivo, the Daklinza and Sunvepra regimen and Orencia.
“We had a strong quarter, particularly for Opdivo and Eliquis, and also advanced our portfolio with important clinical and regulatory milestones across multiple therapeutic areas,” said Giovanni Caforio, M.D., chairman and chief executive officer, Bristol-Myers Squibb. “Looking forward, I am excited by our opportunity to continue delivering across our portfolio, maintaining our focus on strong commercial performance and advancing our diversified pipeline.”
Second Quarter
$ amounts in millions, except per share amounts2017
2016
Change
Total Revenues $5,144 $4,871 6% GAAP Diluted EPS 0.56 0.69 (19)% Non-GAAP Diluted EPS 0.74 0.69 7%SECOND QUARTER FINANCIAL RESULTS
SECOND QUARTER PRODUCT AND PIPELINE UPDATE
Product Sales/Business Highlights
The increase in global revenues for the second quarter of 2017, compared to the second quarter of 2016, was driven by:
Product
Growth %
Eliquis 51% Opdivo 42%Yervoy
34%Sprycel
12% Orencia 10%Opdivo
Regulatory
Clinical
Yervoy
Regulatory
Clinical
Empliciti
Sprycel
Regulatory
Clinical
Orencia
Regulatory
Clinical
Daklinza
Investigational Compound Highlights
Oncology
SECOND QUARTER BUSINESS DEVELOPMENT UPDATE
ADCETRIS® is a trademark of Seattle Genetics, Inc.
Mekinist® is a trademark of Novartis.
2017 FINANCIAL GUIDANCE
Bristol-Myers Squibb is updating its 2017 GAAP EPS guidance range from $2.72 - $2.87 to $2.66 - $2.76 and raising the lower end of its non-GAAP EPS guidance range from $2.85 - $3.00 to $2.90 - $3.00. Both GAAP and non-GAAP guidance assume current exchange rates. Key revised 2017 GAAP and non-GAAP line-item guidance assumptions are:
The financial guidance 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 guidance also excludes other specified items as discussed under “Use of Non-GAAP Financial Information.” Details reconciling GAAP amounts to non-GAAP amounts, with non-GAAP reflecting specified items are provided in supplemental materials attached to this press release and 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, upfront payments from out-licensed assets, pension charges, legal and other contractual settlements 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 27, 2017 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 888-394-8218 or international 323-701-0225, confirmation code: 1575949. 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 27, 2017 through 1:30 p.m. EDT on August 10, 2017. The replay will also be available through http://investor.bms.com or by calling the U.S. toll free 888-203-1112 or international 719-457-0820, confirmation code: 1575949.
BRISTOL-MYERS SQUIBB COMPANYPRODUCT REVENUEFOR THE THREE MONTHS ENDED JUNE 30, 2017 AND 2016(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues 2017 2016%Change
2017 2016%Change
Three Months Ended June 30,
Prioritized Brands Opdivo $ 1,195 $ 840 42 % $ 768 $ 643 19 % Eliquis 1,176 777 51 % 703 444 58 % Orencia 650 593 10 % 449 401 12 % Sprycel 506 451 12 % 281 233 21 % Yervoy 322 241 34 % 245 179 37 % Empliciti 55 34 62 % 37 33 12 % Established Brands Hepatitis C Franchise 112 546 (79 )% 30 294 (90 )% Baraclude 273 299 (9 )% 12 15 (20 )% Sustiva Franchise 188 271 (31 )% 161 227 (29 )% Reyataz Franchise 188 247 (24 )% 87 122 (29 )% Other Brands 479 572 (16 )% 92 97 (5 )% Total $ 5,144 $ 4,871 6 % $ 2,865 $ 2,688 7 %BRISTOL-MYERS SQUIBB COMPANYPRODUCT REVENUEFOR THE SIX MONTHS ENDED JUNE 30, 2017 AND 2016(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues 2017 2016%Change
2017 2016%Change
Six Months Ended June 30,
Prioritized Brands Opdivo $ 2,322 $ 1,544 50 % $ 1,529 $ 1,237 24 % Eliquis 2,277 1,511 51 % 1,402 912 54 % Orencia 1,185 1,068 11 % 811 722 12 % Sprycel 969 858 13 % 528 443 19 % Yervoy 652 504 29 % 488 378 29 % Empliciti 108 62 74 % 73 61 20 % Established Brands Hepatitis C Franchise 274 973 (72 )% 72 553 (87 )% Baraclude 555 590 (6 )% 26 32 (19 )% Sustiva Franchise 372 544 (32 )% 314 455 (31 )% Reyataz Franchise 381 468 (19 )% 175 242 (28 )% Other Brands 978 1,140 (14 )% 185 190 (3 )% Total $ 10,073 $ 9,262 9 % $ 5,603 $ 5,225 7 %BRISTOL-MYERS SQUIBB COMPANYCONSOLIDATED STATEMENTS OF EARNINGSFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2017 AND 2016(Unaudited, dollars and shares in millions except per share data)
Three Months EndedJune 30,
Six Months EndedJune 30,
2017 2016 2017 2016 Net product sales $ 4,770 $ 4,432 $ 9,350 $ 8,396 Alliance and other revenues 374 439 723 866 Total Revenues 5,144 4,871 10,073 9,262 Cost of products sold 1,562 1,206 2,821 2,258 Marketing, selling and administrative 1,167 1,238 2,241 2,306 Research and development 1,659 1,266 2,947 2,402 Other (income)/expense (539 ) (454 ) (1,186 ) (974 ) Total Expenses 3,849 3,256 6,823 5,992 Earnings Before Income Taxes 1,295 1,615 3,250 3,270 Provision for Income Taxes 373 427 802 876 Net Earnings 922 1,188 2,448 2,394 Net Earnings/(Loss) Attributable to Noncontrolling Interest 6 22 (42 ) 33 Net Earnings Attributable to BMS $ 916 $ 1,166 $ 2,490 $ 2,361 Average Common Shares Outstanding: Basic 1,644 1,670 1,653 1,670 Diluted 1,650 1,679 1,660 1,679 Earnings per Common Share Basic $ 0.56 $ 0.70 $ 1.51 $ 1.41 Diluted $ 0.56 $ 0.69 $ 1.50 $ 1.41Other (Income)/Expense
Interest expense $ 52 $ 42 $ 97 $ 85 Investment income (34 ) (25 ) (67 ) (49 ) Provision for restructuring 15 18 179 22 Litigation and other settlements (5 ) 6 (489 ) 49 Equity in net income of affiliates (20 ) (20 ) (38 ) (46 ) Divestiture gains — (283 ) (127 ) (553 ) Royalties and licensing income (685 ) (167 ) (884 ) (421 ) Transition and other service fees (13 ) (74 ) (20 ) (127 ) Pension charges 36 25 69 47 Intangible asset impairments — — — 15 Equity investment impairment — 45 — 45 Loss on debt redemption 109 — 109 — Other 6 (21 ) (15 ) (41 ) Other (income)/expense $ (539 ) $ (454 ) $ (1,186 ) $ (974 )BRISTOL-MYERS SQUIBB COMPANYSPECIFIED ITEMSFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2017 AND 2016(Unaudited, dollars in millions)
Three Months EndedJune 30,
Six Months EndedJune 30,
2017 2016 2017 2016 Impairment charges $ 127 $ — $ 127 $ — Accelerated depreciation and other shutdown costs 3 4 3 8 Cost of products sold 130 4 130 8 License and asset acquisition charges 393 139 443 264 IPRD impairments — — 75 — Accelerated depreciation and other 96 13 168 26 Research and development 489 152 686 290 Provision for restructuring 15 18 179 22 Divestiture gains — (277 ) (100 ) (546 ) Pension charges 36 25 69 47 Litigation and other settlements — — (481 ) 43 Intangible asset impairments — — — 15 Loss on debt redemption 109 — 109 — Royalties and licensing income (497 ) — (497 ) — Other (income)/expense (337 ) (234 ) (721 ) (419 ) Increase/(decrease) to pretax income 282 (78 ) 95 (121 ) Income taxes on specified items 20 76 92 159 Increase/(decrease) to net earnings 302 (2 ) 187 38 Noncontrolling interest — — (59 ) — Increase/(decrease) to net earnings used for diluted Non-GAAP EPS calculation $ 302 $ (2 ) $ 128 $ 38BRISTOL-MYERS SQUIBB COMPANYRECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMSFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2017 AND 2016(Unaudited, dollars in millions)
Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 GAAPSpecifiedItems(a)
Non-GAAP
GAAPSpecifiedItems(a)
Non-GAAP
Gross Profit $ 3,582 $ 130 $ 3,712 $ 7,252 $ 130 $ 7,382 Research and development 1,659 (489 ) 1,170 2,947 (686 ) 2,261 Other (income)/expense (539 ) 337 (202 ) (1,186 ) 721 (465 ) Earnings Before Income Taxes 1,295 282 1,577 3,250 95 3,345 Provision for Income Taxes 373 20 353 802 92 710 Noncontrolling interest 6 — 6 (42 ) (59 ) 17 Net Earnings Attributable to BMS used for Diluted EPS Calculation $ 916 $ 302 $ 1,218 $ 2,490 $ 128 $ 2,618 Average Common Shares Outstanding - Diluted 1,650 1,650 1,650 1,660 1,660 1,660 Diluted Earnings Per Share $ 0.56 $ 0.18 $ 0.74 $ 1.50 $ 0.08 $ 1.58 Effective Tax Rate 28.8 % (6.4 )% 22.4 % 24.7 % (3.5 )% 21.2 % Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 GAAPSpecifiedItems(a)
Non-GAAP
GAAPSpecifiedItems(a)
Non-GAAP
Gross Profit $ 3,665 $ 4 $ 3,669 $ 7,004 $ 8 $ 7,012 Research and development 1,266 (152 ) 1,114 2,402 (290 ) 2,112 Other (income)/expense (454 ) 234 (220 ) (974 ) 419 (555 ) Earnings Before Income Taxes 1,615 (78 ) 1,537 3,270 (121 ) 3,149 Provision for Income Taxes 427 76 351 876 159 717 Noncontrolling interest 22 — 22 33 — 33 Net Earnings Attributable to BMS used for Diluted EPS Calculation $ 1,166 $ (2 ) $ 1,164 $ 2,361 $ 38 $ 2,399 Average Common Shares Outstanding - Diluted 1,679 1,679 1,679 1,679 1,679 1,679 Diluted Earnings Per Share $ 0.69 $ — $ 0.69 $ 1.41 $ 0.02 $ 1.43 Effective Tax Rate 26.4 % (3.6 )% 22.8 % 26.8 % (4.0 )% 22.8 % (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 COMPANYNET CASH/(DEBT) CALCULATIONAS OF JUNE 30, 2017 AND MARCH 31, 2017(Unaudited, dollars in millions)
June 30, 2017 March 31, 2017 Cash and cash equivalents $ 3,470 $ 3,910 Marketable securities - current 3,035 2,199 Marketable securities - non-current 2,580 2,685 Cash, cash equivalents and marketable securities 9,085 8,794 Short-term debt obligations (1,306 ) (1,197 ) Long-term debt (6,911 ) (7,237 ) Net cash position $ 868 $ 360
View source version on businesswire.com: http://www.businesswire.com/news/home/20170727005162/en/
Bristol-Myers Squibb CompanyCommunications:Ken Dominski, 609-252-5251ken.dominski@bms.comorLisa McCormick Lavery, 609-252-7602lisa.mccormicklavery@bms.comorInvestor Relations:John Elicker, 609-252-4611john.elicker@bms.comorTim Power, 609-252-7509timothy.power@bms.comorBill Szablewski, 609-252-5894william.szablewski@bms.com
1 Year Bristol Myers Squibb Chart |
1 Month Bristol Myers Squibb Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions