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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 | |
---|---|---|---|---|---|---|---|---|
0.29 | 0.66% | 43.99 | 44.33 | 43.685 | 43.93 | 12,104,157 | 01:00:00 |
Bristol-Myers Squibb Company (NYSE:BMY) today reported results for the third quarter of 2016 which were highlighted by strong sales and operating performance, and continued growth for key products including Opdivo and Eliquis. The company raised full-year guidance for 2016 and provided guidance expectations for 2017, announced a new $3 billion share repurchase authorization, and announced an evolution of the company’s operating model to focus resources behind the company’s highest priorities, accelerate its pipeline and simplify infrastructure.
“Our third quarter was marked by strong commercial execution and solid trends across our products and geographies,” said Giovanni Caforio, M.D., chief executive officer, Bristol-Myers Squibb. “While we are disappointed with the results of CheckMate -026, a setback in first-line lung in the short term, our overall strategic focus does not change. Going forward, we see growth in both the near and long term to continue to be driven by Opdivo, Eliquis and Orencia, and by an exciting pipeline of specialty medicines over time. As we focus on the future, we are evolving our operating model to more effectively focus resources on key priorities and simplify execution to deliver sustainable growth and to speed transformational medicines to patients.”
Third Quarter
$ amounts in millions, except per share amounts2016
2015
Change
Total Revenues $4,922 $4,069 21% GAAP Diluted EPS 0.72 0.42 71% Non-GAAP Diluted EPS 0.77 0.39 97%THIRD QUARTER FINANCIAL RESULTS
THIRD QUARTER PRODUCT AND PIPELINE UPDATE
Global revenues for the third quarter of 2016, compared to the third quarter of 2015, were driven by Opdivo, which grew by $615 million; Eliquis, which grew 90%; Yervoy, which grew 19%; Orencia, which grew 18%; and Sprycel, which grew 15%.
Opdivo
Yervoy
Orencia
BUSINESS DEVELOPMENT UPDATE
NEW SHARE REPURCHASE
Bristol-Myers Squibb today announced its Board of Directors approved a new $3 billion repurchase authorization for the Company’s common stock. This is incremental to the current repurchase program, announced in June 2012, under which the Company has approximately $1.1 billion remaining.
The stock repurchase program does not have an expiration date. The repurchases may be made either in the open market or through private transactions and may be suspended or discontinued at any time.
The decision reflects the Company’s strong financial position and its balanced approach to capital allocation, including a commitment to its dividend and a disciplined approach to business development.
OPERATING MODEL
Bristol-Myers Squibb announced an evolution of its operating model to drive the company’s continued success in the near and long term through a more focused investment in commercial opportunities against key brands and markets, a competitive and more agile R&D organization that can accelerate the pipeline, streamlined operations and realigned manufacturing capabilities that broaden biologics capabilities to reflect current and future portfolio. The new operating model will enable the company to deliver the strategic, financial and operational flexibility necessary to invest in the highest priorities across the company.
Although GAAP operating expenses may increase initially as charges are incurred related to this evolution, the company expects non-GAAP operating expenses to be roughly flat with 2016 levels through 2020.
2016 & 2017 FINANCIAL GUIDANCE
Bristol-Myers Squibb is increasing its 2016 GAAP EPS guidance range from $2.43 - $2.53 to $2.62 - $2.72. The company is increasing its non-GAAP EPS guidance range from $2.55 - $2.65 to $2.80 - $2.90. Both GAAP and non-GAAP guidance assume current exchange rates. Revised 2016 GAAP and non-GAAP line-item guidance assumptions include:
Bristol-Myers Squibb expects 2017 GAAP EPS between $2.47 and $2.67 and non-GAAP EPS between $2.85 and $3.05.
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 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 October 27, 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 877-258-2708 or international 647-252-4456, confirmation code: 91351854. 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 October 27 through 11:59 p.m. EST on November 10, 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: 91351854.
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 SEPTEMBER 30, 2016 AND 2015
(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues 2016 2015 %Change
2016 2015 %Change
Three Months Ended September 30,
Key Products Oncology Empliciti $ 41 $ — N/A $ 36 $ — N/A Erbitux(a) — 167 (100 )% — 165 (100 )% Opdivo 920 305 ** 712 268 ** Sprycel 472 411 15 % 259 215 20 % Yervoy 285 240 19 % 222 121 83 % Cardiovascular Eliquis 884 466 90 % 512 245 ** Immunoscience Orencia 572 484 18 % 387 330 17 % Virology Baraclude 306 320 (4 )% 17 25 (32 )% Hepatitis C Franchise 379 402 (6 )% 192 111 73 % Reyataz Franchise 238 270 (12 )% 125 149 (16 )% Sustiva Franchise 275 333 (17 )% 234 280 (16 )% Neuroscience Abilify(b) 29 46 (37 )% — 18 (100 )% Mature Products and All Other 521 625 (17 )% 94 117 (20 )% Total $ 4,922 $ 4,069 21 % $ 2,790 $ 2,044 36 % ** 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 NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015
(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues 2016 2015 %Change
2016 2015 %Change
Nine Months Ended September 30,
Key Products Oncology Empliciti $ 103 $ — N/A $ 97 $ — N/A Erbitux — 501 (100 )% — 487 (100 )% Opdivo 2,464 467 ** 1,949 413 ** Sprycel 1,330 1,191 12 % 702 601 17 % Yervoy 789 861 (8 )% 600 438 37 % Cardiovascular Eliquis 2,395 1,258 90 % 1,424 688 ** Immunoscience Orencia 1,640 1,345 22 % 1,109 899 23 % Virology Baraclude 896 1,003 (11 )% 49 108 (55 )% Hepatitis C Franchise 1,352 1,145 18 % 745 111 ** Reyataz Franchise 706 867 (19 )% 367 449 (18 )% Sustiva Franchise 819 940 (13 )% 689 772 (11 )% Neuroscience Abilify 97 707 (86 )% — 593 (100 )% Mature Products and All Other 1,593 1,988 (20 )% 284 366 (22 )% Total $ 14,184 $ 12,273 16 % $ 8,015 $ 5,925 35 % ** In excess of +/- 100%BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015
(Unaudited, dollars and shares in millions except per share data)
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2016 2015 2016 2015 Net product sales $ 4,492 $ 3,552 $ 12,888 $ 10,183 Alliance and other revenues 430 517 1,296 2,090 Total Revenues 4,922 4,069 14,184 12,273 Cost of products sold 1,305 1,097 3,563 2,957 Marketing, selling and administrative 1,144 1,176 3,450 3,340 Research and development 1,138 1,132 3,540 4,004 Other (income)/expense (224 ) (323 ) (1,198 ) (515 ) Total Expenses 3,363 3,082 9,355 9,786 Earnings Before Income Taxes 1,559 987 4,829 2,487 Provision for Income Taxes 344 257 1,220 668 Net Earnings 1,215 730 3,609 1,819 Net Earnings Attributable to Noncontrolling Interest 13 24 46 57 Net Earnings Attributable to BMS $ 1,202 $ 706 $ 3,563 $ 1,762 Average Common Shares Outstanding: Basic 1,671 1,668 1,670 1,666 Diluted 1,679 1,678 1,679 1,677 Earnings per Common Share Basic $ 0.72 $ 0.42 $ 2.13 $ 1.06 Diluted $ 0.72 $ 0.42 $ 2.12 $ 1.05 Other (Income)/Expense Interest expense $ 42 $ 41 $ 127 $ 141 Investment income (32 ) (18 ) (81 ) (74 ) Provision for restructuring 19 10 41 50 Litigation and other settlements (1 ) (2 ) 48 14 Equity in net income of affiliates (19 ) (19 ) (65 ) (67 ) Divestiture gains (21 ) (208 ) (574 ) (370 ) Royalties and licensing income (158 ) (63 ) (579 ) (258 ) Transition and other service fees (57 ) (37 ) (184 ) (91 ) Pension charges 19 48 66 111 Intangible asset impairment — — 15 13 Equity investment impairment — — 45 — Written option adjustment — (87 ) — (123 ) Loss on debt redemption — — — 180 Other (16 ) 12 (57 ) (41 ) Other (income)/expense $ (224 ) $ (323 ) $ (1,198 ) $ (515 )BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015
(Unaudited, dollars in millions)
Three Months EndedSeptember 30,Nine Months EndedSeptember 30,
2016 2015 2016 2015 Cost of products sold(a) $ 7 $ 15 $ 15 $ 74 Marketing, selling and administrative — 2 — 6 License and asset acquisition charges 45 94 309 1,125 Other 14 15 40 17 Research and development 59 109 349 1,142 Provision for restructuring 19 10 41 50 Divestiture gains (13 ) (198 ) (559 ) (358 ) Pension charges 19 48 66 111 Written option adjustment — (87 ) — (123 ) Litigation and other settlements (3 ) — 40 15 Intangible asset impairment — — 15 13 Loss on debt redemption — — — 180 Other (income)/expense 22 (227 ) (397 ) (112 ) Increase/(decrease) to pretax income 88 (101 ) (33 ) 1,110 Income tax on items above (3 ) 43 156 (141 ) Increase/(decrease) to net earnings $ 85 $ (58 ) $ 123 $ 969 (a) Specified items in cost of products sold are accelerated depreciation, asset impairment and other shutdown costs.BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015
(Unaudited, dollars in millions)
Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 GAAP SpecifiedItems(a)
Non-GAAP
GAAP SpecifiedItems(a)
Non-GAAP
Gross Profit $ 3,617 $ 7 $ 3,624 $ 10,621 $ 15 $ 10,636 Marketing, selling and administrative 1,144 — 1,144 3,450 — 3,450 Research and development 1,138 (59 ) 1,079 3,540 (349 ) 3,191 Other (income)/expense (224 ) (22 ) (246 ) (1,198 ) 397 (801 ) Effective Tax Rate 22.1 % (1.0 )% 21.1 % 25.3 % (3.1 )% 22.2 % Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 GAAP SpecifiedItems(a) Non-GAAP GAAP SpecifiedItems(a) Non-GAAP Gross Profit $ 2,972 $ 15 $ 2,987 $ 9,316 $ 74 $ 9,390 Marketing, selling and administrative 1,176 (2 ) 1,174 3,340 (6 ) 3,334 Research and development 1,132 (109 ) 1,023 4,004 (1,142 ) 2,862 Other (income)/expense (323 ) 227 (96 ) (515 ) 112 (403 ) Effective Tax Rate 26.0 % (1.8 )% 24.2 % 26.9 % (4.4 )% 22.5 % (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 GAAP EPS TO NON-GAAP EPS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015
(Unaudited, dollars and shares in millions except per share data)
Three Months EndedSeptember 30,Nine Months EndedSeptember 30,
2016 2015 2016 2015 Net Earnings Attributable to BMS used for Diluted EPS Calculation - GAAP $ 1,202 $ 706 $ 3,563 $ 1,762 Less Specified Items* 85 (58 ) 123 969 Net Earnings used for Diluted EPS Calculation – Non-GAAP $ 1,287 $ 648 $ 3,686 $ 2,731 Average Common Shares Outstanding Diluted 1,679 1,678 1,679 1,677 Diluted Earnings Per Share — GAAP $ 0.72 $ 0.42 $ 2.12 $ 1.05 Diluted EPS Attributable to Specified Items 0.05 (0.03 ) 0.08 0.58 Diluted Earnings Per Share — Non-GAAP $ 0.77 $ 0.39 $ 2.20 $ 1.63 * Refer to the Specified Items schedule for further details.BRISTOL-MYERS SQUIBB COMPANY
NET CASH/(DEBT) CALCULATION
AS OF SEPTEMBER 30, 2016 AND JUNE 30, 2016
(Unaudited, dollars in millions)
September 30, 2016 June 30, 2016 Cash and cash equivalents $ 3,432 $ 2,934 Marketable securities - current 2,128 1,717 Marketable securities - non-current 3,035 3,281 Cash, cash equivalents and marketable securities 8,595 7,932 Short-term borrowings and current portion of long-term debt (990 ) (155 ) Long-term debt (5,836 ) (6,581 ) Net cash position $ 1,769 $ 1,196
View source version on businesswire.com: http://www.businesswire.com/news/home/20161027005357/en/
Bristol-Myers Squibb CompanyFor more information:CommunicationsKen Dominski, 609-252-5251ken.dominski@bms.comorInvestor RelationsJohn Elicker, 609-252-4611john.elicker@bms.comorBill Szablewski, 609-252-5894william.szablewski@bms.com
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