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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 | |
---|---|---|---|---|---|---|---|---|
0.30 | 0.68% | 44.24 | 44.47 | 43.728 | 43.87 | 13,247,504 | 00:58:24 |
Bristol Myers Squibb (NYSE:BMY) today reports results for the third quarter of 2021, which reflect solid sales, strong commercial execution and continued progress of the company’s pipeline.
“Our strong results reflect increased adoption of our new product portfolio and continued demand growth across all four core therapeutic areas,” said Giovanni Caforio, M.D., board chair and chief executive officer, Bristol Myers Squibb. “Our teams advanced the product portfolio and achieved significant regulatory and clinical milestones, including for the fixed-dose combination of relatlimab and nivolumab. Our deep and diverse product pipeline, commercial execution and financial flexibility provide a strong foundation that is enabling the company to bring new medicines that benefit patients with serious unmet needs, drive in-line product performance and deliver sustained growth.”
Third Quarter
$ amounts in millions, except per share amounts
2021
2020
Change
Total Revenues
$11,624
$10,540
10%
Earnings Per Share - GAAP
0.69
0.82
(16%)
Earnings Per Share - Non-GAAP
2.00
1.63
23%
THIRD QUARTER FINANCIAL RESULTS
All comparisons are made versus the same period in 2020 unless otherwise stated.
A discussion of the non-GAAP financial measures is included under the “Use of Non-GAAP Financial Information” section.
THIRD QUARTER PRODUCT REVENUE HIGHLIGHTS
$ amounts in millions
Product
Quarter Ended September 30, 2021
Quarter Ended September 30, 2020
% Change from Quarter Ended September 30, 2020
Revlimid
$3,347
$3,027
11%
Eliquis
$2,413
$2,095
15%
Opdivo
$1,905
$1,780
7%
Orencia
$870
$826
5%
Pomalyst/Imnovid
$851
$777
10%
Sprycel
$551
$544
1%
Yervoy
$515
$446
15%
Abraxane
$266
$342
(22%)
Empliciti
$82
$96
(15%)
Reblozyl**
$160
$96
67%
Inrebic**
$22
$13
69%
Onureg**
$21
$3
*
Zeposia**
$40
$2
*
Breyanzi**
$30
N/A
N/A
Abecma**
$71
N/A
N/A
*In excess of +100%. ** Included as part of the new product portfolio
NINE-MONTH PRODUCT REVENUE HIGHLIGHTS
$ amounts in millions
Product
Nine Months Ended September 30, 2021
Nine Months Ended September 30, 2020
% Change from Nine Months Ended September 30, 2020
Revlimid
$9,493
$8,826
8%
Eliquis
$8,091
$6,899
17%
Opdivo
$5,535
$5,199
6%
Orencia
$2,442
$2,290
7%
Pomalyst/Imnovid
$2,478
$2,235
11%
Sprycel
$1,562
$1,576
(1%)
Yervoy
$1,481
$1,211
22%
Abraxane
$876
$950
(8%)
Empliciti
$253
$290
(13%)
Reblozyl**
$400
$159
*
Inrebic**
$54
$40
35%
Onureg**
$48
$3
*
Zeposia**
$86
$3
*
Breyanzi**
$47
N/A
N/A
Abecma**
$95
N/A
N/A
*In excess of +100%. **Included as part of the new product portfolio
THIRD QUARTER PRODUCT AND PIPELINE UPDATE
Cardiovascular
Eliquis
Legal
mavacamten
Regulatory
Medical Meeting
Oncology
Opdivo
Regulatory
Medical Meetings
relatlimab
Regulatory
Hematology
Abecma
Regulatory
Immunology
Zeposia
Regulatory
Medical Meetings
Orencia
Regulatory
deucravacitinib
Clinical
Medical Meetings
Diversity, Equity and Inclusion
Financial Guidance
Bristol Myers Squibb is updating its 2021 GAAP EPS guidance range of $2.77 - $2.97 to $2.68 - $2.83 and its non-GAAP EPS guidance range of $7.35 - $7.55 to $7.40 - $7.55. Both GAAP and non-GAAP guidance assume current exchange rates. Key 2021 GAAP and non-GAAP line-item guidance assumptions are:
The 2021 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 2021 non-GAAP EPS guidance is explained and further excludes other specified items as discussed under “Use of Non-GAAP Financial Information.” The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.
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, Facebook, and Instagram.
There will be a conference call on October 27, 2021 at 10 a.m. ET 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 using this link which becomes active 15 minutes prior to the scheduled start time and entering your information to be connected. Investors and the general public can also access the live webcast by dialing in the U.S. toll free 800-263-0877 or international +1 313-209-7315, confirmation code: 8911662. 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 on http://investor.bms.com or by dialing in the U.S. toll free 888-203-1112 or international +1 719-457-0820, confirmation code: 8911662. The replay will be available beginning at 1:30 p.m. ET on October 27 through 1:30 p.m. ET on November 10, 2021.
Use of Non-GAAP Financial Information
In discussing financial results and guidance, the company refers to financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP and are presented because management has evaluated the company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the non-GAAP financial measures presented portray the results of the company’s baseline performance, supplement or enhance management, analysts and investors overall understanding of the company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. For example, non-GAAP earnings and EPS information are indications of the company’s baseline performance before items that are considered by us to not be reflective of the company’s ongoing results. This information is among the primary indicators that we use as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting for future periods. In addition, non-GAAP gross margin, which is gross profit excluding certain specified items as a percentage of revenues, non-GAAP marketing, selling and administrative expenses, which is marketing, selling and administrative expense excluding certain specified items, and non-GAAP research and development expenses, which is research and development expenses excluding certain specified items, are relevant and useful for investors because they allow investors to view performance in a manner similar to the method used by our management and make it easier for investors, analysts and peers to compare our operating performance to other companies in our industry and to compare our year-over-year results.
This earnings release and the accompanying tables also provide certain revenues and expenses as well as non-GAAP measures excluding the impact of foreign exchange. We calculate foreign exchange impacts by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results.
Non-GAAP financial measures such as non-GAAP earnings and related EPS information are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis 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 past or future operating results. These items are excluded from non-GAAP earnings and related EPS information because the company believes they neither relate to the ordinary course of the company’s business nor reflect the company’s underlying business performance. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods, including amortization of acquired intangible assets, including product rights that generate a significant portion of our ongoing revenue and will recur until the intangible assets are fully amortized, unwind of inventory fair value adjustments, acquisition and integration expenses, restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, R&D charges or other income resulting from up-front or contingent milestone payments in connection with the acquisition or licensing of third-party intellectual property rights, divestiture gains or losses, stock compensation resulting from accelerated vesting of Celgene awards, certain retention-related employee compensation charges related to the Celgene transaction, pension, legal and other contractual settlement charges, equity investment and contingent value rights fair value adjustments (including fair value adjustments attributed to limited partnership equity method investments beginning in 2021) and amortization of fair value adjustments of debt acquired from Celgene in our 2019 exchange offer, among other items. Certain other significant tax items are also excluded such as the impact resulting from internal transfer of intangible assets and the Otezla* divestiture in the second quarter 2020. 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.
Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related financial measures presented in the press release that are prepared in accordance with GAAP and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.
Reconciliations of the non-GAAP financial measures to the most comparable GAAP measures are provided in the accompanying financial tables and also available on the company’s website at www.bms.com. Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.
Website Information
We routinely post important information for investors on our website, BMS.com, in the “Investors” section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. We may also use social media channels to communicate with our investors and the public about our company, our products and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels are not incorporated by reference into, and are not a part of, this document.
Cautionary Statement Regarding Forward-Looking Statements
This earnings release and the related attachments (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, 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 they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. One can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements are likely to relate to, among other things, the company’s ability to execute successfully its strategic plans, including its business development strategy generally and in relation to its ability to realize the projected benefits of the Celgene Acquisition and the MyoKardia Acquisition, the full extent of the impact of the COVID-19 pandemic on the company’s operations and the development and commercialization of its products, potential laws and regulations to lower drug costs, market actions taken by private and government payers to manage drug utilization and contain costs, 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 the result of governmental investigations. No forward-looking statement can be guaranteed, including that the company’s future clinical studies will support the data described in this release, product candidates will receive necessary clinical and manufacturing regulatory approvals, pipeline products will prove to be commercially successful, clinical and manufacturing regulatory approvals will be sought or obtained within currently expected timeframes or contractual milestones will be achieved.
Such forward-looking statements are based on historical performance and current expectations and projections about the company’s future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond the company’s control and could cause the company’s future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. Such risks, uncertainties and other matters include, but are not limited to, risks relating to various risks related to public health outbreaks, epidemics and pandemics, including the impact of the COVID-19 pandemic on the company’s operations and that the company cannot reasonably assess or predict at this time the full extent of the adverse effect that the COVID-19 pandemic will have on its business, financial condition, results of operations and cash flows; increasing pricing pressures from market access, pharmaceutical pricing controls and discounting, changes to tax and importation laws and other restrictions in the United States, the European Union and other regions around the world that result in lower prices, lower reimbursement rates and smaller populations for whom payers will reimburse; challenges inherent in new product development, including obtaining and maintaining regulatory approval; the company’s ability to obtain and protect market exclusivity rights and enforce patents and other intellectual property rights; the possibility of difficulties and delays in product introduction and commercialization; the risk of certain novel approaches to disease treatment (such as CAR T therapy); industry competition from other manufacturers; potential difficulties, delays and disruptions in manufacturing, distribution or sale of products, including without limitation, interruptions caused by damage to the company’s and the company’s suppliers’ manufacturing sites; the impact of integrating the company’s and Celgene’s business and operations, including with respect to human capital management, portfolio rationalization, finance and accounting systems, sales operations and product distribution, pricing systems and methodologies, data security systems, compliance programs and internal controls processes, on the company’s ability to realize the anticipated benefits from the Celgene Acquisition; the risk of an adverse patent litigation decision or settlement and exposure to other litigation and/or regulatory actions; the impact of any healthcare reform and legislation or regulatory action in the United States and international markets; changes in tax law and regulations; the failure of the company’s suppliers, vendors, outsourcing partners, alliance partners and other third parties to meet their contractual, regulatory and other obligations; regulatory decisions impacting labeling, manufacturing processes and/or other matters; the impact on the company’s competitive position from counterfeit or unregistered versions of its products or stolen products; the adverse impact of cyber-attacks on the company’s information systems or products, including unauthorized disclosure of trade secrets or other confidential data stored in the company’s information systems and networks; the company’s ability to execute its financial, strategic and operational plans; the company’s ability to identify potential strategic acquisitions, licensing opportunities or other beneficial transactions; the company’s dependency on several key products; any decline in the company’s future royalty streams; the company’s ability to effectively manage acquisitions, divestitures, alliances and other portfolio actions and to successfully realize the expected benefits of such actions; the company’s ability to attract and retain key personnel; the impact of the company’s significant additional indebtedness that it incurred in connection with the Celgene Acquisition and the MyoKardia Acquisition and its issuance of additional shares in connection with the Celgene Acquisition on its ability to operate the combined company; political and financial instability of international economies and sovereign risk; interest rate and currency exchange rate fluctuations, credit and foreign exchange risk management; the impact of our exclusive forum provision in our by-laws for certain lawsuits on our stockholders’ ability to obtain a judicial forum that it finds favorable for such lawsuits; and issuance of new or revised accounting standards. In addition, the financial guidance provided in this release relies on assumptions about the duration and severity of the COVID-19 pandemic, timing of the return to a more stable business environment, patient and physician behaviors, buying patterns and clinical trial activities (together, the “Recovery Process”), among other things. If the actual Recovery Process differs materially from our assumptions, the impact of COVID-19 on our business could be worse than expected and our results may be negatively impacted.
Forward-looking statements in this earnings release should be evaluated together with the many risks and uncertainties that affect the company’s business and market, particularly those identified in the cautionary statement and risk factors discussion in the company’s Annual Report on Form 10-K for the year ended December 31, 2020, as updated by the company’s subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.
corporatefinancial-news
BRISTOL-MYERS SQUIBB COMPANY PRODUCT REVENUES FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (Unaudited, dollars in millions)
Worldwide Revenues
U.S. Revenues(b)
2021
2020
% Change
2021
2020
% Change
Prioritized Brands
Revlimid
$
3,347
$
3,027
11%
$
2,303
$
2,080
11%
Eliquis
2,413
2,095
15%
1,315
1,118
18%
Opdivo
1,905
1,780
7%
1,062
1,018
4%
Orencia
870
826
5%
644
588
10%
Pomalyst/Imnovid
851
777
10%
586
548
7%
Sprycel
551
544
1%
346
336
3%
Yervoy
515
446
15%
313
309
1%
Abraxane
266
342
(22)%
211
236
(11)%
Empliciti
82
96
(15)%
48
59
(19)%
Reblozyl
160
96
67%
147
92
60%
Inrebic
22
13
69%
20
13
54%
Onureg
21
3
**
21
3
**
Zeposia
40
2
**
32
2
**
Breyanzi
30
—
N/A
29
—
N/A
Abecma
71
—
N/A
67
—
N/A
Established Brands
Vidaza
36
106
(66)%
1
—
N/A
Baraclude
105
100
5%
2
3
(33)%
Other Brands(a)
339
287
18%
149
137
9%
Total
$
11,624
$
10,540
10%
$
7,296
$
6,542
12%
**
In excess of +/- 100%
(a)
Includes products that have lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue.
(b)
Includes Puerto Rico.
BRISTOL-MYERS SQUIBB COMPANY PRODUCT REVENUES FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (Unaudited, dollars in millions)
Worldwide Revenues
U.S. Revenues(b)
2021
2020
% Change
2021
2020
% Change
Prioritized Brands
Revlimid
$
9,493
$
8,826
8%
$
6,425
$
6,094
5%
Eliquis
8,091
6,899
17%
4,960
4,258
16%
Opdivo
5,535
5,199
6%
3,082
2,982
3%
Orencia
2,442
2,290
7%
1,773
1,642
8%
Pomalyst/Imnovid
2,478
2,235
11%
1,665
1,559
7%
Sprycel
1,562
1,576
(1)%
946
944
—
Yervoy
1,481
1,211
22%
935
820
14%
Abraxane
876
950
(8)%
670
659
2%
Empliciti
253
290
(13)%
150
177
(15)%
Reblozyl
400
159
**
355
155
**
Inrebic
54
40
35%
50
40
25%
Onureg
48
3
**
47
3
**
Zeposia
86
3
**
65
3
**
Breyanzi
47
—
N/A
46
—
N/A
Abecma
95
—
N/A
91
—
N/A
Established Brands
Vidaza
135
390
(65)%
8
2
**
Baraclude
327
343
(5)%
8
9
(11)%
Other Brands(a)
997
1,036
(4)%
418
448
(7)%
Total
$
34,400
$
31,450
9%
$
21,694
$
19,795
10%
**
In excess of +/- 100%
(a)
Includes products that have lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue.
(b)
Includes Puerto Rico.
BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED STATEMENTS OF EARNINGS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (Unaudited, dollars and shares in millions except per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2021
2020
2021
2020
Net product sales
$
11,243
$
10,197
$
33,446
$
30,555
Alliance and other revenues
381
343
954
895
Total Revenues
11,624
10,540
34,400
31,450
Cost of products sold(a)
2,291
2,502
7,584
8,863
Marketing, selling and administrative
1,788
1,706
5,336
4,940
Research and development
3,251
2,499
8,747
7,393
Amortization of acquired intangible assets
2,546
2,491
7,606
7,162
Other (income)/expense, net
(409)
(915)
(1,113)
(488)
Total Expenses
9,467
8,283
28,160
27,870
Earnings Before Income Taxes
2,157
2,257
6,240
3,580
Provision for Income Taxes
605
379
1,598
2,548
Net Earnings
1,552
1,878
4,642
1,032
Noncontrolling Interest
6
6
20
20
Net Earnings Attributable to BMS
$
1,546
$
1,872
$
4,622
$
1,012
Weighted-Average Common Shares Outstanding:
Basic
2,219
2,257
2,227
2,260
Diluted
2,243
2,290
2,253
2,295
Earnings per Common Share:
Basic
$
0.70
$
0.83
$
2.08
$
0.45
Diluted
0.69
0.82
2.05
0.44
Other (income)/expense, net
Interest expense(b)
$
328
$
346
$
1,011
$
1,065
Contingent consideration
—
(988)
(510)
(597)
Royalties and licensing income
(425)
(403)
(1,197)
(1,124)
Equity investment gains
(465)
(244)
(1,214)
(724)
Integration expenses
141
195
434
535
Provision for restructuring
27
176
150
451
Litigation and other settlements
13
10
49
41
Transition and other service fees
(6)
(18)
(43)
(129)
Investment income
(12)
(13)
(33)
(99)
Reversion excise tax
—
—
—
76
Divestiture losses/(gains)
2
1
(9)
(6)
Intangible asset impairment
—
—
—
21
Loss on debt redemption
—
—
281
—
Other
(12)
23
(32)
2
Other (income)/expense, net
$
(409)
$
(915)
$
(1,113)
$
(488)
(a)
Excludes amortization of acquired intangible assets.
(b)
Includes amortization of purchase price adjustments to Celgene debt.
BRISTOL-MYERS SQUIBB COMPANY SPECIFIED ITEMS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (Unaudited, dollars in millions)
Three Months Ended September 30,
Nine Months Ended September 30,
2021
2020
2021
2020
Inventory purchase price accounting adjustments
$
97
$
456
$
264
$
2,590
Intangible asset impairment
—
—
315
—
Employee compensation charges
—
—
—
3
Site exit and other costs
—
3
24
32
Cost of products sold
97
459
603
2,625
Employee compensation charges
—
7
1
34
Site exit and other costs
1
(1)
—
4
Marketing, selling and administrative
1
6
1
38
License and asset acquisition charges
200
203
980
528
IPRD impairments
610
—
840
—
Inventory purchase price accounting adjustments
1
8
1
25
Employee compensation charges
—
8
1
41
Site exit and other costs
1
4
1
99
Research and development
812
223
1,823
693
Amortization of acquired intangible assets
2,546
2,491
7,606
7,162
Interest expense(a)
(29)
(40)
(91)
(122)
Contingent consideration
—
(988)
(510)
(597)
Royalties and licensing income
—
(53)
(29)
(154)
Equity investment gains
(465)
(214)
(1,227)
(693)
Integration expenses
141
195
434
535
Provision for restructuring
27
176
150
451
Reversion excise tax
—
—
—
76
Divestiture losses/(gains)
2
1
(9)
(6)
Loss on debt redemption
—
—
281
—
Other (income)/expense, net
(324)
(923)
(1,001)
(510)
Increase to pretax income
3,132
2,256
9,032
10,008
Income taxes on items above
(183)
(405)
(871)
(699)
Income taxes attributed to Otezla® divestiture
—
11
—
266
Income taxes attributed to internal transfer of intangible assets
—
—
—
853
Income taxes
(183)
(394)
(871)
420
Increase to net earnings
$
2,949
$
1,862
$
8,161
$
10,428
(a)
Includes amortization of purchase price adjustments to Celgene debt.
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, 2021 AND 2020 (Unaudited, dollars and shares in millions except per share data)
Three Months Ended September 30, 2021
Nine Months Ended September 30, 2021
GAAP
Specified Items(a)
Non-GAAP
GAAP
Specified Items(a)
Non-GAAP
Gross Profit
$
9,333
$
97
$
9,430
$
26,816
$
603
$
27,419
Marketing, selling and administrative
1,788
(1)
1,787
5,336
(1)
5,335
Research and development
3,251
(812)
2,439
8,747
(1,823)
6,924
Amortization of acquired intangible assets
2,546
(2,546)
—
7,606
(7,606)
—
Other (income)/expense, net
(409)
324
(85)
(1,113)
1,001
(112)
Earnings Before Income Taxes
2,157
3,132
5,289
6,240
9,032
15,272
Provision for Income Taxes
605
183
788
1,598
871
2,469
Noncontrolling interest
6
—
6
20
—
20
Net Earnings Attributable to BMS used for Diluted EPS Calculation
$
1,546
$
2,949
$
4,495
$
4,622
$
8,161
$
12,783
Weighted-Average Common Shares Outstanding - Diluted
2,243
2,243
2,243
2,253
2,253
2,253
Diluted Earnings Per Share
$
0.69
$
1.31
$
2.00
$
2.05
$
3.62
$
5.67
Effective Tax Rate
28.0
%
(13.1)
%
14.9
%
25.6
%
(9.4)
%
16.2
%
Three Months Ended September 30, 2020
Nine Months Ended September 30, 2020
GAAP
Specified Items(a)
Non-GAAP
GAAP
Specified Items(a)
Non-GAAP
Gross Profit
$
8,038
$
459
$
8,497
$
22,587
$
2,625
$
25,212
Marketing, selling and administrative
1,706
(6)
1,700
4,940
(38)
4,902
Research and development
2,499
(223)
2,276
7,393
(693)
6,700
Amortization of acquired intangible assets
2,491
(2,491)
—
7,162
(7,162)
—
Other (income)/expense, net
(915)
923
8
(488)
510
22
Earnings Before Income Taxes
2,257
2,256
4,513
3,580
10,008
13,588
Provision for Income Taxes
379
394
773
2,548
(420)
2,128
Noncontrolling interest
6
—
6
20
—
20
Net Earnings Attributable to BMS used for Diluted EPS Calculation
$
1,872
$
1,862
$
3,734
$
1,012
$
10,428
$
11,440
Weighted-Average Common Shares Outstanding - Diluted
2,290
2,290
2,290
2,295
2,295
2,295
Diluted Earnings Per Share
$
0.82
$
0.81
$
1.63
$
0.44
$
4.54
$
4.98
Effective Tax Rate
16.8
%
0.3
%
17.1
%
71.2
%
(55.5)
%
15.7
%
(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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211027005310/en/
Media: media@bms.com Investor Relations: Tim Power, 609-252-7509, timothy.power@bms.com; Nina Goworek, 908-673-9711, nina.goworek@bms.com.
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