BRISTOL MYERS SQUIBB CO - FORM 8-K - EX-99.2 - CERTAIN SUPPLEMENTAL INFORMATION

Attached files

file	filename
EX-99.1 - PRESS RELEASE OF BRISTOL-MYERS SQUIBB COMPANY - BRISTOL MYERS SQUIBB CO	dex991.htm
8-K - FORM 8-K - BRISTOL MYERS SQUIBB CO	d8k.htm

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF SALES

($ in millions)


Net Sales	2010														2011										% Change		FX Impact
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD	Qtr vs. Qtr	YTD vs. YTD

Total	$	4,807	$	4,768	$	9,575	$	4,798	$	14,373	$	5,111	$	19,484	$	5,011	$	5,434	$	10,445					14%	9%	4%	2%
US		3,089		3,105		6,194		3,135		9,329		3,284		12,613		3,250		3,562		6,812					15%	10%	—	—
Europe Pharmaceuticals		886		822		1,708		804		2,512		936		3,448		868		954		1,822					16%	7%	13%	6%
JPAC Pharmaceuticals		371		403		774		419		1,193		458		1,651		449		462		911					15%	18%	11%	10%
Intercon Pharmaceuticals		225		199		424		207		631		225		856		214		220		434					11%	2%	4%	2%
Emerging Markets		203		201		404		211		615		189		804		206		215		421					7%	4%	5%	4%
Other		33		38		71		22		93		19		112		24		21		45					(45)%	(37)%	2%	1%

% of Total Sales	2010														2011										Basis Point Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD

Total		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%					—	—
US Pharmaceuticals		64.3%		65.1%		64.7%		65.3%		64.9%		64.3%		64.7%		64.9%		65.5%		65.2%					40	50
Europe Pharmaceuticals		18.4%		17.2%		17.8%		16.8%		17.5%		18.3%		17.7%		17.3%		17.6%		17.4%					40	(40)
JPAC Pharmaceuticals		7.7%		8.5%		8.1%		8.7%		8.3%		9.0%		8.5%		9.0%		8.5%		8.7%					—	60
Intercon Pharmaceuticals		4.7%		4.2%		4.4%		4.3%		4.4%		4.4%		4.4%		4.3%		4.0%		4.2%					(20)	(20)
Emerging Markets		4.2%		4.2%		4.2%		4.4%		4.3%		3.7%		4.1%		4.0%		4.0%		4.0%					(20)	(20)
Other		0.7%		0.8%		0.8%		0.5%		0.6%		0.3%		0.6%		0.5%		0.4%		0.5%					(40)	(30)

BRISTOL-MYERS SQUIBB COMPANY

SALES AND COMPOSITION OF CHANGE IN SALES

FOR THE PERIOD ENDED JUNE 30, 2011

($ in millions)

QUARTER-TO-DATE


	US		Non-US		Total
Price Increases/(Decreases)		9%		(2)%		5%
Foreign Exchange		—		10%		4%
Volume		6%		5%		5%

Total Change		15%		13%		14%


Total 2011 Period to Date Sales	$	3,562	$	1,872	$	5,434
Total 2010 Period to Date Sales	$	3,105	$	1,663	$	4,768

YEAR-TO-DATE


	US		Non-US		Total
Price Increases/(Decreases)		8%		(3)%		4%
Foreign Exchange		—		6%		2%
Volume		2%		4%		3%

Total Change		10%		7%		9%


Total 2011 Period to Date Sales	$	6,812	$	3,633	$	10,445
Total 2010 Period to Date Sales	$	6,194	$	3,381	$	9,575

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

($ in millions, except per share amounts)


	2010																					2011													% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD

Net Sales	$	4,807		$	4,768		$	9,575		$	4,798		$	14,373		$	5,111		$	19,484		$	5,011		$	5,434		$	10,445							14%		9%

Cost of products sold		1,306			1,277			2,583			1,280			3,863			1,414			5,277			1,343			1,481			2,824							16%		9%
Marketing, selling and administrative		900			894			1,794			892			2,686			1,000			3,686			928			1,040			1,968							16%		10%
Advertising and product promotion		212			263			475			231			706			271			977			214			253			467							(4)%		(2)%
Research and development		910			822			1,732			824			2,556			1,010			3,566			935			923			1,858							12%		7%
Provision for restructuring, net		11			24			35			15			50			63			113			44			40			84							67%		140%
Litigation expense, net		—			—			—			22			22			(41	)		(19	)		—			—			—							—		—
Equity in net income of affiliates		(97	)		(85	)		(182	)		(70	)		(252	)		(61	)		(313	)		(82	)		(62	)		(144	)						(27)%		(21)%
Other (income)/expense, net		113			(19	)		94			(10	)		84			42			126			(138	)		(31	)		(169	)						63%		*

Total expenses		3,355			3,176			6,531			3,184			9,715			3,698			13,413			3,244			3,644			6,888							15%		5%

Earnings from Operations Before Income Taxes	$	1,452		$	1,592		$	3,044		$	1,614		$	4,658		$	1,413		$	6,071		$	1,767		$	1,790		$	3,557							12%		17%
Provision for income taxes		351			324			675			312			987			571			1,558			400			483			883							49%		31%


Net Earnings from Operations	$	1,101		$	1,268		$	2,369		$	1,302		$	3,671		$	842		$	4,513		$	1,367		$	1,307		$	2,674							3%		13%
Net Earnings Attributable to Noncontrolling Interest		358			341			699			353			1,052			359			1,411			381			405			786							19%		12%

Net Earnings from Operations Attributable to BMS	$	743		$	927		$	1,670		$	949		$	2,619		$	483		$	3,102		$	986		$	902		$	1,888							(3)%		13%


Contingently convertible debt interest expense and earnings attributable to unvested shares		(3	)		(3	)		(7	)		(4	)		(11	)		(2	)		(12	)		(2	)		(2	)		(4	)						(33)%		(43)%


Net Earnings used for Diluted EPS Calc - Attributable to BMS	$	740		$	924		$	1,663		$	945		$	2,608		$	481		$	3,090		$	984		$	900		$	1,884							(3)%		13%


Diluted Earnings Attributable to BMS per Common Share**	$	0.43		$	0.53		$	0.96		$	0.55		$	1.51		$	0.28		$	1.79		$	0.57		$	0.52		$	1.10							(2)%		15%

Average Common Shares Outstanding - Diluted		1,725			1,728			1,727			1,726			1,726			1,723			1,727			1,714			1,722			1,718							—		(1)%
Dividends declared per common share	$	0.32		$	0.32		$	0.64		$	0.32		$	0.96		$	0.33		$	1.29		$	0.33		$	0.33		$	0.66							3%		3%



% of Net Sales	2010																					2011													Basis Point Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD

Gross Margin		72.8%			73.2%			73.0%			73.3%			73.1%			72.3%			72.9%			73.2%			72.7%			73.0%							(50)		—

Cost of products sold		27.2%			26.8%			27.0%			26.7%			26.9%			27.7%			27.1%			26.8%			27.3%			27.0%							50		—
Marketing, selling and administrative		18.7%			18.8%			18.7%			18.6%			18.7%			19.6%			18.9%			18.5%			19.1%			18.8%							30		10
Advertising and product promotion		4.4%			5.5%			5.0%			4.8%			4.9%			5.3%			5.0%			4.3%			4.7%			4.5%							(80)		(50)
Research and development		18.9%			17.2%			18.1%			17.2%			17.8%			19.8%			18.3%			18.7%			17.0%			17.8%							(20)		(30)
Total expenses		69.8%			66.6%			68.2%			66.4%			67.6%			72.4%			68.8%			64.7%			67.1%			65.9%							50		(230)
Earnings from Operations Before Income Taxes		30.2%			33.4%			31.8%			33.6%			32.4%			27.6%			31.2%			35.3%			32.9%			34.1%							(50)		230
Net Earnings from Operations Attributable to BMS		15.5%			19.4%			17.4%			19.8%			18.2%			9.5%			15.9%			19.7%			16.6%			18.1%							(280)		70

Other Ratios
Effective Tax Rate		24.2%			20.4%			22.2%			19.3%			21.2%			40.4%			25.7%			22.6%			27.0%			24.8%							660		260

Other (Income)/Expense, net	2010																					2011													% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD

Interest expense	$	33		$	32		$	65		$	38		$	103		$	42		$	145		$	31		$	32		$	63							—		(3)%
Interest income		(15	)		(16	)		(31	)		(23	)		(54	)		(21	)		(75	)		(21	)		(25	)		(46	)						56%		48%
Impairment and loss on sale of manufacturing operations		200			15			215			10			225			11			236			—			—			—							(100)%		(100)%
(Gain)/Loss on debt repurchase		—			—			—			—			—			6			6			(8	)		(2	)		(10	)						—		—
Net foreign exchange transaction (gains)/losses		(16	)		(16	)		(32	)		9			(23	)		17			(6	)		(7	)		18			11							*		(134)%
Gain on sale of product lines, businesses and assets		(10	)		(5	)		(15	)		(21	)		(36	)		(3	)		(39	)		(9	)		(2	)		(11	)						(60)%		(27)%
Acquisition related items		—			—			—			—			—			10			10			—			—			—							—		—
Other income from alliance partners		(50	)		(44	)		(94	)		(28	)		(122	)		(14	)		(136	)		(23	)		(39	)		(62	)						(11)%		(34)%
Pension curtailment and settlement charges		—			14			14			2			16			12			28			(3	)		—			(3	)						(100)%		(121)%
Litigation charges/(recoveries)		—			—			—			—			—			—			—			(102	)		(4	)		(106	)						—		—
Product liability charges		—			—			—			—			—			—			—			26			—			26							—		—
Other		(29	)		1			(28	)		3			(25	)		(18	)		(43	)		(22	)		(9	)		(31	)						*		11%

	$	113			(19	)		94		($	10	)	$	84		$	42		$	126			(138	)		(31	)		(169	)						63%		*

*	in excess of +/- 200%

**	quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations.

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT

FOR THE PERIOD ENDED JUNE 30, 2011

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE


	2011		2010		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ *		2011 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX

Net sales	$	5,434	$	4,768	$	666		14%		171	$	5,263		4%		10%
Marketing, selling and administrative ^(a)		1,040		894		146		16%		(46)		994		(5)%		11%
Marketing, selling and administrative excluding specified items ^(b)		1,030		888		142		16%		(50)		980		(6)%		10%
Advertising and product promotion		253		263		(10)		(4)%		(8)		245		(2)%		(6)%
Research and development		923		822		101		12%		(19)		904		(2)%		10%
Research and development excluding specified items ^(b)		873		805		68		8%		(19)		854		(2)%		6%

(a)

The following table provides a reconciliation of GAAP to Non-GAAP figures and the impact of annual pharmaceutical company fee:


	2011		2010		% Change
Marketing, selling and administrative		1,040		894		16%
Specified items		10		6		67%

Marketing, selling and administrative excluding specified items		1,030		888		16%
Annual pharmaceutical company fee		60		—		N/A

Adjusted marketing, selling and administrative excluding specified items		970		888		9%

(b)

Please refer to the Specified Items QTD tab for detail of specified items and the GAAP to Non-GAAP P&L tab for reconciliation.

YEAR-TO-DATE


	2011		2010		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ *		2011 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX

Net sales	$	10,445	$	9,575	$	870		9%		197	$	10,248		2%		7%
Marketing, selling and administrative ^(a)		1,968		1,794		174		10%		(50)		1,918		(3)%		7%
Marketing, selling and administrative excluding specified items ^(b)		1,954		1,775		179		10%		(54)		1,900		(3)%		7%
Advertising and product promotion		467		475		(8)		(2)%		(10)		457		(2)%		(4)%
Research and development		1,858		1,732		126		7%		(22)		1,836		(1)%		6%
Research and development excluding specified items ^(b)		1,705		1,660		45		3%		(22)		1,683		(2)%		1%

(a)

The following table provides a reconciliation of GAAP to Non-GAAP figures and the impact of annual pharmaceutical company fee:


	2011		2010		% Change
Marketing, selling and administrative		1,968		1,794		10%
Specified items		14		19		(26)%

Marketing, selling and administrative excluding specified items		1,954		1,775		10%
Annual pharmaceutical company fee		121		—		N/A

Adjusted marketing, selling and administrative excluding specified items		1,833		1,775		3%

(b)

Please refer to the Specified Items YTD tab for detail of specified items and the GAAP to Non-GAAP P&L tab for reconciliation.

*	The company calculates the foreign exchange (FX) impact by determining the change in a line item’s current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact.

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT

FOR THE PERIOD ENDED JUNE 30, 2011

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE


	2011		2010		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ **		2011 Excluding FX		Favorable / (Unfavorable) FX Impact % **		Growth % Excluding FX

Plavix		1,865		1,627		238		15%		7		1,858		1%		14%
Avapro/Avalide		251		307		(56)		(18)%		10		241		3%		(21)%
Abilify		706		633		73		12%		21		685		4%		8%
Reyataz		396		357		39		11%		18		378		5%		6%
Sustiva Franchise		371		331		40		12%		14		357		4%		8%
Baraclude		292		223		69		31%		19		273		9%		22%
Erbitux		173		172		1		1%		—		173		—		1%
Sprycel		193		132		61		46%		12		181		9%		37%
Yervoy		95		—		95		N/A		—		95		N/A		N/A
Orencia		228		178		50		28%		7		221		4%		24%
Nulojix		2		—		2		N/A		—		2		N/A		N/A
Onglyza/Kombiglyze		112		28		84		*		3		109		*		*

Mature Products and All Other		750		780		(30)		(4)%		60		690		8%		(12)%

Total		5,434		4,768		666		14%		171		5,263		4%		10%

YEAR-TO-DATE


	2011		2010		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ **		2011 Excluding FX		Favorable / (Unfavorable) FX Impact % **		Growth % Excluding FX

Plavix		3,627		3,293		334		10%		9		3,618		—		10%
Avapro/Avalide		541		621		(80)		(13)%		13		528		2%		(15)%
Abilify		1,330		1,250		80		6%		22		1,308		1%		5%
Reyataz		762		730		32		4%		19		743		2%		2%
Sustiva Franchise		714		666		48		7%		14		700		2%		5%
Baraclude		567		439		128		29%		27		540		6%		23%
Erbitux		338		338		—		—		—		338		—		—
Sprycel		365		263		102		39%		13		352		5%		34%
Yervoy		95		—		95		N/A		—		95		N/A		N/A
Orencia		427		347		80		23%		8		419		2%		21%
Nulojix		2		—		2		N/A		—		2		N/A		N/A
Onglyza/Kombiglyze		193		38		155		*		4		189		*		*

Mature Products and All Other		1,484		1,590		(106)		(7)%		68		1,416		4%		(11)%

Total		10,445		9,575		870		9%		197		10,248		2%		7%

*	In excess of +/- 200%

**	The company calculates the foreign exchange (FX) impact by determining the change in a product’s current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)


	2010														2011										% Change		FX Impact
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD	Qtr vs. Qtr	YTD vs. YTD

TOTAL		4,807		4,768		9,575		4,798		14,373		5,111		19,484		5,011		5,434		10,445					14%	9%	4%	2%

Key Products
Plavix		1,666		1,627		3,293		1,658		4,951		1,715		6,666		1,762		1,865		3,627					15%	10%	1%	—
Avapro/Avalide		314		307		621		303		924		252		1,176		290		251		541					(18)%	(13)%	3%	2%
Abilify ^(a)		617		633		1,250		608		1,858		707		2,565		624		706		1,330					12%	6%	4%	1%
Reyataz		373		357		730		375		1,105		374		1,479		366		396		762					11%	4%	5%	2%
Sustiva Franchise ^(b)		335		331		666		342		1,008		360		1,368		343		371		714					12%	7%	4%	2%
Baraclude		216		223		439		228		667		264		931		275		292		567					31%	29%	9%	6%
Erbitux		166		172		338		159		497		165		662		165		173		338					1%	—	—	—
Sprycel		131		132		263		144		407		169		576		172		193		365					46%	39%	9%	5%
Yervoy		—		—		—		—		—		—		—		—		95		95					N/A	N/A	N/A	N/A
Orencia		169		178		347		184		531		202		733		199		228		427					28%	23%	4%	2%
Nulojix		—		—		—		—		—		—		—		—		2		2					N/A	N/A	N/A	N/A
Onglyza/Kombiglyze ^(c)		10		28		38		47		85		73		158		81		112		193					*	*	*	*

Mature Products and All Other ^(d)		810		780		1,590		750		2,340		830		3,170		734		750		1,484					(4)%	(7)%	8%	4%

	2010														2011										% Change		FX Impact
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD	Qtr vs. Qtr	YTD vs. YTD

Net Sales by Therapeutic Area:
Cardiovascular		2,129		2,069		4,198		2,086		6,284		2,111		8,395		2,162		2,236		4,398					8%	5%	1%	1%
Virology		945		929		1,874		963		2,837		1,017		3,854		997		1,075		2,072					16%	11%	6%	4%
Oncology		435		444		879		443		1,322		478		1,800		466		591		1,057					33%	20%	5%	3%
Neuroscience		635		650		1,285		618		1,903		715		2,618		631		714		1,345					10%	5%	3%	2%
Immunoscience		169		178		347		184		531		202		733		199		230		429					29%	24%	4%	3%
Metabolics		37		55		92		75		167		97		264		107		139		246					153%	167%	5%	5%
Other Therapeutic Areas		457		443		900		429		1,329		491		1,820		449		449		898					1%	—	8%	4%

*	In excess of +/- 200%

(a)

Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.

(b)

The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.

(c)

Kombiglyze was launched in Q4 2010. Includes Kombiglyze sales of $5M in 2010 and $18M for the six months ended June 30, 2011.

(d)

Represents all other products, including those which have lost their exclusivity in major markets and over the counter brands.

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)


	2010							2011							% Change		% Change in U.S. Total Prescription**
	1st Qtr	2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	1st Qtr	2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD	Qtr vs. Qtr	YTD vs. YTD

TOTAL	3,089	3,105	6,194	3,135	9,329	3,284	12,613	3,250	3,562	6,812					15%	10%

Key Products
Plavix	1,531	1,496	3,027	1,534	4,561	1,593	6,154	1,641	1,747	3,388					17%	12%	(4)%	(4)%
Avapro/Avalide	186	170	356	168	524	118	642	160	133	293					(22)%	(18)%	(40)%	(36)%
Abilify ^(a)	470	491	961	462	1,423	535	1,958	460	517	977					5%	2%	6%	5%
Reyataz	186	185	371	189	560	194	754	181	189	370					2%	—	2%	2%
Sustiva Franchise ^(b)	214	213	427	227	654	227	881	215	228	443					7%	4%	8%	8%
Baraclude	42	42	84	46	130	49	179	48	51	99					21%	18%	8%	10%
Erbitux	163	168	331	155	486	160	646	162	167	329					(1)%	(1)%	N/A	N/A
Sprycel	38	42	80	47	127	61	188	61	68	129					62%	61%	11%	10%
Yervoy	—	—	—	—	—	—	—	—	95	95					N/A	N/A	N/A	N/A
Orencia	126	137	263	138	401	146	547	138	152	290					11%	10%	N/A	N/A
Nulojix	—	—	—	—	—	—	—	—	2	2					N/A	N/A	N/A	N/A
Onglyza/Kombiglyze ^(c)	6	23	29	37	66	53	119	57	80	137					*	*	*	*

Mature Products and All Other ^(d)	127	138	265	132	397	148	545	127	133	260					(4)%	(2)%

	2010							2011							% Change
	1st Qtr	2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	1st Qtr	2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Net Sales by Therapeutic Area:
Cardiovascular	1,770	1,707	3,477	1,743	5,220	1,770	6,990	1,832	1,919	3,751					12%	8%
Virology	445	441	886	462	1,348	472	1,820	446	470	916					7%	3%
Oncology	233	239	472	233	705	249	954	249	356	605					49%	28%
Neuroscience	473	494	967	464	1,431	538	1,969	460	518	978					5%	1%
Immunoscience	126	137	263	138	401	146	547	138	154	292					12%	11%
Metabolics	16	30	46	48	94	61	155	64	84	148					180%	*
Other Therapeutic Areas	26	57	83	47	130	48	178	61	61	122					7%	47%

*	In excess of +/- 200%

The data is provided by Wolters Kluwer Health (WK), except for SPRYCEL, and based on the Source Prescription Audit which is a product of WK’s own recordkeeping and projection processes. As such, the data is subject to the inherent limitations of estimates based on sampling and may include a margin of error. The change in SPRYCEL demand is calculated based upon tablets sold though retail and mail order channels based upon data obtained from the IMS Health (IMS) National Sales Perspectives Audit, which is a product of IMS’s own recordkeeping and projection processes. As such, the data is subject to the inherent limitations of estimates based on sampling and may include a margin of error. ERBITUX and ORENCIA are parenterally administered products and do not have prescription-level data as physicians do not write prescriptions for these products.

(a)

Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. The following table provides a reconciliation of the impact for extending the term of the commercialization and manufacturing agreement and U.S. healthcare reform.


	2010				2011				% Change
	2nd Qtr		6 Months		2nd Qtr		6 Months		Qtr vs. Qtr		YTD vs. YTD

Abilify Net Sales As Reported		491		961		517		977		5%		2%
Contractual share change from 58% to 53.5%		—		—		43		82		N/A		N/A
Incremental U.S. healthcare reform		—		—		3		5		N/A		N/A

Abilify Net Sales - Adjusted		491		961		563		1,064		15%		11%

(b)

The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The change in U.S. total prescriptions growth for the Sustiva Franchise includes both branded Sustiva and Atripla prescription units.

(c)

Kombiglyze was launched in Q4 2010. Includes Kombiglyze sales of $5M in 2010 and $18M for the six months ended June 30, 2011.

(d)

Represents all other products, including those which have lost their exclusivity in major markets and over the counter brands.

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)


	2010														2011										% Change		FX Impact
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD	Qtr vs. Qtr	YTD vs. YTD

TOTAL		1,718		1,663		3,381		1,663		5,044		1,827		6,871		1,761		1,872		3,633					13%	7%	10%	6%

Key Products
Plavix		135		131		266		124		390		122		512		121		118		239					(10)%	(10)%	6%	4%
Avapro/Avalide		128		137		265		135		400		134		534		130		118		248					(14)%	(6)%	7%	6%
Abilify ^(a)		147		142		289		146		435		172		607		164		189		353					33%	22%	14%	7%
Reyataz		187		172		359		186		545		180		725		185		207		392					20%	9%	11%	5%
Sustiva Franchise ^(b)		121		118		239		115		354		133		487		128		143		271					21%	13%	12%	5%
Baraclude		174		181		355		182		537		215		752		227		241		468					33%	32%	11%	8%
Erbitux		3		4		7		4		11		5		16		3		6		9					50%	29%	33%	13%
Sprycel		93		90		183		97		280		108		388		111		125		236					39%	29%	14%	7%
Orencia		43		41		84		46		130		56		186		61		76		137					85%	63%	19%	9%
Onglyza		4		5		9		10		19		20		39		24		32		56					*	*	*	*

Mature Products and All Other ^(c)		683		642		1,325		618		1,943		682		2,625		607		617		1,224					(4)%	(8)%	9%	5%

	2010														2011										% Change		FX Impact
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD	Qtr vs. Qtr	YTD vs. YTD

Net Sales by Therapeutic Area:
Cardiovascular		359		362		721		343		1,064		341		1,405		330		317		647					(12)%	(10)%	7%	5%
Virology		500		488		988		501		1,489		545		2,034		551		605		1,156					24%	17%	11%	6%
Oncology		202		205		407		210		617		229		846		217		235		452					15%	11%	12%	8%
Neuroscience		162		156		318		154		472		177		649		171		196		367					26%	15%	14%	7%
Immunoscience		43		41		84		46		130		56		186		61		76		137					85%	63%	19%	9%
Metabolics		21		25		46		27		73		36		109		43		55		98					120%	113%	6%	8%
Other Therapeutic Areas		431		386		817		382		1,199		443		1,642		388		388		776					1%	(5)%	10%	5%

*	In excess of +/- 200%

(a)

Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.

(b)

The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.

(c)

Represents all other products, including those which have lost their exclusivity in major markets and over the counter brands.

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS

TO NON-GAAP RESULTS

FOR THE THREE MONTHS ENDED JUNE 30, 2011

(Unaudited, amounts in millions except per share data)


	GAAP			Specified Items			Non GAAP

Net Sales	$	5,434			—		$	5,434
Cost of products sold		1,481			(18	)		1,463

Gross Profit		3,953			18			3,971

Gross profit as a % of sales		72.7%			0.4%			73.1%

Marketing, selling and administrative		1,040			(10	)		1,030
Advertising and product promotion		253			—			253

Total SG&A		1,293			(10	)		1,283

SG&A as a % of sales		23.8%			(0.2)%			23.6%

Research and development		923			(50	)		873

R&D as a % of sales		17.0%			(0.9)%			16.1%

Operating Margin		1,737			78			1,815

Operating Margin as a % of sales		32.0%			1.4%			33.4%

Provision for restructuring, net		40			(40	)		—
Equity in net income of affiliates		(62	)		—			(62	)
Other (income)/expense, net		(31	)		—			(31	)


Earnings Before Income Taxes	$	1,790			118		$	1,908

Provision for income taxes		483			49			532

Net Earnings	$	1,307			69		$	1,376

Net Earnings - Attributable to Noncontrolling Interest		405						405


Net Earnings - Attributable to BMS	$	902			69		$	971
Contingently convertible debt interest expense and earnings attributable to unvested shares		(2	)					(2	)


Net Earnings used for Diluted EPS Calc - Attributable to BMS	$	900			69		$	969

Average Common Shares Outstanding - Diluted		1,722						1,722
Diluted EPS - Attributable to BMS	$	0.52			0.04		$	0.56

Net Earnings Attributable to BMS as a % of sales		16.6%			1.3%			17.9%

Effective Tax Rate		27.0%			0.9%			27.9%

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS

TO NON-GAAP RESULTS

FOR THE SIX MONTHS ENDED JUNE 30, 2011

(Unaudited, amounts in millions except per share data)


	GAAP			Specified Items			Non GAAP

Net Sales	$	10,445			—		$	10,445
Cost of products sold		2,824			(41	)		2,783

Gross Profit		7,621			41			7,662

Gross profit as a % of sales		73.0%			0.4%			73.4%

Marketing, selling and administrative		1,968			(14	)		1,954
Advertising and product promotion		467			—			467

Total SG&A		2,435			(14	)		2,421

SG&A as a % of sales		23.3%			(0.1)%			23.2%

Research and development		1,858			(153	)		1,705

R&D as a % of sales		17.8%			(1.5)%			16.3%

Operating Margin		3,328			208			3,536

Operating Margin as a % of sales		31.9%			2.0%			33.9%

Provision for restructuring, net		84			(84	)		—
Equity in net income of affiliates		(144	)		—			(144	)
Other (income)/expense, net		(169	)		76			(93	)


Earnings Before Income Taxes	$	3,557			216		$	3,773

Provision for income taxes		883			133			1,016

Net Earnings	$	2,674			83		$	2,757

Net Earnings - Attributable to Noncontrolling Interest		786						786


Net Earnings - Attributable to BMS	$	1,888			83		$	1,971
Contingently convertible debt interest expense and earnings attributable to unvested shares		(4	)					(4	)


Net Earnings used for Diluted EPS Calc - Attributable to BMS	$	1,884			83		$	1,967

Average Common Shares Outstanding - Diluted		1,718						1,718
Diluted EPS - Attributable to BMS	$	1.10			0.04		$	1.14

Net Earnings Attributable to BMS as a % of sales		18.1%			0.8%			18.9%

Effective Tax Rate		24.8%			2.1%			26.9%

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED JUNE 30, 2011 AND 2010

($ in millions)

Three months ended June 30, 2011


	Cost of products sold		Marketing, selling and administrative		Research and development		Provision for restructuring		Total

Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	33	$	33
Accelerated depreciation, asset impairment and other shutdown costs		18		4		—		7		29
Process standardization implementation costs		—		6		—		—		6

Total Restructuring		18		10		—		40		68

Other:
Upfront, milestone and other licensing payments		—		—		50		—		50

Total	$	18	$	10	$	50	$	40		118

Income taxes on items above										(34	)
Specified tax benefit										(15	)

Decrease to Net Earnings									$	69

Three months ended June 30, 2010


	Cost of products sold		Marketing, selling and administrative		Research and development		Provision for restructuring		Other (income)/ expense		Total

Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	24	$	—	$	24
Impairment and loss on sale of manufacturing operations		—		—		—		—		15		15
Accelerated depreciation, asset impairment and other shutdown costs		27		—		—		—		—		27
Pension curtailment and settlement charges		—		—		—		—		5		5
Process standardization implementation costs		—		6		—		—		—		6

Total Restructuring		27		6		—		24		20		77

Other:
Upfront, milestone and other licensing payments		—		—		17		—		—		17

Total	$	27	$	6	$	17	$	24	$	20		94

Income taxes on items above												(18	)
Out-of-period tax adjustment												(59	)

Decrease to Net Earnings											$	17

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE SIX MONTHS ENDED JUNE 30, 2011 AND 2010

($ in millions)

Six months ended June 30, 2011


	Cost of products sold		Marketing, selling and administrative		Research and development		Provision for restructuring		Other (income)/ expense			Total

Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	77	$	—		$	77
Accelerated depreciation, asset impairment and other shutdown costs		41		4		—		7		—			52
Process standardization implementation costs		—		10		—		—		—			10

Total Restructuring		41		14		—		84		—			139

Other:
Litigation recovery		—		—		—		—		(102	)		(102	)
Upfront, milestone and other licensing payments		—		—		138		—		—			138
In-process research and development (IPRD) impairment		—		—		15		—		—			15
Product liability charges		—		—		—		—		26			26

Total	$	41	$	14	$	153	$	84	$	(76	)		216

Income taxes on items above													(62	)
Specified tax benefit													(71	)

Decrease to Net Earnings												$	83

Six months ended June 30, 2010


	Cost of products sold		Marketing, selling and administrative		Research and development		Provision for restructuring		Other (income)/ expense		Total

Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	35	$	—	$	35
Impairment and loss on sale of manufacturing operations		—		—		—		—		215		215
Accelerated depreciation, asset impairment and other shutdown costs		58		—		—		—		—		58
Pension curtailment and settlement charges		—		—		—		—		5		5
Process standardization implementation costs		—		19		—		—		—		19

Total Restructuring		58		19		—		35		220		332

Other:
Upfront, milestone and other licensing payments		—		—		72		—		—		72

Total	$	58	$	19	$	72	$	35	$	220		404

Income taxes on items above												(104	)
Out-of-period tax adjustment												(59	)

Decrease to Net Earnings											$	241

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

($ in millions)


	March 31, 2010		June 30, 2010		September 30, 2010		December 31, 2010		March 31, 2011		June 30, 2011		September 30, 2011	December 31, 2011

Cash and cash equivalents	$	5,135	$	5,918	$	7,581	$	5,033	$	3,405	$	3,665
Marketable securities - current		1,641		1,536		778		2,268		3,388		4,005
Marketable securities - long term		2,997		2,795		2,562		2,681		3,065		2,734

Cash, cash equivalents and marketable securities		9,773		10,249		10,921		9,982		9,858		10,404

Short-term borrowings		208		290		243		117		135		187
Long-term debt		6,081		6,248		6,479		5,328		5,276		5,332

Net (debt) /cash	$	3,484	$	3,711	$	4,199	$	4,537	$	4,447	$	4,885

BRISTOL-MYERS SQUIBB COMPANY

2011 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS


	Full Year 2011

Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	$	2.08 to $2.18
Projected Specified Items:
Downsizing and streamlining of worldwide operations		0.07
Accelerated depreciation and other shutdown costs		0.05
Upfront, milestone and other licensing payments		0.09
Litigation recoveries/product liability charges		(0.03	)
Certain tax-related items		(0.06	)

Total		0.12

Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	$	2.20 to $2.30

Gross margin as a percentage of sales on a GAAP basis for the six months ended June 30, 2011 was 73.0%, which included specified items of $41 million and had a 0.4% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the six months ended June 30, 2011 gross margin as a percentage of sales was 73.4%. On a non-GAAP basis, the Company projects gross margin as a percentage of sales for the full year 2011 to remain consistent with last year. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. See GAAP to Non-GAAP PL Reconciliation - June YTD tab.

Research and development expenses on a GAAP basis for the six months ended June 30, 2011 were $1,858 million, which included specified items of $153 million. On a non-GAAP basis, for the six months ended June 30, 2011 research and development expenses were $1,705 million. On a non-GAAP basis, the Company projects research and development expense for the full year 2011 to increase in the mid single digit range compared to 2010. It is estimated that 30% to 40% of the research and development expenses in 2011 will be incurred on late-stage development programs. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on research and development. See GAAP to Non-GAAP PL Reconciliation - June YTD tab.

Marketing, selling and administrative expenses, on a GAAP basis for the six months ended June 30, 2011 were $1,968 million, which included specified items of $14 million. On a non-GAAP basis, for the six months ended June 30 2011 marketing, selling and administrative expenses were $1,954 million. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2011 to grow in the high-single digit range compared to 2010. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See GAAP to Non-GAAP PL Reconciliation - June YTD tab.

The effective tax rate on a GAAP basis for the six months ended June 30, 2011 was 24.8%, which included specified items of $133 million in the tax provision, and had a 2.1% impact on the effective tax rate in aggregate. On a non-GAAP basis, for the six months ended June 30, 2011 the effective tax rate was 26.9%. On a non-GAAP basis, based on historical trends in 2010 the Company projects an annual effective tax rate of approximately 26% for the full year 2011. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See GAAP to Non-GAAP PL Reconciliation - June YTD tab.

The GAAP financial results for the full year 2011 will include specified items that may occur and impact results, including expected charges associated with downsizing and streamlining worldwide operations, accelerated depreciation, upfront, milestone and other licensing payments, charges and recoveries relating to significant legal proceedings, asset and IPR&D impairments and certain tax-related items. The GAAP financial results for the full year 2011 could also include other specified items that have not yet been identified and quantified, including any gains or losses from acquisitions or divestitures, additional upfront, milestone and other licensing payments, copromotion or alliance charges and charges for in-process research and development impairments, charges and recoveries relating to significant legal proceedings, restructuring activities and significant tax events. For a fuller discussion of certain litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Company Reports Financial Results For The Second Quarter of 2011, July 28, 2011 including “2011 Guidance” and “Use of Non-GAAP Financial Information” therein.

The EPS impact of U.S. healthcare reform in 2010 was $0.10 and is expected to be approximately $0.25 in 2011. In 2011, we expect a reduction of net sales of approximately $250 million resulting from new discounts associated with the Medicare Part D coverage gap and an increase in marketing, sales and administrative expenses of approximately $250 million due to the new annual non-tax-deductible pharmaceutical company fee. The non-tax deductibility on our share of the net pharmaceutical company fee is expected to increase our effective tax rate by approximately 1% in 2011 which is considered in our effective tax rate guidance above.

With respect to the 2013 minimum non-GAAP EPS guidance, there is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on earnings per share.

BRISTOL MYERS SQUIBB CO - FORM 8-K - EX-99.2 - CERTAIN SUPPLEMENTAL INFORMATION - July 28, 2011

Attached files

BRISTOL MYERS SQUIBB CO Reports