Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BRISTOL MYERS SQUIBB CO | d286943d8k.htm |
| EX-99.1 - PRESS RELEASE - BRISTOL MYERS SQUIBB CO | d286943dex991.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 | $ | 5,345 | $ | 15,790 | $ | 5,454 | $ | 21,244 | 7% | 9% | — | 2% | ||||||||||||||||||||||||||||||||
| US |
3,089 | 3,105 | 6,194 | 3,135 | 9,329 | 3,284 | 12,613 | 3,250 | 3,562 | 6,812 | 3,477 | 10,289 | 3,556 | 13,845 | 8% | 10% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
| Europe Pharmaceuticals |
886 | 822 | 1,708 | 804 | 2,512 | 936 | 3,448 | 868 | 954 | 1,822 | 916 | 2,738 | 929 | 3,667 | (1)% | 6% | (1)% | 5% | ||||||||||||||||||||||||||||||||||||||||||||||
| JPAC Pharmaceuticals |
371 | 403 | 774 | 419 | 1,193 | 458 | 1,651 | 449 | 462 | 911 | 464 | 1,375 | 487 | 1,862 | 6% | 13% | 3% | 8% | ||||||||||||||||||||||||||||||||||||||||||||||
| Intercon Pharmaceuticals |
225 | 199 | 424 | 207 | 631 | 225 | 856 | 214 | 220 | 434 | 230 | 664 | 230 | 894 | 2% | 4% | (4)% | 1% | ||||||||||||||||||||||||||||||||||||||||||||||
| Emerging Markets |
203 | 201 | 404 | 211 | 615 | 189 | 804 | 206 | 215 | 421 | 238 | 659 | 228 | 887 | 21% | 10% | (2)% | 3% | ||||||||||||||||||||||||||||||||||||||||||||||
| Other |
33 | 38 | 71 | 22 | 93 | 19 | 112 | 24 | 21 | 45 | 20 | 65 | 24 | 89 | 26% | (21)% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
| % 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% | 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% | 65.1% | 65.2% | 65.2% | 65.2% | 90 |
50 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Europe Pharmaceuticals |
18.4% | 17.2% | 17.8% | 16.8% | 17.5% | 18.3% | 17.7% | 17.3% | 17.6% | 17.4% | 17.1% | 17.3% | 17.0% | 17.2% | (130) |
(50) | ||||||||||||||||||||||||||||||||||||||||||||||||
| JPAC Pharmaceuticals |
7.7% | 8.5% | 8.1% | 8.7% | 8.3% | 9.0% | 8.5% | 9.0% | 8.5% | 8.7% | 8.7% | 8.7% | 8.9% | 8.8% | (10) |
30 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Intercon Pharmaceuticals |
4.7% | 4.2% | 4.4% | 4.3% | 4.4% | 4.4% | 4.4% | 4.3% | 4.0% | 4.2% | 4.3% | 4.2% | 4.2% | 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% | 4.4% | 4.2% | 4.2% | 4.2% | 50 |
10 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other |
0.7% | 0.8% | 0.8% | 0.5% | 0.6% | 0.3% | 0.6% | 0.5% | 0.4% | 0.5% | 0.4% | 0.4% | 0.5% | 0.4% | 20 |
(20) | ||||||||||||||||||||||||||||||||||||||||||||||||
1
BRISTOL-MYERS SQUIBB COMPANY
SALES AND COMPOSITION OF CHANGE IN SALES
FOR THE PERIOD ENDED DECEMBER 31, 2011
($ in millions)
| QUARTER-TO-DATE |
Net Sales | Analysis of % Change | ||||||||||||||||||||||
| 2011 | 2010 | Total Change | Volume | Price | Foreign Exchange | |||||||||||||||||||
| US |
$ | 3,556 | $ | 3,284 | 8% | 2% | 6% | — | ||||||||||||||||
| Europe |
929 | 936 | (1)% | 4% | (4)% | (1)% | ||||||||||||||||||
| JPAC |
487 | 458 | 6% | 1% | 2% | 3% | ||||||||||||||||||
| Intercon |
230 | 225 | 2% | 6% | — | (4)% | ||||||||||||||||||
| Emerging Markets |
228 | 189 | 21% | 31% | (8)% | (2)% | ||||||||||||||||||
| Other |
24 | 19 | 26% | N/A | N/A | — | ||||||||||||||||||
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| Total |
$ | 5,454 | $ | 5,111 | 7% | 4% | 3% | — | ||||||||||||||||
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| YEAR-TO-DATE |
Net Sales | Analysis of % Change | ||||||||||||||||||||||
| 2011 | 2010 | Total Change | Volume | Price | Foreign Exchange | |||||||||||||||||||
| US |
$ | 13,845 | $ | 12,613 | 10% | 3% | 7% | — | ||||||||||||||||
| Europe |
3,667 | 3,448 | 6% | 5% | (4)% | 5% | ||||||||||||||||||
| JPAC |
1,862 | 1,651 | 13% | 6% | (1)% | 8% | ||||||||||||||||||
| Intercon |
894 | 856 | 4% | 3% | — | 1% | ||||||||||||||||||
| Emerging Markets |
887 | 804 | 10% | 13% | (6)% | 3% | ||||||||||||||||||
| Other |
89 | 112 | (21)% | N/A | N/A | — | ||||||||||||||||||
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| Total |
$ | 21,244 | $ | 19,484 | 9% | 4% | 3% | 2% | ||||||||||||||||
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2
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 |
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| Net Sales |
$ | 4,807 | $ | 4,768 | $ | 9,575 | $ | 4,798 | $ | 14,373 | $ | 5,111 | $ | 19,484 | $ | 5,011 | $ | 5,434 | $ | 10,445 | $ | 5,345 | $ | 15,790 | $ | 5,454 | $ | 21,244 | 7% | 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 | 1,407 | 4,231 | 1,367 | 5,598 | (3)% | 6% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Marketing, selling and administrative |
900 | 894 | 1,794 | 892 | 2,686 | 1,000 | 3,686 | 928 | 1,040 | 1,968 | 1,019 | 2,987 | 1,216 | 4,203 | 22% | 14% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Advertising and product promotion |
212 | 263 | 475 | 231 | 706 | 271 | 977 | 214 | 253 | 467 | 205 | 672 | 285 | 957 | 5% | (2)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Research and development |
910 | 822 | 1,732 | 824 | 2,556 | 1,010 | 3,566 | 935 | 923 | 1,858 | 973 | 2,831 | 1,008 | 3,839 | — | 8% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Provision for restructuring, net |
11 | 24 | 35 | 15 | 50 | 63 | 113 | 44 | 40 | 84 | 8 | 92 | 24 | 116 | (62)% | 3% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Litigation expense, net |
— | — | — | 22 | 22 | (41) | (19) | — | — | — | — | — | — | — | (100)% | (100)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Equity in net income of affiliates |
(97) | (85) | (182) | (70) | (252) | (61) | (313) | (82) | (62) | (144) | (71) | (215) | (66) | (281) | 8% | (10)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other (income)/expense, net |
113 | (19) | 94 | (10) | 84 | 42 | 126 | (138) | (31) | (169) | (26) | (195) | 26 | (169) | (38)% | * | ||||||||||||||||||||||||||||||||||||||||||||||||
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| Total expenses |
3,355 | 3,176 | 6,531 | 3,184 | 9,715 | 3,698 | 13,413 | 3,244 | 3,644 | 6,888 | 3,515 | 10,403 | 3,860 | 14,263 | 4% | 6% | ||||||||||||||||||||||||||||||||||||||||||||||||
| 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 | $ | 1,830 | $ | 5,387 | $ | 1,594 | $ | 6,981 | 13% | 15% | ||||||||||||||||||||||||||||||||||
| Provision for income taxes |
351 | 324 | 675 | 312 | 987 | 571 | 1,558 | 400 | 483 | 883 | 475 | 1,358 | 363 | 1,721 | (36)% | 10% | ||||||||||||||||||||||||||||||||||||||||||||||||
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| Net Earnings from Operations |
$ | 1,101 | $ | 1,268 | $ | 2,369 | $ | 1,302 | $ | 3,671 | $ | 842 | $ | 4,513 | $ | 1,367 | $ | 1,307 | $ | 2,674 | $ | 1,355 | $ | 4,029 | $ | 1,231 | $ | 5,260 | 46% | 17% | ||||||||||||||||||||||||||||||||||
| Net Earnings Attributable to Noncontrolling Interest |
358 | 341 | 699 | 353 | 1,052 | 359 | 1,411 | 381 | 405 | 786 | 386 | 1,172 | 379 | 1,551 | 6% | 10% | ||||||||||||||||||||||||||||||||||||||||||||||||
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| Net Earnings from Operations Attributable to BMS |
$ | 743 | $ | 927 | $ | 1,670 | $ | 949 | $ | 2,619 | $ | 483 | $ | 3,102 | $ | 986 | $ | 902 | $ | 1,888 | $ | 969 | $ | 2,857 | $ | 852 | $ | 3,709 | 76% | 20% | ||||||||||||||||||||||||||||||||||
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| Contingently convertible debt interest expense and earnings attributable to unvested shares |
(3) | 13) | (7) | (4) | (11) | (2) | (12) | (2) | (2) | (4) | (2) | (6) | (1) | (8) | (50)% | (33)% | ||||||||||||||||||||||||||||||||||||||||||||||||
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| Net Earnings used for Diluted EPS Calc—Attributable to BMS |
$ | 740 | $ | 924 | $ | 1,663 | $ | 945 | $ | 2,608 | $ | 481 | $ | 3,090 | $ | 984 | $ | 900 | $ | 1,884 | $ | 967 | $ | 2,851 | $ | 851 | $ | 3,701 | 77% | 20% | ||||||||||||||||||||||||||||||||||
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| 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 | $ | 0.56 | $ | 1.66 | $ | 0.50 | $ | 2.16 | 79% | 21% | ||||||||||||||||||||||||||||||||||
| 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 | 1,715 | 1,717 | 1,712 | 1,717 | (1)% | (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 | $ | 0.33 | $ | 0.99 | $ | 0.34 | $ | 1.33 | 3% | 3% | ||||||||||||||||||||||||||||||||||
| 2010 | 2011 | Basis Point Change |
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| % of Net Sales |
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 |
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| Gross Margin |
72.8% | 73.2% | 73.0% | 73.3% | 73.1% | 72.3% | 72.9% | 73.2% | 72.7% | 73.0% | 73.7% | 73.2% | 74.9% | 73.6% | 260 | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of products sold |
27.2% | 26.8% | 27.0% | 26.7% | 26.9% | 27.7% | 27.1% | 26.8% | 27.3% | 27.0% | 26.3% | 26.8% | 25.1% | 26.4% | (260) | (70) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Marketing, selling and administrative |
18.7% | 18.8% | 18.7% | 18.6% | 18.7% | 19.6% | 18.9% | 18.5% | 19.1% | 18.8% | 19.1% | 18.9% | 22.3% | 19.8% | 270 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Advertising and product promotion |
4.4% | 5.5% | 5.0% | 4.8% | 4.9% | 5.3% | 5.0% | 4.3% | 4.7% | 4.5% | 3.8% | 4.3% | 5.2% | 4.5% | (10) | (50) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Research and development |
18.9% | 17.2% | 18.1% | 17.2% | 17.8% | 19.8% | 18.3% | 18.7% | 17.0% | 17.8% | 18.2% | 17.9% | 18.5% | 18.1% | (130) | (20) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total expenses |
69.8% | 66.6% | 68.2% | 66.4% | 67.6% | 72.4% | 68.8% | 64.7% | 67.1% | 65.9% | 65.8% | 65.9% | 70.8% | 67.1% | (160) | (170) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 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% | 34.2% | 34.1% | 29.2% | 32.9% | 160 | 170 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 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% | 18.1% | 18.1% | 15.6% | 17.5% | 610 | 160 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other Ratios |
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| Effective Tax Rate |
24.2% | 20.4% | 22.2% | 19.3% | 21.2% | 40.4% | 25.7% | 22.6% | 27.0% | 24.8% | 26.0% | 25.2% | 22.8% | 24.7% | (1,760) | (100) | ||||||||||||||||||||||||||||||||||||||||||||||||
| 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 |
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| Interest expense |
$ | 33 | $ | 32 | $ | 65 | $ | 38 | $ | 103 | $ | 42 | $ | 145 | $ | 31 | $ | 32 | $ | 63 | $ | 40 | $ | 103 | $ | 42 | $ | 145 | — | — | ||||||||||||||||||||||||||||||||||
| Interest income |
(15) | (16) | (31) | (23) | (54) | (21) | (75) | (21) | (25) | (46) | (23) | (69) | (22) | (91) | 5% | 21% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment and loss on sale of manufacturing operations |
200 | 15 | 215 | 10 | 225 | 11 | 236 | — | — | — | — | — | — | — | (100)% | (100)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Gain on sale of product lines, businesses and assets |
(10) | (5) | (15) | (21) | (36) | (3) | (39) | (9) | (2) | (11) | (25) | (36) | (1) | (37) | (67)% | (5)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other income from alliance partners |
(50) | (44) | (94) | (28) | (122) | (14) | (136) | (23) | (39) | (62) | (45) | (107) | (33) | (140) | 136% | 3% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Pension curtailment and settlement charges |
— | 14 | 14 | 2 | 16 | 12 | 28 | (3) | — | (3) | 2 | (1) | 11 | 10 | (8)% | (64)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Litigation charges/(recoveries) |
— | — | — | — | — | — | — | (102) | (4) | (106) | 1 | (105) | 80 | (25) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Product liability charges |
— | — | — | 13 | 13 | 4 | 17 | 26 | — | 26 | 10 | 36 | (5) | 31 | * | 82% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other |
(45) | (15) | (60) | (1) | (61) | 11 | (50) | (37) | 7 | (30) | 14 | (16) | (46) | (62) | * | 24% | ||||||||||||||||||||||||||||||||||||||||||||||||
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| $ | 113 | ($ | 19) | $ | 94 | ($ | 10) | $ | 84 | $ | 42 | $ | 126 | ($ | 138) | ($ | 31) | ($ | 169) | ($ | 26) | ($ | 195) | $ | 26 | (169) | (38)% | * | ||||||||||||||||||||||||||||||||||||
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| * | in excess of +/- 200% |
| ** | quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations. |
3
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED DECEMBER 31, 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 |
$ | 5,454 | $ | 5,111 | $ | 343 | 7% | (9) | $ | 5,463 | — | 7% | ||||||||||||||||||||
| Marketing, selling and administrative (a) |
1,216 | 1,000 | 216 | 22% | 5 | 1,221 | — | 22% | ||||||||||||||||||||||||
| Marketing, selling and administrative excluding specified items (b) |
1,206 | 992 | 214 | 22% | 5 | 1,211 | — | 22% | ||||||||||||||||||||||||
| Advertising and product promotion |
285 | 271 | 14 | 5% | — | 285 | — | 5% | ||||||||||||||||||||||||
| Research and development |
1,008 | 1,010 | (2) | — | 1 | 1,009 | — | — | ||||||||||||||||||||||||
| Research and development excluding specified items (b) |
1,008 | 940 | 68 | 7% | 2 | 1,010 | — | 7% | ||||||||||||||||||||||||
| (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 |
1,216 | 1,000 | 22% | |||||||||
| Specified items |
10 | 8 | 25% | |||||||||
|
|
|
|
|
|
|
|||||||
| Marketing, selling and administrative excluding specified items |
1,206 | 992 | 22% | |||||||||
| Annual pharmaceutical company fee |
55 | — | N/A | |||||||||
|
|
|
|
|
|
|
|||||||
| Adjusted marketing, selling and administrative excluding specified items |
1,151 | 992 | 16% | |||||||||
| (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 |
$ | 21,244 | $ | 19,484 | $ | 1,760 | 9% | 332 | $ | 20,912 | 2% | 7% | ||||||||||||||||||||
| Marketing, selling and administrative (a) |
4,203 | 3,686 | 517 | 14% | (83) | 4,120 | (2)% | 12% | ||||||||||||||||||||||||
| Marketing, selling and administrative excluding specified items (b) |
4,174 | 3,651 | 523 | 14% | (83) | 4,091 | (2)% | 12% | ||||||||||||||||||||||||
| Advertising and product promotion |
957 | 977 | (20) | (2)% | (17) | 940 | (2)% | (4)% | ||||||||||||||||||||||||
| Research and development |
3,839 | 3,566 | 273 | 8% | (36) | 3,803 | (1)% | 7% | ||||||||||||||||||||||||
| Research and development excluding specified items (b) |
3,604 | 3,424 | 180 | 5% | (37) | 3,567 | (1)% | 4% | ||||||||||||||||||||||||
| (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 |
4,203 | 3,686 | 14% | |||||||||
| Specified items |
29 | 35 | (17)% | |||||||||
|
|
|
|
|
|
|
|||||||
| Marketing, selling and administrative excluding specified items |
4,174 | 3,651 | 14% | |||||||||
| Annual pharmaceutical company fee |
220 | — | N/A | |||||||||
|
|
|
|
|
|
|
|||||||
| Adjusted marketing, selling and administrative excluding specified items |
3,954 | 3,651 | 8% | |||||||||
| (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. |
4
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED DECEMBER 31, 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 |
1,672 | 1,715 | (43) | (3)% | (3) | 1,675 | (1)% | (2)% | ||||||||||||||||||||||||
| Avapro/Avalide |
195 | 252 | (57) | (23)% | — | 195 | (1)% | (22)% | ||||||||||||||||||||||||
| Abilify |
737 | 707 | 30 | 4% | (2) | 739 | (1)% | 5% | ||||||||||||||||||||||||
| Reyataz |
416 | 374 | 42 | 11% | (3) | 419 | (1)% | 12% | ||||||||||||||||||||||||
| Sustiva Franchise |
412 | 360 | 52 | 14% | (2) | 414 | (1)% | 15% | ||||||||||||||||||||||||
| Baraclude |
318 | 264 | 54 | 20% | 3 | 315 | — | 20% | ||||||||||||||||||||||||
| Erbitux |
181 | 165 | 16 | 10% | 1 | 180 | — | 10% | ||||||||||||||||||||||||
| Sprycel |
227 | 169 | 58 | 34% | (1) | 228 | (1)% | 35% | ||||||||||||||||||||||||
| Yervoy |
144 | — | 144 | N/A | — | 144 | N/A | N/A | ||||||||||||||||||||||||
| Orencia |
257 | 202 | 55 | 27% | 1 | 256 | — | 27% | ||||||||||||||||||||||||
| Nulojix |
1 | — | 1 | N/A | — | 1 | N/A | N/A | ||||||||||||||||||||||||
| Onglyza/Kombiglyze |
153 | 73 | 80 | 110% | (1) | 154 | — | 110% | ||||||||||||||||||||||||
| Mature Products and All Other |
741 | 830 | (89) | (11)% | (2) | 743 | (1)% | (10)% | ||||||||||||||||||||||||
| Total |
5,454 | 5,111 | 343 | 7% | (9) | 5,463 | — | 7% | ||||||||||||||||||||||||
| YEAR-TO-DATE |
||||||||||||||||||||||||||||||||
| 2011 | 2010 | Growth $ | Growth % | Favorable / (Unfavorable) FX Impact $ ** |
2011 Excluding FX |
Favorable / (Unfavorable) FX Impact $ ** |
Growth % Excluding FX |
|||||||||||||||||||||||||
| Plavix |
7,087 | 6,666 | 421 | 6% | 13 | 7,074 | — | 6% | ||||||||||||||||||||||||
| Avapro/Avalide |
952 | 1,176 | (224) | (19)% | 21 | 931 | 2% | (21)% | ||||||||||||||||||||||||
| Abilify |
2,758 | 2,565 | 193 | 8% | 35 | 2,723 | 2% | 6% | ||||||||||||||||||||||||
| Reyataz |
1,569 | 1,479 | 90 | 6% | 33 | 1,536 | 2% | 4% | ||||||||||||||||||||||||
| Sustiva Franchise |
1,485 | 1,368 | 117 | 9% | 24 | 1,461 | 2% | 7% | ||||||||||||||||||||||||
| Baraclude |
1,196 | 931 | 265 | 28% | 48 | 1,148 | 5% | 23% | ||||||||||||||||||||||||
| Erbitux |
691 | 662 | 29 | 4% | 1 | 690 | — | 4% | ||||||||||||||||||||||||
| Sprycel |
803 | 576 | 227 | 39% | 23 | 780 | 3% | 36% | ||||||||||||||||||||||||
| Yervoy |
360 | — | 360 | N/A | — | 360 | N/A | N/A | ||||||||||||||||||||||||
| Orencia |
917 | 733 | 184 | 25% | 16 | 901 | 2% | 23% | ||||||||||||||||||||||||
| Nulojix |
3 | — | 3 | N/A | — | 3 | N/A | N/A | ||||||||||||||||||||||||
| Onglyza/Kombiglyze |
473 | 158 | 315 | 199% | 5 | 468 | 3% | 196% | ||||||||||||||||||||||||
| Mature Products and All Other |
2,950 | 3,170 | (220) | (7)% | 113 | 2,837 | 4% | (11)% | ||||||||||||||||||||||||
| Total |
21,244 | 19,484 | 1,760 | 9% | 332 | 20,912 | 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. |
5
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 | 5,345 | 15,790 | 5,454 | 21,244 | 7% | 9% | — | 2% | ||||||||||||||||||||||||||||||||||||||||||||||
| Key Products |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Plavix |
1,666 | 1,627 | 3,293 | 1,658 | 4,951 | 1,715 | 6,666 | 1,762 | 1,865 | 3,627 | 1,788 | 5,415 | 1,672 | 7,087 | (3)% | 6% | (1)% | — | ||||||||||||||||||||||||||||||||||||||||||||||
| Avapro/Avalide |
314 | 307 | 621 | 303 | 924 | 252 | 1,176 | 290 | 251 | 541 | 216 | 757 | 195 | 952 | (23)% | (19)% | (1)% | 2% | ||||||||||||||||||||||||||||||||||||||||||||||
| Abilify (a) |
617 | 633 | 1,250 | 608 | 1,858 | 707 | 2,565 | 624 | 706 | 1,330 | 691 | 2,021 | 737 | 2,758 | 4% | 8% | (1)% | 2% | ||||||||||||||||||||||||||||||||||||||||||||||
| Reyataz |
373 | 357 | 730 | 375 | 1,105 | 374 | 1,479 | 366 | 396 | 762 | 391 | 1,153 | 416 | 1,569 | 11% | 6% | (1)% | 2% | ||||||||||||||||||||||||||||||||||||||||||||||
| Sustiva Franchise (b) |
335 | 331 | 666 | 342 | 1,008 | 360 | 1,368 | 343 | 371 | 714 | 359 | 1,073 | 412 | 1,485 | 14% | 9% | (1)% | 2% | ||||||||||||||||||||||||||||||||||||||||||||||
| Baraclude |
216 | 223 | 439 | 228 | 667 | 264 | 931 | 275 | 292 | 567 | 311 | 878 | 318 | 1,196 | 20% | 28% | — | 5% | ||||||||||||||||||||||||||||||||||||||||||||||
| Erbitux |
166 | 172 | 338 | 159 | 497 | 165 | 662 | 165 | 173 | 338 | 172 | 510 | 181 | 691 | 10% | 4% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
| Sprycel |
131 | 132 | 263 | 144 | 407 | 169 | 576 | 172 | 193 | 365 | 211 | 576 | 227 | 803 | 34% | 39% | (1)% | 3% | ||||||||||||||||||||||||||||||||||||||||||||||
| Yervoy |
— | — | — | — | — | — | — | — | 95 | 95 | 121 | 216 | 144 | 360 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
| Orencia |
169 | 178 | 347 | 184 | 531 | 202 | 733 | 199 | 228 | 427 | 233 | 660 | 257 | 917 | 27% | 25% | — | 2% | ||||||||||||||||||||||||||||||||||||||||||||||
| Nulojix |
— | — | — | — | — | — | — | — | 2 | 2 | — | 2 | 1 | 3 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
| Onglyza/Kombiglyze (c) |
10 | 28 | 38 | 47 | 85 | 73 | 158 | 81 | 112 | 193 | 127 | 320 | 153 | 473 | 110% | 199% | — | 3% | ||||||||||||||||||||||||||||||||||||||||||||||
| Mature Products and |
810 | 780 | 1,590 | 750 | 2,340 | 830 | 3,170 | 734 | 750 | 1,484 | 725 | 2,209 | 741 | 2,950 | (11)% | (7)% | (1)% | 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 | 2,114 | 6,512 | 1,972 | 8,484 | (7)% | 1% | (1)% | — | ||||||||||||||||||||||||||||||||||||||||||||||
| Virology |
945 | 929 | 1,874 | 963 | 2,837 | 1,017 | 3,854 | 997 | 1,075 | 2,072 | 1,080 | 3,152 | 1,158 | 4,310 | 14% | 12% | — | 3% | ||||||||||||||||||||||||||||||||||||||||||||||
| Oncology |
435 | 444 | 879 | 443 | 1,322 | 478 | 1,800 | 466 | 591 | 1,057 | 629 | 1,686 | 684 | 2,370 | 43% | 32% | — | 3% | ||||||||||||||||||||||||||||||||||||||||||||||
| Neuroscience |
635 | 650 | 1,285 | 618 | 1,903 | 715 | 2,618 | 631 | 714 | 1,345 | 698 | 2,043 | 742 | 2,785 | 4% | 6% | — | 1% | ||||||||||||||||||||||||||||||||||||||||||||||
| Immunoscience |
169 | 178 | 347 | 184 | 531 | 202 | 733 | 199 | 230 | 429 | 233 | 662 | 258 | 920 | 28% | 26% | 1% | 3% | ||||||||||||||||||||||||||||||||||||||||||||||
| Metabolics |
37 | 55 | 92 | 75 | 167 | 97 | 264 | 107 | 139 | 246 | 158 | 404 | 181 | 585 | 87% | 122% | (1)% | 4% | ||||||||||||||||||||||||||||||||||||||||||||||
| Other Therapeutic Areas |
457 | 443 | 900 | 429 | 1,329 | 491 | 1,820 | 449 | 449 | 898 | 433 | 1,331 | 459 | 1,790 | (7)% | (2)% | (1)% | 3% | ||||||||||||||||||||||||||||||||||||||||||||||
| * | 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 $29M and $68M for the three and twelve months ended December 31, 2011 respectively. |
| (d) | Represents all other products, including those which have lost their exclusivity in major markets and over the counter brands. |
6
BRISTOL-MYERS SQUIBB COMPANY
DOMESTIC NET SALES FROM OPERATIONS BY PRODUCT
QUARTERLY SALES TREND ANALYSIS
($ 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 | 3,477 | 10,289 | 3,556 | 13,845 | 8% | 10% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Key Products |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Plavix |
1,531 | 1,496 | 3,027 | 1,534 | 4,561 | 1,593 | 6,154 | 1,641 | 1,747 | 3,388 | 1,672 | 5,060 | 1,562 | 6,622 | (2)% | 8% | (7)% | (5)% | ||||||||||||||||||||||||||||||||||||||||||||||
| Avapro/Avalide |
186 | 170 | 356 | 168 | 524 | 118 | 642 | 160 | 133 | 293 | 121 | 414 | 107 | 521 | (9)% | (19)% | (43)% | (39)% | ||||||||||||||||||||||||||||||||||||||||||||||
| Abilify (a) |
470 | 491 | 961 | 462 | 1,423 | 535 | 1,958 | 460 | 517 | 977 | 505 | 1,482 | 555 | 2,037 | 4% | 4% | 4% | 5% | ||||||||||||||||||||||||||||||||||||||||||||||
| Reyataz |
186 | 185 | 371 | 189 | 560 | 194 | 754 | 181 | 189 | 370 | 184 | 554 | 206 | 760 | 6% | 1% | 2% | 2% | ||||||||||||||||||||||||||||||||||||||||||||||
| Sustiva Franchise (b) |
214 | 213 | 427 | 227 | 654 | 227 | 881 | 215 | 228 | 443 | 222 | 665 | 275 | 940 | 21% | 7% | 6% | 7% | ||||||||||||||||||||||||||||||||||||||||||||||
| Baraclude |
42 | 42 | 84 | 46 | 130 | 49 | 179 | 48 | 51 | 99 | 51 | 150 | 57 | 207 | 16% | 16% | 10% | 9% | ||||||||||||||||||||||||||||||||||||||||||||||
| Erbitux |
163 | 168 | 331 | 155 | 486 | 160 | 646 | 162 | 167 | 329 | 168 | 497 | 175 | 672 | 9% | 4% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
| Sprycel |
38 | 42 | 80 | 47 | 127 | 61 | 188 | 61 | 68 | 129 | 78 | 207 | 87 | 294 | 43% | 56% | 38% | 30% | ||||||||||||||||||||||||||||||||||||||||||||||
| Yervoy |
— | — | — | — | — | — | — | — | 95 | 95 | 109 | 204 | 118 | 322 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
| Orencia |
126 | 137 | 263 | 138 | 401 | 146 | 547 | 138 | 152 | 290 | 154 | 444 | 171 | 615 | 17% | 12% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
| Nulojix |
— | — | — | — | — | — | — | — | 2 | 2 | — | 2 | 1 | 3 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
| Onglyza/Kombiglyze (c) |
6 | 23 | 29 | 37 | 66 | 53 | 119 | 57 | 80 | 137 | 91 | 228 | 111 | 339 | 109% | 185% | 112% | 175% | ||||||||||||||||||||||||||||||||||||||||||||||
| Mature Products and |
127 | 138 | 265 | 132 | 397 | 148 | 545 | 127 | 133 | 260 | 122 | 382 | 131 | 513 | (11)% | (6)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| 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 | 1,826 | 5,577 | 1,701 | 7,278 | (4)% | 4% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Virology |
445 | 441 | 886 | 462 | 1,348 | 472 | 1,820 | 446 | 470 | 916 | 457 | 1,373 | 540 | 1,913 | 14% | 5% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Oncology |
233 | 239 | 472 | 233 | 705 | 249 | 954 | 249 | 356 | 605 | 377 | 982 | 409 | 1,391 | 64% | 46% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Neuroscience |
473 | 494 | 967 | 464 | 1,431 | 538 | 1,969 | 460 | 518 | 978 | 506 | 1,484 | 554 | 2,038 | 3% | 4% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Immunoscience |
126 | 137 | 263 | 138 | 401 | 146 | 547 | 138 | 154 | 292 | 154 | 446 | 171 | 617 | 17% | 13% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Metabolics |
16 | 30 | 46 | 48 | 94 | 61 | 155 | 64 | 84 | 148 | 98 | 246 | 116 | 362 | 90% | 134% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other Therapeutic Areas |
26 | 57 | 83 | 47 | 130 | 48 | 178 | 61 | 61 | 122 | 59 | 181 | 65 | 246 | 35% | 38% | ||||||||||||||||||||||||||||||||||||||||||||||||
| * | In excess of +/- 200% |
| ** | The estimated U.S. prescription change data provided throughout this report includes information only from the retail and mail order channels and does not reflect product demand within other channels such as hospitals, home health care, clinics, federal facilities including Veterans Administration hospitals, and long-term care, among others. The data is provided by Wolters Kluwer Health (WK), except for SPRYCEL, and based on the Source Prescription Audit. As of December 31, 2011, SPRYCEL demand is based upon information from the Next-Generation Prescription Service (NGPS) version 2.0 of the National Prescription Audit provided by the IMS Health (IMS). The data is a product of each respective service providers’ own recordkeeping and projection processes and therefore subject to the inherent limitations of estimates based on sampling and may include a margin of error. |
| (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 | ||||||||||||||||||||||
| 4th Qtr | 12 Months | 4th Qtr | 12 Months | Qtr vs. Qtr | YTD vs. YTD | |||||||||||||||||||
| Abilify Net Sales As Reported |
535 | 1,958 | 555 | 2,037 | 4% | 4% | ||||||||||||||||||
| Contractual share change from 58% to 53.5% |
— | — | 47 | 171 | N/A | N/A | ||||||||||||||||||
| Incremental U.S. healthcare reform |
— | — | 4 | 15 | N/A | N/A | ||||||||||||||||||
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| Abilify Net Sales—Adjusted |
535 | 1,958 | 606 | 2,223 | 13% | 14% | ||||||||||||||||||
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| (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 $29M and $67M for the three and twelve months ended December 31, 2011 respectively. |
| (d) | Represents all other products, including those which have lost their exclusivity in major markets and over the counter brands. |
7
BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL NET SALES FROM OPERATIONS BY PRODUCT
QUARTERLY SALES TREND ANALYSIS
($ 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 | 1,868 | 5,501 | 1,898 | 7,399 | 4% | 8% | — | 5% | ||||||||||||||||||||||||||||||||||||||||||||||
| Key Products |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Plavix |
135 | 131 | 266 | 124 | 390 | 122 | 512 | 121 | 118 | 239 | 116 | 355 | 110 | 465 | (10)% | (9)% | (2)% | 3% | ||||||||||||||||||||||||||||||||||||||||||||||
| Avapro/Avalide |
128 | 137 | 265 | 135 | 400 | 134 | 534 | 130 | 118 | 248 | 95 | 343 | 88 | 431 | (34)% | (19)% | — | 4% | ||||||||||||||||||||||||||||||||||||||||||||||
| Abilify (a) |
147 | 142 | 289 | 146 | 435 | 172 | 607 | 164 | 189 | 353 | 186 | 539 | 182 | 721 | 6% | 19% | (2)% | 6% | ||||||||||||||||||||||||||||||||||||||||||||||
| Reyataz |
187 | 172 | 359 | 186 | 545 | 180 | 725 | 185 | 207 | 392 | 207 | 599 | 210 | 809 | 17% | 12% | (2)% | 5% | ||||||||||||||||||||||||||||||||||||||||||||||
| Sustiva Franchise (b) |
121 | 118 | 239 | 115 | 354 | 133 | 487 | 128 | 143 | 271 | 137 | 408 | 137 | 545 | 3% | 12% | (1)% | 5% | ||||||||||||||||||||||||||||||||||||||||||||||
| Baraclude |
174 | 181 | 355 | 182 | 537 | 215 | 752 | 227 | 241 | 468 | 260 | 728 | 261 | 989 | 21% | 32% | 1% | 7% | ||||||||||||||||||||||||||||||||||||||||||||||
| Erbitux |
3 | 4 | 7 | 4 | 11 | 5 | 16 | 3 | 6 | 9 | 4 | 13 | 6 | 19 | 20% | 19% | — | 3% | ||||||||||||||||||||||||||||||||||||||||||||||
| Sprycel |
93 | 90 | 183 | 97 | 280 | 108 | 388 | 111 | 125 | 236 | 133 | 369 | 140 | 509 | 30% | 31% | — | 6% | ||||||||||||||||||||||||||||||||||||||||||||||
| Yervoy |
— | — | — | — | — | — | — | — | — | — | 12 | 12 | 26 | 38 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
| Orencia |
43 | 41 | 84 | 46 | 130 | 56 | 186 | 61 | 76 | 137 | 79 | 216 | 86 | 302 | 54% | 62% | 2% | 8% | ||||||||||||||||||||||||||||||||||||||||||||||
| Onglyza/Kombiglyze |
4 | 5 | 9 | 10 | 19 | 20 | 39 | 24 | 32 | 56 | 36 | 92 | 42 | 134 | 110% | * | (4)% | * | ||||||||||||||||||||||||||||||||||||||||||||||
| Mature Products and All Other (c) |
683 | 642 | 1,325 | 618 | 1,943 | 682 | 2,625 | 607 | 617 | 1,224 | 603 | 1,827 | 610 | 2,437 | (11)% | (7)% | — | 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 | 288 | 935 | 271 | 1,206 | (21)% | (14)% | (1)% | 4% | ||||||||||||||||||||||||||||||||||||||||||||||
| Virology |
500 | 488 | 988 | 501 | 1,489 | 545 | 2,034 | 551 | 605 | 1,156 | 623 | 1,779 | 618 | 2,397 | 13% | 18% | — | 5% | ||||||||||||||||||||||||||||||||||||||||||||||
| Oncology |
202 | 205 | 407 | 210 | 617 | 229 | 846 | 217 | 235 | 452 | 252 | 704 | 275 | 979 | 20% | 16% | — | 6% | ||||||||||||||||||||||||||||||||||||||||||||||
| Neuroscience |
162 | 156 | 318 | 154 | 472 | 177 | 649 | 171 | 196 | 367 | 192 | 559 | 188 | 747 | 6% | 15% | (1)% | 5% | ||||||||||||||||||||||||||||||||||||||||||||||
| Immunoscience |
43 | 41 | 84 | 46 | 130 | 56 | 186 | 61 | 76 | 137 | 79 | 216 | 87 | 303 | 55% | 63% | 1% | 9% | ||||||||||||||||||||||||||||||||||||||||||||||
| Metabolics |
21 | 25 | 46 | 27 | 73 | 36 | 109 | 43 | 55 | 98 | 60 | 158 | 65 | 223 | 81% | 105% | 1% | 9% | ||||||||||||||||||||||||||||||||||||||||||||||
| Other Therapeutic Areas |
431 | 386 | 817 | 382 | 1,199 | 443 | 1,642 | 388 | 388 | 776 | 374 | 1,150 | 394 | 1,544 | (11)% | (6)% | — | 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. |
8
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS
TO NON-GAAP RESULTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2011 AND 2010
(Unaudited, amounts in millions except per share data)
| Q4 2011 | Q4 2010 | |||||||||||||||||||||||||
| GAAP | Specified Items | Non GAAP | GAAP | Specified Items | Non GAAP | |||||||||||||||||||||
| Net Sales |
$ | 5,454 | — | $ | 5,454 | $ | 5,111 | — | $ | 5,111 | ||||||||||||||||
| Cost of products sold |
1,367 | (15) | 1,352 | 1,414 | (28) | 1,386 | ||||||||||||||||||||
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| Gross Profit |
4,087 | 15 | 4,102 | 3,697 | 28 | 3,725 | ||||||||||||||||||||
| Gross profit as a % of sales |
74.9% | 0.3% | 75.2% | 72.3% | 0.6% | 72.9% | ||||||||||||||||||||
| Marketing, selling and administrative |
1,216 | (10) | 1,206 | 1,000 | (8) | 992 | ||||||||||||||||||||
| Advertising and product promotion |
285 | — | 285 | 271 | — | 271 | ||||||||||||||||||||
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| Total SG&A |
1,501 | (10) | 1,491 | 1,271 | (8) | 1,263 | ||||||||||||||||||||
| SG&A as a % of sales |
27.5% | (0.2)% | 27.3% | 24.9% | (0.2)% | 24.7% | ||||||||||||||||||||
| Research and development |
1,008 | — | 1,008 | 1,010 | (70) | 940 | ||||||||||||||||||||
| R&D as a % of sales |
18.5% | — | 18.5% | 19.8% | (1.4)% | 18.4% | ||||||||||||||||||||
| Operating Margin |
1,578 | 25 | 1,603 | 1,416 | 106 | 1,522 | ||||||||||||||||||||
| Operating Margin as a % of sales |
28.9% | 0.5% | 29.4% | 27.7% | 2.1% | 29.8% | ||||||||||||||||||||
| Provision for restructuring, net |
24 | (24) | — | 63 | (63) | — | ||||||||||||||||||||
| Litigation expense, net |
— | — | — | (41) | 41 | — | ||||||||||||||||||||
| Equity in net income of affiliates |
(66) | — | (66) | (61) | — | (61) | ||||||||||||||||||||
| Other (income)/expense, net |
26 | (68) | (42) | 42 | (35) | 7 | ||||||||||||||||||||
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| Earnings Before Income Taxes |
$ | 1,594 | 117 | $ | 1,711 | $ | 1,413 | 163 | $ | 1,576 | ||||||||||||||||
| Provision for income taxes |
363 | 63 | 426 | 571 | (161) | 410 | ||||||||||||||||||||
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| Net Earnings |
$ | 1,231 | 54 | $ | 1,285 | $ | 842 | 324 | $ | 1,166 | ||||||||||||||||
| Net Earnings—Attributable to Noncontrolling Interest |
379 | 379 | 359 | 359 | ||||||||||||||||||||||
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| Net Earnings—Attributable to BMS |
$ | 852 | 54 | $ | 906 | $ | 483 | 324 | $ | 807 | ||||||||||||||||
| Contingently convertible debt interest expense and earnings attributable to unvested shares |
(1) | (1) | (2) | (2) | ||||||||||||||||||||||
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| Net Earnings used for Diluted EPS Calc—Attributable to BMS |
$ | 851 | 54 | $ | 905 | $ | 481 | 324 | $ | 805 | ||||||||||||||||
| Average Common Shares Outstanding—Diluted |
1,712 | 1,712 | 1,723 | 1,723 | ||||||||||||||||||||||
| Diluted EPS—Attributable to BMS |
$ | 0.50 | 0.03 | $ | 0.53 | $ | 0.28 | 0.19 | $ | 0.47 | ||||||||||||||||
| Net Earnings Attributable to BMS as a % of sales |
15.6% | 1.0% | 16.6% | 9.5% | 6.3% | 15.8% | ||||||||||||||||||||
| Effective Tax Rate |
22.8% | 2.1% | 24.9% | 40.4% | (14.4)% | 26.0% | ||||||||||||||||||||
9
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS
TO NON-GAAP RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2011 AND 2010
(Unaudited, amounts in millions except per share data)
| YTD 2011 | YTD 2010 | |||||||||||||||||||||||||
| GAAP | Specified Items | Non GAAP | GAAP | Specified Items | Non GAAP | |||||||||||||||||||||
| Net Sales |
$ | 21,244 | — | $ | 21,244 | $ | 19,484 | — | $ | 19,484 | ||||||||||||||||
| Cost of products sold |
5,598 | (75) | 5,523 | 5,277 | (113) | 5,164 | ||||||||||||||||||||
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| Gross Profit |
15,646 | 75 | 15,721 | 14,207 | 113 | 14,320 | ||||||||||||||||||||
| Gross profit as a % of sales |
73.6% | 0.4% | 74.0% | 72.9% | 0.6% | 73.5% | ||||||||||||||||||||
| Marketing, selling and administrative |
4,203 | (29) | 4,174 | 3,686 | (35) | 3,651 | ||||||||||||||||||||
| Advertising and product promotion |
957 | — | 957 | 977 | — | 977 | ||||||||||||||||||||
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| Total SG&A |
5,160 | (29) | 5,131 | 4,663 | (35) | 4,628 | ||||||||||||||||||||
| SG&A as a % of sales |
24.3% | (0.1)% | 24.2% | 23.9% | (0.1)% | 23.8% | ||||||||||||||||||||
| Research and development |
3,839 | (235) | 3,604 | 3,566 | (142) | 3,424 | ||||||||||||||||||||
| R&D as a % of sales |
18.1% | (1.1)% | 17.0% | 18.3% | (0.7)% | 17.6% | ||||||||||||||||||||
| Operating Margin |
6,647 | 339 | 6,986 | 5,978 | 290 | 6,268 | ||||||||||||||||||||
| Operating Margin as a % of sales |
31.3% | 1.6% | 32.9% | 30.7% | 1.5% | 32.2% | ||||||||||||||||||||
| Provision for restructuring, net |
116 | (116) | — | 113 | (113) | — | ||||||||||||||||||||
| Litigation expense, net |
— | — | — | (19) | 19 | — | ||||||||||||||||||||
| Equity in net income of affiliates |
(281) | — | (281) | (313) | — | (313) | ||||||||||||||||||||
| Other (income)/expense, net |
(169) | 10 | (159) | 126 | (281) | (155) | ||||||||||||||||||||
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| Earnings Before Income Taxes |
$ | 6,981 | 445 | $ | 7,426 | $ | 6,071 | 665 | $ | 6,736 | ||||||||||||||||
| Provision for income taxes |
1,721 | 233 | 1,954 | 1,558 | 32 | 1,590 | ||||||||||||||||||||
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| Net Earnings |
$ | 5,260 | 212 | $ | 5,472 | $ | 4,513 | 633 | $ | 5,146 | ||||||||||||||||
| Net Earnings—Attributable to Noncontrolling Interest |
1,551 | 1,551 | 1,411 | 1,411 | ||||||||||||||||||||||
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| Net Earnings—Attributable to BMS |
$ | 3,709 | 212 | $ | 3,921 | $ | 3,102 | 633 | $ | 3,735 | ||||||||||||||||
| Contingently convertible debt interest expense and earnings attributable to unvested shares |
(8) | (8) | (12) | (12) | ||||||||||||||||||||||
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| Net Earnings used for Diluted EPS Calc—Attributable to BMS |
$ | 3,701 | 212 | $ | 3,913 | $ | 3,090 | 633 | $ | 3,723 | ||||||||||||||||
| Average Common Shares Outstanding—Diluted |
1,717 | 1,717 | 1,727 | 1,727 | ||||||||||||||||||||||
| Diluted EPS—Attributable to BMS |
$ | 2.16 | 0.12 | $ | 2.28 | $ | 1.79 | 0.37 | $ | 2.16 | ||||||||||||||||
| Net Earnings Attributable to BMS as a % of sales |
17.5% | 1.0% | 18.5% | 15.9% | 3.3% | 19.2% | ||||||||||||||||||||
| Effective Tax Rate |
24.7% | 1.6% | 26.3% | 25.7% | (2.1)% | 23.6% | ||||||||||||||||||||
10
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
($ in millions)
| 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dollars in Millions | 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 | ||||||||||||||||||||||||||||||||||||||||||
| Accelerated depreciation, asset impairment and other shutdown costs |
$ | 31 | $ | 27 | $ | 58 | $ | 27 | $ | 85 | $ | 28 | $ | 113 | $ | 23 | $ | 18 | $ | 41 | $ | 19 | $ | 60 | $ | 15 | $ | 75 | ||||||||||||||||||||||||||||
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| Cost of products sold |
31 | 27 | 58 | 27 | 85 | 28 | 113 | 23 | 18 | 41 | 19 | 60 | 15 | 75 | ||||||||||||||||||||||||||||||||||||||||||
| Process standardization implementation costs |
13 | 6 | 19 | 8 | 27 | 8 | 35 | 4 | 10 | 14 | 5 | 19 | 10 | 29 | ||||||||||||||||||||||||||||||||||||||||||
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| Marketing, selling and administrative |
13 | 6 | 19 | 8 | 27 | 8 | 35 | 4 | 10 | 14 | 5 | 19 | 10 | 29 | ||||||||||||||||||||||||||||||||||||||||||
| Upfront, milestone and other licensing payments |
55 | 17 | 72 | — | 72 | 60 | 132 | 88 | 50 | 138 | 69 | 207 | — | 207 | ||||||||||||||||||||||||||||||||||||||||||
| IPRD impairment |
— | — | — | — | — | 10 | 10 | 15 | — | 15 | 13 | 28 | — | 28 | ||||||||||||||||||||||||||||||||||||||||||
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| Research and development |
55 | 17 | 72 | — | 72 | 70 | 142 | 103 | 50 | 153 | 82 | 235 | — | 235 | ||||||||||||||||||||||||||||||||||||||||||
| Provision for restructuring |
11 | 24 | 35 | 15 | 50 | 63 | 113 | 44 | 40 | 84 | 8 | 92 | 24 | 116 | ||||||||||||||||||||||||||||||||||||||||||
| Litigation expense |
— | — | — | 22 | 22 | (41) | (19) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Impairment and loss on sale of manufacturing operations |
200 | 15 | 215 | 10 | 225 | 11 | 236 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Gain on sale of product lines, businesses and assets |
— | — | — | — | — | — | — | — | — | — | (12) | (12) | — | (12) | ||||||||||||||||||||||||||||||||||||||||||
| Pension curtailment and settlement charges |
— | 5 | 5 | 3 | 8 | 10 | 18 | — | — | — | — | — | 13 | 13 | ||||||||||||||||||||||||||||||||||||||||||
| Acquisition related items |
— | — | — | — | — | 10 | 10 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Litigation charges/(recoveries) |
— | — | — | — | — | — | — | (102) | — | (102) | — | (102) | 80 | (22) | ||||||||||||||||||||||||||||||||||||||||||
| Product liability charges |
— | — | — | 13 | 13 | 4 | 17 | 26 | — | 26 | 10 | 36 | (5) | 31 | ||||||||||||||||||||||||||||||||||||||||||
| Upfront, milestone and other licensing receipts |
— | — | — | — | — | — | — | — | — | — | — | — | (20) | (20) | ||||||||||||||||||||||||||||||||||||||||||
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| Other (income)/expense |
200 | 20 | 220 | 26 | 246 | 35 | 281 | (76) | — | (76) | (2) | (78) | 68 | (10) | ||||||||||||||||||||||||||||||||||||||||||
| Decrease to pretax income |
310 | 94 | 404 | 98 | 502 | 163 | 665 | 98 | 118 | 216 | 112 | 328 | 117 | 445 | ||||||||||||||||||||||||||||||||||||||||||
| Income tax on items above |
(86) | (18) | (104) | (30) | (134) | (46) | (180) | (28) | (34) | (62) | (37) | (99) | (37) | (136) | ||||||||||||||||||||||||||||||||||||||||||
| Out-of period tax adjustment |
— | (59) | (59) | — | (59) | — | (59) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Specified tax (benefit)/charge |
— | — | — | — | — | 207 | 207 | (56) | (15) | (71) | — | (71) | (26) | (97) | ||||||||||||||||||||||||||||||||||||||||||
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| Income taxes |
(86) | (77) | (163) | (30) | (193) | 161 | (32) | (84) | (49) | (133) | (37) | (170) | (63) | (233) | ||||||||||||||||||||||||||||||||||||||||||
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| Decrease to net earnings |
$ | 224 | $ | 17 | $ | 241 | $ | 68 | $ | 309 | $ | 324 | $ | 633 | $ | 14 | $ | 69 | $ | 83 | $ | 75 | $ | 158 | $ | 54 | $ | 212 | ||||||||||||||||||||||||||||
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11
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 |
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| Cash and cash equivalents |
$ | 5,135 | $ | 5,918 | $ | 7,581 | $ | 5,033 | $ | 3,405 | $ | 3,665 | $ | 4,471 | $ | 5,776 | ||||||||||||||||
| Marketable securities—current |
1,641 | 1,536 | 778 | 2,268 | 3,388 | 4,005 | 3,722 | 2,957 | ||||||||||||||||||||||||
| Marketable securities—long term |
2,997 | 2,795 | 2,562 | 2,681 | 3,065 | 2,734 | 2,819 | 2,909 | ||||||||||||||||||||||||
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| Cash, cash equivalents and marketable securities |
9,773 | 10,249 | 10,921 | 9,982 | 9,858 | 10,404 | 11,012 | 11,642 | ||||||||||||||||||||||||
| Short-term borrowings |
208 | 290 | 243 | 117 | 135 | 187 | 182 | 115 | ||||||||||||||||||||||||
| Long-term debt |
6,081 | 6,248 | 6,479 | 5,328 | 5,276 | 5,332 | 5,437 | 5,376 | ||||||||||||||||||||||||
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| Net (debt) /cash |
$ | 3,484 | $ | 3,711 | $ | 4,199 | $ | 4,537 | $ | 4,447 | $ | 4,885 | $ | 5,393 | $ | 6,151 | ||||||||||||||||
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12
BRISTOL-MYERS SQUIBB COMPANY
2012 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS
| Full Year 2012 | ||
| Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP |
$1.90 to $2.00 | |
| Projected Specified Items: |
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| Downsizing and streamlining of worldwide operations |
0.05 | |
| Upfront, milestone and other |
0.02 | |
| Litigation recoveries |
(0.07) | |
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| Total |
— | |
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| Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP |
$1.90 to $2.00 | |
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Gross margin as a percentage of sales on a GAAP basis for the twelve months ended December 31, 2011 was 73.6%, which included specified items of $75 million and had a 0.4% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the twelve months ended December 31, 2011 gross margin as a percentage of sales was 74.0%. On a non-GAAP basis, the Company projects gross margin as a percentage of sales for the full year 2012 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 - December YTD tab.
Research and development expenses on a GAAP basis for the twelve months ended December 31, 2011 were $3,839 million, which included specified items of $235 million. On a non-GAAP basis, for the twelve months ended December 31, 2011 research and development expenses were $3,604 million. On a non-GAAP basis, the Company projects research and development expense for the full year 2012 to increase in the low single digit range compared to 2011. It is estimated that 30% to 40% of the research and development expenses in 2012 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 - December YTD tab.
Marketing, selling and administrative expenses, on a GAAP basis for the twelve months ended December 31, 2011 were $4,203 million, which included specified items of $29 million. On a non-GAAP basis, for the twelve months ended December 31, 2011 marketing, selling and administrative expenses were $4,174 million. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2012 to decrease in the mid-single digit range compared to 2011. 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 - December YTD tab.
The effective tax rate on a GAAP basis for the twelve months ended December 31, 2011 was 24.7%, which included specified items of $233 million in the tax provision, and had a 1.6% impact on the effective tax rate in aggregate. On a non-GAAP basis, for the twelve months ended December 31, 2011 the effective tax rate was 26.3%. On a non-GAAP basis, the Company projects an annual effective tax rate of between 25% and 26%, which assumes the extension of the R&D tax credit for the full year 2012. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See GAAP to Non-GAAP PL Reconciliation - December YTD tab.
The GAAP financial results for the full year 2012 will include specified items that may occur and impact results, including expected charges associated with downsizing and streamlining worldwide operations, milestone payments and recoveries relating to significant legal proceedings. The GAAP financial results for the full year 2012 could also include other specified items that have not yet been identified and quantified, including any gains or losses from acquisitions or divestitures, additional upfront, milestone and other licensing payments, charges for in-process research and development impairments, charges and recoveries relating to significant legal proceedings, restructuring activities and significant tax events. For a fuller discussion of certain litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Company Reports Financial Results For The Fourth Quarter of 2011, January 26, 2012 including “2011 Guidance” and “Use of Non-GAAP Financial Information” therein.
13
BRISTOL-MYERS SQUIBB COMPANY
WORKING CAPITAL PLUS CAPITAL EXPENDITURES AS A % OF NET SALES, NET OF FOREIGN EXCHANGE
GAAP TO NON-GAAP RECONCILIATIONS FOR EXECUTIVE COMPENSATION PROGRAM
($ in millions)
Working Capital Plus Capital Expenditures as a % of Net Sales, Net of Foreign Exchange(a)
Calculated at Actual Exchange Rates
| Trade Receivables | Inventory(b) | Accounts Payable | Trade Working Capital | |||||||||||||||||||||||||||||||||
| Last Twelve Months (LTM) Net Sales |
Actual | % LTM Net Sales |
Actual | % LTM Net Sales |
Actual | % LTM Net Sales |
Actual | % LTM Net Sales |
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| Q1 2011 |
19,688 | 2,046 | 10.4% | 1,518 | 7.7% | (2,036 | ) | -10.3% | 1,528 | 7.8% | ||||||||||||||||||||||||||
| Q2 2011 |
20,354 | 2,116 | 10.4% | 1,740 | 8.5% | (2,401 | ) | -11.8% | 1,455 | 7.1% | ||||||||||||||||||||||||||
| Q3 2011 |
20,901 | 2,181 | 10.4% | 1,524 | 7.3% | (2,292 | ) | -11.0% | 1,413 | 6.8% | ||||||||||||||||||||||||||
| Q4 2011 |
21,244 | 2,250 | 10.6% | 1,644 | 7.7% | (2,603 | ) | -12.3% | 1,291 | 6.1% | ||||||||||||||||||||||||||
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| Qtr Avg |
10.5% | 7.8% | -11.4% | 7.0% | ||||||||||||||||||||||||||||||||
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| Full Year | % LTM Net Sales |
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| Capital Expenditures | 367 | 1.7% | ||||||||||
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| Working Capital and Capital Expenditures Metric | 8.7% | |||||||||||
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Converted to 2011 Budgeted Foreign Exchange Rates
| Trade
Receivables ex-FX |
Inventory ex-FX | Accounts Payable ex-FX |
Trade Working
Capital ex-FX |
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| Last Twelve Months (LTM) Net Sales ex-FX |
At Budget Rate |
% LTM Net Sales |
At Budget Rate |
% LTM Net Sales |
At Budget Rate |
% LTM Net Sales |
At Budget Rate |
% LTM Net Sales |
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| Q1 2011 |
19,542 | 1,983 | 10.1% | 1,461 | 7.5% | (2,008 | ) | -10.3% | 1,436 | 7.3% | ||||||||||||||||||||||||||
| Q2 2011 |
20,039 | 2,056 | 10.3% | 1,671 | 8.3% | (2,372 | ) | -11.8% | 1,355 | 6.8% | ||||||||||||||||||||||||||
| Q3 2011 |
20,442 | 2,151 | 10.5% | 1,492 | 7.3% | (2,281 | ) | -11.2% | 1,362 | 6.7% | ||||||||||||||||||||||||||
| Q4 2011 |
20,789 | 2,236 | 10.8% | 1,623 | 7.8% | (2,596 | ) | -12.5% | 1,263 | 6.1% | ||||||||||||||||||||||||||
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| Qtr Avg |
10.4% | 7.7% | -11.4% | 6.7% | ||||||||||||||||||||||||||||||||
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| Full Year | % LTM Net Sales |
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| Capital Expenditures ex-FX | 382 | 1.8% | ||||||||||
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| Working Capital and Capital Expenditures Metric ex-FX | 8.5% | |||||||||||
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| (a) | Trade working capital consists of trade receivables, inventory, and accounts payable for the biopharmaceutical business. The calculation consists of quarter-end balances taken as a percentage of the last twelve months’ net sales. The average of the four quarters is combined with the full year capital expenditures as a percentage of the last twelve months’ net sales. The Company calculates this excluding the impact of foreign exchange (FX) by adjusting the quarter end balances and the last twelve months’ net sales amounts for each quarter to the 2011 budget foreign exchange rates. This calculated metric is compared to the target to measure performance. |
| (b) | Includes long term inventories reported in Other Assets of $196M at Q1 2011, $248M at Q2 2011, $167M at Q3 2011 and $260M at Q4 2011. |
14
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP EARNINGS FROM CONTINUING OPERATIONS
BEFORE NONCONTROLLING INTEREST & TAXES AND GAAP PRETAX PROFIT MARGIN
TO NON-GAAP PRETAX PROFIT AND NON-GAAP PRETAX PROFIT MARGIN
FOR THE YEAR ENDED DECEMBER 31, 2011
(unaudited, dollar amounts in millions)
| Net Sales |
$ | 21,244 | ||
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| Earnings from Continuing Operations Before Noncontrolling Interest & Taxes |
$ | 6,981 | ||
| Earnings from Continuing Operations Before Noncontrolling Interest & Taxes as a % of Net Sales |
32.9% | |||
| Excluding Specified Items1 |
445 | |||
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| Non-GAAP Earnings from Continuing Operations Before Noncontrolling Interest & Taxes Excluding Specified Items |
7,426 | |||
| Noncontrolling Interest 2 |
2,343 | |||
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| Non-GAAP Earnings from Continuing Operations Before Taxes (Pretax Profit) |
$ | 5,083 | ||
| Non-GAAP Earnings from Continuing Operations Before Taxes as a % of Net Sales |
23.9% |
| 1 | Please refer to the Specified Items YTD tab for detail of specified items. |
| 2 | Noncontrolling Interest is computed as follows: |
| Noncontrolling interest, pre-tax |
$ | 2,343 | ||
| Income taxes |
792 | |||
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| Noncontrolling interest, net of taxes |
$ | 1,551 | ||
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15