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 DATED AUGUST 6, 2020 - BRISTOL MYERS SQUIBB CO	q22020ex991.htm
8-K - 8-K - BRISTOL MYERS SQUIBB CO	bmy-20200806.htm

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF REVENUES

(Unaudited, dollars in millions)


Revenues	2019																																	2020					% Change	FX Impact^(c)
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr^(a)			Year^(a)			1st Qtr^(b)			2nd Qtr^(b)			6 Months^(b)			3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD	Qtr vs. Qtr	YTD vs. YTD
United States	$	3,449		$	3,667		$	7,116		$	3,472		$	10,588		$	4,754		$	15,342		$	6,766		$	6,487		$	13,253						77%	86%	—	—

Europe	1,480			1,491			2,971			1,445			4,416			1,850			6,266			2,567			2,136			4,703							43%	58%	(3)%	(3)%

Rest of the World	874			988			1,862			976			2,838			1,175			4,013			1,335			1,334			2,669							35%	43%	(4)%	(4)%

Other	117			127			244			114			358			166			524			113			172			285							35%	17%	—	—

Total	$	5,920		$	6,273		$	12,193		$	6,007		$	18,200		$	7,945		$	26,145		$	10,781		$	10,129		$	20,910						61%	71%	(2)%	(2)%

% of Revenues	2019																																	2020
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr^(a)			Year^(a)			1st Qtr^(b)			2nd Qtr^(b)			6 Months^(b)			3rd Qtr	9 Months	4th Qtr	Year
United States	58.2		%	58.4		%	58.3		%	57.8		%	58.2		%	59.8		%	58.7		%	62.8		%	64.0		%	63.4		%

Europe	25.0		%	23.8		%	24.4		%	24.1		%	24.3		%	23.3		%	24.0		%	23.8		%	21.1		%	22.5		%

Rest of the World	14.8		%	15.8		%	15.3		%	16.2		%	15.6		%	14.8		%	15.3		%	12.4		%	13.2		%	12.8		%

Other	2.0		%	2.0		%	2.0		%	1.9		%	1.9		%	2.1		%	2.0		%	1.0		%	1.7		%	1.3		%

Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

(a) Includes Celgene product revenues from November 20, 2019 through December 31, 2019.

(b) Includes Celgene product revenues for the entire period.

(c) Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales.

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

(Unaudited, dollars and shares in millions except per share data)


	2019																																	2020			% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr^(c)			Year^(c)			1st Qtr^(d)			2nd Qtr^(d)			6 Months^(d)			3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Net product sales	$	5,713		$	6,031		$	11,744		$	5,768		$	17,512		$	7,662		$	25,174		$	10,541		$	9,817		$	20,358						63%	73%
Alliance and other revenues	207			242			449			239			688			283			971			240			312			552							29%	23%
Total Revenues	5,920			6,273			12,193			6,007			18,200			7,945			26,145			10,781			10,129			20,910							61%	71%

Cost of products sold^(a)	1,824			1,972			3,796			1,790			5,586			2,492			8,078			3,662			2,699			6,361							37%	68%
Marketing, selling and administrative	1,006			1,076			2,082			1,055			3,137			1,734			4,871			1,606			1,628			3,234							51%	55%
Research and development	1,348			1,325			2,673			1,378			4,051			2,097			6,148			2,372			2,522			4,894							90%	83%
Amortization of acquired intangible assets	24			24			48			25			73			1,062			1,135			2,282			2,389			4,671							**	**
Other (income)/expense, net	(261)			100			(161)			410			249			689			938			1,163			(736)			427							**	**
Total Expenses	3,941			4,497			8,438			4,658			13,096			8,074			21,170			11,085			8,502			19,587							89%	**

Earnings/(Loss) Before Income Taxes	1,979			1,776			3,755			1,349			5,104			(129)			4,975			(304)			1,627			1,323							(8)%	(65)%
Provision for Income Taxes	264			337			601			(17)			584			931			1,515			462			1,707			2,169							**	**
Net (Loss)/Earnings	1,715			1,439			3,154			1,366			4,520			(1,060)			3,460			(766)			(80)			(846)							**	**
Noncontrolling Interest	5			7			12			13			25			(4)			21			9			5			14							(29)%	17%
Net (Loss)/Earnings Attributable to BMS	$	1,710		$	1,432		$	3,142		$	1,353		$	4,495		$	(1,056)		$	3,439		$	(775)		$	(85)		$	(860)						**	**



Diluted (Loss)/Earnings per Common Share*	$	1.04		$	0.87		$	1.92		$	0.83		$	2.75		$	(0.55)		$	2.01		$	(0.34)		$	(0.04)		$	(0.38)						**	**

Weighted-Average Common Shares Outstanding - Diluted	1,637			1,637			1,637			1,634			1,636			1,918			1,712			2,258			2,263			2,261							—	—
Dividends declared per common share	$	0.41		$	0.41		$	0.82		$	0.41		$	1.23		$	0.45		$	1.68		$	0.45		$	0.45		$	0.90						10%	10%

	2019																																	2020
% of Total Revenues	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr^(c)			Year^(c)			1st Qtr^(d)			2nd Qtr^(d)			6 Months^(d)			3rd Qtr	9 Months	4th Qtr	Year
Gross Margin	69.2		%	68.6		%	68.9		%	70.2		%	69.3		%	68.6		%	69.1		%	66.0		%	73.4		%	69.6		%

Other Ratios
Effective tax rate	13.3		%	19.0		%	16.0		%	(1.3)		%	11.4		%	(721.7)		%	30.5		%	(152.0)		%	104.9		%	163.9		%

Other (income)/expense, net	2019																																	2020			% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr^(c)			Year^(c)			1st Qtr^(d)			2nd Qtr^(d)			6 Months^(d)			3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Interest expense^(b)	$	45		$	123		$	168		$	209		$	377		$	279		$	656		$	362		$	357		$	719						**	**
Pension and postretirement	44			26			70			1,537			1,607			(8)			1,599			(4)			(2)			(6)							**	**
Royalties and licensing income	(308)			(303)			(611)			(356)			(967)			(393)			(1,360)			(410)			(311)			(721)							3%	18%
Divestiture losses/(gains)	—			8			8			(1,179)			(1,171)			3			(1,168)			(16)			9			(7)							13%	**
Acquisition expenses	165			303			468			7			475			182			657			—			—			—							(100)%	(100)%
Contingent consideration	—			—			—			—			—			523			523			556			(165)			391							N/A	N/A
Investment income	(56)			(119)			(175)			(173)			(348)			(116)			(464)			(61)			(25)			(86)							(79)%	(51)%
Integration expenses	22			106			128			96			224			191			415			174			166			340							57%	**
Provision for restructuring	12			10			22			10			32			269			301			160			115			275							**	**
Equity investment (gains)/losses	(175)			(71)			(246)			261			15			(294)			(279)			339			(818)			(479)							**	95%
Litigation and other settlements	1			—			1			(1)			—			77			77			32			(1)			31							N/A	**
Transition and other service fees	(2)			(2)			(4)			(7)			(11)			(26)			(37)			(61)			(50)			(111)							**	**
Intangible asset impairment	—			15			15			—			15			—			15			—			21			21							40%	40%

Reversion excise tax	—			—			—			—			—			—			—			76			—			76							N/A	N/A
Other	(9)			4			(5)			6			1			2			3			16			(32)			(16)							**	**

Other (income)/expense, net	$	(261)		$	100		$	(161)		$	410		$	249		$	689		$	938		$	1,163		$	(736)		$	427						**	**

* Quarterly amounts may not add to the year-to-date amounts, as each period is computed on a discrete basis.

** In excess of +/- 100%.

(a) Excludes amortization of acquired intangible assets.

(b) Includes amortization of purchase price adjustments to Celgene debt.

(d) Includes Celgene results of operations for the entire period.

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED JUNE 30, 2020

(Unaudited, dollars in millions)


QUARTER-TO-DATE	2020^(b)			2019			$ Change		% Change		Favorable / (Unfavorable) FX Impact $*		2020 Excluding FX		Favorable / (Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	10,129		$	6,273		$	3,856	61	%	$	(85)	$	10,214	(2)	%	63	%
Gross profit	7,430			4,301			3,129		73	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items^(a)	8,158			4,440			3,718		84	%	N/A		N/A		N/A		N/A

Gross profit excluding specified items as a % of revenues	80.5		%	70.8		%

Marketing, selling and administrative	1,628			1,076			552		51	%	17		1,645		2	%	53	%
Marketing, selling and administrative excluding specified items^(a)	1,617			1,076			541		50	%	17		1,634		2	%	52	%

Marketing, selling and administrative excluding specified items as a % of revenues	16.0		%	17.2		%

Research and development	2,522			1,325			1,197		90	%	6		2,528		1	%	91	%
Research and development excluding specified items^(a)	2,168			1,281			887		69	%	6		2,174		1	%	70	%

Research and development excluding specified items as a % of revenues	21.4		%	20.4		%

YEAR-TO-DATE	2020^(b)			2019			$ Change		% Change		Favorable / (Unfavorable) FX Impact $*		2020 Excluding FX		Favorable / (Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	20,910		$	12,193		$	8,717	71	%	$	(167)	$	21,077	(2)	%	73	%
Gross profit	14,549			8,397			6,152		73	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items^(a)	16,715			8,548			8,167		96	%	N/A		N/A		N/A		N/A

Gross profit excluding specified items as a % of revenues	79.9		%	70.1		%

Marketing, selling and administrative	3,234			2,082			1,152		55	%	29		3,263		2	%	57	%
Marketing, selling and administrative excluding specified items^(a)	3,202			2,081			1,121		54	%	29		3,231		1	%	55	%

Marketing, selling and administrative excluding specified items as a % of revenues	15.3		%	17.1		%

Research and development	4,894			2,673			2,221		83	%	10		4,904		—		83	%
Research and development excluding specified items^(a)	4,424			2,578			1,846		72	%	10		4,434		—		72	%

Research and development excluding specified items as a % of revenues	21.2		%	21.1		%

* Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales and expenses.

(a) Refer to the Specified Items schedule for further details.

(b) Includes Celgene results of operations for the entire period.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)


	2019																							2020							$ Change	% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr^(b)		Year^(b)		1st Qtr^(c)		2nd Qtr^(c)		6 Months^(c)		3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD		Qtr vs. Qtr	YTD vs. YTD
Prioritized Brands
Revlimid	$	—	$	—	$	—	$	—	$	—	$	1,299	$	1,299	$	2,915	$	2,884	$	5,799					$	2,884	$	5,799	N/A	N/A
Eliquis	1,925		2,042		3,967		1,928		5,895		2,034		7,929		2,641		2,163		4,804						121		837		6%	21%
Opdivo	1,801		1,823		3,624		1,817		5,441		1,763		7,204		1,766		1,653		3,419						(170)		(205)		(9)%	(6)%
Orencia	640		778		1,418		767		2,185		792		2,977		714		750		1,464						(28)		46		(4)%	3%
Pomalyst/Imnovid	—		—		—		—		—		322		322		713		745		1,458						745		1,458		N/A	N/A
Sprycel	459		544		1,003		558		1,561		549		2,110		521		511		1,032						(33)		29		(6)%	3%
Yervoy	384		367		751		353		1,104		385		1,489		396		369		765						2		14		1%	2%
Abraxane	—		—		—		—		—		166		166		300		308		608						308		608		N/A	N/A
Empliciti	83		91		174		89		263		94		357		97		97		194						6		20		7%	11%
Reblozyl	—		—		—		—		—		—		—		8		55		63						55		63		N/A	N/A
Inrebic	—		—		—		—		—		5		5		12		15		27						15		27		N/A	N/A
Zeposia	—		—		—		—		—		—		—		—		1		1						1		1		N/A	N/A

Established Brands
Baraclude	141		147		288		145		433		122		555		122		121		243						(26)		(45)		(18)%	(16)%
Vidaza	—		—		—		—		—		58		58		158		126		284						126		284		N/A	N/A
Other Brands^(a)	487		481		968		350		1,318		356		1,674		418		331		749						(150)		(219)		(31)%	(23)%

Total	$	5,920	$	6,273	$	12,193	$	6,007	$	18,200	$	7,945	$	26,145	$	10,781	$	10,129	$	20,910					$	3,856	$	8,717	61%	71%

(a) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue. Other Brands includes $83 million and $205 million relating to Celgene products in the three and six months ended June 30, 2020, respectively.

(b) Includes Celgene product revenues from November 20, 2019 through December 31, 2019.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE PRO FORMA REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)


	2019																							2020							$ Change	% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr^(e)		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
Prioritized Brands
Revlimid^(a)	$	2,562	$	2,718	$	5,280	$	2,758	$	8,038	$	2,785	$	10,823	$	2,915	$	2,884	$	5,799					$	166	$	519	6%	10%
Eliquis	1,925		2,042		3,967		1,928		5,895		2,034		7,929		2,641		2,163		4,804						121		837		6%	21%
Opdivo	1,801		1,823		3,624		1,817		5,441		1,763		7,204		1,766		1,653		3,419						(170)		(205)		(9)%	(6)%
Orencia	640		778		1,418		767		2,185		792		2,977		714		750		1,464						(28)		46		(4)%	3%
Pomalyst/Imnovid^(a)	554		617		1,171		662		1,833		692		2,525		713		745		1,458						128		287		21%	25%
Sprycel	459		544		1,003		558		1,561		549		2,110		521		511		1,032						(33)		29		(6)%	3%
Yervoy	384		367		751		353		1,104		385		1,489		396		369		765						2		14		1%	2%
Abraxane^(a)	285		314		599		317		916		336		1,252		300		308		608						(6)		9		(2)%	2%
Empliciti	83		91		174		89		263		94		357		97		97		194						6		20		7%	11%
Reblozyl^(b)	—		—		—		—		—		—		—		8		55		63						55		63		N/A	N/A
Inrebic^(b)	—		—		—		2		2		9		11		12		15		27						15		27		N/A	N/A
Zeposia^(b)	—		—		—		—		—		—		—		—		1		1						1		1		N/A	N/A

Established Brands
Baraclude	141		147		288		145		433		122		555		122		121		243						(26)		(45)		(18)%	(16)%
Vidaza^(a)	148		162		310		146		456		149		605		158		126		284						(36)		(26)		(22)%	(8)%
Other Brands^(c)	552		557		1,109		420		1,529		393		1,922		418		331		749						(226)		(360)		(41)%	(32)%

Total^(d)	$	9,534	$	10,160	$	19,694	$	9,962	$	29,656	$	10,103	$	39,759	$	10,781	$	10,129	$	20,910					$	(31)	$	1,216	—	6%

(a) Products were acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition. All product revenues prior to November 20, 2019 have been recast to exclude foreign currency hedge gains and losses.

(b) Products were acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition.

(c) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue. Reflects Celgene product revenues for the period prior to November 20, 2019, which was the date of the acquisition, for such Celgene products.

(d) All historically reported Celgene revenues have been recast to exclude Otezla^® product revenues.

(e) Celgene product revenues for the period of October 1, 2019 through November 19, 2019 are included below:


Revlimid	$	1,486
Pomalyst/Imnovid	370
Abraxane	170
Inrebic	4
Vidaza	91
Other Brands	37
Total	$	2,158

BRISTOL-MYERS SQUIBB COMPANY

U.S. REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)


	2019																							2020			% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr^(c)		Year^(c)		1st Qtr^(d)		2nd Qtr^(d)		6 Months^(d)		3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Prioritized Brands
Revlimid	$	—	$	—	$	—	$	—	$	—	$	899	$	899	$	1,966	$	2,048	$	4,014					N/A	N/A
Eliquis	1,206		1,269		2,475		1,124		3,599		1,156		4,755		1,777		1,363		3,140						7%	27%
Opdivo	1,124		1,112		2,236		1,088		3,324		1,020		4,344		1,008		956		1,964						(14)%	(12)%
Orencia	449		566		1,015		554		1,569		577		2,146		500		554		1,054						(2)%	4%
Pomalyst/Imnovid	—		—		—		—		—		226		226		489		522		1,011						N/A	N/A
Sprycel	240		307		547		325		872		319		1,191		300		308		608						—	11%
Yervoy	275		253		528		222		750		254		1,004		257		254		511						—	(3)%
Abraxane	—		—		—		—		—		122		122		205		218		423						N/A	N/A
Empliciti	58		63		121		62		183		63		246		59		59		118						(6)%	(2)%
Reblozyl	—		—		—		—		—		—		—		8		55		63						N/A	N/A
Inrebic	—		—		—		—		—		5		5		12		15		27						N/A	N/A
Zeposia	—		—		—		—		—		—		—		—		1		1						N/A	N/A

Established Brands
Baraclude	7		7		14		2		16		4		20		3		3		6						(57)%	(57)%
Vidaza	—		—		—		—		—		1		1		2		—		2						N/A	N/A
Other Brands^(a)	90		90		180		95		275		108		383		180		131		311						46%	73%

Total^(b)	$	3,449	$	3,667	$	7,116	$	3,472	$	10,588	$	4,754	$	15,342	$	6,766	$	6,487	$	13,253					77%	86%

(a) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Other Brands includes $66 million and $169 million relating to Celgene products in the three and six months ended June 30, 2020, respectively.

(b) Includes Puerto Rico.

(d) Includes Celgene product revenues for the entire period.

BRISTOL-MYERS SQUIBB COMPANY

U.S. PRO FORMA REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)


	2019																							2020			% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr^(d)		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Prioritized Brands
Revlimid^(a)	$	1,686	$	1,810	$	3,496	$	1,902	$	5,398	$	1,914	$	7,312	$	1,966	$	2,048	$	4,014					13%	15%
Eliquis	1,206		1,269		2,475		1,124		3,599		1,156		4,755		1,777		1,363		3,140						7%	27%
Opdivo	1,124		1,112		2,236		1,088		3,324		1,020		4,344		1,008		956		1,964						(14)%	(12)%
Orencia	449		566		1,015		554		1,569		577		2,146		500		554		1,054						(2)%	4%
Pomalyst/Imnovid^(a)	390		447		837		469		1,306		489		1,795		489		522		1,011						17%	21%
Sprycel	240		307		547		325		872		319		1,191		300		308		608						—	11%
Yervoy	275		253		528		222		750		254		1,004		257		254		511						—	(3)%
Abraxane^(a)	196		207		403		206		609		237		846		205		218		423						5%	5%
Empliciti	58		63		121		62		183		63		246		59		59		118						(6)%	(2)%
Reblozyl^(a)	—		—		—		—		—		—		—		8		55		63						N/A	N/A
Inrebic^(a)	—		—		—		2		2		9		11		12		15		27						N/A	N/A
Zeposia^(a)	—		—		—		—		—		—		—		—		1		1						N/A	N/A

Established Brands
Baraclude	7		7		14		2		16		4		20		3		3		6						(57)%	(57)%
Vidaza^(a)	3		3		6		2		8		2		10		2		—		2						(100)%	(67)%
Other Brands^(b)	135		145		280		147		427		136		563		180		131		311						(10)%	11%

Total^(c)	$	5,769	$	6,189	$	11,958	$	6,105	$	18,063	$	6,180	$	24,243	$	6,766	$	6,487	$	13,253					5%	11%

(a) Products were acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition.

(b) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Reflects Celgene product revenues for the period prior to November 20, 2019, which was the date of the acquisition, for such Celgene products.

(c) Includes Puerto Rico. All historically reported Celgene revenues have been recast to exclude Otezla^® product revenues.

(d) Celgene product revenues for the period of October 1, 2019 through November 19, 2019 are included below:


Revlimid	$	1,015
Pomalyst/Imnovid	263
Abraxane	115
Inrebic	4
Vidaza	1
Other Brands	28
Total	$	1,426

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)


	2019																							2020			% Change^(c)
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr^(b)		Year^(b)		1st Qtr^(d)		2nd Qtr^(d)		6 Months^(d)		3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Prioritized Brands
Revlimid	$	—	$	—	$	—	$	—	$	—	$	400	$	400	$	949	$	836	$	1,785					N/A	N/A
Eliquis	719		773		1,492		804		2,296		878		3,174		864		800		1,664						3%	12%
Opdivo	677		711		1,388		729		2,117		743		2,860		758		697		1,455						(2)%	5%
Orencia	191		212		403		213		616		215		831		214		196		410						(8)%	2%
Pomalyst/Imnovid	—		—		—		—		—		96		96		224		223		447						N/A	N/A
Sprycel	219		237		456		233		689		230		919		221		203		424						(14)%	(7)%
Yervoy	109		114		223		131		354		131		485		139		115		254						1%	14%
Abraxane	—		—		—		—		—		44		44		95		90		185						N/A	N/A
Empliciti	25		28		53		27		80		31		111		38		38		76						36%	43%

Established Brands
Baraclude	134		140		274		143		417		118		535		119		118		237						(16)%	(14)%
Vidaza	—		—		—		—		—		57		57		156		126		282						N/A	N/A
Other Brands^(a)	397		391		788		255		1,043		248		1,291		238		200		438						(49)%	(44)%

Total	$	2,471	$	2,606	$	5,077	$	2,535	$	7,612	$	3,191	$	10,803	$	4,015	$	3,642	$	7,657					40%	51%

(a) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Other Brands includes $17 million and $36 million relating to Celgene products in the three and six months ended June 30, 2020, respectively.

(b) Includes Celgene product revenues from November 20, 2019 through December 31, 2019.

(c) The foreign exchange impact on international revenues was unfavorable 3% for both the second quarter and year-to-date. The foreign exchange impact on Prioritized Brands is included below.

(d) Includes Celgene product revenues for the entire period.



	Quarter-to-Date					Year-to-Date
	Revenue Change %	Favorable/ (Unfavorable) FX Impact %	Revenue Change % Excluding FX	Revenue Change %	Favorable/ (Unfavorable) FX Impact %	Revenue Change % Excluding FX
Eliquis	3%	(2)%	5%	12%	(2)%	14%
Opdivo	(2)%	(5)%	3%	5%	(5)%	10%
Orencia	(8)%	(3)%	(5)%	2%	(3)%	5%
Sprycel	(14)%	(3)%	(11)%	(7)%	(3)%	(4)%
Yervoy	1%	(5)%	6%	14%	(5)%	19%
Empliciti	36%	—	36%	43%	(1)%	44%

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL PRO FORMA REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)


	2019																							2020			% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr^(d)		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Prioritized Brands
Revlimid^(a)	$	876	$	908	$	1,784	$	856	$	2,640	$	871	$	3,511	$	949	$	836	$	1,785					(8)%	—
Eliquis	719		773		1,492		804		2,296		878		3,174		864		800		1,664						3%	12%
Opdivo	677		711		1,388		729		2,117		743		2,860		758		697		1,455						(2)%	5%
Orencia	191		212		403		213		616		215		831		214		196		410						(8)%	2%
Pomalyst/Imnovid^(a)	164		170		334		193		527		203		730		224		223		447						31%	34%
Sprycel	219		237		456		233		689		230		919		221		203		424						(14)%	(7)%
Yervoy	109		114		223		131		354		131		485		139		115		254						1%	14%
Abraxane^(a)	89		107		196		111		307		99		406		95		90		185						(16)%	(6)%
Empliciti	25		28		53		27		80		31		111		38		38		76						36%	43%



Established Brands
Baraclude	134		140		274		143		417		118		535		119		118		237						(16)%	(14)%
Vidaza^(a)	145		159		304		144		448		147		595		156		126		282						(21)%	(7)%
Other Brands^(b)	417		412		829		273		1,102		257		1,359		238		200		438						(51)%	(47)%

Total^(c)	$	3,765	$	3,971	$	7,736	$	3,857	$	11,593	$	3,923	$	15,516	$	4,015	$	3,642	$	7,657					(8)%	(1)%

(d) Celgene product revenues for the period of October 1, 2019 through November 19, 2019 are included below:


Revlimid	$	471
Pomalyst/Imnovid	107
Abraxane	55

Vidaza	90
Other Brands	9
Total	$	732

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)


	2019																							2020
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr^(b)		Year^(b)		1st Qtr^(c)		2nd Qtr^(c)		6 Months^(c)		3rd Qtr	9 Months	4th Qtr	Year

Inventory purchase price accounting adjustments	$	—	$	—	$	—	$	—	$	—	$	660	$	660	$	1,420	$	714	$	2,134
Employee compensation charges	—		—		—		—		—		1		1		2		1		3
Site exit and other costs	12		139		151		22		173		24		197		16		13		29
Cost of products sold	12		139		151		22		173		685		858		1,438		728		2,166

Employee compensation charges	—		—		—		—		—		27		27		15		12		27
Site exit and other costs	1		—		1		—		1		8		9		6		(1)		5
Marketing, selling and administrative	1		—		1		—		1		35		36		21		11		32

License and asset acquisition charges	—		25		25		—		25		—		25		25		300		325
IPRD impairments	32		—		32		—		32		—		32		—		—		—
Inventory purchase price accounting adjustments	—		—		—		—		—		—		—		17		—		17
Employee compensation charges	—		—		—		—		—		33		33		18		15		33
Site exit and other costs	19		19		38		20		58		109		167		56		39		95
Research and development	51		44		95		20		115		142		257		116		354		470

Amortization of acquired intangible assets	—		—		—		—		—		1,062		1,062		2,282		2,389		4,671

Interest expense^(a)	—		83		83		166		249		73		322		(41)		(41)		(82)
Pension and postretirement	49		44		93		1,545		1,638		(3)		1,635		—		—		—
Royalties and licensing income	—		—		—		(9)		(9)		(15)		(24)		(83)		(18)		(101)
Divestiture losses/(gains)	—		8		8		(1,179)		(1,171)		3		(1,168)		(16)		9		(7)
Acquisition expenses	165		303		468		7		475		182		657		—		—		—
Contingent consideration	—		—		—		—		—		523		523		556		(165)		391
Investment income	—		(54)		(54)		(99)		(153)		(44)		(197)		—		—		—
Integration expenses	22		106		128		96		224		191		415		174		166		340
Provision for restructuring	12		10		22		10		32		269		301		160		115		275
Equity investment (gains)/losses	(175)		(71)		(246)		261		15		(294)		(279)		339		(818)		(479)
Litigation and other settlements	—		—		—		—		—		75		75		—		—		—


Reversion excise tax	—		—		—		—		—		—		—		76		—		76
Other	—		—		—		—		—		2		2		—		—		—
Other (income)/expense, net	73		429		502		798		1,300		962		2,262		1,165		(752)		413

Increase to pretax income	137		612		749		840		1,589		2,886		4,475		5,022		2,730		7,752

Income taxes on items above	(43)		(105)		(148)		(275)		(423)		(264)		(687)		(291)		(3)		(294)
Income taxes attributed to Otezla^® divestiture	—		—		—		—		—		808		808		—		255		255
Income taxes attributed to internal transfer of intangible assets	—		—		—		—		—		—		—		—		853		853
Income taxes	(43)		(105)		(148)		(275)		(423)		544		121		(291)		1,105		814

Increase to net earnings	$	94	$	507	$	601	$	565	$	1,166	$	3,430	$	4,596	$	4,731	$	3,835	$	8,566

(a) Includes amortization of purchase price adjustments to Celgene debt.

(b) Includes Celgene results of operations from November 20, 2019 through December 31, 2019.

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS

(Unaudited, dollars in millions)


	2019																							2020
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr^(b)		Year^(b)		1st Qtr^(c)		2nd Qtr^(c)		6 Months^(c)		3rd Qtr	9 Months	4th Qtr	Year
Gross Profit	$	4,096	$	4,301	$	8,397	$	4,217	$	12,614	$	5,453	$	18,067	$	7,119	$	7,430	$	14,549
Specified items^(a)	12		139		151		22		173		685		858		1,438		728		2,166
Gross profit excluding specified items	4,108		4,440		8,548		4,239		12,787		6,138		18,925		8,557		8,158		16,715

Marketing, selling and administrative	1,006		1,076		2,082		1,055		3,137		1,734		4,871		1,606		1,628		3,234
Specified items^(a)	(1)		—		(1)		—		(1)		(35)		(36)		(21)		(11)		(32)
Marketing, selling and administrative excluding specified items	1,005		1,076		2,081		1,055		3,136		1,699		4,835		1,585		1,617		3,202

Research and development	1,348		1,325		2,673		1,378		4,051		2,097		6,148		2,372		2,522		4,894
Specified items^(a)	(51)		(44)		(95)		(20)		(115)		(142)		(257)		(116)		(354)		(470)
Research and development excluding specified items	1,297		1,281		2,578		1,358		3,936		1,955		5,891		2,256		2,168		4,424

Amortization of acquired intangible assets	24		24		48		25		73		1,062		1,135		2,282		2,389		4,671
Specified items^(a)	—		—		—		—		—		(1,062)		(1,062)		(2,282)		(2,389)		(4,671)
Amortization of acquired intangible assets excluding specified items	24		24		48		25		73		—		73		—		—		—

Other (income)/expense, net	(261)		100		(161)		410		249		689		938		1,163		(736)		427
Specified items^(a)	(73)		(429)		(502)		(798)		(1,300)		(962)		(2,262)		(1,165)		752		(413)
Other expense/(income), net excluding specified items	(334)		(329)		(663)		(388)		(1,051)		(273)		(1,324)		(2)		16		14

(a) Refer to the Specified Items schedule for further details.

(b) Includes Celgene results of operations from November 20, 2019 through December 31, 2019.

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP TO NON-GAAP EPS

(Unaudited, dollars and shares in millions except per share data)


	2019																																	2020
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr^(b)			Year^(b)			1st Qtr^(c)			2nd Qtr^(c)			6 Months^(c)			3rd Qtr	9 Months	4th Qtr	Year
Earnings/(Loss) before income taxes	$	1,979		$	1,776		$	3,755		$	1,349		$	5,104		$	(129)		$	4,975		$	(304)		$	1,627		$	1,323
Specified items^(a)	137			612			749			840			1,589			2,886			4,475			5,022			2,730			7,752
Earnings before income taxes excluding specified items	2,116			2,388			4,504			2,189			6,693			2,757			9,450			4,718			4,357			9,075

Provision for income taxes	264			337			601			(17)			584			931			1,515			462			1,707			2,169
Income taxes on specified items^(a)	43			105			148			275			423			264			687			291			3			294
Income taxes attributed to Otezla^® divestiture^(a)	—			—			—			—			—			(808)			(808)			—			(255)			(255)
Income taxes attributed to internal transfer of intangible assets^(a)	—			—			—			—			—			—			—			—			(853)			(853)
Provision for income taxes excluding tax on specified items and income taxes attributed to Otezla^® divestiture and internal transfer of intangible assets	307			442			749			258			1,007			387			1,394			753			602			1,355

Noncontrolling Interest	5			7			12			13			25			(4)			21			9			5			14
Specified items^(a)	—			—			—			—			—			—			—			—			—			—
Noncontrolling Interest excluding specified items	5			7			12			13			25			(4)			21			9			5			14

Net (loss)/earnings attributable to BMS used for Diluted EPS Calculation - GAAP	1,710			1,432			3,142			1,353			4,495			(1,056)			3,439			(775)			(85)			(860)
Specified items^(a)	94			507			601			565			1,166			3,430			4,596			4,731			3,835			8,566
Net earnings attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP	1,804			1,939			3,743			1,918			5,661			2,374			8,035			3,956			3,750			7,706

Weighted-average Common Shares Outstanding - Diluted-GAAP	1,637			1,637			1,637			1,634			1,636			1,918			1,712			2,258			2,263			2,261
Weighted-average Common Shares Outstanding - Diluted-Non-GAAP	1,637			1,637			1,637			1,634			1,636			1,941			1,712			2,298			2,297			2,298

Diluted (Loss)/Earnings Per Share - GAAP*	$	1.04		$	0.87		$	1.92		$	0.83		$	2.75		$	(0.55)		$	2.01		$	(0.34)		$	(0.04)		$	(0.38)
Diluted Earnings Per Share attributable to specified items^(a)	0.06			0.31			0.37			0.34			0.71			1.77			2.68			2.06			1.67			3.73
Diluted Earnings Per Share - Non-GAAP*	$	1.10		$	1.18		$	2.29		$	1.17		$	3.46		$	1.22		$	4.69		$	1.72		$	1.63		$	3.35

Effective Tax Rate	13.3		%	19.0		%	16.0		%	(1.3)		%	11.4		%	(721.7)		%	30.5		%	(152.0)		%	104.9		%	163.9		%
Specified items^(a)	1.2		%	(0.5)		%	0.6		%	13.1		%	3.6		%	735.7		%	(15.7)		%	168.0		%	(91.1)		%	(149.0)		%
Effective Tax Rate excluding specified items	14.5		%	18.5		%	16.6		%	11.8		%	15.0		%	14.0		%	14.8		%	16.0		%	13.8		%	14.9		%

* Quarterly amounts may not add to the year-to-date amounts, as each period is computed on a discrete basis.

(a) Refer to the Specified Items schedule for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate.

(b) Includes Celgene results from operations from November 20, 2019 through December 31, 2019.

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

(Unaudited, dollars in millions)


	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019^(a)		March 31, 2020		June 30, 2020		September 30, 2020	December 31, 2020
Cash and cash equivalents	$	7,335	$	28,404	$	30,489	$	12,346	$	15,817	$	19,934
Marketable debt securities - current	1,429		953		2,053		3,047		2,505		1,724
Marketable debt securities - non-current	1,233		994		925		767		651		523
Cash, cash equivalents and marketable debt securities	9,997		30,351		33,467		16,160		18,973		22,181

Short-term debt obligations	(381)		(545)		(569)		(3,346)		(3,862)		(4,819)
Long-term debt	(5,635)		(24,433)		(24,390)		(43,387)		(42,844)		(41,853)
Net (debt)/cash position	$	3,981	$	5,373	$	8,508	$	(30,573)	$	(27,733)	$	(24,491)

(a) Includes Celgene balances as of December 31, 2019.

BRISTOL-MYERS SQUIBB COMPANY

2020 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS


	Full Year 2020
		Pre-tax		Tax		After-tax
Projected Diluted (Loss)/Earnings Attributable to Shareholders per Common Share - GAAP					($0.06) to $0.09

Projected Specified Items:
Purchase price accounting adjustments^(a)	5.31		0.29		5.02
Acquisition, restructuring and integration expenses^(b)	0.61		0.13		0.48
Equity investment losses and contingent consideration	(0.04)		(0.06)		0.02
Research and development license and asset acquisition charges	0.15		—		0.15
Employee compensation charges^(c)	0.04		0.01		0.03
Divestiture gains and licensing income	(0.03)		—		(0.03)
Other	0.01		—		0.01
Income taxes attributed to Otezla^® divestiture and internal transfer of intangible assets	—		(0.48)		0.48
Total	6.05		(0.11)		6.16

Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP					$6.10 to $6.25

(a) Includes amortization of acquired intangible assets, unwind of inventory fair value adjustments and amortization of fair value adjustments of debt assumed from Celgene.

(b) Includes acquisition-related financing, transaction, restructuring and integration expenses recognized in Cost of products sold, Research and development and Other (income)/expense, net.

(c) Includes items recognized in Cost of products sold, Marketing, selling and administrative and Research and development.

The following table summarizes the company's 2020 financial guidance:

Line item

GAAP

Non-GAAP

Revenues

$40.5 billion - $42.0 billion

Gross margin as a percent of revenue

Approximately 74%

Approximately 80%

Marketing, selling and administrative expense

$6.5 billion - $6.7 billion

Research and development expense

$9.7 billion - $9.9 billion

$9.2 billion - $9.4 billion

Other (income)/expense, net

$0.9 billion - $1.1 billion

($0.1 billion) - $0.1 billion

Effective tax rate

Approximately 100%

16% - 17%

Weighted average diluted shares

Approximately 2.3 billion


The GAAP financial results for the full year of 2020 will include specified items, including purchase price accounting adjustments, acquisition and integration expenses, charges associated with restructuring, downsizing and streamlining worldwide operations, research and development license and asset acquisition charges, divestiture gains or losses, stock compensation resulting from accelerated vesting of Celgene awards, certain retention-related employee compensation charges related to the Celgene transaction, equity investment and contingent value rights fair value adjustments and tax items resulting from internal transfer of intangible assets and the Otezla® divestiture, among other items. The financial guidance for 2020 excludes the impact of any potential future strategic acquisitions and divestitures and other specified items that have not yet been identified and quantified. For a fuller discussion of items that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol Myers Squibb Reports Second Quarter 2020 Financial Results on August 6, 2020, including “2020 Financial Guidance” and “Use of non-GAAP Financial Information” therein.

BRISTOL MYERS SQUIBB CO - FORM 8-K - EX-99.2 - CERTAIN SUPPLEMENTAL INFORMATION - August 6, 2020

Attached files

BRISTOL MYERS SQUIBB CO Reports