Results Underscore Continued Progress on
Commercial Execution, Driving the Growth Portfolio and Pipeline
Advancement
- Second Quarter Revenues were $12.2 Billion, increasing 9%
(+11% Adjusting for Foreign Exchange)
- Growth Portfolio Revenues were $5.6 Billion, increasing 18%
(+21% Adjusting for Foreign Exchange)
- GAAP EPS was $0.83 and Non-GAAP EPS was $2.07; Includes Net
Impact of $(0.04) Per Share for GAAP EPS and Non-GAAP EPS Due to
Acquired IPRD Charges and Licensing Income
- Achieved U.S. Approval of Breyanzi in Both Follicular
Lymphoma and Mantle Cell Lymphoma; Subcutaneous Nivolumab Under
Regulatory Review in the U.S. and E.U.
- Raising 2024 Non-GAAP Guidance
Bristol Myers Squibb (NYSE: BMY) today reports results for the
second quarter of 2024.
“Our second quarter results reflect progress against our
strategy to position BMS for long-term, sustainable growth,” said
Christopher Boerner, Ph.D., board chair and chief executive
officer, Bristol Myers Squibb. “As we move into the second half of
the year, we remain focused on prioritizing opportunities with the
greatest growth potential and impact for patients, including the
anticipated U.S. launch of KarXT. We're also driving operational
excellence throughout the company, becoming more agile and
strengthening execution."
Second Quarter
$ in millions, except per share
amounts
2024
2023
Change
Change Excl. F/X**
Total Revenues
$12,201
$11,226
9%
11%
Earnings Per Share — GAAP*
0.83
0.99
(16)%
N/A
Earnings Per Share — Non-GAAP* **
2.07
1.75
18%
N/A
Acquired IPRD charge and Licensing Income
Net Impact on Earnings Per Share
(0.04
)
(0.05
)
N/A
N/A
* GAAP and Non-GAAP earnings per share
include the net impact of Acquired IPRD charges and licensing
income.
** See "Use of Non-GAAP Financial
Information".
SECOND QUARTER RESULTS
All comparisons are made versus the same period in 2023 unless
otherwise stated.
- Bristol Myers Squibb posted second quarter revenues of $12.2
billion, an increase of 9%, or 11% when adjusted for foreign
exchange impacts, primarily driven by the Growth Portfolio and
Eliquis.
- U.S. revenues increased 13% to $8.8 billion, primarily due to
the Growth and Legacy Portfolios.
- International revenues decreased 1% to $3.4 billion, primarily
due to the negative impact from foreign exchange of 7% and
Revlimid, partially offset by Opdivo.
- On a GAAP basis, gross margin decreased from 74.4% to 73.2%,
primarily due to a one-time impairment charge related to marketed
product rights. On a non-GAAP basis, gross margin increased from
75.0% to 75.6% due to product mix.
- On a GAAP and non-GAAP basis, marketing, selling and
administrative expenses remained relatively flat at $1.9
billion.
- On a GAAP basis, research and development expenses increased
28% to $2.9 billion, primarily due to an IPRD impairment charge
resulting from the decision to discontinue further development of
alnuctamab. On a non-GAAP basis, research and development expenses
remained relatively flat at $2.3 billion.
- On a GAAP and non-GAAP basis, Acquired IPRD decreased to $132
million from $158 million. On a GAAP and non-GAAP basis, licensing
income was $37 million compared to $20 million.
- On a GAAP basis, amortization of acquired intangible assets
increased 7% to $2.4 billion, primarily due to the RayzeBio
acquisition in 2024 and approval of Augtyro in the fourth quarter
of 2023.
- On a GAAP basis, income tax benefit was $398 million despite
pre-tax earnings of $1.3 billion, primarily due to the release of
income tax reserves. On a non-GAAP basis, effective tax rate
changed from 16.9% to 14.1%, primarily due to the release of income
tax reserves.
- On a GAAP basis, the company reported net income attributable
to Bristol Myers Squibb of $1.7 billion, or $0.83 per share, during
the second quarter of 2024 compared to $2.1 billion, or $0.99 per
share, for the same period a year ago. In addition to the items
above, the decrease was also due to higher interest expense
resulting from new debt issuance to fund recent acquisitions. The
company reported non-GAAP net earnings attributable to Bristol
Myers Squibb of $4.2 billion, or $2.07 per share, during the second
quarter of 2024 compared to $3.7 billion, or $1.75 per share, for
the same period a year ago.
SECOND QUARTER PRODUCT REVENUE
HIGHLIGHTS
($ amounts in millions)
Quarter Ended June 30,
2024
% Change from Quarter Ended
June 30, 2023
% Change from Quarter Ended
June 30, 2023 Ex-F/X**
U.S.
Int'l (c)
WW(d)
U.S.
Int'l(c)
WW(d)
Int'l(c)
WW(d)
Growth Portfolio
Opdivo
$
1,406
$
981
$
2,387
15%
6%
11%
18%
16%
Orencia
742
206
948
7%
(11)%
2%
(2)%
5%
Yervoy
404
226
630
10%
4%
8%
11%
10%
Reblozyl
348
77
425
96%
38%
82%
41%
82%
Opdualag
223
12
235
48%
*
53%
*
53%
Abecma
54
41
95
(53)%
*
(28)%
*
(27)%
Zeposia
111
40
151
52%
48%
51%
48%
51%
Breyanzi
122
31
153
47%
82%
53%
94%
55%
Camzyos
130
9
139
*
N/A
*
N/A
*
Sotyktu
41
12
53
71%
*
*
*
*
Augtyro
7
—
7
N/A
N/A
N/A
N/A
N/A
Krazati
29
3
32
N/A
N/A
N/A
N/A
N/A
Other Growth Products(a)
168
173
341
4%
30%
16%
35%
18%
Total Growth Portfolio
3,785
1,811
5,596
21%
11%
18%
21 %
21%
Legacy Portfolio
Eliquis
2,544
872
3,416
10%
(2)%
7%
—%
7%
Revlimid
1,165
188
1,353
(4)%
(24)%
(8)%
(20)%
(7)%
Pomalyst/Imnovid
716
243
959
27%
(14)%
13%
(11)%
14%
Sprycel
341
83
424
6%
(39)%
(7)%
(34)%
(6)%
Abraxane
154
77
231
(18)%
8%
(10)%
25%
(6)%
Other Legacy Products(b)
96
126
222
16%
(24)%
(10)%
(19)%
(8)%
Total Legacy Portfolio
5,016
1,589
6,605
7%
(11)%
2%
(8)%
3%
Total Revenues
$
8,801
$
3,400
$
12,201
13%
(1)%
9%
6%
11%
*
In excess of +100%.
**
See "Use of Non-GAAP Financial
Information".
(a)
Includes Nulojix, Onureg,
Inrebic, Empliciti and royalty revenue.
(b)
Includes other mature brands.
(c)
Beginning in 2024, Puerto Rico
revenues are included in International revenues. Prior period
amounts have been reclassified to conform to the current
presentation.
(d)
Worldwide (WW) includes U.S. and
International (Int'l).
SECOND QUARTER PRODUCT REVENUE
HIGHLIGHTS Growth Portfolio Growth Portfolio
worldwide revenues increased to $5.6 billion compared to $4.7
billion in the prior year period, representing growth of 18% on a
reported basis, or 21% when adjusted for foreign exchange impacts.
Growth Portfolio revenues were primarily driven by higher demand
for Opdivo, Reblozyl, Camzyos and Opdualag, partially offset by
Abecma.
Legacy Portfolio Revenues for the Legacy Portfolio in the
second quarter were $6.6 billion compared to $6.5 billion in the
prior year period, representing growth of 2% on a reported basis,
or 3% when adjusted for foreign exchange impacts. Legacy Portfolio
revenues were driven by higher demand for Eliquis and Pomalyst,
partially offset by a decline in Revlimid due to generic
erosion.
PRODUCT AND PIPELINE UPDATE
Bristol Myers Squibb recently achieved several important clinical
and regulatory milestones.
Today, the company is announcing that the Phase 3 trial
evaluating the efficacy and safety of cendakimab in patients with
eosinophilic esophagitis (EoE) met both co-primary endpoints. The
company will work with key investigators to present detailed
results at an upcoming medical conference.
Multiple regulatory approvals were received during the second
quarter, including U.S. Food and Drug Administration (FDA) approval
for Breyanzi to expand into follicular lymphoma and mantle cell
lymphoma. In addition, the FDA and the European Medicines Agency
(EMA) are each currently evaluating an application from the company
for the approval of subcutaneous nivolumab.
Oncology
Category
Asset
Milestone
Regulatory
Opdivo® (nivolumab) + Yervoy®
(ipilimumab)
The EMA validated the Type II variation
application for Opdivo plus Yervoy as a potential first-line
treatment option for adult patients with unresectable or advanced
hepatocellular carcinoma (HCC) who have not received prior systemic
therapy. The application was based on results from the Phase 3
CheckMate -9DW trial. Validation confirms the submission is
complete and begins the EMA's centralized review procedure.
Krazati® (adagrasib)
The FDA granted accelerated approval for
Krazati in combination with cetuximab as a targeted treatment
option for adult patients with KRASG12C-mutated locally advanced or
metastatic colorectal cancer (CRC), as determined by an
FDA-approved test, who have received prior treatment with
fluoropyrimidine-, oxaliplatin-, and irinotecan-based chemotherapy.
The approval is based on results from the Phase 1/2 KRYSTAL-1
study.
Subcutaneous nivolumab
The EMA validated the extension
application to introduce a new route of administration
(subcutaneous use) for nivolumab that includes a new pharmaceutical
form (solution for injection) and a new strength (600 mg/vial)
across multiple previously approved adult solid tumor indications
as monotherapy, monotherapy maintenance following completion of
nivolumab plus ipilimumab combination therapy, or in combination
with chemotherapy or cabozantinib. The validation, based on results
from the Phase 3 CheckMate -67T trial, confirms the submission is
complete and begins the EMA’s centralized review procedure.
Augtyro™ (repotrectinib)
The FDA granted accelerated approval of
Augtyro for the treatment of adult and pediatric patients 12 years
of age and older with solid tumors that have a neurotrophic
tyrosine receptor kinase (NTRK) gene fusion, are locally advanced
or metastatic or where surgical resection is likely to result in
severe morbidity, and have progressed following treatment or have
no satisfactory alternative therapy. The approval is based on
results from the Phase 1/2 TRIDENT-1 trial.
Opdivo
The European Commission (EC) approved
Opdivo in combination with cisplatin and gemcitabine for the
first-line treatment of adult patients with unresectable or
metastatic urothelial carcinoma (UC). The approval makes Opdivo in
combination with cisplatin and gemcitabine the first concurrent
immunotherapy-chemotherapy approved for the treatment of adult
patients with unresectable or metastatic UC in the first-line
setting in the European Union. The approval is based on the results
from the CheckMate -901 trial.
Opdivo + Yervoy
The EMA validated the Type II variation
application for Opdivo plus Yervoy for the first-line treatment of
adult patients with microsatellite instability–high or mismatch
repair deficient metastatic CRC. The application is based on
results from the Phase 3 CheckMate -8HW trial. Validation of the
application confirms the submission is complete and begins the
EMA’s centralized review process.
Subcutaneous nivolumab
The FDA accepted the Biologics License
Application (BLA) for the subcutaneous formulation of nivolumab
co-formulated with Halozyme’s proprietary recombinant human
hyaluronidase across all previously approved adult, solid tumor
Opdivo indications as monotherapy, monotherapy maintenance
following completion of Opdivo plus Yervoy combination therapy, or
in combination with chemotherapy or cabozantinib. The FDA assigned
a Prescription Drug User Fee Act (PDUFA) goal date of December 29,
2024.
Clinical & Research
Opdivo + Yervoy
Results from the Phase 3 CheckMate -9DW
trial showed the dual immunotherapy combination of Opdivo plus
Yervoy meaningfully improved overall survival, the trial’s primary
endpoint, compared to investigator’s choice of lenvatinib or
sorafenib as a first-line treatment for patients with unresectable
HCC. The results also demonstrated a statistically significant and
clinically meaningful improvement in the key secondary endpoint of
objective response rate.
Krazati
Results from the Phase 3 KRYSTAL-12 study
evaluating Krazati compared to standard of care chemotherapy in
patients with locally advanced or metastatic KRASG12C -mutated
NSCLC who had previously received platinum-based chemotherapy,
concurrently or sequentially with anti-PD-(L)1 therapy demonstrated
a statistically significant and clinically meaningful improvement
in progression-free survival (PFS), the study’s primary endpoint.
The KRYSTAL-12 study remains ongoing to assess the additional key
secondary endpoint of overall survival.
Opdivo + Yervoy
The Phase 3 CheckMate -73L trial did not
meet its primary endpoint of PFS in unresectable, locally advanced
stage III NSCLC. CheckMate -73L evaluated Opdivo with concurrent
chemoradiotherapy (CCRT) followed by Opdivo plus Yervoy versus CCRT
followed by durvalumab in patients with unresectable stage III
NSCLC.
Hematology
Category
Asset
Milestone
Regulatory
Breyanzi® (lisocabtagene maraleucel)
The FDA approved Breyanzi for the
treatment of adult patients with relapsed or refractory mantle cell
lymphoma (MCL) who have received at least two prior lines of
systemic therapy, including a Bruton tyrosine kinase inhibitor.
This FDA approval is based on results from the MCL cohort of the
Phase 1 TRANSCEND NHL 001 trial.
Breyanzi
The FDA granted accelerated approval for
Breyanzi for the treatment of adult patients with relapsed or
refractory follicular lymphoma (FL) who have received two or more
prior lines of systemic therapy. The approval is based on results
from the Phase 2 TRANSCEND FL trial.
Immunology
Category
Asset
Milestone
Clinical & Research
cendakimab
The pivotal Phase 3 trial evaluating the
efficacy and safety of cendakimab in patients with EoE met both
co-primary endpoints, demonstrating statistically significant
reductions versus placebo in symptoms (dysphagia days) and
esophageal eosinophil counts after 24 weeks of treatment. The
overall safety profile of cendakimab through 48 weeks of treatment
in the Phase 3 trial was consistent with previously reported EoE
Phase 2 trial results, and no new safety signals were
identified.
Sotyktu® (deucravacitinib)
Four-year results from the POETYK PSO
long-term extension trial of Sotyktu treatment in adult patients
with moderate-to-severe plaque psoriasis showed that, after four
years of continuous Sotyktu treatment, clinical response was
maintained in more than seven out of 10 patients for Psoriasis Area
and Severity Index 75. In addition, the safety profile of Sotyktu
at Year 4 remained consistent with the established safety profile,
with no new safety signals identified.
Financial Guidance Bristol
Myers Squibb is raising portions of its 2024 line-item guidance as
noted below.
2024 Line-Item
Guidance
Non-GAAP2
April (Prior)
July (Updated)
Total Revenues
Low single-digit increase
Upper end of low single- digit
range
Total Revenues (excl.
F/X)
Low single-digit increase
Upper end of low single- digit
range
Gross Margin %
~74%
Between ~74% and ~75%
Operating Expenses1
Low single-digit increase
No Change
Other income/(expense)
~($250M)
~($50M)
Effective tax rate
~69%
~66%
Diluted EPS
$0.40 - $0.70
$0.60 - $0.90
1 Operating Expenses = MS&A
and R&D, excluding Acquired IPRD and Amortization of acquired
intangible assets.
2 See "Use of Non-GAAP Financial
Information."
The 2024 financial guidance excludes the impact of any potential
future strategic acquisitions, divestitures, specified items that
have not yet been identified and quantified, and the impact of
future Acquired IPRD charges. To the extent we have quantified the
impact of significant R&D charges or other income resulting
from upfront or contingent milestone payments in connection with
asset acquisitions or licensing of third-party intellectual
property rights, we may update this information from time to time
on our website www.bms.com, in the "Investors" section. Non-GAAP
guidance assumes current exchange rates. The financial guidance is
subject to risks and uncertainties applicable to all
forward-looking statements as described elsewhere in this press
release.
A reconciliation of forward-looking non-GAAP measures, including
non-GAAP EPS, to the most directly comparable GAAP measures is not
provided because comparable GAAP measures for such measures are not
reasonably accessible or reliable due to the inherent difficulty in
forecasting and quantifying measures that would be necessary for
such reconciliation. Namely, we are not, without unreasonable
effort, able to reliably predict the impact of accelerated
depreciation and impairment charges, legal and other settlements,
gains and losses from equity investments and other adjustments. In
addition, the company believes such a reconciliation would imply a
degree of precision and certainty that could be confusing to
investors. These items are uncertain, depend on various factors and
may have a material impact on our future GAAP results. See
"Cautionary Statement Regarding Forward-Looking Statements" and
"Use of Non-GAAP Financial Information."
Environmental, Social & Governance
(ESG) As a leading biopharmaceutical company, Bristol
Myers Squibb's passion for making an impact extends beyond the
discovery, development and delivery of innovative medicines that
help patients prevail over serious diseases. To learn more about
our priorities and goals, please visit our latest ESG report.
- In June 2024, Bristol Myers Squibb was added to the 2023 Dow
Jones Sustainability Index North America. This reflects the
company's evolved strategy and meaningful progress on its ESG
efforts.
- On May 22, 2024, the company announced ASPIRE (Accessibility,
Sustainability, Patient-centric, Impact, Responsibility and
Equity), a 10-year strategy to advance access to the company's
innovative treatments and help patients in low- and middle-income
countries (LMICs) gain access to potentially life-saving medicines.
This strategy supports the company's commitment to reach more than
200,000 patients in LMICs by 2033 with its innovative
treatments.
Conference Call Information
Bristol Myers Squibb will host a conference call today, Friday,
July 26, 2024, at 8:00 a.m. ET, during which company executives
will review quarterly financial results and address inquiries from
investors and analysts. Investors and the general public are
invited to listen to a live webcast of the call at
http://investor.bms.com.
Investors and the public can register for the live conference
call here. Those unable to register can access the live conference
call by dialing in the U.S. toll-free 1-833-816-1116 or
international +1 412-317-0705. Materials related to the call will
be available at http://investor.bms.com prior to the start of the
conference call.
A replay of the webcast will be available at
http://investor.bms.com approximately three hours after the
conference call concludes. A replay of the conference call will be
available beginning at 11:30 a.m. ET on July 26, 2024, through
11:30 a.m. ET on August 9, 2024, by dialing in the U.S. toll free
1-877-344-7529 or international +1 412-317-0088, confirmation code:
2169814.
About Bristol Myers Squibb
Bristol Myers Squibb is a global biopharmaceutical company whose
mission is to discover, develop and deliver innovative medicines
that help patients prevail over serious diseases. For more
information about Bristol Myers Squibb, visit us at BMS.com or
follow us on LinkedIn, X (formerly Twitter), YouTube, Facebook, and
Instagram.
corporatefinancial-news
Use of Non-GAAP Financial
Information In discussing financial results and
guidance, the company refers to financial measures that are not in
accordance with U.S. Generally Accepted Accounting Principles
(GAAP). The non-GAAP financial measures are provided as
supplemental information to the financial measures presented in
this press release that are calculated and presented in accordance
with GAAP and are presented because management has evaluated the
company’s financial results both including and excluding the
adjusted items or the effects of foreign currency translation, as
applicable, and believes that the non-GAAP financial measures
presented portray the results of the company's baseline
performance, supplement or enhance management's, analysts' and
investors' overall understanding of the company’s underlying
financial performance and trends and facilitate comparisons among
current, past and future periods. In addition, non-GAAP gross
margin, which is gross profit excluding certain specified items, as
a percentage of revenues, non-GAAP operating margin, which is gross
profit less marketing, selling and administrative expenses and
research and development expenses excluding certain specified items
as a percentage of revenues, non-GAAP operating expenses, which is
marketing, selling and administrative and research and development
expenses excluding certain specified items, non-GAAP marketing,
selling and administrative expenses, which is marketing, selling
and administrative expenses excluding certain specified items, and
non-GAAP research and development expenses, which is research and
development expenses excluding certain specified items, are
relevant and useful for investors because they allow investors to
view performance in a manner similar to the method used by our
management and make it easier for investors, analysts and peers to
compare our operating performance to other companies in our
industry and to compare our year-over-year results.
This earnings release and the accompanying tables also provide
certain revenues and expenses as well as non-GAAP measures
excluding the impact of foreign exchange ("Ex-Fx"). We calculate
foreign exchange impacts by converting our current-period local
currency financial results using the prior period average currency
rates and comparing these adjusted amounts to our current-period
results. Ex-Fx financial measures are not accounted for according
to GAAP because they remove the effects of currency movements from
GAAP results.
Non-GAAP financial measures such as non-GAAP earnings and
related EPS information are adjusted to exclude certain costs,
expenses, gains and losses and other specified items that are
evaluated on an individual basis after considering their
quantitative and qualitative aspects and typically have one or more
of the following characteristics, such as being highly variable,
difficult to project, unusual in nature, significant to the results
of a particular period or not indicative of past or future
operating results. These items are excluded from non-GAAP earnings
and related EPS information because the company believes they
neither relate to the ordinary course of the company’s business nor
reflect the company’s underlying business performance. Similar
charges or gains were recognized in prior periods and will likely
reoccur in future periods, including amortization of acquired
intangible assets, including product rights that generate a
significant portion of our ongoing revenue and will recur until the
intangible assets are fully amortized, unwind of inventory purchase
price adjustments, acquisition and integration expenses,
restructuring costs, accelerated depreciation and impairment of
property, plant and equipment and intangible assets, costs of
acquiring a priority review voucher, divestiture gains or losses,
stock compensation resulting from acquisition-related equity
awards, pension, legal and other contractual settlement charges,
equity investment and contingent value rights fair value
adjustments (including fair value adjustments attributed to limited
partnership equity method investments), income resulting from the
change in control of the Nimbus Therapeutics TYK2 Program and
amortization of fair value adjustments of debt acquired from
Celgene in our 2019 exchange offer, among other items. Deferred and
current income taxes attributed to these items are also adjusted
for considering their individual impact to the overall tax expense,
deductibility and jurisdictional tax rates. Certain other
significant tax items are also excluded such as the impact
resulting from a non-U.S. tax ruling regarding the deductibility of
a statutory impairment of subsidiary investments and release of
income tax reserves relating to the Celgene acquisition.
Because the non-GAAP financial measures are not calculated in
accordance with GAAP, they should not be considered superior to and
are not intended to be considered in isolation or as a substitute
for the related financial measures presented in the press release
that are prepared in accordance with GAAP and may not be the same
as or comparable to similarly titled measures presented by other
companies due to possible differences in method and in the items
being adjusted. We encourage investors to review our financial
statements and publicly-filed reports in their entirety and not to
rely on any single financial measure.
Reconciliations of the non-GAAP financial measures to the most
comparable GAAP measures are provided in the accompanying financial
tables and will also be available on the company’s website at
www.bms.com. Within the accompanying financial tables presented,
certain columns and rows may not add due to the use of rounded
numbers. Percentages and earnings per share amounts presented are
calculated from the underlying amounts.
A reconciliation of forward-looking non-GAAP measures, including
non-GAAP EPS, to the most directly comparable GAAP measures is not
provided because comparable GAAP measures for such measures are not
reasonably accessible or reliable due to the inherent difficulty in
forecasting and quantifying measures that would be necessary for
such reconciliation. Namely, we are not, without unreasonable
effort, able to reliably predict the impact of accelerated
depreciation and impairment charges, legal and other settlements,
gains and losses from equity investments and other adjustments. In
addition, the company believes such a reconciliation would imply a
degree of precision and certainty that could be confusing to
investors. These items are uncertain, depend on various factors and
may have a material impact on our future GAAP results.
Website Information We
routinely post important information for investors on our website,
BMS.com, in the “Investors” section. We may use this website as a
means of disclosing material, non-public information and for
complying with our disclosure obligations under Regulation FD.
Accordingly, investors should monitor the Investors section of our
website, in addition to following our press releases, Securities
and Exchange Commission ("SEC") filings, public conference calls,
presentations and webcasts. We may also use social media channels
to communicate with our investors and the public about our company,
our products and other matters, and those communications could be
deemed to be material information. The information contained on, or
that may be accessed through, our website or social media channels
are not incorporated by reference into, and are not a part of, this
document.
Cautionary Statement Regarding
Forward-Looking Statements This earnings release and the
related attachments (as well as the oral statements made with
respect to information contained in this release and the
attachments) contain certain “forward-looking” statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, regarding, among other things, the company’s 2024
financial guidance, plans and strategy, including its business
development and capital allocation strategy, ESG priorities and
goals, anticipated developments in the company’s pipeline,
expectations with respect to the company’s future market position
and the projected benefits of the company’s alliances and other
business development activities. These statements may be identified
by the fact that they use words such as “should,” “could,”
“expect,” “anticipate,” “estimate,” “target,” “may,” “project,”
“guidance,” “intend,” “plan,” “believe,” “will” and other words and
terms of similar meaning and expression in connection with any
discussion of future operating or financial performance, although
not all forward-looking statements contain such terms. All
statements that are not statements of historical facts are, or may
be deemed to be, forward-looking statements. No forward-looking
statement can be guaranteed and there is no assurance that the
company will achieve its financial guidance and long-term targets,
that the company’s future clinical studies will support the data
described in this release, that the company’s product candidates
will receive necessary clinical and manufacturing regulatory
approvals, that the company’s pipeline products will prove to be
commercially successful, that clinical and manufacturing regulatory
approvals will be sought or obtained within currently expected
timeframes, or that contractual milestones will be achieved.
Forward-looking statements are based on current expectations and
projections about the company’s future financial results, goals,
plans and objectives and involve inherent risks, assumptions and
uncertainties, including internal or external factors that could
delay, divert or change any of them in the next several years, that
are difficult to predict, may be beyond the company’s control and
could cause the company’s future financial results, goals, plans
and objectives to differ materially from those expressed in, or
implied by, the statements. Such risks, uncertainties and other
matters include, but are not limited to: increasing pricing
pressures from market access, pharmaceutical pricing controls and
discounting; market actions taken by private and government payers
to manage drug utilization and contain costs; the company’s ability
to retain patent exclusivity of certain products; regulatory
changes that result in lower prices, lower reimbursement rates and
smaller populations for whom payers will reimburse; changes under
the 340B Drug Pricing Program; the company’s ability to obtain and
maintain regulatory approval for its product candidates; the
company’s ability to obtain and protect market exclusivity rights
and enforce patents and other intellectual property rights; the
possibility of difficulties and delays in product introduction and
commercialization; increasing industry competition; potential
difficulties, delays and disruptions in manufacturing, distribution
or sale of products; the company’s ability to identify potential
strategic acquisitions, licensing opportunities or other beneficial
transactions; failure to complete, or delays in completing,
collaborations, acquisitions, divestitures, alliances and other
portfolio actions and the failure to achieve anticipated benefits
from such transactions and actions; the risk of an adverse patent
litigation decision or settlement and exposure to other litigation
and/or regulatory actions or investigations; the impact of any
healthcare reform and legislation or regulatory action in the
United States and international markets; increasing market
penetration of lower-priced generic products; the failure of the
company’s suppliers, vendors, outsourcing partners, alliance
partners and other third parties to meet their contractual,
regulatory and other obligations; the impact of counterfeit or
unregistered versions of the company’s products and from stolen
products; product label changes or other measures that could reduce
the product's market acceptance for the company's products and
result in declining sales; safety or efficacy concerns regarding
the company’s products or any product in the same class as the
company’s products; the risk of cyber-attacks on the company’s
information systems or products and unauthorized disclosure of
trade secrets or other confidential data; the company’s ability to
execute its financial, strategic and operational plans; the
company’s dependency on several key products; any decline in the
company’s future royalty streams; the company’s ability to attract
and retain key personnel; the impact of the company’s significant
indebtedness; political and financial instability of international
economies and sovereign risk; interest rate and currency exchange
rate fluctuations, credit and foreign exchange risk management;
risks relating to the use of social media platforms; the impact of
our exclusive forum provision in our by-laws for certain lawsuits
on our stockholders’ ability to obtain a judicial forum that they
find favorable for such lawsuits; issuance of new or revised
accounting standards; and risks relating to public health
outbreaks, epidemics and pandemics.
Forward-looking statements in this earnings release should be
evaluated together with the many risks and uncertainties that
affect the company’s business and market, particularly those
identified in the cautionary statement and risk factors discussion
in the company’s Annual Report on Form 10-K for the year ended
December 31, 2023, as updated by the company’s subsequent Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K and other filings
with the SEC. The forward-looking statements included in this
document are made only as of the date of this document and except
as otherwise required by applicable law, the company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
changed circumstances or otherwise.
BRISTOL-MYERS SQUIBB
COMPANY
CONSOLIDATED STATEMENTS OF
EARNINGS
(Unaudited, dollars and shares
in millions except per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net product sales
$
11,925
$
10,917
$
23,484
$
21,965
Alliance and other revenues
276
309
582
598
Total Revenues
12,201
11,226
24,066
22,563
Cost of products sold(a)
3,267
2,876
6,199
5,442
Marketing, selling and administrative
1,928
1,934
4,295
3,696
Research and development
2,899
2,258
5,594
4,579
Acquired IPRD
132
158
13,081
233
Amortization of acquired intangible
assets
2,416
2,257
4,773
4,513
Other (income)/expense, net
273
(116
)
354
(529
)
Total Expenses
10,915
9,367
34,296
17,934
(Loss)/Earnings Before Income Taxes
1,286
1,859
(10,230
)
4,629
Provision for Income Taxes
(398
)
(218
)
(6
)
285
Net (Loss)/Earnings
1,684
2,077
(10,224
)
4,344
Noncontrolling Interest
4
4
7
9
Net (Loss)/Earnings Attributable to
BMS
$
1,680
$
2,073
$
(10,231
)
$
4,335
Weighted-Average Common Shares
Outstanding:
Basic
2,027
2,093
2,025
2,096
Diluted
2,029
2,102
2,025
2,107
(Loss)/Earnings per Common
Share:
Basic
$
0.83
$
0.99
$
(5.05
)
$
2.07
Diluted
0.83
0.99
(5.05
)
2.06
Other (income)/expense, net
Interest expense(b)
$
521
$
282
$
946
$
570
Royalty and licensing income
(191
)
(340
)
(352
)
(703
)
Royalty income - divestitures
(265
)
(218
)
(536
)
(406
)
Equity investment (gains)/losses
(107
)
58
(209
)
213
Integration expenses
74
59
145
126
Litigation and other settlements
69
(7
)
71
(332
)
Investment income
(87
)
(95
)
(270
)
(197
)
Provision for restructuring
260
113
480
180
Acquisition expense
1
—
50
—
Other
(2
)
32
29
20
Other (income)/expense, net
$
273
$
(116
)
$
354
$
(529
)
(a) Excludes amortization of acquired
intangible assets.
(b) Includes amortization of purchase
price adjustments to Celgene debt.
BRISTOL-MYERS SQUIBB
COMPANY
PRODUCT REVENUES
FOR THE THREE MONTHS ENDED
JUNE 30, 2024 AND 2023
(Unaudited, dollars in
millions)
Change vs. 2023
2024
2023
GAAP
Excl. F/X**
U.S.
Int'l (c)
WW (d)
U.S.
Int'l (c)
WW (d)
U.S.
Int'l (c)
WW (d)
U.S.
Int'l (c)
WW (d)
Growth Portfolio
Opdivo
$
1,406
$
981
$
2,387
$
1,221
$
924
$
2,145
15%
6%
11%
15%
18%
16%
Orencia
742
206
948
695
232
927
7%
(11)%
2%
7%
(2)%
5%
Yervoy
404
226
630
368
217
585
10%
4%
8%
10%
11%
10%
Reblozyl
348
77
425
178
56
234
96%
38%
82%
96%
41%
82%
Opdualag
223
12
235
151
3
154
48%
*
53%
48%
*
53%
Abecma
54
41
95
115
17
132
(53)%
*
(28)%
(53)%
*
(27)%
Zeposia
111
40
151
73
27
100
52%
48%
51%
52%
48%
51%
Breyanzi
122
31
153
83
17
100
47%
82%
53%
47%
94%
55%
Camzyos
130
9
139
46
—
46
*
N/A
*
*
N/A
*
Sotyktu
41
12
53
24
1
25
71%
*
*
71%
*
*
Augtyro
7
—
7
—
—
—
N/A
N/A
N/A
N/A
N/A
N/A
Krazati
29
3
32
—
—
—
N/A
N/A
N/A
N/A
N/A
N/A
Other Growth Products(a)
168
173
341
162
133
295
4%
30%
16%
4%
35%
18%
Total Growth Portfolio
3,785
1,811
5,596
3,116
1,627
4,743
21%
11 %
18%
21 %
21%
21%
Legacy Portfolio
Eliquis
2,544
872
3,416
2,311
893
3,204
10%
(2)%
7%
10%
—%
7%
Revlimid
1,165
188
1,353
1,219
249
1,468
(4)%
(24)%
(8)%
(4)%
(20)%
(7)%
Pomalyst/Imnovid
716
243
959
565
282
847
27%
(14)%
13%
27%
(11)%
14%
Sprycel
341
83
424
323
135
458
6%
(39)%
(7)%
6%
(34)%
(6)%
Abraxane
154
77
231
187
71
258
(18)%
8%
(10)%
(18)%
25%
(6)%
Other Legacy Products(b)
96
126
222
83
165
248
16%
(24)%
(10)%
16%
(19)%
(8)%
Total Legacy Portfolio
5,016
1,589
6,605
4,688
1,795
6,483
7%
(11)%
2%
7%
(8)%
3%
Total Revenues
$
8,801
$
3,400
$
12,201
$
7,804
$
3,422
$
11,226
13%
(1)%
9%
13%
6%
11%
*
In excess of +100%.
**
See "Use of Non-GAAP Financial
Information".
(a)
Includes Onureg, Inrebic, Nulojix,
Empliciti and royalty revenues.
(b)
Includes other mature brands.
(c)
Beginning in 2024, Puerto Rico revenues
are included in International revenues. Prior period amounts have
been reclassified to conform to the current presentation.
(d)
Worldwide (WW) includes U.S. and
International (Int'l).
BRISTOL-MYERS SQUIBB
COMPANY
PRODUCT REVENUES
FOR THE SIX MONTHS ENDED JUNE
30, 2024 AND 2023
(Unaudited, dollars in
millions)
Change vs. 2023
2024
2023
GAAP
Excl. F/X**
U.S.
Int'l (c)
WW (d)
U.S.
Int'l (c)
WW (d)
U.S.
Int'l (c)
WW (d)
U.S.
Int'l (c)
WW (d)
Growth Portfolio
Opdivo
$
2,561
$
1,904
$
4,465
$
2,502
$
1,845
$
4,347
2%
3%
3%
2%
13%
7%
Orencia
1,314
432
1,746
1,246
445
1,691
5%
(3)%
3%
5%
5%
5%
Yervoy
772
441
1,213
680
413
1,093
14%
7%
11%
14%
14%
14%
Reblozyl
641
138
779
334
106
440
92%
30%
77%
92%
32%
78%
Opdualag
421
20
441
267
4
271
58%
*
63%
58%
*
63%
Abecma
106
71
177
233
46
279
(55)%
54%
(37)%
(55)%
61%
(35)%
Zeposia
183
78
261
124
54
178
48%
44%
47%
48%
44%
47%
Breyanzi
209
51
260
141
30
171
48%
70%
52%
48%
77%
53%
Camzyos
207
16
223
75
—
75
*
N/A
*
*
N/A
*
Sotyktu
75
22
97
39
2
41
92%
*
*
92%
*
*
Augtyro
13
—
13
—
—
—
N/A
N/A
N/A
N/A
N/A
N/A
Krazati
50
3
53
—
—
—
N/A
N/A
N/A
N/A
N/A
N/A
Other Growth Products(a)
316
344
660
306
269
575
3%
28%
15%
3%
33%
17%
Total Growth Portfolio
6,868
3,520
10,388
5,947
3,214
9,161
15%
10%
13%
15 %
18%
16%
Legacy Portfolio
Eliquis
5,365
1,771
7,136
4,838
1,789
6,627
11%
(1)%
8%
11%
—%
8%
Revlimid
2,618
404
3,022
2,742
476
3,218
(5)%
(15)%
(6)%
(5)%
(11)%
(5)%
Pomalyst/Imnovid
1,313
511
1,824
1,106
573
1,679
19%
(11)%
9%
19%
(9)%
9%
Sprycel
623
175
798
612
275
887
2%
(36)%
(10)%
2%
(32)%
(9)%
Abraxane
299
149
448
348
149
497
(14)%
—%
(10)%
(14)%
17%
(5)%
Other Legacy Products(b)
191
259
450
163
331
494
17%
(22)%
(9)%
17%
(19)%
(7)%
Total Legacy Portfolio
10,409
3,269
13,678
9,809
3,593
13,402
6%
(9)%
2%
6%
(6)%
3%
Total Revenues
$
17,277
$
6,789
$
24,066
$
15,756
$
6,807
$
22,563
10%
—%
7%
10%
5%
8%
*
In excess of +100%.
**
See "Use of Non-GAAP Financial
Information".
(a)
Includes Onureg, Inrebic, Nulojix,
Empliciti and royalty revenues.
(b)
Includes other mature brands.
(c)
Beginning in 2024, Puerto Rico revenues
are included in International revenues. Prior period amounts have
been reclassified to conform to the current presentation.
(d)
Worldwide (WW) includes U.S. and
International (Int'l).
BRISTOL-MYERS SQUIBB
COMPANY
INTERNATIONAL
REVENUES(a)
FOREIGN EXCHANGE IMPACT
(%)
(Unaudited)
Three Months Ended June 30,
2024
Six Months Ended June 30,
2024
Revenue Change %
F/X % Favorable/ (Unfavorable)
**
Revenue Change % Ex- F/X
**
Revenue Change %
F/X % Favorable/ (Unfavorable)
**
Revenue Change % Ex- F/X
**
Growth Portfolio
Opdivo
6%
(12)%
18%
3%
(10)%
13%
Orencia
(11)%
(9)%
(2)%
(3)%
(8)%
5%
Yervoy
4%
(7)%
11%
7%
(7)%
14%
Reblozyl
38%
(3)%
41%
30%
(2)%
32%
Opdualag
*
*
*
*
*
*
Abecma
*
*
*
54%
(7)%
61%
Zeposia
48%
—%
48%
44%
—%
44%
Breyanzi
82%
(12)%
94%
70%
(7)%
77%
Camzyos
N/A
N/A
N/A
N/A
N/A
N/A
Sotyktu
*
*
*
*
*
*
Augtyro
N/A
N/A
N/A
N/A
N/A
N/A
Krazati
N/A
N/A
N/A
N/A
N/A
N/A
Other Growth Products(b)
30%
(5)%
35%
28%
(5)%
33%
Total Growth Portfolio
11%
(10)%
21%
10%
(8)%
18%
Legacy Portfolio
Eliquis
(2)%
(2)%
—%
(1)%
(1)%
—%
Revlimid
(24)%
(4)%
(20)%
(15)%
(4)%
(11)%
Pomalyst/Imnovid
(14)%
(3)%
(11)%
(11)%
(2)%
(9)%
Sprycel
(39)%
(5)%
(34)%
(36)%
(4)%
(32)%
Abraxane
8%
(17)%
25%
—%
(17)%
17%
Other Legacy Products(c)
(24)%
(5)%
(19)%
(22)%
(3)%
(19)%
Total Legacy Portfolio
(11)%
(3)%
(8)%
(9)%
(3)%
(6)%
Total Revenues
(1)%
(7)%
6%
—%
(5)%
5%
*
In excess of +100%.
**
See "Use of Non-GAAP Financial
Information".
(a)
Beginning in 2024, Puerto Rico revenues
are included in International revenues. Prior period amounts have
been reclassified to conform to the current presentation.
(b)
Includes Onureg, Nulojix, Empliciti and
royalty revenues.
(c)
Includes other mature brands.
BRISTOL-MYERS SQUIBB
COMPANY
WORLDWIDE REVENUES(a)
FOREIGN EXCHANGE IMPACT
(%)
(Unaudited)
Three Months Ended June 30,
2024
Six Months Ended June 30,
2024
Revenue Change %
F/X % Favorable/ (Unfavorable)
**
Revenue Change % Ex- F/X
**
Revenue Change %
F/X % Favorable/ (Unfavorable)
**
Revenue Change % Ex- F/X
**
Growth Portfolio
Opdivo
11%
(5)%
16%
3%
(4)%
7%
Orencia
2%
(3)%
5%
3%
(2)%
5%
Yervoy
8%
(2)%
10%
11%
(3)%
14%
Reblozyl
82%
—%
82%
77%
(1)%
78%
Opdualag
53%
—%
53%
63%
—%
63%
Abecma
(28)%
(1)%
(27)%
(37)%
(2)%
(35)%
Zeposia
51%
—%
51%
47%
—%
47%
Breyanzi
53%
(2)%
55%
52%
(1)%
53%
Camzyos
*
*
*
*
*
*
Sotyktu
*
*
*
*
*
*
Augtyro
N/A
N/A
N/A
N/A
N/A
N/A
Krazati
N/A
N/A
N/A
N/A
N/A
N/A
Other Growth Products(b)
16%
(2)%
18%
15%
(2)%
17%
Total Growth Portfolio
18%
(3)%
21%
13%
(3)%
16%
Legacy Portfolio
Eliquis
7%
—%
7%
8%
—%
8%
Revlimid
(8)%
(1)%
(7)%
(6)%
(1)%
(5)%
Pomalyst/Imnovid
13%
(1)%
14%
9%
—%
9%
Sprycel
(7)%
(1)%
(6)%
(10)%
(1)%
(9)%
Abraxane
(10)%
(4)%
(6)%
(10)%
(5)%
(5)%
Other Legacy Products(c)
(10)%
(2)%
(8)%
(9)%
(2)%
(7)%
Total Legacy Portfolio
2%
(1)%
3%
2%
(1)%
3%
Total Revenues
9%
(2)%
11%
7%
(1)%
8%
*
In excess of +100%.
**
See "Use of Non-GAAP Financial
Information".
(a)
Worldwide (WW) includes U.S. and
International (Int'l).
(b)
Includes Onureg, Nulojix, Empliciti and
royalty revenues.
(c)
Includes other mature brands.
BRISTOL-MYERS SQUIBB
COMPANY
RECONCILIATION OF GAAP AND
NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE
IMPACT *
(Unaudited, dollars in
millions)
THREE MONTHS
2024
2023
Change $
Change %
Favorable / (Unfavorable) F/X
$ **
2024 Excl. F/X **
Favorable / (Unfavorable) F/X
% **
% Change Excl. F/X **
Revenues
$
12,201
$
11,226
$
975
9%
$
(224)
$
12,425
(2)%
11%
Gross profit
8,934
8,350
584
7%
N/A
N/A
N/A
N/A
Gross profit excluding specified
items(a)
9,230
8,417
813
10%
N/A
N/A
N/A
N/A
Gross margin(b)
73.2
%
74.4
%
Gross margin excluding specified items
75.6
%
75.0
%
Marketing, selling and administrative
1,928
1,934
(6
)
—%
31
1,959
1%
1%
Marketing, selling and administrative
excluding specified items(a)
1,922
1,914
8
—%
31
1,953
2%
2%
Research and development
2,899
2,258
641
28%
15
2,914
1%
29%
Research and development excluding
specified items(a)
2,295
2,252
43
2%
15
2,310
1%
3%
Operating margin(c)
33.7
%
37.0
%
Operating margin excluding specified
items
41.1
%
37.9
%
SIX MONTHS
2024
2023
Change $
Change %
Favorable / (Unfavorable) F/X
$ **
2024 Excl. F/X **
Favorable / (Unfavorable) F/X
% **
% Change Excl. F/X **
Revenues
$
24,066
$
22,563
$
1,503
7%
$
(377)
$
24,443
(1)%
8%
Gross profit
17,867
17,121
746
4%
N/A
N/A
N/A
N/A
Gross profit excluding specified
items(a)
18,185
17,242
943
5%
N/A
N/A
N/A
N/A
Gross margin(b)
74.2
%
75.9
%
Gross margin excluding specified items
75.6
%
76.4
%
Marketing, selling and administrative
4,295
3,696
599
16%
52
4,347
2%
18%
Marketing, selling and administrative
excluding specified items(a)
3,911
3,676
235
6%
52
3,963
2%
8%
Research and development
5,594
4,579
1,015
22%
24
5,618
1%
23%
Research and development excluding
specified items(a)
4,641
4,458
183
4%
24
4,665
1%
5%
Operating margin(c)
33.2
%
39.2
%
Operating margin excluding specified
items
40.0
%
40.4
%
*
Foreign exchange impacts were derived by
converting our current-period local currency financial results
using the prior period average currency rates and comparing these
adjusted amounts to our current-period results.
**
See "Use of Non-GAAP Financial
Information".
(a)
Refer to the Specified Items schedule
below for further details.
(b)
Represents gross profit as a percentage of
Revenues.
(c)
Operating margin represents gross profit
less marketing, selling and administrative expenses and research
and development expenses, as a percentage of Revenues.
BRISTOL-MYERS SQUIBB
COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in
millions)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Inventory purchase price accounting
adjustments
$
13
$
31
$
21
$
84
Intangible asset impairment
280
—
280
—
Site exit and other costs
3
36
17
37
Cost of products sold
296
67
318
121
Acquisition related charges(a)
—
—
372
—
Site exit and other costs
6
20
12
20
Marketing, selling and
administrative
6
20
384
20
IPRD impairments
590
—
590
20
Priority review voucher
—
—
—
95
Acquisition related charges(a)
—
—
348
—
Site exit and other costs
14
6
15
6
Research and development
604
6
953
121
Amortization of acquired intangible
assets
2,416
2,257
4,773
4,513
Interest expense(b)
(12
)
(13
)
(25
)
(27
)
Equity investment (gain)/losses
(107
)
58
(209
)
208
Acquisition expenses
1
—
50
—
Integration expenses
74
59
145
126
Litigation and other settlements
61
—
61
(335
)
Provision for restructuring
260
113
480
180
Other
—
—
10
(5
)
Other (income)/expense, net
277
217
512
147
Increase to Earnings before income
taxes
3,599
2,567
6,940
4,922
Income taxes on items above
(585
)
(311
)
(925
)
(604
)
Income tax reserve releases
(502
)
—
(502
)
—
Income taxes attributed to a non-U.S. tax
ruling
—
(656
)
—
(656
)
Income taxes
(1,087
)
(967
)
(1,427
)
(1,260
)
Increase to net earnings
$
2,512
$
1,600
$
5,513
$
3,662
(a)
Includes cash settlement of unvested stock
awards, and other related costs incurred in connection with the
recent acquisitions of Karuna, RayzeBio and Mirati.
(b)
Includes amortization of purchase price
adjustments to Celgene debt.
BRISTOL-MYERS SQUIBB
COMPANY
RECONCILIATION OF CERTAIN GAAP
LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
(Unaudited, dollars and shares
in millions except per share data)
Three Months Ended June 30,
2024
Six Months Ended June 30,
2024
GAAP
Specified Items(a)
Non-GAAP
GAAP
Specified Items(a)
Non-GAAP
Gross profit
$
8,934
$
296
$
9,230
$
17,867
$
318
$
18,185
Marketing, selling and administrative
1,928
(6
)
1,922
4,295
(384
)
3,911
Research and development
2,899
(604
)
2,295
5,594
(953
)
4,641
Amortization of acquired intangible
assets
2,416
(2,416
)
—
4,773
(4,773
)
—
Other (income)/expense, net
273
(277
)
(4
)
354
(512
)
(158
)
Earnings/(Loss) before income
taxes
1,286
3,599
4,885
(10,230
)
6,940
(3,290
)
Provision for income taxes
(398
)
1,087
689
(6
)
1,427
1,421
Net earnings/(loss) attributable to BMS
used for diluted EPS calculation
$
1,680
$
2,512
$
4,192
$
(10,231
)
$
5,513
$
(4,718
)
Weighted-average common shares
outstanding—diluted
2,029
2,029
2,029
2,025
2,025
2,025
Diluted earnings/(loss) per share
$
0.83
$
1.24
$
2.07
$
(5.05
)
$
2.72
$
(2.33
)
Effective tax rate
(30.9
)%
45.0
%
14.1
%
0.1
%
(43.3
)%
(43.2
)%
Three Months Ended June 30,
2023
Six Months Ended June 30,
2023
GAAP
Specified Items(a)
Non-GAAP
GAAP
Specified Items(a)
Non-GAAP
Gross profit
$
8,350
$
67
$
8,417
$
17,121
$
121
$
17,242
Marketing, selling and administrative
1,934
(20
)
1,914
3,696
(20
)
3,676
Research and development
2,258
(6
)
2,252
4,579
(121
)
4,458
Amortization of acquired intangible
assets
2,257
(2,257
)
—
4,513
(4,513
)
—
Other (income)/expense, net
(116
)
(217
)
(333
)
(529
)
(147
)
(676
)
Earnings before income taxes
1,859
2,567
4,426
4,629
4,922
9,551
Provision for income taxes
(218
)
967
749
285
1,260
1,545
Net earnings attributable to BMS used
for diluted EPS calculation
$
2,073
$
1,600
$
3,673
$
4,335
$
3,662
$
7,997
Weighted-average common shares
outstanding—diluted
2,102
2,102
2,102
2,107
2,107
2,107
Diluted earnings per share
$
0.99
$
0.76
$
1.75
$
2.06
$
1.74
$
3.80
Effective tax rate
(11.7
)%
28.6
%
16.9
%
6.2
%
10.0
%
16.2
%
(a) Refer to the Specified Items schedule
above for further details. Effective tax rate on the Specified
Items represents the difference between the GAAP and Non-GAAP
effective tax rate.
BRISTOL-MYERS SQUIBB
COMPANY
NET DEBT CALCULATION
AS OF JUNE 30, 2024 AND
DECEMBER 31, 2023
(Unaudited, dollars in
millions)
June 30, 2024
December 31,
2023
Cash and cash equivalents
$
6,293
$
11,464
Marketable debt securities - current
360
816
Marketable debt securities -
non-current
357
364
Cash, cash equivalents and marketable
debt securities
$
7,010
$
12,644
Short-term debt obligations
(3,531
)
(3,119
)
Long-term debt
(48,858
)
(36,653
)
Net debt position
$
(45,379
)
$
(27,128
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240726706285/en/
For more information, contact: Media: media@bms.com
Investor Relations: investor.relations@bms.com
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