LOGIN  |  REGISTER
Chimerix
Chimerix

Bristol Myers Squibb Reports Third Quarter Financial Results for 2024

October 31, 2024 | Last Trade: US$59.02 4.88 9.01
  • Performance Reflects Continued Focus on Near-Term Execution and Building a Foundation for Long-Term Sustainable Growth
  • Third Quarter Revenues were $11.9 Billion, increasing 8% (+10% Adjusting for Foreign Exchange)
  • Growth Portfolio Revenues were $5.8 Billion, increasing 18% (+20% Adjusting for Foreign Exchange)
  • GAAP EPS was $0.60 and Non-GAAP EPS was $1.80; Includes Net Impact of $(0.09) Per Share for GAAP EPS and Non-GAAP EPS Due to Acquired IPRD Charges and Licensing Income
  • Achieved U.S. Approval of Cobenfy, the First New Pharmacological Approach to Treat Schizophrenia in Decades
  • Raising 2024 Revenue Guidance to Approximately +5% (+6% Adjusting for Foreign Exchange), Non-GAAP EPS Range Increased to $0.75 to $0.95

PRINCETON, N.J. / Oct 31, 2024 / Business Wire / Bristol Myers Squibb (NYSE: BMY) today reports results for the third quarter of 2024.

“We made important strides in the third quarter with the landmark U.S. approval of Cobenfy in schizophrenia, continued sales momentum, strong cash flow generation and key pipeline achievements,” said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. “We're focused on closing out the year with strong execution as we deliver on our Growth Portfolio, prioritize high-growth opportunities and continue delivering transformational results for patients."

 

Third Quarter

$ in millions, except per share amounts

2024

 

2023

 

Change

 

Change Excl.
F/X**

Total Revenues

$11,892

 

 

$10,966

 

 

8%

 

10%

Earnings Per Share — GAAP*

0.60

 

 

0.93

 

 

(35)%

 

N/A

Earnings Per Share — Non-GAAP* **

1.80

 

 

2.00

 

 

(10)%

 

N/A

Acquired IPRD Charge and Licensing Income Net Impact on Earnings Per Share

(0.09

)

 

(0.03

)

 

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".

THIRD QUARTER RESULTS

All comparisons are made versus the same period in 2023 unless otherwise stated.

  • Bristol Myers Squibb posted third quarter revenues of $11.9 billion, an increase of 8%, or 10% when adjusted for foreign exchange impacts, primarily driven by the Growth Portfolio and Eliquis, partially offset by generic erosion of Sprycel due to the loss of exclusivity.
  • U.S. revenues increased 9% to $8.2 billion, and International revenues increased 7% to $3.7 billion, primarily due to the Growth Portfolio and higher demand for Eliquis, partially offset by generic erosion of Sprycel due to the loss of exclusivity. The negative impact from foreign exchange on International revenues was 4%.
  • On a GAAP basis, gross margin decreased from 77.1% to 75.1%, and on a non-GAAP basis decreased from 77.3% to 76.0%, primarily due to product mix.
  • On a GAAP and non-GAAP basis, marketing, selling and administrative expenses remained relatively flat at $2.0 billion.
  • On a GAAP basis, research and development expenses increased 6%, and 8% on a non-GAAP basis, to $2.4 billion, primarily due to recent acquisitions.
  • On a GAAP and non-GAAP basis, Acquired IPRD increased to $262 million from $80 million. On a GAAP and non-GAAP basis, licensing income was $25 million compared to $12 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, the effective tax rate increased from 9.5% to 27.5%, and on a non-GAAP basis increased from 11.6% to 18.5%, primarily due to jurisdictional earnings mix and adjustments in 2023 to reflect IRS income tax guidance issued in 2023 regarding deductibility of certain non-U.S. research and development expenses.
  • On a GAAP basis, the company reported net income attributable to Bristol Myers Squibb of $1.2 billion, or $0.60 per share, during the third quarter of 2024 compared to $1.9 billion, or $0.93 per share, for the same period a year ago. The company reported non-GAAP net earnings attributable to Bristol Myers Squibb of $3.7 billion, or $1.80 per share, during the third quarter of 2024 compared to $4.1 billion, or $2.00 per share, for the same period a year ago. In addition to the items above, GAAP and non-GAAP earnings per share were impacted by higher interest expense.

THIRD QUARTER PRODUCT REVENUE HIGHLIGHTS

       

($ amounts in millions)

 

Quarter Ended September
30, 2024

 

% Change from Quarter
Ended September 30,
2023

 

% Change from
Quarter Ended
September 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

 

$

1,366

 

$

994

 

$

2,360

 

2%

 

7%

 

4%

 

16%

 

7%

Orencia

 

 

706

 

 

230

 

 

936

 

—%

 

6%

 

1%

 

13%

 

3%

Yervoy

 

 

399

 

 

243

 

 

642

 

11%

 

10%

 

11%

 

17%

 

13%

Reblozyl

 

 

358

 

 

89

 

 

447

 

79%

 

85%

 

80%

 

90%

 

81%

Opdualag

 

 

216

 

 

17

 

 

233

 

33%

 

>200%

 

40%

 

>200%

 

40%

Abecma

 

 

77

 

 

47

 

 

124

 

12%

 

96%

 

33%

 

100%

 

34%

Zeposia

 

 

105

 

 

42

 

 

147

 

11%

 

50%

 

20%

 

46%

 

19%

Breyanzi

 

 

173

 

 

51

 

 

224

 

125%

 

>200%

 

143%

 

>200%

 

143%

Camzyos

 

 

135

 

 

21

 

 

156

 

101%

 

>200%

 

129%

 

>200%

 

129%

Sotyktu

 

 

51

 

 

15

 

 

66

 

(18)%

 

>200%

 

—%

 

>200%

 

—%

Augtyro

 

 

10

 

 

 

 

10

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

Krazati

 

 

32

 

 

2

 

 

34

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

Other Growth Products(a)

 

 

172

 

 

261

 

 

433

 

15%

 

61%

 

39%

 

64%

 

41%

Total Growth Portfolio

 

 

3,800

 

 

2,012

 

 

5,812

 

15%

 

22%

 

18%

 

29%

 

20%

Legacy Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eliquis

 

 

2,045

 

 

957

 

 

3,002

 

15%

 

3%

 

11%

 

2%

 

11%

Revlimid

 

 

1,212

 

 

200

 

 

1,412

 

—%

 

(9)%

 

(1)%

 

(6)%

 

(1)%

Pomalyst/Imnovid

 

 

697

 

 

201

 

 

898

 

15%

 

(24)%

 

3%

 

(24)%

 

3%

Sprycel

 

 

225

 

 

65

 

 

290

 

(44)%

 

(45)%

 

(44)%

 

(42)%

 

(43)%

Abraxane

 

 

151

 

 

102

 

 

253

 

(15)%

 

24%

 

(3)%

 

37%

 

1%

Other Legacy Products(b)

 

 

102

 

 

123

 

 

225

 

17%

 

(18)%

 

(5)%

 

(19)%

 

(5)%

Total Legacy Portfolio

 

 

4,432

 

 

1,648

 

 

6,080

 

4%

 

(7)%

 

1%

 

(6)%

 

1%

Total Revenues

 

$

8,232

 

$

3,660

 

$

11,892

 

9%

 

7%

 

8%

 

11%

 

10%

**

 

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).

THIRD QUARTER PRODUCT REVENUE HIGHLIGHTS

Growth Portfolio

Growth Portfolio worldwide revenues increased to $5.8 billion compared to $4.9 billion in the prior year period, representing growth of 18% on a reported basis or 20% when adjusted for foreign exchange impacts. Growth Portfolio revenues were primarily driven by higher demand for Reblozyl, Breyanzi, Camzyos and Opdualag.

Legacy Portfolio

Revenues for the Legacy Portfolio in the third quarter were $6.1 billion compared to $6.0 billion in the prior year period, representing growth of 1% on a reported basis and when adjusted for foreign exchange impacts. Legacy Portfolio revenues were primarily driven by higher demand for Eliquis, partially offset by a decline in demand for Sprycel due to generic erosion.

PRODUCT AND PIPELINE UPDATE

Bristol Myers Squibb recently achieved several important clinical and regulatory milestones, including the U.S. approval of Cobenfy and the disclosure of long-term cardiovascular and oncology data that underscore the strength of the company's science.

With Cobenfy, the company is re-establishing its presence in neuroscience and introducing the first new pharmacological approach to treat schizophrenia in decades.

Today, the company is providing an update on data from two Phase 3 oncology trials, CheckMate -8HW and CheckMate -901. Please see the table below for more information.

Neuroscience

Category

Asset

Milestone

Regulatory

CobenfyTM
(xanomeline and
trospium
chloride)

The U.S. Food and Drug Administration (FDA) approved Cobenfy, previously referred to as KarXT, for the treatment of schizophrenia in adults, with a mechanism of action distinct from current therapies. The approval is based on data from the EMERGENT clinical program, which includes three placebo-controlled efficacy and safety trials and two open-label trials evaluating the long-term safety and tolerability of Cobenfy for up to one year.

Cardiovascular

Category

Asset

Milestone

Clinical &
Research

Camzyos®
(mavacamten)

Long-term follow-up results from the EXPLORER-LTE cohort of the MAVA-Long-Term Extension study evaluating Camzyos in adult patients with New York Heart Association (NYHA) class II-III symptomatic obstructive hypertrophic cardiomyopathy demonstrated that patients experienced consistent and sustained improvements in echocardiographic measures and biomarkers after up to 3.5 years of continuous treatment.

 

Patients experienced an improvement in symptoms and functional capacity as measured by NYHA class and patient-reported outcomes. The safety profile of Camzyos for up to 3.5 years remained consistent with the established safety profile and no new safety signals were identified.

Oncology

Category

Asset

Milestone

Regulatory

Opdivo®
(nivolumab)

The FDA approved Opdivo for the treatment of adult patients with resectable (tumors ≥ 4cm or node positive) non-small cell lung cancer (NSCLC) and no known epidermal growth factor receptor mutations or anaplastic lymphoma kinase rearrangements, for neoadjuvant treatment, in combination with platinum-doublet chemotherapy, followed by single-agent Opdivo as adjuvant treatment after surgery. The approval is based on results from the Phase 3 randomized CheckMate -77T trial.

 

Opdivo +
Yervoy®
(ipilimumab)

The FDA accepted the supplemental Biologics License Application for Opdivo plus Yervoy as a potential first-line treatment for adult patients with unresectable hepatocellular carcinoma. The acceptance is based on results from the Phase 3 CheckMate -9DW trial. The FDA assigned a Prescription Drug User Fee Act goal date of April 21, 2025.

Clinical &
Research

Opdivo

The Phase 3 CheckMate -8HW trial evaluating Opdivo plus Yervoy compared to Opdivo monotherapy across all lines of therapy as a treatment for patients with microsatellite instability-high or mismatch repair deficient metastatic colorectal cancer met the dual primary endpoint of progression-free survival (PFS) as assessed by Blinded Independent Central Review at a pre-specified interim analysis. Previously, Opdivo plus Yervoy demonstrated a statistically significant and clinically meaningful improvement in PFS compared to chemotherapy.

 

Opdivo plus Yervoy demonstrated a statistically significant and clinically meaningful improvement in PFS compared to Opdivo monotherapy across all lines of therapy. The study is ongoing to assess various secondary endpoints, including overall survival (OS). The safety profile for the combination of Opdivo plus Yervoy remained consistent with previously reported data, with no new safety signals identified.

 

Opdivo

The Phase 3 CheckMate -901 trial evaluating Opdivo plus Yervoy versus standard-of-care non-cisplatin-based chemotherapy in patients with unresectable or metastatic urothelial carcinoma (UC) who are ineligible for cisplatin-based chemotherapy did not meet its primary endpoint of OS. The safety profile for Opdivo and Yervoy was consistent with previously reported data, with no new safety signals identified.

 

Opdivo has previously shown clinical benefit across various stages of UC. These results do not impact those data or approved indications.

 

nivolumab +
relatlimab high
dose

The company announced plans to initiate a Phase 3 trial evaluating the fixed-dose combination of nivolumab and high-dose relatlimab plus chemotherapy as a first-line treatment for stage IV or recurrent non-squamous NSCLC with tumor cell PD-L1 expression of 1 to 49%. The decision was supported by findings from the Phase 2 RELATIVITY-104 trial.

 

Opdivo +
Yervoy

10-year follow-up data from the Phase 3 CheckMate -067 trial showed continued durable improvement in survival with first-line Opdivo plus Yervoy therapy and Opdivo monotherapy, versus Yervoy alone, in patients with previously untreated advanced or metastatic melanoma. With a minimum follow up of 10 years, median OS was 71.9 months with Opdivo plus Yervoy, the longest reported median OS in a Phase 3 advanced melanoma trial.

Hematology

Category

Asset

Milestone

Regulatory

Breyanzi®
(lisocabtagene
maraleucel)

The European Medicines Agency (EMA) validated the Type II variation application to expand the indication for Breyanzi to include the treatment of adult patients with relapsed or refractory follicular lymphoma (FL) who have received two or more prior lines of systemic therapy. The application is supported by data from the Phase 2 TRANSCEND FL study. Validation of the application confirms the submission is complete and begins the EMA’s centralized review process.

 

In addition, Japan's Ministry of Health, Labour and Welfare approved the supplemental New Drug Application for Breyanzi for the treatment of relapsed or refractory FL after one prior line of systemic therapy in patients with high-risk FL and after two or more lines of systemic therapy.

Immunology

Category

Asset

Milestone

Clinical &
Research

Zeposia®
(ozanimod)

Data from the Phase 3 DAYBREAK trial demonstrated that decreased rates of brain volume loss were sustained in the open-label extension (OLE) for patients treated with Zeposia for relapsing forms of multiple sclerosis.

 

A separate DAYBREAK OLE safety analysis demonstrated declining or stable incidence rates of treatment-emergent adverse events, with relatively low rates of infections, serious infections and opportunistic infections over more than eight years of treatment with Zeposia.

Financial Guidance

Bristol Myers Squibb is raising its 2024 line-item guidance as noted below.

2024 Line-Item Guidance

 

Non-GAAP2

 

July
(Prior)

October
(Updated)

Total Revenues

Upper end of low single-
digit range

~5% increase

Total Revenues
(excl. F/X)

Upper end of low single-
digit range

~6% increase

Gross Margin %

Between ~74% and ~75%

Between ~74.5% and ~75%

Operating Expenses1

Low single-digit increase

~4% to ~5% increase

Other income/(expense)

~($50M)

~$125M

Effective tax rate

~66%

~60%

Diluted EPS

$0.60 - $0.90

$0.75 - $0.95

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.

Conference Call Information

Bristol Myers Squibb will host a conference call today, Thursday, October 31, 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 October 31, 2024, through 11:30 a.m. ET on November 14, 2024, by dialing in the U.S. toll free 1-877-344-7529 or international +1 412-317-0088, confirmation code: 9624003.

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, unwinding 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 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
September 30,

 

Nine Months Ended
September 30,

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

Net product sales

$

11,483

 

 

$

10,645

 

 

$

34,967

 

 

$

32,610

 

Alliance and other revenues

 

409

 

 

 

321

 

 

 

991

 

 

 

919

 

Total Revenues

 

11,892

 

 

 

10,966

 

 

 

35,958

 

 

 

33,529

 

 

 

 

 

 

 

 

 

Cost of products sold(a)

 

2,957

 

 

 

2,506

 

 

 

9,156

 

 

 

7,948

 

Marketing, selling and administrative

 

1,983

 

 

 

2,003

 

 

 

6,278

 

 

 

5,699

 

Research and development

 

2,374

 

 

 

2,242

 

 

 

7,968

 

 

 

6,821

 

Acquired IPRD

 

262

 

 

 

80

 

 

 

13,343

 

 

 

313

 

Amortization of acquired intangible assets

 

2,406

 

 

 

2,256

 

 

 

7,179

 

 

 

6,769

 

Other (income)/expense, net

 

234

 

 

 

(258

)

 

 

588

 

 

 

(787

)

Total Expenses

 

10,216

 

 

 

8,829

 

 

 

44,512

 

 

 

26,763

 

 

 

 

 

 

 

 

 

(Loss)/Earnings Before Income Taxes

 

1,676

 

 

 

2,137

 

 

 

(8,554

)

 

 

6,766

 

Provision for Income Taxes

 

461

 

 

 

203

 

 

 

455

 

 

 

488

 

Net (Loss)/Earnings

 

1,215

 

 

 

1,934

 

 

 

(9,009

)

 

 

6,278

 

Noncontrolling Interest

 

4

 

 

 

6

 

 

 

11

 

 

 

15

 

Net (Loss)/Earnings Attributable to BMS

$

1,211

 

 

$

1,928

 

 

$

(9,020

)

 

$

6,263

 

 

 

 

 

 

 

 

 

Weighted-Average Common Shares Outstanding:

 

 

 

 

 

 

 

Basic

 

2,028

 

 

 

2,057

 

 

 

2,026

 

 

 

2,083

 

Diluted

 

2,031

 

 

 

2,064

 

 

 

2,026

 

 

 

2,093

 

 

 

 

 

 

 

 

 

(Loss)/Earnings per Common Share:

 

 

 

 

 

 

 

Basic

$

0.60

 

 

$

0.94

 

 

$

(4.45

)

 

$

3.01

 

Diluted

 

0.60

 

 

 

0.93

 

 

 

(4.45

)

 

 

2.99

 

 

 

 

 

 

 

 

 

Other (income)/expense, net

 

 

 

 

 

 

 

Interest expense(b)

$

505

 

 

$

280

 

 

$

1,451

 

 

$

850

 

Royalty and licensing income

 

(180

)

 

 

(365

)

 

 

(532

)

 

 

(1,068

)

Royalty income - divestitures

 

(284

)

 

 

(217

)

 

 

(820

)

 

 

(623

)

Equity investment (gains)/losses

 

(12

)

 

 

 

 

 

(221

)

 

 

213

 

Integration expenses

 

69

 

 

 

54

 

 

 

214

 

 

 

180

 

Intangible asset impairments

 

47

 

 

 

29

 

 

 

47

 

 

 

29

 

Litigation and other settlements

 

 

 

 

(61

)

 

 

71

 

 

 

(393

)

Investment income

 

(94

)

 

 

(107

)

 

 

(364

)

 

 

(304

)

Provision for restructuring

 

78

 

 

 

141

 

 

 

558

 

 

 

321

 

Acquisition expense

 

 

 

 

 

 

 

50

 

 

 

 

Other

 

105

 

 

 

(12

)

 

 

134

 

 

 

8

 

Other (income)/expense, net

$

234

 

 

$

(258

)

 

$

588

 

 

$

(787

)

(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 SEPTEMBER 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

 

$

1,366

 

$

994

 

$

2,360

 

$

1,343

 

$

932

 

$

2,275

 

2%

 

7%

 

4%

 

2%

 

16%

 

7%

Orencia

 

 

706

 

 

230

 

 

936

 

 

708

 

 

217

 

 

925

 

—%

 

6%

 

1%

 

—%

 

13%

 

3%

Yervoy

 

 

399

 

 

243

 

 

642

 

 

359

 

 

220

 

 

579

 

11%

 

10%

 

11%

 

11%

 

17%

 

13%

Reblozyl

 

 

358

 

 

89

 

 

447

 

 

200

 

 

48

 

 

248

 

79%

 

85%

 

80%

 

79%

 

90%

 

81%

Opdualag

 

 

216

 

 

17

 

 

233

 

 

162

 

 

4

 

 

166

 

33%

 

>200%

 

40%

 

33%

 

>200%

 

40%

Abecma

 

 

77

 

 

47

 

 

124

 

 

69

 

 

24

 

 

93

 

12%

 

96%

 

33%

 

12%

 

100%

 

34%

Zeposia

 

 

105

 

 

42

 

 

147

 

 

95

 

 

28

 

 

123

 

11%

 

50%

 

20%

 

11%

 

46%

 

19%

Breyanzi

 

 

173

 

 

51

 

 

224

 

 

77

 

 

15

 

 

92

 

125%

 

>200%

 

143%

 

125%

 

>200%

 

143%

Camzyos

 

 

135

 

 

21

 

 

156

 

 

67

 

 

1

 

 

68

 

101%

 

>200%

 

129%

 

101%

 

>200%

 

129%

Sotyktu

 

 

51

 

 

15

 

 

66

 

 

62

 

 

4

 

 

66

 

(18)%

 

>200%

 

—%

 

(18)%

 

>200%

 

—%

Augtyro

 

 

10

 

 

 

 

10

 

 

 

 

 

 

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

Krazati

 

 

32

 

 

2

 

 

34

 

 

 

 

 

 

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

Other Growth Products(a)

 

 

172

 

 

261

 

 

433

 

 

149

 

 

162

 

 

311

 

15%

 

61%

 

39%

 

15%

 

64%

 

41%

Total Growth Portfolio

 

 

3,800

 

 

2,012

 

 

5,812

 

 

3,291

 

 

1,655

 

 

4,946

 

15%

 

22%

 

18%

 

15%

 

29%

 

20%

Legacy Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eliquis

 

 

2,045

 

 

957

 

 

3,002

 

 

1,772

 

 

933

 

 

2,705

 

15%

 

3%

 

11%

 

15%

 

2%

 

11%

Revlimid

 

 

1,212

 

 

200

 

 

1,412

 

 

1,209

 

 

220

 

 

1,429

 

—%

 

(9)%

 

(1)%

 

—%

 

(6)%

 

(1)%

Pomalyst/Imnovid

 

 

697

 

 

201

 

 

898

 

 

606

 

 

266

 

 

872

 

15%

 

(24)%

 

3%

 

15%

 

(24)%

 

3%

Sprycel

 

 

225

 

 

65

 

 

290

 

 

399

 

 

118

 

 

517

 

(44)%

 

(45)%

 

(44)%

 

(44)%

 

(42)%

 

(43)%

Abraxane

 

 

151

 

 

102

 

 

253

 

 

178

 

 

82

 

 

260

 

(15)%

 

24%

 

(3)%

 

(15)%

 

37%

 

1%

Other Legacy Products(b)

 

 

102

 

 

123

 

 

225

 

 

87

 

 

150

 

 

237

 

17%

 

(18)%

 

(5)%

 

17%

 

(19)%

 

(5)%

Total Legacy Portfolio

 

 

4,432

 

 

1,648

 

 

6,080

 

 

4,251

 

 

1,769

 

 

6,020

 

4%

 

(7)%

 

1%

 

4%

 

(6)%

 

1%

Total Revenues

 

$

8,232

 

$

3,660

 

$

11,892

 

$

7,542

 

$

3,424

 

$

10,966

 

9%

 

7%

 

8%

 

9%

 

11%

 

10%

**

 

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 NINE MONTHS ENDED SEPTEMBER 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

 

$

3,927

 

$

2,898

 

$

6,825

 

$

3,845

 

$

2,777

 

$

6,622

 

2%

 

4%

 

3%

 

2%

 

14%

 

7%

Orencia

 

 

2,020

 

 

662

 

 

2,682

 

 

1,954

 

 

662

 

 

2,616

 

3%

 

—%

 

3%

 

3%

 

8%

 

5%

Yervoy

 

 

1,171

 

 

684

 

 

1,855

 

 

1,039

 

 

633

 

 

1,672

 

13%

 

8%

 

11%

 

13%

 

15%

 

14%

Reblozyl

 

 

999

 

 

227

 

 

1,226

 

 

534

 

 

154

 

 

688

 

87%

 

47%

 

78%

 

87%

 

50%

 

79%

Opdualag

 

 

637

 

 

37

 

 

674

 

 

429

 

 

8

 

 

437

 

48%

 

>200%

 

54%

 

48%

 

>200%

 

54%

Abecma

 

 

183

 

 

118

 

 

301

 

 

302

 

 

70

 

 

372

 

(39)%

 

69%

 

(19)%

 

(39)%

 

74%

 

(18)%

Zeposia

 

 

288

 

 

120

 

 

408

 

 

219

 

 

82

 

 

301

 

32%

 

46%

 

36%

 

32%

 

45%

 

35%

Breyanzi

 

 

382

 

 

102

 

 

484

 

 

218

 

 

45

 

 

263

 

75%

 

127%

 

84%

 

75%

 

131%

 

85%

Camzyos

 

 

342

 

 

37

 

 

379

 

 

142

 

 

1

 

 

143

 

141%

 

>200%

 

165%

 

141%

 

>200%

 

165%

Sotyktu

 

 

126

 

 

37

 

 

163

 

 

101

 

 

6

 

 

107

 

25%

 

>200%

 

52%

 

25%

 

>200%

 

54%

Augtyro

 

 

23

 

 

 

 

23

 

 

 

 

 

 

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

Krazati

 

 

82

 

 

5

 

 

87

 

 

 

 

 

 

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

Other Growth Products(a)

 

 

488

 

 

605

 

 

1,093

 

 

455

 

 

431

 

 

886

 

7%

 

40%

 

23%

 

7%

 

44%

 

25%

Total Growth Portfolio

 

 

10,668

 

 

5,532

 

 

16,200

 

 

9,238

 

 

4,869

 

 

14,107

 

15%

 

14%

 

15%

 

15%

 

22%

 

18%

Legacy Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eliquis

 

 

7,410

 

 

2,728

 

 

10,138

 

 

6,610

 

 

2,722

 

 

9,332

 

12%

 

—%

 

9%

 

12%

 

1%

 

9%

Revlimid

 

 

3,830

 

 

604

 

 

4,434

 

 

3,951

 

 

696

 

 

4,647

 

(3)%

 

(13)%

 

(5)%

 

(3)%

 

(9)%

 

(4)%

Pomalyst/Imnovid

 

 

2,010

 

 

712

 

 

2,722

 

 

1,712

 

 

839

 

 

2,551

 

17%

 

(15)%

 

7%

 

17%

 

(14)%

 

7%

Sprycel

 

 

848

 

 

240

 

 

1,088

 

 

1,011

 

 

393

 

 

1,404

 

(16)%

 

(39)%

 

(23)%

 

(16)%

 

(35)%

 

(21)%

Abraxane

 

 

450

 

 

251

 

 

701

 

 

526

 

 

231

 

 

757

 

(14)%

 

9%

 

(7)%

 

(14)%

 

24%

 

(3)%

Other Legacy Products(b)

 

 

293

 

 

382

 

 

675

 

 

250

 

 

481

 

 

731

 

17%

 

(21)%

 

(8)%

 

17%

 

(19)%

 

(6)%

Total Legacy Portfolio

 

 

14,841

 

 

4,917

 

 

19,758

 

 

14,060

 

 

5,362

 

 

19,422

 

6%

 

(8)%

 

2%

 

6%

 

(6)%

 

2%

Total Revenues

 

$

25,509

 

$

10,449

 

$

35,958

 

$

23,298

 

$

10,231

 

$

33,529

 

9%

 

2%

 

7%

 

9%

 

7%

 

9%

** 

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 September 30, 2024

 

Nine Months Ended September 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

7%

 

(9)%

 

16%

 

4%

 

(10)%

 

14%

Orencia

6%

 

(7)%

 

13%

 

—%

 

(8)%

 

8%

Yervoy

10%

 

(7)%

 

17%

 

8%

 

(7)%

 

15%

Reblozyl

85%

 

(5)%

 

90%

 

47%

 

(3)%

 

50%

Opdualag

>200%

 

NM

 

>200%

 

>200%

 

NM

 

>200%

Abecma

96%

 

(4)%

 

100%

 

69%

 

(5)%

 

74%

Zeposia

50%

 

4%

 

46%

 

46%

 

1%

 

45%

Breyanzi

>200%

 

NM

 

>200%

 

127%

 

(4)%

 

131%

Camzyos

>200%

 

NM

 

>200%

 

>200%

 

NM

 

>200%

Sotyktu

>200%

 

NM

 

>200%

 

>200%

 

NM

 

>200%

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)

61%

 

(3)%

 

64%

 

40%

 

(4)%

 

44%

Total Growth Portfolio

22%

 

(7)%

 

29%

 

14%

 

(8)%

 

22%

Legacy Portfolio

 

 

 

 

 

 

 

 

 

 

 

Eliquis

3%

 

1%

 

2%

 

—%

 

(1)%

 

1%

Revlimid

(9)%

 

(3)%

 

(6)%

 

(13)%

 

(4)%

 

(9)%

Pomalyst/Imnovid

(24)%

 

—%

 

(24)%

 

(15)%

 

(1)%

 

(14)%

Sprycel

(45)%

 

(3)%

 

(42)%

 

(39)%

 

(4)%

 

(35)%

Abraxane

24%

 

(13)%

 

37%

 

9%

 

(15)%

 

24%

Other Legacy Products(c)

(18)%

 

1%

 

(19)%

 

(21)%

 

(2)%

 

(19)%

Total Legacy Portfolio

(7)%

 

(1)%

 

(6)%

 

(8)%

 

(2)%

 

(6)%

Total Revenues

7%

 

(4)%

 

11%

 

2%

 

(5)%

 

7%

NM

 

Not meaningful

**

 

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 September 30, 2024

 

Nine Months Ended September 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

4%

 

(3)%

 

7%

 

3%

 

(4)%

 

7%

Orencia

1%

 

(2)%

 

3%

 

3%

 

(2)%

 

5%

Yervoy

11%

 

(2)%

 

13%

 

11%

 

(3)%

 

14%

Reblozyl

80%

 

(1)%

 

81%

 

78%

 

(1)%

 

79%

Opdualag

40%

 

—%

 

40%

 

54%

 

—%

 

54%

Abecma

33%

 

(1)%

 

34%

 

(19)%

 

(1)%

 

(18)%

Zeposia

20%

 

1%

 

19%

 

36%

 

1%

 

35%

Breyanzi

143%

 

—%

 

143%

 

84%

 

(1)%

 

85%

Camzyos

129%

 

—%

 

129%

 

165%

 

—%

 

165%

Sotyktu

—%

 

—%

 

—%

 

52%

 

(2)%

 

54%

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)

39%

 

(2)%

 

41%

 

23%

 

(2)%

 

25%

Total Growth Portfolio

18%

 

(2)%

 

20%

 

15%

 

(3)%

 

18%

Legacy Portfolio

 

 

 

 

 

 

 

 

 

 

 

Eliquis

11%

 

—%

 

11%

 

9%

 

—%

 

9%

Revlimid

(1)%

 

—%

 

(1)%

 

(5)%

 

(1)%

 

(4)%

Pomalyst/Imnovid

3%

 

—%

 

3%

 

7%

 

—%

 

7%

Sprycel

(44)%

 

(1)%

 

(43)%

 

(23)%

 

(2)%

 

(21)%

Abraxane

(3)%

 

(4)%

 

1%

 

(7)%

 

(4)%

 

(3)%

Other Legacy Products(c)

(5)%

 

—%

 

(5)%

 

(8)%

 

(2)%

 

(6)%

Total Legacy Portfolio

1%

 

—%

 

1%

 

2%

 

—%

 

2%

Total Revenues

8%

 

(2)%

 

10%

 

7%

 

(2)%

 

9%

**

 

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

$

11,892

 

 

$

10,966

 

 

$

926

 

 

8%

 

$

(135)

 

$

12,027

 

(2)%

 

10%

Gross profit

 

8,935

 

 

 

8,460

 

 

 

475

 

 

6%

 

 

N/A

 

 

N/A

 

N/A

 

N/A

Gross profit excluding specified items(a)

 

9,036

 

 

 

8,476

 

 

 

560

 

 

7%

 

 

N/A

 

 

N/A

 

N/A

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin(b)

 

75.1

%

 

 

77.1

%

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin excluding specified items

 

76.0

%

 

 

77.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing, selling and administrative

 

1,983

 

 

 

2,003

 

 

 

(20

)

 

(1)%

 

 

15

 

 

1,998

 

1%

 

—%

Marketing, selling and administrative excluding specified items(a)

 

1,976

 

 

 

1,938

 

 

 

38

 

 

2%

 

 

15

 

 

1,991

 

1%

 

3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

2,374

 

 

 

2,242

 

 

 

132

 

 

6%

 

 

8

 

 

2,382

 

—%

 

6%

Research and development excluding specified items(a)

 

2,353

 

 

 

2,178

 

 

 

175

 

 

8%

 

 

8

 

 

2,361

 

—%

 

8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin(c)

 

38.5

%

 

 

38.4

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin excluding specified items

 

39.6

%

 

 

39.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NINE MONTHS

2024

 

2023

 

Change $

 

Change %

 

Favorable /
(Unfavorable)
F/X $ **

 

2024
Excl. F/X
**

 

Favorable /
(Unfavorable)
F/X % **

 

% Change
Excl. F/X
**

Revenues

$

35,958

 

 

$

33,529

 

 

$

2,429

 

 

7%

 

$

(512)

 

$

36,470

 

(2)%

 

9%

Gross profit

 

26,802

 

 

 

25,581

 

 

 

1,221

 

 

5%

 

 

N/A

 

 

N/A

 

N/A

 

N/A

Gross profit excluding specified items(a)

 

27,221

 

 

 

25,718

 

 

 

1,503

 

 

6%

 

 

N/A

 

 

N/A

 

N/A

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin(b)

 

74.5

%

 

 

76.3

%

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin excluding specified items

 

75.7

%

 

 

76.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing, selling and administrative

 

6,278

 

 

 

5,699

 

 

 

579

 

 

10%

 

 

68

 

 

6,346

 

1%

 

11%

Marketing, selling and administrative excluding specified items(a)

 

5,887

 

 

 

5,614

 

 

 

273

 

 

5%

 

 

68

 

 

5,955

 

1%

 

6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

7,968

 

 

 

6,821

 

 

 

1,147

 

 

17%

 

 

32

 

 

8,000

 

—%

 

17%

Research and development excluding specified items(a)

 

6,994

 

 

 

6,636

 

 

 

358

 

 

5%

 

 

32

 

 

7,026

 

1%

 

6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin(c)

 

34.9

%

 

 

39.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin excluding specified items

 

39.9

%

 

 

40.2

%

 

 

 

 

 

 

 

 

 

 

 

 

*

 

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
September 30,

 

Nine Months Ended
September 30,

 

2024

 

2023

 

2024

 

2023

Inventory purchase price accounting adjustments

$

13

 

 

$

 

 

$

34

 

 

$

84

 

Intangible asset impairment

 

 

 

 

 

 

 

280

 

 

 

 

Site exit and other costs

 

88

 

 

 

16

 

 

 

105

 

 

 

53

 

Cost of products sold

 

101

 

 

 

16

 

 

 

419

 

 

 

137

 

 

 

 

 

 

 

 

 

Acquisition related charges(a)

 

 

 

 

 

 

 

372

 

 

 

 

Site exit and other costs

 

7

 

 

 

65

 

 

 

19

 

 

 

85

 

Marketing, selling and administrative

 

7

 

 

 

65

 

 

 

391

 

 

 

85

 

 

 

 

 

 

 

 

 

IPRD impairments

 

 

 

 

60

 

 

 

590

 

 

 

80

 

Priority review voucher

 

 

 

 

 

 

 

 

 

 

95

 

Acquisition related charges(a)

 

 

 

 

 

 

 

348

 

 

 

 

Site exit and other costs

 

21

 

 

 

4

 

 

 

36

 

 

 

10

 

Research and development

 

21

 

 

 

64

 

 

 

974

 

 

 

185

 

 

 

 

 

 

 

 

 

Amortization of acquired intangible assets

 

2,406

 

 

 

2,256

 

 

 

7,179

 

 

 

6,769

 

 

 

 

 

 

 

 

 

Interest expense(b)

 

(12

)

 

 

(12

)

 

 

(37

)

 

 

(39

)

Equity investment (gain)/losses

 

(13

)

 

 

(2

)

 

 

(222

)

 

 

206

 

Acquisition expenses

 

 

 

 

 

 

 

50

 

 

 

 

Integration expenses

 

69

 

 

 

54

 

 

 

214

 

 

 

180

 

Litigation and other settlements

 

 

 

 

(62

)

 

 

61

 

 

 

(397

)

Provision for restructuring

 

78

 

 

 

141

 

 

 

558

 

 

 

321

 

Intangible asset impairment

 

47

 

 

 

29

 

 

 

47

 

 

 

29

 

Other

 

106

 

 

 

(1

)

 

 

116

 

 

 

(6

)

Other (income)/expense, net

 

275

 

 

 

147

 

 

 

787

 

 

 

294

 

 

 

 

 

 

 

 

 

Increase to Earnings before income taxes

 

2,810

 

 

 

2,548

 

 

 

9,750

 

 

 

7,470

 

 

 

 

 

 

 

 

 

Income taxes on items above

 

(371

)

 

 

(340

)

 

 

(1,296

)

 

 

(944

)

Income tax reserve releases

 

 

 

 

 

 

 

(502

)

 

 

 

Income taxes attributed to a non-U.S. tax ruling

 

 

 

 

 

 

 

 

 

 

(656

)

Income taxes

 

(371

)

 

 

(340

)

 

 

(1,798

)

 

 

(1,600

)

 

 

 

 

 

 

 

 

Increase to net earnings

$

2,439

 

 

$

2,208

 

 

$

7,952

 

 

$

5,870

 

(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 September 30,
2024

 

Nine Months Ended September 30,
2024

 

GAAP

 

Specified
Items(a)

 

Non-GAAP

 

GAAP

 

Specified
Items(a)

 

Non-GAAP

Gross profit

$

8,935

 

 

$

101

 

 

$

9,036

 

 

$

26,802

 

 

$

419

 

 

$

27,221

 

Marketing, selling and administrative

 

1,983

 

 

 

(7

)

 

 

1,976

 

 

 

6,278

 

 

 

(391

)

 

 

5,887

 

Research and development

 

2,374

 

 

 

(21

)

 

 

2,353

 

 

 

7,968

 

 

 

(974

)

 

 

6,994

 

Amortization of acquired intangible assets

 

2,406

 

 

 

(2,406

)

 

 

 

 

 

7,179

 

 

 

(7,179

)

 

 

 

Other (income)/expense, net

 

234

 

 

 

(275

)

 

 

(41

)

 

 

588

 

 

 

(787

)

 

 

(199

)

Earnings/(Loss) before income taxes

 

1,676

 

 

 

2,810

 

 

 

4,486

 

 

 

(8,554

)

 

 

9,750

 

 

 

1,196

 

Provision for income taxes

 

461

 

 

 

371

 

 

 

832

 

 

 

455

 

 

 

1,798

 

 

 

2,253

 

Net earnings/(loss) attributable to BMS used for diluted EPS calculation

$

1,211

 

 

$

2,439

 

 

$

3,650

 

 

$

(9,020

)

 

$

7,952

 

 

$

(1,068

)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding—diluted

 

2,031

 

 

 

2,031

 

 

 

2,031

 

 

 

2,026

 

 

 

2,026

 

 

 

2,026

 

Diluted earnings/(loss) per share

$

0.60

 

 

$

1.20

 

 

$

1.80

 

 

$

(4.45

)

 

$

3.92

 

 

$

(0.53

)

 

 

 

 

 

 

 

 

 

 

 

 

Effective tax rate

 

27.5

%

 

 

(9.0

)%

 

 

18.5

%

 

 

(5.3

)%

 

 

193.7

%

 

 

188.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,
2023

 

Nine Months Ended September 30,
2023

 

GAAP

 

Specified
Items(a)

 

Non-GAAP

 

GAAP

 

Specified
Items(a)

 

Non-GAAP

Gross profit

$

8,460

 

 

$

16

 

 

$

8,476

 

 

$

25,581

 

 

$

137

 

 

$

25,718

 

Marketing, selling and administrative

 

2,003

 

 

 

(65

)

 

 

1,938

 

 

 

5,699

 

 

 

(85

)

 

 

5,614

 

Research and development

 

2,242

 

 

 

(64

)

 

 

2,178

 

 

 

6,821

 

 

 

(185

)

 

 

6,636

 

Amortization of acquired intangible assets

 

2,256

 

 

 

(2,256

)

 

 

 

 

 

6,769

 

 

 

(6,769

)

 

 

 

Other (income)/expense, net

 

(258

)

 

 

(147

)

 

 

(405

)

 

 

(787

)

 

 

(294

)

 

 

(1,081

)

Earnings before income taxes

 

2,137

 

 

 

2,548

 

 

 

4,685

 

 

 

6,766

 

 

 

7,470

 

 

 

14,236

 

Provision for income taxes

 

203

 

 

 

340

 

 

 

543

 

 

 

488

 

 

 

1,600

 

 

 

2,088

 

Net earnings attributable to BMS used for diluted EPS calculation

$

1,928

 

 

$

2,208

 

 

$

4,136

 

 

$

6,263

 

 

$

5,870

 

 

$

12,133

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding—diluted

 

2,064

 

 

 

2,064

 

 

 

2,064

 

 

 

2,093

 

 

 

2,093

 

 

 

2,093

 

Diluted earnings per share

$

0.93

 

 

$

1.07

 

 

$

2.00

 

 

$

2.99

 

 

$

2.81

 

 

$

5.80

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective tax rate

 

9.5

%

 

 

2.1

%

 

 

11.6

%

 

 

7.2

%

 

 

7.5

%

 

 

14.7

%

(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 SEPTEMBER 30, 2024 AND DECEMBER 31, 2023

(Unaudited, dollars in millions)

    

 

September 30,
2024

 

December 31,
2023

 

 

 

 

Cash and cash equivalents

$

7,890

 

 

$

11,464

 

Marketable debt securities - current

 

204

 

 

 

816

 

Marketable debt securities - non-current

 

324

 

 

 

364

 

Cash, cash equivalents and marketable debt securities

$

8,418

 

 

$

12,644

 

Short-term debt obligations

 

(1,078

)

 

 

(3,119

)

Long-term debt

 

(48,674

)

 

 

(36,653

)

Net debt position

$

(41,334

)

 

$

(27,128

)

Stock Quote

Featured Stock

ClearPoint Neuro

ClearPoint Neuro is a global therapy-enabling platform company providing stereotactic navigation and delivery to the brain. Applications of our ClearPoint Neuro Navigation System include electrode lead placement, placement of catheters, and biopsy. The platform has FDA clearance and is...

CLICK TO LEARN MORE

Featured Stock

Immix Biopharma

Immix Biopharma is a clinical-stage biopharmaceutical company pioneering a novel class of CAR-T cell therapies and Tissue-Specific Therapeutics targeting oncology and immuno-dysregulated diseases with >75 patients treated to-date. Our lead cell therapy asset is NXC-201...

CLICK TO LEARN MORE

End of content

No more pages to load

Next page

COPYRIGHT ©2023 HEALTH STOCKS HUB