EX-99.2 3 q12019ex992.htm CERTAIN SUPPLEMENTAL INFORMATION Exhibit

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY
QUARTERLY TREND ANALYSIS OF REVENUES
(Unaudited, dollars in millions)
Revenues
 
2018
 
2019
 
% Change
 
FX Impact
 
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
Qtr vs. Qtr
 
YTD vs. YTD
 
Qtr vs. Qtr
 
YTD vs. YTD
    United States
 
$
2,778

 
$
3,230

 
$
6,008

 
$
3,235

 
$
9,243

 
$
3,343

 
$
12,586

 
$
3,449

 
 
 
 
 
 
 
 
 
 
 
 
 
24
 %
 
24
 %
 
—

 
—

    Europe
 
1,406

 
1,408

 
2,814

 
1,365

 
4,179

 
1,479

 
5,658

 
1,480

 
 
 
 
 
 
 
 
 
 
 
 
 
5
 %
 
5
 %
 
(9
)%
 
(9
)%
    Rest of the World
 
873

 
923

 
1,796

 
932

 
2,728

 
1,005

 
3,733

 
874

 
 
 
 
 
 
 
 
 
 
 
 
 
—

 
—

 
(8
)%
 
(8
)%
    Other
 
136

 
143

 
279

 
159

 
438

 
146

 
584

 
117

 
 
 
 
 
 
 
 
 
 
 
 
 
(14
)%
 
(14
)%
 
N/A

 
N/A

Total
 
$
5,193

 
$
5,704

 
$
10,897

 
$
5,691

 
$
16,588

 
$
5,973

 
$
22,561

 
$
5,920

 
 
 
 
 
 
 
 
 
 
 
 
 
14
 %
 
14
 %
 
(4
)%
 
(4
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% of Revenues
 
2018
 
2019
 
 
 
 
 
 
 
 
 
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
 
 
 
 
 
 
 
    United States
 
53.5
%
 
56.6
%
 
55.1
%
 
56.8
%
 
55.7
%
 
56.0
%
 
55.8
%
 
58.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Europe
 
27.1
%
 
24.7
%
 
25.8
%
 
24.0
%
 
25.2
%
 
24.8
%
 
25.1
%
 
25.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Rest of the World
 
16.8
%
 
16.2
%
 
16.5
%
 
16.4
%
 
16.5
%
 
16.8
%
 
16.5
%
 
14.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Other
 
2.6
%
 
2.5
%
 
2.6
%
 
2.8
%
 
2.6
%
 
2.4
%
 
2.6
%
 
2.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


1

BRISTOL-MYERS SQUIBB COMPANY
EARNINGS FROM OPERATIONS
(Unaudited, dollars and shares in millions except per share data)
 
 
2018
 
2019
 
% Change
 
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
Qtr vs. Qtr
 
YTD vs. YTD
Net product sales
 
$
4,972

 
$
5,461

 
$
10,433

 
$
5,433

 
$
15,866

 
$
5,715

 
$
21,581

 
$
5,713

 
 
 
 
 
 
 
 
 
 
 
 
 
15
 %
 
15
 %
Alliance and other revenues
 
221

 
243

 
464

 
258

 
722

 
258

 
980

 
207

 
 
 
 
 
 
 
 
 
 
 
 
 
(6
)%
 
(6
)%
Total Revenues
 
$
5,193

 
$
5,704

 
$
10,897

 
$
5,691

 
$
16,588

 
$
5,973

 
$
22,561

 
$
5,920

 
 
 
 
 
 
 
 
 
 
 
 
 
14
 %
 
14
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of products sold
 
1,584

 
1,625

 
3,209

 
1,648

 
4,857

 
1,690

 
6,547

 
1,844

 
 
 
 
 
 
 
 
 
 
 
 
 
16
 %
 
16
 %
Marketing, selling and administrative
 
980

 
1,131

 
2,111

 
1,104

 
3,215

 
1,336

 
4,551

 
1,006

 
 
 
 
 
 
 
 
 
 
 
 
 
3
 %
 
3
 %
Research and development
 
1,250

 
2,435

 
3,685

 
1,280

 
4,965

 
1,380

 
6,345

 
1,351

 
 
 
 
 
 
 
 
 
 
 
 
 
8
 %
 
8
 %
Other income (net)
 
(400
)
 
(4
)
 
(404
)
 
(508
)
 
(912
)
 
62

 
(850
)
 
(260
)
 
 
 
 
 
 
 
 
 
 
 
 
 
(35
)%
 
(35
)%
Total Expenses
 
3,414

 
5,187

 
8,601

 
3,524

 
12,125

 
4,468

 
16,593

 
3,941

 
 
 
 
 
 
 
 
 
 
 
 
 
15
 %
 
15
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Before Income Taxes
 
$
1,779

 
$
517

 
$
2,296

 
$
2,167

 
$
4,463

 
$
1,505

 
$
5,968

 
$
1,979

 
 
 
 
 
 
 
 
 
 
 
 
 
11
 %
 
11
 %
Provision for Income Taxes
 
284

 
135

 
419

 
255

 
674

 
347

 
1,021

 
264

 
 
 
 
 
 
 
 
 
 
 
 
 
(7
)%
 
(7
)%
Net Earnings
 
$
1,495

 
$
382

 
$
1,877

 
$
1,912

 
$
3,789

 
$
1,158

 
$
4,947

 
$
1,715

 
 
 
 
 
 
 
 
 
 
 
 
 
15
 %
 
15
 %
Net Earnings Attributable to Noncontrolling Interest
 
9

 
9

 
18

 
11

 
29

 
(2
)
 
27

 
5

 
 
 
 
 
 
 
 
 
 
 
 
 
(44
)%
 
(44
)%
Net Earnings Attributable to BMS
 
$
1,486

 
$
373

 
$
1,859

 
$
1,901

 
$
3,760

 
$
1,160

 
$
4,920

 
$
1,710

 
 
 
 
 
 
 
 
 
 
 
 
 
15
 %
 
15
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted Earnings per Common Share*
 
$
0.91

 
$
0.23

 
$
1.13

 
$
1.16

 
$
2.30

 
$
0.71

 
$
3.01

 
$
1.04

 
 
 
 
 
 
 
 
 
 
 
 
 
14
 %
 
14
 %
Average Common Shares Outstanding - Diluted
 
1,640

 
1,636

 
1,638

 
1,636

 
1,637

 
1,637

 
1,637

 
1,637

 
 
 
 
 
 
 
 
 
 
 
 
 
—

 
—

Dividends declared per common share
 
$
0.40

 
$
0.40

 
$
0.80

 
$
0.40

 
$
1.20

 
$
0.41

 
$
1.61

 
$
0.41

 
 
 
 
 
 
 
 
 
 
 
 
 
2
 %
 
2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2018
 
2019
 
 
 
 
% of Total Revenues
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
 
 
 
Gross Margin
 
69.5
%
 
71.5
%
 
70.6
%
 
71.0
%
 
70.7
%
 
71.7
%
 
71.0
%
 
68.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Ratios
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective tax rate
 
16.0
%
 
26.1
%
 
18.2
%
 
11.8
%
 
15.1
%
 
23.1
%
 
17.1
%
 
13.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income (net)
 
2018
 
2019
 
% Change
 
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
Qtr vs. Qtr
 
YTD vs. YTD
Interest expense
 
$
46

 
$
45

 
$
91

 
$
44

 
$
135

 
$
48

 
$
183

 
$
45

 
 
 
 
 
 
 
 
 
 
 
 
 
(2
)%
 
(2
)%
Investment income
 
(36
)
 
(38
)
 
(74
)
 
(44
)
 
(118
)
 
(55
)
 
(173
)
 
(56
)
 
 
 
 
 
 
 
 
 
 
 
 
 
56
 %
 
56
 %
Equity investments (gain)/loss
 
(15
)
 
356

 
341

 
(97
)
 
244

 
268

 
512

 
(175
)
 
 
 
 
 
 
 
 
 
 
 
 
 
**

 
**

Provision for restructuring
 
20

 
37

 
57

 
45

 
102

 
29

 
131

 
12

 
 
 
 
 
 
 
 
 
 
 
 
 
(40
)%
 
(40
)%
Acquisition and integration expenses
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
187

 
 
 
 
 
 
 
 
 
 
 
 
 
N/A

 
N/A

Litigation and other settlements
 
—

 
(1
)
 
(1
)
 
11

 
10

 
66

 
76

 
1

 
 
 
 
 
 
 
 
 
 
 
 
 
N/A

 
N/A

Equity in net income of affiliates
 
(24
)
 
(27
)
 
(51
)
 
(22
)
 
(73
)
 
(20
)
 
(93
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
(100
)%
 
(100
)%
Divestiture gains
 
(45
)
 
(25
)
 
(70
)
 
(108
)
 
(178
)
 
—

 
(178
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
(100
)%
 
(100
)%
Royalties and licensing income
 
(367
)
 
(353
)
 
(720
)
 
(338
)
 
(1,058
)
 
(295
)
 
(1,353
)
 
(308
)
 
 
 
 
 
 
 
 
 
 
 
 
 
(16
)%
 
(16
)%
Transition and other service fees
 
(4
)
 
(1
)
 
(5
)
 
—

 
(5
)
 
(7
)
 
(12
)
 
(2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
(50
)%
 
(50
)%
Pension and postretirement
 
(11
)
 
(19
)
 
(30
)
 
(10
)
 
(40
)
 
13

 
(27
)
 
44

 
 
 
 
 
 
 
 
 
 
 
 
 
**

 
**

Intangible asset impairment
 
64

 
—

 
64

 
—

 
64

 
—

 
64

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
(100
)%
 
(100
)%
Other
 
(28
)
 
22

 
(6
)
 
11

 
5

 
15

 
20

 
(8
)
 
 
 
 
 
 
 
 
 
 
 
 
 
(71
)%
 
(71
)%
 
 
$
(400
)
 
$
(4
)
 
$
(404
)
 
$
(508
)
 
$
(912
)
 
$
62

 
$
(850
)
 
$
(260
)
 
 
 
 
 
 
 
 
 
 
 
 
 
(35
)%
 
(35
)%
*
Quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations.
**
In excess of +/- 100%


2

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED MARCH 31, 2019
(Unaudited, dollars in millions)
QUARTER-TO-DATE
 
2019
 
2018
 
Growth $
 
Growth %
 
Favorable /
(Unfavorable)
FX Impact $ *
 
2019
Excluding FX
 
Favorable /
(Unfavorable)
FX Impact % *
 
Growth %
Excluding FX
Revenues
 
$
5,920

 
$
5,193

 
$
727

 
14
%
 
$
(188
)
 
$
6,108

 
(4
)%
 
18
%
Gross profit
 
4,076

 
3,609

 
467

 
13
%
 
N/A

 
N/A

 
N/A

 
N/A

Gross profit excluding specified items(a)
 
4,088

 
3,622

 
466

 
13
%
 
N/A

 
N/A

 
N/A

 
N/A

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit excluding specified items as a % of revenues
 
69.1
%
 
69.7
%
 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marketing, selling and administrative
 
1,006

 
980

 
26

 
3
%
 
32

 
1,038

 
3
 %
 
6
%
Marketing, selling and administrative excluding specified items(a)
 
1,005

 
979

 
26

 
3
%
 
32

 
1,037

 
3
 %
 
6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marketing, selling and administrative excluding specified items as a % of revenues
 
17.0
%
 
18.9
%
 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
1,351

 
1,250

 
101

 
8
%
 
12

 
1,363

 
1
 %
 
9
%
Research and development excluding specified items(a)
 
1,300

 
1,170

 
130

 
11
%
 
12

 
1,312

 
1
 %
 
12
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development excluding specified items as a % of revenues
 
22.0
%
 
22.5
%
 

 

 

 

 

 

(a)
Refer to the Specified Items schedule for further details.
*
Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales and expenses.

3

BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
 
 
2018
 
2019
 
Growth $
 
% Change
 
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
Qtr vs. Qtr
 
YTD vs. YTD
 
Qtr vs. Qtr
 
YTD vs. YTD
Prioritized Brands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Opdivo
 
$
1,511

 
$
1,627

 
$
3,138

 
$
1,793

 
$
4,931

 
$
1,804

 
$
6,735

 
$
1,801

 
 
 
 
 
 
 
 
 
 
 
 
 
$
290

 
$
290

 
19
 %
 
19
 %
Eliquis
 
1,506

 
1,650

 
3,156

 
1,577

 
4,733

 
1,705

 
6,438

 
1,925

 
 
 
 
 
 
 
 
 
 
 
 
 
419

 
419

 
28
 %
 
28
 %
Orencia
 
593

 
711

 
1,304

 
675

 
1,979

 
731

 
2,710

 
640

 
 
 
 
 
 
 
 
 
 
 
 
 
47

 
47

 
8
 %
 
8
 %
Sprycel
 
438

 
535

 
973

 
491

 
1,464

 
536

 
2,000

 
459

 
 
 
 
 
 
 
 
 
 
 
 
 
21

 
21

 
5
 %
 
5
 %
Yervoy
 
249

 
315

 
564

 
382

 
946

 
384

 
1,330

 
384

 
 
 
 
 
 
 
 
 
 
 
 
 
135

 
135

 
54
 %
 
54
 %
Empliciti
 
55

 
64

 
119

 
59

 
178

 
69

 
247

 
83

 
 
 
 
 
 
 
 
 
 
 
 
 
28

 
28

 
51
 %
 
51
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Established Brands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Baraclude
 
225

 
179

 
404

 
175

 
579

 
165

 
744

 
141

 
 
 
 
 
 
 
 
 
 
 
 
 
(84
)
 
(84
)
 
(37
)%
 
(37
)%
Other Brands(a)
 
616

 
623

 
1,239

 
539

 
1,778

 
579

 
2,357

 
487

 
 
 
 
 
 
 
 
 
 
 
 
 
(129
)
 
(129
)
 
(21
)%
 
(21
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
5,193

 
$
5,704

 
$
10,897

 
$
5,691

 
$
16,588

 
$
5,973

 
$
22,561

 
$
5,920

 
 
 
 
 
 
 
 
 
 
 
 
 
$
727

 
$
727

 
14
 %
 
14
 %
(a)
Includes Sustiva, Reyataz, Daklinza and all other products that have lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue.

4

BRISTOL-MYERS SQUIBB COMPANY
U.S. REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
 
 
2018
 
2019
 
% Change
 
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
Qtr vs. Qtr
 
YTD vs. YTD
Prioritized Brands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Opdivo
 
$
938

 
$
1,024

 
$
1,962

 
$
1,141

 
$
3,103

 
$
1,136

 
$
4,239

 
$
1,124

 
 
 
 
 
 
 
 
 
 
 
 
 
20
 %
 
20
 %
Eliquis
 
885

 
979

 
1,864

 
917

 
2,781

 
979

 
3,760

 
1,206

 
 
 
 
 
 
 
 
 
 
 
 
 
36
 %
 
36
 %
Orencia
 
385

 
501

 
886

 
474

 
1,360

 
515

 
1,875

 
449

 
 
 
 
 
 
 
 
 
 
 
 
 
17
 %
 
17
 %
Sprycel
 
214

 
310

 
524

 
267

 
791

 
300

 
1,091

 
240

 
 
 
 
 
 
 
 
 
 
 
 
 
12
 %
 
12
 %
Yervoy
 
162

 
228

 
390

 
278

 
668

 
273

 
941

 
275

 
 
 
 
 
 
 
 
 
 
 
 
 
70
 %
 
70
 %
Empliciti
 
37

 
41

 
78

 
41

 
119

 
45

 
164

 
58

 
 
 
 
 
 
 
 
 
 
 
 
 
57
 %
 
57
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Established Brands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Baraclude
 
10

 
9

 
19

 
6

 
25

 
7

 
32

 
7

 
 
 
 
 
 
 
 
 
 
 
 
 
(30
)%
 
(30
)%
Other Brands(a)
 
147

 
138

 
285

 
111

 
396

 
88

 
484

 
90

 
 
 
 
 
 
 
 
 
 
 
 
 
(39
)%
 
(39
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total(b)
 
$
2,778

 
$
3,230

 
$
6,008

 
$
3,235

 
$
9,243

 
$
3,343

 
$
12,586

 
$
3,449

 
 
 
 
 
 
 
 
 
 
 
 
 
24
 %
 
24
 %
(a)
Includes Sustiva, Reyataz, Daklinza and all other products that have lost exclusivity.
(b)
Includes United States and Puerto Rico.


5

BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
 
 
2018
 
2019
 
% Change
 
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
Qtr vs. Qtr
 
YTD vs. YTD
Prioritized Brands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Opdivo
 
$
573

 
$
603

 
$
1,176

 
$
652

 
$
1,828

 
$
668

 
$
2,496

 
$
677

 
 
 
 
 
 
 
 
 
 
 
 
 
18
 %
 
18
 %
Eliquis
 
621

 
671

 
1,292

 
660

 
1,952

 
726

 
2,678

 
719

 
 
 
 
 
 
 
 
 
 
 
 
 
16
 %
 
16
 %
Orencia
 
208

 
210

 
418

 
201

 
619

 
216

 
835

 
191

 
 
 
 
 
 
 
 
 
 
 
 
 
(8
)%
 
(8
)%
Sprycel
 
224

 
225

 
449

 
224

 
673

 
236

 
909

 
219

 
 
 
 
 
 
 
 
 
 
 
 
 
(2
)%
 
(2
)%
Yervoy
 
87

 
87

 
174

 
104

 
278

 
111

 
389

 
109

 
 
 
 
 
 
 
 
 
 
 
 
 
25
 %
 
25
 %
Empliciti
 
18

 
23

 
41

 
18

 
59

 
24

 
83

 
25

 
 
 
 
 
 
 
 
 
 
 
 
 
39
 %
 
39
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Established Brands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Baraclude
 
215

 
170

 
385

 
169

 
554

 
158

 
712

 
134

 
 
 
 
 
 
 
 
 
 
 
 
 
(38
)%
 
(38
)%
Other Brands(a)
 
469

 
485

 
954

 
428

 
1,382

 
491

 
1,873

 
397

 
 
 
 
 
 
 
 
 
 
 
 
 
(15
)%
 
(15
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total(b)
 
$
2,415

 
$
2,474

 
$
4,889

 
$
2,456

 
$
7,345

 
$
2,630

 
$
9,975

 
$
2,471

 
 
 
 
 
 
 
 
 
 
 
 
 
2
 %
 
2
 %
(a)
Includes Sustiva, Reyataz, Daklinza and all other products that have lost exclusivity in major markets, OTC brands and royalty revenue.
(b)
The foreign exchange impact on international revenues was unfavorable 8% for the first quarter. The foreign exchange impact on Prioritized Brands is included below.
 
 
Quarter-to-Date
Year-to-Date
 
 
 
Revenue Change %
Favorable/ (Unfavorable) FX Impact %
Revenue Change % Excluding FX
Revenue Change %
Favorable/ (Unfavorable) FX Impact %
Revenue Change % Excluding FX
 
 
Opdivo
18
 %
(11
)%
29
%
18
 %
(11
)%
29
%
 
 
Eliquis
16
 %
(7
)%
23
%
16
 %
(7
)%
23
%
 
 
Orencia
(8
)%
(8
)%
—

(8
)%
(8
)%
—

 
 
Sprycel
(2
)%
(6
)%
4
%
(2
)%
(6
)%
4
%
 
 
Yervoy
25
 %
(11
)%
36
%
25
 %
(11
)%
36
%
 



6

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in millions)
 
 
2018
 
2019
 
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
Impairment charges
 
$
10

 
$
—

 
$
10

 
$
—

 
$
10

 
$
7

 
$
17

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
Accelerated depreciation and other shutdown costs
 
3

 
14

 
17

 
13

 
30

 
11

 
41

 
12

 
 
 
 
 
 
 
 
 
 
 
 
Cost of products sold
 
13

 
14

 
27

 
13

 
40

 
18

 
58

 
12

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marketing, selling and administrative
 
1

 
—

 
1

 
—

 
1

 
1

 
2

 
1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
License and asset acquisition charges
 
60

 
1,075

 
1,135

 
—

 
1,135

 
—

 
1,135

 
—

 
 
 
 
 
 
 
 
 
 
 
 
IPRD impairments
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
32

 
 
 
 
 
 
 
 
 
 
 
 
Site exit costs and other
 
20

 
19

 
39

 
18

 
57

 
22

 
79

 
19

 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
80

 
1,094

 
1,174

 
18

 
1,192

 
22

 
1,214

 
51

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity investment (gains)/losses
 
(15
)
 
356

 
341

 
(97
)
 
244

 
268

 
512

 
(175
)
 
 
 
 
 
 
 
 
 
 
 
 
Provision for restructuring
 
20

 
37

 
57

 
45

 
102

 
29

 
131

 
12

 
 
 
 
 
 
 
 
 
 
 
 
Acquisition and integration expenses
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
187

 
 
 
 
 
 
 
 
 
 
 
 
Litigation and other settlements
 
—

 
—

 
—

 
—

 
—

 
70

 
70

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Divestiture gains
 
(43
)
 
(25
)
 
(68
)
 
(108
)
 
(176
)
 
(1
)
 
(177
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
Royalties and licensing income
 
(50
)
 
(25
)
 
(75
)
 
—

 
(75
)
 
—

 
(75
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
Pension and postretirement
 
31

 
37

 
68

 
27

 
95

 
26

 
121

 
49

 
 
 
 
 
 
 
 
 
 
 
 
Intangible asset impairment
 
64

 
—

 
64

 
—

 
64

 
—

 
64

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Other income (net)
 
7

 
380

 
387

 
(133
)
 
254

 
392

 
646

 
73

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Increase/(decrease) to pretax income
 
101

 
1,488

 
1,589

 
(102
)
 
1,487

 
433

 
1,920

 
137

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income taxes on specified items
 
(8
)
 
(218
)
 
(226
)
 
1

 
(225
)
 
(43
)
 
(268
)
 
(43
)
 
 
 
 
 
 
 
 
 
 
 
 
Income taxes attributed to U.S. tax reform
 
(32
)
 
3

 
(29
)
 
(20
)
 
(49
)
 
(7
)
 
(56
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
Income taxes
 
(40
)
 
(215
)
 
(255
)
 
(19
)
 
(274
)
 
(50
)
 
(324
)
 
(43
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Increase/(decrease) to net earnings
 
$
61

 
$
1,273

 
$
1,334

 
$
(121
)
 
$
1,213

 
$
383

 
$
1,596

 
$
94

 
 
 
 
 
 
 
 
 
 
 
 


7

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
(Unaudited, dollars in millions)
 
 
2018
 
2019
 
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
Gross Profit
 
$
3,609

 
4,079

 
$
7,688

 
$
4,043

 
$
11,731

 
$
4,283

 
$
16,014

 
$
4,076

 
 
 
 
 
 
 
 
 
 
 
 
Specified items(a)
 
13

 
14

 
27

 
13

 
40

 
18

 
58

 
12

 
 
 
 
 
 
 
 
 
 
 
 
Gross profit excluding specified items
 
3,622

 
4,093

 
7,715

 
4,056

 
11,771

 
4,301

 
16,072

 
4,088

 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marketing, selling and administrative
 
980

 
1,131

 
2,111

 
1,104

 
3,215

 
1,336

 
4,551

 
1,006

 
 
 
 
 
 
 
 
 
 
 
 
Specified items(a)
 
(1
)
 
—

 
(1
)
 
—

 
(1
)
 
(1
)
 
(2
)
 
(1
)
 
 
 
 
 
 
 
 
 
 
 
 
Marketing, selling and administrative excluding specified items
 
979

 
1,131

 
2,110

 
1,104

 
3,214

 
1,335

 
4,549

 
1,005

 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
1,250

 
2,435

 
3,685

 
1,280

 
4,965

 
1,380

 
6,345

 
1,351

 
 
 
 
 
 
 
 
 
 
 
 
Specified items(a)
 
(80
)
 
(1,094
)
 
(1,174
)
 
(18
)
 
(1,192
)
 
(22
)
 
(1,214
)
 
(51
)
 
 
 
 
 
 
 
 
 
 
 
 
Research and development excluding specified items
 
1,170

 
1,341

 
2,511

 
1,262

 
3,773

 
1,358

 
5,131

 
1,300

 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income (net)
 
(400
)
 
(4
)
 
(404
)
 
(508
)
 
(912
)
 
62

 
(850
)
 
(260
)
 
 
 
 
 
 
 
 
 
 
 
 
Specified items(a)
 
(7
)
 
(380
)
 
(387
)
 
133

 
(254
)
 
(392
)
 
(646
)
 
(73
)
 
 
 
 
 
 
 
 
 
 
 
 
Other income (net) excluding specified items
 
(407
)
 
(384
)
 
(791
)
 
(375
)
 
(1,166
)
 
(330
)
 
(1,496
)
 
(333
)
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Refer to the Specified Items schedule for further details.


8

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP TO NON-GAAP EPS
(Unaudited, dollars in millions)
 
 
2018
 
2019
 
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
Earnings before income taxes
 
$
1,779

 
$
517

 
$
2,296

 
$
2,167

 
$
4,463

 
$
1,505

 
$
5,968

 
$
1,979

 
 
 
 
 
 
 
 
 
 
 
 
Specified items(a)
 
101

 
1,488

 
1,589

 
(102
)
 
1,487

 
433

 
1,920

 
137

 
 
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes excluding specified items
 
1,880

 
2,005

 
3,885

 
2,065

 
5,950

 
1,938

 
7,888

 
2,116

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Provision for income taxes
 
284

 
135

 
419

 
255

 
674

 
347

 
1,021

 
264

 
 
 
 
 
 
 
 
 
 
 
 
Tax on specified items(a)
 
(8
)
 
(218
)
 
(226
)
 
1

 
(225
)
 
(43
)
 
(268
)
 
(43
)
 
 
 
 
 
 
 
 
 
 
 
 
Income taxes attributed to U.S. tax reform(a)
 
(32
)
 
3

 
(29
)
 
(20
)
 
(49
)
 
(7
)
 
(56
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
Provision for income taxes excluding tax on specified items and income taxes attributed to U.S. tax reform
 
324

 
350

 
674

 
274

 
948

 
397

 
1,345

 
307

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Earnings/(Loss) Attributable to Noncontrolling Interest
 
9

 
9

 
18

 
11

 
29

 
(2
)
 
27

 
5

 
 
 
 
 
 
 
 
 
 
 
 
Specified items(a)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Net Earnings/(Loss) Attributable to Noncontrolling Interest excluding specified items
 
9

 
9

 
18

 
11

 
29

 
(2
)
 
27

 
5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Earnings Attributable to BMS used for Diluted EPS Calculation - GAAP
 
1,486

 
373

 
1,859

 
1,901

 
3,760

 
1,160

 
4,920

 
1,710

 
 
 
 
 
 
 
 
 
 
 
 
Specified items(a)
 
61

 
1,273

 
1,334

 
(121
)
 
1,213

 
383

 
1,596

 
94

 
 
 
 
 
 
 
 
 
 
 
 
Net Earnings Attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP
 
1,547

 
1,646

 
3,193

 
1,780

 
4,973

 
1,543

 
6,516

 
1,804

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average Common Shares Outstanding - Diluted- GAAP
 
1,640

 
1,636

 
1,638

 
1,636

 
1,637

 
1,637

 
1,637

 
1,637

 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average Common Shares Outstanding - Diluted- Non-GAAP
 
1,640

 
1,636

 
1,638

 
1,636

 
1,637

 
1,637

 
1,637

 
1,637

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted Earnings Per Share - GAAP
 
$
0.91

 
$
0.23

 
$
1.13

 
$
1.16

 
$
2.30

 
$
0.71

 
$
3.01

 
$
1.04

 
 
 
 
 
 
 
 
 
 
 
 
Diluted Earnings/(Loss) Per Share Attributable to Specified Items
 
0.03

 
0.78

 
0.82

 
(0.07
)
 
0.74

 
0.23

 
0.97

 
0.06

 
 
 
 
 
 
 
 
 
 
 
 
Diluted Earnings Per Share - Non-GAAP
 
$
0.94

 
$
1.01

 
$
1.95

 
$
1.09

 
$
3.04

 
$
0.94

 
$
3.98

 
$
1.10

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective Tax Rate
 
16.0
%
 
26.1
 %
 
18.2
 %
 
11.8
%
 
15.1
%
 
23.1
 %
 
17.1
%
 
13.3
%
 
 
 
 
 
 
 
 
 
 
 
 
Specified items(a)
 
1.2
%
 
(8.6
)%
 
(0.9
)%
 
1.5
%
 
0.8
%
 
(2.6
)%
 
—

 
1.2
%
 
 
 
 
 
 
 
 
 
 
 
 
Effective Tax Rate excluding specified items
 
17.2
%
 
17.5
 %
 
17.3
 %
 
13.3
%
 
15.9
%
 
20.5
 %
 
17.1
%
 
14.5
%
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Refer to the Specified Items schedule for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate.

9

BRISTOL-MYERS SQUIBB COMPANY
SELECTED BALANCE SHEET INFORMATION
(Unaudited, dollars in millions)
 
 
March 31,
2018
 
June 30,
2018
 
September 30,
2018
 
December 31,
2018
 
March 31,
2019
 
June 30,
2019
 
September 30,
2019
 
December 31,
2019
Cash and cash equivalents
 
$
5,342

 
$
4,999

 
$
5,408

 
$
6,911

 
$
7,335

 
 
 
 
 
 
Marketable securities - current
 
1,428

 
1,076

 
1,422

 
1,973

 
1,429

 
 
 
 
 
 
Marketable securities - non-current
 
2,252

 
2,117

 
2,017

 
1,775

 
1,233

 
 
 
 
 
 
     Cash, cash equivalents and marketable securities
 
9,022

 
8,192

 
8,847

 
10,659

 
9,997

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term debt obligations
 
(1,925
)
 
(1,716
)
 
(1,620
)
 
(1,703
)
 
(381
)
 
 
 
 
 
 
Long-term debt
 
(5,775
)
 
(5,671
)
 
(5,687
)
 
(5,646
)
 
(5,635
)
 
 
 
 
 
 
     Net cash position
 
$
1,322

 
$
805

 
$
1,540

 
$
3,310

 
$
3,981

 
 
 
 
 
 


10

BRISTOL-MYERS SQUIBB COMPANY
2019 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS
 
Full Year 2019
Pre-tax
 
Tax
 
After-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP
 
 
 
 
$3.84 to $3.94


 
 
 
 
 
Projected Specified Items:
 
 
 
 
 
Restructuring, accelerated depreciation and other exit costs(1)
0.10

 
0.01

 
0.09

Divestiture gains and licensing income
(0.80
)
 
(0.10
)
 
(0.70
)
Research and development license and asset acquisition charges
0.10

 
0.01

 
0.09

Pension charges
0.96

 
0.22

 
0.74

Equity investment gains
(0.07
)
 
(0.02
)
 
(0.05
)
Acquisition and integration expenses
0.11

 
0.02

 
0.09

Total
0.40

 
0.14

 
0.26

 
 
 
 
 
 
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP
 
 
 
 
$4.10 to $4.20

 
 
 
 
 
 
(1) Includes items recognized in Cost of products sold, Research and development and Other income (net).
 
 
 
 
 
The following table summarizes the company's 2019 financial guidance:
 
Line item
 
GAAP
 
Non-GAAP
 
Worldwide revenues
 
Increasing in the mid-single digits
 
Increasing in the mid-single digits
 
 
 
 
 
Gross margin as a percent of revenue
 
Approximately 70%
 
Approximately 70%
 
Marketing, selling and administrative expense
 
Decreasing in the mid-single digit range
 
Decreasing in the mid-single digit range
 
 
 
 
 
Research and development expense
 
Decreasing in the high-single digits
 
Increasing in the high-single digits
 
 
 
 
 
Effective tax rate
 
Approximately 14%
 
Approximately 16%
The GAAP financial results for the full year of 2019 will include specified items, including acquisition and integration expenses, charges associated with restructuring, downsizing and streamlining worldwide operations, divestiture gains or losses, license and asset acquisition charges and pension charges. The financial guidance for 2019 excludes the impact of any potential future strategic acquisitions and divestitures, including any impact of the Celgene acquisition other than expenses incurred in the first quarter of 2019, and other specified items that have not yet been identified and quantified, including litigation and other settlements, licensed asset impairments and gains/losses on equity investments, among other items. For a fuller discussion of items that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Reports First Quarter Financial Results on April 25, 2019, including “2019 Financial Guidance” and “Use of non-GAAP Financial Information” therein.


11