- Increases Second Quarter Revenues 10% to $6.3
Billion
- Posts Second Quarter GAAP EPS of $0.87 and Non-GAAP EPS of
$1.18
- Announces Topline Results for CheckMate-227 Part 1a and Part
2
- Continues to Advance Celgene Integration Planning and
Transaction Closing
- Updates 2019 GAAP and Non-GAAP EPS Guidance
Bristol-Myers Squibb Company (NYSE:BMY) today reported results
for the second quarter of 2019, which were highlighted by strong
sales for Eliquis (apixaban) and Opdivo (nivolumab) and a robust
operating performance across the portfolio.
“We had a very good second quarter where we delivered strong
financial results while also advancing our integration planning for
the acquisition of Celgene,” said Giovanni Caforio, M.D., chairman
and chief executive officer, Bristol-Myers Squibb. “Through strong
commercial execution and financial discipline we are establishing a
solid foundation from which we can build the leading biopharma
company, well-positioned to address the unmet needs of our patients
and create long-term shareholder value.”
Second
Quarter
$ amounts in millions, except per share
amounts
2019
2018
Change
Total Revenues
$6,273
$5,704
10%
GAAP Diluted EPS
0.87
0.23
**
Non-GAAP Diluted EPS
1.18
1.01
17%
**In excess of +/- 100%
SECOND QUARTER FINANCIAL
RESULTS
- Bristol-Myers Squibb posted second quarter 2019 revenues of
$6.3 billion, an increase of 10% compared to the same period a year
ago. Revenues increased 13% when adjusted for foreign exchange
impact.
- U.S. revenues increased 14% to $3.7 billion in the quarter
compared to the same period a year ago. International revenues
increased 5%. When adjusted for foreign exchange impact,
international revenues increased 12%.
- Gross margin as a percentage of revenue decreased from 71.5% to
68.2% in the quarter primarily due to product mix and a $109
million impairment charge in connection with the expected sale of
manufacturing and packaging operations in Anagni, Italy.
- Marketing, selling and administrative expenses decreased 5% to
$1.1 billion in the quarter.
- Research and development expenses decreased 45% to $1.3 billion
in the quarter primarily due to a $1.1 billion charge resulting
from the Nektar collaboration in the second quarter last year.
- The effective tax rate was 19.0% in the quarter, compared to
26.1% in the second quarter last year. The lower tax rate was due
to a non-deductible equity investment loss in the second quarter
last year.
- The company reported net earnings attributable to Bristol-Myers
Squibb of $1.4 billion, or $0.87 per share, in the second quarter,
compared to net earnings of $373 million, or $0.23 per share, for
the same period in 2018. The results for the second quarter of 2019
include $409 million of Celgene-related acquisition and integration
expenses.
- The company reported non-GAAP net earnings attributable to
Bristol-Myers Squibb of $1.9 billion, or $1.18 per share, in the
second quarter, compared to net earnings of $1.6 billion, or $1.01
per share, for the same period in 2018. An overview of specified
items is discussed under the “Use of Non-GAAP Financial
Information” section.
- Cash, cash equivalents and marketable securities were $30.4
billion as of June 30, 2019, which includes $18.8 billion of net
proceeds from the issuance of new notes in May 2019. The net cash
position was $5.4 billion as of June 30, 2019.
ACQUISITION OF CELGENE
CORPORATION
- In June, the company announced plans to divest OTEZLA® in light
of concerns expressed by the U.S. Federal Trade Commission. The
company expects to close the Celgene transaction by the end of 2019
or beginning of 2020. (link)
- In June, the company announced the future leadership team of
the combined company effective upon completion of the company’s
pending acquisition of Celgene. (link)
OTEZLA® is a trademark of Celgene Corporation.
SECOND QUARTER PRODUCT AND PIPELINE
UPDATE
Product Sales/Business Highlights
Global revenues for the second quarter of 2019, compared to the
second quarter of 2018, were driven by:
- Eliquis, which grew by $392 million or 24% increase
- Opdivo, which grew by $196 million or 12% increase
- Orencia, which grew by 9%
- Sprycel, which grew by 2%
- Yervoy, which grew by 17%
Opdivo
Clinical
- In July, the company announced Part 1a of the Phase 3 Checkmate
-227 study evaluating Opdivo plus low dose Yervoy vs. chemotherapy
met the co-primary endpoint of overall survival in first-line
non-small cell lung cancer (NSCLC) patients whose tumors express
PD-L1 ≥1%. (link)
- In July, the company announced Part 2 of the Phase 3 Checkmate
-227 study evaluating Opdivo plus chemotherapy versus chemotherapy
did not meet its primary endpoint of overall survival in first-line
non-squamous NSCLC patients regardless of PD-L1 status. (link)
- In June, the company announced results of the Phase 3 Checkmate
-459 study evaluating Opdivo versus sorafenib as a first-line
treatment in patients with unresectable hepatocellular carcinoma
(HCC). (link)
- In June, at the American Society of Clinical Oncology Annual
Meeting 2019, the company announced important new data and analysis
from three studies evaluating Opdivo as monotherapy and in
combination with Yervoy (ipilimumab):
- Checkmate -040: Results from the Phase 1/2 study evaluating
Opdivo plus Yervoy in patients with advanced HCC previously treated
with sorafenib. (link)
- CA209-004: Results from the Phase 1 study evaluating Opdivo
plus Yervoy in patients with previously treated or untreated
advanced melanoma. (link)
- Checkmate -067: Results from the Phase 3 study evaluating
patient reported quality of life during extended therapy and
following the discontinuation of therapy with Opdivo or Opdivo plus
Yervoy in patients with previously untreated unresectable or
metastatic melanoma. (link)
- In May, the company announced results of the Phase 3 CheckMate
-498 trial evaluating Opdivo plus radiation versus temozolomide
plus radiation in patients with newly diagnosed
O6-methylguanine-DNA methyltransferase-unmethylated glioblastoma
multiforme. (link)
Orencia
Clinical
- In June, at the Annual European Congress of Rheumatology, the
company announced results from the Phase 4 mechanistic study
exploring differences in the cellular and molecular mechanisms by
which Orencia (abatacept) and adalimumab interfere with disease
progression in moderate-to-severe early rheumatoid arthritis
patients seropositive for certain autoantibodies. (link)
Empliciti
Clinical
- In June, at the Congress of the European Hematology
Association, the company announced results from the Phase 2 study
evaluating Empliciti (elotuzumab) plus pomalidomide and
dexamethasone versus pomalidomide and dexamethasone alone in
patients with relapsed or refractory multiple myeloma. (link)
SECOND QUARTER BUSINESS DEVELOPMENT
UPDATE
- In July, the company, Bayer and Ono Pharmaceutical Co., Ltd.
announced a clinical trial collaboration to evaluate Opdivo in
combination with Bayer’s Stivarga® in patients with micro-satellite
stable metastatic colorectal cancer.
- In July, the company announced the completion of its previously
announced sale of its consumer health business, UPSA, to Taisho
Pharmaceutical Co., Ltd.
- In June, the company announced Catalent, Inc. has agreed to
purchase its oral solid, biologics, and sterile product
manufacturing and packaging facility in Anagni, Italy.
Stivarga® is a trademark of Bayer.
2019 FINANCIAL GUIDANCE
Bristol-Myers Squibb is decreasing its 2019 GAAP EPS guidance
range from $3.84 - $3.94 to $3.73- $3.83 and increasing its
non-GAAP EPS guidance range from $4.10 - $4.20 to $4.20 - $4.30.
Both GAAP and non-GAAP guidance assume current exchange rates. Key
revised 2019 GAAP and non-GAAP line-item guidance assumptions
are:
- Research and development expenses decreasing in the low-double
digits for GAAP and increasing in the mid-single digits for
non-GAAP.
The financial guidance for 2019 excludes the impact of any
potential future strategic acquisitions and divestitures, including
any impact of the pending Celgene acquisition other than expenses
incurred in 2019, and any specified items that have not yet been
identified and quantified. The non-GAAP 2019 guidance also excludes
other specified items as discussed under “Use of Non-GAAP Financial
Information.” Details reconciling adjusted non-GAAP amounts with
the amounts reflecting specified items are provided in supplemental
materials available on the company’s website.
Guidance inclusive of the Celgene acquisition will be provided
after the close of the transaction.
Use of Non-GAAP Financial
Information
This earnings release contains non-GAAP financial measures,
including non-GAAP earnings and related EPS information that are
adjusted to exclude certain costs, expenses, gains and losses and
other specified items that are evaluated on an individual basis.
These items are adjusted 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 future operating results.
Similar charges or gains were recognized in prior periods and will
likely reoccur in future periods, including acquisition and
integration expenses, restructuring costs, accelerated depreciation
and impairment of property, plant and equipment and intangible
assets, R&D charges or other income resulting from up-front or
contingent milestone payments in connection with the acquisition or
licensing of third-party intellectual property rights, divestiture
gains or losses, pension, legal and other contractual settlement
charges, interest expense on the new notes issued in May 2019 in
connection with our pending acquisition of Celgene and interest
income earned on the net proceeds of the notes and debt redemption
gains or losses, 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. Non-GAAP information is intended to
portray the results of the company’s baseline performance,
supplement or enhance management, analysts and investors overall
understanding of the company’s underlying financial performance and
facilitate comparisons among current, past and future periods. For
example, non-GAAP earnings and EPS information is an indication of
the company’s baseline performance before items that are considered
by us to not be reflective of the company’s ongoing results. In
addition, this information is among the primary indicators that we
use as a basis for evaluating performance, allocating resources,
setting incentive compensation targets and planning and forecasting
for future periods. This information is not intended to be
considered in isolation or as a substitute for net earnings or
diluted EPS 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.
Company and Conference Call
Information
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, Twitter, YouTube and Facebook. For more
information about Bristol-Myers Squibb's pending acquisition of
Celgene, please visit https://bestofbiopharma.com.
There will be a conference call on July 25, 2019 at 8:30 a.m. ET
during which company executives will review financial information
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 or by calling the U.S. toll free
888-254-3590 or international 323-994-2093, confirmation code:
9333832. Materials related to the call will be available at the
same website prior to the conference call. A replay of the call
will be available beginning at 11:45 a.m. ET on July 25, 2019
through 11:45 a.m. ET on August 8, 2019. The replay will also be
available through http://investor.bms.com or by calling the U.S.
toll free 888-203-1112 or international 719-457-0820, confirmation
code: 9333832.
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, 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, statements
relating to goals, plans and projections regarding the company’s
financial position, results of operations, market position, product
development and business strategy. These statements may be
identified by the fact 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. One can also
identify forward-looking statements by the fact that they do not
relate strictly to historical or current facts. These statements
are likely to relate to, among other things, the company’s ability
to execute successfully its strategic plans, including its business
development strategy generally and in relation to its ability to
complete the financing transactions in connection with and to
realize the projected benefits of the company’s pending acquisition
of Celgene, the expiration of patents or data protection on certain
products, including assumptions about the company’s ability to
retain patent exclusivity of certain products and the impact, and
result of governmental investigations. No forward-looking statement
can be guaranteed, including that the company’s future clinical
studies will support the data described in this release, product
candidates will receive necessary clinical and manufacturing
regulatory approvals, pipeline products will prove to be
commercially successful, clinical and manufacturing regulatory
approvals will be sought or obtained within currently expected
timeframes or contractual milestones will be achieved.
Such forward-looking statements are based on historical
performance and 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, challenges inherent in new product development,
including obtaining and maintaining regulatory approval;
competitive developments affecting current products; difficulties
and delays in product introduction and commercialization; industry
competition from other manufacturers; the company’s ability to
obtain and protect market exclusivity rights and enforce patents
and other intellectual property rights; the risk of an adverse
patent litigation decision or settlement and exposure to other
litigation and/or regulatory actions; pricing controls and
pressures (including changes in rules and practices of managed care
organizations and institutional and governmental purchasers); the
impact of any U.S. healthcare reform and legislation or regulatory
action in the U.S. and markets outside the U.S. affecting
pharmaceutical product pricing, reimbursement or access; changes in
tax law and regulations, including the impact of the Tax Cuts and
Jobs Act of 2017 and related guidance; any significant issues that
may arise related to the company’s joint ventures and other
third-party business arrangements; the company’s ability to execute
its financial, strategic and operational plans or initiatives; the
ability to attract and retain key personnel; the company’s ability
to identify potential strategic acquisitions or transactions and
successfully realize the expected benefits of such transactions,
including with respect to the pending acquisition of Celgene; the
conditions to closing the Celgene transaction will be satisfied
and, if the transaction closes, the company’s ability to
successfully integrate Celgene, manage the impact of the company’s
increased indebtedness, achieve anticipated synergies and
effectively address any risks that Celgene currently faces,
including the loss of patent protection for any of its
commercialized products and the failure to obtain approvals for its
pipeline products; difficulties or delays in manufacturing,
distribution or sale of products, including without limitation,
interruptions caused by damage to the company’s and the company’s
suppliers’ manufacturing sites; regulatory decisions impacting
labeling, manufacturing processes and/or other matters; the impact
on the company’s competitive position from counterfeit or
unregistered versions of its products or stolen products; the
adverse impact of cyber-attacks on the company’s information
systems or products, including unauthorized disclosure of trade
secrets or other confidential data stored in the company’s
information systems and networks; political and financial
instability of international economies and sovereign risk; and
issuance of new or revised accounting standards.
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, 2018, as updated by the company’s subsequent Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K and other filings
with the Securities and Exchange Commission. 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
PRODUCT REVENUES FOR THE THREE MONTHS ENDED JUNE 30, 2019 AND 2018
(Unaudited, dollars in millions)
Worldwide Revenues
U.S. Revenues(b)
2019
2018
% Change
2019
2018
% Change
Prioritized Brands
Opdivo
$
1,823
$
1,627
12
%
$
1,112
$
1,024
9
%
Eliquis
2,042
1,650
24
%
1,269
979
30
%
Orencia
778
711
9
%
566
501
13
%
Sprycel
544
535
2
%
307
310
(1
)%
Yervoy
367
315
17
%
253
228
11
%
Empliciti
91
64
42
%
63
41
54
%
Established Brands
Baraclude
147
179
(18
)%
7
9
(22
)%
Other Brands(a)
481
623
(23
)%
90
138
(35
)%
Total
$
6,273
$
5,704
10
%
$
3,667
$
3,230
14
%
(a)
Includes Sustiva, Reyataz, Daklinza and
all other products that lost exclusivity in major markets,
over-the-counter brands and royalty revenue.
(b)
Includes United States and Puerto
Rico.
BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUES FOR THE SIX MONTHS ENDED JUNE 30, 2019 AND 2018
(Unaudited, dollars in millions)
Worldwide Revenues
U.S. Revenues(b)
2019
2018
% Change
2019
2018
% Change
Prioritized Brands
Opdivo
$
3,624
$
3,138
15
%
$
2,236
$
1,962
14
%
Eliquis
3,967
3,156
26
%
2,475
1,864
33
%
Orencia
1,418
1,304
9
%
1,015
886
15
%
Sprycel
1,003
973
3
%
547
524
4
%
Yervoy
751
564
33
%
528
390
35
%
Empliciti
174
119
46
%
121
78
55
%
Established Brands
Baraclude
288
404
(29
)%
14
19
(26
)%
Other Brands(a)
968
1,239
(22
)%
180
285
(37
)%
Total
$
12,193
$
10,897
12
%
$
7,116
$
6,008
18
%
(a)
Includes Sustiva, Reyataz, Daklinza and
all other products that lost exclusivity in major markets,
over-the-counter brands and royalty revenue.
(b)
Includes United States and Puerto
Rico.
BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS FOR THE THREE AND SIX MONTHS
ENDED JUNE 30, 2019 AND 2018 (Unaudited, dollars and shares in
millions except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2019
2018
2019
2018
Net product sales
$
6,031
$
5,461
$
11,744
$
10,433
Alliance and other revenues
242
243
449
464
Total Revenues
6,273
5,704
12,193
10,897
Cost of products sold
1,992
1,625
3,836
3,209
Marketing, selling and administrative
1,076
1,131
2,082
2,111
Research and development
1,328
2,435
2,679
3,685
Other income (net)
101
(4
)
(159
)
(404
)
Total Expenses
4,497
5,187
8,438
8,601
Earnings Before Income Taxes
1,776
517
3,755
2,296
Provision for Income Taxes
337
135
601
419
Net Earnings
1,439
382
3,154
1,877
Noncontrolling Interest
7
9
12
18
Net Earnings Attributable to BMS
$
1,432
$
373
$
3,142
$
1,859
Average Common Shares Outstanding:
Basic
1,636
1,633
1,635
1,633
Diluted
1,637
1,636
1,637
1,638
Earnings per Common Share
Basic
$
0.88
$
0.23
$
1.92
$
1.14
Diluted
0.87
0.23
1.92
1.13
Other income (net)
Interest expense
$
123
$
45
$
168
$
91
Investment income
(119
)
(38
)
(175
)
(74
)
Equity investment (gains)/losses
(71
)
356
(246
)
341
Provision for restructuring
10
37
22
57
Acquisition expenses
303
—
468
—
Integration expenses
106
—
128
—
Litigation and other settlements
—
(1
)
1
(1
)
Equity in net income of affiliates
—
(27
)
—
(51
)
Divestiture losses/(gains)
8
(25
)
8
(70
)
Royalties and licensing income
(303
)
(353
)
(611
)
(720
)
Transition and other service fees
(2
)
(1
)
(4
)
(5
)
Pension and postretirement
26
(19
)
70
(30
)
Intangible asset impairment
15
—
15
64
Other
5
22
(3
)
(6
)
Other income (net)
$
101
$
(4
)
$
(159
)
$
(404
)
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019
AND 2018 (Unaudited, dollars in millions)
Three Months Ended June 30,
Six Months Ended June 30,
2019
2018
2019
2018
Impairment charges
$
109
$
—
$
109
$
10
Accelerated depreciation and other
shutdown costs
30
14
42
17
Cost of products sold
139
14
151
27
Marketing, selling and
administrative
—
—
1
1
License and asset acquisition charges
25
1,075
25
1,135
IPRD impairments
—
—
32
—
Site exit costs and other
19
19
38
39
Research and development
44
1,094
95
1,174
Interest expense
83
—
83
—
Investment income
(54
)
—
(54
)
—
Equity investment (gains)/losses
(71
)
356
(246
)
341
Provision for restructuring
10
37
22
57
Acquisition expenses
303
—
468
—
Integration expenses
106
—
128
—
Divestiture losses/(gains)
8
(25
)
8
(68
)
Royalties and licensing income
—
(25
)
—
(75
)
Pension and postretirement
44
37
93
68
Intangible asset impairment
—
—
—
64
Other income (net)
429
380
502
387
Increase to pretax income
612
1,488
749
1,589
Income taxes on items above
(105
)
(218
)
(148
)
(226
)
Income taxes attributed to U.S. tax
reform
—
3
—
(29
)
Income taxes
(105
)
(215
)
(148
)
(255
)
Increase to net earnings
$
507
$
1,273
$
601
$
1,334
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE
ITEMS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018
(Unaudited, dollars in millions)
Three Months Ended June 30,
2019
Six Months Ended June 30,
2019
GAAP
Specified Items(a)
Non- GAAP
GAAP
Specified Items(a)
Non- GAAP
Gross Profit
$
4,281
$
139
$
4,420
$
8,357
$
151
$
8,508
Marketing, selling and administrative
1,076
—
1,076
2,082
(1
)
2,081
Research and development
1,328
(44
)
1,284
2,679
(95
)
2,584
Other income (net)
101
(429
)
(328
)
(159
)
(502
)
(661
)
Earnings Before Income Taxes
1,776
612
2,388
3,755
749
4,504
Provision for Income Taxes
337
(105
)
442
601
(148
)
749
Noncontrolling interest
7
—
7
12
—
12
Net Earnings Attributable to BMS used for
Diluted EPS Calculation
$
1,432
$
507
$
1,939
$
3,142
$
601
$
3,743
Average Common Shares Outstanding -
Diluted
1,637
1,637
1,637
1,637
1,637
1,637
Diluted Earnings Per Share
$
0.87
$
0.31
$
1.18
$
1.92
$
0.37
$
2.29
Effective Tax Rate
19.0
%
(0.5
)%
18.5
%
16.0
%
0.6
%
16.6
%
Three Months Ended June 30,
2018
Six Months Ended June 30,
2018
GAAP
Specified Items(a)
Non- GAAP
GAAP
Specified
Items(a)
Non-
GAAP
Gross Profit
$
4,079
$
14
$
4,093
$
7,688
$
27
$
7,715
Marketing, selling and administrative
1,131
—
1,131
2,111
(1
)
2,110
Research and development
2,435
(1,094
)
1,341
3,685
(1,174
)
2,511
Other income (net)
(4
)
(380
)
(384
)
(404
)
(387
)
(791
)
Earnings Before Income Taxes
517
1,488
2,005
2,296
1,589
3,885
Provision for Income Taxes
135
(215
)
350
419
(255
)
674
Noncontrolling interest
9
—
9
18
—
18
Net Earnings Attributable to BMS used for
Diluted EPS Calculation
$
373
$
1,273
$
1,646
$
1,859
$
1,334
$
3,193
Average Common Shares Outstanding -
Diluted
1,636
1,636
1,636
1,638
1,638
1,638
Diluted Earnings Per Share
$
0.23
$
0.78
$
1.01
$
1.13
$
0.82
$
1.95
Effective Tax Rate
26.1
%
(8.6
)%
17.5
%
18.2
%
(0.9
)%
17.3
%
(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.
BRISTOL-MYERS SQUIBB COMPANY NET
CASH/(DEBT) CALCULATION AS OF JUNE 30, 2019 AND DECEMBER 31, 2018
(Unaudited, dollars in millions)
June 30, 2019
December 31, 2018
Cash and cash equivalents
$
28,404
$
6,911
Marketable securities - current
953
1,973
Marketable securities - non-current
994
1,775
Cash, cash equivalents and marketable
securities
30,351
10,659
Short-term debt obligations
(545
)
(1,703
)
Long-term debt
(24,433
)
(5,646
)
Net cash position
$
5,373
$
3,310
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190725005190/en/
Media: Carrie Fernandez, 609-252-5222, carrie.fernandez@bms.com;
Investor Relations: John Elicker, 609-252-4611,
john.elicker@bms.com or Tim Power, 609-252-7509,
timothy.power@bms.com
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