Bristol-Myers Squibb Delivers Solid Fourth Quarter Results

Bristol-Myers SquibbBristol-Myers Squibb Company (NYSE: BMY) announced solid results for the fourth quarter of 2010. This concludes a year in which the Company presented key data on marketed and investigational products across its pipeline, completed important regulatory milestones, continued its focus on strategic transactions and delivered on its commitment to drive shareholder value. In addition, the company provided guidance for 2011, and confirmed guidance for 2013.

"In the fourth quarter, we delivered solid financial results, concluding a very good year for the company," said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. "The performance in the quarter is reflective of a year in which robust clinical data, targeted execution of our String of Pearls strategy, and key regulatory submissions provided further proof of our ability to build one of the most innovative pipelines in the industry."

"In 2011 we will build on the momentum created in 2010. We anticipate several key pipeline events that will help shape our future as we continue to position our company for long-term success as a focused, differentiated BioPharma company," Andreotti said.

Fourth Quarter Financial Results:

  • Bristol-Myers Squibb posted fourth quarter 2010 net sales of $5.1 billion. U.S. health care reform had a 1.5% negative effect on net sales in the fourth quarter.
  • U.S. net sales increased 5% to $3.3 billion in the fourth quarter of 2010 compared to the same period in 2009. International net sales decreased 5%, or 3% excluding foreign exchange impact, to $1.8 billion.
  • Gross margin as a percentage of net sales was 72.3% in the fourth quarter of 2010 compared to 71.5% in the same period in 2009.
  • Marketing, selling and administrative expenses decreased 15% to $1.0 billion in the fourth quarter of 2010.
  • Advertising and product promotion spending decreased 19% to $271 million in the fourth quarter of 2010.
  • Research and development expenses decreased 9% to $1.0 billion in the fourth quarter of 2010.
  • The effective tax rate on earnings from continuing operations before income taxes was 40.4% on a GAAP basis in the fourth quarter of 2010. The higher effective tax rate for the current quarter is primarily due to a $207 million specified tax charge mostly related to an internal restructuring of certain foreign legal entities and a change in earnings mix to high-tax jurisdictions.
  • The Company reported fourth quarter GAAP net earnings from continuing operations attributable to Bristol-Myers Squibb Company of $483 million, or $0.28 compared to $818 million or $ 0.41 per share for the same period in 2009.
  • The Company reported fourth quarter non-GAAP net earnings from continuing operations of $807 million or, $0.47 per share, compared to $928 million, or $0.47 per share, for the same period in 2009. An overview of specified items is discussed under the "Use of Non-GAAP Financial Information" section.
  • The impact of U.S. health care reform decreased fourth quarter EPS from continuing operations by approximately $0.02 on both a GAAP and non-GAAP basis.
  • Cash, cash equivalents and marketable securities as of the end of the fourth quarter were $10.0 billion, resulting in a net cash position of $4.5 billion as of December 31, 2010. During the fourth quarter, the Company acquired ZymoGenetics for $885 million and repurchased $750 million aggregate principal amount of its outstanding debt.

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.

Most Popular Now

Most popular vitamin and mineral supplements provi…

The most commonly consumed vitamin and mineral supplements provide no consistent health benefit or harm, suggests a new study led by researchers at St. Michael's Hospital...

AstraZeneca heads to 2018 ASCO Annual Meeting with…

AstraZeneca and MedImmune, its global biologics research and development arm, head to the 2018 American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago, US...

Tiny particles could help fight brain cancer

Glioblastoma multiforme, a type of brain tumor, is one of the most difficult-to-treat cancers. Only a handful of drugs are approved to treat glioblastoma, and the median ...

New approach to immunotherapy leads to complete re…

A novel approach to immunotherapy developed by researchers at the National Cancer Institute (NCI) has led to the complete regression of breast cancer in a patient who was...

Amgen Foundation and Harvard team up to offer free…

The Amgen Foundation and Harvard University today announced plans to launch a free online science education platform uniquely designed to level the playing field for aspi...

The Pfizer Foundation announces $5 million in gran…

The Pfizer Foundation announced a new $5 million grant commitment to initiatives in low- and middle-income countries that provide family planning access and education for...

Study finds antioxidant-enriched vitamin reduces r…

Researchers at Children's Hospital Colorado (Children's Colorado) and the University of Colorado School of Medicine have found that taking a specially formulated antioxid...

New drugs could also be deployed against lung and …

A new anti-cancer drug may be effective against a wider range of cancers than previously thought. Using a mouse model and samples taken from cancer patients, a team from ...

What would help or hinder patient participation in…

As clinical trials gear up with the aim of attaining the first FDA-approved treatments for mitochondrial disease, a new study reports for the first time what patients and...

Pfizer to expand venture investing with $600 milli…

Pfizer Inc. (NYSE:PFE) today announced it plans to invest $600 million in biotechnology and other emerging growth companies through Pfizer Ventures, the company’s venture...

Update on Phase III clinical trials of lanabecesta…

AstraZeneca and Eli Lilly and Company (Lilly) are discontinuing the global Phase III clinical trials of lanabecestat, an oral beta secretase cleaving enzyme (BACE) inhibi...

Soy lecithin NSAID combo drug protects against can…

When scientists at The University of Texas Health Science Center at Houston (UTHealth) applied a chemical found in soybeans to a non-steroidal anti-inflammatory drug (NSA...