Bristol-Myers Squibb Delivers Excellent Second Quarter

Bristol-Myers SquibbBristol-Myers Squibb Company (NYSE: BMY) announced double-digit sales growth in a quarter that was highlighted by important new product approvals in both the U.S. and Europe, and key data from the Company's cardiovascular, oncology and diabetes franchises. In addition, the Company raised guidance for 2011 and confirmed minimum non-GAAP guidance for 2013.

  • Bristol-Myers Squibb posted second quarter 2011 net sales of $5.4 billion, an increase of 14%, or 10% excluding the impact of foreign exchange, compared to the same period a year ago.
  • U.S. net sales increased 15% to $3.6 billion in the quarter compared to the same period a year ago. International net sales increased 13%, or 3% excluding foreign exchange impact, to $1.9 billion.
  • Gross margin as a percentage of net sales was 72.7% in the quarter compared to 73.2% in the same period a year ago.
  • Marketing, selling and administrative expenses increased 16% to $1.0 billion in the quarter.
  • Advertising and product promotion spending decreased 4% to $253 million in the quarter.
  • Research and development expenses increased 12% to $923 million in the quarter.
  • The effective tax rate on earnings before income taxes was 27.0% in the quarter, compared to 20.4% in the second quarter last year.
  • The Company reported net earnings attributable to Bristol-Myers Squibb of $902 million, or $0.52 per share, in the quarter compared to $927 million, or $0.53 per share, a year ago.
  • The Company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $971 million, or $0.56 per share, in the second quarter compared to $944 million, or $0.54 per share, for the same period in 2010. An overview of specified items is discussed under the "Use of Non-GAAP Financial Information" section.
  • The incremental impact in 2011 over 2010 of the two additional U.S. health care reform provisions for new discounts associated with the Medicare Part D coverage gap and the annual pharmaceutical company fee decreased second quarter EPS by approximately $0.03.
  • Cash, cash equivalents and marketable securities were $10.4 billion, with a net cash position of $4.9 billion as of June 30, 2011.

"I am proud of this organization and our strong second quarter results across the board—financially, clinically, and operationally. This performance demonstrates the success of our BioPharma strategy in delivering short term results and in positioning the Company for the future," said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb.

"While we delivered double-digit sales growth during the second quarter, driven in part by the strong initial performance of YERVOY® (ipilimumab), we also received regulatory approval for NULOJIX® (belatacept) in the U.S. and Europe, and ELIQUIS in Europe for VTE prevention. That brings us to three new products approved in three months, including the approval of YERVOY in the U.S. in March. We also presented clinical data from our oncology and diabetes franchises, and announced important positive top line results from our Phase III ARISTOTLE trial on ELIQUIS for stroke prevention in patients with atrial fibrillation."

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.

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