Bristol-Myers Squibb reports fourth quarter financial results

Bristol-Myers SquibbBristol-Myers Squibb Company (NYSE: BMY) has announced results for the fourth quarter of 2012 highlighted by regulatory approvals for Eliquis® and Forxiga®. This concluded a year in which the Company delivered growth of its key products as it transitioned to its promising future portfolio. In addition, the company provided financial guidance for 2013.

"With regulatory approvals for Eliquis and Forxiga, and good operating performance in the fourth quarter, Bristol-Myers Squibb had a strong finish to an important year of transition," said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. "In 2012 we continued to effectively execute our strategy, and continued to build the post-Plavix portfolio and operating structure that provide a solid foundation for our future growth. As we begin 2013, I am looking forward to our many opportunities, including the growth of the existing key brands, the execution of the new launches, and the continued delivery of a diverse and sustainable R&D pipeline."

Fourth quarter financial results

  • Bristol-Myers Squibb posted fourth quarter 2012 net sales of $4.2 billion, a decrease of 23% compared to the same period a year ago, following the U.S. patent expiration of Avapro®/Avalide® in March 2012 and Plavix® in May 2012. Excluding Plavix and Avapro/Avalide, net sales grew by 13% compared to the fourth quarter of 2011.
  • U.S. net sales decreased 38% to $2.2 billion in the quarter, compared to the same period a year ago. International net sales increased 6% to $2.0 billion.
  • Gross margin as a percentage of net sales was 74.3% in the quarter, compared to 74.9% in the same period a year ago.
  • Marketing, selling and administrative expenses decreased 6% to $1.1 billion in the quarter.
  • Advertising and product promotion spending decreased 26% to $212 million in the quarter.
  • Research and development expenses increased 7% to $1.1 billion in the quarter.
  • The Company reported an overall tax benefit rate of 80.1% attributed to a capital loss deduction in the quarter. The effective tax rate on earnings before income taxes was 22.8% in the fourth quarter last year.
  • The Company reported net earnings attributable to Bristol-Myers Squibb of $925 million, or $0.56 per share, in the quarter compared to $852 million, or $0.50 per share, a year ago.
  • The Company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $777 million, or $0.47 per share, in the fourth quarter, compared to $906 million, or $0.53 per share, for the same period in 2011. An overview of specified items is discussed under the "Use of Non-GAAP Financial Information" section.
  • Cash, cash equivalents and marketable securities were $6.4

Bristol-Myers Squibb is setting its 2013 GAAP EPS guidance range from $1.54 to $1.64 and its non-GAAP EPS guidance range from $1.78 to $1.88. Both GAAP and non-GAAP guidance assume current exchange rates. Key 2013 non-GAAP guidance assumptions include:

  • Worldwide sales between $16.2 billion and $17.0 billion.
  • Full-year gross margin as a percentage of sales between 72% and 73%.
  • Advertising and promotion expense increasing in the high single digit range.
  • Marketing, sales and administrative expenses remaining flat versus last year.
  • Research and development expenses growing in the low-single-digit range.
  • An effective tax rate of approximately 16%.

It is estimated that 30% to 40% of the research and development expenses in 2013 will be incurred on late-stage development programs. Total research and development expenses include the costs of discovery research, preclinical development, early- and late-clinical development and drug formulation, as well as clinical trials and medical support of marketed products, proportionate allocations of enterprise-wide costs, and other appropriate costs. Late-stage development expenses refer to our investigational compounds that are in Phase III clinical development and our marketed products that are in Phase III development for additional indications or formulations.

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

GSK reaches agreement with Novartis to acquire ful…

GlaxoSmithKline plc (LSE/NYSE: GSK) today announces that it has reached an agreement with Novartis for the buyout of Novartis' 36.5% stake in their Consumer Healthcare Jo...

Canadian neuroscientists say daily ibuprofen can p…

A Vancouver-based research team led by Canada's most cited neuroscientist, Dr. Patrick McGeer, has successfully carried out studies suggesting that, if started early enou...

First proof a synthesized antibiotic is capable of…

A "game changing" new antibiotic which is capable of killing superbugs has been successfully synthesised and used to treat an infection for the first time - and could lea...

Merck partners with Medisafe to help improve medic…

Merck, a leading science and technology company, today announced a new collaboration with US-based Medisafe to help its cardiometabolic patients better manage medication ...

Novartis teams up with Harvard to develop next gen…

Novartis announced today that it is teaming up with scientists from the Wyss Institute for Biologically Inspired Engineering at Harvard University and the Dana-Farber Can...

Phase III data in The Lancet show Novartis siponim…

Novartis today announced that the full results from the Phase III EXPAND study of oral, once-daily siponimod (BAF312) in secondary progressive multiple sclerosis (SPMS) w...

Taking a standard prostate cancer drug with food b…

By taking a high-cost drug with a low-fat meal - instead of on an empty stomach, as prescribed - prostate cancer patients could decrease their daily dose, prevent digesti...

North and south cooperation to combat tuberculosis

Tuberculosis can be cured and could be eradicated. For this to happen, however, patients have to receive the right treatment. Researchers at the Makerere University and t...

New immunotherapy for lung cancer shows promise of…

In a groundbreaking development, results from a recent clinical trial to treat lung cancer show that a novel immunotherapy combination is surprisingly effective at contro...

Lokelma approved in the EU for the treatment of ad…

AstraZeneca today announced that the European Commission has granted marketing authorisation for Lokelma (formerly ZS-9, sodium zirconium cyclosilicate) for the treatment...

New targeted therapy schedule could keep melanoma …

Skin melanoma, a particularly insidious cancer, accounts for the vast majority skin cancer deaths and is one of the most common cancers in people under 30. Treatment for ...

Personalized tumor vaccine shows promise in pilot …

A new type of cancer vaccine has yielded promising results in an initial clinical trial conducted at the Perelman School of Medicine at the University of Pennsylvania and...