"In the third quarter, we demonstrated solid financial performance and presented new clinical data further characterizing key brands from our immuno-oncology and diabetes franchises," said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. "As we continue to execute against our strategy today, we remain focused on investing in the meaningful opportunities that will drive the long-term growth of our company."
- Bristol-Myers Squibb posted third quarter 2013 net sales of $4.1 billion, an increase of 9% compared to the same period a year ago.
- U.S. net sales increased 1% to $2.0 billion in the quarter compared to the same period a year ago. International net sales increased 18% to $2.0 billion.
- Gross margin as a percentage of net sales was 71.1% in the quarter compared to 73.6% in the same period a year ago.
- Marketing, selling and administrative expenses decreased 8% to $980 million in the quarter.
- Advertising and product promotion spending increased 16% to $194 million in the quarter.
- Research and development expenses decreased 6% to $893 million in the quarter.
- The effective tax rate on earnings before income taxes was 15.4% in the quarter, compared to a tax benefit rate of 43.4% in the third quarter last year.
- The company reported net earnings attributable to Bristol-Myers Squibb of $692 million, or $0.42 per share, in the quarter compared to a net loss of $711 million, or $0.43 per share, a year ago.
- The 2012 tax benefit rate and net loss were due to a non-cash impairment charge included in the third quarter of 2012 resulting from the discontinued development of BMS-986094.
- The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $768 million, or $0.46 per share, in the third quarter, compared to $685 million, or $0.41 per share, for the same period in 2012. An overview of specified items is discussed under the “Use of Non-GAAP Financial Information” section.
- Cash, cash equivalents and marketable securities were $6.3 billion, with a net debt position of $867 million as of September 30, 2013.
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.