Bristol-Myers Squibb Reports Strong Sales, Earnings Performance in First Quarter

Bristol-Myers Squibb CompanyBristol-Myers Squibb Company (NYSE: BMY) reported strong sales and earnings growth for the first quarter of 2010. "Double-digit growth for both sales and earnings per share marks a very positive start to the year for our company," said Lamberto Andreotti, CEO-designate, Bristol-Myers Squibb. "While we remain clearly committed to productivity, we are also focused on giving maximum priority to driving sales growth."

"The challenges of an increasingly complex business environment, now including U.S. health care reform, can be addressed successfully through a sustainable pipeline. I am excited about the portfolio of products we have in development and look forward to key clinical data for many of them being presented in the next few months," Andreotti added.

Phase III results for ipilimumab in metastatic melanoma and SPRYCEL® for the first-line treatment of chronic myeloid leukemia have been accepted for presentation by the American Society of Clinical Oncology. Results of a Phase III study of dapagliflozin for the treatment of Type 2 diabetes are planned for presentation at the American Diabetes Association scientific sessions. New data for belatacept will be presented at the American Transplant Congress.

Financial results:

  • Bristol-Myers Squibb posted first quarter 2010 net sales of $4.8 billion, an increase of 11%, or 8% excluding foreign exchange impact, compared to the same period in 2009. Health care reform had a 1% negative effect on net sales in the first quarter.
  • U.S. net sales increased 11% to $3.1 billion in the first quarter of 2010 compared to the same period in 2009. International net sales increased 11%, or 3% excluding foreign exchange impact, to $1.7 billion.
  • Gross margin as a percentage of net sales was 72.8% in the first quarter 2010 compared to 73.0% in 2009.
  • Marketing, selling and administrative expenses remained flat, or decreased 3% excluding foreign exchange impact, to $900 million in the first quarter of 2010 compared to the same period in 2009.
  • Advertising and product promotion spending decreased by 15%, or 17% excluding foreign exchange impact, to $212 million in the first quarter of 2010, compared to the same period in 2009.
  • Research and development expenses remained flat, or decreased by 1% excluding foreign exchange impact, to $910 million in the first quarter of 2010 compared to the same period in 2009.
  • The effective tax rate on earnings from continuing operations before income taxes was 24.2% in the first quarter of 2010, compared to 23.0% in the same period in 2009.
  • The Company reported first quarter GAAP net earnings from continuing operations of $743 million or $0.43 per share, compared to $649 million or $0.33 per share for the same period in 2009.
  • The Company reported first quarter non-GAAP net earnings from continuing operations of $967 million or $0.56 per share, compared to $829 million or $0.42 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 first quarter EPS from continuing operations by approximately $0.03 on both a GAAP and non-GAAP basis. Further details are discussed under the "Health Care Reform Impact" section.

About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company committed to discovering, developing and delivering innovative medicines that help patients prevail over serious diseases. For more information, please visit www.bms.com.

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