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.

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