Bristol-Myers Squibb reports second quarter 2013 financial results

Bristol-Myers SquibbBristol-Myers Squibb Company (NYSE: BMY) today reported results for the second quarter of 2013 highlighted by the resubmission of Forxiga in the U.S., the completion of regulatory filings for Eliquis and Metreleptin in the U.S., and the presentation of important data from its immuno-oncology franchise at ASCO, for Orencia® at EULAR and for Eliquis at ISTH. In addition, the company adjusted GAAP EPS and non-GAAP EPS guidance for 2013.

"In the second quarter, the strength in the performance of some of our key products, the important data we presented across our portfolio and the key regulatory filings we made in the U.S. strengthen our confidence as we build a solid foundation for future growth," said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. "We will continue to invest the necessary resources across our portfolio to grow existing brands, support the execution of new launches and deliver a diverse and sustainable pipeline," Andreotti said.

Second quarter financial results

  • Bristol-Myers Squibb posted second quarter 2013 net sales of $4.0 billion, a decrease of 9% 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 10% compared to the second quarter of 2012.
  • U.S. net sales decreased 22% to $2.0 billion in the quarter compared to the same period a year ago. International net sales increased 10% to $2.0 billion.
  • Gross margin as a percentage of net sales was 72.6% in the quarter compared to 72.0% in the same period a year ago.
  • Marketing, selling and administrative expenses increased 4% to $1.0 billion in the quarter.
  • Advertising and product promotion spending decreased 3% to $218 million in the quarter.
  • Research and development expenses decreased 1% to $951 million in the quarter.
  • The effective tax rate on earnings before income taxes was 0% in the quarter, compared to 23.7% in the second quarter last year. Income taxes in the current quarter reflect a more favorable earnings mix between high and low tax jurisdictions, primarily driven by specified items.
  • The company reported net earnings attributable to Bristol-Myers Squibb of $536 million, or $0.32 per share, in the quarter compared to $645 million, or $0.38 per share, a year ago.
  • The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $730 million, or $0.44 per share, in the second quarter, compared to $808 million, or $0.48 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 $6.0 billion, with a net debt position of $1.2 billion, as of June 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.

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