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BRISTOL MYERS SQUIBB CO Annual Report, Year Ended Dec 31, 2000

Filing Date
Filed April 2, 2001
Period End
December 31, 2000
Securities
BMYCELG-RIBMYMP
In the record · 2016–202610-K1110-Q328-K169

BMY filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 169 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Deal closed8-K · Nov ’19Nov ’19
  3. Leadership change8-K · Aug ’21Aug ’21
  4. Leadership change8-K · Jul ’25Jul ’25

01—Abstract

Summary

Summary of the 10-K filed April 2, 2001. Cited figures are marked; the original filing is the authoritative source.

Bristol-Myers Squibb Company's 10-K for fiscal year 2000 reports net sales from continuing operations of $18,216 milliona, up 8% (11% excluding foreign exchange) from $16,878 million in 1999.

Domestic sales rose 14% to $12.1 billionb, while international sales fell 2% to $6.1 billion. Net earnings were $4,711 million, or $2.36 diluted earnings per share, up 15% from $2.06. Earnings from continuing operations include a $508 million restructuring charge and a $160 million gain on sales of businesses.

Excluding these nonrecurring items, net earnings rose 14% to $4,309 millionc, and diluted EPS rose 16% to $2.16. The company is planning to divest its Clairol and Zimmer businesses, which are reported as discontinued operations. The Zimmer business is to be spun off to shareholders, with completion expected by the end of the third quarter of 2001.

Cash provided by operating activities was $4.7 billiond, the highest in ten years, and the company returned $1.9 billion in dividends and $2.3 billion in stock repurchases during 2000. Dividends per common share rose to $.98, and the 2001 indicated annual payment is $1.10.

Key risks disclosed include pending litigation over TAXOL patents, a securities class action related to VANLEV, and remaining breast implant claims, which the filing says are limited to residual Revised Settlement obligations and roughly 850 remaining opt-out claimants. Management states that the company believes these matters will not have a material adverse effect on its operating results or consolidated financial position, although the TAXOL and VANLEV outcomes cannot be assessed at this time.

02—Key points

Key Highlights

  1. Net sales of $18.2 billion in 2000, up 8% (11% excluding foreign exchange); domestic sales rose 14% to $12.1 billion.
  2. Diluted EPS of $2.36 on net earnings of $4.7 billion, up 15%; excluding nonrecurring items, diluted EPS from continuing operations was $2.16, up 16%.
  3. Leading products: PRAVACHOL $1,817 million, GLUCOPHAGE $1,732 million (up 32%), TAXOL $1,592 million, and PLAVIX $903 million (up 65%).
  4. Clairol and Zimmer are reported as discontinued operations; the Zimmer tax-free spin-off is expected to be completed by the end of Q3 2001.
  5. Operating cash flow of $4.7 billion, the highest in ten years; $1.9 billion in dividends and $2.3 billion in share repurchases in 2000.
  6. Dividend per common share of $.98 in 2000, with a 2001 indicated annual payment of $1.10, the 29th consecutive annual increase.
  7. Litigation exposure includes TAXOL patent litigation with generic makers, a VANLEV securities class action, and residual breast implant claims; management says none is expected to be materially adverse.

03—Questions

Frequently Asked Questions

  1. How did Bristol-Myers Squibb perform in 2000?

    Net sales rose 8% to $18,216 million, and net earnings rose 13% to $4,711 million. Earnings from continuing operations before taxes were $5,478 million, which includes a $508 million restructuring charge and a $160 million gain on business sales.

  2. What is happening with the Clairol and Zimmer businesses?

    The company announced in September 2000 the planned divestiture of Clairol and Zimmer, and both are reported as discontinued operations. Matrix Essentials, a Clairol affiliate, was sold in 2000 for a pretax gain of $402 million. The Zimmer business is to be separated through a tax-free spin-off to shareholders, expected to be completed by the end of the third quarter of 2001.

  3. What are the main litigation risks?

    The filing describes TAXOL patent litigation against generic drug makers, in which the company's patents were largely found invalid at the District Court level, with an appeal pending. It also describes a VANLEV securities class action and remaining breast implant claims, which are limited to residual Revised Settlement obligations and roughly 850 remaining opt-out claimants. The company states that these matters are not expected to have a material adverse effect on its operating results or consolidated financial position.

  4. How much did the company return to shareholders?

    In 2000 the company paid $1.9 billion in dividends and repurchased 40 million common shares for $2.3 billion. The repurchase authorization was increased by $2 billion in September 2000.

  5. What are the company's major products facing generic competition?

    The filing notes that generic paclitaxel became available in the US in the third quarter of 2000, and that captopril (CAPOTEN) sales declined 26% due to generic competition. GLUCOPHAGE's marketing exclusivity expired in September 2000, but no generic competition existed at year-end. Patent expirations are also scheduled for MONOPRIL and certain TAXOL claims in 2001 and 2002.

04—Continue

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