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BMY · BRISTOL MYERS SQUIBB CO

50 filings

10-Q

BMY 10-Q Quarterly Reports

BRISTOL MYERS SQUIBB CO - 50 quarterly reports

Filing 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
  1. 2026-Q2

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q2 Ended Jun 30, 2026

    Bristol-Myers Squibb reported a strong second quarter of 2026, with total revenues of $12.97 billion, up 6% year over year, and GAAP diluted EPS of $1.62 versus $0.64 a year ago. The comparison is distorted by the prior-year $1.5 billion BioNTech upfront Acquired IPRD charge and $336 million of Mirati CVR fair value losses, so the more meaningful comparison is non-GAAP diluted EPS of $2.04, up 40% from $1.46. Growth was driven by the Growth Portfolio (up 15% in Q2, to $7.56 billion), led by Camzyos (+60%), Breyanzi (+41%), Reblozyl (+29%), and Cobenfy (+81%), along with Eliquis (+22%, aided by a U.S. list price cut that raised net realized prices). Legacy erosion remained steep, with Revlimid (-49%) and Pomalyst (-71%) down sharply on generic competition. Gross-to-net adjustments fell to 30% of gross sales in Q2 from 46% a year earlier, lifting net product sales 6%, though this partly reflects lower Medicaid and Medicare rebate accruals and a Eliquis list price reduction. Profitability improved on lower intangible amortization, which fell $786 million year to date after Pomalyst's acquired right was fully amortized in Q4 2025. R&D rose 15% in Q2 to $2.96 billion, including $643 million of specified-item IPRD impairments and a $220 million priority review voucher purchase. Cash generation was weaker: operating cash flow fell to $4.5 billion year to date from $5.9 billion, as lower net customer receipts (partly reflecting the Eliquis price cut) and a $3.1 billion rebates and discounts outflow weighed. Net debt improved modestly to $31.7 billion from $34.0 billion, helped by $1.7 billion of debt repayment, though cash and marketable securities declined to $11.5 billion from $11.1 billion, and dividends of $2.6 billion were paid for the half. The filing also highlights pipeline catalysts, including iberdomide's PDUFA date of August 17, 2026, Camzyos adolescent sNDA (PDUFA September 30, 2026), and mezigdomide (PDUFA May 13, 2027). Key risks include the IRA Medicare maximum fair price for Eliquis (effective 2026) and Pomalyst (2027), the Orencia selection for 2028 negotiation, EU apixaban composition-of-matter patent expiry in November 2026, the new Hengrui in-license deal, and a new Arkansas 340B lawsuit.

    Jul 30, 2026
  2. 2026-Q1

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q1 Ended Mar 31, 2026

    Bristol-Myers Squibb's first quarter 2026 results show GAAP revenue growth of 3% to $11.5 billion, with the Growth Portfolio up 12% to $6.2 billion, led by Breyanzi (+56%), Camzyos (+97%), Reblozyl (+16%), and Eliquis (+16%). Growth was partly offset by steep generic erosion in the Legacy Portfolio, where Revlimid fell 63% and Pomalyst 22%. Excluding foreign exchange, revenue rose only about 1%. GAAP diluted EPS rose to $1.31 from $1.20, mainly because amortization of acquired intangibles fell sharply ($437 million versus $830 million) after Pomalyst's product right was fully amortized. Non-GAAP diluted EPS fell to $1.58 from $1.80, reflecting the loss of diabetes royalty income that ended December 31, 2025, and a $410 million IPRD impairment in R&D. Cash generation weakened. Operating cash flow fell to $1.1 billion from $1.95 billion, driven by lower net customer receipts from the Eliquis list price cut and higher litigation disbursements, while rebates and discounts were a $3.5 billion outflow in the quarter. Dividend payments of $1.3 billion, plus $500 million of floating rate note repayment, meant the net debt position improved only modestly, by $436 million to $33.6 billion. Total cash and marketable securities were $10.9 billion. Management said liquidity is sufficient for at least the next few years. The filing also highlights regulatory and litigation exposure. The U.S. Government Agreement brings tariff relief through January 2029 and an exemption from future U.S. pricing mandates, though it requires Eliquis to be provided free to Medicaid and deep direct-to-patient discounts. Eliquis faces U.S. patent litigation with Azurity and European generic challenges ahead of EU composition-of-matter expiry in November 2026. The IRS transfer pricing dispute for 2008–2012 remains unresolved, and the Celgene securities class action is set to receive final approval in May 2026. Pipeline progress was notable, including positive Phase III data for mezigdomide and Camzyos in adolescents, and an FDA PDUFA date of August 17, 2026 for iberdomide.

    Apr 30, 2026
  3. 2025-Q3

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q3 Ended Sep 30, 2025

    Bristol-Myers Squibb's Q3 2025 10-Q shows a quarter with GAAP net earnings attributable to BMS of $2.2 billion ($1.08 diluted EPS) versus $1.2 billion ($0.60) a year ago, while total revenues rose 3% to $12.2 billion. Growth was driven by the Growth Portfolio, up 18% to $6.9 billion, with strong contributions from Opdivo, Reblozyl, Camzyos, Breyanzi and Eliquis (U.S. +29%). Offsetting this, the Legacy Portfolio fell 12% as generics eroded Revlimid (-59%), Pomalyst (-25%), Sprycel and Abraxane. Year-to-date revenues declined 1% to $35.7 billion, with U.S. revenues down 3% amid lower average net selling prices and the Medicare Part D redesign, which also pushed up GTN adjustments to 47% of gross sales in the quarter. The headline GAAP earnings improvement is largely a function of lower non-cash amortization of acquired intangibles (down to $831 million from $2.4 billion) and lower one-time Acquired IPRD charges year-to-date ($2.3 billion versus $13.3 billion in 2024, which included Karuna). Non-GAAP EPS, which excludes these items, was $1.63 in the quarter, down from $1.80, reflecting higher IPRD charges in Q3 2025 tied to the BioNTech, Philochem and SystImmune deals. Cost discipline is clearly visible: SG&A fell 19% year-to-date and R&D fell 8%, supported by the ongoing strategic productivity initiative, which management expects to deliver about $2.0 billion in annual savings by the end of 2027. Balance sheet and cash generation remained solid. Operating cash flow was $12.2 billion year-to-date, funding $3.8 billion of dividends and $2.2 billion of business development payments, while net debt improved by $6.4 billion to $32.1 billion. Cash and equivalents rose to $15.7 billion. Key risks flagged include U.S. drug-pricing policy (IRA negotiation, the most-favored-nation executive order), generic entry for Pomalyst in the U.S. in March 2026, Eliquis European generic erosion, and several material litigation matters, including the Celgene securities class action now subject to a settlement in principle.

    Oct 30, 2025
  4. 2025-Q2

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q2 Ended Jun 30, 2025

    Bristol-Myers Squibb's Q2 2025 results show a sharp contrast between GAAP and underlying performance. Total revenues rose 1% to $12.27 billion in the quarter, driven by Growth Portfolio demand (up 18%, led by Breyanzi, Opdivo, Reblozyl, Camzyos and Yervoy) and Eliquis (up 8%), which offset steep generic erosion in the Legacy Portfolio (down 14%, with Revlimid down 38%). Year-to-date revenues fell 2% to $23.47 billion. GAAP diluted EPS was $0.64, down from $0.83, primarily due to a $1.5 billion upfront payment to BioNTech recorded as Acquired IPRD. Non-GAAP diluted EPS was $1.46, down from $2.07. Year-to-date GAAP EPS of $1.85 compares favorably with a prior-year loss of $(5.05), which reflected the Karuna acquisition charge, but the comparison is distorted by one-time items in both periods. Margins and cash generation were supported by cost discipline. SG&A fell 11% in the quarter and 23% year-to-date, and R&D fell 11% and 14%, reflecting the strategic productivity initiative, which management now expects to deliver about $2.0 billion in annual savings by end-2027. Operating cash flow was $5.9 billion year-to-date, up from $5.2 billion, and cash plus marketable securities rose to $13.95 billion. Net debt declined $3.2 billion to $35.2 billion, and the company paid $2.5 billion in dividends. Pressures remain significant: U.S. net selling prices fell 7% year-to-date, the Medicare Part D redesign weighed on net pricing, a $700 million Hawaii Plavix settlement ($350 million paid by BMS) was recorded, and a $336 million non-cash contingent consideration charge reflected higher probability assumptions on the Mirati CVR. Looking ahead, the pipeline and business development activity is substantial. The BioNTech collaboration includes $2.0 billion in anniversary payments through 2028 and up to $7.6 billion in milestones, and the Philochem license adds a $350 million upfront payment expected in Q3 2025. Several late-stage readouts were mixed: Camzyos in nHCM and Cobenfy adjunctive schizophrenia did not meet their primary endpoints, and Reblozyl in myelofibrosis-associated anemia also missed. Pending catalysts include the Sotyktu PsA filings (PDUFA March 2026) and the Eliquis Medicare maximum fair price effective 2026. Investors will need to weigh the durability of Growth Portfolio momentum against accelerating Legacy erosion and IRA/MFN pricing exposure.

    Jul 31, 2025
  5. 2025-Q1

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q1 Ended Mar 31, 2025

    Bristol-Myers Squibb's first-quarter 2025 results show a mixed picture. Total revenues fell 6% year over year to $11.2 billion, as generic erosion on Revlimid, Pomalyst, Sprycel and Abraxane, plus the Medicare Part D redesign affecting Eliquis pricing, offset strong demand growth in the Growth Portfolio (up 16% to $5.6 billion). U.S. net selling prices declined 8%, and U.S. gross-to-net adjustments rose to 51% of gross sales from 45%. Reported GAAP diluted EPS was $1.20, versus a loss of $(5.89) in Q1 2024 that was driven by the $12.1 billion Karuna acquired IPRD charge. Non-GAAP diluted EPS was $1.80, versus $(4.40) a year earlier, and the comparison is distorted by the 2024 one-time charges and acquisition-related items. Cash generation weakened. Operating cash flow was $1.95 billion, down from $2.83 billion, mainly because of higher U.S. GTN payments. Net debt improved by $886 million to $37.6 billion, aided by $12.1 billion of cash and marketable securities. Dividends of $1.26 billion were paid, and the company retains $5.0 billion of remaining buyback capacity. Total debt is $49.5 billion, and short-term obligations rose to $3.6 billion as the current portion of long-term debt increased. Operating cost discipline is improving. SG&A fell 33% and R&D fell 16%, largely because 2024 included acquisition-related stock settlements. Management expects about $2.0 billion of annual cost savings by the end of 2027 from its expanded productivity program, with the 2023 Restructuring Plan's total charges now estimated at about $2.5 billion. Pipeline and regulatory news was mixed. Breyanzi, Camzyos, Opdivo and Opdivo plus Yervoy won several approvals, including a U.S. approval for first-line HCC and CRC. However, the Phase III ODYSSEY-HCM (Camzyos in nHCM) and ARISE (Cobenfy adjunctive) trials missed their primary endpoints, and RELATIVITY-098 (Opdualag adjuvant) also failed.

    Apr 24, 2025
  6. 2024-Q3

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q3 Ended Sep 30, 2024

    Bristol-Myers Squibb's Q3 2024 10-Q shows a sharp swing to a nine-month GAAP net loss of $9.0 billion (EPS of -$4.45), driven almost entirely by a one-time $12.1 billion non-tax-deductible Acquired IPRD charge for the Karuna asset acquisition (Cobenfy) plus the $0.3B SystImmune upfront and other IPRD items. Excluding these and other specified items, non-GAAP diluted EPS for the nine months was -$0.53 versus $5.80 a year earlier, while the third quarter itself was stable: GAAP diluted EPS of $0.60 (vs. $0.93) and non-GAAP EPS of $1.80 (vs. $2.00). Underlying sales growth was solid, with total revenues up 8% in Q3 and 7% year-to-date to $35.96 billion, led by the Growth Portfolio (up 18% in Q3) and Eliquis, offset by generic erosion on Sprycel and Revlimid. The balance sheet has been materially reshaped by acquisitions. Cash used in investing activities rose to $21.2 billion, funded largely by a $13.0 billion senior unsecured notes issuance and cash on hand. Net debt rose by $14.2 billion to $41.3 billion, long-term debt reached $48.7 billion, and shareholders' equity fell to $17.1 billion from $29.4 billion at year-end 2023, mainly because of the net loss. Operating cash flow of $10.8 billion still covered the $3.6 billion dividend, though interest expense is climbing (about $1.5 billion year-to-date versus $0.85 billion a year earlier). Investors should weigh the strong launch trajectory of Cobenfy (FDA-approved in September 2024), Breyanzi, Camzyos, Opdivo and Reblozyl against the medium-term pressures: the IRA price-setting for Eliquis effective 2026, European and U.S. generic challenges to Eliquis and Zeposia, rising leverage, and a $1.5 billion annual cost-savings program targeted by end-2025. The company also disclosed that Keytruda royalty income is declining as the rate steps down to 2.5% in 2024.

    Oct 31, 2024
  7. 2024-Q2

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q2 Ended Jun 30, 2024

    Bristol-Myers Squibb's Q2 2024 10-Q shows a sharp GAAP swing driven by one-time acquisition accounting. Six-month total revenues rose 7% to $24.1 billion (U.S. +10%, International flat, FX-hit by ~5% from the Argentine peso), with the Growth Portfolio up 13% to $10.4 billion, led by Opdivo, Reblozyl, Camzyos, Breyanzi and Krazati, while Legacy Portfolio grew 2%, with Eliquis up 8% offsetting Revlimid's decline. However, year-to-date GAAP results turned to a net loss of $10.2 billion (diluted EPS of -$5.05, versus +$2.06 a year earlier), primarily due to $13.1 billion of Acquired IPRD charges, including $12.1 billion for the Karuna asset acquisition, which is not tax-deductible. Excluding specified items, non-GAAP diluted EPS was -$2.33 year-to-date versus $3.80 in 2023, and Q2 non-GAAP EPS was $2.07, up from $1.75. The balance sheet and cash flow picture has changed materially. Long-term debt rose to $48.9 billion (total debt about $52.4 billion including current portion), up from roughly $36.7 billion at year-end 2023, after BMS issued $13.0 billion of senior notes to fund the RayzeBio and Karuna acquisitions. Net debt climbed to $45.4 billion from $27.1 billion, and shareholders' equity fell to $17.0 billion from $29.4 billion, largely reflecting the large IPRD charge. Operating cash flow of $5.2 billion (up modestly year-over-year) continued to cover the $2.4 billion dividend, but the company's focus has shifted toward deleveraging, with the $1.5 billion annual productivity program and portfolio prioritization (including a $590 million alnuctamab IPRD impairment) as near-term levers. Key items for investors to monitor include the Eliquis European generic challenges and Medicare price negotiation starting in 2026, the Karuna KarXT FDA decision (PDUFA September 26, 2024), Revlimid and Abecma erosion, and the ongoing Plavix and Thalomid/Revlimid litigation. The company also recognized a $644 million tax reserve release related to Celgene's IRS audit, which benefited Q2 GAAP results.

    Jul 26, 2024
  8. 2024-Q1

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q1 Ended Mar 31, 2024

    Bristol-Myers Squibb's first-quarter 2024 results were dominated by a one-time, non-cash-to-EPS-neutral but cash-relevant acquisition charge. Total revenues rose 5% to $11.9 billion, led by Growth Portfolio products such as Reblozyl (+72%), Opdualag (+76%) and Camzyos, along with Eliquis (+9%). However, GAAP net loss attributable to BMS was $(11.9) billion, or $(5.89) per diluted share, versus $2.26 billion ($1.07) a year earlier. The swing reflects $12.9 billion of Acquired IPRD expense, principally the $12.1 billion Karuna asset acquisition (KarXT), plus the $800 million SystImmune upfront payment. Non-GAAP diluted EPS was $(4.40) versus $2.05 in the prior year, a $6.45 decline driven by the same IPRD charges and higher operating and interest expense from recent deals. The quarter marked a significant shift in the balance sheet. BMS spent roughly $20.1 billion on acquisitions, collaborations and milestones (Karuna, RayzeBio, Mirati, SystImmune), funded primarily through $13.0 billion of new senior unsecured notes and $3.0 billion of commercial paper. Total debt rose to about $52.4 billion, and the net debt position increased by $18.5 billion to $45.6 billion. Operating cash flow was still healthy at $2.8 billion, but it covered only a fraction of dividend and investment needs in the period, and the company is now explicitly prioritizing deleveraging. Management reaffirmed its investment-grade rating goal and its commitment to growing the dividend. Investors should weigh the headline loss against underlying franchise trends. Eliquis and the Growth Portfolio are offsetting erosion in Revlimid, Sprycel and Opdivo, with Abecma and Opdivo U.S. sales both declining. Key forward risks include Eliquis's IRA-driven government price negotiation beginning in 2026, European generic challenges to Eliquis, Revlimid generic erosion, and the pending litigation and tax matters disclosed in the filing. The strategic productivity program targeting about $1.5 billion in annual savings by end-2025 is a key lever for restoring margins.

    Apr 25, 2024
  9. 2023-Q3

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q3 Ended Sep 30, 2023

    Bristol-Myers Squibb's Q3 2023 10-Q shows a quarter with declining top-line revenue but a sharp rise in GAAP earnings. Total revenues fell 2% to $10.97 billion for the quarter and 4% to $33.53 billion year-to-date, driven mainly by Revlimid's generic erosion (down 41% in Q3) and Revlimid patient-assistance free-drug shifts. Offsetting growth came from Opdivo (up 11% in Q3), Eliquis (up 2%), Reblozyl, Breyanzi, Opdualag, Zeposia and Camzyos. GAAP diluted EPS rose to $0.93 in Q3 from $0.75, and to $2.99 year-to-date from $2.00, but this was largely driven by specified items such as lower equity investment losses, lower amortization, litigation settlement income (including the AstraZeneca settlement), Nimbus change-of-control income, and a $656 million non-U.S. tax ruling benefit. Management reported non-GAAP EPS of $2.00 for Q3 (vs. $1.99) and $5.80 year-to-date (vs. $5.88), so underlying earnings were roughly flat to slightly down. Balance sheet and cash flow remain sizable but are shifting. Operating cash flow was $9.6 billion year-to-date, funding $3.6 billion of dividends and $5.2 billion of buybacks, including a $4.0 billion accelerated share repurchase in Q3. Total debt fell to about $37.0 billion, and the net debt position was $29.6 billion. Total assets declined to $91.3 billion, mainly because intangible assets fell to $29.0 billion from $35.9 billion through amortization. Management also announced the pending $4.8 billion all-cash acquisition of Mirati Therapeutics (plus a CVR of up to about $1.0 billion), expected to close by the first half of 2024, along with a $1.0 billion restructuring plan through 2025. The filing highlights several forward risks: Revlimid's continuing erosion, pending European and U.S. Eliquis and other patent litigation, the Inflation Reduction Act's drug price negotiation (Eliquis was selected in August 2023, and BMS has sued the government), a $1.0 billion-plus restructuring program, and an effective tax rate that fell to 7.2% for the nine months because of one-time items. Investors will need to see whether Opdivo, the New Product Portfolio and the Mirati pipeline can offset Revlimid and Eliquis pressure.

    Oct 26, 2023
  10. 2023-Q2

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q2 Ended Jun 30, 2023

    Bristol-Myers Squibb's Q2 2023 results (quarter ended June 30, 2023) show total revenue down 6% year-over-year to $11.2 billion, driven by steep Revlimid erosion (down 41% in the quarter to $1.47 billion) as generic lenalidomide enters the U.S. and Europe. Net product sales fell 5%, with International revenues down 8% and U.S. down 5%. Growth came from In-Line Products (Eliquis, Opdivo, Yervoy) and the New Product Portfolio, which rose 79% to $862 million, led by Reblozyl, Abecma, Opdualag, and Breyanzi. GAAP diluted EPS rose to $0.99 from $0.66, but this was flattered by a $656 million deferred tax benefit from a non-U.S. tax ruling and by lower equity investment losses. Non-GAAP diluted EPS fell to $1.75 from $1.93, reflecting lower revenue. Profitability and cash generation remain solid but are under pressure. Six-month operating cash flow was $4.9 billion, down $1.2 billion from 2022, and the net debt position improved by $1.1 billion to $28.9 billion. BMS returned capital through $2.4 billion of dividends and $1.2 billion of buybacks in the first half, with a $4.0 billion accelerated share repurchase announced for Q3 2023. Management flagged that the Inflation Reduction Act could have a material impact on the business, and it filed a lawsuit challenging the law's constitutionality on June 16, 2023. The most important medium-term issues are the continued Revlimid decline (guided to about $5.5 billion globally in 2023), the Eliquis generic challenges in Europe and the U.S., and whether the New Product Portfolio can offset the loss of exclusivity. Legal developments were mixed. BMS settled with AstraZeneca for an aggregate $560 million (BMS share about $418 million, recognized in Q3 2023), and it won an Australian Plavix damages appeal, while a Hawaii Plavix penalty was remanded for a new trial.

    Jul 27, 2023
  11. 2023-Q1

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q1 Ended Mar 31, 2023

    Bristol-Myers Squibb's first quarter 2023 results showed total revenues of $11.3 billion, down 3% from $11.6 billion a year earlier, as Revlimid generic erosion (revenue down 37% to $1.75 billion) and a roughly 2% foreign exchange headwind outweighed growth in Opdivo, Eliquis, and the New Product Portfolio. GAAP diluted EPS rose to $1.07 from $0.59, but much of the improvement reflects specified items such as lower equity investment losses and a $400 million Nimbus/Takeda TYK2 change-of-control payment recorded in litigation and other settlements. On a non-GAAP basis, diluted EPS increased to $2.05 from $1.96, helped by lower acquired IPRD charges, a smaller share count, and higher royalty and interest income. Cash generation was solid, with $3.0 billion of operating cash flow, though it fell from $3.8 billion a year earlier on working capital timing. The company spent $1.2 billion on dividends and $250 million on buybacks, repaid $1.6 billion of maturing debt, and reduced net debt by $1.5 billion to $28.6 billion. Remaining buyback authorization stood at about $6.9 billion. The balance sheet shows total assets of $94.3 billion, with intangible assets declining to $33.6 billion as amortization continues. The key risks for investors are the ongoing loss of exclusivity for Revlimid and the pending generic entry for Eliquis in Europe and, potentially, in the U.S. Management also flagged IRA-related pricing pressure and a pending IRS dispute over 2008-2012 transfer pricing. Growth from newer launches such as Abecma, Opdualag, and Reblozyl is helping to offset these headwinds, but it has not yet fully replaced the lost revenue.

    Apr 27, 2023
  12. 2022-Q3

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q3 Ended Sep 30, 2022

    Bristol-Myers Squibb's Q3 2022 10-Q shows a mixed quarter. Total revenues fell 3% year-over-year to $11.2 billion, with U.S. revenues up 9% (driven by Eliquis, Opdivo and the New Product Portfolio) offset by a 24% drop in international revenues, largely from foreign exchange and Revlimid generic erosion. GAAP diluted EPS was $0.75, up from $0.69, while nine-month GAAP diluted EPS fell to $2.00 from $2.05 because of equity investment losses and other specified items. Management reports non-GAAP diluted EPS of $1.99 for the quarter, up from $1.93, and $5.88 year-to-date, up from $5.31. Nine-month GAAP net earnings were $4.3 billion, versus $4.6 billion a year earlier. Cash generation and balance sheet are the main investor concerns. Operating cash flow fell to $9.8 billion from $12.2 billion, reflecting higher cash taxes tied to capitalized R&D under U.S. tax law. The company spent $3.3 billion net on the Turning Point acquisition, repurchased $5.6 billion of stock, and paid $3.5 billion in dividends, while issuing $5.9 billion of new debt and repaying or redeeming $11.4 billion. Cash fell to $7.7 billion, and net debt rose to $30.1 billion from $27.6 billion at year-end 2021. Total debt was $38.9 billion, and the company held A2/A+ ratings with stable outlooks. The outlook depends on the pipeline and the loss-of-exclusivity cycle. Revlimid revenue is expected to decline to roughly $9.0 to $9.5 billion in 2022, and Abraxane is expected to fall 25% to 30%. European Eliquis generics have begun launching in the UK and the Netherlands. The company also flagged the Inflation Reduction Act's Medicare drug price negotiation and minimum-tax provisions as potential future headwinds, and it noted continued launch momentum for Breyanzi, Abecma, Opdualag, Reblozyl and Zeposia.

    Oct 26, 2022
  13. 2022-Q2

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q2 Ended Jun 30, 2022

    Bristol-Myers Squibb's Q2 2022 10-Q shows a quarter of solid top-line growth and a sharp drop in GAAP earnings. Total revenues rose 2% to $11.9 billion, with U.S. revenues up 12% driven by Eliquis, Opdivo, and the New Product Portfolio, partially offset by a 22% decline in Revlimid as generic competition arrived and a 3-point foreign exchange headwind. GAAP diluted EPS was $0.66 versus $0.47 a year earlier, but that improvement was mostly due to lower impairment charges and higher divestiture gains; net earnings for the six months fell to $2.7 billion from $3.1 billion. Other (income)/expense, net jumped to $933 million year-to-date, driven largely by $952 million of equity investment losses and a $266 million loss on debt redemption. Cash generation and capital returns were the other key themes. Operating cash flow fell to $6.1 billion from $6.9 billion, reflecting roughly $900 million of higher tax payments tied to capitalized R&D under U.S. tax rules, which the company expects to add about $2.0 billion to annual U.S. tax payments absent a change in law. Management returned $7.3 billion to shareholders in the first half through a $5.0 billion accelerated share repurchase and $2.3 billion in dividends, and it retired about $6.0 billion of debt for $6.6 billion in cash while issuing $6.0 billion of new notes. Total debt stood at about $42 billion, and net debt rose to $28.8 billion from $27.6 billion at year-end 2021. Looking ahead, the filing flags several pressures: Revlimid is expected to decline materially in the second half of 2022, with global revenue guided to $9.0 to $9.5 billion for the year, and Eliquis faces early European generic entry. Pending pipeline and business development activity includes the roughly $4.1 billion Turning Point Therapeutics acquisition, expected to close in the third quarter of 2022, and several late-stage readouts. Investors will want to track whether new launches can offset the Revlimid decline while the company manages a rising tax burden and a substantial debt load.

    Jul 27, 2022
  14. 2022-Q1

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q1 Ended Mar 31, 2022

    Bristol-Myers Squibb's first-quarter 2022 results show total revenues up 5% to $11.6 billion, driven by Eliquis (+11% to $3.2 billion), Opdivo (+12%), and new launches such as Reblozyl, Abecma, and Breyanzi, partially offset by Revlimid (-5%) and Abraxane (-32%) facing loss of exclusivity. GAAP diluted EPS fell to $0.59 from $0.89, largely due to a $644 million equity investment loss versus a $601 million gain a year earlier, along with a $333 million acquired IPRD charge. Non-GAAP diluted EPS rose to $1.96 from $1.74, a 13% increase, reflecting higher revenues and a lower share count. Capital allocation was heavy during the quarter. BMS repurchased $5.0 billion of stock via accelerated share repurchase agreements, paid $1.2 billion in dividends, and retired $5.8 billion of debt through tender offers, while issuing $6.0 billion of new notes. Net debt rose to $30.0 billion from $27.6 billion, and cash and marketable securities declined to $15.0 billion. Operating cash flow was steady at $3.8 billion, flat year over year. Looking ahead, investors should watch the expected Revlimid decline to roughly $9.0–9.5 billion in 2022, the April 2022 European court ruling invalidating the UK Eliquis composition-of-matter patent, the ending of the bempegaldesleukin program with Nektar, and the projected increase of nearly $2.0 billion in U.S. cash taxes from R&D capitalization. The company also reaffirmed its Celgene integration savings target of about $3.0 billion through 2022.

    Apr 29, 2022
  15. 2021-Q3

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q3 Ended Sep 30, 2021

    Bristol-Myers Squibb's Q3 2021 10-Q shows continued top-line growth but a volatile GAAP earnings picture. Total revenues rose 10% to $11.6 billion in the quarter and 9% to $34.4 billion year-to-date, driven by Eliquis (+15% in Q3, +17% YTD), Revlimid, the immuno-oncology portfolio (Opdivo, Yervoy), and new launches such as Reblozyl, Zeposia, Breyanzi and Abecma. Foreign exchange contributed only about 1 point to YTD growth. Q3 GAAP diluted EPS fell to $0.69 from $0.82, while non-GAAP diluted EPS rose to $2.00 from $1.63. Nine-month GAAP diluted EPS was $2.05 versus $0.44 last year, but that comparison is distorted by the 2020 inventory step-up unwind, tax charges and the Celgene integration. Q3 R&D expense jumped 30% to $3.25 billion, mainly because of a $610 million IPRD impairment and $200 million Agenus license fee. Investors should note that the GAAP line is heavily affected by specified items such as contingent value rights and equity investment mark-to-market, intangible amortization of about $2.5 billion per quarter, and large licensing charges. Balance sheet and cash flow remain strong but are deleveraging. Net debt narrowed to $29.0 billion from $34.4 billion at year-end 2020, after $4.0 billion of debt tender and make-whole redemptions in the first quarter and $2.0 billion of maturities. Operating cash flow was $12.1 billion for the nine months, up from $10.7 billion, helped by lower tax payments of about $700 million. Shareholder returns were $3.3 billion of dividends and $3.5 billion of buybacks year-to-date, leaving about $2.9 billion of repurchase capacity. Total intangible assets declined to $44.9 billion from $53.2 billion, reflecting ongoing amortization and impairments. Regulatory and litigation risks are material: Revlimid U.S. generics are licensed from 2022, Abraxane faces manufacturing delays and 2022 U.S. generic entry, and the Eliquis U.S. composition-of-matter patent was affirmed on appeal, with earliest generic launch in April 2028. Management reiterated a $3.0 billion Celgene cost-synergy target through 2022 and disclosed that the Opdivo indications in third-line SCLC and second-line HCC were withdrawn following FDA review. Key near-term catalysts include the mavacamten PDUFA date in January 2022, the relatlimab-nivolumab melanoma PDUFA date in March 2022, and the Plavix State AG penalty appeal. The filing shows a company with strong cash generation and a growing launch portfolio, but with near-term GAAP earnings pressure from acquired-asset charges and the 2022 onset of Revlimid and Abraxane generic erosion.

    Oct 27, 2021
  16. 2021-Q2

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q2 Ended Jun 30, 2021

    Bristol-Myers Squibb's Q2 2021 10-Q shows a strong quarter on the top line and a sharp swing to GAAP profitability. Total revenues rose 16% to $11.7 billion for the quarter (9% to $22.8 billion year-to-date), led by Eliquis (+29% in Q2), Revlimid (+11%), and the immuno-oncology portfolio, including Opdivo and Yervoy. GAAP diluted EPS was $0.47 for the quarter versus a loss of $(0.04) a year earlier, and $1.36 year-to-date versus $(0.38). Management's non-GAAP diluted EPS was $1.93 for Q2 (up from $1.63) and $3.67 year-to-date (up from $3.35). The large gap between GAAP and non-GAAP results is driven mainly by amortization of acquired intangibles ($2.5 billion per quarter, largely from the Celgene acquisition), restructuring, and inventory step-up unwinds. The quarter also carried notable R&D charges: $780 million in license and asset acquisition charges, including a $650 million upfront payment to Eisai for MORAb-202, and a $230 million IPRD impairment. Balance sheet deleveraging continued. Long-term debt fell to $42.5 billion from $48.3 billion, and net debt declined to $32.0 billion from $34.4 billion, after a $3.5 billion debt tender and make-whole program in Q1. Shareholder returns were significant: $3.0 billion of buybacks and $2.2 billion of dividends in the first half, with $3.4 billion of remaining buyback capacity. Operating cash flow was $6.9 billion, down from $8.4 billion, mainly because of higher tax payments. Key risks flagged in the filing include the Eliquis European loss of regulatory exclusivity, ongoing U.S. Eliquis patent litigation, the Plavix State AG penalty appeal, the Celgene securities and antitrust suits, and a new CVR breach-of-contract suit tied to Breyanzi's approval timing, which the filing cites as involving $6.4 billion of potential obligations.

    Jul 28, 2021
  17. 2021-Q1

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q1 Ended Mar 31, 2021

    Bristol-Myers Squibb reported a GAAP net profit of $2.03 billion, or $0.89 diluted EPS, for the first quarter of 2021, compared with a GAAP net loss of $(0.34) per share a year earlier. The swing was driven mainly by non-cash items: a $1.3 billion smaller unwind of inventory fair value adjustments, $601 million of equity investment gains (versus $338 million of losses in 2020), and $510 million of contingent consideration gains tied to the Celgene contingent value rights (versus a $556 million charge). Total revenues rose 3% to $11.07 billion, supported by Eliquis (+9%), new launches, and favorable foreign exchange, partly offset by weaker established brands and Opdivo (-3%). Excluding specified items, non-GAAP diluted EPS rose to $1.74 from $1.72, a modest 1% increase. Cash generation and balance sheet actions were the other key story. Operating cash flow was $3.8 billion, roughly flat year over year. BMS used cash to retire about $3.5 billion of long-term debt through tender offers and make-whole redemptions, costing roughly $4.0 billion in cash and generating a $281 million loss on debt redemption. Total debt fell to $46.0 billion from $50.3 billion, and net debt narrowed to $33.1 billion from $34.4 billion. Shareholder returns continued, with $1.8 billion of buybacks and $1.1 billion of dividends, and the buyback authorization was raised by $2.0 billion to about $6.4 billion total with roughly $4.6 billion remaining. Pipeline and regulatory momentum was active in the quarter. Breyanzi and Abecma received their first cell therapy approvals, and mavacamten's NDA was accepted with a January 2022 PDUFA date. Opdivo gained FDA approval in first-line gastric cancer, and deucravacitinib posted positive Phase III psoriasis data. Investors should weigh several risks: a $315 million Inrebic intangible impairment, a pending $417 million BMS share of a Plavix penalty under appeal, ongoing Eliquis European and U.S. patent litigation, and a continued decline in the Revlimid and Pomalyst generic exposure outlook.

    Apr 29, 2021
  18. 2020-Q3

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q3 Ended Sep 30, 2020

    Bristol-Myers Squibb's Q3 2020 10-Q shows a company in the midst of transformation following the November 2019 Celgene acquisition. Total revenues rose 75% year-over-year to $10.5 billion in the third quarter and 73% to $31.5 billion for the nine months, driven primarily by Celgene products such as Revlimid, Pomalyst and Abraxane, along with strong Eliquis demand. GAAP results were distorted by acquisition accounting: GAAP diluted EPS was $0.82 for Q3 and $0.44 year-to-date, reflecting large amortization of acquired intangibles ($7.2 billion YTD), inventory fair value unwind charges ($2.6 billion YTD), and an $853 million deferred tax charge from an internal IP transfer. Management's non-GAAP diluted EPS was $1.63 for Q3 and $4.98 year-to-date, up from $1.17 and $3.46 in the prior-year periods. Balance sheet and cash generation remain strong. Operating cash flow was $10.4 billion for the nine months, and net debt fell to $23.3 billion from $30.6 billion at year-end 2019. Cash and equivalents reached $19.4 billion, against $41.4 billion of long-term debt, and the company paid $3.1 billion in dividends. Intangible assets stood at $56.7 billion and goodwill at $20.5 billion, so future impairment risk is a key watch item. The filing also flags contingent value rights tied to liso-cel and ide-cel, whose FDA decisions could determine whether roughly $6.8 billion of CVR payments are made in 2021, and an announced $13.1 billion MyoKardia acquisition expected to close in Q4 2020. Key risks include the pending U.S. drug pricing executive orders, ongoing Eliquis and Revlimid patent litigation, product liability and antitrust suits, and COVID-19 effects on new patient starts and clinical trial enrollment. Management estimated COVID-19 reduced year-to-date revenue by about 1%.

    Nov 5, 2020
  19. 2020-Q2

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q2 Ended Jun 30, 2020

    Bristol-Myers Squibb's Q2 2020 10-Q shows a quarter dominated by the Celgene acquisition (closed November 20, 2019). Total revenues rose 61% to $10.1 billion in the quarter and 71% to $20.9 billion year-to-date, with Celgene contributing roughly $8.4 billion of year-to-date revenue, led by Revlimid ($2.9 billion in Q2). Underlying demand was mixed: Eliquis grew 6% in Q2 and Opdivo fell 9%, and COVID-19 cut Q2 revenue by an estimated $600 million through channel inventory work-down and fewer new patient starts. GAAP results were weak. The company reported a Q2 net loss attributable to BMS of $85 million, or $(0.04) per share, and a six-month loss of $(0.38) per share. The swing reflects roughly $2.4 billion of quarterly amortization of acquired intangibles, $714 million of inventory fair value unwind, an $853 million deferred tax charge from an internal intangible asset transfer, and a $255 million GILTI charge tied to the Otezla divestiture. Non-GAAP diluted EPS was $1.63 for Q2 and $3.35 year-to-date, versus $1.18 and $2.29 a year earlier. Results also include large fair value swings: contingent value rights (CVR) and equity investments swung on market moves, and R&D rose 90% to $2.5 billion, including a $200 million bluebird charge. Balance sheet and cash flow were strong. Operating cash flow was $8.2 billion for the six months, and cash plus marketable securities rose to $22.2 billion, against $44.3 billion of principal debt. The net debt position improved to $(24.5) billion from $(30.6) billion at year-end 2019. Intangible assets stood at $59.2 billion after $11.1 billion of IPRD was reclassified on Reblozyl and Zeposia approvals. Management flagged future CVR payments of about $6.8 billion in 2021 and a potential impairment risk on the roughly $64 billion of Celgene-related intangibles if clinical or regulatory timelines slip. Dividends were $0.45 per quarter.

    Aug 6, 2020
  20. 2020-Q1

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q1 Ended Mar 31, 2020

    Bristol-Myers Squibb's first quarter 2020 results were dominated by the Celgene acquisition, which closed November 20, 2019. Total revenues rose 82% to $10.8 billion, with Celgene contributing $4.2 billion, and Revlimid alone generating $2.9 billion. Management also cited roughly $500 million of revenue lift from COVID-19-related changes in buying patterns, mainly stockpiling and larger prescription fills for Eliquis. GAAP results swung to a net loss attributable to BMS of $775 million, or $(0.34) per diluted share, versus earnings of $1.04 a year earlier. The swing reflects roughly $4.7 billion of after-tax specified items, chiefly $2.3 billion of amortization of acquired intangibles, a $1.4 billion inventory fair-value unwind, a $556 million contingent value rights (CVR) charge, and $339 million of equity investment losses. Non-GAAP diluted EPS was $1.72, up from $1.10. The balance sheet is heavily shaped by acquisition accounting. Other intangible assets total $61.7 billion, goodwill is $22.5 billion, and long-term debt is $42.8 billion (total debt $46.1 billion). Net debt narrowed to $27.7 billion from $30.6 billion at year-end, helped by $3.9 billion of operating cash flow. Cash and marketable securities rose to $19.0 billion. Dividends of $1.0 billion and a $5.0 billion increase in the buyback authorization (about $5.9 billion remaining) were the main uses of cash. Management reiterated a $2.5 billion Celgene synergy target, now with restructuring charges of $2.8 to $3.0 billion through 2022. The filing also flags material forward-looking risks. Management expects COVID-19 to peak in Q2 2020, has delayed the Zeposia launch, and has suspended field-force in-person visits and parts of clinical trial activity. Two items could affect value directly: a potential impairment of the roughly $64 billion of acquired intangibles, and CVR payouts tied to the liso-cel and ide-cel FDA decisions, which expire without value if approval is delayed beyond the stated deadlines. Litigation exposure also rose, most notably a roughly $1.2 billion final judgment in Juno/SKI's favor against Kite, which Kite has appealed.

    May 7, 2020
  21. 2019-Q3

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q3 Ended Sep 30, 2019

    Bristol-Myers Squibb's Q3 2019 10-Q shows a quarter dominated by transaction accounting rather than core operations. GAAP net earnings attributable to BMS fell to $1.35 billion ($0.83 diluted EPS) from $1.90 billion ($1.16) a year earlier, driven by a $1.5 billion non-cash pension settlement charge tied to terminating the Bristol-Myers Squibb Retirement Income Plan, and a $1.5 billion-plus swing in Other income (net) to $411 million of expense. The GAAP effective tax rate was negative (-1.3%) because of these discrete items. Excluding specified items, non-GAAP diluted EPS rose to $1.17 from $1.09, and nine-month non-GAAP EPS reached $3.46 versus $3.04. Total revenues grew 6% in the quarter to $6.0 billion and 10% year-to-date to $18.2 billion, led by Eliquis (+22% in Q3, $1.93 billion) and Opdivo ($1.82 billion, +1%), while Opdivo's U.S. sales declined in the quarter. The balance sheet changed dramatically. Cash and cash equivalents rose to $30.5 billion from $6.9 billion after BMS issued $19.0 billion of senior notes in May 2019 to fund the pending $74 billion Celgene acquisition. Total debt increased to roughly $25 billion from about $7.4 billion, lifting the net cash position to $8.5 billion from $3.3 billion. Year-to-date operating cash flow was $6.0 billion, up from $3.5 billion, and the UPSA consumer health divestiture generated $1.5 billion in proceeds and a $1.2 billion gain. The key investor issue is the pending Celgene deal, which the FTC's second request has delayed. BMS expects closing before year-end 2019, contingent on an FTC consent order requiring divestiture of Otezla to Amgen for $13.4 billion, which BMS has guaranteed. Investors should weigh the timing risk, the sharply higher leverage post-closing, and the planned $7.0 billion accelerated share repurchase that would follow closing.

    Oct 31, 2019
  22. 2019-Q2

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q2 Ended Jun 30, 2019

    Bristol-Myers Squibb's Q2 2019 10-Q shows a strong operating quarter driven by its key brands, with total revenues up 10% to $6.27 billion for the quarter and up 12% to $12.19 billion year-to-date. Growth was led by Eliquis (up 24% in the quarter) and Opdivo (up 12%), with U.S. revenues up 14%. GAAP diluted EPS rose to $0.87 from $0.23 a year earlier, largely because the prior-year quarter carried a $1.05 billion Nektar upfront payment and a $407 million equity investment loss. Non-GAAP diluted EPS rose 17% to $1.18. Gross-to-net adjustments grew faster than gross sales (32% of gross sales in Q2 versus 27% a year earlier), mainly due to Eliquis's U.S. payer dynamics, which is a margin headwind investors should monitor. The balance sheet changed dramatically. BMS issued $19.0 billion of senior notes in May 2019 to help fund the pending $74 billion Celgene acquisition, leaving cash and marketable securities at $30.4 billion and long-term debt at $24.4 billion at June 30, 2019. Net cash position moved to $5.4 billion, and total liabilities rose to $39.0 billion. Investors should note that the notes carry a 101% special mandatory redemption feature if the Celgene deal is not completed by July 30, 2020. The company also disclosed a planned $1.2 billion gain from the UPSA consumer health divestiture in Q3 2019, a $1.5 billion non-cash pension settlement charge expected in Q3 2019, and an FTC-driven plan to divest Otezia to clear the Celgene acquisition. Several pipeline and legal developments were mixed. Opdivo's Phase III CheckMate-498 (GBM) and CheckMate-459 (HCC) studies missed their primary endpoints, and CheckMate-227 Part 2 failed in non-squamous NSCLC, while Part 1a succeeded in PD-L1 ≥1% patients. Ongoing litigation exposure includes the Australian government's claim of up to A$449 million related to Plavix, the Dana-Farber inventorship case, Byetta and Abilify product liability suits, and an Eliquis Hatch-Waxman trial scheduled for October 2019.

    Jul 25, 2019
  23. 2019-Q1

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q1 Ended Mar 31, 2019

    Bristol-Myers Squibb's first-quarter 2019 Form 10-Q shows a strong top line, with total revenues up 14% to $5.92 billion, driven mainly by U.S. demand for Eliquis (+28% globally, +36% in the U.S.), Opdivo (+19%) and Yervoy (+54%). Net earnings attributable to BMS rose to $1.71 billion, or $1.04 per diluted share versus $0.91 a year earlier, and non-GAAP diluted EPS rose to $1.10 from $0.94. GAAP results were helped by $175 million in equity investment gains, while acquisition and integration expenses of $187 million related to the pending Celgene deal weighed on other income. The effective tax rate fell to 13.3% from 16.0%, mainly due to recognition of prior-period tax credits. The dominant investor issue is the pending ~$74 billion acquisition of Celgene, which is expected to close in the third quarter of 2019 after shareholder approval on April 12, 2019. The company expects to fund roughly $36 billion of cash consideration through cash on hand and new debt, supported by a $33.5 billion bridge commitment, an $8.0 billion term loan, and a planned ~$5.0 billion accelerated share repurchase. Hedging of anticipated debt issuance is in place, and management expects a credit rating downgrade from Moody's and S&P, though it anticipates investment-grade ratings will be retained. The FTC issued a second request in March 2019, which is a regulatory risk to timing. Balance sheet and liquidity remain solid at the quarter's end, with cash, equivalents and marketable securities of $10.0 billion, total debt of about $6.0 billion, and a net cash position of $3.98 billion. Operating cash flow was $1.39 billion. The company repaid $1.25 billion of maturing notes and paid $669 million in dividends ($0.41 per share). Ongoing litigation (Plavix Australia, Eliquis patent trial scheduled for October 2019, Byetta and Abilify product liability, and Celgene shareholder suits) and the planned Celgene combination are the key items to monitor.

    Apr 25, 2019
  24. 2018-Q3

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q3 Ended Sep 30, 2018

    Bristol-Myers Squibb's Q3 2018 10-Q shows a strong quarter driven by the Opdivo and Eliquis franchises. Total revenues rose 8% year over year to $5.69 billion in the third quarter and 8% to $16.59 billion for the first nine months, with net product sales up 12% for the nine months to $15.87 billion. Growth was led by U.S. and international demand for Opdivo (up 42% in Q3) and Eliquis (up 28%), partly offset by erosion in established brands such as Baraclude, Sustiva, Reyataz and the Hepatitis C franchise following generic entry or competition. Gross-to-net adjustments rose faster than gross sales (29% of gross sales in Q3 versus 26% a year earlier), reflecting Eliquis's high rebate exposure to maintain formulary position. GAAP diluted EPS was $1.16 for Q3 and $2.30 year to date, compared with $0.51 and $2.02 a year earlier. Non-GAAP diluted EPS was $1.09 for Q3 and $3.04 for the nine months, up from $0.75 and $2.32. The GAAP improvement was helped by a lower effective tax rate (11.8% in Q3 versus 27.6%) and a $100 million fair value gain on the Nektar equity stake in Q3, but was weighed down year to date by a $1.05 billion R&D charge for the Nektar collaboration and a $307 million cumulative fair value loss on the Nektar stake. The balance sheet remains solid, with $8.8 billion of cash and marketable securities against $7.3 billion of total debt, leaving a net cash position of $1.5 billion. Operating cash flow fell to $3.5 billion for the nine months from $4.2 billion, mainly because of the Nektar payment and lower litigation and out-licensing proceeds. Dividends of $2.0 billion and buybacks of $320 million were funded from cash. Management flagged a $2.6 billion deemed repatriation tax payable over eight years under U.S. tax reform, with the provisional amount still subject to revision.

    Oct 25, 2018
  25. 2018-Q2

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q2 Ended Jun 30, 2018

    Bristol-Myers Squibb's Q2 2018 10-Q shows a quarter dominated by a one-time charge tied to the Nektar collaboration. Total revenues rose 11% to $5.70 billion in the second quarter and 8% to $10.90 billion for the first half, driven by Opdivo and Eliquis, with foreign exchange contributing about 3 points for the half. Net product sales grew 14% in the quarter, though gross-to-net adjustments rose 33% to 27% of gross sales, a trend management attributes mainly to higher U.S. Eliquis volume with high rebate levels. GAAP profitability fell sharply. Diluted GAAP EPS was $0.23 in the quarter versus $0.56 a year earlier, and $1.13 for the half versus $1.50. The drop reflects a $1.05 billion upfront payment to Nektar expensed as R&D, which together with other license and asset acquisition charges pushed R&D up 45% in the quarter. Management also recorded a $407 million fair value loss on the $800 million Nektar equity stake. Excluding these specified items, non-GAAP diluted EPS rose to $1.01 from $0.74 in the quarter and $1.95 from $1.58 for the half, which management presents as the baseline performance measure. Balance sheet and cash flow remain solid but thinner. Cash, equivalents and marketable securities totaled $8.2 billion against $2.7 billion of debt, leaving a net cash position of $805 million, down from $1.33 billion at year-end 2017. Operating cash flow fell to $2.2 billion from $2.4 billion, and the company still carries a $2.6 billion one-time deemed repatriation tax under U.S. tax reform, payable over eight years. Dividends of $1.3 billion for the half and ongoing buybacks continued, and the company reiterated its credit ratings (A2/A+/A-).

    Jul 26, 2018
  26. 2018-Q1

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q1 Ended Mar 31, 2018

    Bristol-Myers Squibb's first-quarter 2018 10-Q shows total revenues up 5% to $5.19 billion, driven by strong growth in Opdivo (+34%) and Eliquis (+37%), partly offset by erosion in established brands such as Sustiva, Reyataz, and Hepatitis C. Foreign exchange contributed about 4 points of the revenue growth. GAAP diluted EPS fell to $0.91 from $0.94, mainly because the prior-year quarter included a $481 million Keytruda patent settlement. Non-GAAP diluted EPS rose to $0.94 from $0.84, supported by higher royalties and licensing income, a lower effective tax rate (16.0% versus 21.9%), and a smaller share count. Margins and cash generation were mixed. Gross-to-net adjustments rose to 26% of gross sales from 22%, reflecting Eliquis's high rebate burden and U.S. pricing pressure, which weighed on cost of products sold. Operating cash flow improved to $1.175 billion from $861 million, though much of the increase reflected timing of collections. The company ended the quarter with $9.0 billion in cash and marketable securities against $7.7 billion in debt, for a net cash position of $1.3 billion. Dividends of $0.40 per share were declared, and $167 million of stock was repurchased. Investors should watch the U.S. Tax Cuts and Jobs Act transition, which includes a $2.6 billion deemed repatriation tax payable over eight years, and the Nektar collaboration. BMS paid $1.85 billion for NKTR-214 rights and Nektar stock, with $1.05 billion of that expensed as R&D in Q2 2018. Legal exposure includes Eliquis generic challenges, Plavix product liability, and a securities class action tied to the CheckMate-026 trial.

    Apr 26, 2018
  27. 2017-Q3

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q3 Ended Sep 30, 2017

    Bristol-Myers Squibb's Q3 2017 10-Q shows top-line momentum driven by its prioritized brands, with total revenues up 7% to $5.25 billion for the quarter and up 8% to $15.3 billion for the nine months. Net product sales rose 8% in the quarter, led by Opdivo (up 38% to $1.27 billion) and Eliquis (up 39% to $1.23 billion). Offsetting this, GAAP diluted EPS fell to $0.51 from $0.72 as a result of a $310 million IFM asset-acquisition charge, higher restructuring costs, and lower divestiture gains. Non-GAAP diluted EPS was $0.75, down from $0.77 in the prior-year quarter, while nine-month non-GAAP EPS rose to $2.32 from $2.20. Gross-to-net adjustments are rising faster than gross sales (GTN at 26% of gross sales in Q3 versus 21% a year earlier), largely due to higher U.S. Eliquis volume and Medicaid/Medicare rebates, which is a margin headwind to monitor. Cost of products sold grew 20% in the quarter, and R&D expense rose 36% on license and asset acquisition charges, including the IFM deal and Halozyme's $105 million technology access fee expected in Q4. Hepatitis C (Daklinza) and Sustiva/Reyataz continue to decline sharply on competition, with Sustiva and Reyataz facing loss of exclusivity in December 2017. Balance sheet and cash generation improved meaningfully: operating cash flow for the nine months was $4.16 billion versus $1.62 billion a year earlier, helped by lower tax payments, out-licensing proceeds from Biogen and Roche, and a $481 million share of the Keytruda patent settlement. The company repurchased $2.2 billion of stock, funded partly by $1.5 billion of new long-term debt, and net cash fell to $1.2 billion from $2.4 billion. Management also disclosed that the Eliquis composition-of-matter patent term was extended to November 2026 and that a Puerto Rico hurricane disruption had not yet materially affected results.

    Oct 26, 2017
  28. 2017-Q2

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q2 Ended Jun 30, 2017

    Bristol-Myers Squibb's Q2 2017 10-Q shows continued top-line momentum driven by its immuno-oncology and newer franchises. Total revenues rose 6% to $5.14 billion in the quarter and 9% to $10.07 billion for the six months, led by Opdivo (up 42% in Q2) and Eliquis (up 51%), partially offset by steep declines in the Hepatitis C franchise (down 79% in Q2) and other established brands facing competition. GAAP diluted EPS was $0.56 in Q2 versus $0.69 a year earlier, a sharp drop driven by $393 million of license and asset acquisition charges in R&D, a $127 million impairment tied to the Swords, Ireland manufacturing divestiture, and a $109 million debt redemption loss. Non-GAAP diluted EPS was $0.74 in Q2 versus $0.69, and $1.58 for the six months versus $1.43, after excluding specified items. For the six months, GAAP EPS rose to $1.50 from $1.41, helped by a $481 million BMS share of the Merck Keytruda PD-1 patent settlement, $884 million in royalties and licensing income (including $470 million of upfront fees from Biogen and Roche), and $127 million in divestiture gains. Operating cash flow improved sharply to $2.45 billion from $211 million, aided by roughly $1.3 billion in lower income tax payments and the settlement proceeds. Management also flagged upcoming loss-of-exclusivity events for Sustiva and Reyataz in December 2017, which will pressure those franchises further. Balance sheet and capital allocation moves were notable. BMS repurchased $2.0 billion of stock through accelerated share repurchase agreements, funded partly by $1.5 billion in new senior notes, and cash, cash equivalents and marketable securities totaled $9.1 billion against $7.5 billion of principal debt, leaving a net cash position of $868 million, down from $2.36 billion at year-end 2016. The company also disclosed a restructuring program with $1.5 to $2.0 billion of total expected charges, $536 million recognized to date, and approximately $250 million expected in 2017. Investors should weigh the strong growth in the Opdivo and Eliquis franchises against rising R&D spending, a narrowing net cash position, and the impending exclusivity losses in the HIV portfolio.

    Jul 27, 2017
  29. 2017-Q1

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q1 Ended Mar 31, 2017

    Bristol-Myers Squbb Co. (BMY) reported a strong first quarter for 2017, with total revenues increasing by 12% year-over-year to $4.93 billion. This growth was primarily driven by robust performance in their prioritized brands, Opdivo and Eliquis, which saw significant increases in sales. Net earnings attributable to BMS rose to $1.57 billion, translating to a diluted EPS of $0.94, up from $0.71 in the prior year quarter. The company's operational cash flow improved substantially, turning positive at $861 million compared to a use of cash in the prior year, bolstered by lower income tax payments and a significant litigation settlement related to Keytruda. Key strategic initiatives for the quarter included expanding the collaboration with CytomX for novel therapies and agreeing to out-license compounds to Biogen and Roche, generating substantial upfront payments. The company also continued its disciplined capital allocation, executing accelerated share repurchases totaling $2 billion, funded by a combination of debt and cash. Despite facing ongoing litigation and potential generic competition for established brands, BMY demonstrated solid top-line growth and improved profitability, positioning itself for continued strategic development in its core therapeutic areas.

    Apr 27, 2017
  30. 2016-Q3

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q3 Ended Sep 30, 2016

    Bristol-Myers Squibb (BMY) reported strong third-quarter and year-to-date results for 2016, driven significantly by robust growth in key products like Opdivo and Eliquis. Total revenues increased by 21% for the quarter and 16% for the nine months, reaching $4.9 billion and $14.2 billion, respectively. Net earnings attributable to BMS saw a substantial rise to $1.2 billion for the quarter and $3.6 billion for the nine months, leading to diluted EPS of $0.72 and $2.12, respectively. The company also enhanced its financial flexibility by increasing its cash and marketable securities position to $8.6 billion and approving a new $3.0 billion share repurchase program. While the company reported disappointing Phase III results for Opdivo in first-line non-small cell lung cancer (CheckMate-026), it continues to explore combination therapies and other indications for its immuno-oncology portfolio. BMS also continued its strategic acquisitions, including Cormorant Pharmaceuticals and Padlock Therapeutics, to bolster its pipeline in oncology and autoimmune diseases. The company is also undergoing an operating model evolution to streamline operations and focus investments, which is expected to incur restructuring charges but maintain non-GAAP operating expenses.

    Oct 27, 2016
  31. 2016-Q2

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q2 Ended Jun 30, 2016

    Bristol-Myers Squibb (BMY) reported strong revenue growth in the second quarter and first half of 2016, driven primarily by significant increases in sales of key products like Opdivo and Eliquis. Total revenues rose by 17% for the quarter and 13% for the six-month period, reaching $4.87 billion and $9.26 billion, respectively. This top-line performance translated into a substantial improvement in profitability, with net earnings attributable to BMS soaring from a loss of $130 million in the prior year's quarter to a profit of $1.17 billion, and diluted EPS improving from -$0.08 to $0.69. The company's strategic focus on immuno-oncology, particularly with Opdivo, is clearly paying dividends, as evidenced by its rapidly growing sales and expanded indications. Furthermore, the company has been actively managing its portfolio through strategic acquisitions and divestitures, including the recent acquisitions of Cormorant Pharmaceuticals and Padlock Therapeutics, aimed at strengthening its pipeline in oncology and autoimmune diseases, respectively. Despite ongoing legal proceedings and a complex market environment, BMY demonstrates a robust financial position with healthy cash flow from operations and investing activities.

    Jul 28, 2016
  32. 2016-Q1

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q1 Ended Mar 31, 2016

    Bristol-Myers Squibb Company (BMY) reported first-quarter 2016 results showing a 9% increase in total revenues to $4.4 billion, driven by strong growth in key products like Opdivo and Eliquis, which offset declines in older or divested products such as Abilify and Erbitux. Net earnings remained relatively flat year-over-year at $1.2 billion, resulting in diluted Earnings Per Share (EPS) of $0.71. The company highlighted significant product approvals and pipeline advancements, particularly in immuno-oncology, and continued strategic business development, including the acquisition of Padlock Therapeutics. Despite increased R&D and marketing expenses, the company maintained a solid financial position, though cash flow from operations turned negative due to higher tax payments and timing of customer collections.

    Apr 28, 2016
  33. 2015-Q3

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q3 Ended Sep 30, 2015

    Bristol-Myers Squibb Company (BMY) reported total revenues of $4.069 billion for the third quarter of 2015, a 4% increase year-over-year, and $12.273 billion for the nine-month period, up 6%. This growth was driven primarily by strong performance from newer products like Eliquis and the Hepatitis C franchise, along with the continued ramp-up of Opdivo. Net earnings for the quarter were $706 million ($0.42 per diluted share), slightly down from $721 million ($0.43 per diluted share) in the prior year. For the nine months, net earnings were $1.762 billion ($1.05 per diluted share), a decrease from $1.991 billion ($1.19 per diluted share) in the same period of 2014. The decrease in earnings was largely due to increased research and development expenses, particularly related to acquisitions like Flexus Biosciences and upfront payments for new collaborations, partially offset by higher revenues. The company also highlighted a significant increase in cash flow from operations, though it was lower than the previous year due to timing differences in payments and collections. BMY is actively managing its product portfolio, with significant product launches and pipeline advancements, particularly in oncology with Opdivo and immuno-oncology. The company also continues to engage in strategic business development, including acquisitions and licensing agreements, to bolster its future growth prospects. Despite some ongoing litigation and regulatory matters, the company maintains a solid financial position and liquidity.

    Oct 27, 2015
  34. 2015-Q2

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q2 Ended Jun 30, 2015

    Bristol-Myers Squibb Company (BMY) reported its financial results for the quarter and six months ended June 30, 2015. The company experienced a net loss of $130 million for the quarter, a significant decrease from the prior year's net earnings of $333 million, largely driven by increased research and development expenses. For the six-month period, net earnings attributable to BMS were $1.06 billion, down from $1.27 billion in the same period last year. Total revenues showed growth, up 7% for both the quarter and the six-month period, primarily fueled by strong performance in key products like Eliquis, Opdivo, and the Hepatitis C Franchise, partially offset by the impact of foreign currency fluctuations and the expiration of Abilify U.S. commercialization rights. The company's R&D spending saw a substantial increase due to the acquisition of Flexus Biosciences for $800 million upfront, aimed at bolstering its immuno-oncology pipeline. Management highlighted the strategic importance of Opdivo, which received significant regulatory approvals in Europe and strong results from Phase III trials, positioning it as a key growth driver. Despite the quarterly loss, the company maintained a strong liquidity position, with cash, cash equivalents, and marketable securities totaling over $10 billion. The company anticipates lower earnings in the remaining quarters of 2015 due to ongoing product transitions and increased investment in new launches.

    Jul 23, 2015
  35. 2015-Q1

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q1 Ended Mar 31, 2015

    Bristol-Myers Squibb Company (BMY) reported solid financial results for the first quarter of 2015, with total revenues increasing by 6% year-over-year to $4.04 billion. This growth was driven by strong performance from key products like Eliquis and Yervoy, as well as the recent launches of the Hepatitis C Franchise and Opdivo. Net earnings attributable to BMS rose to $1.19 billion, or $0.71 per diluted share, compared to $937 million, or $0.56 per diluted share, in the prior year's quarter. Despite positive top-line growth and improved profitability, investors should note potential headwinds. The company's U.S. rights to Abilify are set to expire soon, which is expected to impact revenues in subsequent quarters. Additionally, the company is navigating patent expirations and increased generic competition for products like Baraclude. BMY is actively pursuing business development opportunities, including acquisitions and licensing agreements, to bolster its pipeline, particularly in the immuno-oncology space, as evidenced by the acquisition of Flexus Biosciences, Inc.

    Apr 28, 2015
  36. 2014-Q3

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q3 Ended Sep 30, 2014

    Bristol-Myers Squibb Company (BMY) reported third quarter and nine-month results for 2014, showing a mixed financial performance characterized by strategic divestitures and growth in key therapeutic areas. Total revenues declined slightly year-over-year for both the quarter and the nine-month period, primarily due to the significant divestiture of the company's diabetes business to AstraZeneca in February 2014. This sale resulted in a substantial gain recognized in the third quarter. Despite the overall revenue decrease, the company saw strong growth in its oncology portfolio, particularly with Opdivo and Yervoy, and its cardiovascular drug Eliquis. The company also experienced challenges in certain therapeutic areas, such as a decline in Virology sales due to generic competition and the withdrawal of a Hepatitis C treatment from U.S. FDA approval consideration. Net earnings attributable to BMS increased for both periods, driven by the gain on the diabetes business sale and effective cost management, including restructuring initiatives. The company ended the period with a robust cash position and continued to manage its debt effectively. Investors should closely monitor the progress of key growth drivers like Opdivo and Eliquis, as well as the impact of ongoing patent expirations and competitive pressures on its mature product portfolio.

    Oct 24, 2014
  37. 2014-Q2

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q2 Ended Jun 30, 2014

    Bristol-Myers Squibb Company (BMY) reported its second-quarter 2014 financial results, demonstrating a significant strategic shift with the divestiture of its diabetes business to AstraZeneca in February 2014. This transaction contributed to a decrease in total revenues for both the three and six months ended June 30, 2014, compared to the prior year. While net earnings also declined on a GAAP basis, the company's Non-GAAP earnings per share showed an increase, highlighting the impact of significant "specified items" such as restructuring charges and IPRD impairments. The company continues to focus on its core therapeutic areas, particularly oncology and immunology, with significant pipeline developments, notably the advancement of Opdivo (nivolumab) in melanoma and lung cancer. The Eliquis (apixaban) franchise continues its strong growth trajectory. Despite revenue challenges in certain legacy products and geographic regions, BMY's strategic transformation appears to be driving improved operational performance on a non-GAAP basis and positioning the company for future growth through its robust R&D pipeline.

    Jul 24, 2014
  38. 2014-Q1

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q1 Ended Mar 31, 2014

    Bristol-Myers Squibb (BMY) reported solid first-quarter 2014 results, demonstrating resilience and strategic execution. Total revenues slightly declined by 1% year-over-year to $3.81 billion, primarily impacted by the strategic divestiture of the diabetes business. However, operational efficiency improved, leading to a significant increase in Net Earnings Attributable to BMS by 54% to $937 million, or $0.56 per diluted share, up from $609 million, or $0.37 per share, in the prior year. This profit growth was driven by a substantial decrease in total expenses, notably from the exclusion of the divested diabetes business and other cost-saving measures. The company successfully completed the sale of its diabetes business to AstraZeneca in February 2014, recognizing a gain on sale and streamlining its focus towards core therapeutic areas like oncology, virology, and immunology. This strategic move, coupled with prudent cost management, significantly boosted profitability. The company also highlighted progress in its pipeline, with key developments in immuno-oncology and other therapeutic areas, signaling a commitment to future growth and innovation. Overall, BMY delivered a strong operational and financial performance, underscoring its strategic transformation and focus on high-value growth opportunities.

    Apr 29, 2014
  39. 2013-Q3

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q3 Ended Sep 30, 2013

    Bristol-Myers Squibb (BMY) reported a return to profitability in the third quarter of 2013, with net earnings of $692 million ($0.42 per diluted share), a significant improvement from a net loss of $711 million ($0.43 per diluted share) in the same period last year. This turnaround was driven by an 9% increase in net sales to $4.1 billion, largely due to growth in key products like Sprycel, Yervoy, and Orencia, partially offset by declining sales of established products such as Abilify and Plavix. For the first nine months of 2013, net earnings were $1.84 billion ($1.11 per diluted share), compared to $1.04 billion ($0.61 per diluted share) in the prior year. While overall net sales decreased by 11% year-to-date due to significant patent expirations in 2012 (Plavix and Avapro/Avalide), the company demonstrated effective cost management, with total expenses decreasing by 14% for the nine-month period. This financial performance, coupled with a strong pipeline and strategic alliances, positions BMY for continued recovery and future growth, though challenges from ongoing patent cliffs and evolving market dynamics remain.

    Oct 23, 2013
  40. 2013-Q2

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q2 Ended Jun 30, 2013

    Bristol-Myers Squibb Company (BMY) reported a decrease in net sales for the second quarter of 2013 compared to the prior year, largely due to the loss of exclusivity for key products like Plavix* and Avapro*/Avalide*, which significantly impacted revenue. While overall net sales declined by 9% year-over-year for the quarter, the company saw growth in several key products, including Sprycel*, Yervoy, and Orencia*, indicating progress in diversifying its revenue streams. The company also launched Eliquis (apixaban) in multiple markets, a strategic move to bolster its cardiovascular portfolio. Despite the revenue headwinds from patent expirations, BMY demonstrated effective cost management, with total expenses remaining relatively flat year-over-year. This, combined with strategic portfolio management and pipeline advancements, resulted in a decrease in net earnings per share. The company's financial position remains solid, with a substantial cash and marketable securities balance, and a net debt position indicating healthy liquidity. Investors should monitor the performance of new product launches like Eliquis and ongoing pipeline developments for future growth drivers, while remaining aware of continued patent expirations and competitive pressures.

    Jul 25, 2013
  41. 2013-Q1

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q1 Ended Mar 31, 2013

    Bristol-Myers Squibb Company (BMY) reported significantly lower net sales and earnings for the first quarter of 2013 compared to the same period in 2012, primarily due to the loss of exclusivity for key products like Plavix and Avapro/Avalide. Net sales decreased by 27% to $3.83 billion, while Net Earnings Attributable to BMS fell from $1.10 billion to $609 million. This decline was partially offset by the launch of new products such as Eliquis and the continued rollout of Forxiga, as well as increased demand for products like Sprycel and Yervoy. The company is actively managing costs and focusing on growing its newer products and advancing its robust R&D pipeline to drive future growth despite facing ongoing challenges in global economic conditions and regulatory environments.

    Apr 25, 2013
  42. 2012-Q3

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q3 Ended Sep 30, 2012

    Bristol-Myers Squibb Company (BMY) reported a net loss attributable to the company of $711 million ($0.43 per diluted share) for the third quarter of 2012, a significant shift from the net earnings of $969 million ($0.56 per diluted share) in the same period of the prior year. This loss was heavily influenced by a substantial $1.8 billion impairment charge related to the Inhibitex acquisition and discontinued development of BMS-986094. Revenue also saw a sharp decline, down 30% to $3.7 billion, primarily due to the loss of exclusivity for key products like Plavix and Avapro/Avalide, which had previously contributed over $8 billion in combined sales in 2011. The company completed the significant acquisition of Amylin Pharmaceuticals for $5.3 billion, which, along with restructuring provisions and litigation expenses, contributed to the increased total expenses. Despite the quarterly loss and revenue decline, BMY is strategically focused on growing its newer key marketed products, advancing its pipeline, and expanding in emerging markets. The company also secured significant financing through new debt issuances and a $3.8 billion collaboration payment from AstraZeneca related to the Amylin acquisition. Management is emphasizing its pipeline advancements in immuno-oncology, cardiovascular/metabolic disease, and virology, alongside its biologics capabilities, to build a foundation for future growth. Investors should note the impact of patent expirations on near-term financial performance while observing the company's long-term strategic initiatives.

    Oct 24, 2012
  43. 2012-Q2

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q2 Ended Jun 30, 2012

    Bristol-Myers Squibb Company (BMY) reported a significant decline in net sales for the quarter and six months ended June 30, 2012, primarily driven by the loss of exclusivity for key products like Plavix and Avapro/Avalide. This resulted in a decrease in net earnings attributable to Bristol-Myers Squibb Company from $902 million in Q2 2011 to $645 million in Q2 2012, and from $1.888 billion in the first six months of 2011 to $1.746 billion in the same period of 2012. Despite the revenue pressure from patent expirations, the company continues to invest in its pipeline and has made strategic acquisitions, including the agreement to acquire Amylin Pharmaceuticals for approximately $5.3 billion. Management's strategy focuses on growing newer key marketed products, advancing its R&D pipeline in immuno-oncology, cardiovascular/metabolic disease, and virology, and expanding its presence in emerging markets. The company also highlighted positive developments in key products like Eliquis, Yervoy, and Orencia, and provided updates on ongoing clinical trials and regulatory reviews.

    Jul 25, 2012
  44. 2012-Q1

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q1 Ended Mar 31, 2012

    Bristol-Myers Squibb Company (BMY) reported its first quarter 2012 financial results, showing an increase in Net Sales to $5.25 billion, up from $5.01 billion in the prior year's quarter. This growth was primarily driven by strong performance in key products like SUSTIVA, BARACLUDE, SPRYCEL, YERVOY, and ONGLYZA/KOMBIGLYZE, as well as favorable pricing in certain segments. Diluted Earnings Per Share (EPS) also saw an increase to $0.64, up from $0.57 in Q1 2011. However, the company faces significant headwinds with the expected loss of exclusivity for major products like AVAPRO*/AVALIDE* in March 2012 and PLAVIX* in May 2012, which are anticipated to cause a material decline in future sales and profitability. To mitigate these risks, BMY has been actively pursuing a strategy focused on advancing its pipeline, expanding biologics capabilities, and executing strategic acquisitions, such as the recent Inhibitex, Inc. acquisition to bolster its infectious disease pipeline. Investors should closely monitor the impact of patent expirations and the success of new product launches and pipeline developments.

    Apr 26, 2012
  45. 2011-Q3

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q3 Ended Sep 30, 2011

    Bristol-Myers Squibb Company (BMY) reported strong financial results for the third quarter and the first nine months of 2011, with net sales increasing by 11% and 10% respectively, compared to the prior year periods. This growth was driven by a combination of higher sales volumes and increased average selling prices across many of its key products, including PLAVIX, ABILIFY, and SPRYCEL. The company also saw significant contributions from newer products like YERVOY and NULOJIX. Despite strong revenue growth, the company faces significant headwinds, most notably the upcoming loss of exclusivity for its largest product, PLAVIX, in May 2012, which is expected to lead to a material decline in sales and profitability. Management is actively pursuing strategic initiatives, including pipeline advancement and acquisitions like Amira Pharmaceuticals, to offset this anticipated impact. Investors should monitor the company's progress in navigating patent expirations and diversifying its revenue streams.

    Oct 27, 2011
  46. 2011-Q2

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q2 Ended Jun 30, 2011

    Bristol-Myers Squibb Company (BMY) reported solid financial results for the quarter and six months ended June 30, 2011. Net sales increased by 14% to $5.43 billion for the quarter and 9% to $10.44 billion for the first six months, driven by volume, higher average selling prices, and favorable foreign exchange. Diluted earnings per share attributable to Bristol-Myers Squibb Company were $0.52 for the quarter, a slight decrease from $0.53 in the prior year, and $1.10 for the six-month period, an increase from $0.96 in the prior year. The company saw growth in key products such as PLAVIX*, ABILIFY*, and SPRYCEL, though AVAPRO*/AVALIDE* experienced a decline. Significant new product approvals and positive trial results were highlighted, including YERVOY in Europe, NULOJIX in the US and EU, and ELIQUIS* in the EU. However, the company faces the impending loss of exclusivity for PLAVIX* in the U.S. in May 2012, which is expected to materially impact future sales and cash flow. Management is focused on sustaining the business through pipeline advancement, growing current products, and maintaining financial strength.

    Jul 28, 2011
  47. 2011-Q1

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q1 Ended Mar 31, 2011

    Bristol-Myers Squibb Company (BMY) reported its first quarter results for 2011, demonstrating revenue growth driven by key products like PLAVIX*, BARACLUDE, and SPRYCEL. Net sales increased by 4% to $5.01 billion, with net earnings attributable to the company rising significantly by 33% to $986 million, or $0.57 per diluted share. This growth was partially boosted by favorable comparisons to the prior year which included higher restructuring and impairment charges. The company also highlighted progress in its pipeline, including the FDA approval of YERVOY for melanoma treatment and positive developments for ELIQUIS* and NULOJIX*. Despite the positive top-line and bottom-line performance, investors should note potential headwinds. The company continues to manage the impact of U.S. healthcare reform, including a new annual pharmaceutical company fee, and faces ongoing legal proceedings, particularly concerning PLAVIX* patent challenges and potential generic competition. Furthermore, the company received a warning letter from the FDA regarding its Manati manufacturing facility, which poses a risk to future product approvals. Investors should also be aware of the upcoming loss of exclusivity for PLAVIX* in the U.S. in May 2012, which is expected to significantly impact future revenues and profitability.

    Apr 28, 2011
  48. 2010-Q3

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q3 Ended Sep 30, 2010

    Bristol-Myers Squibb Company (BMY) reported stable net sales for the third quarter of 2010 compared to the prior year, with a 4% increase for the first nine months of 2010. The company experienced growth in key products like PLAVIX® and BARACLUDE®, but this was offset by decreases in mature brands and the impact of U.S. healthcare reform. Net earnings from continuing operations attributable to BMS saw a 6% increase for the quarter and an 8% increase for the nine-month period, driven partly by a lower effective tax rate and a reduction in outstanding shares following the Mead Johnson split-off. The company continues to focus on building a foundation for future growth amidst the upcoming loss of exclusivity for its largest product, PLAVIX®, in November 2011.

    Oct 26, 2010
  49. 2010-Q2

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q2 Ended Jun 30, 2010

    Bristol-Myers Squibb's Q2 2010 10-Q shows continued top-line growth driven by U.S. PLAVIX and other key brands. Net sales rose 2% to $4.77 billion in the quarter and 7% to $9.58 billion for the six months, with U.S. sales up 8% for the half and international sales up 4%, helped by a 4-point foreign exchange tailwind. GAAP diluted EPS from continuing operations was $0.53 for the quarter, up from $0.44, and $0.96 for the six months, up from $0.77. Much of that EPS growth reflects a roughly 13% lower share count after the December 2009 Mead Johnson split-off. Non-GAAP diluted EPS rose 13% in the quarter to $0.54 and 22% for the half to $1.10. The central investor concern is PLAVIX, the company's largest product, which management says faces expected loss of U.S. exclusivity in November 2011. Management anticipates a "rapid, precipitous decline" in PLAVIX sales, and the filing notes that generic erosion is already reducing international PLAVIX sales and equity income from affiliates. Offsetting pressures include lower ABILIFY U.S. sales after the revenue-share step-down to 58%, healthcare reform rebates that reduced net sales by $128 million in the half year, and a higher effective noncontrolling interest drag from sanofi's share of PLAVIX U.S. profits. Management is pursuing a $2.5 billion productivity transformation program and an acquisition and licensing strategy, while the balance sheet remains strong at a $3.7 billion net cash position. Cash generation was softer than earnings, with operating cash flow of $1.5 billion for the half year, up from $1.2 billion. Capital returns included $1.1 billion in dividends and a newly authorized $3.0 billion share repurchase program, of which $173 million was used in the quarter. The company also recorded a $215 million loss on the sale of its Latina, Italy manufacturing operations and a $66 million tax benefit in the quarter.

    Jul 22, 2010
  50. 2010-Q1

    BRISTOL MYERS SQUIBB CO Quarterly Report for Q1 Ended Mar 31, 2010

    Bristol-Myers Squibb Company (BMY) reported its first-quarter 2010 financial results, showing a robust increase in net sales and earnings compared to the same period in 2009. Net sales grew by 11% to $4.81 billion, driven by strong performance in key products like PLAVIX and the virology portfolio, along with new launches. Net earnings from continuing operations attributable to Bristol-Myers Squibb Company increased by 14% to $743 million, resulting in diluted earnings per share of $0.43, up from $0.32 in the prior year. The company also highlighted progress in its strategic initiatives, including collaborations and pipeline development, while managing the impact of healthcare reform. Operationally, the company saw significant contributions from its BioPharmaceuticals segment, which reported a 15% increase in segment income. Despite the overall positive results, the company is navigating challenges such as increased Medicaid rebates due to healthcare reform, which impacted net sales by $49 million in the quarter. The company reaffirmed its commitment to financial strength and strategic growth, supported by a healthy cash position of $5.14 billion.

    Apr 29, 2010