Early Access

10-QPeriod: Q1 FY2013

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

Filed April 25, 2013For Securities:BMYCELG-RIBMYMP

Summary

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.

Financial Highlights

56 data points
Beta

Revenue

$3.83B

0.7% Gross Margin

Net Income

$609.00M

0.2% Net Margin

EPS (Diluted)

$0.37

Total Assets

$35.96B

Cash & Equivalents

$1.35B

Free Cash Flow

-$543.00M

Financial Statements
Beta
Revenue$3.83B
Cost of Revenue$1.06B
Gross Profit$2.77B
R&D Expenses$930.00M
SG&A Expenses$994.00M
Operating Expenses$3.16B
Interest Expense$50.00M
Net Income$609.00M
EPS (Basic)$0.37
EPS (Diluted)$0.37
Shares Outstanding (Basic)1.64B
Shares Outstanding (Diluted)1.66B

Key Highlights

  • 1Net Sales decreased by 27% to $3.83 billion in Q1 2013 compared to $5.25 billion in Q1 2012, largely due to patent expirations of key drugs like Plavix and Avapro/Avalide.
  • 2Net Earnings Attributable to BMS significantly declined to $609 million ($0.37 per diluted share) in Q1 2013, down from $1.10 billion ($0.64 per diluted share) in Q1 2012.
  • 3The company launched Eliquis in Q1 2013 for stroke prevention in atrial fibrillation patients, a key product from its alliance with Pfizer.
  • 4Newer products like Sprycel and Yervoy showed strong growth, with Yervoy sales increasing by 49%.
  • 5The effective income tax rate decreased significantly to 7.6% in Q1 2013 from 26.9% in Q1 2012, primarily due to favorable earnings mix and R&D tax credits.
  • 6Cash flow from operating activities turned negative at $(428) million in Q1 2013, a sharp decrease from $387 million in Q1 2012, impacted by product exclusivity losses and timing of payments.
  • 7The company continues to manage its cost base, with total expenses decreasing slightly to $3.16 billion from $3.22 billion.

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