Summary
Bristol Myers Squibb (BMY) filed an 8-K on May 19, 2020, to provide investors with unaudited pro forma condensed combined financial information. This information reflects the impact of the significant acquisition of Celgene Corporation, completed in November 2019, and the subsequent disposition of Celgene's OTEZLA® (apremilast) product line. The filing is primarily to support upcoming registered exchange offers for notes issued to partially fund the Celgene acquisition. The pro forma financial statements, specifically the condensed combined statement of earnings for the year ended December 31, 2019, are presented for informational purposes. They do not represent actual historical results but rather an illustration of what the combined company's earnings might have looked like had the merger and asset sale occurred at an earlier point. Investors should view this as a supplemental disclosure to understand the potential financial scale and structure post-acquisition.
Key Highlights
- 1BMY is providing pro forma financial information reflecting the acquisition of Celgene and the divestiture of OTEZLA®.
- 2The filing is related to upcoming registered exchange offers for notes issued to partially finance the Celgene acquisition.
- 3The Celgene acquisition was completed in November 2019.
- 4Approximately $19 billion in senior unsecured notes were issued in May 2019, and $18.5 billion in November 2019 to fund the merger.
- 5The pro forma financial information includes the combined statement of earnings for the year ended December 31, 2019.
- 6This pro forma data is for informational purposes and does not represent actual historical or projected future results.
- 7The OTEZLA® product line was divested as part of the Celgene acquisition terms.