Performance Reflects Progress Toward Delivering
Sustained, Top-Tier Growth
- Fourth Quarter Revenues were $12.3 Billion, Increasing 8%
(+9% Adjusting for Foreign Exchange); GAAP Earnings Per Share (EPS)
was $0.04 and Non-GAAP EPS was $1.67
- Growth Portfolio Revenues were $6.4 Billion, Increasing 21%
(+23% Adjusting for Foreign Exchange)
- Full-Year Revenues were $48.3 Billion, Increasing 7% (+9%
Adjusting for Foreign Exchange); GAAP Loss Per Share was $(4.41)
and Non-GAAP EPS was $1.15; Includes Net Impact of $(6.39) Per
Share for GAAP and Non-GAAP EPS Due to Acquired IPRD Charges and
Licensing Income
- Growth Portfolio Revenues were $22.6 Billion, Increasing 17%
(+19% Adjusting for Foreign Exchange)
- Achieved Multiple Clinical and Regulatory Milestones in the
Fourth Quarter, Including U.S. Approval of Opdivo Qvantig and the
U.S. Launch of Cobenfy
- Expands Strategic Productivity Initiative to Deliver ~$2
Billion in Additional Cost Savings by the End of 2027
- Provides 2025 Guidance with Revenues of ~$45.5 Billion;
Non-GAAP EPS Range of $6.55 to $6.85
Bristol Myers Squibb (NYSE: BMY) today reports results for the
fourth quarter and full year of 2024.
“We made good progress in 2024, which was capped by a fourth
quarter of strong topline growth driven by key products and
important pipeline advancements. We also achieved the landmark U.S.
approval of Cobenfy last year for the treatment of schizophrenia in
adults, and we expect this medicine to have a meaningful impact on
patients and the company as a new growth driver,” said Christopher
Boerner, Ph.D., board chair and chief executive officer, Bristol
Myers Squibb. “Our collective focus on execution has established a
solid foundation to navigate the multi-year journey toward
achieving top-tier sustainable growth and long-term shareholder
returns.”
Fourth Quarter
$ in millions, except per share
amounts
2024
2023
Change
Change Excl. F/X**
Total Revenues
$12,342
$11,477
8%
9%
Earnings Per Share - GAAP*
0.04
0.87
(95)%
N/A
Earnings Per Share -
Non-GAAP*
1.67
1.70
(2)%
N/A
Acquired IPRD Charge and
Licensing Income Net Impact on Earnings Per Share
0.01
(0.20
)
N/A
N/A
*GAAP and Non-GAAP earnings per share
include the net impact of Acquired IPRD charges and licensing
income.
**See "Use of Non-GAAP Financial
Information".
Full Year
$ in millions, except per share
amounts
2024
2023
Change
Change Excl. F/X**
Total Revenues
$48,300
$45,006
7%
9%
(Loss)/Earnings Per Share -
GAAP*
(4.41
)
3.86
N/A
N/A
Earnings Per Share -
Non-GAAP*
1.15
7.51
(85)%
N/A
Acquired IPRD Charge and
Licensing Income Net Impact on Earnings Per Share
(6.39
)
(0.28
)
N/A
N/A
*GAAP and Non-GAAP earnings per share
include the net impact of Acquired IPRD charges and licensing
income.
**See "Use of Non-GAAP Financial
Information".
FOURTH QUARTER RESULTS
All comparisons are made versus the same period in 2023 unless
otherwise stated.
- Bristol Myers Squibb posted fourth quarter revenues of $12.3
billion, an increase of 8%, or 9% when adjusted for foreign
exchange impacts, primarily driven by the Growth Portfolio and
higher demand for Eliquis, partially offset by the impact of
generics on Sprycel, Revlimid, Abraxane and Pomalyst.
- U.S. revenues increased 9% to $8.6 billion, primarily driven by
higher demand for the Growth Portfolio and Eliquis, partially
offset by the impact of generics within the Legacy Portfolio.
- International revenues increased 5% to $3.7 billion, or 9% when
adjusted for foreign exchange impacts, primarily driven by higher
demand for the Growth Portfolio, partially offset by the impact of
generics within the Legacy Portfolio.
- On a GAAP basis, gross margin decreased from 76.1% to 61.0%,
primarily driven by intangible asset impairment charges and product
mix. On a non-GAAP basis, gross margin decreased from 76.4% to
74.0%, primarily due to product mix.
- On a GAAP and non-GAAP basis, marketing, selling and
administrative expenses remained relatively flat at $2.1
billion.
- On a GAAP basis, research and development expenses increased
29% to $3.2 billion, primarily due to the impact of recent
acquisitions and IPRD impairment charges. On a non-GAAP basis,
research and development expenses increased 13% to $2.8 billion,
primarily due to the impact of recent acquisitions.
- On a GAAP and non-GAAP basis, Acquired IPRD decreased to $30
million from $600 million. On a GAAP and non-GAAP basis, licensing
income was $48 million compared to $67 million.
- On a GAAP basis, amortization of acquired intangible assets
decreased 26% to $1.7 billion, primarily due to lower amortization
expense related to Revlimid, partially offset by the RayzeBio
acquisition in 2024.
- On a GAAP basis, the effective tax rate was 56.6%, primarily
due to the impact of intangible asset impairments and amortization
of acquired intangible assets. In 2023, the income tax benefit was
$88 million despite pre-tax earnings of $1.7 billion, primarily due
to a valuation allowance reversal and foreign currency. On a
non-GAAP basis, the effective tax rate changed from 14.9% to 19.9%,
primarily due to jurisdictional earnings mix.
- On a GAAP basis, the company reported net income attributable
to Bristol Myers Squibb of $72 million, or $0.04 per share, during
the fourth quarter of 2024 compared to net earnings of $1.8
billion, or $0.87 per share, for the same period a year ago. The
company reported non-GAAP net earnings attributable to Bristol
Myers Squibb of $3.4 billion, or $1.67 per share, during the fourth
quarter of 2024 compared to $3.5 billion, or $1.70 per share, for
the same period a year ago.
FOURTH QUARTER
PRODUCT REVENUE HIGHLIGHTS
($ amounts in millions)
Quarter Ended December 31,
2024
% Change from Quarter Ended
December 31, 2023
% Change from Quarter Ended
December 31, 2023 Ex-F/X**
U.S.
Int'l(c)
WW(d)
U.S.
Int'l(c)
WW(d)
Int'l(c)
WW(d)
Growth Portfolio
Opdivo
$
1,423
$
1,056
$
2,479
2%
7%
4%
15%
7%
Orencia
750
250
1,000
(1)%
9%
2%
15%
3%
Yervoy
428
247
675
26%
9%
19%
15%
22%
Reblozyl
445
102
547
65%
104%
71%
110%
72%
Opdualag
233
21
254
25%
>200%
34%
>200%
34%
Breyanzi
209
54
263
146%
>200%
160%
>200%
162%
Camzyos
201
22
223
142%
>200%
153%
>200%
153%
Zeposia
115
43
158
15%
30%
19%
33%
20%
Abecma
59
46
105
5%
5%
5%
5%
5%
Sotyktu
64
19
83
14%
171%
32%
171%
32%
Krazati
36
3
39
N/A
N/A
N/A
N/A
N/A
Augtyro
13
2
15
>200%
N/A
>200%
N/A
>200%
Cobenfy
10
—
10
N/A
N/A
N/A
N/A
N/A
Other Growth Products(a)
186
326
512
13%
104%
58%
106%
59%
Total Growth Portfolio
4,172
2,191
6,363
19%
24%
21%
31%
23%
Legacy Portfolio
Eliquis
2,221
974
3,195
19%
(3)%
11%
(2)%
11%
Revlimid
1,169
170
1,339
(6)%
(17)%
(8)%
(15)%
(7)%
Pomalyst/Imnovid
685
138
823
9%
(48)%
(8)%
(47)%
(7)%
Sprycel
135
63
198
(67)%
(45)%
(62)%
(41)%
(61)%
Abraxane
91
83
174
(48)%
17%
(30)%
28%
(26)%
Other Legacy Products(b)
123
127
250
46%
(14)%
8%
(15)%
7%
Total Legacy Portfolio
4,424
1,555
5,979
—%
(14)%
(4)%
(12)%
(3)%
Total Revenues
$
8,596
$
3,746
$
12,342
9%
5%
8%
9%
9%
**
See "Use of Non-GAAP Financial
Information".
(a)
Includes Nulojix, Onureg, Inrebic,
Empliciti and royalty revenue.
(b)
Includes other mature brands.
(c)
Beginning in 2024, Puerto Rico revenues
are included in International revenues. Prior period amounts have
been reclassified to conform to the current presentation.
(d)
Worldwide (WW) includes U.S. and
International (Int'l).
FOURTH QUARTER PRODUCT REVENUE
HIGHLIGHTS Growth Portfolio Growth Portfolio
worldwide revenues increased to $6.4 billion compared to $5.3
billion in the prior year period, representing growth of 21% on a
reported basis, or 23% when adjusted for foreign exchange impacts.
Growth Portfolio revenues were primarily due to higher demand for
Reblozyl, Breyanzi, Camzyos, Yervoy and Opdualag.
Legacy Portfolio Revenues for the Legacy Portfolio in the
fourth quarter were $6.0 billion compared to $6.2 billion in the
prior year period, representing a decline of 4% on a reported basis
and 3% when adjusted for foreign exchange impacts. Legacy Portfolio
revenues were lower primarily due to the impact of generics on
Sprycel, Revlimid, Abraxane and Pomalyst, partially offset by
higher demand for Eliquis.
PRODUCT AND PIPELINE UPDATE
Neuroscience
Category
Asset
Milestone
Clinical & Research
CobenfyTM (xanomeline and trospium
chloride)
Long-term data from the Phase 3 EMERGENT-4
and EMERGENT-5 trials evaluating Cobenfy in adults with
schizophrenia showed that Cobenfy was generally well tolerated over
52 weeks, with continued improvements in symptoms and a side effect
profile consistent with prior trials of the treatment in this
indication.
Oncology
Category
Asset
Milestone
Regulatory
Opdivo® (nivolumab) + Yervoy®
(ipilimumab)
The Committee for Medicinal Products for
Human Use (CHMP) of the European Medicines Agency (EMA) recommended
approval of Opdivo + Yervoy for the first-line treatment of adult
patients with unresectable or advanced hepatocellular carcinoma.
The recommendation is based on results of the Phase 3 CheckMate
-9DW trial. The CHMP opinion will now be reviewed by the European
Commission (EC), which has the authority to approve medicines for
the European Union.
AugtyroTM (repotrectinib)*
The EC approved Augtyro, a next-generation
tyrosine kinase inhibitor (TKI), as a treatment for adult patients
with ROS1-positive advanced non-small cell lung cancer and for the
treatment of adult and pediatric patients 12 years of age and older
with advanced solid tumors expressing a NTRK gene fusion, and who
have received a prior NTRK inhibitor, or have not received a prior
NTRK inhibitor and treatment options not targeting NTRK provide
limited clinical benefit, or have been exhausted. The approval is
based on results from the TRIDENT-1 and CARE trials.
*Approval received on January 13, 2025,
and announced today by the company.
Opdivo QvantigTM (nivolumab and
hydaluronidase-nyhy)
The U.S. Food and Drug Administration
(FDA) approved Opdivo Qvantig injection for subcutaneous use in
most previously approved adult, solid tumor Opdivo indications as
monotherapy, monotherapy maintenance after completion of Opdivo
plus Yervoy combination therapy, or in combination with
chemotherapy or cabozantinib. The approval is based on results from
the Phase 3 randomized, open-label CheckMate -67T trial.
Opdivo + Yervoy
The EC approved Opdivo plus Yervoy for the
first-line treatment of adult patients with microsatellite
instability-high or mismatch repair deficient unresectable or
metastatic colorectal cancer (mCRC). The approval is based on
results from the CheckMate -8HW trial.
Clinical & Research
Opdivo + Yervoy
Results from an analysis of the Phase 3
CheckMate -8HW trial evaluating Opdivo plus Yervoy versus Opdivo
monotherapy across all lines of therapy for microsatellite
instability-high/mismatch repair-deficient mCRC demonstrated a
statistically significant and clinically meaningful improvement at
a median follow up of 47 months in the dual primary endpoint of
progression-free survival as assessed by Blinded Independent
Central Review.
Hematology
Category
Asset
Milestone
Clinical & Research
Breyanzi® (lisocabtagene maraleucel)
Five-year overall survival data from the
Phase 1 TRANSCEND NHL 001 study supported deep and durable
responses of Breyanzi in patients with relapsed or refractory large
B-cell lymphoma (LBCL) with median overall survival (OS) of 27.5
months and an estimated OS rate at five years of 38 percent.
Breyanzi continued to demonstrate an established safety profile
with no new safety signals.
In addition, new circulating tumor DNA
(ctDNA) from the Phase 3 TRANSFORM study supported the superiority
of Breyanzi to achieve deeper responses over the former standard of
care in second-line LBCL.
Regulatory
Breyanzi
The CHMP of the EMA recommended approval
of Breyanzi for the treatment of adult patients with relapsed or
refractory follicular lymphoma (FL) who have received two or more
prior lines of systemic therapy. The recommendation is based on
data from the Phase 2 TRANSCEND FL study. The CHMP opinion will now
be reviewed by the EC.
Cardiovascular
Category
Asset
Milestone
Clinical & Research
Camzyos® (mavacamten)
In Europe, following an opinion from the
CHMP of the EMA, Camzyos received a label update to reduce the
frequency of required echocardiography monitoring once a patient
treated for obstructive hypertrophic cardiomyopathy is on a stable
dose.
In addition, the company is today
announcing the receipt of an April Prescription Drug User Fee Act
(PDUFA) goal date from the FDA in the same setting.
Immunology
Category
Asset
Milestone
Clinical & Research
Sotyktu® (deucravacitinib)
Results from the Phase 3 POETYK PsA-1 and
POETYK PsA-2 trials evaluating the efficacy and safety of Sotyktu
in adults with active psoriatic arthritis (PsA) met their primary
endpoint, with a significantly greater proportion of
Sotyktu-treated patients achieving at least a 20 percent
improvement in signs and symptoms of disease after 16 weeks of
treatment compared with placebo.
In addition, both trials met secondary
endpoints across PsA disease activity at Week 16. In both studies,
Sotyktu was well-tolerated and demonstrated safety consistent with
the established safety profile of Sotyktu observed in a Phase 2 PsA
clinical trial and Phase 3 moderate-to-severe plaque psoriasis
clinical trials.
FULL-YEAR FINANCIAL RESULTS
All comparisons are made versus the same period in 2023 unless
otherwise stated.
- Bristol Myers Squibb posted revenues of $48.3 billion, an
increase of 7%, or 9% when adjusted for foreign exchange impacts,
primarily driven by the Growth Portfolio and higher demand for
Eliquis, partially offset by the impact of generics on Sprycel,
Revlimid and Abraxane.
- U.S. revenues increased 9% to $34.1 billion, primarily due to
higher demand for the Growth Portfolio and Eliquis, partially
offset by the impact of generics on Sprycel, Revlimid and
Abraxane.
- International revenues increased 3% to $14.2 billion, or 8.0%
when adjusted for foreign exchange impacts, primarily due to demand
for Growth Portfolio products, partially offset by the impact of
generics within the Legacy Portfolio.
- On a GAAP basis, gross margin decreased from 76.2% to 71.1%,
primarily driven by intangible asset impairment charges and product
mix. On a non-GAAP basis, gross margin decreased from 76.6% to
75.3%, primarily due to product mix.
- On a GAAP and non-GAAP basis, marketing, selling and
administrative expenses increased 8% to $8.4 billion and 4% to $8.0
billion, respectively. The increase is primarily due to the timing
of spend and the impact of recent acquisitions.
- On a GAAP basis, research and development expenses increased
20% to $11.2 billion, primarily due to the impact of recent
acquisitions and IPRD impairment charges. On a non-GAAP basis,
research and development expenses increased 7% to $9.8 billion,
primarily due to the impact of recent acquisitions.
- On a GAAP and non-GAAP basis, Acquired IPRD increased from $913
million to $13.4 billion driven by a one-time Acquired IPRD charge
from the Karuna asset acquisition and SystImmune collaboration. On
a GAAP and non-GAAP basis, licensing income was $122 million during
the year compared to $142 million in 2023.
- On a GAAP basis, amortization of acquired intangible assets
decreased 2% to $8.9 billion, primarily due to lower amortization
expense related to Revlimid, partially offset by the RayzeBio
acquisition in 2024.
- On a GAAP basis, income tax expense was $554 million despite a
pre-tax loss of $8.4 billion, primarily due to a $12.1 billion
non-tax deductible charge for the Karuna acquisition. The 2023 GAAP
effective tax rate was impacted by a non-U.S. tax ruling on
statutory impairment deductibility, changes in tax reserves,
valuation allowances, and IRS guidance on non-U.S. R&D expense
deductibility. On a non-GAAP basis, the effective tax rate
increased from 14.7% to 56.8%, primarily due to the non-tax
deductible charge.
- The company reported on a GAAP basis net loss attributable to
Bristol Myers Squibb of $8.9 billion, or $(4.41) per share,
compared to earnings attributable to Bristol Myers Squibb of $8.0
billion, or $3.86 per share for the same period a year ago. On a
non-GAAP basis the company reported net earnings attributable to
Bristol Myers Squibb of $2.3 billion, or $1.15 per share, compared
to earnings attributable to Bristol Myers Squibb of $15.6 billion,
or $7.51 per share for the same period a year ago. In addition to
the non-GAAP drivers noted above, non-GAAP EPS was impacted by
higher interest expense.
FULL-YEAR PRODUCT
REVENUE HIGHLIGHTS
($ amounts in millions)
Year Ended December 31,
2024
% Change from Year Ended
December 31, 2023
% Change from Year Ended
December 31, 2023 Ex-F/X**
U.S.
Int'l(c)
WW(d)
U.S.
Int'l(c)
WW(d)
Int'l(c)
WW(d)
Growth Portfolio
Opdivo
$
5,350
$
3,954
$
9,304
2%
5%
3%
14%
7%
Orencia
2,770
912
3,682
2%
2%
2%
10%
4%
Yervoy
1,599
931
2,530
16%
8%
13%
15%
16%
Reblozyl
1,444
329
1,773
80%
61%
76%
65%
77%
Opdualag
870
58
928
41%
>200%
48%
>200%
48%
Breyanzi
591
156
747
95%
156%
105%
162%
106%
Camzyos
543
59
602
141%
>200%
161%
>200%
161%
Zeposia
403
163
566
26%
42%
30%
42%
30%
Abecma
242
164
406
(32)%
44%
(14)%
47%
(13)%
Sotyktu
190
56
246
21%
>200%
45%
>200%
46%
Krazati
118
8
126
N/A
N/A
N/A
N/A
N/A
Augtyro
36
2
38
>200%
N/A
>200%
N/A
>200%
Cobenfy
10
—
10
N/A
N/A
N/A
N/A
N/A
Other Growth Products(a)
674
931
1,605
9%
58%
33%
61%
34%
Total Growth Portfolio
14,840
7,723
22,563
17%
16%
17%
24%
19%
Legacy Portfolio
Eliquis
9,631
3,702
13,333
14%
(1)%
9%
—%
9%
Revlimid
4,999
774
5,773
(4)%
(14)%
(5)%
(11)%
(5)%
Pomalyst/Imnovid
2,695
850
3,545
15%
(23)%
3%
(22)%
3%
Sprycel
983
303
1,286
(31)%
(40)%
(33)%
(36)%
(32)%
Abraxane
541
334
875
(23)%
11%
(13)%
25%
(8)%
Other Legacy Products(b)
416
509
925
25%
(19)%
(4)%
(18)%
(3)%
Total Legacy Portfolio
19,265
6,472
25,737
4%
(10)%
—%
(8)%
1%
Total Revenues
$
34,105
$
14,195
$
48,300
9%
3%
7%
8%
9%
**
See "Use of Non-GAAP Financial
Information".
(a)
Includes Nulojix, Onureg, Inrebic,
Empliciti and royalty revenue.
(b)
Includes other mature brands.
(c)
Beginning in 2024, Puerto Rico revenues
are included in International revenues. Prior period amounts have
been reclassified to conform to the current presentation.
(d)
Worldwide (WW) includes U.S. and
International (Int'l).
FULL-YEAR PRODUCT REVENUE
HIGHLIGHTS Growth Portfolio Growth Portfolio
worldwide revenues increased to $22.6 billion compared to $19.4
billion in the prior year period, representing growth of 17% on a
reported basis, or 19% when adjusted for foreign exchange impacts.
Growth Portfolio revenues were primarily driven by higher demand
for Reblozyl, Breyanzi, Camzyos and Opdualag.
Legacy Portfolio Revenues for the Legacy Portfolio
remained relatively flat at $25.7 billion compared to $25.6 billion
in the prior year period, and increased 1% when adjusted for
foreign exchange impacts. Legacy Portfolio revenues were primarily
driven by higher demand for Eliquis, offset by the impact of
generics on Sprycel, Revlimid, Abraxane and Pomalyst.
Update on Strategic Productivity
Initiative Bristol Myers Squibb is expanding its
existing strategic productivity initiative to include approximately
$2 billion in additional annualized cost savings by the end of
2027.
Under this expanded initiative, savings will be driven by
changes in organizational design and efforts to enhance operational
efficiency. These savings will be removed from our cost structure
to contribute to a leaner, more efficient company while investing
behind growth brands and promising areas of science.
Financial Guidance Bristol
Myers Squibb is providing key 2025 non-GAAP line-item guidance
assumptions as outlined below. We estimate total revenues to be
approximately $45.5 billion, reflecting, as previously expected,
the near-term impact of generics across Revlimid, Pomalyst, Sprycel
and Abraxane, which we expect to result in a revenue decline of
approximately 18-20% of the Legacy Portfolio. This is expected to
be partially offset by the continued strength of our Growth
Portfolio. This guidance also reflects an approximate $500 million
expected negative impact to revenue due to foreign exchange.
2025 Non-GAAP1 Line-Item
Guidance
Total Revenues (Reported &
Ex-F/X)
~$45.5 billion
Gross Margin %
~72%
Operating Expenses2
~$16 billion
Other Income/(Expense)
~$30 million
Tax Rate
~18%
Diluted EPS
$6.55-$6.85
1See "Use of Non-GAAP Financial
Information."
2Operating Expenses = MS&A and
R&D, excluding Acquired IPRD and Amortization of acquired
intangible assets.
The 2025 financial guidance excludes the impact of any potential
future strategic acquisitions, divestitures, specified items that
have not yet been identified and quantified, and the impact of
future Acquired IPRD charges. To the extent we have quantified the
impact of significant R&D charges or other income resulting
from upfront or contingent milestone payments in connection with
asset acquisitions or licensing of third-party intellectual
property rights, we may update this information from time to time
on our website www.bms.com, in the "Investors" section. Non-GAAP
guidance assumes current exchange rates. The financial guidance is
subject to risks and uncertainties applicable to all
forward-looking statements as described elsewhere in this press
release.
A reconciliation of forward-looking non-GAAP measures, including
non-GAAP EPS, to the most directly comparable GAAP measures is not
provided because comparable GAAP measures for such measures are not
reasonably accessible or reliable due to the inherent difficulty in
forecasting and quantifying measures that would be necessary for
such reconciliation. Namely, we are not, without unreasonable
effort, able to reliably predict the impact of accelerated
depreciation and impairment charges, legal and other settlements,
gains and losses from equity investments and other adjustments. In
addition, the company believes such a reconciliation would imply a
degree of precision and certainty that could be confusing to
investors. These items are uncertain, depend on various factors and
may have a material impact on our future GAAP results. See
"Cautionary Statement Regarding Forward-Looking Statements" and
"Use of Non-GAAP Financial Information."
Conference Call Information
Bristol Myers Squibb will host a conference call today, Thursday,
February 6, 2025, at 8:00 a.m. ET, during which company executives
will review quarterly and annual financial results and address
inquiries from investors and analysts. Investors and the general
public are invited to listen to a live webcast of the call at
http://investor.bms.com.
Investors and the public can register for the live conference
call here. Those unable to register can access the live conference
call by dialing in the U.S. toll-free 1-833-816-1116 or
international +1 412-317-0705. Materials related to the call will
be available at http://investor.bms.com prior to the start of the
conference call.
A replay of the webcast will be available at
http://investor.bms.com approximately three hours after the
conference call concludes. A replay of the conference call will be
available beginning at 11:30 a.m. ET on February 6, 2025, through
11:30 a.m. ET on February 20, 2025, by dialing in the U.S. toll
free 1-877-344-7529 or international +1 412-317-0088, confirmation
code: 5943651.
About Bristol Myers Squibb
Bristol Myers Squibb is a global biopharmaceutical company whose
mission is to discover, develop and deliver innovative medicines
that help patients prevail over serious diseases. For more
information about Bristol Myers Squibb, visit us at BMS.com or
follow us on LinkedIn, X, YouTube, Facebook, and Instagram.
corporatefinancial-news
Use of Non-GAAP Financial
Information In discussing financial results and
guidance, the company refers to financial measures that are not in
accordance with U.S. Generally Accepted Accounting Principles
(GAAP). The non-GAAP financial measures are provided as
supplemental information to the financial measures presented in
this press release that are calculated and presented in accordance
with GAAP and are presented because management has evaluated the
company’s financial results both including and excluding the
adjusted items or the effects of foreign currency translation, as
applicable, and believes that the non-GAAP financial measures
presented portray the results of the company's baseline
performance, supplement or enhance management's, analysts' and
investors' overall understanding of the company’s underlying
financial performance and trends and facilitate comparisons among
current, past and future periods. In addition, non-GAAP gross
margin, which is gross profit excluding certain specified items, as
a percentage of revenues, non-GAAP operating margin, which is gross
profit less marketing, selling and administrative expenses and
research and development expenses excluding certain specified items
as a percentage of revenues, non-GAAP operating expenses, which is
marketing, selling and administrative and research and development
expenses excluding certain specified items, non-GAAP marketing,
selling and administrative expenses, which is marketing, selling
and administrative expenses excluding certain specified items, and
non-GAAP research and development expenses, which is research and
development expenses excluding certain specified items, are
relevant and useful for investors because they allow investors to
view performance in a manner similar to the method used by our
management and make it easier for investors, analysts and peers to
compare our operating performance to other companies in our
industry and to compare our year-over-year results.
This earnings release and the accompanying tables also provide
certain revenues and expenses, as well as non-GAAP measures,
excluding the impact of foreign exchange ("Ex-Fx"). We calculate
foreign exchange impacts by converting our current-period local
currency financial results using the prior period average currency
rates and comparing these adjusted amounts to our current-period
results. Ex-Fx financial measures are not accounted for according
to GAAP because they remove the effects of currency movements from
GAAP results.
Non-GAAP financial measures such as non-GAAP earnings and
related EPS information are adjusted to exclude certain costs,
expenses, gains and losses and other specified items that are
evaluated on an individual basis after considering their
quantitative and qualitative aspects and typically have one or more
of the following characteristics, such as being highly variable,
difficult to project, unusual in nature, significant to the results
of a particular period or not indicative of past or future
operating results. These items are excluded from non-GAAP earnings
and related EPS information because the company believes they
neither relate to the ordinary course of the company’s business nor
reflect the company’s underlying business performance. Similar
charges or gains were recognized in prior periods and will likely
reoccur in future periods, including amortization of acquired
intangible assets, including product rights that generate a
significant portion of our ongoing revenue and will recur until the
intangible assets are fully amortized, unwinding of inventory
purchase price adjustments, acquisition and integration expenses,
restructuring costs, accelerated depreciation and impairment of
property, plant and equipment and intangible assets, costs of
acquiring a priority review voucher, divestiture gains or losses,
stock compensation resulting from acquisition-related equity
awards, pension, legal and other contractual settlement charges,
equity investment and contingent value rights fair value
adjustments (including fair value adjustments attributed to limited
partnership equity method investments), income resulting from the
change in control of the Nimbus Therapeutics TYK2 Program and
amortization of fair value adjustments of debt acquired from
Celgene in our 2019 exchange offer, among other items. Deferred and
current income taxes attributed to these items are also adjusted
for considering their individual impact to the overall tax expense,
deductibility and jurisdictional tax rates. Certain other
significant tax items are also excluded such as the impact
resulting from a non-U.S. tax ruling regarding the deductibility of
a statutory impairment of subsidiary investments and release of
income tax reserves relating to the Celgene acquisition.
Because the non-GAAP financial measures are not calculated in
accordance with GAAP, they should not be considered superior to and
are not intended to be considered in isolation or as a substitute
for the related financial measures presented in the press release
that are prepared in accordance with GAAP and may not be the same
as or comparable to similarly titled measures presented by other
companies due to possible differences in method and in the items
being adjusted. We encourage investors to review our financial
statements and publicly-filed reports in their entirety and not to
rely on any single financial measure.
Reconciliations of the non-GAAP financial measures to the most
comparable GAAP measures are provided in the accompanying financial
tables and will also be available on the company’s website at
www.bms.com. Within the accompanying financial tables presented,
certain columns and rows may not add due to the use of rounded
numbers. Percentages and EPS amounts presented are calculated from
the underlying amounts.
A reconciliation of forward-looking non-GAAP measures, including
non-GAAP EPS, to the most directly comparable GAAP measures is not
provided because comparable GAAP measures for such measures are not
reasonably accessible or reliable due to the inherent difficulty in
forecasting and quantifying measures that would be necessary for
such reconciliation. Namely, we are not, without unreasonable
effort, able to reliably predict the impact of accelerated
depreciation and impairment charges, legal and other settlements,
gains and losses from equity investments and other adjustments. In
addition, the company believes such a reconciliation would imply a
degree of precision and certainty that could be confusing to
investors. These items are uncertain, depend on various factors and
may have a material impact on our future GAAP results.
Website Information We
routinely post important information for investors on our website,
BMS.com, in the “Investors” section. We may use this website as a
means of disclosing material, non-public information and for
complying with our disclosure obligations under Regulation FD.
Accordingly, investors should monitor the Investors section of our
website, in addition to following our press releases, Securities
and Exchange Commission (SEC) filings, public conference calls,
presentations and webcasts. We may also use social media channels
to communicate with our investors and the public about our company,
our products and other matters, and those communications could be
deemed to be material information. The information contained on, or
that may be accessed through, our website or social media channels
are not incorporated by reference into, and are not a part of, this
document.
Cautionary Statement Regarding
Forward-Looking Statements This earnings release and the
related attachments (as well as the oral statements made with
respect to information contained in this release and the
attachments) contain certain “forward-looking” statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, regarding, among other things, the company’s 2025
financial guidance, its Strategic Productivity Initiative, its
business development and capital allocation strategy, anticipated
developments in the company’s pipeline, expectations with respect
to the company’s future market position and the projected benefits
of the company’s alliances and other business development
activities. These statements may be identified by the fact that
they use words such as “should,” “could,” “expect,” “anticipate,”
“estimate,” “target,” “may,” “project,” “guidance,” “intend,”
“plan,” “believe,” “will” and other words and terms of similar
meaning and expression in connection with any discussion of future
operating or financial performance, although not all
forward-looking statements contain such terms. All statements that
are not statements of historical facts are, or may be deemed to be,
forward-looking statements. No forward-looking statement can be
guaranteed, and there is no assurance that the company will achieve
its financial guidance and long-term targets, that the company’s
future clinical studies will support the data described in this
release, that the company’s product candidates will receive
necessary clinical and manufacturing regulatory approvals, that the
company’s pipeline products will prove to be commercially
successful, that clinical and manufacturing regulatory approvals
will be sought or obtained within currently expected timeframes, or
that contractual milestones will be achieved.
Forward-looking statements are based on current expectations and
projections about the company’s future financial results, goals,
plans and objectives and involve inherent risks, assumptions and
uncertainties, including internal or external factors that could
delay, divert or change any of them in the next several years, that
are difficult to predict, may be beyond the company’s control and
could cause the company’s future financial results, goals, plans
and objectives to differ materially from those expressed in, or
implied by, the statements. Such risks, uncertainties and other
matters include, but are not limited to: increasing pricing
pressures from market access, pharmaceutical pricing controls and
discounting; market actions taken by private and government payers
to manage drug utilization and contain costs; the company’s ability
to retain patent and market exclusivity for certain products;
regulatory changes that result in lower prices, lower reimbursement
rates and smaller populations for whom payers will reimburse;
changes under the 340B Drug Pricing Program; the company’s ability
to obtain and maintain regulatory approval for its product
candidates; the possibility of difficulties and delays in product
introduction and commercialization; increasing industry
competition; potential difficulties, delays and disruptions in
manufacturing, distribution or sale of products; the company’s
ability to identify potential strategic acquisitions, licensing
opportunities or other beneficial transactions; failure to
complete, or delays in completing, collaborations, acquisitions,
divestitures, alliances and other portfolio actions and the failure
to achieve anticipated benefits from such transactions and actions;
exposure to litigation and/or regulatory actions or investigations;
the impact of any healthcare reform and legislation or regulatory
action in the United States and international markets; increasing
market penetration of lower-priced generic products; the failure of
the company’s suppliers, vendors, outsourcing partners, alliance
partners and other third parties to meet their contractual,
regulatory and other obligations; the impact of counterfeit or
unregistered versions of the company’s products and from stolen
products; product label changes or other measures that could result
in declining sales; safety or efficacy concerns regarding the
company’s products or any product in the same class as the
company’s products; the risk of cyber-attacks and unauthorized
disclosure of trade secrets or other confidential data; the
company’s ability to execute its financial, strategic and
operational plans; the company’s ability to attract and retain key
personnel; the impact of the company’s significant indebtedness;
political and financial instability of international economies and
sovereign risk; interest rate and currency exchange rate
fluctuations, credit and foreign exchange risk management; risks
relating to the use of social media platforms; issuance of new or
revised accounting standards; and risks relating to public health
outbreaks, epidemics and pandemics.
Forward-looking statements in this earnings release should be
evaluated together with the many risks and uncertainties that
affect the company’s business and market, particularly those
identified in the cautionary statement and risk factors discussion
in the company’s Annual Report on Form 10-K for the year ended
December 31, 2023, as updated by the company’s subsequent Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K and other filings
with the SEC. The forward-looking statements included in this
document are made only as of the date of this document and except
as otherwise required by applicable law, the company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
changed circumstances or otherwise.
BRISTOL-MYERS SQUIBB
COMPANY
CONSOLIDATED STATEMENTS OF
EARNINGS
(Unaudited, dollars and shares
in millions except per share data)
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Net product sales
$
11,811
$
11,168
$
46,778
$
43,778
Alliance and other revenues
531
309
1,522
1,228
Total Revenues
12,342
11,477
48,300
45,006
Cost of products sold(a)
4,812
2,745
13,968
10,693
Marketing, selling and administrative
2,136
2,073
8,414
7,772
Research and development
3,191
2,478
11,159
9,299
Acquired IPRD
30
600
13,373
913
Amortization of acquired intangible
assets
1,693
2,278
8,872
9,047
Other (income)/expense, net
305
(371
)
893
(1,158
)
Total Expenses
12,167
9,803
56,679
36,566
(Loss)/Earnings Before Income Taxes
175
1,674
(8,379
)
8,440
Provision for Income Taxes
99
(88
)
554
400
Net (Loss)/Earnings
76
1,762
(8,933
)
8,040
Noncontrolling Interest
4
—
15
15
Net (Loss)/Earnings Attributable to
BMS
$
72
$
1,762
$
(8,948
)
$
8,025
Weighted-Average Common Shares
Outstanding:
Basic
2,029
2,027
2,027
2,069
Diluted
2,037
2,033
2,027
2,078
(Loss)/Earnings per Common
Share:
Basic
$
0.04
$
0.87
$
(4.41
)
$
3.88
Diluted
0.04
0.87
(4.41
)
3.86
Other (income)/expense, net
Interest expense(b)
$
496
$
316
$
1,947
$
1,166
Royalty income - divestitures
(284
)
(239
)
(1,104
)
(862
)
Royalty and licensing income
(204
)
(420
)
(736
)
(1,488
)
Provision for restructuring
77
44
635
365
Investment income
(114
)
(145
)
(478
)
(449
)
Integration expenses
70
62
284
242
Litigation and other settlements
13
3
84
(390
)
Acquisition expense
—
32
50
32
Intangible asset impairments
—
—
47
29
Equity investment (gains)/losses
205
(53
)
(16
)
160
Divestiture losses
10
—
15
—
Other
36
29
165
37
Other (income)/expense, net
$
305
$
(371
)
$
893
$
(1,158
)
(a) Excludes amortization of acquired
intangible assets.
(b) Includes amortization of purchase
price adjustments to Celgene debt.
BRISTOL-MYERS SQUIBB
COMPANY
PRODUCT REVENUES
FOR THE THREE MONTHS ENDED
DECEMBER 31, 2024 AND 2023
(Unaudited, dollars in
millions)
Change vs. 2023
2024
2023
GAAP
Excl. F/X**
U.S.
Int'l(c)
WW(d)
U.S.
Int'l(c)
WW(d)
U.S.
Int'l(c)
WW(d)
U.S.
Int'l(c)
WW(d)
Growth Portfolio
Opdivo
$
1,423
$
1,056
$
2,479
$
1,401
$
986
$
2,387
2%
7%
4%
2%
15%
7%
Orencia
750
250
1,000
755
230
985
(1)%
9%
2%
(1)%
15%
3%
Yervoy
428
247
675
340
226
566
26%
9%
19%
26%
15%
22%
Reblozyl
445
102
547
270
50
320
65%
104%
71%
65%
110%
72%
Opdualag
233
21
254
186
4
190
25%
>200%
34%
25%
>200%
34%
Breyanzi
209
54
263
85
16
101
146%
>200%
160%
146%
>200%
162%
Camzyos
201
22
223
83
5
88
142%
>200%
153%
142%
>200%
153%
Zeposia
115
43
158
100
33
133
15%
30%
19%
15%
33%
20%
Abecma
59
46
105
56
44
100
5%
5%
5%
5%
5%
5%
Sotyktu
64
19
83
56
7
63
14%
171%
32%
14%
171%
32%
Krazati
36
3
39
—
—
—
N/A
N/A
N/A
N/A
N/A
N/A
Augtyro
13
2
15
1
—
1
>200%
N/A
>200%
>200%
N/A
>200%
Cobenfy
10
—
10
—
—
—
N/A
N/A
N/A
N/A
N/A
N/A
Other Growth Products(a)
186
326
512
165
160
325
13%
104%
58%
13%
106%
59%
Total Growth Portfolio
4,172
2,191
6,363
3,498
1,761
5,259
19%
24%
21%
19%
31%
23%
Legacy Portfolio
Eliquis
2,221
974
3,195
1,872
1,002
2,874
19%
(3)%
11%
19%
(2)%
11%
Revlimid
1,169
170
1,339
1,244
206
1,450
(6)%
(17)%
(8)%
(6)%
(15)%
(7)%
Pomalyst/Imnovid
685
138
823
627
263
890
9%
(48)%
(8)%
9%
(47)%
(7)%
Sprycel
135
63
198
411
115
526
(67)%
(45)%
(62)%
(67)%
(41)%
(61)%
Abraxane
91
83
174
176
71
247
(48)%
17%
(30)%
(48)%
28%
(26)%
Other Legacy Products(b)
123
127
250
84
147
231
46%
(14)%
8%
46%
(15)%
7%
Total Legacy Portfolio
4,424
1,555
5,979
4,414
1,804
6,218
—%
(14)%
(4)%
—%
(12)%
(3)%
Total Revenues
$
8,596
$
3,746
$
12,342
$
7,912
$
3,565
$
11,477
9%
5%
8%
9%
9%
9%
**
See "Use of Non-GAAP Financial
Information".
(a)
Includes Onureg, Inrebic, Nulojix,
Empliciti and royalty revenues.
(b)
Includes other mature brands.
(c)
Beginning in 2024, Puerto Rico revenues
are included in International revenues. Prior period amounts have
been reclassified to conform to the current presentation.
(d)
Worldwide (WW) includes U.S. and
International (Int'l).
BRISTOL-MYERS SQUIBB
COMPANY
PRODUCT REVENUES
FOR THE TWELVE MONTHS ENDED
DECEMBER 31, 2024 AND 2023
(Unaudited, dollars in
millions)
Change vs. 2023
2024
2023
GAAP
Excl. F/X**
U.S.
Int'l(c)
WW(d)
U.S.
Int'l(c)
WW(d)
U.S.
Int'l(c)
WW(d)
U.S.
Int'l(c)
WW(d)
Growth Portfolio
Opdivo
$
5,350
$
3,954
$
9,304
$
5,246
$
3,763
$
9,009
2%
5%
3%
2%
14%
7%
Orencia
2,770
912
3,682
2,709
892
3,601
2%
2%
2%
2%
10%
4%
Yervoy
1,599
931
2,530
1,379
859
2,238
16%
8%
13%
16%
15%
16%
Reblozyl
1,444
329
1,773
804
204
1,008
80%
61%
76%
80%
65%
77%
Opdualag
870
58
928
615
12
627
41%
>200%
48%
41%
>200%
48%
Breyanzi
591
156
747
303
61
364
95%
156%
105%
95%
162%
106%
Camzyos
543
59
602
225
6
231
141%
>200%
161%
141%
>200%
161%
Zeposia
403
163
566
319
115
434
26%
42%
30%
26%
42%
30%
Abecma
242
164
406
358
114
472
(32)%
44%
(14)%
(32)%
47%
(13)%
Sotyktu
190
56
246
157
13
170
21%
>200%
45%
21%
>200%
46%
Krazati
118
8
126
—
—
—
N/A
N/A
N/A
N/A
N/A
N/A
Augtyro
36
2
38
1
—
1
>200%
N/A
>200%
>200%
N/A
>200%
Cobenfy
10
—
10
—
—
—
N/A
N/A
N/A
N/A
N/A
N/A
Other Growth Products(a)
674
931
1,605
620
591
1,211
9%
58%
33%
9%
61%
34%
Total Growth Portfolio
14,840
7,723
22,563
12,736
6,630
19,366
17%
16%
17%
17%
24%
19%
Legacy Portfolio
Eliquis
9,631
3,702
13,333
8,482
3,724
12,206
14%
(1)%
9%
14%
—%
9%
Revlimid
4,999
774
5,773
5,195
902
6,097
(4)%
(14)%
(5)%
(4)%
(11)%
(5)%
Pomalyst/Imnovid
2,695
850
3,545
2,339
1,102
3,441
15%
(23)%
3%
15%
(22)%
3%
Sprycel
983
303
1,286
1,422
508
1,930
(31)%
(40)%
(33)%
(31)%
(36)%
(32)%
Abraxane
541
334
875
702
302
1,004
(23)%
11%
(13)%
(23)%
25%
(8)%
Other Legacy Products(b)
416
509
925
334
628
962
25%
(19)%
(4)%
25%
(18)%
(3)%
Total Legacy Portfolio
19,265
6,472
25,737
18,474
7,166
25,640
4%
(10)%
—%
4%
(8)%
1%
Total Revenues
$
34,105
$
14,195
$
48,300
$
31,210
$
13,796
$
45,006
9%
3%
7%
9%
8%
9%
**
See "Use of Non-GAAP Financial
Information".
(a)
Includes Onureg, Inrebic, Nulojix,
Empliciti and royalty revenues.
(b)
Includes other mature brands.
(c)
Beginning in 2024, Puerto Rico revenues
are included in International revenues. Prior period amounts have
been reclassified to conform to the current presentation.
(d)
Worldwide (WW) includes U.S. and
International (Int'l).
BRISTOL-MYERS SQUIBB
COMPANY
INTERNATIONAL
REVENUES(a)
FOREIGN EXCHANGE IMPACT
(%)
(Unaudited)
Three Months Ended December
31, 2024
Twelve Months Ended December
31, 2024
Revenue Change %
F/X % Favorable/ (Unfavorable)
**
Revenue Change % Ex- F/X
**
Revenue Change %
F/X % Favorable/ (Unfavorable)
**
Revenue Change % Ex- F/X
**
Growth Portfolio
Opdivo
7%
(8)%
15%
5%
(9)%
14%
Orencia
9%
(6)%
15%
2%
(8)%
10%
Yervoy
9%
(6)%
15%
8%
(7)%
15%
Reblozyl
104%
(6)%
110%
61%
(4)%
65%
Opdualag
>200%
NM
>200%
>200%
NM
>200%
Breyanzi
>200%
NM
>200%
156%
(6)%
162%
Camzyos
>200%
NM
>200%
>200%
NM
>200%
Zeposia
30%
(3)%
33%
42%
—%
42%
Abecma
5%
—%
5%
44%
(3)%
47%
Sotyktu
171%
—%
171%
>200%
NM
>200%
Krazati
N/A
N/A
N/A
N/A
N/A
N/A
Augtyro
N/A
N/A
N/A
N/A
N/A
N/A
Cobenfy
N/A
N/A
N/A
N/A
N/A
N/A
Other Growth Products(b)
104%
(2)%
106%
58%
(3)%
61%
Total Growth Portfolio
24%
(7)%
31%
16%
(8)%
24%
Legacy Portfolio
Eliquis
(3)%
(1)%
(2)%
(1)%
(1)%
—%
Revlimid
(17)%
(2)%
(15)%
(14)%
(3)%
(11)%
Pomalyst/Imnovid
(48)%
(1)%
(47)%
(23)%
(1)%
(22)%
Sprycel
(45)%
(4)%
(41)%
(40)%
(4)%
(36)%
Abraxane
17%
(11)%
28%
11%
(14)%
25%
Other Legacy Products(c)
(14)%
1%
(15)%
(19)%
(1)%
(18)%
Total Legacy Portfolio
(14)%
(2)%
(12)%
(10)%
(2)%
(8)%
Total Revenues
5%
(4)%
9%
3%
(5)%
8%
NM
Not meaningful
**
See "Use of Non-GAAP Financial
Information".
(a)
Beginning in 2024, Puerto Rico revenues
are included in International revenues. Prior period amounts have
been reclassified to conform to the current presentation.
(b)
Includes Onureg, Nulojix, Empliciti and
royalty revenues.
(c)
Includes other mature brands.
BRISTOL-MYERS SQUIBB
COMPANY
WORLDWIDE REVENUES(a)
FOREIGN EXCHANGE IMPACT
(%)
(Unaudited)
Three Months Ended December
31, 2024
Twelve Months Ended December
31, 2024
Revenue Change %
F/X % Favorable/ (Unfavorable)
**
Revenue Change % Ex- F/X
**
Revenue Change %
F/X % Favorable/ (Unfavorable)
**
Revenue Change % Ex- F/X
**
Growth Portfolio
Opdivo
4%
(3)%
7%
3%
(4)%
7%
Orencia
2%
(1)%
3%
2%
(2)%
4%
Yervoy
19%
(3)%
22%
13%
(3)%
16%
Reblozyl
71%
(1)%
72%
76%
(1)%
77%
Opdualag
34%
—%
34%
48%
—%
48%
Breyanzi
160%
(2)%
162%
105%
(1)%
106%
Camzyos
153%
—%
153%
161%
—%
161%
Zeposia
19%
(1)%
20%
30%
—%
30%
Abecma
5%
—%
5%
(14)%
(1)%
(13)%
Sotyktu
32%
—%
32%
45%
(1)%
46%
Krazati
N/A
N/A
N/A
N/A
N/A
N/A
Augtyro
>200%
NM
>200%
>200%
NM
>200%
Cobenfy
N/A
N/A
N/A
N/A
N/A
N/A
Other Growth Products(b)
58%
(1)%
59%
33%
(1)%
34%
Total Growth Portfolio
21%
(2)%
23%
17%
(2)%
19%
Legacy Portfolio
Eliquis
11%
—%
11%
9%
—%
9%
Revlimid
(8)%
(1)%
(7)%
(5)%
—%
(5)%
Pomalyst/Imnovid
(8)%
(1)%
(7)%
3%
—%
3%
Sprycel
(62)%
(1)%
(61)%
(33)%
(1)%
(32)%
Abraxane
(30)%
(4)%
(26)%
(13)%
(5)%
(8)%
Other Legacy Products(c)
8%
1%
7%
(4)%
(1)%
(3)%
Total Legacy Portfolio
(4)%
(1)%
(3)%
—%
(1)%
1%
Total Revenues
8%
(1)%
9%
7%
(2)%
9%
NM
Not meaningful
**
See "Use of Non-GAAP Financial
Information".
(a)
Worldwide (WW) includes U.S. and
International (Int'l).
(b)
Includes Onureg, Nulojix, Empliciti and
royalty revenues.
(c)
Includes other mature brands.
BRISTOL-MYERS SQUIBB
COMPANY
RECONCILIATION OF GAAP AND
NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE
IMPACT *
(Unaudited, dollars in
millions)
THREE MONTHS
2024
2023
Change $
Change %
Favorable / (Unfavorable) F/X
$ **
2024 Excl. F/X **
Favorable / (Unfavorable) F/X
% **
% Change Excl. F/X **
Revenues
$
12,342
$
11,477
$
865
8
%
$
(142)
$
12,484
(1)%
9%
Gross profit
7,530
8,732
(1,202
)
(14
)%
N/A
N/A
N/A
N/A
Gross profit excluding specified
items(a)
9,130
8,770
360
4
%
N/A
N/A
N/A
N/A
Gross margin(b)
61.0
%
76.1
%
Gross margin excluding specified items
74.0
%
76.4
%
Marketing, selling and administrative
2,136
2,073
63
3
%
21
2,157
1%
4%
Marketing, selling and administrative
excluding specified items(a)
2,105
2,064
41
2
%
21
2,126
1%
3%
Research and development
3,191
2,478
713
29
%
8
3,199
—%
29%
Research and development excluding
specified items(a)
2,788
2,476
312
13
%
8
2,796
—%
13%
Operating margin(c)
17.8
%
36.4
%
Operating margin excluding specified
items
34.3
%
36.9
%
TWELVE MONTHS
2024
2023
Change $
Change %
Favorable / (Unfavorable) F/X
$ **
2024 Excl. F/X **
Favorable / (Unfavorable) F/X
% **
% Change Excl. F/X **
Revenues
$
48,300
$
45,006
$
3,294
7
%
$
(654)
$
48,954
(2)%
9%
Gross profit
34,332
34,313
19
—
%
N/A
N/A
N/A
N/A
Gross profit excluding specified
items(a)
36,351
34,488
1,863
5
%
N/A
N/A
N/A
N/A
Gross margin(b)
71.1
%
76.2
%
Gross margin excluding specified items
75.3
%
76.6
%
Marketing, selling and administrative
8,414
7,772
642
8
%
89
8,503
1%
9%
Marketing, selling and administrative
excluding specified items(a)
7,992
7,678
314
4
%
89
8,081
1%
5%
Research and development
11,159
9,299
1,860
20
%
40
11,199
—%
20%
Research and development excluding
specified items(a)
9,782
9,112
670
7
%
40
9,822
1%
8%
Operating margin(c)
30.6
%
38.3
%
Operating margin excluding specified
items
38.5
%
39.3
%
*
Foreign exchange impacts were derived by
converting our current-period local currency financial results
using the prior period average currency rates and comparing these
adjusted amounts to our current-period results.
**
See "Use of Non-GAAP Financial
Information".
(a)
Refer to the Specified Items schedule
below for further details.
(b)
Represents gross profit as a percentage of
Revenues.
(c)
Operating margin represents gross profit
less marketing, selling and administrative expenses and research
and development expenses, as a percentage of Revenues.
BRISTOL-MYERS SQUIBB
COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in
millions)
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Inventory purchase price accounting
adjustments
$
13
$
—
$
47
$
84
Intangible asset impairment
1,559
27
1,839
27
Site exit and other costs
28
11
133
64
Cost of products sold
1,600
38
2,019
175
Acquisition related charges(a)
—
—
372
—
Site exit and other costs
31
9
50
94
Marketing, selling and
administrative
31
9
422
94
IPRD impairments
390
—
980
80
Priority review voucher
—
—
—
95
Acquisition related charges(a)
—
—
348
—
Site exit and other costs
13
2
49
12
Research and development
403
2
1,377
187
Amortization of acquired intangible
assets
1,693
2,278
8,872
9,047
Interest expense(b)
(12
)
(13
)
(49
)
(52
)
Equity investment (gain)/losses
204
(54
)
(18
)
152
Acquisition expenses
—
32
50
32
Integration expenses
70
62
284
242
Divestiture losses
10
—
15
—
Litigation and other settlements
—
—
61
(397
)
Provision for restructuring
77
44
635
365
Intangible asset impairment
—
—
47
29
Other
9
—
120
(6
)
Other (income)/expense, net
358
71
1,145
365
Increase to Earnings before income
taxes
4,085
2,398
13,835
9,868
Income taxes on items above
(749
)
(695
)
(2,045
)
(1,639
)
Income tax reserve releases
—
—
(502
)
—
Income taxes attributed to a non-U.S. tax
ruling
—
—
—
(656
)
Income taxes
(749
)
(695
)
(2,547
)
(2,295
)
Increase to net earnings
$
3,336
$
1,703
$
11,288
$
7,573
(a)
Includes cash settlement of unvested stock
awards, and other related costs incurred in connection with the
recent acquisitions of Karuna, RayzeBio and Mirati.
(b)
Includes amortization of purchase price
adjustments to Celgene debt.
BRISTOL-MYERS SQUIBB
COMPANY
RECONCILIATION OF CERTAIN GAAP
LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
(Unaudited, dollars and shares
in millions except per share data)
Three Months Ended December
31, 2024
Twelve Months Ended December
31, 2024
GAAP
Specified Items(a)
Non-GAAP
GAAP
Specified Items(a)
Non-GAAP
Gross profit
$
7,530
$
1,600
$
9,130
$
34,332
$
2,019
$
36,351
Marketing, selling and administrative
2,136
(31
)
2,105
8,414
(422
)
7,992
Research and development
3,191
(403
)
2,788
11,159
(1,377
)
9,782
Amortization of acquired intangible
assets
1,693
(1,693
)
—
8,872
(8,872
)
—
Other (income)/expense, net
305
(358
)
(53
)
893
(1,145
)
(252
)
Earnings/(Loss) before income
taxes
175
4,085
4,260
(8,379
)
13,835
5,456
Provision for income taxes
99
749
848
554
2,547
3,101
Net earnings/(loss) attributable to BMS
used for diluted EPS calculation
$
72
$
3,336
$
3,408
$
(8,948
)
$
11,288
$
2,340
Weighted-average common shares
outstanding—diluted
2,037
2,037
2,037
2,027
2,032
2,032
Diluted earnings/(loss) per share
$
0.04
$
1.63
$
1.67
$
(4.41
)
$
5.56
$
1.15
Effective tax rate
56.6
%
(36.7
)%
19.9
%
(6.6
)%
63.4
%
56.8
%
Three Months Ended December
31, 2023
Twelve Months Ended December
31, 2023
GAAP
Specified Items(a)
Non-GAAP
GAAP
Specified Items(a)
Non-GAAP
Gross profit
$
8,732
$
38
$
8,770
$
34,313
$
175
$
34,488
Marketing, selling and administrative
2,073
(9
)
2,064
7,772
(94
)
7,678
Research and development
2,478
(2
)
2,476
9,299
(187
)
9,112
Amortization of acquired intangible
assets
2,278
(2,278
)
—
9,047
(9,047
)
—
Other (income)/expense, net
(371
)
(71
)
(442
)
(1,158
)
(365
)
(1,523
)
Earnings before income taxes
1,674
2,398
4,072
8,440
9,868
18,308
Provision for income taxes
(88
)
695
607
400
2,295
2,695
Net earnings attributable to BMS used
for diluted EPS calculation
$
1,762
$
1,703
$
3,465
$
8,025
$
7,573
$
15,598
Weighted-average common shares
outstanding—diluted
2,033
2,033
2,033
2,078
2,078
2,078
Diluted earnings per share
$
0.87
$
0.83
$
1.70
$
3.86
$
3.65
$
7.51
Effective tax rate
(5.3
)%
20.2
%
14.9
%
4.7
%
10.0
%
14.7
%
(a) Refer to the Specified Items schedule
above for further details. Effective tax rate on the Specified
Items represents the difference between the GAAP and Non-GAAP
effective tax rate.
BRISTOL-MYERS SQUIBB
COMPANY
NET DEBT CALCULATION
AS OF DECEMBER 31, 2024 AND
DECEMBER 31, 2023
(Unaudited, dollars in
millions)
December 31,
2024
December 31,
2023
Cash and cash equivalents
$
10,346
$
11,464
Marketable debt securities - current
513
816
Marketable debt securities -
non-current
320
364
Cash, cash equivalents and marketable
debt securities
$
11,179
$
12,644
Short-term debt obligations
(2,046
)
(3,119
)
Long-term debt
(47,603
)
(36,653
)
Net debt position
$
(38,470
)
$
(27,128
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250206992763/en/
For more information, contact: Media Relations:
media@bms.com Investor Relations: investor.relations@bms.com
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