Bristol-Myers Squibb Reports First Quarter 2013 Financial Results

  Bristol-Myers Squibb Reports First Quarter 2013 Financial Results

       *Posts First Quarter GAAP EPS of $0.37 and non-GAAP EPS of $0.41
               *Net Sales were $3.8 Billion in the First Quarter
  *Begins Commercial Launch of Eliquis^® Globally, Including in the U.S.,
                         Japan, Germany, U.K., and Canada
  *Assumes Commercial Responsibilities for Byetta^® and Bydureon^® in Markets
                        Outside the U.S. With AstraZeneca
  *Confirms 2013 GAAP EPS Guidance Range of $1.54 to $1.64 and non-GAAP EPS
    Guidance Range of $1.78 to $1.88

Business Wire

NEW YORK -- April 25, 2013

Bristol-Myers Squibb Company (NYSE: BMY) today reported financial results for
the first quarter of 2013, and confirmed GAAP EPS and non-GAAP EPS guidance
ranges for 2013.

“The first quarter was a good start to an important year in which our focus
will be on the growth of existing brands, the execution of new launches and
the continued delivery of a diverse and sustainable pipeline,” said Lamberto
Andreotti, chief executive officer, Bristol-Myers Squibb. “So far this year,
we have launched Eliquis in several markets around the world, have begun
working with AstraZeneca to bring Byetta and Bydureon to patients outside the
U.S., and have been preparing for the presentation of key clinical data across
our pipeline.”

                                        First Quarter
  $ amounts in millions, except per                              
  share amounts
                                            2013          2012        Change
  Net Sales                               $  3,831     $  5,251     (27 )%
  GAAP Diluted EPS                            0.37          0.64      (42 )%
  Non-GAAP Diluted EPS                        0.41          0.64      (36 )%
                                                                             

FIRST QUARTER FINANCIAL RESULTS

  *Bristol-Myers Squibb posted first quarter 2013 net sales of $3.8 billion,
    a decrease of 27% compared to the same period a year ago, following the
    U.S. patent expiration of Avapro^®/Avalide^® in March 2012 and Plavix^® in
    May 2012. Excluding Plavix and Avapro/Avalide, net sales grew by 10%
    compared to the first quarter of 2012.
  *U.S. net sales decreased 44% to $2.0 billion in the quarter compared to
    the same period a year ago. International net sales increased 6% to $1.9
    billion.
  *Gross margin as a percentage of net sales was 72.3% in the quarter
    compared to 75.2% in the same period a year ago.
  *Marketing, selling and administrative expenses decreased 1% to $994
    million in the quarter.
  *Advertising and product promotion spending decreased 3% to $189 million in
    the quarter.
  *Research and development expenses increased 2% to $930 million in the
    quarter.
  *The effective tax rate on earnings before income taxes was 7.6% in the
    quarter, compared to 26.9% in the first quarter last year.
  *The company reported net earnings attributable to Bristol-Myers Squibb of
    $609 million, or $0.37 per share, in the quarter compared to $1.1 billion,
    or $0.64 per share, a year ago.
  *The company reported non-GAAP net earnings attributable to Bristol-Myers
    Squibb of $679 million, or $0.41 per share, in the first quarter, compared
    to $1.1 billion, or $0.64 per share, for the same period in 2012. An
    overview of specified items is discussed under the “Use of Non-GAAP
    Financial Information” section.
  *Cash, cash equivalents and marketable securities were $5.8 billion, with a
    net debt position of $2.1 billion, as of March 31, 2013.

FIRST QUARTER PRODUCT AND PIPELINE UPDATE

Bristol-Myers Squibb’s global sales in the first quarter included Orencia^®,
which grew 26%, Yervoy^®, which grew 49%, Sprycel^®, which grew 24%,
Onglyza^®/Kombiglyze™, which grew 25%, and Baraclude^®, which grew 13%.

Eliquis

Eliquis received regulatory approval for the reduction of risk of stroke and
systemic embolism in patients with nonvalvular atrial fibrillation (NVAF) in
South Korea in January, in Russia in February, and in Mexico and Colombia in
April. The company co-develops and co-commercializes Eliquis with its partner,
Pfizer.

Eliquis was launched for the reduction of risk of stroke and systemic embolism
in patients with NVAF in the U.S., Europe, Japan and Canada during the
quarter.

Sustiva^®

In February, the U.S. Food and Drug Administration (FDA) granted an additional
six-month period of exclusivity to market Sustiva. Exclusivity for Sustiva is
now scheduled to expire March 2015 in the U.S.

Baraclude

In February, the U.S. District Court for the District of Delaware invalidated
the company’s composition of matter patent for Baraclude in the U.S. (No.
5,206,244). The company believes that the U.S. patent for Baraclude is valid
and enforceable until February 2015, has filed a Notice of Appeal, and will
continue to vigorously defend its intellectual property rights.

Forxiga^®

In January,China’s State Food and Drug Administration accepted for review the
regulatory submission for Forxiga for the treatment of type 2 diabetes. The
company co-develops and co-commercializes Forxiga with its partner,
AstraZeneca.

In March, the Japanese Ministry of Health, Labor and Welfare also accepted for
review the regulatory submission for Forxiga for the treatment of type 2
diabetes.

Nivolumab

The FDA has granted Fast Track designation for nivolumab in three tumor types:
non-small-cell lung cancer, renal cell carcinoma and advanced melanoma.

HCV

In April, at the European Association for the Study of the Liver in Amsterdam,
the company announced new Phase II data demonstrating that 12- and 24-week
triple direct-acting antiviral (DAA) treatment regimens of daclatisvir, an
NS5A replication complex inhibitor, asunaprevir, an NS3 protease inhibitor and
BMS-791325, an NS5B non-nucleoside polymerase inhibitor, showed high rates of
sustained virologic response of up to 94% in treatment naïve, genotype 1
chronic hepatitis C patients at time points ranging from 4 to 36 weeks
post-treatment. The FDA has designated this triple-DAA regimen as a
Breakthrough Therapy for the treatment of chronic hepatitis C.

FIRST QUARTER BUSINESS DEVELOPMENT UPDATE

In February, the company announced a three-year collaboration agreement with
Reckitt Benckiser Group plc for several over-the-counter products sold
primarily in Mexico and Brazil, which is expected to close during the second
quarter of 2013.

On April 1,the company and its partner, AstraZeneca, assumed commercial
responsibility for Byetta and Bydureonin markets outside the U.S.

2013 FINANCIAL GUIDANCE

Bristol-Myers Squibb is confirming its 2013 GAAP EPS guidance range of $1.54
to $1.64 and its non-GAAP EPS guidance range of $1.78 to $1.88. Both GAAP and
non-GAAP guidance assume current exchange rates. Non-GAAP line item guidance
assumptions for 2013 remain unchanged.

The financial guidance for 2013 excludes the impact of any potential strategic
acquisitions and divestitures, and any specified items that have not yet been
identified and quantified. The non-GAAP 2013 guidance also excludes other
specified items as discussed under "Use of Non-GAAP Financial Information."
Details reconciling adjusted non-GAAP amounts with the amounts reflecting
specified items are provided in supplemental materials available on the
company's website.

Use of Non-GAAP Financial Information

This press release contains non-GAAP financial measures, including non-GAAP
earnings from continuing operations and related earnings per share
information. These measures are adjusted to exclude certain costs, expenses,
significant gains and losses and other specified items. Among the items in
GAAP measures but excluded for purposes of determining adjusted earnings and
other adjusted measures are: restructuring and other exit costs; accelerated
depreciation charges; IPRD and asset impairments; charges and recoveries
relating to significant legal proceedings; upfront, milestone and other
licensing payments for in-licensing of products that have not achieved
regulatory approval which are immediately expensed; net amortization of
acquired intangible assets and deferred income related to Amylin; pension
settlement charges; and significant tax events. This information is intended
to enhance an investor’s overall understanding of the company’s past financial
performance and prospects for the future. Non-GAAP financial measures provide
the company and its investors with an indication of the company’s baseline
performance before items that are considered by the company not to be
reflective of the company’s ongoing results. The company uses non-GAAP gross
profit, non-GAAP marketing, selling and administrative expense, non-GAAP
research and development expense, and non-GAAP other income and expense
measures to set internal budgets, manage costs, allocate resources, and plan
and forecast future periods. Non-GAAP effective tax rate measures are
primarily used to plan and forecast future periods. Non-GAAP earnings and
earnings per share measures are primary indicators the company uses as a basis
for evaluating company performance, setting incentive compensation targets,
and planning and forecasting of future periods. This information is not
intended to be considered in isolation or as a substitute for net earnings or
diluted earnings per share prepared in accordance with GAAP.

Statement on Cautionary Factors

This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 regarding,
among other things, statements relating to goals, plans and projections
regarding the company’s financial position, results of operations, market
position, product development and business strategy. These statements may be
identified by the fact that they use words such as “anticipate”, “estimates”,
“should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe” and
other words and terms of similar meaning in connection with any discussion of
future operating or financial performance. Such forward-looking statements are
based on current expectations and involve inherent risks and uncertainties,
including factors that could delay, divert or change any of them, and could
cause actual outcomes and results to differ materially from current
expectations. These factors include, among other things, effects of the
continuing implementation of governmental laws and regulations related to
Medicare, Medicaid, Medicaid managed care organizations and entities under the
Public Health Service 340B program, pharmaceutical rebates and reimbursement,
market factors, competitive product development and approvals, pricing
controls and pressures (including changes in rules and practices of managed
care groups and institutional and governmental purchasers), economic
conditions such as interest rate and currency exchange rate fluctuations,
judicial decisions, claims and concerns that may arise regarding the safety
and efficacy of in-line products and product candidates, changes to wholesaler
inventory levels, variability in data provided by third parties, changes in,
and interpretation of, governmental regulations and legislation affecting
domestic or foreign operations, including tax obligations, changes to business
or tax planning strategies, difficulties and delays in product development,
manufacturing or sales including any potential future recalls, patent
positions and the ultimate outcome of any litigation matter. These factors
also include the company’s ability to execute successfully its strategic
plans, including its String of Pearls strategy, the expiration of patents or
data protection on certain products, and the impact and result of governmental
investigations. There can be no guarantees with respect to pipeline products
that future clinical studies will support the data described in this release,
that the products will receive necessary regulatory approvals, or that they
will prove to be commercially successful; nor are there guarantees that
regulatory approvals will be sought, or sought within currently expected
timeframes, or that contractual milestones will be achieved. For further
details and a discussion of these and other risks and uncertainties, see the
company's periodic reports, including the annual report on Form 10-K,
quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or
furnished to the Securities and Exchange Commission. The company undertakes no
obligation to publicly update any forward-looking statement, whether as a
result of new information, future events or otherwise.

Company and Conference Call Information

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, please visit www.bms.com or
follow us on Twitter at http://twitter.com/bmsnews.

There will be a conference call on April 25, 2013, at 10:30 a.m. EDT during
which company executives will review financial information and address
inquiries from investors and analysts. Investors and the general public are
invited to listen to a live web cast of the call at http://investor.bms.com or
by dialing: 913-312-0650, confirmation code: 1234744. Materials related to the
call will be available at the same website prior to the call.

Abilify^® is the trademark of Otsuka Pharmaceutical Co., Ltd.

Atripla^® is a trademark of both Bristol-Myers Squibb Co. and Gilead Sciences,
Inc.

Avapro^®, Avalide^®, and Plavix^® are trademarks of Sanofi.

Byetta^® and Bydureon^®  are trademarks of Amylin Pharmaceuticals, LLC and
AstraZeneca Pharmaceuticals LP.

Erbitux^® is a trademark of ImClone LLC. ImClone Systems is a wholly-owned
subsidiary of Eli Lilly and Company.

All other brand names of products are registered trademarks of the Company or
one of its subsidiaries.

                                                                       
                                                                             
      BRISTOL-MYERS SQUIBB COMPANY

      SELECTED PRODUCTS

      FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012
                                                                             
      (Unaudited, dollars in millions)
      The following table sets forth worldwide and U.S. reported net
      sales for selected products. In addition, the table includes,
      where applicable, the estimated total U.S. prescription change for
      the retail and mail-order channels for the comparative periods
      presented for certain of the company's U.S. pharmaceutical
      products based on third-party data. A significant portion of the
      company's U.S. pharmaceutical sales is made to wholesalers. Where
      changes in reported net sales differ from prescription growth,
      this change in net sales may not reflect underlying prescriber
      demand.

                                                                            
                           Worldwide Net Sales            U.S. Net Sales
                                                                                         % Change in
                           2013      2012      %          2013      2012      %          U.S. Total
                                               Change                         Change     Prescriptions
                                                                                         vs. 2012
  Three Months Ended
  March 31,
                                                                                                       
  Key Products
  Virology
  Baraclude                $ 366     $ 325     13%        $ 68      $ 56      21%        6%
  Reyataz                    361       358     1%           193       188     3%         (8)%
  Sustiva Franchise          387       386     —            251       254     (1)%       (4)%
  Oncology
  Erbitux                    162       179     (9)%         158       176     (10)%      N/A
  Sprycel                    287       231     24%          115       95      21%        18%
  Yervoy                     229       154     49%          159       117     36%        N/A
  Neuroscience
  Abilify                    522       621     (16)%        328       445     (26)%      (2)%
  Metabolics
  Bydureon                   52        —       N/A          52        —       N/A        N/A
  Byetta                     85        —       N/A          84        —       N/A        N/A
  Forxiga                    3         —       N/A          —         —       N/A        N/A
  Onglyza/Kombiglyze         202       161     25%          140       120     17%        8%
  Immunoscience
  Nulojix                    5         1       *            4         1       *          N/A
  Orencia                    320       254     26%          214       171     25%        N/A
  Cardiovascular
  Avapro/Avalide             46        207     (78)%        —         108     (100)%     (92)%
  Eliquis                    22        —       N/A          17        —       —          N/A
  Plavix                     91        1,693   (95)%        66        1,648   (96)%      (98)%
                                                                                                       
  Mature Products            691       681     1%           122       122     —          N/A
  and All Other
  Total                      3,831     5,251   (27)%        1,971     3,501   (44)%      N/A
                                                                                                       
  * In excess of +/- 100%.


                                                                             
  BRISTOL-MYERS SQUIBB COMPANY

  CONSOLIDATED STATEMENTS OF EARNINGS

  FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012

  (Unaudited, amounts in millions except per share data)
                                              
                                                   Three Months
                                                   Ended March 31,
                                                   2013         2012
  Net Sales                                        $ 3,831        $ 5,251 
  Cost of products sold                              1,063           1,303
  Marketing, selling and administrative              994             1,002
  Advertising and product promotion                  189             194
  Research and development                           930             909
  Other (income)/expense                            (19   )        (184  )
  Total Expenses                                    3,157         3,224 
  Earnings Before Income Taxes                       674             2,027
  Provision for income taxes                        51            545   
  Net Earnings                                      623           1,482 
  Net Earnings Attributable to                      14            381   
  Noncontrolling Interest
  Net Earnings Attributable to BMS                 $ 609          $ 1,101 
                                                                             
  Earnings per Common Share:
  Basic                                            $ 0.37          $ 0.65
  Diluted                                          $ 0.37          $ 0.64
                                                                             
  Average Common Shares Outstanding:
  Basic                                              1,638           1,687
  Diluted                                            1,655           1,706
                                                                             
  Other (income)/expense
  Interest expense                                 $ 50            $ 42
  Investment income                                  (25   )         (36   )
  Provision for restructuring                        33              22
  Litigation charges/(recoveries)                    —               (172  )
  Equity in net income of affiliates                 (36   )         (57   )
  Out-licensed intangible asset impairment           —               38
  Gain on sale of product lines,                     (1    )         —
  businesses and assets
  Other income received from alliance                (57   )         (46   )
  partners, net
  Other                                             17            25    
  Other (income)/expense                           $ (19   )       $ (184  )


                                                                         
  BRISTOL-MYERS SQUIBB COMPANY

  SPECIFIED ITEMS

  FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012

  (Unaudited, dollars in millions)
                                                    
                                                      Three Months
                                                      Ended March 31,
                                                      2013     2012
  Amortization of acquired Amylin intangible assets     138       —
  Amortization of Amylin collaboration proceeds         (67 )     —
  Amortization of Amylin inventory adjustment          14      —    
  Cost of products sold                                 85        —
                                                                         
  Marketing, selling and administrative*                1         8
                                                                         
  Research and development**                            —         58
                                                                         
  Provision for restructuring                           33        22
  Acquisition related expenses                          —         12
  Litigation charges/(recoveries)                       —         (172 )
  Out-licensed intangible asset impairment              —         38
  Loss on debt repurchase                               —         19
  Upfront, milestone, and other licensing receipts     (14 )    —    
  Other (income)/expense                                19        (81  )
                                                                         
  Increase/(decrease) to pretax income                  105       (15  )
  (Income tax)/tax benefit on items above              (35 )    8    
  Increase/(decrease) to net earnings                 $ 70     $ (7   )

 * Specified items in marketing, selling and administrative are process
  standardization implementation costs.
  **Specified items in research and development in 2012 are IPRD impairment
  charges.

                                                                          
                                                                             
  BRISTOL-MYERS SQUIBB COMPANY

  RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO GAAP LINE ITEMS

  FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012

  (Unaudited, dollars in millions)
                                                          
  Three months ended March 31,        GAAP      Specified    Non     
  2013                                             Items*          GAAP
                                                                             
  Gross Profit                         $ 2,768     85              $ 2,853
                                                                             
  Marketing, Selling and                 994       (1)               993
  Administrative
                                                                             
  Research and Development               930       --                930
                                                                             
  Other (income)/expense                 (19)      (19)              (38)
                                                                             
  Effective Tax Rate                     7.6%      3.4%              11.0%
                                                                             
                                                                 
  Three months ended March 31,        GAAP      Specified    Non     
  2012                                             Items*          GAAP
                                                                             
  Gross Profit                         $ 3,948     --              $ 3,948
                                                                             
  Marketing, Selling and                 1,002     (8)               994
  Administrative
                                                                             
  Research and Development               909       (58)              851
                                                                             
  Other (income)/expense                 (184)     81                (103)
                                                                             
  Effective Tax Rate                     26.9%     (0.2)%            26.7%
                                                                             
  * Refer to the Specified Items schedules for further details.


                                                                             
  BRISTOL-MYERS SQUIBB COMPANY

  RECONCILIATION OF NON-GAAP EPS TO GAAP EPS

  FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012

  (Unaudited, amounts in millions except per share data)
                                                  
                                                      Three Months
                                                      Ended March 31,
                                                                
                                                      2013     2012
  Net Earnings Attributable to BMS – GAAP             $  609       $ 1,101
  Earnings attributable to unvested restricted          --         (1    )
  shares
  Net Earnings used for Diluted EPS Calculation       $  609       $ 1,100 
  – GAAP
                                                                             
  
                                                      $  609       $ 1,101
  Net Earnings Attributable to BMS – GAAP
  Less Specified Items*                                 70         (7    )
  Net Earnings Attributable to BMS - Non-GAAP            679         1,094
  Earnings attributable to unvested restricted          --         (1    )
  shares
  Net Earnings used for Diluted EPS Calculation       $  679       $ 1,093 
  - Non-GAAP
                                                                             
  
                                                         1,655       1,706
  Average Common Shares Outstanding - Diluted
                                                                             
  
                                                      $  0.37      $ 0.64
  Diluted EPS - GAAP
  Diluted EPS Attributable to Specified Items           0.04       --    
  Diluted EPS - Non-GAAP                              $  0.41      $ 0.64  
                                                                             
  * Refer to the Specified Items schedules for further details.


                                                                             
  BRISTOL-MYERS SQUIBB COMPANY

  NET DEBT CALCULATION

  AS OF MARCH 31, 2013 AND DECEMBER 31, 2012

  (Unaudited, dollars in millions)
                                                      
                                        March 31, 2013     December 31, 2012
  Cash and cash equivalents                $ 1,355            $  1,656
  Marketable securities–current              1,178               1,173
  Marketable securities–long-term           3,242             3,523   
  Cash, cash equivalents and                 5,775               6,352
  marketable securities
  Short-term borrowings and current          (1,372 )            (826    )
  portion of long-term debt
  Long-term debt                            (6,522 )           (6,568  )
  Net debt position                        $ (2,119 )         $  (1,042  )
                                                                             

Contact:

Bristol-Myers Squibb Company
Corporate Communications:
Jennifer Fron Mauer, 609-252-6579
jennifer.mauer@bms.com
or
Investor Relations:
John Elicker, 609-252-4611
john.elicker@bms.com
or
Ranya Dajani, 609-252-5330
ranya.dajani@bms.com
or
Ryan Asay, 609-252-5020
ryan.asay@bms.com
 
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