Bristol-Myers Squibb Reports Fourth Quarter and Full Year Financial Results

January 24, 2019 6:59 AM

NEW YORK--(BUSINESS WIRE)-- Bristol-Myers Squibb Company (NYSE: BMY) today reported results for the fourth quarter and full year of 2018 which were highlighted by strong demand for Opdivo (nivolumab) and Eliquis (apixaban) and a robust operating performance across the portfolio.

“I am proud of our results in 2018, which were based on superior commercial performance for our prioritized brands and important scientific advances that continue to diversify our R&D pipeline. We are beginning 2019 with good momentum in our current business, with Opdivo and Eliquis continuing as strong and growing franchises,” said Giovanni Caforio, M.D., chairman and chief executive officer, Bristol-Myers Squibb. “Our planned acquisition of Celgene will position us to create a leading biopharma company, with best-in-class franchises, significant near-term launch opportunities and a deep and broad pipeline, creating an even stronger foundation for long-term sustainable growth.”

Fourth Quarter

$ amounts in millions, except per share amounts

2018

2017

Change

Total Revenues $5,973 $5,449 10%
GAAP Diluted EPS 0.73 (1.42) **
Non-GAAP Diluted EPS 0.94 0.68 38%

Full Year

$ amounts in millions, except per share amounts

2018

2017

Change

Total Revenues $22,561 $20,776 9%
GAAP Diluted EPS 3.03 0.61 **
Non-GAAP Diluted EPS 3.98 3.01 32%

**In excess of +/- 100%

FOURTH QUARTER FINANCIAL RESULTS

ACQUISITION OF CELGENE CORPORATION

FOURTH QUARTER PRODUCT AND PIPELINE UPDATE

Product Sales/Business Highlights

Global revenues for the fourth quarter of 2018, compared to the fourth quarter of 2017, were driven by:

Opdivo

Regulatory

Clinical

Eliquis

Clinical

Sprycel

Regulatory

Empliciti

Regulatory

FOURTH QUARTER BUSINESS DEVELOPMENT UPDATE

2019 FINANCIAL GUIDANCE

Bristol-Myers Squibb is confirming its 2019 GAAP EPS guidance range of $3.75 - $3.85 and its non-GAAP EPS guidance range of $4.10 - $4.20. Both GAAP and non-GAAP guidance assume current exchange rates. Key 2019 GAAP and non-GAAP line-item guidance assumptions are:

The financial guidance for 2019 excludes the impact of any potential future strategic acquisitions and divestitures, including any impact of the Celgene acquisition, and any specified items that have not yet been identified and quantified. The non-GAAP 2019 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 and related EPS information, that are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis. These items are adjusted 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 future operating results. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods, including restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, R&D charges in connection with the acquisition or licensing of third party intellectual property rights, divestiture and equity investment gains or losses, upfront payments from out-licensed assets, pension charges, legal and other contractual settlements and debt redemption gains or losses, 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. Non-GAAP information is intended to portray the results of our baseline performance, supplement or enhance management, analysts and investors overall understanding of our underlying financial performance and facilitate comparisons among current, past and future periods. For example, non-GAAP earnings and EPS information is an indication of our baseline performance before items that are considered by us to not be reflective of our ongoing results. In addition, this information is among the primary indicators that we use as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting for future periods. This information is not intended to be considered in isolation or as a substitute for net earnings or diluted EPS 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.

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 about Bristol-Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube and Facebook.

There will be a conference call on January 24, 2019 at 8:30 a.m. ET 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 webcast of the call at http://investor.bms.com or by calling the U.S. toll free 800-458-4121 or international 786-789-4772, confirmation code: 9368504. Materials related to the call will be available at the same website prior to the conference call. A replay of the call will be available beginning at 11:45 a.m. ET on January 24, 2019 through 11:45 a.m. ET on February 7, 2019. The replay will also be available through http://investor.bms.com or by calling the U.S. toll free 888-203-1112 or international 719-457-0820, confirmation code: 9368504.

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, 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.

Important Information for Investors and Stockholders

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. It does not constitute a prospectus or prospectus equivalent document. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

In connection with the proposed transaction between Bristol-Myers Squibb Company (“Bristol-Myers Squibb”) and Celgene Corporation (“Celgene”), Bristol-Myers Squibb and Celgene will file relevant materials with the Securities and Exchange Commission (the “SEC”), including a Bristol-Myers Squibb registration statement on Form S-4 that will include a joint proxy statement of Bristol-Myers Squibb and Celgene that also constitutes a prospectus of Bristol-Myers Squibb, and a definitive joint proxy statement/prospectus will be mailed to stockholders of Bristol-Myers Squibb and Celgene. INVESTORS AND SECURITY HOLDERS OF BRISTOL-MYERS SQUIBB AND CELGENE ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the registration statement and the joint proxy statement/prospectus (when available) and other documents filed with the SEC by Bristol-Myers Squibb or Celgene through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Bristol-Myers Squibb will be available free of charge on Bristol-Myers Squibb’s internet website at http://www.bms.com under the tab, “Investors” and under the heading “Financial Reporting” and subheading “SEC Filings” or by contacting Bristol-Myers Squibb’s Investor Relations Department through https://www.bms.com/investors/investor-contacts.html. Copies of the documents filed with the SEC by Celgene will be available free of charge on Celgene’s internet website at http://www.celgene.com under the tab “Investors” and under the heading “Financial Information” and subheading “SEC Filings” or by contacting Celgene’s Investor Relations Department at ir@celgene.com.

Certain Information Regarding Participants

Bristol-Myers Squibb, Celgene, and their respective directors and executive officers may be considered participants in the solicitation of proxies in connection with the proposed acquisition of Celgene. Information about the directors and executive officers of Bristol-Myers Squibb is set forth in its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on February 13, 2018, its proxy statement for its 2018 annual meeting of stockholders, which was filed with the SEC on March 22, 2018, and its Current Report on Form 8-K, which was filed with the SEC on August 28, 2018. Information about the directors and executive officers of Celgene is set forth in its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on February 7, 2018, its proxy statement for its 2018 annual meeting of stockholders, which was filed with the SEC on April 30, 2018, and its Current Reports on Form 8-K, which were filed with the SEC on June 1, 2018, June 19, 2018 and November 2, 2018. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when they become available. You may obtain these documents (when they become available) free of charge through the website maintained by the SEC at http://www.sec.gov and from Investor Relations at Bristol-Myers Squibb or Celgene as described above.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains 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. You can generally identify forward-looking statements by the use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond Bristol-Myers Squibb’s and Celgene’s control.

Statements in this communication regarding Bristol-Myers Squibb, Celgene and the combined company that are forward-looking, including projections as to the anticipated benefits of the proposed acquisition of Celgene, the impact of the proposed transaction on Bristol-Myers Squibb’s and Celgene’s business and future financial and operating results, the amount and timing of synergies from the proposed transaction, the terms and scope of the expected financing for the proposed transaction, the aggregate amount of indebtedness of the combined company following the closing of the proposed transaction, expectations regarding cash flow generation, accretion to non-GAAP earnings per share, capital structure, debt repayment, adjusted leverage ratio and credit ratings following the closing of the proposed transaction, Bristol-Myers Squibb’s ability and intent to conduct a share repurchase program and declare future dividend payments, the combined company’s pipeline, intellectual property protection and R&D spend, the timing and probability of a payment pursuant to the contingent value right consideration, and the closing date for the proposed transaction, are based on management’s estimates, assumptions and projections, and are subject to significant uncertainties and other factors, many of which are beyond Bristol-Myers Squibb’s and Celgene’s control. 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 combined company’s ability to execute successfully its strategic plans, including its business development strategy, the expiration of patents or data protection on certain products, including assumptions about the combined company’s ability to retain patent exclusivity of certain products, the impact and result of governmental investigations, the combined company’s ability to obtain necessary regulatory approvals or obtaining these without delay, the risk that the combined company’s products prove to be commercially successful or that contractual milestones will be achieved. Similarly, there are uncertainties relating to a number of other important factors, including: results of clinical trials and preclinical studies, including subsequent analysis of existing data and new data received from ongoing and future studies; the content and timing of decisions made by the U.S. FDA and other regulatory authorities, investigational review boards at clinical trial sites and publication review bodies; the ability to enroll patients in planned clinical trials; unplanned cash requirements and expenditures; competitive factors; the ability to obtain, maintain and enforce patent and other intellectual property protection for any product candidates; the ability to maintain key collaborations; and general economic and market conditions. Additional information concerning these risks, uncertainties and assumptions can be found in Bristol-Myers Squibb’s and Celgene’s respective filings with the SEC, including the risk factors discussed in Bristol-Myers Squibb’s and Celgene’s most recent Annual Reports on Form 10-K, as updated by their Quarterly Reports on Form 10-Q and future filings with the SEC.

It should also be noted that projected financial information for the combined businesses of Bristol-Myers Squibb and Celgene is based on management’s estimates, assumptions and projections and has not been prepared in conformance with the applicable accounting requirements of Regulation S-X relating to pro forma financial information, and the required pro forma adjustments have not been applied and are not reflected therein. None of this information should be considered in isolation from, or as a substitute for, the historical financial statements of Bristol-Myers Squibb or Celgene. Important risk factors could cause actual future results and other future events to differ materially from those currently estimated by management, including, but not limited to, the risks that: a condition to the closing of the proposed acquisition may not be satisfied; a regulatory approval that may be required for the proposed acquisition is delayed, is not obtained or is obtained subject to conditions that are not anticipated; Bristol-Myers Squibb is unable to achieve the synergies and value creation contemplated by the proposed acquisition; Bristol-Myers Squibb is unable to promptly and effectively integrate Celgene’s businesses; management’s time and attention is diverted on transaction related issues; disruption from the transaction makes it more difficult to maintain business, contractual and operational relationships; the credit ratings of the combined company declines following the proposed acquisition; legal proceedings are instituted against Bristol-Myers Squibb, Celgene or the combined company; Bristol-Myers Squibb, Celgene or the combined company is unable to retain key personnel; and the announcement or the consummation of the proposed acquisition has a negative effect on the market price of the capital stock of Bristol-Myers Squibb and Celgene or on Bristol-Myers Squibb’s and Celgene’s operating results.

No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, what impact they will have on the results of operations, financial condition or cash flows of Bristol-Myers Squibb or Celgene. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on the proposed transaction and/or Bristol-Myers Squibb or Celgene, Bristol-Myers Squibb’s ability to successfully complete the proposed transaction and/or realize the expected benefits from the proposed transaction. You are cautioned not to rely on Bristol-Myers Squibb’s and Celgene’s forward-looking statements. These forward-looking statements are and will be based upon management’s then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. Neither Bristol-Myers Squibb nor Celgene assumes any duty to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, as of any future date.

BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUE
FOR THE THREE MONTHS ENDED DECEMBER31, 2018 AND 2017
(Unaudited, dollars in millions)

Worldwide Revenues U.S. Revenues
2018 2017

%
Change

2018 2017

%
Change

Three Months Ended December 31,

Prioritized Brands
Opdivo $ 1,804 $ 1,361 33 % $ 1,136 $ 795 43 %
Eliquis 1,705 1,363 25 % 979 768 27 %
Orencia 731 662 10 % 515 461 12 %
Sprycel 536 527 2 % 300 299
Yervoy 384 269 43 % 273 181 51 %
Empliciti 69 63 10 % 45 39 15 %
Established Brands
Baraclude 165 233 (29 )% 7 13 (46 )%
Reyataz Franchise 99 143 (31 )% 25 67 (63 )%
Sustiva Franchise 54 174 (69 )% 4 151 (97 )%
Hepatitis C Franchise 4 59 (93 )% (15 ) 13 **
Other Brands 422 595 (29 )% 74 104 (29 )%
Total $ 5,973 $ 5,449 10 % $ 3,343 $ 2,891 16 %

** In excess of +/- 100%

BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUE
FOR THE TWELVE MONTHS ENDED DECEMBER31, 2018 AND 2017
(Unaudited, dollars in millions)

Worldwide Revenues U.S. Revenues
2018 2017 %
Change
2018 2017 %
Change

Twelve Months Ended December 31,

Prioritized Brands
Opdivo $ 6,735 $ 4,948 36 % $ 4,239 $ 3,102 37 %
Eliquis 6,438 4,872 32 % 3,760 2,887 30 %
Orencia 2,710 2,479 9 % 1,875 1,704 10 %
Sprycel 2,000 2,005 1,091 1,105 (1 )%
Yervoy 1,330 1,244 7 % 941 908 4 %
Empliciti 247 231 7 % 164 151 9 %
Established Brands
Baraclude 744 1,052 (29 )% 32 53 (40 )%
Reyataz Franchise 427 698 (39 )% 157 327 (52 )%
Sustiva Franchise 283 729 (61 )% 27 622 (96 )%
Hepatitis C Franchise 17 406 (96 )% (16 ) 109 **
Other Brands 1,630 2,112 (23 )% 316 390 (19 )%
Total $ 22,561 $ 20,776 9 % $ 12,586 $ 11,358 11 %

** In excess of +/- 100%

BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER31, 2018 AND 2017
(Unaudited, dollars and shares in millions except per share data)

Three Months Ended
December 31,

Twelve Months Ended
December 31,

2018 2017 2018 2017
Net product sales $ 5,715 $ 5,046 $ 21,581 $ 19,258
Alliance and other revenues 258 403 980 1,518
Total Revenues 5,973 5,449 22,561 20,776
Cost of products sold 1,690 1,681 6,547 6,094
Marketing, selling and administrative 1,336 1,316 4,551 4,751
Research and development 1,380 1,939 6,345 6,482
Other income (net) 20 (185 ) (892 ) (1,682 )
Total Expenses 4,426 4,751 16,551 15,645
Earnings Before Income Taxes 1,547 698 6,010 5,131
Provision for Income Taxes 357 3,027 1,031 4,156
Net Earnings/(Loss) 1,190 (2,329 ) 4,979 975
Net Earnings/(Loss) Attributable to Noncontrolling Interest (2 ) (1 ) 27 (32 )
Net Earnings/(Loss) Attributable to BMS $ 1,192 $ (2,328 ) $ 4,952 $ 1,007
Average Common Shares Outstanding:
Basic 1,632 1,635 1,633 1,645
Diluted 1,637 1,635 1,637 1,652
Earnings per Common Share
Basic $ 0.73 $ (1.42 ) $ 3.03 $ 0.61
Diluted $ 0.73 $ (1.42 ) $ 3.03 $ 0.61
Other income (net)
Interest expense $ 48 $ 51 $ 183 $ 196
Investment income (55 ) (39 ) (173 ) (126 )
Loss/(gain) on equity investments 268 (6 ) 512 (23 )
Provision for restructuring 29 86 131 293
Litigation and other settlements 24 2 34 (487 )
Equity in net income of affiliates (20 ) (16 ) (93 ) (75 )
Divestiture (gains)/losses (38 ) (178 ) (164 )
Royalties and licensing income (295 ) (258 ) (1,353 ) (1,351 )
Transition and other service fees (7 ) (5 ) (12 ) (37 )
Pension and postretirement 13 28 (27 ) (1 )
Intangible asset impairment 64
Loss on debt redemption 109
Other 15 10 20 (16 )
Other income (net) $ 20 $ (185 ) $ (892 ) $ (1,682 )

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER31, 2018 AND 2017
(Unaudited, dollars in millions)

Three Months Ended
December 31,

Twelve Months Ended
December 31,

2018 2017 2018 2017
Impairment charges $ 7 $ 18 $ 17 $ 146
Accelerated depreciation and other shutdown costs 11 41 3
Cost of products sold 18 18 58 149
Marketing, selling and administrative 1 1 2 1
License and asset acquisition charges 377 1,135 1,130
IPRD impairments 75
Site exit costs and other 22 151 79 383
Research and development 22 528 1,214 1,588
Loss/(gain) on equity investments 268 512
Provision for restructuring 29 86 131 293
Litigation and other settlements 28 28 (481 )
Divestiture gains (1 ) (26 ) (177 ) (126 )
Royalties and licensing income (75 ) (497 )
Pension and postretirement 26 71 121 162
Intangible asset impairment 64
Loss on debt redemption 109
Other income (net) 350 131 604 (540 )
Increase/(decrease) to pretax income 391 678 1,878 1,198
Income taxes on specified items (33 ) (138 ) (258 ) (87 )
Income taxes attributed to U.S. tax reform (7 ) 2,911 (56 ) 2,911
Income taxes (40 ) 2,773 (314 ) 2,824
Increase/(decrease) to net earnings 351 3,451 1,564 4,022
Noncontrolling interest (59 )
Increase/(decrease) to net earnings used for diluted Non-GAAP EPS calculation $ 351 $ 3,451 $ 1,564 $ 3,963

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER31, 2018 AND 2017
(Unaudited, dollars in millions)

Three Months Ended December 31, 2018 Twelve Months Ended December 31, 2018
GAAP

Specified
Items(a)

Non-
GAAP

GAAP

Specified
Items(a)

Non-
GAAP

Gross Profit $ 4,283 $ 18 $ 4,301 $ 16,014 $ 58 $ 16,072
Marketing, selling and administrative 1,336 (1 ) 1,335 4,551 (2 ) 4,549
Research and development 1,380 (22 ) 1,358 6,345 (1,214 ) 5,131
Other income (net) 20 (350 ) (330 ) (892 ) (604 ) (1,496 )
Earnings Before Income Taxes 1,547 391 1,938 6,010 1,878 7,888
Provision for Income Taxes 357 (40 ) 397 1,031 (314 ) 1,345
Noncontrolling interest (2 ) (2 ) 27 27
Net Earnings Attributable to BMS used for Diluted EPS Calculation $ 1,192 $ 351 $ 1,543 $ 4,952 $ 1,564 $ 6,516
Average Common Shares Outstanding - Diluted 1,637 1,637 1,637 1,637 1,637 1,637
Diluted Earnings Per Share $ 0.73 $ 0.21 $ 0.94 $ 3.03 $ 0.95 $ 3.98
Effective Tax Rate 23.1 % (2.6 )% 20.5 % 17.2 % (0.1 )% 17.1 %
Three Months Ended December 31, 2017 Twelve Months Ended December 31, 2017
GAAP

Specified
Items(a)

Non-
GAAP

GAAP

Specified
Items(a)

Non-
GAAP

Gross Profit $ 3,768 $ 18 $ 3,786 $ 14,682 $ 149 $ 14,831
Marketing, selling and administrative 1,316 (1 ) 1,315 4,751 (1 ) 4,750
Research and development 1,939 (528 ) 1,411 6,482 (1,588 ) 4,894
Other income (net) (185 ) (131 ) (316 ) (1,682 ) 540 (1,142 )
Earnings Before Income Taxes 698 678 1,376 5,131 1,198 6,329
Provision for Income Taxes 3,027 2,773 254 4,156 2,824 1,332
Noncontrolling interest (1 ) (1 ) (32 ) (59 ) 27
Net Earnings Attributable to BMS used for Diluted EPS Calculation $ (2,328 ) $ 3,451 $ 1,123 $ 1,007 $ 3,963 $ 4,970
Average Common Shares Outstanding - Diluted 1,635 1,642 1,642 1,652 1,652 1,652
Diluted Earnings Per Share $ (1.42 ) $ 2.10 $ 0.68 $ 0.61 $ 2.40 $ 3.01
Effective Tax Rate 433.7 % (415.2 )% 18.5 % 81.0 % (60.0 )% 21.0 %
(a) Refer to the Specified Items schedule 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 CASH/(DEBT) CALCULATION
AS OF DECEMBER31, 2018 AND SEPTEMBER 30, 2018
(Unaudited, dollars in millions)

December 31, 2018 September 30, 2018
Cash and cash equivalents $ 6,911 $ 5,408
Marketable securities - current 1,973 1,422
Marketable securities - non-current 1,775 2,017
Cash, cash equivalents and marketable securities 10,659 8,847
Short-term debt obligations (1,703 ) (1,620 )
Long-term debt (5,646 ) (5,687 )
Net cash position $ 3,310 $ 1,540

Media:

Carrie Fernandez, 609-252-5222, carrie.fernandez@bms.com

Investor Relations:

John Elicker, 609-252-4611, john.elicker@bms.com

Tim Power, 609-252-7509, timothy.power@bms.com

Bill Szablewski, 609-252-5894, william.szablewski@bms.com

Source: Bristol-Myers Squibb Company

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