BMY

EX-99.1

2 a2026q2ex991-filing.htm

PRESS RELEASE OF BRISTOL-MYERS SQUIBB COMPANY DATED JULY 30, 2026

Document

Exhibit 99.1

Bristol Myers Squibb Reports Second Quarter Financial Results for 2026 and Raises Full-Year Outlook

Strong Performance Underscores Growth Portfolio Momentum and Pipeline Progress

•Second quarter revenues increased 6% (+5% Ex-FX) to $13.0 billion

◦Growth Portfolio revenues increased 15% (+14% Ex-FX) to $7.6 billion

•GAAP EPS was $1.62 and non-GAAP EPS was $2.04

•Raising 2026 revenue guidance to a range of ~$49.0 billion to $50.0 billion; Increasing non-GAAP EPS range to $6.75 to $7.00

(PRINCETON, N.J., July 30, 2026) – Bristol Myers Squibb (NYSE: BMY) today reports results for the second quarter of 2026.

“The Growth Portfolio continues to deliver, achieving 15% growth in the quarter, and represents an expanding share of our overall business," said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. "We are building from a position of strength and progressing a differentiated pipeline designed to generate long-term value. As a result of our consistent execution and continued momentum, we are raising our 2026 full-year outlook."

Second Quarter Results

$ in millions, except per share amounts20262025Change Change Excl. FX**

Total Revenues$12,973 $12,269 6 %5 %

Earnings/(Loss) Per Share - GAAP*1.62 0.64 153 %N/A

Earnings/(Loss) Per Share - Non-GAAP*2.04 1.46 40 %N/A

Acquired IPRD Charges and Licensing Income Net Impact on Earnings/(Loss) Per Share 0.01 (0.57)N/AN/A

*GAAP and Non-GAAP earnings/(loss) per share include the net impact of Acquired IPRD charges and licensing income.

**See "Use of Non-GAAP Financial Information".

1

SECOND QUARTER RESULTS*

•Growth Portfolio revenues of $7.6 billion increased 15%, or 14% Ex-FX. Revenue growth was primarily driven by Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi and Opdualag.

•Legacy Portfolio revenues of $5.4 billion decreased 4%, or 5% Ex-FX. Demand increased for Eliquis, which was more than offset by expected continued generic impacts across the remainder of the Legacy Portfolio.

•Total revenues of $13.0 billion increased 6%, or 5% Ex-FX.

◦U.S. revenues of $9.0 billion increased 6%.

◦International revenues of $4.0 billion increased 6%, or 5% Ex-FX.

*All comparisons are made versus the same period in 2025 unless otherwise stated.

SECOND QUARTER PRODUCT REVENUE HIGHLIGHTS(e)

($ amounts in millions)Quarter Ended June 30, 2026 % Change from Quarter Ended June 30, 2025

% Change from Quarter Ended June 30, 2025 Ex-FX**

U.S.

Int'l WW(d)

U.S.

Int'l

WW(d)

Int'l

WW(d)

Growth Portfolio

Opdivo$1,417 $1,068 $2,485 (6)%1 %(3)%(1)%(4)%

Opdivo Qvantig206 55 261 >200%>200%>200%>200%>200%

Orencia801 233 1,034 13 %(8)%7 %(8)%7 %

Yervoy481 288 769 7 %4 %6 %2 %5 %

Reblozyl593 142 735 31 %24 %29 %24 %29 %

Breyanzi354 131 484 39 %48 %41 %47 %41 %

Opdualag294 55 349 17 %72 %23 %65 %22 %

Camzyos310 105 416 45 %129 %60 %124 %59 %

Zeposia116 53 169 11 %17 %12 %14 %12 %

Sotyktu51 36 87 19 %30 %23 %27 %23 %

Krazati47 8 55 1 %>200%14 %>200%14 %

Cobenfy60 3 63 73 %>200%81 %>200%81 %

Other Growth Products(a) 244 409 653 (1)%32 %17 %32 %17 %

Total Growth Portfolio 4,974 2,585 7,560 14 %15 %15 %13 %14 %

Legacy Portfolio

Eliquis3,357 1,124 4,481 27 %9 %22 %7 %21 %

Revlimid352 72 425 (52)%(32)%(49)%(30)%(49)%

Pomalyst/Imnovid131 73 204 (78)%(41)%(71)%(38)%(71)%

Sprycel52 35 88 (23)%(32)%(27)%(30)%(26)%

Abraxane12 43 55 (62)%(40)%(47)%(40)%(47)%

Other Legacy Products(b) 112 58 170 12 %(53)%(24)%(53)%(24)%

Total Legacy Portfolio 4,017 1,405 5,422 (4)%(7)%(4)%(7)%(5)%

Other Revenue(c)

— (9)(9)N/AN/AN/AN/AN/A

Total Revenues$8,991 $3,982 $12,973 6 %6 %6 %5 %5 %

**    See "Use of Non-GAAP Financial Information".

(a)    Includes Abecma, Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues, including royalties received from Merck on Winrevair.

(b)    Includes other mature brands.

(c)    Includes revenue hedging activities in 2026.

(d)    Worldwide (WW) includes U.S. and International (Int'l).

(e)     For the above table and all subsequent tables, certain totals may not sum due to rounding. Percentages have been calculated using unrounded amounts.

2

SECOND QUARTER COST & EXPENSES

The table below presents selected line-item information.

GAAPNon-GAAP**

Three months ended June 30,Three months ended June 30,

($ amounts in millions) 2026

2025

Change

2026

2025

Change

Cost of products sold $3,726 $3,372 11%$3,711 $3,356 11%

Gross margin 71.3 %72.5 %(120) bps71.4 %72.6 %(120) bps

Selling, general and administrative 1,826 1,713 7%1,826 1,691 8%

Research and development 2,959 2,580 15%2,316 2,263 2%

Acquired IPRD(a) — 1,508 (100)%— 1,508 (100)%

Amortization of acquired intangible assets

437 830 (47)%— — N/A

Other (income)/expense, net

(61)494 NM126 (108)NM

Effective tax rate 18.8 %25.9 %(710) bps16.5 %16.1 %40 bps

** See "Use of Non-GAAP Financial Information" and r

bmy-20221025

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 25, 2022

BRISTOL-MYERS SQUIBB COMPANY

(Exact name of registrant as specified in its charter)

Delaware001-0113622-0790350

(State or other jurisdiction of incorporation or organization)(Commission File Number)(I.R.S Employer Identification No.)

430 E. 29th Street, 14th Floor

New York, NY, 10016

(Address of principal executive offices) (zip code)

Registrant’s telephone number, including area code: (212) 546-4200

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Common Stock, $0.10 Par ValueBMYNew York Stock Exchange

1.000% Notes due 2025BMY25New York Stock Exchange

1.750% Notes due 2035BMY35New York Stock Exchange

Celgene Contingent Value RightsCELG RTNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 25, 2022, Bristol-Myers Squibb Company (the “Company”) issued a press release (the “Earnings Press Release”) announcing its financial results for the third quarter of 2022. A copy of the Earnings Press Release is furnished pursuant to this Item 2.02 as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. Also furnished pursuant to this Item 2.02 as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety is certain supplemental information (the “Supplemental Information”) posted on the Company’s website at www.bms.com.

Item 7.01 Regulation FD Disclosure.

On October 26, 2022, the Company posted on its website at www.bms.com a presentation (the “Bristol Myers Presentation”) on certain financial and operating initiatives available for viewing during the Company’s conference call and webcast announcing its financial results for the third quarter of 2022 at 8:00 a.m. Eastern time on October 26, 2022. A copy of the Bristol Myers Presentation is furnished pursuant to this Item 7.01 as Exhibit 99.3 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. The Bristol Myers Presentation includes references to non-GAAP financial information. Reconciliations between the non-GAAP financial measures and the comparable GAAP financial measures are available in the Supplemental Information, which is included as Exhibit 99.2 hereto, and the reasons for the presentation of such non-GAAP financial measures are available in the Earnings Press Release, which is included as Exhibit 99.1 hereto. The Bristol Myers Presentation should be read in conjunction with the Supplemental Information and the Earnings Press Release. The Company reserves the right to discontinue availability of the Bristol Myers Presentation from its website at any time.

Pursuant to General Instruction B.2. to Form 8-K, the information set forth in this Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities thereof, nor shall it be incorporated by reference into future filings by the Company under the Exchange Act or under the Securit

EX-99.1

2 q22022ex991.htm

PRESS RELEASE OF BRISTOL-MYERS SQUIBB COMPANY DATED JULY 27, 2022

Document

Exhibit 99.1

Bristol Myers Squibb Reports Second Quarter Financial Results for 2022

•Reports Second Quarter Revenues of $11.9 Billion, an Increase of 2% YoY; or 5% When Adjusted for Foreign Exchange

•Posts Second Quarter Earnings Per Share of $0.66 and Non-GAAP EPS of $1.93; Includes Net Impact of ($0.14) per share for GAAP and Non-GAAP EPS Due to Acquired IPRD1 Charges and Licensing Income

•Delivers Robust Revenue Growth of 11% from In-Line Products and New Product Portfolio; or 16% When Adjusted for Foreign Exchange

•Expands Oncology Franchise with New Indications for Opdivo and Planned Acquisition of Precision Oncology Company, Turning Point Therapeutics

•Strengthens Cell Therapy Franchise with Broadest Label for Breyanzi in Relapsed or Refractory Large B-cell Lymphoma after One Prior Therapy

•Adjusts 2022 GAAP EPS Guidance; Reaffirms Non-GAAP EPS Guidance

(NEW YORK, July 27, 2022) – Bristol Myers Squibb (NYSE:BMY) today reports results for the second quarter of 2022, which reflect continued in-line product growth, strong momentum across the new product portfolio and continued pipeline progress.

“I am very pleased with the continued strong demand for our in-line products and new product portfolio, resulting in solid top and bottom-line growth,” said Giovanni Caforio, M.D., board chair and chief executive officer, Bristol Myers Squibb. “The momentum with our business and strength of our pipeline, gives us significant opportunities to drive continued growth, starting with the anticipated approval for deucravacitinib in moderate to severe plaque psoriasis and the expected transition of milvexian, our next generation anti-thrombotic, to phase 3 development. With our financial strength and dedicated workforce, we are well positioned to help more patients and drive long-term value for our shareholders.”

1 Acquired IPRD refers to certain in-process research and development ("Acquired IPRD") charges resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights.

1

Second Quarter

$ amounts in millions, except per share amounts

20222021Change

Total Revenues$11,887 $11,703 2 %

Earnings Per Share - GAAP*0.66 0.47 40 %

Earnings Per Share - Non-GAAP*1.93 1.63 18 %

*    GAAP and non-GAAP earnings per share include the net impact of Acquired IPRD charges and licensing income of ($0.14) per share in the second quarter of 2022 and ($0.30) per share in the second quarter of 2021.

SECOND QUARTER FINANCIAL RESULTS

All comparisons are made versus the same period in 2021 unless otherwise stated.

•Bristol Myers Squibb posted second quarter revenues of $11.9 billion, an increase of 2%, driven by in-line products (primarily Eliquis and Opdivo) and new product portfolio (Abecma, Opdualag and Reblozyl), partially offset by recent LOE products (primarily Revlimid) and foreign exchange impacts. When adjusted for foreign exchange impacts, second quarter revenues increased 5%.

•U.S. revenues increased 12% to $8.3 billion in the quarter. International revenues decreased 16% to $3.6 billion in the quarter. When adjusted for foreign exchange impacts, international revenues decreased 8%, primarily due to lower demand of Revlimid as a result of generic erosion, partially offset by in-line products (primarily Opdivo and Eliquis) and our new product portfolio.

•Gross margin decreased from 79.0% to 77.1% in the quarter primarily due to product mix and an impairment charge resulting from the divestiture of a manufacturing site, partially offset by foreign exchange impacts and related hedging settlements. On a non-GAAP basis, gross margin decreased from 79.8% to 78.3% in the quarter primarily driven by product mix, partially offset by foreign exchange impacts and related hedging settlements.

•Marketing, selling and administrative expenses decreased 5% to $1.8 billion in the quarter on a GAAP and non-GAAP basis primarily due to foreign exchange impacts.

•Research and development expenses decreased 6% to $2.3 billion in the quarter primarily due to an in-process research and development (IPRD) impairment charge in 2021, partially offset by increased investment in our broad and diversified portfolio. On a non-GAAP basis, research and development expenses increased 2% to $2.3 billion in the quarter primarily due to investment in our broad and diversified pipeline.

•Acquired IPRD decreased from $793 million in the same period a year ago to $400 million in the current quarter. Acquired IPRD in the current quarter primarily related to the buyout of a

2

future royalty obligation related to mavacamten ($295 million) and the BridgeBio licensing transaction ($90 million). Acquired IPRD in the same period a year ago was primarily related to a collaboration agreement with Eisai ($650 million).

•Amortization of acquired intangible assets decre

EX-99.1

2 q12022ex991.htm

PRESS RELEASE OF BRISTOL-MYERS SQUIBB COMPANY DATED APRIL 29, 2022

Document

Exhibit 99.1

Bristol Myers Squibb Reports First Quarter Financial Results for 2022

•Reports First Quarter Revenues of $11.6 Billion, an Increase of 5% YoY; or 7% When Adjusted for Foreign Exchange

•Posts First Quarter Earnings Per Share of $0.59 and Non-GAAP EPS of $1.96; Includes Net Impact of ($0.10) per share for GAAP and Non-GAAP EPS Due to Acquired IPRD1 Charges Partially Offset by Licensing Income

•Delivers Double-Digit Revenue Growth from In-Line Products and New Product Portfolio

•Advances New Product Portfolio with FDA Approvals for Two First-in-Class Medicines: Opdualag in Metastatic Melanoma and Camzyos for Symptomatic Obstructive Hypertrophic Cardiomyopathy

•Continues to Expand Opdivo with Multiple Regulatory Approvals, Including FDA Approval for Opdivo with Chemotherapy as Neoadjuvant Treatment for Certain Adult Patients with Resectable Non-Small Cell Lung Cancer

•Adjusts GAAP 2022 EPS Guidance; Non-GAAP EPS Guidance Adjusted to Reflect Net Impact of ($0.21) per Share Due to Acquired IPRD Charges Partially Offset by Licensing Income

(NEW YORK, April 29, 2022) – Bristol Myers Squibb (NYSE:BMY) today reports results for the first quarter of 2022, which reflect robust in-line product growth, increased adoption of new product portfolio and strong commercial execution.

“We continue to execute against our strategic priorities, deliver solid revenue and earnings growth and advance our product pipeline,” said Giovanni Caforio, M.D., board chair and chief executive officer, Bristol Myers Squibb. “Thanks to our team’s hard work and dedication, we achieved regulatory approvals of Opdualag and Camzyos, our new first-in-class medicines for

1 Acquired IPRD refers to certain in-process research and development ("Acquired IPRD") charges resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights.

1

patients living with metastatic melanoma and symptomatic obstructive hypertrophic cardiomyopathy, respectively. These milestone achievements, combined with our promising product pipeline and strong financial flexibility, provide a solid foundation that will enable us to deliver sustained growth and long-term benefits for our patients.”

First Quarter

$ amounts in millions, except per share amounts

20222021Change

Total Revenues$11,648 $11,073 5 %

Earnings Per Share - GAAP*0.59 0.89 (34)%

Earnings Per Share - Non-GAAP*1.96 1.74 13 %

*    In the first quarter of 2022, GAAP and non-GAAP earnings per share include a net impact of ($0.10) per share due to Acquired IPRD charges that were partially offset by licensing income

FIRST QUARTER FINANCIAL RESULTS

All comparisons are made versus the same period in 2021 unless otherwise stated.

•Bristol Myers Squibb posted first quarter revenues of $11.6 billion, an increase of 5%, driven by in-line products (primarily Eliquis and Opdivo) and new product portfolio (primarily cell therapy products and Reblozyl), partially offset by Recent LOE Products (Revlimid and Abraxane) and foreign exchange impacts.

•U.S. revenues increased 10% to $7.7 billion in the quarter. International revenues decreased 3% to $4.0 billion in the quarter. When adjusted for foreign exchange impact, international revenues increased 3%, driven by in-line products (primarily Eliquis and Opdivo).

•Gross margin increased from 74.3% to 78.8% in the quarter primarily due to an impairment charge related to marketed product rights in the same period of last year and foreign exchange. On a non-GAAP basis, gross margin increased from 78.1% to 79.2% in the quarter primarily driven by foreign exchange.

•Marketing, selling and administrative expenses increased 10% to $1.8 billion in the quarter on a GAAP and non-GAAP basis primarily due to differences of timing of spend compared to the prior year as well as investments in our product portfolio.

•Research and development expenses increased 2% to $2.3 billion in the quarter primarily due to an in-process research and development (“IPRD”) impairment charge, partially offset by timing of spend. On a non-GAAP basis, research and development expenses decreased 4% to $2.1 billion in the quarter primarily due to timing of spend compared to the prior year.

2

•Acquired IPRD increased to $333 million in the quarter primarily due to up-front and milestone charges relating to the Dragonfly and Immatics licensing arrangements.

•Amortization of acquired intangible assets decreased 4% to $2.4 billion in the quarter primarily due to a longer than previously expected market exclusivity period for Pomalyst.

•The GAAP effective tax rate changed from 19.8% to 23.9% in the quarter primarily due to the non-taxable contingent value rights related income in the prior period. The non-GAAP effective tax rate changed from 16.8% to 15.9% in the quarter primarily due to jurisdictio

EX-99.1

2 brhc10036367_ex99-1.htm

REVISED PRESENTATION OF FINANCIAL RESULTS

Exhibit 99.1

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

(Unaudited, dollars and shares in millions except per share data)

2020

2021

Year

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

Net product sales

$

41,321

$

10,798

$

11,405

$

11,243

$

11,609

$

45,055

Alliance and other revenues

1,197

275

298

381

376

1,330

Total Revenues

42,518

11,073

11,703

11,624

11,985

46,385

Cost of products sold(a)

11,773

2,841

2,452

2,291

2,356

9,940

Marketing, selling and administrative

7,661

1,666

1,882

1,788

2,354

7,690

Research and development(b)

10,048

2,219

2,478

2,980

2,518

10,195

Acquired IPRD(b)

12,533

6

793

271

89

1,159

Amortization of acquired intangible assets

9,688

2,513

2,547

2,546

2,417

10,023

Other (income)/expense, net

(2,314

)

(702

)

(2

)

(409

)

393

(720

)

Total Expenses

49,389

8,543

10,150

9,467

10,127

38,287

Earnings Before Income Taxes

(6,871

)

2,530

1,553

2,157

1,858

8,098

Provision for Income Taxes

2,124

501

492

605

(514

)

1,084

Net Earnings

(8,995

)

2,029

1,061

1,552

2,372

7,014

Noncontrolling Interest

20

8

6

6

—

20

Net Earnings Attributable to BMS

$

(9,015

)

$

2,021

$

1,055

$

1,546

$

2,372

$

6,994

Diluted Earnings/(Loss) per Common Share*

$

(3.99

)

$

0.89

$

0.47

$

0.69

$

1.07

$

3.12

Weighted-Average Common Shares Outstanding - Diluted

2,258

2,265

2,252

2,243

2,219

2,245

* Quarterly amounts may not add to the year-to-date amounts, as each period is computed on a discrete basis.

(a) Excludes amortization of acquired intangible assets.

(b) Research and development charges resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights have been reclassified to the Acquired IPRD line item beginning with the first quarter of 2022. Prior period results have been revised for comparability.

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION TO PREVIOUSLY REPORTED DILUTED EPS - NON-GAAP

(Unaudited, dollars and shares in millions except per share data)

2020

2021

Year

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

Up-front and milestone charges previously specified

$

12,441

$

—

$

780

$

200

$

—

$

980

Licensing income previously specified

(168

)

(14

)

(15

)

—

(43

)

(72

)

Decrease/(Increase) in Earnings before income taxes - Non-GAAP

12,273

(14

)

765

200

(43

)

908

Income tax impact

(90

)

3

(96

)

(46

)

10

(129

)

Decrease/(Increase) in Net earnings attributable to BMS - Non-GAAP

12,183

(11

)

669

154

(33

)

779

Decrease/(Increase) in Diluted Earnings Per Share - Non-GAAP

5.31

—

0.30

0.07

(0.01

)

0.35

Diluted Earnings Per Share - Non-GAAP previously reported

6.44

1.74

1.93

2.00

1.83

7.51

Revised Diluted Earnings Per Share - Non-GAAP

1.13

1.74

1.63

1.93

1.84

7.16

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)

2020(a)

2021(a)

Year

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

Inventory purchase price accounting adjustments

$

2,688

$

79

$

88

$

97

$

—

$

264

Intangible asset impairment

575

315

—

—

—

315

Employee compensation charges

4

—

—

—

—

—

Site exit and other costs

33

23

1

—

—

24

Cost of products sold

3,300

417

89

97

—

603

Employee compensation charges

275

—

1

—

—

1

Site exit and other costs

4

(1

)

—

1

2

2

Marketing, selling and administrative

279

(1

)

1

1

2

3

IPRD impairments

470

—

230

610

—

840

Inventory purchase price accounting adjustments

36

—

—

1

—

1

Employee compensation charges

282

1

—

—

—

1

Site exit and other costs

115

—

—

1

—

1

Research and development

903

1

230

612

—

843

Amortization of acquired intangible assets

9,688

2,513

2,547

2,546

2,417

10,023

Interest expense(b)

(159

)

(34

)

(28

)

(29

)

(29

)

(120

)

Contingent consideration

(1,757

)

(510

)

—

—

(32

)

(542

)

Equity investment (gains)/losses

(1,156

)

(608

)

(154

)

(465

)

469

(758

)

Integration expenses

717

141

152

141

130

564

Provision for restructuring

530

45

78

27

19

169

Litigation and other settlements

(239

)

—

—

—

—

—

Reversion excise tax

76

—

—

—

—

—

Divestiture (gains)/losses

(55

)

—

(11

)

2

—

(9

)

Loss on debt redemption

—

281

—

—

—

281

Other (income)/expense, net

(2,043

)

(685

)

37

(324

)

557

(415

)

Increase to pretax income

12,127

2,245

2,904

2,932

2,976

11,057

Income taxes on items above

(1,643

)

(303

)

(292

)

(137

)

(261

)

(993

)

Income taxes attributed to Otezla divestiture

266

—

—

—

—

—

Income taxes attributed to internal transfer of intangible assets

853

—

—

—

(983

)

(983

)

Income taxes

(524

)

(303

)

(292

)

(137

)

(1,244

)

(1,976

)

Increase to net earnings

$

11,603

$

1,942

$

EX-99.1

2 q42021ex991.htm

PRESS RELEASE OF BRISTOL-MYERS SQUIBB COMPANY DATED FEBRUARY 4, 2022

Document

Exhibit 99.1

Bristol Myers Squibb Reports Fourth Quarter and Full-Year Financial Results for 2021

•Reports Fourth Quarter Revenues of $12.0 Billion; Full-Year Revenues of $46.4 Billion

•Posts Fourth Quarter Earnings Per Share of $1.07 and Non-GAAP EPS of $1.83; Posts Full- Year Earnings Per Share of $3.12 and Non-GAAP EPS of $7.51

•Delivers Strong Revenues for Eliquis, Immuno-Oncology and New Product Portfolios

•Advances Pipeline with Achievement of Significant Clinical and Regulatory Milestones; Builds Strong Foundation for Portfolio Renewal

•Announces $15 Billion Share Repurchase Authorization; $5 Billion Accelerated Share Repurchase Agreement to be Executed During the First Quarter 2022

•Provides GAAP and More Detailed Non-GAAP Financial Guidance for 2022

•Reaffirms Long-term Financial Targets

(NEW YORK, February 4, 2022) – Bristol Myers Squibb (NYSE:BMY) today reports results for the fourth quarter and full year of 2021, which reflect strong sales driven by robust commercial execution and significant advancement of the company’s pipeline that further progressed the company’s portfolio renewal.

“I am proud of how our company performed in 2021, helping more patients across our therapeutic areas, while achieving 9% revenue and 17% non-GAAP EPS growth, respectively,” said Giovanni Caforio, M.D., board chair and chief executive officer, Bristol Myers Squibb. “2021 was a pivotal year for our company as we achieved significant regulatory and clinical milestones and positioned the company to successfully renew our portfolio. I am confident in our ability to execute against our key milestones in 2022, including three planned first-in-class launches with relatlimab plus nivolumab fixed dose combination, mavacamten and deucravacitinib. Our financial strength, dedicated workforce and proven ability to execute will enable us to continue to advance our pipeline, invest in future sources of innovation and position the company for sustained growth.”

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Fourth Quarter

$ amounts in millions, except per share amounts

20212020Change

Total Revenues$11,985 $11,068 8 %

Earnings (Loss) Per Share - GAAP1.07 (4.45)*

Earnings Per Share - Non-GAAP1.83 1.46 25 %

Full Year

$ amounts in millions, except per share amounts

20212020Change

Total Revenues$46,385 $42,518 9 %

Earnings (Loss) Per Share - GAAP3.12 (3.99)*

Earnings Per Share - Non-GAAP7.51 6.44 17 %

*    In excess of +100%.

FOURTH QUARTER FINANCIAL RESULTS

All comparisons are made versus the same period in 2020 unless otherwise stated.

•Bristol Myers Squibb posted fourth quarter revenues of $12.0 billion, an increase of 8%, driven by Eliquis, our Immuno-Oncology and new product portfolios.

•U.S. revenues increased 11% to $7.5 billion in the quarter. International revenues increased 4% to $4.5 billion in the quarter. When adjusted for foreign exchange impact, international revenues increased 7%.

•Gross margin increased from 73.7% to 80.3% in the quarter primarily due to an impairment charge related to marketed product rights in the same period a year ago and lower unwinding of inventory purchase price accounting adjustments.

On a non-GAAP basis, gross margin increased from 79.8% to 80.3% in the quarter primarily driven by foreign exchange and lower royalties.

•Marketing, selling and administrative expenses decreased 13% to $2.4 billion in the quarter primarily due to cash settlement of MyoKardia unvested stock awards in the prior year, and certain incremental and accelerated investments to support our business in 2020, partially offset by investments to support new product launches.

On a non-GAAP basis, marketing, selling and administrative expenses decreased 5% in the quarter primarily due to certain incremental and accelerated investments to support our business in 2020, partially offset by investments to support new product launches.

•Research and development expenses decreased 30% to $2.6 billion in the quarter. The same period a year ago included license and acquisition charges related to Dragonfly, an in-process

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research and development (IPR&D) impairment charge and cash settlement of MyoKardia unvested stock awards.

On a non-GAAP basis, research and development expenses increased 3% to $2.6 billion in the quarter primarily due to higher costs related to investments in the overall portfolio.

•Amortization of acquired intangible assets decreased 4% to $2.4 billion in the quarter primarily due to an extended marketed product rights exclusivity period.

•The effective tax benefit rate was 27.7% in the quarter. Income tax benefit was approximately $510 million despite pre-tax earnings of $1.9 billion in the quarter primarily due to the impact of internal transfers of certain intangible assets of $1.0 billion.

On a non-GAAP basis, the effective tax rate decreased 0.5% to 15.0% in the quarter primarily due to earnings mix.

•The compan