NEW YORK–(BUSINESS WIRE)–Bristol-Myers Squibb Company (NYSE: BMY) today reported results for the second quarter of 2012 highlighted by the planned strategic acquisition of Amylin Pharmaceuticals and the presentation of important clinical data from the Company’s immuno-oncology pipeline. The Company also adjusted its GAAP EPS guidance range and confirmed its non-GAAP EPS guidance range for 2012.
“We have been preparing for the expected loss of exclusivity of Plavix and Avapro/Avalide for a number of years and I am pleased with our company’s progress as we look to the future,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. “With the growth of a large number of key products from across our portfolio, the promising data from our immuno-oncology franchise presented at ASCO and the innovative planned acquisition of Amylin we are building a strong foundation for success.”
SECOND QUARTER FINANCIAL RESULTS
- Bristol-Myers Squibb posted second quarter 2012 net sales of $4.4 billion, a decrease of 18% compared to the same period a year ago, following the U.S. patent expiration of Avapro/Avalidein March 2012 and Plavix in May 2012. Excluding Plavix and Avapro/Avalide, net sales grew by 8% compared to the second quarter of 2011.
- U.S. net sales decreased 27% to $2.6 billion in the quarter compared to the same period a year ago following the U.S. patent expiration of Avapro/Avalideand Plavix. International net sales decreased 1% to $1.9 billion.
- Gross margin as a percentage of net sales was 72.0% in the quarter compared to 72.7% in the same period a year ago.
- Marketing, selling and administrative expenses decreased 3% to $1 billion in the quarter.
- Advertising and product promotion spending decreased 11% to $224 million in the quarter.
- Research and development expenses increased 4% to $962 million in the quarter.
- The effective tax rate on earnings before income taxes was 23.7% in the quarter, compared to 27.0% in the second quarter last year.
- The Company reported net earnings attributable to Bristol-Myers Squibb of $645 million, or $0.38 per share, in the quarter compared to $902 million, or $0.52 per share, a year ago.
- The Company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $808 million, or $0.48 per share, in the second quarter, compared to $971 million, or $0.56 per share, for the same period in 2011. An overview of specified items is discussed under the “Use of Non-GAAP Financial Information” section.
- Cash, cash equivalents and marketable securities were $8.8 billion, with a net cash position of $3.3 billion, as of June 30, 2012.
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