|
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
|
|
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
|
|
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
|
$
|
2,612
|
$
|
2,795
|
$
|
1,732
|
$
|
9,081
|
(a) |
Revised to exclude significant R&D charges or other income resulting from up-front and contingent milestone payments in connection with asset
acquisitions or licensing of third-party intellectual property rights (including related income tax impacts).
|
(b) |
Includes amortization of purchase price adjustments to Celgene debt.
|
|
2020
|
2021
|
||||||||||||||||||||||
|
Year
|
1st Qtr
|
2nd Qtr
|
3rd Qtr
|
4th Qtr
|
Year
|
||||||||||||||||||
Gross profit
|
$
|
30,745
|
$
|
8,232
|
$
|
9,251
|
$
|
9,333
|
$
|
9,629
|
$
|
36,445
|
||||||||||||
Specified items (a)
|
3,300
|
417
|
89
|
97
|
—
|
603
|
||||||||||||||||||
Gross profit excluding specified items
|
34,045
|
8,649
|
9,340
|
9,430
|
9,629
|
37,048
|
||||||||||||||||||
|
||||||||||||||||||||||||
Marketing, selling and administrative
|
7,661
|
1,666
|
1,882
|
1,788
|
2,354
|
7,690
|
||||||||||||||||||
Specified items (a)
|
(279
|
)
|
1
|
(1
|
)
|
(1
|
)
|
(2
|
)
|
(3
|
)
|
|||||||||||||
Marketing, selling and administrative excluding specified items
|
7,382
|
1,667
|
1,881
|
1,787
|
2,352
|
7,687
|
||||||||||||||||||
|
||||||||||||||||||||||||
Research and development
|
10,048
|
2,219
|
2,478
|
2,980
|
2,518
|
10,195
|
||||||||||||||||||
Specified items (a)
|
(903
|
)
|
(1
|
)
|
(230
|
)
|
(612
|
)
|
—
|
(843
|
)
|
|||||||||||||
Research and development excluding specified items
|
9,145
|
2,218
|
2,248
|
2,368
|
2,518
|
9,352
|
||||||||||||||||||
|
||||||||||||||||||||||||
Amortization of acquired intangible assets
|
9,688
|
2,513
|
2,547
|
2,546
|
2,417
|
10,023
|
||||||||||||||||||
Specified items (a)
|
(9,688
|
)
|
(2,513
|
)
|
(2,547
|
)
|
(2,546
|
)
|
(2,417
|
)
|
(10,023
|
)
|
||||||||||||
Amortization of acquired intangible assets excluding specified items
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
|
||||||||||||||||||||||||
Other (income)/expense, net
|
(2,314
|
)
|
(702
|
)
|
(2
|
)
|
(409
|
)
|
393
|
(720
|
)
|
|||||||||||||
Specified items (a)
|
2,043
|
685
|
(37
|
)
|
324
|
(557
|
)
|
415
|
||||||||||||||||
Other (income)/expense, net excluding specified items
|
(271
|
)
|
(17
|
)
|
(39
|
)
|
(85
|
)
|
(164
|
)
|
(305
|
)
|
||||||||||||
|
||||||||||||||||||||||||
Earnings/(Loss) before income taxes
|
(6,871
|
)
|
2,530
|
1,553
|
2,157
|
1,858
|
8,098
|
|||||||||||||||||
Specified items(a)
|
12,127
|
2,245
|
2,904
|
2,932
|
2,976
|
11,057
|
||||||||||||||||||
Earnings before income taxes excluding specified items
|
5,256
|
4,775
|
4,457
|
5,089
|
4,834
|
19,155
|
||||||||||||||||||
|
||||||||||||||||||||||||
Provision/(benefit) for income taxes
|
2,124
|
501
|
492
|
605
|
(514
|
)
|
1,084
|
|||||||||||||||||
Income taxes on specified items(a)
|
1,643
|
303
|
292
|
137
|
261
|
993
|
||||||||||||||||||
Income taxes attributed to Otezla® divestiture(a)
|
(266
|
)
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||
Income taxes attributed to internal transfer of intangible assets(a)
|
(853
|
)
|
—
|
—
|
—
|
983
|
983
|
|||||||||||||||||
Provision for income taxes excluding tax on specified items and income taxes attributed to
Otezla® divestiture and internal transfer of intangible assets
|
2,648
|
804
|
784
|
742
|
730
|
3,060
|
||||||||||||||||||
|
||||||||||||||||||||||||
Noncontrolling Interest
|
20
|
8
|
6
|
6
|
—
|
20
|
||||||||||||||||||
Specified items(a)
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Noncontrolling Interest excluding specified items
|
20
|
8
|
6
|
6
|
—
|
20
|
||||||||||||||||||
|
||||||||||||||||||||||||
Net Earnings/(Loss) attributable to BMS used for Diluted EPS Calculation - GAAP
|
(9,015
|
)
|
2,021
|
1,055
|
1,546
|
2,372
|
6,994
|
|||||||||||||||||
Specified items(a)
|
11,603
|
1,942
|
2,612
|
2,795
|
1,732
|
9,081
|
||||||||||||||||||
Net earnings attributable to BMS used for Diluted EPS Calculation excluding specified
items - Non-GAAP
|
2,588
|
3,963
|
3,667
|
4,341
|
4,104
|
16,075
|
||||||||||||||||||
|
||||||||||||||||||||||||
Weighted-average Common Shares Outstanding - Diluted - GAAP
|
2,258
|
2,265
|
2,252
|
2,243
|
2,219
|
2,245
|
||||||||||||||||||
Weighted-average Common Shares Outstanding - Diluted - Non-GAAP
|
2,293
|
2,265
|
2,252
|
2,243
|
2,219
|
2,245
|
||||||||||||||||||
|
||||||||||||||||||||||||
Diluted Earnings/(Loss) Per Share - GAAP*
|
$
|
(3.99
|
)
|
$
|
0.89
|
$
|
0.47
|
$
|
0.69
|
$
|
1.07
|
$
|
3.12
|
|||||||||||
Diluted Earnings Per Share attributable to specified items(a)
|
5.12
|
0.85
|
1.16
|
1.24
|
0.77
|
4.04
|
||||||||||||||||||
Diluted Earnings Per Share - Non-GAAP*
|
$
|
1.13
|
$
|
1.74
|
$
|
1.63
|
$
|
1.93
|
$
|
1.84
|
$
|
7.16
|
||||||||||||
|
||||||||||||||||||||||||
Effective Tax Rate
|
(30.9
|
)%
|
19.8
|
%
|
31.7
|
%
|
28.0
|
%
|
(27.7
|
)%
|
13.4
|
%
|
||||||||||||
Specified items(a)
|
81.3
|
%
|
(3.0
|
)%
|
(14.1
|
)%
|
(13.5
|
)%
|
42.8
|
%
|
2.6
|
%
|
||||||||||||
Effective Tax Rate excluding specified items
|
50.4
|
%
|
16.8
|
%
|
17.6
|
%
|
14.6
|
%
|
15.1
|
%
|
16.0
|
%
|
* |
Quarterly amounts may not add to the year-to-date amounts, as each period is computed on a discrete basis.
|
(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.
|