Bristol-Myers Squibb Company (NYSE: BMY) announced first quarter results that included strong sales and earnings growth, and several key R&D milestones - most notably U.S. regulatory approval for YERVOY. The company also confirmed guidance for the year.
"The strength of our financial and R&D performance in the first quarter confirms our ability to execute our focused BioPharma strategy and helps position us for long-term success," said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb.
"Our string of achievements in the quarter is a good start to an exciting year in which we are anticipating several key regulatory decisions and the presentation of important data across our portfolio. We delivered solid financial performance at both the top and bottom lines, received regulatory approval for YERVOY in the U.S., received a positive advisory opinion from European regulatory authorities for both ELIQUIS and NULOJIX, and presented promising data on our investigational hepatitis C portfolio at the annual meeting of the European Association for the Study of the Liver," Andreotti said.
First Quarter Financial Results:
- Bristol-Myers Squibb posted first quarter 2011 net sales of $5.0 billion.
- U.S. net sales increased 5% to $3.3 billion in the first quarter of 2011 compared to the same period in 2010. International net sales increased 3%, or 1% excluding foreign exchange impact, to $1.8 billion.
- Gross margin as a percentage of net sales was 73.2% in the first quarter of 2011 compared to 72.8% in the same period in 2010.
- Marketing, selling and administrative expenses increased 3% to $928 million in the first quarter of 2011.
- Advertising and product promotion spending increased 1% to $214 million in the first quarter of 2011.
- Research and development expenses increased 3% to $935 million in the first quarter of 2011.
- The effective tax rate on earnings before income taxes was 22.6% on a GAAP basis in the first quarter of 2011, compared to 24.2% in the same period in 2010.
- The Company reported GAAP net earnings attributable to Bristol-Myers Squibb of $986 million, or $0.57 per share, in the first quarter of 2011 compared to $743 million or $0.43 per share for the same period in 2010.
- The Company reported non-GAAP net earnings of $1.0 billion, or $0.58 per share, in the first quarter of 2011 compared to $967 million, or $0.56 per share, for the same period in 2010. An overview of specified items is discussed under the "Use of Non-GAAP Financial Information" section.
- The incremental impact of the two additional U.S. health care reform provisions for new discounts associated with the Medicare Part D coverage gap and an annual pharmaceutical company fee decreased first quarter EPS by approximately $0.03 on both a GAAP and non-GAAP basis.
- Cash, cash equivalents and marketable securities were $9.9 billion, with a net cash position of $4.4 billion as of March 31, 2011.
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.