Bristol-Myers Squibb Company (NYSE: BMY) announced solid financial results for the fourth quarter of 2011. This concludes a year in which the Company received important new product approvals for YERVOY® and NULOJIX® in both the U.S. and Europe, and ELIQUIS® in Europe for the prevention of venous thromboembolic events. Business development remained a top priority as the Company executed twelve strategic transactions in 2011, and announced the planned acquisition of Inhibitex earlier this month. These accomplishments, along with the dividend increase and ongoing share repurchase program, demonstrated the Company's commitment to driving shareholder value in 2011.
"In the fourth quarter, we delivered solid financial results, concluding a very good year that sets the foundation for the long-term growth of the company," said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. "Our delivery of several important new products to patients, the ability of our productive R&D organization to build an innovative and diverse pipeline, and our continued commitment to business development gives us confidence in our future. In 2012, we will build on the momentum of 2011 as we transition beyond the loss of exclusivity of PLAVIX® and AVAPRO®," Andreotti said.
Fourth quarter financial results
- Bristol-Myers Squibb posted fourth quarter 2011 net sales of $5.5 billion, an increase of 7% compared to the same period a year ago.
- U.S. net sales increased 8% to $3.6 billion in the quarter compared to the same period a year ago. International net sales increased 4% to $1.9 billion.
- Gross margin as a percentage of net sales was 74.9% in the quarter compared to 72.3% in the same period a year ago.
- Marketing, selling and administrative expenses increased 22% to $1.2 billion in the quarter.
- Advertising and product promotion spending increased 5% to $285 million in the quarter.
- Research and development expenses remained flat at $1.0 billion in the quarter.
- The effective tax rate on earnings before income taxes was 22.8% in the quarter, compared to 40.4% in the fourth quarter last year.
- The Company reported net earnings attributable to Bristol-Myers Squibb of $852 million, or $0.50 per share, in the quarter compared to $483 million, or $0.28 per share, a year ago.
- The Company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $906 million, or $0.53 per share, in the fourth quarter, compared to $807 million, or $0.47 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 in 2011 over 2010 of the two additional U.S. health care reform provisions for new discounts associated with the Medicare Part D coverage gap and the annual pharmaceutical company fee decreased fourth-quarter EPS by approximately $0.04.
- Cash, cash equivalents and marketable securities were $11.6 billion, with a net cash position of $6.2 billion, as of December 31, 2011.
About Bristol-Myers Squibb
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.