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|
x
|
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2015
|
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO
|
|
|
|
|
Delaware
|
|
22-0790350
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
|
|
|
PART I—FINANCIAL INFORMATION
|
|
|
|
Item 1.
|
|
|
|
|
|
Item 2.
|
|
|
|
Item 3.
|
|
|
|
Item 4.
|
|
|
|
PART II—OTHER INFORMATION
|
|
|
|
Item 1.
|
|
|
|
Item 1A.
|
|
|
|
Item 2.
|
|
|
|
Item 6.
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
EARNINGS
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net product sales
|
$
|
3,552
|
|
|
$
|
2,843
|
|
|
$
|
10,183
|
|
|
$
|
8,420
|
|
Alliance and other revenues
|
517
|
|
|
1,078
|
|
|
2,090
|
|
|
3,201
|
|
||||
Total Revenues
|
$
|
4,069
|
|
|
$
|
3,921
|
|
|
$
|
12,273
|
|
|
$
|
11,621
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of products sold
|
1,097
|
|
|
1,007
|
|
|
2,957
|
|
|
2,966
|
|
||||
Marketing, selling and administrative
|
983
|
|
|
1,029
|
|
|
2,845
|
|
|
2,937
|
|
||||
Advertising and product promotion
|
193
|
|
|
171
|
|
|
495
|
|
|
521
|
|
||||
Research and development
|
1,132
|
|
|
983
|
|
|
4,004
|
|
|
3,345
|
|
||||
Other (income)/expense
|
(323
|
)
|
|
(277
|
)
|
|
(515
|
)
|
|
(589
|
)
|
||||
Total Expenses
|
3,082
|
|
|
2,913
|
|
|
9,786
|
|
|
9,180
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings Before Income Taxes
|
987
|
|
|
1,008
|
|
|
2,487
|
|
|
2,441
|
|
||||
Provision for Income Taxes
|
257
|
|
|
276
|
|
|
668
|
|
|
439
|
|
||||
Net Earnings
|
730
|
|
|
732
|
|
|
1,819
|
|
|
2,002
|
|
||||
Net Earnings Attributable to Noncontrolling Interest
|
24
|
|
|
11
|
|
|
57
|
|
|
11
|
|
||||
Net Earnings Attributable to BMS
|
$
|
706
|
|
|
$
|
721
|
|
|
$
|
1,762
|
|
|
$
|
1,991
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per Common Share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.42
|
|
|
$
|
0.43
|
|
|
$
|
1.06
|
|
|
$
|
1.20
|
|
Diluted
|
$
|
0.42
|
|
|
$
|
0.43
|
|
|
$
|
1.05
|
|
|
$
|
1.19
|
|
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per common share
|
$
|
0.37
|
|
|
$
|
0.36
|
|
|
$
|
1.11
|
|
|
$
|
1.08
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
COMPREHENSIVE INCOME
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net Earnings
|
$
|
730
|
|
|
$
|
732
|
|
|
$
|
1,819
|
|
|
$
|
2,002
|
|
Other Comprehensive Income/(Loss), net of taxes and reclassifications to earnings:
|
|
|
|
|
|
|
|
||||||||
Derivatives qualifying as cash flow hedges
|
(46
|
)
|
|
57
|
|
|
(49
|
)
|
|
49
|
|
||||
Pension and postretirement benefits
|
(131
|
)
|
|
(407
|
)
|
|
131
|
|
|
(508
|
)
|
||||
Available-for-sale securities
|
(16
|
)
|
|
(22
|
)
|
|
(22
|
)
|
|
(7
|
)
|
||||
Foreign currency translation
|
(29
|
)
|
|
(8
|
)
|
|
(30
|
)
|
|
2
|
|
||||
Other Comprehensive Income/(Loss)
|
(222
|
)
|
|
(380
|
)
|
|
30
|
|
|
(464
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive Income
|
508
|
|
|
352
|
|
|
1,849
|
|
|
1,538
|
|
||||
Comprehensive Income Attributable to Noncontrolling Interest
|
24
|
|
|
11
|
|
|
57
|
|
|
11
|
|
||||
Comprehensive Income Attributable to BMS
|
$
|
484
|
|
|
$
|
341
|
|
|
$
|
1,792
|
|
|
$
|
1,527
|
|
ASSETS
|
September 30,
2015 |
|
December 31,
2014 |
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
3,975
|
|
|
$
|
5,571
|
|
Marketable securities
|
1,438
|
|
|
1,864
|
|
||
Receivables
|
3,908
|
|
|
3,390
|
|
||
Inventories
|
1,130
|
|
|
1,560
|
|
||
Deferred income taxes
|
1,731
|
|
|
1,644
|
|
||
Prepaid expenses and other
|
529
|
|
|
470
|
|
||
Assets held-for-sale
|
215
|
|
|
109
|
|
||
Total Current Assets
|
12,926
|
|
|
14,608
|
|
||
Property, plant and equipment
|
4,249
|
|
|
4,417
|
|
||
Goodwill
|
6,952
|
|
|
7,027
|
|
||
Other intangible assets
|
1,544
|
|
|
1,753
|
|
||
Deferred income taxes
|
719
|
|
|
915
|
|
||
Marketable securities
|
4,627
|
|
|
4,408
|
|
||
Other assets
|
762
|
|
|
621
|
|
||
Total Assets
|
$
|
31,779
|
|
|
$
|
33,749
|
|
|
|
|
|
||||
LIABILITIES
|
|
|
|
||||
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Short-term borrowings
|
$
|
642
|
|
|
$
|
590
|
|
Accounts payable
|
1,249
|
|
|
2,487
|
|
||
Accrued expenses
|
2,330
|
|
|
2,459
|
|
||
Deferred income
|
963
|
|
|
1,167
|
|
||
Accrued rebates and returns
|
1,159
|
|
|
851
|
|
||
Income taxes payable
|
179
|
|
|
262
|
|
||
Dividends payable
|
636
|
|
|
645
|
|
||
Total Current Liabilities
|
7,158
|
|
|
8,461
|
|
||
Pension, postretirement and postemployment liabilities
|
902
|
|
|
1,115
|
|
||
Deferred income
|
630
|
|
|
770
|
|
||
Income taxes payable
|
716
|
|
|
560
|
|
||
Other liabilities
|
468
|
|
|
618
|
|
||
Long-term debt
|
6,632
|
|
|
7,242
|
|
||
Total Liabilities
|
16,506
|
|
|
18,766
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note
19)
|
|
|
|
||||
|
|
|
|
||||
EQUITY
|
|
|
|
||||
|
|
|
|
||||
Bristol-Myers Squibb Company Shareholders’ Equity:
|
|
|
|
||||
Preferred stock, $2 convertible series, par value $1 per share: Authorized 10 million shares; issued
|
|
|
|
||||
and outstanding
4,178
in 2015 and 4,212 in 2014, liquidation value of $50 per share
|
—
|
|
|
—
|
|
||
Common stock, par value of $0.10 per share: Authorized 4.5 billion shares;
2.2 billion
issued in both 2015
|
|
|
|
||||
and 2014
|
221
|
|
|
221
|
|
||
Capital in excess of par value of stock
|
1,413
|
|
|
1,507
|
|
||
Accumulated other comprehensive loss
|
(2,395
|
)
|
|
(2,425
|
)
|
||
Retained earnings
|
32,446
|
|
|
32,541
|
|
||
Less cost of treasury stock –
540 million
common shares in 2015 and 547 million in 2014
|
(16,606
|
)
|
|
(16,992
|
)
|
||
Total Bristol-Myers Squibb Company Shareholders’ Equity
|
15,079
|
|
|
14,852
|
|
||
Noncontrolling interest
|
194
|
|
|
131
|
|
||
Total Equity
|
15,273
|
|
|
14,983
|
|
||
Total Liabilities and Equity
|
$
|
31,779
|
|
|
$
|
33,749
|
|
|
Nine Months Ended September 30,
|
||||||
|
2015
|
|
2014
|
||||
Cash Flows From Operating Activities:
|
|
|
|
||||
Net earnings
|
$
|
1,819
|
|
|
$
|
2,002
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
||||
Net earnings attributable to noncontrolling interest
|
(57
|
)
|
|
(11
|
)
|
||
Depreciation and amortization, net
|
300
|
|
|
364
|
|
||
Deferred income taxes
|
51
|
|
|
(57
|
)
|
||
Stock-based compensation
|
176
|
|
|
147
|
|
||
Impairment charges
|
24
|
|
|
386
|
|
||
Pension settlements and amortization
|
178
|
|
|
206
|
|
||
Other adjustments
|
306
|
|
|
(562
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Receivables
|
(586
|
)
|
|
26
|
|
||
Inventories
|
231
|
|
|
(162
|
)
|
||
Accounts payable
|
(1,218
|
)
|
|
63
|
|
||
Deferred income
|
153
|
|
|
404
|
|
||
Income taxes payable
|
77
|
|
|
82
|
|
||
Other changes
|
(233
|
)
|
|
(312
|
)
|
||
Net Cash Provided by Operating Activities
|
1,221
|
|
|
2,576
|
|
||
Cash Flows From Investing Activities:
|
|
|
|
||||
Sale and maturities of marketable securities
|
2,449
|
|
|
2,771
|
|
||
Purchases of marketable securities
|
(2,283
|
)
|
|
(4,811
|
)
|
||
Additions to property, plant and equipment and capitalized software
|
(535
|
)
|
|
(335
|
)
|
||
Divestitures and other proceeds
|
673
|
|
|
3,453
|
|
||
Acquisitions and other payments
|
(892
|
)
|
|
(213
|
)
|
||
Net Cash Provided by/(Used in) Investing Activities
|
(588
|
)
|
|
865
|
|
||
Cash Flows From Financing Activities:
|
|
|
|
||||
Short-term borrowings, net
|
54
|
|
|
45
|
|
||
Issuance of long-term debt
|
1,268
|
|
|
—
|
|
||
Repayments of long-term debt
|
(1,957
|
)
|
|
(676
|
)
|
||
Interest rate swap contract terminations
|
(2
|
)
|
|
(4
|
)
|
||
Issuances of common stock
|
231
|
|
|
229
|
|
||
Dividends
|
(1,859
|
)
|
|
(1,800
|
)
|
||
Net Cash Used in Financing Activities
|
(2,265
|
)
|
|
(2,206
|
)
|
||
Effect of Exchange Rates on Cash and Cash Equivalents
|
36
|
|
|
30
|
|
||
Increase/(Decrease) in Cash and Cash Equivalents
|
(1,596
|
)
|
|
1,265
|
|
||
Cash and Cash Equivalents at Beginning of Period
|
5,571
|
|
|
3,586
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
3,975
|
|
|
$
|
4,851
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Dollars in Millions
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Virology
|
|
|
|
|
|
|
|
||||||||
Baraclude (entecavir)
|
$
|
320
|
|
|
$
|
325
|
|
|
$
|
1,003
|
|
|
$
|
1,100
|
|
Hepatitis C Franchise
(a)
|
402
|
|
|
49
|
|
|
1,145
|
|
|
49
|
|
||||
Reyataz (atazanavir sulfate) Franchise
|
270
|
|
|
338
|
|
|
867
|
|
|
1,044
|
|
||||
Sustiva (efavirenz) Franchise
(b)
|
333
|
|
|
357
|
|
|
940
|
|
|
1,037
|
|
||||
Oncology
|
|
|
|
|
|
|
|
||||||||
Erbitux* (cetuximab)
|
167
|
|
|
187
|
|
|
501
|
|
|
542
|
|
||||
Opdivo (nivolumab)
|
305
|
|
|
1
|
|
|
467
|
|
|
1
|
|
||||
Sprycel (dasatinib)
|
411
|
|
|
385
|
|
|
1,191
|
|
|
1,095
|
|
||||
Yervoy (ipilimumab)
|
240
|
|
|
350
|
|
|
861
|
|
|
942
|
|
||||
Neuroscience
|
|
|
|
|
|
|
|
||||||||
Abilify* (aripiprazole)
(c)
|
46
|
|
|
449
|
|
|
707
|
|
|
1,544
|
|
||||
Immunoscience
|
|
|
|
|
|
|
|
||||||||
Orencia (abatacept)
|
484
|
|
|
444
|
|
|
1,345
|
|
|
1,209
|
|
||||
Cardiovascular
|
|
|
|
|
|
|
|
||||||||
Eliquis (apixaban)
|
466
|
|
|
216
|
|
|
1,258
|
|
|
493
|
|
||||
Mature Products and All Other
(d)
|
625
|
|
|
820
|
|
|
1,988
|
|
|
2,565
|
|
||||
Total Revenues
|
$
|
4,069
|
|
|
$
|
3,921
|
|
|
$
|
12,273
|
|
|
$
|
11,621
|
|
*
|
Indicates brand names of products which are trademarks not owned or wholly owned by BMS. Specific trademark ownership information is included at the end of this quarterly report on Form 10-Q.
|
(a)
|
Includes
Daklinza
(daclatasvir) revenues of $330 million and $38 million for the three months ended September 30, 2015 and 2014, respectively, and $892 million and $38 million for the nine months ended September 30, 2015 and 2014, respectively. Additionally, includes
Sunvepra
(asunaprevir) revenues of $72 million and $11 million for the three months ended September 30, 2015 and 2014, respectively, and $253 million and $11 million for the nine months ended September 30, 2015 and 2014, respectively.
|
(b)
|
Includes alliance and other revenue of $296 million and $309 million for the three months ended September 30, 2015 and 2014, respectively, and $823 million and $894 million for the nine months ended September 30, 2015 and 2014, respectively.
|
(c)
|
Includes alliance and other revenue of $19 million and $410 million for the three months ended September 30, 2015 and 2014, respectively, and $597 million and $1,350 million for the nine months ended September 30, 2015 and 2014, respectively. BMS's U.S. commercialization rights to
Abilify*
expired on April 20, 2015.
|
(d)
|
Includes Diabetes Alliance revenues of $53 million and $42 million for the three months ended September 30, 2015 and 2014, respectively, and $171 million and $248 million for the nine months ended September 30, 2015 and 2014, respectively. See "—Note 3. Alliances" for further information on the diabetes business divestiture.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Dollars in Millions
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Revenues from alliances:
|
|
|
|
|
|
|
|
||||||||
Net product sales
|
$
|
981
|
|
|
$
|
816
|
|
|
$
|
3,203
|
|
|
$
|
2,493
|
|
Alliance and other revenues
|
496
|
|
|
958
|
|
|
2,003
|
|
|
2,909
|
|
||||
Total Revenues
|
$
|
1,477
|
|
|
$
|
1,774
|
|
|
$
|
5,206
|
|
|
$
|
5,402
|
|
|
|
|
|
|
|
|
|
||||||||
Payments to/(from) alliance partners:
|
|
|
|
|
|
|
|
||||||||
Cost of products sold
|
$
|
445
|
|
|
$
|
338
|
|
|
$
|
1,257
|
|
|
$
|
1,016
|
|
Marketing, selling and administrative
|
(14
|
)
|
|
31
|
|
|
(15
|
)
|
|
34
|
|
||||
Advertising and product promotion
|
18
|
|
|
6
|
|
|
41
|
|
|
73
|
|
||||
Research and development
|
89
|
|
|
33
|
|
|
277
|
|
|
13
|
|
||||
Other (income)/expense
|
(173
|
)
|
|
(411
|
)
|
|
(622
|
)
|
|
(964
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Noncontrolling interest, pre-tax
|
17
|
|
|
7
|
|
|
45
|
|
|
18
|
|
Selected Alliance Balance Sheet information:
|
|
|
|
||||
Dollars in Millions
|
September 30,
2015 |
|
December 31,
2014 |
||||
Receivables - from alliance partners
|
$
|
838
|
|
|
$
|
888
|
|
Accounts payable - to alliance partners
|
446
|
|
|
1,479
|
|
||
Deferred income from alliances
|
1,495
|
|
|
1,493
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Dollars in Millions
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Revenues from AstraZeneca alliances:
|
|
|
|
|
|
|
|
||||||||
Net product sales
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
10
|
|
|
$
|
163
|
|
Alliance and other revenues
|
53
|
|
|
40
|
|
|
161
|
|
|
85
|
|
||||
Total Revenues
|
$
|
53
|
|
|
$
|
42
|
|
|
$
|
171
|
|
|
$
|
248
|
|
|
|
|
|
|
|
|
|
||||||||
Payments to/(from) AstraZeneca:
|
|
|
|
|
|
|
|
||||||||
Cost of products sold:
|
|
|
|
|
|
|
|
||||||||
Profit sharing
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
78
|
|
|
|
|
|
|
|
|
|
||||||||
Cost reimbursements to/(from) AstraZeneca recognized in:
|
|
|
|
|
|
|
|
||||||||
Cost of products sold
|
—
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
||||
Marketing, selling and administrative
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
||||
Advertising and product promotion
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||
Research and development
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(10
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other (income)/expense:
|
|
|
|
|
|
|
|
||||||||
Amortization of deferred income
|
(31
|
)
|
|
(23
|
)
|
|
(80
|
)
|
|
(57
|
)
|
||||
Provision for restructuring
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
Royalties
|
(28
|
)
|
|
(46
|
)
|
|
(190
|
)
|
|
(184
|
)
|
||||
Transitional services
|
(3
|
)
|
|
(18
|
)
|
|
(8
|
)
|
|
(83
|
)
|
||||
Gain on sale of business
|
(79
|
)
|
|
(292
|
)
|
|
(83
|
)
|
|
(539
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Selected Alliance Cash Flow information:
|
|
|
|
|
|
|
|
||||||||
Deferred income
|
23
|
|
|
19
|
|
|
32
|
|
|
308
|
|
||||
Divestitures and other proceeds
|
251
|
|
|
208
|
|
|
349
|
|
|
3,415
|
|
Selected Alliance Balance Sheet information:
|
|
|
|
||||
Dollars in Millions
|
September 30,
2015 |
|
December 31,
2014 |
||||
Deferred income attributed to:
|
|
|
|
||||
Assets not yet transferred to AstraZeneca
|
$
|
—
|
|
|
$
|
176
|
|
Services not yet performed for AstraZeneca
|
170
|
|
|
226
|
|
Dollars in Millions
|
September 30, 2015
|
|
December 31, 2014
|
||||
Assets
|
|
|
|
||||
Inventories
|
$
|
20
|
|
|
$
|
38
|
|
Property, plant and equipment
|
14
|
|
|
—
|
|
||
Goodwill
|
66
|
|
|
19
|
|
||
Other intangible assets
|
126
|
|
|
52
|
|
||
Accrued rebates and returns
|
(11
|
)
|
|
—
|
|
||
Assets held-for-sale
|
$
|
215
|
|
|
$
|
109
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Dollars in Millions
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Interest expense
|
$
|
41
|
|
|
$
|
50
|
|
|
$
|
141
|
|
|
$
|
150
|
|
Investment income
|
(18
|
)
|
|
(20
|
)
|
|
(74
|
)
|
|
(71
|
)
|
||||
Provision for restructuring
|
10
|
|
|
35
|
|
|
50
|
|
|
72
|
|
||||
Litigation charges/(recoveries)
|
(2
|
)
|
|
10
|
|
|
14
|
|
|
19
|
|
||||
Equity in net income of affiliates
|
(19
|
)
|
|
(12
|
)
|
|
(67
|
)
|
|
(81
|
)
|
||||
Out-licensed intangible asset impairment
|
—
|
|
|
18
|
|
|
13
|
|
|
18
|
|
||||
Gain on sale of product lines, businesses and assets
|
(208
|
)
|
|
(315
|
)
|
|
(370
|
)
|
|
(567
|
)
|
||||
Other alliance and licensing income
|
(187
|
)
|
|
(102
|
)
|
|
(472
|
)
|
|
(354
|
)
|
||||
Pension curtailments, settlements and special termination benefits
|
48
|
|
|
28
|
|
|
111
|
|
|
137
|
|
||||
Loss on debt redemption
|
—
|
|
|
—
|
|
|
180
|
|
|
45
|
|
||||
Other
|
12
|
|
|
31
|
|
|
(41
|
)
|
|
43
|
|
||||
Other (income)/expense
|
$
|
(323
|
)
|
|
$
|
(277
|
)
|
|
$
|
(515
|
)
|
|
$
|
(589
|
)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Dollars in Millions
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Employee termination benefits
|
$
|
9
|
|
|
$
|
34
|
|
|
$
|
45
|
|
|
$
|
68
|
|
Other exit costs
|
1
|
|
|
1
|
|
|
5
|
|
|
4
|
|
||||
Provision for restructuring
|
$
|
10
|
|
|
$
|
35
|
|
|
$
|
50
|
|
|
$
|
72
|
|
Dollars in Millions
|
2015
|
|
2014
|
||||
Liability at January 1
|
$
|
156
|
|
|
$
|
102
|
|
Charges
|
55
|
|
|
79
|
|
||
Changes in estimates
|
(5
|
)
|
|
(7
|
)
|
||
Provision for restructuring
|
50
|
|
|
72
|
|
||
Foreign currency translation
|
(11
|
)
|
|
(1
|
)
|
||
Payments
|
(100
|
)
|
|
(73
|
)
|
||
Liability at September 30
|
$
|
95
|
|
|
$
|
100
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Dollars in Millions
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Earnings Before Income Taxes
|
$
|
987
|
|
|
$
|
1,008
|
|
|
$
|
2,487
|
|
|
$
|
2,441
|
|
Provision for Income Taxes
|
257
|
|
|
276
|
|
|
668
|
|
|
439
|
|
||||
Effective tax rate
|
26.0
|
%
|
|
27.4
|
%
|
|
26.9
|
%
|
|
18.0
|
%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Amounts in Millions, Except Per Share Data
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net Earnings Attributable to BMS used for Basic and Diluted EPS Calculation
|
$
|
706
|
|
|
$
|
721
|
|
|
$
|
1,762
|
|
|
$
|
1,991
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding – basic
|
1,668
|
|
|
1,658
|
|
|
1,666
|
|
|
1,656
|
|
||||
Contingently convertible debt common stock equivalents
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Incremental shares attributable to share-based compensation plans
|
10
|
|
|
11
|
|
|
11
|
|
|
11
|
|
||||
Weighted-average common shares outstanding – diluted
|
1,678
|
|
|
1,670
|
|
|
1,677
|
|
|
1,668
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per Common Share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.42
|
|
|
$
|
0.43
|
|
|
$
|
1.06
|
|
|
$
|
1.20
|
|
Diluted
|
$
|
0.42
|
|
|
$
|
0.43
|
|
|
$
|
1.05
|
|
|
$
|
1.19
|
|
|
September 30, 2015
|
|
December 31, 2014
|
||||||||||||||||||||||||||||
Dollars in Millions
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Cash and cash equivalents - Money market and other securities
|
$
|
—
|
|
|
$
|
3,435
|
|
|
$
|
—
|
|
|
$
|
3,435
|
|
|
$
|
—
|
|
|
$
|
5,051
|
|
|
$
|
—
|
|
|
$
|
5,051
|
|
Marketable securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Certificates of deposit
|
—
|
|
|
263
|
|
|
—
|
|
|
263
|
|
|
—
|
|
|
896
|
|
|
—
|
|
|
896
|
|
||||||||
Commercial paper
|
—
|
|
|
100
|
|
|
—
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Corporate debt securities
|
—
|
|
|
5,591
|
|
|
—
|
|
|
5,591
|
|
|
—
|
|
|
5,259
|
|
|
—
|
|
|
5,259
|
|
||||||||
Equity funds
|
—
|
|
|
88
|
|
|
—
|
|
|
88
|
|
|
—
|
|
|
94
|
|
|
—
|
|
|
94
|
|
||||||||
Fixed income funds
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
||||||||
Auction Rate Securities (ARS)
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
||||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest rate swap contracts
|
—
|
|
|
46
|
|
|
—
|
|
|
46
|
|
|
—
|
|
|
46
|
|
|
—
|
|
|
46
|
|
||||||||
Forward starting interest rate swap contracts
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Foreign currency forward contracts
|
—
|
|
|
59
|
|
|
—
|
|
|
59
|
|
|
—
|
|
|
118
|
|
|
—
|
|
|
118
|
|
||||||||
Equity investments
|
68
|
|
|
—
|
|
|
—
|
|
|
68
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
36
|
|
||||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest rate swap contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
||||||||
Forward starting interest rate swap contracts
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Foreign currency forward contracts
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Written option liabilities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(198
|
)
|
|
(198
|
)
|
||||||||
Contingent consideration liability
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
(8
|
)
|
|
2015
|
|
2014
|
||||||||||||||||||||
Dollars in Millions
|
ARS
|
|
Written option liabilities
|
|
Contingent consideration liability
|
|
ARS
|
|
Written option liabilities
|
|
Contingent consideration liability
|
||||||||||||
Fair value at January 1
|
$
|
12
|
|
|
$
|
(198
|
)
|
|
$
|
(8
|
)
|
|
$
|
12
|
|
|
$
|
(162
|
)
|
|
$
|
(8
|
)
|
Settlements and other
|
—
|
|
|
75
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Changes in fair value
|
—
|
|
|
123
|
|
|
—
|
|
|
—
|
|
|
(36
|
)
|
|
—
|
|
||||||
Fair value at September 30
|
$
|
12
|
|
|
$
|
—
|
|
|
$
|
(8
|
)
|
|
$
|
12
|
|
|
$
|
(198
|
)
|
|
$
|
(8
|
)
|
Dollars in Millions
|
Amortized
Cost |
|
Gross
Unrealized Gain in Accumulated OCI |
|
Gross
Unrealized Loss in Accumulated OCI |
|
Fair Value
|
|||||||||
September 30, 2015
|
|
|
|
|
|
|
|
|||||||||
Certificates of deposit
|
$
|
263
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
263
|
|
|
Commercial paper
|
100
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|||||
Corporate debt securities
|
5,570
|
|
|
32
|
|
|
(11
|
)
|
|
5,591
|
|
|||||
ARS
|
9
|
|
|
3
|
|
|
—
|
|
|
12
|
|
|||||
Equity investments
|
75
|
|
|
7
|
|
|
(14
|
)
|
|
68
|
|
|||||
Total
|
$
|
6,017
|
|
|
$
|
42
|
|
|
$
|
(25
|
)
|
|
$
|
6,034
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|||||||||
Certificates of deposit
|
$
|
896
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
896
|
|
|
Corporate debt securities
|
5,237
|
|
|
30
|
|
|
(8
|
)
|
|
5,259
|
|
|||||
ARS
|
9
|
|
|
3
|
|
|
—
|
|
|
12
|
|
|||||
Equity investments
|
14
|
|
|
22
|
|
|
—
|
|
|
36
|
|
|||||
Total
|
$
|
6,156
|
|
|
$
|
55
|
|
|
$
|
(8
|
)
|
|
$
|
6,203
|
|
|
|
|
September 30, 2015
|
|
December 31, 2014
|
||||||||||||
Dollars in Millions
|
Balance Sheet Location
|
|
Notional
|
|
Fair Value
|
|
Notional
|
|
Fair Value
|
||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap contracts
|
Other assets
|
|
$
|
1,750
|
|
|
$
|
46
|
|
|
$
|
847
|
|
|
$
|
46
|
|
Interest rate swap contracts
|
Other liabilities
|
|
—
|
|
|
—
|
|
|
1,050
|
|
|
(3
|
)
|
||||
Forward starting interest rate swap contracts
|
Other assets
|
|
500
|
|
|
11
|
|
|
—
|
|
|
—
|
|
||||
Forward starting interest rate swap contracts
|
Other liabilities
|
|
250
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
||||
Foreign currency forward contracts
|
Prepaid expenses and other
|
|
766
|
|
|
47
|
|
|
1,323
|
|
|
106
|
|
||||
Foreign currency forward contracts
|
Other assets
|
|
60
|
|
|
12
|
|
|
100
|
|
|
12
|
|
||||
Foreign currency forward contracts
|
Accrued expenses
|
|
770
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
Dollars in Millions
|
September 30,
2015 |
|
December 31,
2014 |
||||
Principal Value
|
$
|
6,367
|
|
|
$
|
6,804
|
|
Adjustments to Principal Value:
|
|
|
|
||||
Fair value of interest rate swap contracts
|
46
|
|
|
43
|
|
||
Unamortized basis adjustment from interest rate swap contract terminations
|
277
|
|
|
454
|
|
||
Unamortized bond discounts
|
(58
|
)
|
|
(59
|
)
|
||
Total
|
$
|
6,632
|
|
|
$
|
7,242
|
|
Amounts in Millions
|
Euro
|
|
U.S. dollars
|
||||
Principal Value:
|
|
|
|
||||
1.000% Euro Notes due 2025
|
€
|
575
|
|
|
$
|
643
|
|
1.750% Euro Notes due 2035
|
575
|
|
|
643
|
|
||
Total
|
€
|
1,150
|
|
|
$
|
1,286
|
|
|
|
|
|
||||
Proceeds net of discount and deferred loan issuance costs
|
€
|
1,133
|
|
|
$
|
1,268
|
|
|
|
|
|
||||
Forward starting interest rate swap contracts terminated:
|
|
|
|
||||
Notional amount
|
€
|
500
|
|
|
$
|
559
|
|
Unrealized loss
|
(16
|
)
|
|
(18
|
)
|
|
Nine Months Ended September 30,
|
||||||
Dollars in Millions
|
2015
|
|
2014
|
||||
Principal amount
|
$
|
1,624
|
|
|
$
|
582
|
|
Carrying value
|
1,795
|
|
|
633
|
|
||
Debt redemption price
|
1,957
|
|
|
676
|
|
||
Notional amount of interest rate swap contracts terminated
|
735
|
|
|
500
|
|
||
Interest rate swap contract termination payments
|
11
|
|
|
4
|
|
||
Loss on debt redemption
(a)
|
180
|
|
|
45
|
|
(a)
|
Including acceleration of debt issuance costs, loss on interest rate lock contract and other related fees.
|
Dollars in Millions
|
September 30,
2015 |
|
December 31,
2014 |
||||
Trade receivables
|
$
|
2,844
|
|
|
$
|
2,193
|
|
Less allowances
|
(130
|
)
|
|
(93
|
)
|
||
Net trade receivables
|
2,714
|
|
|
2,100
|
|
||
Alliance receivables
|
838
|
|
|
888
|
|
||
Prepaid and refundable income taxes
|
175
|
|
|
178
|
|
||
Other
|
181
|
|
|
224
|
|
||
Receivables
|
$
|
3,908
|
|
|
$
|
3,390
|
|
Dollars in Millions
|
September 30,
2015 |
|
December 31,
2014 |
||||
Finished goods
|
$
|
355
|
|
|
$
|
500
|
|
Work in process
|
561
|
|
|
856
|
|
||
Raw and packaging materials
|
214
|
|
|
204
|
|
||
Inventories
|
$
|
1,130
|
|
|
$
|
1,560
|
|
Dollars in Millions
|
September 30,
2015 |
|
December 31,
2014 |
||||
Land
|
$
|
107
|
|
|
$
|
109
|
|
Buildings
|
4,442
|
|
|
4,830
|
|
||
Machinery, equipment and fixtures
|
3,313
|
|
|
3,774
|
|
||
Construction in progress
|
605
|
|
|
353
|
|
||
Gross property, plant and equipment
|
8,467
|
|
|
9,066
|
|
||
Less accumulated depreciation
|
(4,218
|
)
|
|
(4,649
|
)
|
||
Property, plant and equipment
|
$
|
4,249
|
|
|
$
|
4,417
|
|
Dollars in Millions
|
September 30,
2015 |
|
December 31,
2014 |
||||
Licenses
|
$
|
534
|
|
|
$
|
1,090
|
|
Developed technology rights
|
2,357
|
|
|
2,358
|
|
||
Capitalized software
|
1,292
|
|
|
1,254
|
|
||
In-process research and development (IPRD)
|
280
|
|
|
280
|
|
||
Gross other intangible assets
|
4,463
|
|
|
4,982
|
|
||
Less accumulated amortization
|
(2,919
|
)
|
|
(3,229
|
)
|
||
Total other intangible assets
|
$
|
1,544
|
|
|
$
|
1,753
|
|
Dollars in Millions
|
September 30,
2015 |
|
December 31,
2014 |
||||
Alliances (Note 3)
|
$
|
1,495
|
|
|
$
|
1,493
|
|
Gain on sale-leaseback transactions
|
31
|
|
|
45
|
|
||
Other
|
67
|
|
|
399
|
|
||
Total deferred income
|
$
|
1,593
|
|
|
$
|
1,937
|
|
|
|
|
|
||||
Current portion
|
$
|
963
|
|
|
$
|
1,167
|
|
Non-current portion
|
630
|
|
|
770
|
|
|
Common Stock
|
|
Capital in Excess
of Par Value
of Stock
|
|
Retained
Earnings
|
|
Treasury Stock
|
|
Noncontrolling
Interest
|
||||||||||||||||
Dollars and Shares in Millions
|
Shares
|
|
Par Value
|
|
Shares
|
|
Cost
|
|
|||||||||||||||||
Balance at January 1, 2014
|
2,208
|
|
|
$
|
221
|
|
|
$
|
1,922
|
|
|
$
|
32,952
|
|
|
559
|
|
|
$
|
(17,800
|
)
|
|
$
|
82
|
|
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
1,991
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,796
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Employee stock compensation plans
|
—
|
|
|
—
|
|
|
(407
|
)
|
|
—
|
|
|
(9
|
)
|
|
646
|
|
|
—
|
|
|||||
Debt conversion
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
—
|
|
|
(1
|
)
|
|
35
|
|
|
—
|
|
|||||
Distributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35
|
)
|
|||||
Balance at September 30, 2014
|
2,208
|
|
|
$
|
221
|
|
|
$
|
1,499
|
|
|
$
|
33,147
|
|
|
549
|
|
|
$
|
(17,119
|
)
|
|
$
|
58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at January 1, 2015
|
2,208
|
|
|
$
|
221
|
|
|
$
|
1,507
|
|
|
$
|
32,541
|
|
|
547
|
|
|
$
|
(16,992
|
)
|
|
$
|
131
|
|
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
1,762
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,857
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Employee stock compensation plans
|
—
|
|
|
—
|
|
|
(94
|
)
|
|
—
|
|
|
(7
|
)
|
|
384
|
|
|
—
|
|
|||||
Debt conversion
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|||||
Distributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|||||
Balance at September 30, 2015
|
2,208
|
|
|
$
|
221
|
|
|
$
|
1,413
|
|
|
$
|
32,446
|
|
|
540
|
|
|
$
|
(16,606
|
)
|
|
$
|
194
|
|
|
2015
|
|
2014
|
||||||||||||||||||||
|
Pretax
|
|
Tax
|
|
After tax
|
|
Pretax
|
|
Tax
|
|
After tax
|
||||||||||||
Three Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivatives qualifying as cash flow hedges:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gains/(losses)
|
$
|
(34
|
)
|
|
$
|
14
|
|
|
$
|
(20
|
)
|
|
$
|
96
|
|
|
$
|
(31
|
)
|
|
$
|
65
|
|
Reclassified to net earnings
|
(39
|
)
|
|
13
|
|
|
(26
|
)
|
|
(13
|
)
|
|
5
|
|
|
(8
|
)
|
||||||
Derivatives qualifying as cash flow hedges
|
(73
|
)
|
|
27
|
|
|
(46
|
)
|
|
83
|
|
|
(26
|
)
|
|
57
|
|
||||||
Pension and postretirement benefits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Actuarial losses
|
(272
|
)
|
|
96
|
|
|
(176
|
)
|
|
(679
|
)
|
|
236
|
|
|
(443
|
)
|
||||||
Amortization
(b)
|
20
|
|
|
(6
|
)
|
|
14
|
|
|
26
|
|
|
(8
|
)
|
|
18
|
|
||||||
Settlements
(c)
|
48
|
|
|
(17
|
)
|
|
31
|
|
|
28
|
|
|
(10
|
)
|
|
18
|
|
||||||
Pension and postretirement benefits
|
(204
|
)
|
|
73
|
|
|
(131
|
)
|
|
(625
|
)
|
|
218
|
|
|
(407
|
)
|
||||||
Available-for-sale securities
(d)
|
(24
|
)
|
|
8
|
|
|
(16
|
)
|
|
(35
|
)
|
|
13
|
|
|
(22
|
)
|
||||||
Foreign currency translation
|
(34
|
)
|
|
5
|
|
|
(29
|
)
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
||||||
|
$
|
(335
|
)
|
|
$
|
113
|
|
|
$
|
(222
|
)
|
|
$
|
(585
|
)
|
|
$
|
205
|
|
|
$
|
(380
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivatives qualifying as cash flow hedges:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gains
|
$
|
36
|
|
|
$
|
(16
|
)
|
|
$
|
20
|
|
|
$
|
77
|
|
|
$
|
(25
|
)
|
|
$
|
52
|
|
Reclassified to net earnings
|
(102
|
)
|
|
33
|
|
|
(69
|
)
|
|
(8
|
)
|
|
5
|
|
|
(3
|
)
|
||||||
Derivatives qualifying as cash flow hedges
|
(66
|
)
|
|
17
|
|
|
(49
|
)
|
|
69
|
|
|
(20
|
)
|
|
49
|
|
||||||
Pension and postretirement benefits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Actuarial gains/(losses)
|
20
|
|
|
(7
|
)
|
|
13
|
|
|
(978
|
)
|
|
339
|
|
|
(639
|
)
|
||||||
Amortization
(b)
|
67
|
|
|
(21
|
)
|
|
46
|
|
|
79
|
|
|
(27
|
)
|
|
52
|
|
||||||
Curtailments and settlements
(c)
|
111
|
|
|
(39
|
)
|
|
72
|
|
|
127
|
|
|
(48
|
)
|
|
79
|
|
||||||
Pension and postretirement benefits
|
198
|
|
|
(67
|
)
|
|
131
|
|
|
(772
|
)
|
|
264
|
|
|
(508
|
)
|
||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized losses
|
(31
|
)
|
|
9
|
|
|
(22
|
)
|
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
||||||
Realized gains
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||||
Available-for-sale securities
|
(31
|
)
|
|
9
|
|
|
(22
|
)
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
||||||
Foreign currency translation
|
(14
|
)
|
|
(16
|
)
|
|
(30
|
)
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||
|
$
|
87
|
|
|
$
|
(57
|
)
|
|
$
|
30
|
|
|
$
|
(708
|
)
|
|
$
|
244
|
|
|
$
|
(464
|
)
|
(a)
|
Included in cost of products sold.
|
(b)
|
Included in cost of products sold, research and development, and marketing, selling and administrative expenses.
|
(c)
|
Included in other (income)/expense.
|
(d)
|
Includes unrealized losses only
|
Dollars in Millions
|
September 30,
2015 |
|
December 31, 2014
|
||||
Derivatives qualifying as cash flow hedges
|
$
|
36
|
|
|
$
|
85
|
|
Pension and other postretirement benefits
|
(2,050
|
)
|
|
(2,181
|
)
|
||
Available-for-sale securities
|
9
|
|
|
31
|
|
||
Foreign currency translation
|
(390
|
)
|
|
(360
|
)
|
||
Accumulated other comprehensive loss
|
$
|
(2,395
|
)
|
|
$
|
(2,425
|
)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||||
|
Pension Benefits
|
|
Other Benefits
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||||||||
Dollars in Millions
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||||||
Service cost – benefits earned during the year
|
$
|
6
|
|
|
$
|
10
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
18
|
|
|
$
|
30
|
|
|
$
|
3
|
|
|
$
|
3
|
|
Interest cost on projected benefit obligation
|
60
|
|
|
76
|
|
|
3
|
|
|
3
|
|
|
181
|
|
|
231
|
|
|
9
|
|
|
10
|
|
||||||||
Expected return on plan assets
|
(102
|
)
|
|
(131
|
)
|
|
(7
|
)
|
|
(7
|
)
|
|
(307
|
)
|
|
(395
|
)
|
|
(20
|
)
|
|
(21
|
)
|
||||||||
Amortization of prior service credits
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
(1
|
)
|
||||||||
Amortization of net actuarial (gain)/loss
|
20
|
|
|
29
|
|
|
1
|
|
|
(2
|
)
|
|
70
|
|
|
85
|
|
|
3
|
|
|
(2
|
)
|
||||||||
Curtailments and settlements
|
48
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
111
|
|
|
127
|
|
|
—
|
|
|
(3
|
)
|
||||||||
Special termination benefits
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
||||||||
Net periodic benefit cost/(credit)
|
$
|
32
|
|
|
$
|
11
|
|
|
$
|
(3
|
)
|
|
$
|
(5
|
)
|
|
$
|
71
|
|
|
$
|
88
|
|
|
$
|
(9
|
)
|
|
$
|
(14
|
)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Dollars in Millions
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Restricted stock
|
$
|
20
|
|
|
$
|
18
|
|
|
$
|
62
|
|
|
$
|
56
|
|
Market share units
|
9
|
|
|
9
|
|
|
27
|
|
|
25
|
|
||||
Performance share units
|
34
|
|
|
21
|
|
|
87
|
|
|
66
|
|
||||
Total stock-based compensation expense
|
$
|
63
|
|
|
$
|
48
|
|
|
$
|
176
|
|
|
$
|
147
|
|
|
|
|
|
|
|
|
|
||||||||
Income tax benefit
|
$
|
20
|
|
|
$
|
16
|
|
|
$
|
58
|
|
|
$
|
49
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Dollars in Millions, except per share data
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Total Revenues
|
$
|
4,069
|
|
|
$
|
3,921
|
|
|
$
|
12,273
|
|
|
$
|
11,621
|
|
Total Expenses
|
3,082
|
|
|
2,913
|
|
|
9,786
|
|
|
9,180
|
|
||||
Earnings Before Income Taxes
|
987
|
|
|
1,008
|
|
|
2,487
|
|
|
2,441
|
|
||||
Provision for Income Taxes
|
257
|
|
|
276
|
|
|
668
|
|
|
439
|
|
||||
Effective tax rate
|
26.0
|
%
|
|
27.4
|
%
|
|
26.9
|
%
|
|
18.0
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Net Earnings Attributable to BMS
|
|
|
|
|
|
|
|
||||||||
GAAP
|
706
|
|
|
721
|
|
|
1,762
|
|
|
1,991
|
|
||||
Non-GAAP
|
648
|
|
|
750
|
|
|
2,731
|
|
|
2,314
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted Earnings Per Share
|
|
|
|
|
|
|
|
||||||||
GAAP
|
0.42
|
|
|
0.43
|
|
|
1.05
|
|
|
1.19
|
|
||||
Non-GAAP
|
0.39
|
|
|
0.45
|
|
|
1.63
|
|
|
1.39
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash, Cash Equivalents and Marketable Securities
|
|
|
|
|
10,040
|
|
|
11,549
|
|
•
|
In September 2015, the FDA approved
Opdivo
in combination with
Yervoy
, for the treatment of patients with BRAF
V600 wild-type unresectable or metastatic melanoma. The announcement marked the first and only FDA approval of a regimen of two immuno-oncology agents in cancer. This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials.
|
•
|
In September 2015, the Company announced the FDA has accepted for filing and review a supplemental Biologics License Application (sBLA) for the
Opdivo
+
Yervoy
regimen to include clinical data from CheckMate-067, a landmark trial which demonstrated superior progression-free survival for the
Opdivo
+
Yervoy
regimen or
Opdivo
monotherapy vs.
Yervoy
monotherapy in previously untreated patients with advanced melanoma, regardless of BRAF status. The FDA also granted Priority Review for this application with a target action date of January 23, 2016.
|
•
|
In August 2015, the Company announced the FDA has extended the action date for the sBLA for
Opdivo
for the treatment of patients with previously untreated advanced melanoma. The Company submitted additional data from the
Opdivo
clinical trial program to ensure the broadest data set, irrespective of BRAF status, was available for review. This submission constitutes a major amendment that will require additional time for review and the new FDA action date is November 27, 2015.
|
•
|
In July 2015, the European Medicines Agency (EMA) validated the Company’s type II variation application that seeks to extend the use of
Opdivo
in combination with
Yervoy
for the treatment of advanced (unresectable or metastatic) melanoma in adults. The application is based on data from the Phase III CheckMate-067 study, Phase II CheckMate-069 study and the Phase Ib CA209-004 study. Validation of an application confirms that the submission is complete and starts the EMA's centralized review process.
|
•
|
In October 2015, the Company announced the FDA has approved
Opdivo
for the treatment of previously treated patients with NSQ NSCLC regardless of PD-L1 expression, which expands upon the current indication for
Opdivo
in patients with previously treated SQ NSCLC.
|
•
|
In September 2015, the Company announced longer term (18 month) survival data from CheckMate-057, an open-label, randomized Phase III study evaluating
Opdivo
(n=292) versus docetaxel (n=290) in previously treated patients with advanced NSQ NSCLC.
Opdivo
continued to demonstrate superior overall survival – the study’s primary endpoint – with an estimated 39% of patients alive at 18 months (95% CI, 34-45) versus 23% for docetaxel, based on a minimum follow-up of 17.1 months.
Opdivo
also continued to demonstrate a reduction in the risk of death by 28% (a hazard ratio of 0.72; 95% CI, 0.60 - 0.88). In the study, Grade 3-4 treatment-related adverse events were reported in 10% of patients treated with
Opdivo
versus 54% in the docetaxel arm.
|
•
|
In September 2015, the Company announced updated results from the
Opdivo+Yervoy
arms in CheckMate-012, a multi-arm Phase Ib trial evaluating
Opdivo
in patients with chemotherapy-naïve advanced NSCLC. In this study,
Opdivo
was administered as monotherapy or as part of a combination with other agents, including
Yervoy
, at different doses and schedules. Results from other cohorts in CheckMate-012 have been previously-unreported. These updated results include findings from the administration of four new dosing schedules of
Opdivo+Yervoy
(n=148), which resulted in confirmed objective response rates ranging from 13% to 39% depending on the administered regimen. Median duration of response was not reached in any of these arms with a median follow-up of 6.2 months to 16.6 months, and median progression-free survival PFS ranged from 4.9 months to 10.6 months. The types of treatment-related serious adverse events reported in these cohorts for CheckMate-012 were consistent with other previously-reported
Opdivo+Yervoy
cohorts of this trial. The new dosing schedules in this study resulted in less toxicity than previously-reported dosing schedules, and were characterized by low frequency of treatment-related adverse events leading to discontinuation (3% to 10%) and no treatment-related deaths.
|
•
|
In September 2015, the Company announced longer term survival and safety data from CheckMate-017 and -063, two pivotal trials evaluating
Opdivo
in previously treated SQ NSCLC, showing sustained survival benefit across these studies. In both trials,
Opdivo
showed an estimated 18 month overall survival rate of 27% (CheckMate-063) to 28% (CheckMate-017); survival benefit was independent of PD-L1 expression. The safety profile of
Opdivo
is consistent with previously-reported trials, and in CheckMate-017, is also favorable compared to docetaxel.
|
•
|
In July 2015, the EMA validated the Company’s type II variation application that seeks to extend the use of
Opdivo
monotherapy in NSQ NSCLC and is based on data from the Phase III CheckMate-057 study.
|
•
|
In July 2015, the Company announced the EC approved Nivolumab BMS for the treatment of locally advanced or metastatic SQ NSCLC after prior chemotherapy. This approval marks the first major treatment advance in SQ NSCLC in more than a decade in the EU. Nivolumab is the first and only PD-1 immune checkpoint inhibitor to demonstrate overall survival in previously-treated metastatic SQ NSCLC.
|
•
|
In September 2015, the Company announced results from CheckMate-025, a Phase III study comparing
Opdivo
to everolimus in advanced RCC after prior anti-angiogenic treatment, showing a significant overall survival benefit for
Opdivo
. In the trial,
Opdivo
demonstrated a median overall survival benefit of 25 months compared to 19.6 months for everolimus. Clinical benefit for
Opdivo
was observed regardless of level of PD-L1 expression. The safety profile shown
in CheckMate-025
is consistent with previously reported
Opdivo
trials. In July 2015, the Company announced that CheckMate-025 was stopped early because an assessment by the independent Data Monitoring Committee concluded that the study met its primary endpoint.
|
•
|
In September 2015, the Company announced the FDA has granted Breakthrough Therapy Designation to
Opdivo
for the potential indication of advanced or metastatic RCC.
|
•
|
In August 2015, the Company and Otsuka announced the FDA has approved an update to the
Sprycel
product labeling. The labeling now includes five-year efficacy and safety data in adult patients with newly diagnosed Philadelphia chromosome-positive (Ph+) CML in CP and seven-year data in CP Ph+ CML patients who are resistant or intolerant to prior therapy, including
Gleevec*
(imatinib mesylate).
|
•
|
In October 2015, the Company announced that a
Yervoy
Phase III trial, Study-104 in subjects with stage IV/recurrent NSCLC, which compared the efficacy of
Yervoy
in combination with paclitaxel and carboplatin versus placebo, and versus paclitaxel and carboplatin alone did not meet the primary endpoint of overall survival for the
Yervoy
treatment arms and has been discontinued. No new safety concerns with
Yervoy
were identified in either study. The Company will complete a full evaluation of the data and work with investigators on the future publication of the results.
|
•
|
In July 2015, the Company announced that two
Yervoy
Phase III trials, Study-095 in metastatic castration resistant prostate cancer and Study-156 in newly diagnosed extensive-stage disease small cell lung cancer, did not meet their primary endpoints of overall survival versus standard of care and have been discontinued. No new safety concerns with
Yervoy
were identified in either study. The Company will complete a full evaluation of the data and work with investigators on the future publication of the results.
|
•
|
In July 2015, the Japanese Ministry of Health, Labour and Welfare approved
Yervoy
for first and second line treatment for unresectable malignant melanoma.
|
•
|
In September 2015, the Company and AbbVie announced the FDA has accepted for priority review the Biologics License Application for elotuzumab for the treatment of multiple myeloma as combination therapy in patients who have received one or more prior therapies. Elotuzumab
was previously granted Breakthrough Therapy Designation, which according to the FDA, is intended to expedite the development and review of drugs for serious or life-threatening conditions. BMS has proposed the name
Empliciti
which, if approved by health authorities, will serve as the trade name for elotuzumab.
|
•
|
In July 2015, the Company and AbbVie announced the EMA validated for review the Marketing Authorization Application for elotuzumab for the treatment of multiple myeloma as combination therapy in adult patients who have received one or more prior therapies. The application was granted accelerated assessment by the EMA’s Committee for Medicinal Products for Human Use (CHMP). BMS and AbbVie are co-developing elotuzumab, with BMS solely responsible for commercial activities.
|
•
|
In October 2015, the Company announced the National Institute for Health and Care Excellence
(NICE) has recommended
Daklinza
in England and Wales for the treatment of adult patients with chronic HCV. Specifically, NICE recommended
Daklinza
to treat certain patients with HCV genotypes 1, 3 and 4. Approximately 214,000 people in the UK are thought to have chronic HCV, and roughly 100,000 of those patients are estimated to have genotype 3, a difficult-to-treat and often aggressive form of chronic HCV.
|
•
|
In October 2015, the Company announced the FDA has accepted for filing and review three supplemental New Drug Applications for
Daklinza
for use with sofosbuvir with or without ribavirin. The applications are for the treatment of patients with chronic HCV coinfected with human immunodeficiency virus (HIV-1), patients with advanced cirrhosis (including decompensated cirrhosis), and for patients with post-liver transplant recurrence of HCV. The FDA also granted Priority Review for these applications which will be reviewed by the FDA within a six-month timeframe.
|
•
|
In September 2015, the Company announced the EC has approved an updated label for
Daklinza
for the treatment of genotype 3 chronic HCV. The update allows the use of
Daklinza
in combination with sofosbuvir for 12 weeks in patients without cirrhosis in all 28 Member States of the EU, and marks the first time these patients with genotype 3 HCV have a once-daily, all-oral treatment regimen of this shorter duration.
|
•
|
In July 2015, the Company announced the FDA approved
Daklinza
for use with sofosbuvir
for the treatment of patients with chronic HCV genotype 3. This approval marks the first time patients with chronic HCV genotype 3 have a 12-week, once-daily, all-oral treatment option. Sustained virologic response rates were reduced in HCV genotype 3-infected patients with cirrhosis receiving this regimen.
|
•
|
In July 2015, the Company announced that it does not plan to seek regulatory approval of the new drug application of the HCV triple-regimen, or TRIO, of DCV, ASV and BCV, in the United States or in Europe.
|
•
|
In July 2015, the Company announced the EC approved
Evotaz
for the treatment of HIV-1 infected adults without known mutations associated with resistance to atazanavir.
Evotaz
is a once-daily single tablet two drug regimen combining
Reyataz
and
Tybost*
.
Tybost*
is a product of Gilead.
|
•
|
In September 2015, the Company and Pfizer announced the first patient has been enrolled into the Phase IV clinical trial, AUGUSTUS which will evaluate the safety of
Eliquis
versus warfarin or other vitamin K antagonists in patients with NVAF and a recent acute coronary syndrome or undergoing percutaneous coronary intervention, also known as a stent.
|
•
|
In July 2015, the Company announced the FDA granted Breakthrough Therapy Designation for the investigational compound BMS-663068 when used in combination with other antiretroviral agents for the treatment of HIV-1 infection in heavily treatment-experienced adult patients.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
|
Total Revenues
|
|
2015 vs. 2014
|
|
Total Revenues
|
|
2015 vs. 2014
|
||||||||||||||||||||
Dollars in Millions
|
2015
|
|
2014
|
|
Total Change
|
|
Foreign Exchange
|
|
2015
|
|
2014
|
|
Total Change
|
|
Foreign Exchange
|
||||||||||||
United States
|
$
|
2,044
|
|
|
$
|
1,968
|
|
|
4
|
%
|
|
—
|
|
|
$
|
5,925
|
|
|
$
|
5,634
|
|
|
5
|
%
|
|
—
|
|
Europe
|
813
|
|
|
814
|
|
|
—
|
|
|
(17
|
)%
|
|
2,569
|
|
|
2,670
|
|
|
(4
|
)%
|
|
(19
|
)%
|
||||
Rest of the World
|
1,027
|
|
|
838
|
|
|
23
|
%
|
|
(17
|
)%
|
|
3,170
|
|
|
2,479
|
|
|
28
|
%
|
|
(15
|
)%
|
||||
Other
(a)
|
185
|
|
|
301
|
|
|
(39
|
)%
|
|
N/A
|
|
|
609
|
|
|
838
|
|
|
(27
|
)%
|
|
N/A
|
|
||||
Total
|
$
|
4,069
|
|
|
$
|
3,921
|
|
|
4
|
%
|
|
(7
|
)%
|
|
$
|
12,273
|
|
|
$
|
11,621
|
|
|
6
|
%
|
|
(7
|
)%
|
(a)
|
Other total revenues include royalties and other alliance-related revenues for products not sold by our regional commercial organizations.
|
Dollars in Millions
|
Charge-Backs and Cash Discounts
|
|
Medicaid and Medicare Rebates
|
|
Sales Returns
|
|
Other Rebates, Discounts and Adjustments
|
|
Total
|
||||||||||
Balance at January 1, 2015
|
$
|
56
|
|
|
$
|
268
|
|
|
$
|
232
|
|
|
$
|
351
|
|
|
$
|
907
|
|
Provision related to sales made in:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current period
|
747
|
|
|
584
|
|
|
68
|
|
|
908
|
|
|
2,307
|
|
|||||
Prior periods
|
—
|
|
|
(28
|
)
|
|
(69
|
)
|
|
(20
|
)
|
|
(117
|
)
|
|||||
Returns and payments
|
(706
|
)
|
|
(450
|
)
|
|
(69
|
)
|
|
(577
|
)
|
|
(1,802
|
)
|
|||||
Foreign currency translation and other
|
—
|
|
|
(4
|
)
|
|
(2
|
)
|
|
(33
|
)
|
|
(39
|
)
|
|||||
Balance at September 30, 2015
|
$
|
97
|
|
|
$
|
370
|
|
|
$
|
160
|
|
|
$
|
629
|
|
|
$
|
1,256
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Dollars in Millions
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Gross product sales
|
$
|
4,358
|
|
|
$
|
3,400
|
|
|
$
|
12,373
|
|
|
$
|
9,994
|
|
Gross-to-Net Adjustments:
|
|
|
|
|
|
|
|
||||||||
Charge-backs and cash discounts
|
(308
|
)
|
|
(202
|
)
|
|
(747
|
)
|
|
(558
|
)
|
||||
Medicaid and Medicare rebates
|
(226
|
)
|
|
(137
|
)
|
|
(556
|
)
|
|
(392
|
)
|
||||
Sales returns
|
(2
|
)
|
|
(38
|
)
|
|
1
|
|
|
(71
|
)
|
||||
Other rebates, discounts and adjustments
|
(270
|
)
|
|
(180
|
)
|
|
(888
|
)
|
|
(553
|
)
|
||||
Total Gross-to-Net Adjustments
|
(806
|
)
|
|
(557
|
)
|
|
(2,190
|
)
|
|
(1,574
|
)
|
||||
Net product sales
|
$
|
3,552
|
|
|
$
|
2,843
|
|
|
$
|
10,183
|
|
|
$
|
8,420
|
|
•
|
Charge-backs, cash discounts, Medicaid and Medicare rebates increased primarily due to higher product sales and rebate rates in the U.S., particularly regarding
Eliquis
.
|
•
|
The U.S. sales return reserve for
Plavix*
was reduced by $63 million to
$9 million
in 2015 (including $25 million in the third quarter of 2015) after considering several factors including actual return experience and estimated inventory levels in the distribution channels. In accordance with Company policy, this product is eligible to be returned between six months prior to and twelve months after product expiration.
|
•
|
Other rebates, discounts and adjustments increased primarily due to additional rebates and discounts for
Daklinza
(including approximately $180 million upon obtaining final pricing for amounts deferred through March 31, 2015 in France) and
Eliquis.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
Dollars in Millions
|
2015
|
|
2014
|
|
% Change
|
|
% Change Attributable to Foreign Exchange
|
|
2015
|
|
2014
|
|
% Change
|
|
% Change Attributable to Foreign Exchange
|
||||||||||||
Virology
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Baraclude (entecavir)
|
$
|
320
|
|
|
$
|
325
|
|
|
(2
|
)%
|
|
(10
|
)%
|
|
$
|
1,003
|
|
|
$
|
1,100
|
|
|
(9
|
)%
|
|
(8
|
)%
|
U.S.
|
25
|
|
|
40
|
|
|
(38
|
)%
|
|
—
|
|
|
108
|
|
|
194
|
|
|
(44
|
)%
|
|
—
|
|
||||
Non-U.S.
|
295
|
|
|
285
|
|
|
4
|
%
|
|
(10
|
)%
|
|
895
|
|
|
906
|
|
|
(1
|
)%
|
|
(9
|
)%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Hepatitis C Franchise
(daclatasvir and
asunaprevir)
|
402
|
|
|
49
|
|
|
**
|
|
|
N/A
|
|
|
1,145
|
|
|
49
|
|
|
**
|
|
|
N/A
|
|
||||
U.S.
|
111
|
|
|
—
|
|
|
N/A
|
|
|
—
|
|
|
111
|
|
|
—
|
|
|
N/A
|
|
|
—
|
|
||||
Non-U.S.
|
291
|
|
|
49
|
|
|
**
|
|
|
N/A
|
|
|
1,034
|
|
|
49
|
|
|
**
|
|
|
N/A
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reyataz (atazanavir sulfate) Franchise
|
270
|
|
|
338
|
|
|
(20
|
)%
|
|
(5
|
)%
|
|
867
|
|
|
1,044
|
|
|
(17
|
)%
|
|
(6
|
)%
|
||||
U.S.
|
149
|
|
|
169
|
|
|
(12
|
)%
|
|
—
|
|
|
449
|
|
|
513
|
|
|
(12
|
)%
|
|
—
|
|
||||
Non-U.S.
|
121
|
|
|
169
|
|
|
(28
|
)%
|
|
(10
|
)%
|
|
418
|
|
|
531
|
|
|
(21
|
)%
|
|
(10
|
)%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sustiva (efavirenz) Franchise
|
333
|
|
|
357
|
|
|
(7
|
)%
|
|
(1
|
)%
|
|
940
|
|
|
1,037
|
|
|
(9
|
)%
|
|
—
|
|
||||
U.S.
|
280
|
|
|
284
|
|
|
(1
|
)%
|
|
—
|
|
|
772
|
|
|
778
|
|
|
(1
|
)%
|
|
—
|
|
||||
Non-U.S.
|
53
|
|
|
73
|
|
|
(27
|
)%
|
|
(2
|
)%
|
|
168
|
|
|
259
|
|
|
(35
|
)%
|
|
(2
|
)%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oncology
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Erbitux* (cetuximab)
|
167
|
|
|
187
|
|
|
(11
|
)%
|
|
(1
|
)%
|
|
501
|
|
|
542
|
|
|
(8
|
)%
|
|
(1
|
)%
|
||||
U.S.
|
165
|
|
|
175
|
|
|
(6
|
)%
|
|
—
|
|
|
487
|
|
|
511
|
|
|
(5
|
)%
|
|
—
|
|
||||
Non-U.S.
|
2
|
|
|
12
|
|
|
(83
|
)%
|
|
(8
|
)%
|
|
14
|
|
|
31
|
|
|
(55
|
)%
|
|
(3
|
)%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Opdivo (nivolumab)
|
305
|
|
|
1
|
|
|
**
|
|
|
N/A
|
|
|
467
|
|
|
1
|
|
|
**
|
|
|
N/A
|
|
||||
U.S.
|
268
|
|
|
—
|
|
|
N/A
|
|
|
—
|
|
|
413
|
|
|
—
|
|
|
N/A
|
|
|
—
|
|
||||
Non-U.S.
|
37
|
|
|
1
|
|
|
**
|
|
|
N/A
|
|
|
54
|
|
|
1
|
|
|
**
|
|
|
N/A
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sprycel (dasatinib)
|
411
|
|
|
385
|
|
|
7
|
%
|
|
(9
|
)%
|
|
1,191
|
|
|
1,095
|
|
|
9
|
%
|
|
(9
|
)%
|
||||
U.S.
|
215
|
|
|
179
|
|
|
20
|
%
|
|
—
|
|
|
601
|
|
|
487
|
|
|
23
|
%
|
|
—
|
|
||||
Non-U.S.
|
196
|
|
|
206
|
|
|
(5
|
)%
|
|
(18
|
)%
|
|
590
|
|
|
608
|
|
|
(3
|
)%
|
|
(17
|
)%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Yervoy (ipilimumab)
|
240
|
|
|
350
|
|
|
(31
|
)%
|
|
(6
|
)%
|
|
861
|
|
|
942
|
|
|
(9
|
)%
|
|
(8
|
)%
|
||||
U.S.
|
121
|
|
|
191
|
|
|
(37
|
)%
|
|
—
|
|
|
438
|
|
|
510
|
|
|
(14
|
)%
|
|
—
|
|
||||
Non-U.S.
|
119
|
|
|
159
|
|
|
(25
|
)%
|
|
(13
|
)%
|
|
423
|
|
|
432
|
|
|
(2
|
)%
|
|
(18
|
)%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Neuroscience
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Abilify* (aripiprazole)
|
46
|
|
|
449
|
|
|
(90
|
)%
|
|
(1
|
)%
|
|
707
|
|
|
1,544
|
|
|
(54
|
)%
|
|
(1
|
)%
|
||||
U.S.
|
18
|
|
|
407
|
|
|
(96
|
)%
|
|
—
|
|
|
593
|
|
|
1,149
|
|
|
(48
|
)%
|
|
—
|
|
||||
Non-U.S.
|
28
|
|
|
42
|
|
|
(33
|
)%
|
|
(12
|
)%
|
|
114
|
|
|
395
|
|
|
(71
|
)%
|
|
(3
|
)%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Immunoscience
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Orencia (abatacept)
|
484
|
|
|
444
|
|
|
9
|
%
|
|
(7
|
)%
|
|
1,345
|
|
|
1,209
|
|
|
11
|
%
|
|
(7
|
)%
|
||||
U.S.
|
330
|
|
|
292
|
|
|
13
|
%
|
|
—
|
|
|
899
|
|
|
775
|
|
|
16
|
%
|
|
—
|
|
||||
Non-U.S.
|
154
|
|
|
152
|
|
|
1
|
%
|
|
(21
|
)%
|
|
446
|
|
|
434
|
|
|
3
|
%
|
|
(19
|
)%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cardiovascular
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Eliquis (apixaban)
|
466
|
|
|
216
|
|
|
**
|
|
|
N/A
|
|
|
1,258
|
|
|
493
|
|
|
**
|
|
|
N/A
|
|
||||
U.S.
|
245
|
|
|
113
|
|
|
**
|
|
|
—
|
|
|
688
|
|
|
268
|
|
|
**
|
|
|
—
|
|
||||
Non-U.S.
|
221
|
|
|
103
|
|
|
**
|
|
|
N/A
|
|
|
570
|
|
|
225
|
|
|
**
|
|
|
N/A
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mature Products and All Other
|
625
|
|
|
820
|
|
|
(24
|
)%
|
|
(6
|
)%
|
|
1,988
|
|
|
2,565
|
|
|
(22
|
)%
|
|
(6
|
)%
|
||||
U.S.
|
117
|
|
|
118
|
|
|
(1
|
)%
|
|
—
|
|
|
366
|
|
|
449
|
|
|
(18
|
)%
|
|
—
|
|
||||
Non-U.S.
|
508
|
|
|
702
|
|
|
(28
|
)%
|
|
(7
|
)%
|
|
1,622
|
|
|
2,116
|
|
|
(23
|
)%
|
|
(7
|
)%
|
•
|
U.S. revenues decreased in both periods following the loss of exclusivity in September 2014.
|
•
|
International revenues increased in the three months ended September 30, 2015 primarily due to higher demand in certain countries partially offset by unfavorable foreign exchange. International revenues remained relatively flat in the nine months ended September 30, 2015 due to higher demand in certain countries offset by unfavorable foreign exchange.
|
•
|
Daklinza
was launched in the U.S. in July 2015.
|
•
|
Daklinza
was launched in Germany and certain other EU countries in the third quarter of 2014.
Daklinza
and
Sunvepra
dual regimen was launched in Japan in the third quarter of 2014 and other international markets during 2015. International revenues also include $170 million of previously deferred revenue in France recognized in the second quarter of 2015.
|
•
|
U.S. revenues decreased in both periods due to lower demand resulting from increased competition.
|
•
|
International revenues decreased in both periods due to lower demand resulting from increased competition and unfavorable foreign exchange.
|
•
|
U.S. revenues remained flat in both periods.
|
•
|
International revenues decreased in both periods following
Sustiva's
loss of exclusivity in Europe in November 2013, which continues to negatively impact demand, average net selling prices and
Atripla*
revenue sharing.
|
•
|
U.S. revenues decreased in both periods due to lower demand. BMS transferred its rights to
Erbitux*
in North America to Lilly in October 2015. See "Item 1. Financial Statements—Note
3
. Alliances" for further details.
|
•
|
Opdivo
was launched in the U.S. in December 2014 for the treatment of unresectable melanoma and was subsequently approved in March 2015 for the treatment of advanced SQ NSCLC. In October 2015,
Opdivo
was also approved for the treatment of NSQ NSCLC.
|
•
|
Opdivo
was launched in
Japan in September 2014 and was subsequently approved in the EU in June 2015 for the treatment of unresectable melanoma and in July 2015 for the treatment of advanced or metastatic SQ NSCLC.
|
•
|
U.S. revenues increased in both periods due to higher demand.
|
•
|
International revenues decreased in both periods due to unfavorable foreign exchange partially offset by higher demand.
|
•
|
U.S. revenues decreased in both periods due to lower demand resulting from the introduction of other immuno-oncology products being used to treat patients with melanoma, including
Opdivo
.
|
•
|
International revenues decreased in both periods due to unfavorable foreign exchange and lower demand resulting from the introduction of other immuno-oncology products being used to treat patients with melanoma, including
Opdivo
.
|
•
|
U.S. revenues decreased in both periods due to the expiration of our commercialization rights on April 20, 2015. BMS's share of
Abilify*
revenue was 50% in 2015 and 33% in 2014.
|
•
|
International revenues decreased in both periods following the expiration of our EU commercialization rights in June 2014 and Otsuka becoming the principal for the end customer sales in most markets.
|
•
|
U.S. revenues increased in both periods primarily due to higher average net selling prices and demand.
|
•
|
International revenues increased in both periods primarily due to higher demand for the subcutaneous formulation partially offset by unfavorable foreign exchange.
|
•
|
U.S. and international revenues increased in both periods due to higher demand. International revenues in both periods were also impacted by unfavorable foreign exchange.
|
•
|
U.S. revenues decreased in the nine months ended September 30, 2015 due to the diabetes business divestiture in February 2014 partially offset by $63 million of
Plavix*
sales return reversal in 2015.
|
•
|
International revenues decreased in both periods due to the expiration/transfer of certain licensing and royalty rights and continued generic erosion of other products. The change in the nine months ended September 30, 2015 was also impacted by the diabetes business divestiture in February 2014.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
Dollars in Millions
|
2015
|
|
2014
|
|
% Change
|
|
2015
|
|
2014
|
|
% Change
|
||||||||||
Cost of products sold
|
$
|
1,097
|
|
|
$
|
1,007
|
|
|
9
|
%
|
|
$
|
2,957
|
|
|
$
|
2,966
|
|
|
—
|
|
Marketing, selling and administrative
|
983
|
|
|
1,029
|
|
|
(4
|
)%
|
|
2,845
|
|
|
2,937
|
|
|
(3
|
)%
|
||||
Advertising and product promotion
|
193
|
|
|
171
|
|
|
13
|
%
|
|
495
|
|
|
521
|
|
|
(5
|
)%
|
||||
Research and development
|
1,132
|
|
|
983
|
|
|
15
|
%
|
|
4,004
|
|
|
3,345
|
|
|
20
|
%
|
||||
Other (income)/expense
|
(323
|
)
|
|
(277
|
)
|
|
17
|
%
|
|
(515
|
)
|
|
(589
|
)
|
|
(13
|
)%
|
||||
Total Expenses
|
$
|
3,082
|
|
|
$
|
2,913
|
|
|
6
|
%
|
|
$
|
9,786
|
|
|
$
|
9,180
|
|
|
7
|
%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Dollars in Millions
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Interest expense
|
$
|
41
|
|
|
$
|
50
|
|
|
$
|
141
|
|
|
$
|
150
|
|
Investment income
|
(18
|
)
|
|
(20
|
)
|
|
(74
|
)
|
|
(71
|
)
|
||||
Provision for restructuring
|
10
|
|
|
35
|
|
|
50
|
|
|
72
|
|
||||
Litigation charges/(recoveries)
|
(2
|
)
|
|
10
|
|
|
14
|
|
|
19
|
|
||||
Equity in net income of affiliates
|
(19
|
)
|
|
(12
|
)
|
|
(67
|
)
|
|
(81
|
)
|
||||
Out-licensed intangible asset impairment
|
—
|
|
|
18
|
|
|
13
|
|
|
18
|
|
||||
Gain on sale of product lines, businesses and assets
|
(208
|
)
|
|
(315
|
)
|
|
(370
|
)
|
|
(567
|
)
|
||||
Other alliance and licensing income
|
(187
|
)
|
|
(102
|
)
|
|
(472
|
)
|
|
(354
|
)
|
||||
Pension curtailments, settlements and special termination benefits
|
48
|
|
|
28
|
|
|
111
|
|
|
137
|
|
||||
Loss on debt redemption
|
—
|
|
|
—
|
|
|
180
|
|
|
45
|
|
||||
Other
|
12
|
|
|
31
|
|
|
(41
|
)
|
|
43
|
|
||||
Other (income)/expense
|
$
|
(323
|
)
|
|
$
|
(277
|
)
|
|
$
|
(515
|
)
|
|
$
|
(589
|
)
|
•
|
Gain on sale of product lines, businesses and assets resulted from the sale of the
Ixempra*
business, Mount Vernon, Indiana manufacturing facility and certain mature and other over-the-counter product businesses in 2015 and the diabetes business in 2014, including the transfer of the China business in the third quarter of 2014. See "Item 1. Financial Statements—Note
3
. Alliances" for further details.
|
•
|
Other alliance and licensing income includes royalties, the change in fair value of written option liabilities, amortization of deferred income attributed to a development agreement and transitional service fees resulting from the diabetes business divestiture. See “Item 1. Financial Statements—Note
3
. Alliances” for further details.
|
•
|
Pension settlement charges were recognized after determining that the annual lump sum payments will likely exceed the annual interest and service costs for certain pension plans, including the primary U.S. pension plan. The charges include the acceleration of a portion of unrecognized actuarial losses and will likely occur in the future. See “Item 1. Financial Statements—Note
17
. Pension and Postretirement Benefit Plans” for further details.
|
•
|
The loss on debt redemption in 2015 resulted from the early redemption of euro notes and a tender offer for certain other debt securities in the second quarter of 2015. See “Item 1. Financial Statements—Note
10
. Financial Instruments and Fair Value Measurements” for further details.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Dollars in Millions
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Earnings Before Income Taxes
|
$
|
987
|
|
|
$
|
1,008
|
|
|
$
|
2,487
|
|
|
$
|
2,441
|
|
Provision for Income Taxes
|
257
|
|
|
276
|
|
|
668
|
|
|
439
|
|
||||
Effective tax rate
|
26.0
|
%
|
|
27.4
|
%
|
|
26.9
|
%
|
|
18.0
|
%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Dollars in Millions
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Cost of products sold
(a)
|
$
|
15
|
|
|
$
|
36
|
|
|
$
|
74
|
|
|
$
|
120
|
|
|
|
|
|
|
|
|
|
||||||||
Additional year of Branded Prescription Drug Fee
|
—
|
|
|
96
|
|
|
—
|
|
|
96
|
|
||||
Process standardization implementation costs
|
2
|
|
|
2
|
|
|
6
|
|
|
8
|
|
||||
Marketing, selling and administrative
|
2
|
|
|
98
|
|
|
6
|
|
|
104
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Upfront, milestone and other payments
|
94
|
|
|
65
|
|
|
1,125
|
|
|
228
|
|
||||
IPRD impairments
|
—
|
|
|
—
|
|
|
—
|
|
|
343
|
|
||||
Accelerated depreciation and other shutdown costs
|
15
|
|
|
—
|
|
|
17
|
|
|
—
|
|
||||
Research and development
|
109
|
|
|
65
|
|
|
1,142
|
|
|
571
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Provision for restructuring
|
10
|
|
|
35
|
|
|
50
|
|
|
72
|
|
||||
Gain on sale of product lines, businesses and assets
|
(198
|
)
|
|
(315
|
)
|
|
(358
|
)
|
|
(562
|
)
|
||||
Pension curtailments, settlements and special termination benefits
|
48
|
|
|
28
|
|
|
111
|
|
|
137
|
|
||||
Acquisition and alliance related items
(b)
|
(87
|
)
|
|
39
|
|
|
(123
|
)
|
|
72
|
|
||||
Litigation charges/(recoveries)
|
—
|
|
|
10
|
|
|
15
|
|
|
12
|
|
||||
Out-licensed intangible asset impairment
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
||||
Loss on debt redemption
|
—
|
|
|
—
|
|
|
180
|
|
|
45
|
|
||||
Other (income)/expense
|
(227
|
)
|
|
(203
|
)
|
|
(112
|
)
|
|
(224
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Increase/(decrease) to pretax income
|
(101
|
)
|
|
(4
|
)
|
|
1,110
|
|
|
571
|
|
||||
Income taxes on items above
|
43
|
|
|
33
|
|
|
(141
|
)
|
|
(248
|
)
|
||||
Increase/(decrease) to net earnings
|
$
|
(58
|
)
|
|
$
|
29
|
|
|
$
|
969
|
|
|
$
|
323
|
|
(a)
|
Specified items in cost of products sold are accelerated depreciation, asset impairment and other shutdown costs.
|
(b)
|
Includes $16 million of additional year of Branded Prescription Drug Fee in the third quarter of 2014.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Dollars in Millions, except per share data
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net Earnings Attributable to BMS used for Diluted EPS Calculation – GAAP
|
$
|
706
|
|
|
$
|
721
|
|
|
$
|
1,762
|
|
|
$
|
1,991
|
|
Specified Items
|
(58
|
)
|
|
29
|
|
|
969
|
|
|
323
|
|
||||
Net Earnings used for Diluted EPS Calculation – Non-GAAP
|
$
|
648
|
|
|
$
|
750
|
|
|
$
|
2,731
|
|
|
$
|
2,314
|
|
|
|
|
|
|
|
|
|
||||||||
Average Common Shares Outstanding – Diluted
|
1,678
|
|
|
1,670
|
|
|
1,677
|
|
|
1,668
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted Earnings Per Share – GAAP
|
$
|
0.42
|
|
|
$
|
0.43
|
|
|
$
|
1.05
|
|
|
$
|
1.19
|
|
Diluted EPS Attributable to Specified Items
|
(0.03
|
)
|
|
0.02
|
|
|
0.58
|
|
|
0.20
|
|
||||
Diluted Earnings Per Share – Non-GAAP
|
$
|
0.39
|
|
|
$
|
0.45
|
|
|
$
|
1.63
|
|
|
$
|
1.39
|
|
Dollars in Millions
|
September 30,
2015 |
|
December 31,
2014 |
||||
Cash and cash equivalents
|
$
|
3,975
|
|
|
$
|
5,571
|
|
Marketable securities – current
|
1,438
|
|
|
1,864
|
|
||
Marketable securities – non-current
|
4,627
|
|
|
4,408
|
|
||
Cash, cash equivalents and marketable securities
|
10,040
|
|
|
11,843
|
|
||
Short-term borrowings
|
(642
|
)
|
|
(590
|
)
|
||
Long-term debt
|
(6,632
|
)
|
|
(7,242
|
)
|
||
Net cash position
|
$
|
2,766
|
|
|
$
|
4,011
|
|
|
Nine Months Ended September 30,
|
||||||
Dollars in Millions
|
2015
|
|
2014
|
||||
Cash flow provided by/(used in):
|
|
|
|
||||
Operating activities
|
$
|
1,221
|
|
|
$
|
2,576
|
|
Investing activities
|
(588
|
)
|
|
865
|
|
||
Financing activities
|
(2,265
|
)
|
|
(2,206
|
)
|
•
|
Timing of payments with alliance partners (approximately $900 million), particularly for
Abilify*
active product ingredient supply and Medicaid rebates which will continue throughout 2015;
|
•
|
Timing of customer collections resulting primarily from higher net product sales including those with extended payment terms for certain new products and less factoring (approximately $500 million); and
|
•
|
Lower proceeds from the diabetes business divestiture allocated to the supply and R&D arrangements in 2014 (approximately $300 million).
|
•
|
Changes in inventory levels, particularly those related to
Abilify*
(approximately $400 million).
|
•
|
Lower proceeds resulting from the diabetes and other business divestitures of approximately $2.8 billion ($700 million in 2015 and $3.5 billion in 2014); and
|
•
|
Cash used to acquire Flexus ($800 million) in 2015.
|
•
|
Lower net purchases of marketable securities of approximately $2.2 billion in 2015; and
|
•
|
Cash used to acquire iPierian ($175 million) in 2014.
|
Period
|
Total Number of
Shares Purchased
(a)
|
|
Average
Price Paid
per Share
(a)
|
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
(b)
|
|
Approximate Dollar
Value of Shares that
May Yet Be
Purchased Under the
Plans or Programs
(b)
|
||||||
Dollars in Millions, Except Per Share Data
|
|
|
|
|
|
|
|
||||||
January 1 to 31, 2015
|
33,737
|
|
|
$
|
59.51
|
|
|
—
|
|
|
$
|
1,368
|
|
February 1 to 28, 2015
|
9,178
|
|
|
$
|
60.50
|
|
|
—
|
|
|
$
|
1,368
|
|
March 1 to 31, 2015
|
1,825,224
|
|
|
$
|
63.41
|
|
|
—
|
|
|
$
|
1,368
|
|
Three months ended March 31, 2015
|
1,868,139
|
|
|
|
|
—
|
|
|
|
||||
April 1 to 30, 2015
|
19,294
|
|
|
$
|
63.42
|
|
|
—
|
|
|
$
|
1,368
|
|
May 1 to 31, 2015
|
14,672
|
|
|
$
|
64.93
|
|
|
—
|
|
|
$
|
1,368
|
|
June 1 to 30, 2015
|
10,387
|
|
|
$
|
66.17
|
|
|
—
|
|
|
$
|
1,368
|
|
Three months ended June 30, 2015
|
44,353
|
|
|
|
|
—
|
|
|
|
||||
July 1 to 31, 2015
|
13,256
|
|
|
$
|
67.47
|
|
|
—
|
|
|
$
|
1,368
|
|
August 1 to 31, 2015
|
8,553
|
|
|
$
|
65.69
|
|
|
—
|
|
|
$
|
1,368
|
|
September 1 to 30, 2015
|
5,444
|
|
|
$
|
60.08
|
|
|
—
|
|
|
$
|
1,368
|
|
Three months ended September 30, 2015
|
27,253
|
|
|
|
|
—
|
|
|
|
||||
Nine months ended September 30, 2015
|
1,939,745
|
|
|
|
|
—
|
|
|
|
(a)
|
Reflects the shares of common stock surrendered to the Company to satisfy tax withholding obligations in connection with the vesting of awards under our long-term incentive program.
|
(b)
|
In May 2010, the Board of Directors authorized the repurchase of up to $3.0 billion of common stock. In June 2012, the Board of Directors increased its authorization for the repurchase of stock by an additional $3.0 billion. The stock repurchase program does not have an expiration date and we may consider future repurchases.
|
Exhibit No.
|
|
Description
|
12.
|
|
Computation of Earnings to Fixed Charges.
|
31a.
|
|
Section 302 Certification Letter.
|
31b.
|
|
Section 302 Certification Letter.
|
32a.
|
|
Section 906 Certification Letter.
|
32b.
|
|
Section 906 Certification Letter.
|
101.
|
|
The following financial statements from the Bristol-Myers Squibb Company Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, formatted in Extensible Business Reporting Language (XBRL):
(i) consolidated statements of earnings, (ii) consolidated statements of comprehensive income and retained earnings, (iii) consolidated balance sheets, (iv) consolidated statements of cash flows, and (v) the notes to the consolidated financial statements.
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
(REGISTRANT)
|
|
|
|
|
|
|
Date:
|
October 27, 2015
|
|
By:
|
/s/ Giovanni Caforio
|
|
|
|
|
Giovanni Caforio
Chief Executive Officer
|
|
|
|
|
|
Date:
|
October 27, 2015
|
|
By:
|
/s/ Charles Bancroft
|
|
|
|
|
Charles Bancroft
Chief Financial Officer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Suppliers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|