Earnings highlights
Third quarter 2022 results reflect strong in-line and new product portfolio growth
TOTAL NET SALES
GAAP EPS
Non-GAAP EPS**
YoY 3% increase
*Includes the net impact of Acquired IPRD charges and licensing income of $0.02 per share in the third quarter of 2022.
Acquired IPRD refers to certain in-process research and development (“Acquired IPRD”) charges resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights.
2022 Guidance1
TOTAL NET SALES
GAAP EPS
Non-GAAP EPS**
1The 2022 financial guidance excludes the impact of any potential future strategic acquisitions and divestitures, any specified items that have not yet been identified and quantified and the impact of any future Acquired IPRD charges.
2GAAP and non-GAAP guidance includes net impact of ($0.22) from Acquired IPRD and licensing income incurred year-to-date 2022. Does not include estimate of Acquired IPRD and licensing income for remainder of 2022.
"Our strong results reflect growth of our in-line and new product portfolios. Our teams continue to progress our pipeline and achieve significant regulatory and clinical milestones, including the approval of Sotyktu, a first-in-class, TYK2 inhibitor, to treat moderate to severe plaque psoriasis. Our nine new product launches over the last three years including three first-in-class launches this year, combined with progress in our robust and diverse product pipeline, have built a strong foundation for our company. Combined with our financial strength and talented employees, Bristol Myers Squibb is well positioned for growth and to advance new medicines for patients."
- Giovanni Caforio, M.D.
Chairman of the Board
Delivering sustained growth and innovation
In-Line Products performance:
YoY % Increase of 5%
Excluding Foreign Exchange,
YoY % Increase of 10%
New Product Portfolio performance:
YoY % Increase of 61%
Excluding Foreign Exchange,
YoY % Increase of 66%
Achieving key milestones
- Received FDA approval for Sotyktu, a first-in-class, oral, selective, allosteric tyrosine kinase 2 (TYK2) inhibitor, for the treatment of adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy. In addition, Japan’s Ministry of Health, Labour and Welfare approved Sotyktu for the treatment of patients with plaque psoriasis, generalized pustular psoriasis, or erythrodermic psoriasis, who have had an inadequate response to conventional therapies.
- FDA has accepted our supplemental new drug application for Camzyos for an expanded indication for the treatment of adults with symptomatic New York Heart Association class II-III obstructive hypertrophic cardiomyopathy to improve functional capacity, improve symptoms and reduce the need for septal reduction therapy. The FDA assigned a Prescription Drug User Fee Act goal date of June 16, 2023.
- Received European Commission approval for the fixed-dose combination of Opdualag for the first-line treatment of advanced (unresectable or metastatic)melanoma in adults and adolescents 12 years of age and older with tumor cell PD-L1 expression < 1%.
- Delivered positive topline results from the Phase 3 KarMMa-3 study that showed treatment with Abecma compared to standard combination regimens in adults with relapsed and refractory multiple myeloma after two to four prior lines of therapy met its primary endpoint of demonstrating a statistically significant improvement in progression-free survival. Treatment with Abecma also showed an improvement in the key secondary endpoint of overall response rate compared to standard regimens. The study was conducted with 2seventy bio (NASDAQ: TSVT).
- Demonstrated that milvexian had an approximate 30% relative risk reduction in recurrent symptomatic ischemic strokes (accepted regulatory endpoint) in the Phase 2 AXIOMATIC-SSP trial. The trial also showed that milvexian had a favorable safety profile in three arms compared to placebo when used in combination with background dual antiplatelet therapy in patients with an acute non-cardioembolic ischemic stroke or transient ischemic attack. The trial was conducted by The Bristol Myers Squibb-Janssen Collaboration.
Business Development
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Strong financial foundation
BMS maintains a consistent, balanced approach to capital allocation, focused on leveraging strong cash flow generation to invest in internal and external innovation, reducing debt and returning cash to shareholders.
Cash and Marketable
Securities
Cash Flow
from Operating Activities
Returned Cash
to Shareholders
Environmental, social and governance highlights
As a leading biopharma company, we understand our responsibility extends well beyond the discovery, development, and delivery of innovative medicines. Our evolving Environmental, Social, and Governance (ESG) strategy builds on a legacy of comprehensive and global sustainability efforts. To learn more about our priorities and goals, please visit our latest ESG report.
- In September, the company issued our 2021 Global Inclusion and Diversity Report which outlines our strategy and the progress we have made toward our 2025 Inclusion & Diversity and Health Equity Commitments, among others. To learn more, please visit our latest Global Inclusion & Diversity Report.
Environment |
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Key priorities
- Embracing environmental stewardship
Commitments
- 2024 – Science-based emissions reduction targets established
- 2030 – 100% renewable electricity
- 2040 –
- Net neutral GHG
- 100% EV fleet
- 100% equitable water use
- Zero waste to landfill
Social |
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Key priorities
- Promoting product quality & safety
- Cultivating diversity, equity & inclusion
- Ensuring health equity, patient access & innovation
Commitments
- 2021 – ≥ 25% new clinical trial sites in diverse metro areas2022
- 2022 – Gender parity at executive level. 2X representation for Black/African American & Hispanic/Latino executives
- 2025 – $1B spend with diverse suppliers
Governance |
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Key priorities
- Maintaining highest ethics, integrity & compliance
- Upholding Board oversight & accountability
Commitments
Experienced & diverse Board
- Board oversight of strategy & key enterprise risks
- 64% female & ethnically diverse directors
Shareholder rights
- Regular shareholder engagement
- Proxy access
- Special meeting right (15%)
Transforming patients' lives through science™
*New Product Portfolio includes Reblozyl® (luspatercept-aamt), Inrebic® (fedratinib), Onureg® (azacitidine tablets), Zeposia® (ozanimod), Breyanzi® (lisocabtagene maraleucel), Abecma® (idecabtagene vicleucel), OpdualagTM (relatlimab plus nivolumab fixed-dose combination), Camzyos® (mavacamten) and SotyktuTM (deucravacitinib).
** Non-GAAP EPS is not calculated in accordance with U.S. Generally Accepted Accounting Principles. This Non-GAAP measure excludes certain costs, expenses, gains and losses and other specified items. A reconciliation of GAAP to non-GAAP measures can be found on our website at bms.com. See, “Quarterly package of financial information” available on bms.com/investors for additional information on the limitations of non-GAAP financial measures and the list of specified items excluded from Non-GAAP EPS. Materials on this infographic may contain information about the company’s future plans and prospects that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Forward-looking statements contained in this document should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb's business, particularly those identified in the cautionary statement and risk factors discussion in the company’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. These documents are available from the Securities and Exchange Commission, the Bristol Myers Squibb website or from Bristol Myers Squibb Investor Relations. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.