BRISTOL-MYERS SQUIBB COMPANY REPORTS FINANCIAL RESULTS FOR THE
BRISTOL-MYERS SQUIBB COMPANY REPORTS FINANCIAL RESULTS FOR THE 4TH QUARTER & TWELVE MONTHS OF 2007
• Posts 33% Sales Growth from Continuing Operations in the Fourth Quarter 2007
• Revises 2008 EPS Guidance Primarily to Reflect the Sale of Medical Imaging
• Reaffirms Expected Non-GAAP EPS CAGR of at least 15% from 2007 Base Through 2010, Subject to Certain Assumptions
• Completes Sale of Medical Imaging Business, Reports as Discontinued Operations, with Fourth Quarter EPS of $0.02 and Full-Year EPS of $0.10
• Posts Fourth Quarter 2007 GAAP Loss Per Share of $0.07 and 2007 Full Year GAAP EPS of $0.99 from Continuing Operations, Impacted by Specified Items
• Posts Fourth Quarter and Full Year 2007 Non-GAAP EPS of $0.33 and $1.38 from Continuing Operations ($0.35 and $1.48, including Discontinued Operations), Exceeding Top End of Non-GAAP Guidance Range
(NEW YORK, January 31, 2008) – Bristol-Myers Squibb Company (NYSE:BMY) today reported financial results for the fourth quarter and twelve months ended December 31, 2007 and revised 2008 earnings guidance primarily to reflect the sale of the Medical Imaging business.
Bristol-Myers Squibb posted fourth quarter 2007 net sales from continuing operations of $5.4 billion, an increase of 33%, including a 5% favorable foreign exchange impact, compared to the same period in 2006. Excluding the estimated adverse impact of generic competition for PLAVIX® in 2006, net sales from continuing operations increased 13%. The company reported a fourth quarter 2007 net loss from continuing operations of $133 million, or a loss of $0.07 per diluted share, under U.S. Generally Accepted Accounting Principles (GAAP), compared to a net loss from continuing operations of $170 million, or a loss of $0.09 per diluted share for the same period in 2006. The 2007 results include charges of $292 million associated with the implementation of the previously announced Productivity Transformation Initiative, an in-process research and development charge of $230 million in connection with the acquisition of Adnexus Therapeutics (Adnexus) and an impairment charge of $275 million on the company’s investments in auction rate securities. On a non-GAAP basis excluding specified items, fourth quarter 2007 net earnings from continuing operations were $654 million, or $0.33 per diluted share, compared to $344 million, or $0.18 per diluted share for the same period in 2006.
On January 8, 2008, the company completed the sale of its Medical Imaging business for approximately $525 million, which is presented as a discontinued operation. Included in discontinued operations were fourth quarter net sales of $142 million and $156 million in 2007 and 2006, respectively, and basic and diluted earnings per share of $0.02 in the fourth quarters of 2007 and 2006.