Bristol-Myers Squibb Company (NYSE:BMY) today reports results for the fourth quarter and full year of 2019, which highlight continued strong sales and robust operating performance, along with the ongoing advancement of the companys pipeline.

"By all measures, 2019 was a transformative year for Bristol-Myers Squibb as we progressed our strategy through the acquisition of Celgene, delivered strong operational and financial performance, and continued to drive important science for patients," said Giovanni Caforio, M.D., chairman and chief executive officer, Bristol-Myers Squibb. "With an expanded portfolio of high-performing brands, eight potential commercial launch opportunities, a deep and broad early pipeline, and the financial flexibility to continue to invest in innovation, the company enters 2020 uniquely positioned to transform patients lives through science and create long-term sustainable growth."

Fourth Quarter

$ amounts in millions, except per share amounts

2019*

2018

Change

Total Revenues

$7,945

$5,973

33%

GAAP Diluted EPS

(0.55)

0.71

N/A

Non-GAAP Diluted EPS

1.22

0.94

30%

Full Year

$ amounts in millions, except per share amounts

2019*

2018

Change

Total Revenues

$26,145

$22,561

16%

GAAP Diluted EPS

2.01

3.01

(33)%

Non-GAAP Diluted EPS

4.69

3.98

18%

*Includes Celgene results from November 20, 2019 through December 31, 2019.

FOURTH QUARTER FINANCIAL RESULTS

All comparisons are made versus the same period in 2018 unless otherwise stated.

ACQUISITION OF CELGENE CORPORATION

Otezla is a trademark of Amgen Inc.

FOURTH QUARTER PRODUCT AND PIPELINE UPDATE

Product Revenue Highlights

Global product revenue increases in the fourth quarter of 2019, as compared to the fourth quarter of 2018, drove revenue increases.

* Represents product revenues for Celgene products only from November 20, 2019, which was the date of the closing of the acquisition, through December 31, 2019. See "Worldwide Product Revenue," which is available on bms.com/investors, for information on the revenue for these products and other products of the company and Celgene presented on a quarterly basis for 2018 and 2019.

Oncology

Opdivo

Regulatory

Clinical

Cardiovascular

Eliquis

Clinical

Immunology

Orencia

Regulatory

Clinical

Hematology

Conferences

In December, at the 2019 American Society of Hematology (ASH) Annual Meeting, the company announced important new data and analysis from its hematology portfolio:

The following data were also presented at the ASH Annual Meeting by the company and its partners:

Revlimid

Regulatory

Reblozyl

Regulatory

Clinical

ide-cel

Clinical

liso-cel

Regulatory

BUSINESS DEVELOPMENT UPDATE

CAPITAL ALLOCATION

Bristol-Myers Squibb maintains a balanced approach to capital allocation focused on future business development and sourcing external innovation as a priority, de-leveraging in the near term to maintain strong investment grade credit ratings and less than 1.5x debt/EBITDA by 2023, planning for annual dividend increases, subject to board approval, and disciplined share repurchases.

In that context, the company today announced its board of directors approved an increase of $5 billion to the share repurchase authorization for the companys common stock. This is incremental to the current share repurchase program announced in October 2016 under which the company has approximately $1 billion remaining and increases the companys total outstanding share repurchase authorization under the companys share repurchase program to approximately $6 billion.

The specific timing and number of shares repurchased will be determined by the companys management at its discretion and will vary based on market conditions, securities law limitations and other factors. The share repurchase program does not obligate the company to repurchase any specific number of shares, does not have a specific expiration date and may be suspended or discontinued at any time. The repurchases may be effected through a combination of one or more open market repurchases, privately negotiated transactions, transactions structured through investment banking institutions and other derivative transactions.

FINANCIAL GUIDANCE

Bristol-Myers Squibb is providing 2020 GAAP EPS guidance range of $0.75 to $0.95 and non-GAAP EPS guidance range of $6.00 to $6.20. In addition, the company is providing for 2021, a non-GAAP EPS guidance range of $7.15 to $7.45. Both GAAP and non-GAAP guidance for 2020 and non-GAAP guidance for 2021 includes the impact of the Celgene acquisition and the Otezla divestiture and assume current exchange rates. Key 2020 GAAP and non-GAAP line-item guidance assumptions are:

GAAP

non-GAAP

Revenue

$40.5B - $42.5B

$40.5B - $42.5B

Gross margin as a percentage of revenue

Approximately 74%

Approximately 80%

Marketing, selling, and administrative expenses

$6.8B - $7.0B

$6.8B - $7.0B

Research and development expenses

$10.1B - $10.3B

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Bristol-Myers Squibb Reports Fourth Quarter and Full Year Financial Results for 2019 - Yahoo Finance