Bristol Myers Squibb Reports Third Quarter Financial Results for 2023

Published
  • Reports Third Quarter Revenues of $11.0 Billion
  • Posts Third Quarter GAAP Earnings Per Share of $0.93 and Non-GAAP EPS of $2.00; Includes Net Impact of ($0.03) Per Share for GAAP and Non-GAAP EPS Due to Acquired IPRD Charges and Licensing Income
  • Reports Third Quarter Revenue Growth for In-Line Products and New Product Portfolio of 8%, or 7% When Adjusted for Foreign Exchange
  • Achieves Key Clinical and Regulatory Milestones Across Multiple Therapeutic Areas
  • Strengthens Oncology Portfolio with Planned Acquisition of Targeted Oncology Company Mirati Therapeutics
  • Adjusts 2023 GAAP EPS Guidance; Raises Midpoint of Non-GAAP EPS Guidance Range
  • Updates Medium-Term Financial Targets

PRINCETON, N.J.--(BUSINESS WIRE)-- Bristol Myers Squibb (NYSE:BMY) today reports results for the third quarter of 2023, which reflect significant pipeline progress and advances in the company's portfolio renewal strategy.

“My excitement for the company's future is centered on the diversification of our business, the breadth of our new product portfolio and the strength of our pipeline,” said Giovanni Caforio, M.D., board chair and chief executive officer, Bristol Myers Squibb. “I am proud of what we have achieved together and look forward to what the dedicated people of our company will continue to accomplish for patients."

Christopher Boerner, Ph.D., executive vice president and chief operating officer and CEO-elect, Bristol Myers Squibb, added the following:

“I want to thank Giovanni for his tremendous leadership and commitment not only to patients, but also to strengthening our company. During the third quarter, we continued to grow our in-line and new product portfolio. We remain focused on accelerating commercial performance, advancing our pipeline and harnessing our financial flexibility to pursue business development opportunities that benefit patients."

 

Third Quarter

$ amounts in millions, except per share amounts

2023

 

2022

 

Change

 

Change Excl. F/X**

Total Revenues

$10,966

 

$11,218

 

(2)%

 

(3)%

Earnings per share - GAAP*

0.93

 

0.75

 

24%

 

N/A

Earnings per share - Non-GAAP*

2.00

 

1.99

 

1%

 

N/A

 

 

 

 

 

 

 

 

* GAAP and Non-GAAP earnings per share include the net impact of Acquired IPRD charges and licensing income, which decreased by $0.03 per share in the third quarter of 2023 compared to an increase of $0.02 per share in the third quarter of 2022.

** See "Use of Non-GAAP Financial Information".

THIRD QUARTER FINANCIAL RESULTS All comparisons are made versus the same period in 2022 unless otherwise stated.

  • Bristol Myers Squibb posted third quarter revenues of $11.0 billion, a decrease of 2%, or 3% when adjusted for foreign exchange, due to lower sales of Revlimid, partially offset by our new product portfolio and in-line products.
  • U.S. revenues decreased 4% to $7.6 billion in the quarter primarily due to lower sales of Revlimid resulting from generic erosion and, as previously disclosed, an increase in the number of patients receiving free drug product for Revlimid, and to a lesser extent Pomalyst, from the Bristol Myers Squibb Patient Assistance Foundation, a separate and independent 501(c)(3) entity to which BMS donates products. This was partially offset by our new product portfolio and in-line products.
  • International revenues increased 2% to $3.3 billion in the quarter. When adjusted for foreign exchange impacts, international revenues increased 1%, primarily due to Opdivo and our new product portfolio, partially offset by lower average net selling prices.
  • On a GAAP basis, gross margin decreased from 79.0% to 77.1% and on a Non-GAAP basis, decreased from 79.8% to 77.3% primarily due to product mix and lower hedge settlement gains.
  • On a GAAP basis, marketing, selling and administrative expenses increased 4% to $2.0 billion in the quarter primarily due to higher advertising and promotion costs to support new product launches, partially offset by the cash settlement of Turning Point Therapeutics, Inc. ("Turning Point") unvested stock awards in 2022. On a Non-GAAP basis, marketing, selling and administrative expenses increased 4% to $1.9 billion in the quarter, primarily due to higher advertising and promotion costs to support new product launches.
  • On a GAAP basis, research and development expenses decreased 7% to $2.2 billion in the quarter due to lower clinical grants and supplies and cash settlement of Turning Point unvested stock awards in 2022. On a Non-GAAP basis, research and development expenses decreased 4% to $2.2 billion in the quarter primarily due to lower clinical grants and supplies.
  • On a GAAP and Non-GAAP basis, Acquired IPRD increased to $80 million in the quarter from $30 million in the same period a year ago. On a GAAP and Non-GAAP basis, licensing income was $12 million in the quarter compared to $73 million in the same period a year ago.
  • On a GAAP basis, amortization of acquired intangible assets decreased 7% to $2.3 billion in the quarter, primarily due to the Abraxane marketed product right being fully amortized in the fourth quarter of 2022.
  • On a GAAP basis, effective tax rate changed from 27.2% to 9.5% in the quarter and on a Non-GAAP basis the effective tax rate changed from 16.9% to 11.6%, primarily due to changes in the IRS income tax guidance regarding deductibility of certain non-U.S. research and development expenses.
  • The company reported on a GAAP basis net earnings attributable to Bristol Myers Squibb of $1.9 billion, or $0.93 per share, in the third quarter compared to $1.6 billion, or $0.75 per share, for the same period a year ago.
  • The company reported on a Non-GAAP basis net earnings attributable to Bristol Myers Squibb of $4.1 billion, or $2.00 per share, in the third quarter compared to $4.3 billion, or $1.99 per share, for the same period a year ago.
  • The EPS results in the third quarter of 2023 also include the impact of lower weighted-average common shares outstanding.

THIRD QUARTER PRODUCT REVENUE HIGHLIGHTS

($ amounts in millions)

 

Quarter Ended September 30, 2023

 

% Change from Quarter Ended September 30, 2022

 

% Change from Quarter Ended September 30, 2022 Ex-F/X**

 

 

U.S.(c)

 

Int'l

 

WW(d)

 

U.S.(c)

 

Int'l

 

WW(d)

 

Int'l

 

WW(d)

In-Line Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eliquis

 

$

1,799

 

$

906

 

$

2,705

 

4%

 

(2)%

 

2%

 

(6)%

 

—%

Opdivo

 

 

1,352

 

 

923

 

 

2,275

 

9%

 

15%

 

11%

 

15%

 

11%

Pomalyst/Imnovid

 

 

610

 

 

262

 

 

872

 

(5)%

 

7%

 

(2)%

 

4%

 

(2)%

Orencia

 

 

719

 

 

206

 

 

925

 

5%

 

2%

 

5%

 

1%

 

5%

Sprycel

 

 

406

 

 

111

 

 

517

 

1%

 

(30)%

 

(8)%

 

(29)%

 

(8)%

Yervoy

 

 

362

 

 

217

 

 

579

 

12%

 

8%

 

11%

 

6%

 

10%

Mature and other products (a)

 

 

191

 

 

285

 

 

476

 

—%

 

(12)%

 

(7)%

 

(11)%

 

(7)%

Total In-Line Products

 

 

5,439

 

 

2,910

 

 

8,349

 

4%

 

2%

 

3%

 

—%

 

3%

New Product Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reblozyl

 

 

200

 

 

48

 

 

248

 

28%

 

41%

 

31%

 

35%

 

29%

Abecma

 

 

69

 

 

24

 

 

93

 

(8)%

 

(25)%

 

(13)%

 

(28)%

 

(14)%

Opdualag

 

 

162

 

 

4

 

 

166

 

93%

 

N/A

 

98%

 

N/A

 

98%

Zeposia

 

 

96

 

 

27

 

 

123

 

92%

 

42 %

 

78%

 

32%

 

75%

Breyanzi

 

 

77

 

 

15

 

 

92

 

*

 

67 %

 

*

 

67%

 

*

Onureg

 

 

30

 

 

13

 

 

43

 

25%

 

63 %

 

34%

 

50%

 

31%

Inrebic

 

 

19

 

 

10

 

 

29

 

12%

 

*

 

38%

 

*

 

33%

Camzyos

 

 

67

 

 

1

 

 

68

 

*

 

N/A

 

*

 

N/A

 

*

Sotyktu

 

 

62

 

 

4

 

 

66

 

*

 

N/A

 

*

 

N/A

 

*

Total New Product Portfolio

 

 

782

 

 

146

 

 

928

 

75%

 

38%

 

68%

 

31%

 

67%

Total In-Line and New Product Portfolio

 

 

6,221

 

 

3,056

 

 

9,277

 

10%

 

3%

 

8%

 

1%

 

7%

Recent LOE Products (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revlimid

 

 

1,226

 

 

203

 

 

1,429

 

(44)%

 

(19)%

 

(41)%

 

(18)%

 

(41)%

Abraxane

 

 

181

 

 

79

 

 

260

 

57%

 

27%

 

47%

 

39%

 

51%

Total Recent LOE Products

 

 

1,407

 

 

282

 

 

1,689

 

(38)%

 

(10)%

 

(35)%

 

(7)%

 

(35)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenues

 

$

7,628

 

$

3,338

 

$

10,966

 

(4)%

 

2%

 

(2)%

 

1%

 

(3)%

* In excess of +100%

** See "Use of Non-GAAP Financial Information".

(a) Includes over-the-counter (OTC) products, royalty revenue and mature products.

(b) Recent LOE Products includes products with significant expected decline in revenue from a prior reporting period as a result of a loss of exclusivity.

(c) Includes Puerto Rico.

(d) Worldwide (WW) includes International (Int'l) and U.S.

THIRD QUARTER PRODUCT REVENUE HIGHLIGHTS

In-Line Products Revenues for in-line products in the third quarter were $8.3 billion compared to $8.1 billion in the prior year period. In-line products revenue was largely driven by:

  • Opdivo worldwide revenues increased 11% reported and when adjusted for foreign exchange. U.S. revenues increased 9% to $1.4 billion compared to the prior year period primarily due to higher demand. International revenues were $923 million compared to $804 million in the prior year period, representing an increase of 15% reported and when adjusted for foreign exchange, primarily due to higher demand as a result of launches for additional indications and core indications.
  • Eliquis worldwide revenues increased 2% compared to the prior year period. U.S. revenues were $1.8 billion compared to $1.7 billion in the prior year period, representing an increase of 4% primarily due to higher demand, partially offset by GTN adjustments in 2023. International revenues were $906 million compared to $926 million in the prior year period, representing a decrease of 2%, primarily driven by lower average net selling prices and generic erosion in Canada and the U.K.

New Product Portfolio

  • New product portfolio worldwide revenues increased to $928 million compared to $553 million in the prior year period, representing a growth of 68%, primarily driven by higher demand across the portfolio, including for Opdualag, Sotyktu, Camzyos, Reblozyl, Zeposia and Breyanzi.

Recent LOE Products

  • Revlimid worldwide revenues declined by 41% compared to the prior year period, primarily due to generic erosion and, as previously disclosed, an increase in the number of patients receiving free drug product from the Bristol Myers Squibb Patient Assistance Foundation, a separate and independent 501(c)(3) entity to which the company donates products.

PRODUCT AND PIPELINE UPDATE Bristol Myers Squibb recently achieved significant regulatory and clinical milestones, including an important U.S. regulatory approval for Reblozyl in first-line, MDS-associated anemia. In addition, the company achieved strong results from a Phase 3 study evaluating subcutaneous nivolumab and received two key approvals—from the U.S. Food and Drug Administration (FDA) and the European Commission for Opdivo in stage IIB or IIC melanoma. The company also announced initial data from a Phase 3 trial evaluating a perioperative regimen including Opdivo in non-small cell lung cancer, as well as positive Phase 2 results evaluating its potential first-in-class LPA1 antagonist in progressive pulmonary fibrosis.

Cardiovascular

Category

Asset

Milestone

Clinical & Research

Camzyos® (mavacamten)

Data from the EXPLORER-LTE cohort of the MAVA-LTE study showed sustained improvements in left ventricular outflow tract obstruction, symptoms and NT-proBNP levels in patients with symptomatic obstructive hypertrophic cardiomyopathy (HCM) based on a cumulative 120-week analysis.

 

In addition, long-term follow-up results from the Phase 3 VALOR-HCM LTE trial demonstrated the consistent impact of oral treatment for severely symptomatic obstructive HCM patients by showing that nearly nine out of 10 patients treated with Camzyos have continued in the trial without septal reduction therapy at either 40 or 56 weeks of treatment. 

 

Eliquis® (apixaban)

Results presented by the Bristol-Myers Squibb-Pfizer Alliance from ATHENS, a retrospective real-world data study, demonstrated that switching from Eliquis to rivaroxaban in non-valvular atrial fibrillation patients was associated with a higher risk of stroke/systemic embolism and major bleeding than those who continued Eliquis.

Oncology

Category

Asset

Milestone

Regulatory

Opdivo® (nivolumab)

The FDA approved the supplemental Biologics License Application for Opdivo as a monotherapy in the adjuvant setting for the treatment of eligible patients with completely resected stage IIB or IIC melanoma. The approval is based on results from the CheckMate -76K trial.

 

 

The European Commission approved Opdivo as a monotherapy for the adjuvant treatment of adults and adolescents 12 years of age and older with stage IIB or IIC melanoma who have undergone complete resection. The approval is based on results from the Phase 3 CheckMate -76K trial.

Clinical & Research

Opdivo

First results from the Phase 3 CheckMate -901 trial demonstrated that Opdivo in combination with cisplatin-based chemotherapy followed by Opdivo monotherapy demonstrated statistically significant and clinically meaningful improvements in the primary efficacy endpoints of overall survival and progression-free survival compared to standard-of-care cisplatin-based chemotherapy as a first-line treatment for patients with unresectable or metastatic urothelial carcinoma who are eligible for cisplatin-based chemotherapy.

 

 

First data disclosure from the Phase 3 CheckMate -77T trial evaluating the perioperative regimen of neoadjuvant Opdivo with chemotherapy followed by surgery and adjuvant Opdivo in patients with resectable stage IIA to IIIB non-small cell lung cancer (NSCLC) demonstrated a statistically significant and clinically meaningful improvement in the primary efficacy endpoint of event-free survival compared to neoadjuvant chemotherapy and placebo followed by surgery and adjuvant placebo.

 

 

Three-year follow-up results from exploratory analyses of the Phase 3 CheckMate -816 trial demonstrated sustained event-free survival (EFS) and promising overall survival trends with three cycles of Opdivo in combination with platinum-based chemotherapy for the neoadjuvant treatment of patients with resectable NSCLC, regardless of PD-L1 expression levels. Neoadjuvant Opdivo with chemotherapy also showed improvements in pathologic complete response (pCR) and major pathologic response (MPR) over chemotherapy alone in PD-L1 ≥1% and $10 billion revenue from new product portfolio in 2026

40%+ Non-GAAP operating margin through 2025

Adjusts Non-GAAP operating margin target to >37% through 2025

1 At constant exchange rates on a risk-adjusted basis.

2 Primarily I-O and Eliquis.

Conference Call Information Bristol Myers Squibb will host a conference call today, Thursday, October 26, 2023, at 8:00 a.m. ET during which company executives will review the quarterly financial results and address inquiries from investors and analysts. Investors and the general public are invited to listen to a live webcast of the call at http://investor.bms.com.

Investors and the public can register for the live conference call here. Those unable to register can access the live conference call by dialing in the U.S. toll-free 1-833-816-1116 or international +1 412-317-0705. Materials related to the call will be available at http://investor.bms.com prior to the start of the conference call.

A replay of the webcast will be available at http://investor.bms.com approximately three hours after the conference call concludes. A replay of the conference call will be available beginning at 11:30 a.m. ET on October 26, 2023, through 11:30 a.m. ET on November 9, 2023, by dialing in the U.S. toll free 1-877-344-7529 or international +1 412-317-0088, confirmation code: 3515954.

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. For more information about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube, Facebook, and Instagram.

corporatefinancial-news

Use of Non-GAAP Financial Information In discussing financial results and guidance, the company refers to financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The Non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP and are presented because management has evaluated the company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the Non-GAAP financial measures presented portray the results of the company's baseline performance, supplement or enhance management, analysts and investors overall understanding of the company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. In addition, Non-GAAP gross margin, which is gross profit excluding certain specified items, as a percentage of revenues, Non-GAAP operating margin, which is gross profit less marketing, selling and administrative expenses and research and development expense excluding certain specified items as a percentage of revenues, Non-GAAP operating expenses, which is marketing, selling and administrative and research and development expenses excluding certain specified items, Non-GAAP marketing, selling and administrative expense, which is marketing, selling and administrative expense excluding certain specified items, and Non-GAAP research and development expenses, which is research and development expenses excluding certain specified items, are relevant and useful for investors because they allow investors to view performance in a manner similar to the method used by our management and make it easier for investors, analysts and peers to compare our operating performance to other companies in our industry and to compare our year-over-year results.

This earnings release and the accompanying tables also provide certain revenues and expenses as well as Non-GAAP measures excluding the impact of foreign exchange ("Ex-Fx"). We calculate foreign exchange impacts by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results. Ex-Fx financial measures are not accounted for according to GAAP because they remove the effects of currency movements from GAAP results.

Non-GAAP financial measures such as Non-GAAP earnings and related EPS information are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded from Non-GAAP earnings and related EPS information because the company believes they neither relate to the ordinary course of the company’s business nor reflect the company’s underlying business performance. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods, including amortization of acquired intangible assets, including product rights that generate a significant portion of our ongoing revenue and will recur until the intangible assets are fully amortized, unwind of inventory purchase price adjustments, acquisition and integration expenses, restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, costs of acquiring a priority review voucher, divestiture gains or losses, stock compensation resulting from acquisition-related equity awards, pension, legal and other contractual settlement charges, equity investment and contingent value rights fair value adjustments (including fair value adjustments attributed to limited partnership equity method investments), income resulting from the change in control of the Nimbus Therapeutics TYK2 Program and amortization of fair value adjustments of debt acquired from Celgene in our 2019 exchange offer, among other items. Deferred and current income taxes attributed to these items are also adjusted for considering their individual impact to the overall tax expense, deductibility and jurisdictional tax rates. Certain other significant tax items are also excluded such as the impact resulting from a Non-U.S. tax ruling regarding the deductibility of a statutory impairment of subsidiary investments.

Because the Non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related financial measures presented in the press release that are prepared in accordance with GAAP and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

Reconciliations of the Non-GAAP financial measures to the most comparable GAAP measures are provided in the accompanying financial tables and will also be available on the company’s website at www.bms.com. Within the accompanying financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.

Also note that a reconciliation of forward-looking Non-GAAP gross margin, Non-GAAP operating margin, Non-GAAP operating expenses and Non-GAAP effective tax rate is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not able to reliably predict the impact of the unwind of inventory purchase price adjustments, accelerated depreciation and impairment of property, plant and equipment and intangible assets and stock compensation resulting from acquisition-related equity awards, or currency exchange rates beyond the next twelve months. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on our future GAAP results.

Website Information We routinely post important information for investors on our website, BMS.com, in the “Investors” section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. We may also use social media channels to communicate with our investors and the public about our company, our products and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels are not incorporated by reference into, and are not a part of, this document.

Cautionary Statement Regarding Forward-Looking Statements This earnings release and the related attachments (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain “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, regarding, among other things, the Company’s 2023 financial guidance, plans and strategy, including its business development and capital allocation strategy, the acquisition of Mirati by the company, anticipated developments in the company’s pipeline and expectations with respect to the company’s future market position. These statements may be identified by the fact they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. No forward-looking statement can be guaranteed and there is no assurance that the company will achieve its financial guidance and long-term targets, that the company’s future clinical studies will support the data described in this release, that the company’s product candidates will receive necessary clinical and manufacturing regulatory approvals, that the company’s pipeline products will prove to be commercially successful, that clinical and manufacturing regulatory approvals will be sought or obtained within currently expected timeframes, or that contractual milestones will be achieved or that the acquisition of Mirati will be completed on the current anticipated timeline or at all.

Forward-looking statements are based on current expectations and projections about the company’s future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond the company’s control and could cause the company’s future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. Such risks, uncertainties and other matters include, but are not limited to: increasing pricing pressures from market access, pharmaceutical pricing controls and discounting; market actions taken by private and government payers to manage drug utilization and contain costs; the company’s ability to retain patent exclusivity of certain products; regulatory changes that result in lower prices, lower reimbursement rates and smaller populations for whom payers will reimburse; changes under the 340B Drug Pricing Program; the company’s ability to obtain and maintain regulatory approval for its product candidates; the company’s ability to obtain and protect market exclusivity rights and enforce patents and other intellectual property rights; the possibility of difficulties and delays in product introduction and commercialization; increasing industry competition; potential difficulties, delays and disruptions in manufacturing, distribution or sale of products; the company’s ability to identify potential strategic acquisitions, licensing opportunities or other beneficial transactions; failure to complete, or delays in completing, collaborations, acquisitions, divestitures, alliances and other portfolio actions and the failure to achieve anticipated benefits from such transactions and actions; the risk of an adverse patent litigation decision or settlement and exposure to other litigation and/or regulatory actions or investigations; the impact of any healthcare reform and legislation or regulatory action in the United States and international markets; increasing market penetration of lower-priced generic products; the failure of the company’s suppliers, vendors, outsourcing partners, alliance partners and other third parties to meet their contractual, regulatory and other obligations; the impact of counterfeit or unregistered versions of the company’s products and from stolen products; product label changes or other measures that could reduce the product's market acceptance for the company's products and result in declining sales; safety or efficacy concerns regarding the company’s products or any product in the same class as the company’s products; the risk of cyber-attacks on the company’s information systems or products and unauthorized disclosure of trade secrets or other confidential data; the company’s ability to execute its financial, strategic and operational plans; the company’s dependency on several key products; any decline in the company’s future royalty streams; the company’s ability to attract and retain key personnel; the impact of the company’s significant indebtedness; political and financial instability of international economies and sovereign risk including as a result of the Russian Federation-Ukraine conflict; interest rate and currency exchange rate fluctuations, credit and foreign exchange risk management; risks relating to the use of social media platforms; the impact of our exclusive forum provision in our by-laws for certain lawsuits on our stockholders’ ability to obtain a judicial forum that they find favorable for such lawsuits; issuance of new or revised accounting standards; and risks relating to public health outbreaks, epidemics and pandemics, including the impact of the COVID-19 pandemic on the company’s operations.

Forward-looking statements in this earnings release should be evaluated together with the many risks and uncertainties that affect the company’s business and market, particularly those identified in the cautionary statement and risk factors discussion in the company’s Annual Report on Form 10-K for the year ended December 31, 2022, as updated by the company’s subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. 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.

 

BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED STATEMENTS OF EARNINGS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Unaudited, dollars and shares in millions except per share data)

 
 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

Net product sales

$

10,645

 

$

10,813

 

$

32,610

 

$

33,606

Alliance and other revenues

 

321

 

 

405

 

 

919

 

 

1,147

Total Revenues

 

10,966

 

 

11,218

 

 

33,529

 

 

34,753

 

 

 

 

 

 

 

 

Cost of products sold(a)

 

2,506

 

 

2,353

 

 

7,948

 

 

7,544

Marketing, selling and administrative

 

2,003

 

 

1,930

 

 

5,699

 

 

5,548

Research and development

 

2,242

 

 

2,418

 

 

6,821

 

 

6,999

Acquired IPRD

 

80

 

 

30

 

 

313

 

 

763

Amortization of acquired intangible assets

 

2,256

 

 

2,418

 

 

6,769

 

 

7,252

Other (income)/expense, net

 

(258)

 

 

(140)

 

 

(787)

 

 

793

Total Expenses

 

8,829

 

 

9,009

 

 

26,763

 

 

28,899

 

 

 

 

 

 

 

 

Earnings Before Income Taxes

 

2,137

 

 

2,209

 

 

6,766

 

 

5,854

Provision for Income Taxes

 

203

 

 

601

 

 

488

 

 

1,534

Net Earnings

 

1,934

 

 

1,608

 

 

6,278

 

 

4,320

Noncontrolling Interest

 

6

 

 

2

 

 

15

 

 

15

Net Earnings Attributable to BMS

$

1,928

 

$

1,606

 

$

6,263

 

$

4,305

 

 

 

 

 

 

 

 

Weighted-Average Common Shares Outstanding:

 

 

 

 

 

 

 

Basic

 

2,057

 

 

2,133

 

 

2,083

 

 

2,137

Diluted

 

2,064

 

 

2,148

 

 

2,093

 

 

2,154

 

 

 

 

 

 

 

 

Earnings per Common Share:

 

 

 

 

 

 

 

Basic

$

0.94

 

$

0.75

 

$

3.01

 

$

2.01

Diluted

 

0.93

 

 

0.75

 

 

2.99

 

 

2.00

 

 

 

 

 

 

 

 

Other (income)/expense, net

 

 

 

 

 

 

 

Interest expense(b)

$

280

 

$

299

 

$

850

 

$

938

Royalty and licensing income

 

(365)

 

 

(374)

 

 

(1,068)

 

 

(967)

Royalty income - divestitures

 

(217)

 

 

(205)

 

 

(623)

 

 

(597)

Equity investment losses

 

 

 

14

 

 

213

 

 

966

Integration expenses

 

54

 

 

114

 

 

180

 

 

343

Loss on debt redemption

 

 

 

 

 

 

 

266

Divestiture gains

 

 

 

 

 

 

 

(211)

Litigation and other settlements

 

(61)

 

 

44

 

 

(393)

 

 

32

Investment income

 

(107)

 

 

(52)

 

 

(304)

 

 

(89)

Provision for restructuring

 

141

 

 

17

 

 

321

 

 

60

Other

 

17

 

 

3

 

 

37

 

 

52

Other (income)/expense, net

$

(258)

 

$

(140)

 

$

(787)

 

$

793

(a) Excludes amortization of acquired intangible assets.

(b) Includes amortization of purchase price adjustments to Celgene debt.

 

BRISTOL-MYERS SQUIBB COMPANY PRODUCT REVENUES FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Unaudited, dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change vs. 2022

 

 

2023

 

2022

 

GAAP

 

Excl. F/X**

 

 

U.S. (c)

 

Int'l

 

WW (d)

 

U.S. (c)

 

Int'l

 

WW (d)

 

U.S. (c)

 

Int'l

 

WW (d)

 

U.S.(c)

 

Int'l

 

WW (d)

In-Line Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eliquis

 

$

1,799

 

$

906

 

$

2,705

 

$

1,729

 

$

926

 

$

2,655

 

4%

 

(2)%

 

2%

 

4%

 

(6)%

 

—%

Opdivo

 

 

1,352

 

 

923

 

 

2,275

 

 

1,243

 

 

804

 

 

2,047

 

9%

 

15%

 

11%

 

9%

 

15%

 

11%

Pomalyst/Imnovid

 

 

610

 

 

262

 

 

872

 

 

640

 

 

246

 

 

886

 

(5)%

 

7%

 

(2)%

 

(5)%

 

4%

 

(2)%

Orencia

 

 

719

 

 

206

 

 

925

 

 

682

 

 

201

 

 

883

 

5%

 

2%

 

5%

 

5%

 

1%

 

5%

Sprycel

 

 

406

 

 

111

 

 

517

 

 

402

 

 

158

 

 

560

 

1%

 

(30)%

 

(8)%

 

1%

 

(29)%

 

(8)%

Yervoy

 

 

362

 

 

217

 

 

579

 

 

322

 

 

201

 

 

523

 

12%

 

8%

 

11%

 

12%

 

6%

 

10%

Mature and other brands(a)

 

 

191

 

 

285

 

 

476

 

 

191

 

 

323

 

 

514

 

— %

 

(12)%

 

(7)%

 

—%

 

(11)%

 

(7)%

Total In-Line Products

 

 

5,439

 

 

2,910

 

 

8,349

 

 

5,209

 

 

2,859

 

 

8,068

 

4%

 

2%

 

3%

 

4%

 

—%

 

3%

New Product Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reblozyl

 

 

200

 

 

48

 

 

248

 

 

156

 

 

34

 

 

190

 

28%

 

41%

 

31%

 

28%

 

35%

 

29%

Abecma

 

 

69

 

 

24

 

 

93

 

 

75

 

 

32

 

 

107

 

(8)%

 

(25)%

 

(13)%

 

(8)%

 

(28)%

 

(14)%

Opdualag

 

 

162

 

 

4

 

 

166

 

 

84

 

 

 

 

84

 

93%

 

N/A

 

98%

 

93%

 

N/A

 

98%

Zeposia

 

 

96

 

 

27

 

 

123

 

 

50

 

 

19

 

 

69

 

92%

 

42%

 

78%

 

92%

 

32%

 

75%

Breyanzi

 

 

77

 

 

15

 

 

92

 

 

35

 

 

9

 

 

44

 

*

 

67%

 

*

 

*

 

67%

 

*

Onureg

 

 

30

 

 

13

 

 

43

 

 

24

 

 

8

 

 

32

 

25%

 

63%

 

34%

 

25%

 

50 %

 

31%

Inrebic

 

 

19

 

 

10

 

 

29

 

 

17

 

 

4

 

 

21

 

12%

 

*

 

38%

 

12%

 

*

 

33%

Camzyos

 

 

67

 

 

1

 

 

68

 

 

5

 

 

 

 

5

 

*

 

N/A

 

*

 

*

 

N/A

 

*

Sotyktu

 

 

62

 

 

4

 

 

66

 

 

1

 

 

 

 

1

 

*

 

N/A

 

*

 

*

 

N/A

 

*

Total New Product Portfolio

 

 

782

 

 

146

 

 

928

 

 

447

 

 

106

 

 

553

 

75%

 

38%

 

68%

 

75%

 

31%

 

67%

Total In-Line and New Product Portfolio

 

 

6,221

 

 

3,056

 

 

9,277

 

 

5,656

 

 

2,965

 

 

8,621

 

10%

 

3%

 

8%

 

10%

 

1%

 

7%

Recent LOE Products(b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revlimid

 

 

1,226

 

 

203

 

 

1,429

 

 

2,170

 

 

250

 

 

2,420

 

(44)%

 

(19) %

 

(41)%

 

(44)%

 

(18)%

 

(41)%

Abraxane

 

 

181

 

 

79

 

 

260

 

 

115

 

 

62

 

 

177

 

57%

 

27 %

 

47%

 

57%

 

39%

 

51%

Total Recent LOE Products

 

 

1,407

 

 

282

 

 

1,689

 

 

2,285

 

 

312

 

 

2,597

 

(38)%

 

(10) %

 

(35)%

 

(38)%

 

(7)%

 

(35)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenues

 

$

7,628

 

$

3,338

 

$

10,966

 

$

7,941

 

$

3,277

 

$

11,218

 

(4)%

 

2%

 

(2)%

 

(4)%

 

1%

 

(3)%

* In excess of +100%

** See "Use of Non-GAAP Financial Information".

(a) Includes over-the-counter (OTC) products, royalty revenue and mature products.

(b) Recent LOE Products includes products with significant expected decline in revenue from a prior reporting period as a result of a loss of exclusivity.

(c) Includes Puerto Rico.

(d) Worldwide (WW) includes International (Int'l) and U.S.

 

BRISTOL-MYERS SQUIBB COMPANY PRODUCT REVENUES FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Unaudited, dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change vs. 2022

 

 

2023

 

2022

 

GAAP

 

Excl. F/X**

 

 

U.S. (c)

 

Int'l

 

WW (d)

 

U.S. (c)

 

Int'l

 

WW (d)

 

U.S. (c)

 

Int'l

 

WW (d)

 

U.S.(c)

 

Int'l

 

WW (d)

In-Line Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eliquis

 

$

6,693

 

$

2,639

 

$

9,332

 

$

6,068

 

$

3,033

 

$

9,101

 

10%

 

(13)%

 

3%

 

10%

 

(12)%

 

3%

Opdivo

 

 

3,872

 

 

2,750

 

 

6,622

 

 

3,547

 

 

2,486

 

 

6,033

 

9%

 

11%

 

10%

 

9%

 

14%

 

11%

Pomalyst/Imnovid

 

 

1,725

 

 

826

 

 

2,551

 

 

1,813

 

 

807

 

 

2,620

 

(5)%

 

2%

 

(3)%

 

(5)%

 

4%

 

(2)%

Orencia

 

 

1,988

 

 

628

 

 

2,616

 

 

1,928

 

 

623

 

 

2,551

 

3%

 

1%

 

3%

 

3%

 

4%

 

3%

Sprycel

 

 

1,029

 

 

375

 

 

1,404

 

 

1,079

 

 

508

 

 

1,587

 

(5)%

 

(26)%

 

(12)%

 

(5)%

 

(23)%

 

(11)%

Yervoy

 

 

1,045

 

 

627

 

 

1,672

 

 

959

 

 

604

 

 

1,563

 

9%

 

4%

 

7%

 

9%

 

7%

 

8%

Mature and other brands(a)

 

 

570

 

 

845

 

 

1,415

 

 

565

 

 

998

 

 

1,563

 

1%

 

(15)%

 

(9)%

 

1%

 

(13)%

 

(8)%

Total In-Line Products

 

 

16,922

 

 

8,690

 

 

25,612

 

 

15,959

 

 

9,059

 

 

25,018

 

6%

 

(4)%

 

2%

 

6%

 

(2)%

 

3%

New Product Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reblozyl

 

 

537

 

 

151

 

 

688

 

 

434

 

 

84

 

 

518

 

24%

 

80%

 

33%

 

24%

 

79%

 

33%

Abecma

 

 

302

 

 

70

 

 

372

 

 

203

 

 

60

 

 

263

 

49%

 

17%

 

41%

 

49%

 

17%

 

41%

Opdualag

 

 

430

 

 

7

 

 

437

 

 

148

 

 

 

 

148

 

*

 

N/A

 

*

 

*

 

N/A

 

*

Zeposia

 

 

223

 

 

78

 

 

301

 

 

119

 

 

52

 

 

171

 

87%

 

50%

 

76%

 

87%

 

48%

 

75%

Breyanzi

 

 

218

 

 

45

 

 

263

 

 

109

 

 

18

 

 

127

 

100%

 

*

 

*

 

100%

 

*

 

*

Onureg

 

 

86

 

 

35

 

 

121

 

 

68

 

 

19

 

 

87

 

26%

 

84%

 

39%

 

26%

 

84%

 

39%

Inrebic

 

 

55

 

 

26

 

 

81

 

 

52

 

 

10

 

 

62

 

6%

 

*

 

31%

 

6%

 

*

 

31%

Camzyos

 

 

142

 

 

1

 

 

143

 

 

8

 

 

 

 

8

 

*

 

N/A

 

*

 

*

 

N/A

 

*

Sotyktu

 

 

101

 

 

6

 

 

107

 

 

1

 

 

 

 

1

 

*

 

N/A

 

*

 

*

 

N/A

 

*

Total New Product Portfolio

 

 

2,094

 

 

419

 

 

2,513

 

 

1,142

 

 

243

 

 

1,385

 

83%

 

72%

 

81%

 

83%

 

72%

 

81%

Total In-Line and New Product Portfolio

 

 

19,016

 

 

9,109

 

 

28,125

 

 

17,101

 

 

9,302

 

 

26,403

 

11%

 

(2)%

 

7%

 

11%

 

—%

 

7%

Recent LOE Products(b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revlimid

 

 

4,004

 

 

643

 

 

4,647

 

 

6,338

 

 

1,380

 

 

7,718

 

(37)%

 

(53)%

 

(40)%

 

(37)%

 

(52)%

 

(40)%

Abraxane

 

 

532

 

 

225

 

 

757

 

 

464

 

 

168

 

 

632

 

15%

 

34%

 

20%

 

15%

 

46%

 

23%

Total Recent LOE Products

 

 

4,536

 

 

868

 

 

5,404

 

 

6,802

 

 

1,548

 

 

8,350

 

(33)%

 

(44)%

 

(35)%

 

(33)%

 

(41)%

 

(35)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenues

 

$

23,552

 

$

9,977

 

$

33,529

 

$

23,903

 

$

10,850

 

$

34,753

 

(1)%

 

(8)%

 

(4)%

 

(1)%

 

(6)%

 

(3)%

* In excess of +100%

** See "Use of Non-GAAP Financial Information".

(a) Includes over-the-counter (OTC) products, royalty revenue and mature products.

(b) Recent LOE Products includes products with significant expected decline in revenue from a prior reporting period as a result of a loss of exclusivity.

(c) Includes Puerto Rico.

(d) Worldwide (WW) includes International (Int'l) and U.S.

 

BRISTOL-MYERS SQUIBB COMPANY INTERNATIONAL AND WORLDWIDE REVENUES FOREIGN EXCHANGE IMPACT (%) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 (Unaudited)

 
 

 

International

 

WW (c)

 

Revenue Change %

 

F/X % Favorable/ (Unfavorable)

 

Revenue Change % Ex- F/X

 

Revenue Change %

 

F/X % Favorable/ (Unfavorable)

 

Revenue Change % Ex- F/X

In-Line Products

 

 

 

 

 

 

 

 

 

 

 

Eliquis

(2)%

 

4%

 

(6)%

 

2%

 

2%

 

—%

Opdivo

15%

 

—%

 

15%

 

11%

 

—%

 

11%

Pomalyst/Imnovid

7%

 

3%

 

4%

 

(2)%

 

—%

 

(2)%

Orencia

2%

 

1%

 

1%

 

5%

 

—%

 

5%

Sprycel

(30)%

 

(1)%

 

(29)%

 

(8)%

 

—%

 

(8)%

Yervoy

8%

 

2%

 

6%

 

11%

 

1%

 

10%

Mature and other products(a)

(12)%

 

(1)%

 

(11)%

 

(7)%

 

—%

 

(7)%

Total In-Line Products

2%

 

2%

 

—%

 

3%

 

—%

 

3%

New Product Portfolio

 

 

 

 

 

 

 

 

 

 

 

Reblozyl

41%

 

6%

 

35%

 

31%

 

2%

 

29%

Abecma

(25)%

 

3%

 

(28)%

 

(13)%

 

1%

 

(14)%

Opdualag

N/A

 

N/A

 

N/A

 

98%

 

—%

 

98%

Zeposia

42%

 

10%

 

32%

 

78%

 

3%

 

75%

Breyanzi

67%

 

—%

 

67%

 

*

 

*

 

*

Onureg

63%

 

13%

 

50%

 

34%

 

3%

 

31%

Inrebic

*

 

*

 

*

 

38%

 

5%

 

33%

Camzyos

N/A

 

N/A

 

N/A

 

*

 

*

 

*

Sotyktu

N/A

 

N/A

 

N/A

 

*

 

*

 

*

Total New Product Portfolio

38%

 

7%

 

31%

 

68%

 

1%

 

67%

Total In-Line Products and New Product Portfolio

3%

 

2%

 

1%

 

8%

 

1%

 

7%

Recent LOE Products(b)

 

 

 

 

 

 

 

 

 

 

 

Revlimid

(19)%

 

(1)%

 

(18)%

 

(41)%

 

—%

 

(41)%

Abraxane

27%

 

(12)%

 

39%

 

47%

 

(4)%

 

51%

Total Recent LOE Products

(10)%

 

(3)%

 

(7)%

 

(35)%

 

—%

 

(35)%

 

 

 

 

 

 

 

 

 

 

 

 

Total

2%

 

1%

 

1%

 

(2)%

 

1%

 

(3)%

* In excess of +/-100%.

** See "Use of Non—GAAP Financial Information".

(a) Includes over-the-counter (OTC) products, royalty revenue and other mature products.

(b) Recent LOE products include products with significant expected decline in revenue from a prior reporting period as a result of a loss of exclusivity.

(c) Worldwide (WW) includes International (Int'l) and U.S.

 

BRISTOL-MYERS SQUIBB COMPANY INTERNATIONAL AND WORLDWIDE REVENUES FOREIGN EXCHANGE IMPACT (%) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 (Unaudited)

 
 

 

International

 

WW (c)

 

Revenue Change %

 

F/X % Favorable/ (Unfavorable)

 

Revenue Change % Ex- F/X

 

Revenue Change %

 

F/X % Favorable/ (Unfavorable)

 

Revenue Change % Ex- F/X

In-Line Products

 

 

 

 

 

 

 

 

 

 

 

Eliquis

(13)%

 

(1)%

 

(12)%

 

3%

 

—%

 

3%

Opdivo

11%

 

(3)%

 

14%

 

10%

 

(1)%

 

11%

Pomalyst/Imnovid

2%

 

(2)%

 

4%

 

(3)%

 

(1)%

 

(2)%

Orencia

1%

 

(3)%

 

4%

 

3%

 

—%

 

3%

Sprycel

(26)%

 

(3)%

 

(23)%

 

(12)%

 

(1)%

 

(11)%

Yervoy

4%

 

(3)%

 

7%

 

7%

 

(1)%

 

8%

Mature and other products(a)

(15)%

 

(2)%

 

(13)%

 

(9)%

 

(1)%

 

(8)%

Total In-Line Products

(4)%

 

(2)%

 

(2)%

 

2%

 

(1)%

 

3%

New Product Portfolio

 

 

 

 

 

 

 

 

 

 

 

Reblozyl

80%

 

1%

 

79%

 

33%

 

—%

 

33%

Abecma

17%

 

—%

 

17%

 

41%

 

—%

 

41%

Opdualag

N/A

 

N/A

 

N/A

 

*

 

*

 

*

Zeposia

50%

 

2%

 

48%

 

76%

 

1%

 

75%

Breyanzi

*

 

*

 

*

 

*

 

*

 

*

Onureg

84%

 

—%

 

84%

 

39%

 

—%

 

39%

Inrebic

*

 

*

 

*

 

31%

 

—%

 

31%

Camzyos

N/A

 

N/A

 

N/A

 

*

 

*

 

*

Sotyktu

N/A

 

N/A

 

N/A

 

*

 

*

 

*

Total New Product Portfolio

72%

 

—%

 

72%

 

81%

 

—%

 

81%

Total In-Line Products and New Product Portfolio

(2)%

 

(2)%

 

—%

 

7%

 

—%

 

7%

Recent LOE Products(b)

 

 

 

 

 

 

 

 

 

 

 

Revlimid

(53)%

 

(1)%

 

(52)%

 

(40)%

 

—%

 

(40)%

Abraxane

34%

 

(12)%

 

46%

 

20%

 

(3)%

 

23%

Total Recent LOE Products

(44)%

 

(3)%

 

(41)%

 

(35)%

 

—%

 

(35)%

 

 

 

 

 

 

 

 

 

 

 

 

Total

(8)%

 

(2)%

 

(6)%

 

(4)%

 

(1)%

 

(3)%

* In excess of +/-100%.

** See "Use of Non—GAAP Financial Information".

(a) Includes over-the-counter (OTC) products, royalty revenue and other mature products.

(b) Recent LOE products include products with significant expected decline in revenue from a prior reporting period as a result of a loss of exclusivity.

(c) Worldwide (WW) includes International (Int'l) and U.S.

 

BRISTOL-MYERS SQUIBB COMPANY RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT (Unaudited, dollars in millions)

 
 

THREE MONTHS ENDED

 

2023

 

 

2022

 

Change $

 

Change %

 

Favorable / (Unfavorable) F/X $*

 

2023 Excl. F/X**

 

Favorable / (Unfavorable) F/X %*

 

% Change Excl. F/X**

Revenues

$

10,966

 

$

11,218

 

$

(252)

 

(2)%

 

$

43

 

$

10,923

 

%

 

(3)%

Gross profit

 

8,460

 

 

8,865

 

 

(405)

 

(5)%

 

 

N/A

 

 

N/A

 

N/A

 

N/A

Gross profit excluding specified items(a)

 

8,476

 

 

8,951

 

 

(475)

 

(5)%

 

 

N/A

 

 

N/A

 

N/A

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin(b)

 

77.1%

 

 

79.0%

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin excluding specified items

 

77.3%

 

 

79.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing, selling and administrative

 

2,003

 

 

1,930

 

 

73

 

4%

 

 

(2)

 

 

2,001

 

—%

 

4%

Marketing, selling and administrative excluding specified items(a)

 

1,938

 

 

1,857

 

 

81

 

4%

 

 

(2)

 

 

1,936

 

—%

 

4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing, selling and administrative excluding specified items as a % of revenues

 

17.7%

 

 

16.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

2,242

 

 

2,418

 

 

(176)

 

(7)%

 

 

(3)

 

 

2,239

 

—%

 

(7)%

Research and development excluding specified items(a)

 

2,178

 

 

2,258

 

 

(80)

 

(4) %

 

 

(3)

 

 

2,175

 

—%

 

(4)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development excluding specified items as a % of revenues

 

19.9%

 

 

20.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NINE MONTHS ENDED

 

2023

 

2022

 

Change $

 

Change %

 

Favorable / (Unfavorable) F/X $*

 

2023 Excl. F/X**

 

Favorable / (Unfavorable) F/X %*

 

% Change Excl. F/X**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

33,529

 

$

34,753

 

$

(1,224)

 

(4)%

 

$

(236)

 

$

33,765

 

(1)%

 

(3)%

Gross profit

 

25,581

 

 

27,209

 

 

(1,628)

 

(6)%

 

 

N/A

 

 

N/A

 

N/A

 

N/A

Gross profit excluding specified items(a)

 

25,718

 

 

27,492

 

 

(1,774)

 

(6)%

 

 

N/A

 

 

N/A

 

N/A

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin(b)

 

76.3 %

 

 

78.3 %

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin excluding specified items

 

76.7 %

 

 

79.1 %