Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q2 2009 Earnings Presentation
15 slides from Bristol-myers Squibb's earnings presentation, Jul 23, 2009
Slide 1: Q2 2009 Earnings
Q2 2009 Earnings July 23, 2009 Exhibit 99.2
Slide 2: Forward-Looking Information and Non-GAAP Financial Information
During this meeting, we will make statements about the Company’s future plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated as a
Slide 3: Q2: Significant Progress Made Across All Stages
Q2: Significant Progress Made Across All Stages Strong Top Line Growth 30% Non-GAAP EPS Growth Potential Onglyza launch – Pending approval Net Cash: $2.7 Bn 2009 Non-GAAP Guidance Raised to $1.95–$2.05 Extended Abilify Contract Productivity well underway Potential Onglyza contribution – Pending appr
Slide 4: Medarex - A Compelling Stage Growth Acquisition
Medarex - A Compelling Stage 3 Growth Acquisition Accelerates leadership position in biologics assets and capabilities – Adds proven and productive discovery platform – Portfolio broadened with 10 clinical-stage compounds and 16 pre-clinical programs – Full ownership and rights to ipilimumab (Phase
Slide 5: A Powerful Leader in Biologics
A Powerful Leader in Biologics Commercialization Manufacturing Development Discovery Adnexus Domantis BMS Disease Area Biology Phase III Belatacept (solid organ transplant) Phase II CT-322 (cancer) Phase II Anti-CD137 (cancer) Devens Bulk Manufacturing Syracuse Third-party Erbitux Orencia Medarex pl
Slide 6: Clinical and Discovery Programs Significantly Enhance BMS Biologics Pipeline
Clinical and Discovery Programs Significantly Enhance BMS Biologics Pipeline Ipilimumab in Phase III clinical trials for melanoma and prostate, Phase II for lung 10 additional compounds in the clinic – 3 Phase II, 7 Phase I compounds – 7 unencumbered, 3 partnered compounds 16 preclinical compounds i
Slide 7: Ipilimumab - Potential for Multiple Indications
Ipilimumab – Potential for Multiple Indications Monoclonal antibody that targets the CTLA-4 receptor Phase III data in advanced melanoma potentially available st half – Promising data presented at ASCO from three Phase II studies with two-year survival rate of 30- 42% Additional potential indication
Slide 8: Q2: Superior Execution and Performance
Q2: Superior Execution and Performance All therapeutic areas support broad-based sales growth Strong operating leverage driven by cost discipline Non-GAAP EPS growth of 30% reflects current growth phase Increased focus on cashflow through working capital and capex
Slide 9: Q2: Continued High Quality Sales Growth
Q2: Continued High Quality Sales Growth Volume Price FX Q2 BioPharma Sales Breakdown 5% 4% 4% (5%) Q1 2009 Q2 2009 BioPharma Sales Growth (Ex-FX) 8.3% 9.5% Reported Growth
Slide 10: Q2: Broad-Based Sales Growth
Q2: Broad-Based Sales Growth (1)% (7)% Avapro/Avalide 12% 41% (12)% 40% 32% 11% 2% 22% 11% vs. PY Q2 vs. PY Ex-Fx Ixempra Sprycel Erbitux Orencia Baraclude Sustiva Franchise Reyataz Abilify Plavix $1,539 M 13% 57% (12)% 45% 41% 18% 10% 26% 12%
Slide 11: Q2: Significant Increase in Margin Levels
Q2: Significant Increase in Margin Levels Biopharma Pre-Tax Margins Q2 2008 Q2 2009 Biopharma Gross Margins 70.1% 74.2% Q2 2008 Q2 2009 18.9% 26.6% Up 410 basis points Up 770 basis points
Slide 12: Q2: Reduced SG&A and Continued R&D Investment
Q2: Reduced SG&A and Continued R&D Investment Continued Biopharma R&D Spend Q2 2008 Q2 2009 Reduced Biopharma SG&A (% of Sales) 29.4% 25.6% Q2 2008 Q2 2009 $0.8 bn $0.8 bn Down 380 basis points
Slide 13: Q2: Further Strengthened Financial Flexibility
11% 13% 17% Q2: Further Strengthened Financial Flexibility Working Capital (As % of LTM Net Sales) Net Cash / (Debt) $(3.6) Bn $1.7Bn $2.7Bn
Slide 14: Financial Guidance
Financial Guidance Raised 2009 Non-GAAP EPS guidance from $1.85–$2.00 to $1.95–$2.05 – Gross margin expected to be up approximately 200 basis points – Tax rate expected to be approximately 25% – Includes approximately $0.02–$0.03 dilution in 2009 related to Medarex 2009 GAAP EPS guidance refined fro
Slide 15: Q2: Summary Achievements
Q2: Summary Achievements High quality broad-based sales growth, reflecting superior execution Continued focus on cost management supporting significant increase in margin levels Strong double-digit earnings growth Continued execution of our Pearls strategy