EX-99.2 3 q22019ex992.htm CERTAIN SUPPLEMENTAL INFORMATION Exhibit

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY
QUARTERLY TREND ANALYSIS OF REVENUES
(Unaudited, dollars in millions)
Revenues
2018
 
2019
 
% Change
 
FX Impact
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
Qtr vs. Qtr
 
YTD vs. YTD
 
Qtr vs. Qtr
 
YTD vs. YTD
United States
$
2,778

 
$
3,230

 
$
6,008

 
$
3,235

 
$
9,243

 
$
3,343

 
$
12,586

 
$
3,449

 
$
3,667

 
$
7,116

 
 
 
 
 
 
 
 
 
14
 %
 
18
 %
 
—

 
—

Europe
1,406

 
1,408

 
2,814

 
1,365

 
4,179

 
1,479

 
5,658

 
1,480

 
1,491

 
2,971

 
 
 
 
 
 
 
 
 
6
 %
 
6
 %
 
(7
)%
 
(7
)%
Rest of the World
873

 
923

 
1,796

 
932

 
2,728

 
1,005

 
3,733

 
874

 
988

 
1,862

 
 
 
 
 
 
 
 
 
7
 %
 
4
 %
 
(7
)%
 
(7
)%
Other
136

 
143

 
279

 
159

 
438

 
146

 
584

 
117

 
127

 
244

 
 
 
 
 
 
 
 
 
(11
)%
 
(13
)%
 
N/A

 
N/A

Total
$
5,193

 
$
5,704

 
$
10,897

 
$
5,691

 
$
16,588

 
$
5,973

 
$
22,561

 
$
5,920

 
$
6,273

 
$
12,193

 
 
 
 
 
 
 
 
 
10
 %
 
12
 %
 
(3
)%
 
(3
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% of Revenues
2018
 
2019
 
 
 
 
 
 
 
 
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
 
 
 
 
 
 
 
United States
53.5
%
 
56.6
%
 
55.1
%
 
56.8
%
 
55.7
%
 
56.0
%
 
55.8
%
 
58.2
%
 
58.4
%
 
58.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Europe
27.1
%
 
24.7
%
 
25.8
%
 
24.0
%
 
25.2
%
 
24.8
%
 
25.1
%
 
25.0
%
 
23.8
%
 
24.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rest of the World
16.8
%
 
16.2
%
 
16.5
%
 
16.4
%
 
16.5
%
 
16.8
%
 
16.5
%
 
14.8
%
 
15.8
%
 
15.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
2.6
%
 
2.5
%
 
2.6
%
 
2.8
%
 
2.6
%
 
2.4
%
 
2.6
%
 
2.0
%
 
2.0
%
 
2.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


1

BRISTOL-MYERS SQUIBB COMPANY
EARNINGS FROM OPERATIONS
(Unaudited, dollars and shares in millions except per share data)
 
2018
 
2019
 
% Change
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
Qtr vs. Qtr
 
YTD vs. YTD
Net product sales
$
4,972

 
$
5,461

 
$
10,433

 
$
5,433

 
$
15,866

 
$
5,715

 
$
21,581

 
$
5,713

 
$
6,031

 
$
11,744

 
 
 
 
 
 
 
 
 
10
 %
 
13
 %
Alliance and other revenues
221

 
243

 
464

 
258

 
722

 
258

 
980

 
207

 
242

 
449

 
 
 
 
 
 
 
 
 
—

 
(3
)%
Total Revenues
$
5,193

 
$
5,704

 
$
10,897

 
$
5,691

 
$
16,588

 
$
5,973

 
$
22,561

 
$
5,920

 
$
6,273

 
$
12,193

 
 
 
 
 
 
 
 
 
10
 %
 
12
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of products sold
1,584

 
1,625

 
3,209

 
1,648

 
4,857

 
1,690

 
6,547

 
1,844

 
1,992

 
3,836

 
 
 
 
 
 
 
 
 
23
 %
 
20
 %
Marketing, selling and administrative
980

 
1,131

 
2,111

 
1,104

 
3,215

 
1,336

 
4,551

 
1,006

 
1,076

 
2,082

 
 
 
 
 
 
 
 
 
(5
)
 
(1
)%
Research and development
1,250

 
2,435

 
3,685

 
1,280

 
4,965

 
1,380

 
6,345

 
1,351

 
1,328

 
2,679

 
 
 
 
 
 
 
 
 
(45
)%
 
(27
)%
Other income (net)
(400
)
 
(4
)
 
(404
)
 
(508
)
 
(912
)
 
62

 
(850
)
 
(260
)
 
101

 
(159
)
 
 
 
 
 
 
 
 
 
**

 
(61
)%
Total Expenses
3,414

 
5,187

 
8,601

 
3,524

 
12,125

 
4,468

 
16,593

 
3,941

 
4,497

 
8,438

 
 
 
 
 
 
 
 
 
(13
)%
 
(2
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Before Income Taxes
$
1,779

 
$
517

 
$
2,296

 
$
2,167

 
$
4,463

 
$
1,505

 
$
5,968

 
$
1,979

 
$
1,776

 
$
3,755

 
 
 
 
 
 
 
 
 
**

 
64
 %
Provision for Income Taxes
284

 
135

 
419

 
255

 
674

 
347

 
1,021

 
264

 
337

 
601

 
 
 
 
 
 
 
 
 
**

 
43
 %
Net Earnings
$
1,495

 
$
382

 
$
1,877

 
$
1,912

 
$
3,789

 
$
1,158

 
$
4,947

 
$
1,715

 
$
1,439

 
$
3,154

 
 
 
 
 
 
 
 
 
**

 
68
 %
Noncontrolling Interest
9

 
9

 
18

 
11

 
29

 
(2
)
 
27

 
5

 
7

 
12

 
 
 
 
 
 
 
 
 
(22
)%
 
(33
)%
Net Earnings Attributable to BMS
$
1,486

 
$
373

 
$
1,859

 
$
1,901

 
$
3,760

 
$
1,160

 
$
4,920

 
$
1,710

 
$
1,432

 
$
3,142

 
 
 
 
 
 
 
 
 
**

 
69
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted Earnings per Common Share*
$
0.91

 
$
0.23

 
$
1.13

 
$
1.16

 
$
2.30

 
$
0.71

 
$
3.01

 
$
1.04

 
$
0.87

 
$
1.92

 
 
 
 
 
 
 
 
 
**

 
70
 %
Average Common Shares Outstanding - Diluted
1,640

 
1,636

 
1,638

 
1,636

 
1,637

 
1,637

 
1,637

 
1,637

 
1,637

 
1,637

 
 
 
 
 
 
 
 
 
—

 
—

Dividends declared per common share
$
0.40

 
$
0.40

 
$
0.80

 
$
0.40

 
$
1.20

 
$
0.41

 
$
1.61

 
$
0.41

 
$
0.41

 
$
0.82

 
 
 
 
 
 
 
 
 
3
 %
 
3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2018
 
2019
 
 
 
 
% of Total Revenues
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
 
 
 
Gross Margin
69.5
%
 
71.5
%
 
70.6
%
 
71.0
%
 
70.7
%
 
71.7
%
 
71.0
%
 
68.9
%
 
68.2
%
 
68.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Ratios
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective tax rate
16.0
%
 
26.1
%
 
18.2
%
 
11.8
%
 
15.1
%
 
23.1
%
 
17.1
%
 
13.3
%
 
19.0
%
 
16.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income (net)
2018
 
2019
 
% Change
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
Qtr vs. Qtr
 
YTD vs. YTD
Interest expense
$
46

 
$
45

 
$
91

 
$
44

 
$
135

 
$
48

 
$
183

 
$
45

 
$
123

 
$
168

 
 
 
 
 
 
 
 
 
**

 
85
 %
Investment income
(36
)
 
(38
)
 
(74
)
 
(44
)
 
(118
)
 
(55
)
 
(173
)
 
(56
)
 
(119
)
 
(175
)
 
 
 
 
 
 
 
 
 
**

 
**

Equity investments (gains)/losses
(15
)
 
356

 
341

 
(97
)
 
244

 
268

 
512

 
(175
)
 
(71
)
 
(246
)
 
 
 
 
 
 
 
 
 
**

 
**

Provision for restructuring
20

 
37

 
57

 
45

 
102

 
29

 
131

 
12

 
10

 
22

 
 
 
 
 
 
 
 
 
(73
)%
 
(61
)%
Acquisition expenses
—

 
—

 
—

 
—

 
—

 
—

 
—

 
165

 
303

 
468

 
 
 
 
 
 
 
 
 
N/A

 
N/A

Integration expenses
—

 
—

 
—

 
—

 
—

 
—

 
—

 
22

 
106

 
128

 
 
 
 
 
 
 
 
 
N/A

 
N/A

Litigation and other settlements
—

 
(1
)
 
(1
)
 
11

 
10

 
66

 
76

 
1

 
—

 
1

 
 
 
 
 
 
 
 
 
(100
)%
 
**

Equity in net income of affiliates
(24
)
 
(27
)
 
(51
)
 
(22
)
 
(73
)
 
(20
)
 
(93
)
 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
(100
)%
 
(100
)%
Divestiture losses/(gains)
(45
)
 
(25
)
 
(70
)
 
(108
)
 
(178
)
 
—

 
(178
)
 
—

 
8

 
8

 
 
 
 
 
 
 
 
 
**

 
**

Royalties and licensing income
(367
)
 
(353
)
 
(720
)
 
(338
)
 
(1,058
)
 
(295
)
 
(1,353
)
 
(308
)
 
(303
)
 
(611
)
 
 
 
 
 
 
 
 
 
(14
)%
 
(15
)%
Transition and other service fees
(4
)
 
(1
)
 
(5
)
 
—

 
(5
)
 
(7
)
 
(12
)
 
(2
)
 
(2
)
 
(4
)
 
 
 
 
 
 
 
 
 
100
 %
 
(20
)%
Pension and postretirement
(11
)
 
(19
)
 
(30
)
 
(10
)
 
(40
)
 
13

 
(27
)
 
44

 
26

 
70

 
 
 
 
 
 
 
 
 
**

 
**

Intangible asset impairment
64

 
—

 
64

 
—

 
64

 
—

 
64

 
—

 
15

 
15

 
 
 
 
 
 
 
 
 
N/A

 
(77
)%
Other
(28
)
 
22

 
(6
)
 
11

 
5

 
15

 
20

 
(8
)
 
5

 
(3
)
 
 
 
 
 
 
 
 
 
(77
)%
 
(50
)%
 
$
(400
)
 
$
(4
)
 
$
(404
)
 
$
(508
)
 
$
(912
)
 
$
62

 
$
(850
)
 
$
(260
)
 
$
101

 
$
(159
)
 
 
 
 
 
 
 
 
 
**

 
(61
)%
*
Quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations.
**
In excess of +/- 100%


2

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED JUNE 30, 2019
(Unaudited, dollars in millions)
QUARTER-TO-DATE
2019
 
2018
 
Growth $
 
Growth %
 
Favorable /
(Unfavorable)
FX Impact $ *
 
2019
Excluding FX
 
Favorable /
(Unfavorable)
FX Impact % *
 
Growth %
Excluding FX
Revenues
$
6,273

 
$
5,704

 
$
569

 
10
 %
 
$
(163
)
 
$
6,436

 
(3
)%
 
13
 %
Gross profit
4,281

 
4,079

 
202

 
5
 %
 
N/A

 
N/A

 
N/A

 
N/A

Gross profit excluding specified items(a)
4,420

 
4,093

 
327

 
8
 %
 
N/A

 
N/A

 
N/A

 
N/A

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit excluding specified items as a % of revenues
70.5
%
 
71.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marketing, selling and administrative
1,076

 
1,131

 
(55
)
 
(5
)%
 
33

 
1,109

 
3
 %
 
(2
)%
Marketing, selling and administrative excluding specified items(a)
1,076

 
1,131

 
(55
)
 
(5
)%
 
33

 
1,109

 
3
 %
 
(2
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marketing, selling and administrative excluding specified items as a % of revenues
17.2
%
 
19.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
1,328

 
2,435

 
(1,107
)
 
(45
)%
 
12

 
1,340

 
—

 
(45
)%
Research and development excluding specified items(a)
1,284

 
1,341

 
(57
)
 
(4
)%
 
12

 
1,296

 
1
 %
 
(3
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development excluding specified items as a % of revenues
20.5
%
 
23.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
YEAR-TO-DATE
2019
 
2018
 
Growth $
 
Growth %
 
Favorable /
(Unfavorable)
FX Impact $ *
 
2019
Excluding FX
 
Favorable /
(Unfavorable)
FX Impact % *
 
Growth %
Excluding FX
Revenues
$
12,193

 
$
10,897

 
$
1,296

 
12
 %
 
$
(351
)
 
$
12,544

 
(3
)%
 
15
 %
Gross profit
8,357

 
7,688

 
669

 
9
 %
 
N/A

 
N/A

 
N/A

 
N/A

Gross profit excluding specified items(a)
8,508

 
7,715

 
793

 
10
 %
 
N/A

 
N/A

 
N/A

 
N/A

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit excluding specified items as a % of revenues
69.8
%
 
70.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marketing, selling and administrative
2,082

 
2,111

 
(29
)
 
(1
)%
 
65

 
2,147

 
3
 %
 
2
 %
Marketing, selling and administrative excluding specified items(a)
2,081

 
2,110

 
(29
)
 
(1
)%
 
65

 
2,146

 
3
 %
 
2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marketing, selling and administrative excluding specified items as a % of revenues
17.1
%
 
19.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
2,679

 
3,685

 
(1,006
)
 
(27
)%
 
24

 
2,703

 
—

 
(27
)%
Research and development excluding specified items(a)
2,584

 
2,511

 
73

 
3
 %
 
24

 
2,608

 
1
 %
 
4
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development excluding specified items as a % of revenues
21.2
%
 
23.0
%
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Refer to the Specified Items schedule for further details.
*
Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales and expenses.

3

BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
 
2018
 
2019
 
Growth $
 
% Change
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
Qtr vs. Qtr
 
YTD vs. YTD
 
Qtr vs. Qtr
 
YTD vs. YTD
Prioritized Brands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Opdivo
$
1,511

 
$
1,627

 
$
3,138

 
$
1,793

 
$
4,931

 
$
1,804

 
$
6,735

 
$
1,801

 
$
1,823

 
$
3,624

 
 
 
 
 
 
 
 
 
$
196

 
$
486

 
12
 %
 
15
 %
Eliquis
1,506

 
1,650

 
3,156

 
1,577

 
4,733

 
1,705

 
6,438

 
1,925

 
2,042

 
3,967

 
 
 
 
 
 
 
 
 
392

 
811

 
24
 %
 
26
 %
Orencia
593

 
711

 
1,304

 
675

 
1,979

 
731

 
2,710

 
640

 
778

 
1,418

 
 
 
 
 
 
 
 
 
67

 
114

 
9
 %
 
9
 %
Sprycel
438

 
535

 
973

 
491

 
1,464

 
536

 
2,000

 
459

 
544

 
1,003

 
 
 
 
 
 
 
 
 
9

 
30

 
2
 %
 
3
 %
Yervoy
249

 
315

 
564

 
382

 
946

 
384

 
1,330

 
384

 
367

 
751

 
 
 
 
 
 
 
 
 
52

 
187

 
17
 %
 
33
 %
Empliciti
55

 
64

 
119

 
59

 
178

 
69

 
247

 
83

 
91

 
174

 
 
 
 
 
 
 
 
 
27

 
55

 
42
 %
 
46
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Established Brands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Baraclude
225

 
179

 
404

 
175

 
579

 
165

 
744

 
141

 
147

 
288

 
 
 
 
 
 
 
 
 
(32
)
 
(116
)
 
(18
)%
 
(29
)%
Other Brands(a)
616

 
623

 
1,239

 
539

 
1,778

 
579

 
2,357

 
487

 
481

 
968

 
 
 
 
 
 
 
 
 
(142
)
 
(271
)
 
(23
)%
 
(22
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
$
5,193

 
$
5,704

 
$
10,897

 
$
5,691

 
$
16,588

 
$
5,973

 
$
22,561

 
$
5,920

 
$
6,273

 
$
12,193

 
 
 
 
 
 
 
 
 
$
569

 
$
1,296

 
10
 %
 
12
 %
(a)
Includes Sustiva, Reyataz, Daklinza and all other products that lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue.

4

BRISTOL-MYERS SQUIBB COMPANY
U.S. REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
 
2018
 
2019
 
% Change
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
Qtr vs. Qtr
 
YTD vs. YTD
Prioritized Brands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Opdivo
$
938

 
$
1,024

 
$
1,962

 
$
1,141

 
$
3,103

 
$
1,136

 
$
4,239

 
$
1,124

 
$
1,112

 
$
2,236

 
 
 
 
 
 
 
 
 
9
 %
 
14
 %
Eliquis
885

 
979

 
1,864

 
917

 
2,781

 
979

 
3,760

 
1,206

 
1,269

 
2,475

 
 
 
 
 
 
 
 
 
30
 %
 
33
 %
Orencia
385

 
501

 
886

 
474

 
1,360

 
515

 
1,875

 
449

 
566

 
1,015

 
 
 
 
 
 
 
 
 
13
 %
 
15
 %
Sprycel
214

 
310

 
524

 
267

 
791

 
300

 
1,091

 
240

 
307

 
547

 
 
 
 
 
 
 
 
 
(1
)%
 
4
 %
Yervoy
162

 
228

 
390

 
278

 
668

 
273

 
941

 
275

 
253

 
528

 
 
 
 
 
 
 
 
 
11
 %
 
35
 %
Empliciti
37

 
41

 
78

 
41

 
119

 
45

 
164

 
58

 
63

 
121

 
 
 
 
 
 
 
 
 
54
 %
 
55
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Established Brands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Baraclude
10

 
9

 
19

 
6

 
25

 
7

 
32

 
7

 
7

 
14

 
 
 
 
 
 
 
 
 
(22
)%
 
(26
)%
Other Brands(a)
147

 
138

 
285

 
111

 
396

 
88

 
484

 
90

 
90

 
180

 
 
 
 
 
 
 
 
 
(35
)%
 
(37
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total(b)
$
2,778

 
$
3,230

 
$
6,008

 
$
3,235

 
$
9,243

 
$
3,343

 
$
12,586

 
$
3,449

 
$
3,667

 
$
7,116

 
 
 
 
 
 
 
 
 
14
 %
 
18
 %
(a)
Includes Sustiva, Reyataz, Daklinza and all other products that lost exclusivity.
(b)
Includes United States and Puerto Rico.


5

BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
 
2018
 
2019
 
% Change
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
Qtr vs. Qtr
 
YTD vs. YTD
Prioritized Brands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Opdivo
$
573

 
$
603

 
$
1,176

 
$
652

 
$
1,828

 
$
668

 
$
2,496

 
$
677

 
$
711

 
$
1,388

 
 
 
 
 
 
 
 
 
18
 %
 
18
 %
Eliquis
621

 
671

 
1,292

 
660

 
1,952

 
726

 
2,678

 
719

 
773

 
1,492

 
 
 
 
 
 
 
 
 
15
 %
 
15
 %
Orencia
208

 
210

 
418

 
201

 
619

 
216

 
835

 
191

 
212

 
403

 
 
 
 
 
 
 
 
 
1
 %
 
(4
)%
Sprycel
224

 
225

 
449

 
224

 
673

 
236

 
909

 
219

 
237

 
456

 
 
 
 
 
 
 
 
 
5
 %
 
2
 %
Yervoy
87

 
87

 
174

 
104

 
278

 
111

 
389

 
109

 
114

 
223

 
 
 
 
 
 
 
 
 
31
 %
 
28
 %
Empliciti
18

 
23

 
41

 
18

 
59

 
24

 
83

 
25

 
28

 
53

 
 
 
 
 
 
 
 
 
22
 %
 
29
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Established Brands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Baraclude
215

 
170

 
385

 
169

 
554

 
158

 
712

 
134

 
140

 
274

 
 
 
 
 
 
 
 
 
(18
)%
 
(29
)%
Other Brands(a)
469

 
485

 
954

 
428

 
1,382

 
491

 
1,873

 
397

 
391

 
788

 
 
 
 
 
 
 
 
 
(19
)%
 
(17
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total(b)
$
2,415

 
$
2,474

 
$
4,889

 
$
2,456

 
$
7,345

 
$
2,630

 
$
9,975

 
$
2,471

 
$
2,606

 
$
5,077

 
 
 
 
 
 
 
 
 
5
 %
 
4
 %
(a)
Includes Sustiva, Reyataz, Daklinza and all other products that lost exclusivity in major markets, OTC brands and royalty revenue.
(b)
The foreign exchange impact on international revenues was unfavorable 7% for the second quarter and year-to-date. The foreign exchange impact on Prioritized Brands is included below.

 
Quarter-to-Date
Year-to-Date
 
 
Revenue Change %
Favorable/ (Unfavorable) FX Impact %
Revenue Change % Excluding FX
Revenue Change %
Favorable/ (Unfavorable) FX Impact %
Revenue Change % Excluding FX
 
Opdivo
18
%
(8
)%
26
%
18
 %
(10
)%
28
%
 
Eliquis
15
%
(6
)%
21
%
15
 %
(7
)%
22
%
 
Orencia
1
%
(6
)%
7
%
(4
)%
(7
)%
3
%
 
Sprycel
5
%
(5
)%
10
%
2
 %
(5
)%
7
%
 
Yervoy
31
%
(8
)%
39
%
28
 %
(9
)%
37
%
 


6

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in millions)
 
2018
 
2019
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
Impairment charges
$
10

 
$
—

 
$
10

 
$
—

 
$
10

 
$
7

 
$
17

 
$
—

 
$
109

 
$
109

 
 
 
 
 
 
 
 
Accelerated depreciation and other shutdown costs
3

 
14

 
17

 
13

 
30

 
11

 
41

 
12

 
30

 
42

 
 
 
 
 
 
 
 
Cost of products sold
13

 
14

 
27

 
13

 
40

 
18

 
58

 
12

 
139

 
151

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marketing, selling and administrative
1

 
—

 
1

 
—

 
1

 
1

 
2

 
1

 
—

 
1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
License and asset acquisition charges
60

 
1,075

 
1,135

 
—

 
1,135

 
—

 
1,135

 
—

 
25

 
25

 
 
 
 
 
 
 
 
IPRD impairments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
32

 
—

 
32

 
 
 
 
 
 
 
 
Site exit costs and other
20

 
19

 
39

 
18

 
57

 
22

 
79

 
19

 
19

 
38

 
 
 
 
 
 
 
 
Research and development
80

 
1,094

 
1,174

 
18

 
1,192

 
22

 
1,214

 
51

 
44

 
95

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
83

 
83

 
 
 
 
 
 
 
 
Investment income
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(54
)
 
(54
)
 
 
 
 
 
 
 
 
Equity investment (gains)/losses
(15
)
 
356

 
341

 
(97
)
 
244

 
268

 
512

 
(175
)
 
(71
)
 
(246
)
 
 
 
 
 
 
 
 
Provision for restructuring
20

 
37

 
57

 
45

 
102

 
29

 
131

 
12

 
10

 
22

 
 
 
 
 
 
 
 
Acquisition expenses
—

 
—

 
—

 
—

 
—

 
—

 
—

 
165

 
303

 
468

 
 
 
 
 
 
 
 
Integration expenses
—

 
—

 
—

 
—

 
—

 
—

 
—

 
22

 
106

 
128

 
 
 
 
 
 
 
 
Litigation and other settlements
—

 
—

 
—

 
—

 
—

 
70

 
70

 
—

 
—

 
—

 
 
 
 
 
 
 
 
Divestiture losses/(gains)
(43
)
 
(25
)
 
(68
)
 
(108
)
 
(176
)
 
(1
)
 
(177
)
 
—

 
8

 
8

 
 
 
 
 
 
 
 
Royalties and licensing income
(50
)
 
(25
)
 
(75
)
 
—

 
(75
)
 
—

 
(75
)
 
—

 
—

 
—

 
 
 
 
 
 
 
 
Pension and postretirement
31

 
37

 
68

 
27

 
95

 
26

 
121

 
49

 
44

 
93

 
 
 
 
 
 
 
 
Intangible asset impairment
64

 
—

 
64

 
—

 
64

 
—

 
64

 
—

 
—

 
—

 
 
 
 
 
 
 
 
Other income (net)
7

 
380

 
387

 
(133
)
 
254

 
392

 
646

 
73

 
429

 
502

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Increase/(decrease) to pretax income
101

 
1,488

 
1,589

 
(102
)
 
1,487

 
433

 
1,920

 
137

 
612

 
749

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income taxes on items above
(8
)
 
(218
)
 
(226
)
 
1

 
(225
)
 
(43
)
 
(268
)
 
(43
)
 
(105
)
 
(148
)
 
 
 
 
 
 
 
 
Income taxes attributed to U.S. tax reform
(32
)
 
3

 
(29
)
 
(20
)
 
(49
)
 
(7
)
 
(56
)
 
—

 
—

 
—

 
 
 
 
 
 
 
 
Income taxes
(40
)
 
(215
)
 
(255
)
 
(19
)
 
(274
)
 
(50
)
 
(324
)
 
(43
)
 
(105
)
 
(148
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Increase/(decrease) to net earnings
$
61

 
$
1,273

 
$
1,334

 
$
(121
)
 
$
1,213

 
$
383

 
$
1,596

 
$
94

 
$
507

 
$
601

 
 
 
 
 
 
 
 


7

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
(Unaudited, dollars in millions)
 
2018
 
2019
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
Gross Profit
$
3,609

 
4,079

 
$
7,688

 
$
4,043

 
$
11,731

 
$
4,283

 
$
16,014

 
$
4,076

 
$
4,281

 
$
8,357

 
 
 
 
 
 
 
 
Specified items(a)
13

 
14

 
27

 
13

 
40

 
18

 
58

 
12

 
139

 
151

 
 
 
 
 
 
 
 
Gross profit excluding specified items
3,622

 
4,093

 
7,715

 
4,056

 
11,771

 
4,301

 
16,072

 
4,088

 
4,420

 
8,508

 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marketing, selling and administrative
980

 
1,131

 
2,111

 
1,104

 
3,215

 
1,336

 
4,551

 
1,006

 
1,076

 
2,082

 
 
 
 
 
 
 
 
Specified items(a)
(1
)
 
—

 
(1
)
 
—

 
(1
)
 
(1
)
 
(2
)
 
(1
)
 
—

 
(1
)
 
 
 
 
 
 
 
 
Marketing, selling and administrative excluding specified items
979

 
1,131

 
2,110

 
1,104

 
3,214

 
1,335

 
4,549

 
1,005

 
1,076

 
2,081

 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
1,250

 
2,435

 
3,685

 
1,280

 
4,965

 
1,380

 
6,345

 
1,351

 
1,328

 
2,679

 
 
 
 
 
 
 
 
Specified items(a)
(80
)
 
(1,094
)
 
(1,174
)
 
(18
)
 
(1,192
)
 
(22
)
 
(1,214
)
 
(51
)
 
(44
)
 
(95
)
 
 
 
 
 
 
 
 
Research and development excluding specified items
1,170

 
1,341

 
2,511

 
1,262

 
3,773

 
1,358

 
5,131

 
1,300

 
1,284

 
2,584

 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income (net)
(400
)
 
(4
)
 
(404
)
 
(508
)
 
(912
)
 
62

 
(850
)
 
(260
)
 
101

 
(159
)
 
 
 
 
 
 
 
 
Specified items(a)
(7
)
 
(380
)
 
(387
)
 
133

 
(254
)
 
(392
)
 
(646
)
 
(73
)
 
(429
)
 
(502
)
 
 
 
 
 
 
 
 
Other income (net) excluding specified items
(407
)
 
(384
)
 
(791
)
 
(375
)
 
(1,166
)
 
(330
)
 
(1,496
)
 
(333
)
 
(328
)
 
(661
)
 
 
 
 
 
 
 
 
(a)
Refer to the Specified Items schedule for further details.


8

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP TO NON-GAAP EPS
(Unaudited, dollars in millions)
 
2018
 
2019
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
 
1st Qtr
 
2nd Qtr
 
6 Months
 
3rd Qtr
 
9 Months
 
4th Qtr
 
Year
Earnings before income taxes
$
1,779

 
$
517

 
$
2,296

 
$
2,167

 
$
4,463

 
$
1,505

 
$
5,968

 
$
1,979

 
$
1,776

 
$
3,755

 
 
 
 
 
 
 
 
Specified items(a)
101

 
1,488

 
1,589

 
(102
)
 
1,487

 
433

 
1,920

 
137

 
612

 
749

 
 
 
 
 
 
 
 
Earnings before income taxes excluding specified items
1,880

 
2,005

 
3,885

 
2,065

 
5,950

 
1,938

 
7,888

 
2,116

 
2,388

 
4,504

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Provision for income taxes
284

 
135

 
419

 
255

 
674

 
347

 
1,021

 
264

 
337

 
601

 
 
 
 
 
 
 
 
Tax on specified items(a)
(8
)
 
(218
)
 
(226
)
 
1

 
(225
)
 
(43
)
 
(268
)
 
(43
)
 
(105
)
 
(148
)
 
 
 
 
 
 
 
 
Income taxes attributed to U.S. tax reform(a)
(32
)
 
3

 
(29
)
 
(20
)
 
(49
)
 
(7
)
 
(56
)
 
—

 
—

 
—

 
 
 
 
 
 
 
 
Provision for income taxes excluding tax on specified items and income taxes attributed to U.S. tax reform
324

 
350

 
674

 
274

 
948

 
397

 
1,345

 
307

 
442

 
749

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling Interest
9

 
9

 
18

 
11

 
29

 
(2
)
 
27

 
5

 
7

 
12

 
 
 
 
 
 
 
 
Specified items(a)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
Noncontrolling Interest excluding specified items
9

 
9

 
18

 
11

 
29

 
(2
)
 
27

 
5

 
7

 
12

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Earnings Attributable to BMS used for Diluted EPS Calculation - GAAP
1,486

 
373

 
1,859

 
1,901

 
3,760

 
1,160

 
4,920

 
1,710

 
1,432

 
3,142

 
 
 
 
 
 
 
 
Specified items(a)
61

 
1,273

 
1,334

 
(121
)
 
1,213

 
383

 
1,596

 
94

 
507

 
601

 
 
 
 
 
 
 
 
Net Earnings Attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP
1,547

 
1,646

 
3,193

 
1,780

 
4,973

 
1,543

 
6,516

 
1,804

 
1,939

 
3,743

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average Common Shares Outstanding - Diluted- GAAP
1,640

 
1,636

 
1,638

 
1,636

 
1,637

 
1,637

 
1,637

 
1,637

 
1,637

 
1,637

 
 
 
 
 
 
 
 
Weighted-average Common Shares Outstanding - Diluted- Non-GAAP
1,640

 
1,636

 
1,638

 
1,636

 
1,637

 
1,637

 
1,637

 
1,637

 
1,637

 
1,637

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted Earnings Per Share - GAAP
$
0.91

 
$
0.23

 
$
1.13

 
$
1.16

 
$
2.30

 
$
0.71

 
$
3.01

 
$
1.04

 
$
0.87

 
$
1.92

 
 
 
 
 
 
 
 
Diluted Earnings/(Loss) Per Share Attributable to Specified Items
0.03

 
0.78

 
0.82

 
(0.07
)
 
0.74

 
0.23

 
0.97

 
0.06

 
0.31

 
0.37

 
 
 
 
 
 
 
 
Diluted Earnings Per Share - Non-GAAP
$
0.94

 
$
1.01

 
$
1.95

 
$
1.09

 
$
3.04

 
$
0.94

 
$
3.98

 
$
1.10

 
$
1.18

 
$
2.29

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective Tax Rate
16.0
%
 
26.1
 %
 
18.2
 %
 
11.8
%
 
15.1
%
 
23.1
 %
 
17.1
%
 
13.3
%
 
19.0
 %
 
16.0
%
 
 
 
 
 
 
 
 
Specified items(a)
1.2
%
 
(8.6
)%
 
(0.9
)%
 
1.5
%
 
0.8
%
 
(2.6
)%
 
—

 
1.2
%
 
(0.5
)%
 
0.6
%
 
 
 
 
 
 
 
 
Effective Tax Rate excluding specified items
17.2
%
 
17.5
 %
 
17.3
 %
 
13.3
%
 
15.9
%
 
20.5
 %
 
17.1
%
 
14.5
%
 
18.5
 %
 
16.6
%
 
 
 
 
 
 
 
 
(a)
Refer to the Specified Items schedule for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate.

9

BRISTOL-MYERS SQUIBB COMPANY
SELECTED BALANCE SHEET INFORMATION
(Unaudited, dollars in millions)
 
March 31,
2018
 
June 30,
2018
 
September 30,
2018
 
December 31,
2018
 
March 31,
2019
 
June 30,
2019
 
September 30,
2019
 
December 31,
2019
Cash and cash equivalents
$
5,342

 
$
4,999

 
$
5,408

 
$
6,911

 
$
7,335

 
$
28,404

 
 
 
 
Marketable securities - current
1,428

 
1,076

 
1,422

 
1,973

 
1,429

 
953

 
 
 
 
Marketable securities - non-current
2,252

 
2,117

 
2,017

 
1,775

 
1,233

 
994

 
 
 
 
Cash, cash equivalents and marketable securities
9,022

 
8,192

 
8,847

 
10,659

 
9,997

 
30,351

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term debt obligations
(1,925
)
 
(1,716
)
 
(1,620
)
 
(1,703
)
 
(381
)
 
(545
)
 
 
 
 
Long-term debt
(5,775
)
 
(5,671
)
 
(5,687
)
 
(5,646
)
 
(5,635
)
 
(24,433
)
 
 
 
 
Net cash position
$
1,322

 
$
805

 
$
1,540

 
$
3,310

 
$
3,981

 
$
5,373

 
 
 
 


10

BRISTOL-MYERS SQUIBB COMPANY
2019 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS
 
Full Year 2019
Pre-tax
 
Tax
 
After-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP
 
 
 
 
$3.73 to $3.83


 
 
 
 
 
Projected Specified Items:
 
 
 
 
 
Restructuring, accelerated depreciation and other exit costs(1)
0.18

 
0.02

 
0.16

Divestiture gains and licensing income
(0.79
)
 
(0.11
)
 
(0.68
)
Research and development license and asset acquisition charges
0.03

 
—

 
0.03

Pension charges
0.95

 
0.21

 
0.74

Equity investment gains
(0.10
)
 
(0.02
)
 
(0.08
)
Acquisition and integration expenses(2)
0.39

 
0.09

 
0.30

Total
0.66

 
0.19

 
0.47

 
 
 
 
 
 
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP
 
 
 
 
$4.20 to $4.30

 
 
 
 
 
 
(1) Includes items recognized in Cost of products sold, Research and development and Other income (net).
 
 
 
 
 
(2) Includes acquisition-related financing, transaction and integration expenses.
 
 
 
 
 
 
 
 
 
 
 
The following table summarizes the company's 2019 financial guidance:
 
Line item
 
GAAP
 
Non-GAAP
 
Worldwide revenues
 
Increasing in the mid-single digits
 
Increasing in the mid-single digits
 
 
 
 
 
Gross margin as a percent of revenue
 
Approximately 70%
 
Approximately 70%
 
 
 
 
 
Marketing, selling and administrative expense
 
Decreasing in the mid-single digit range
 
Decreasing in the mid-single digit range
 
 
 
 
 
Research and development expense
 
Decreasing in the low-double digits
 
Increasing in the mid-single digits
 
 
 
 
 
Effective tax rate
 
Approximately 14%
 
Approximately 16%
The GAAP financial results for the full year of 2019 will include specified items, including acquisition and integration expenses, charges associated with restructuring, downsizing and streamlining worldwide operations, divestiture gains or losses, research and development license and asset acquisition charges, pension charges, interest expense on the new notes issued in May 2019 in connection with our pending acquisition of Celgene and interest income earned on the net proceeds of those notes, among other items. The financial guidance for 2019 excludes the impact of any potential future strategic acquisitions and divestitures, including any impact of the Celgene acquisition other than expenses incurred in 2019, and other specified items that have not yet been identified and quantified, including litigation and other settlements, licensed asset impairments and equity investment gains or losses, among other items. For a fuller discussion of items that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Reports Second Quarter Financial Results on July 25, 2019, including “2019 Financial Guidance” and “Use of non-GAAP Financial Information” therein.


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