BMY » Topics » Gross Margin/Tax Rate Projections Excluding Specified Items

This excerpt taken from the BMY 8-K filed Jan 25, 2007.

Gross Margin/Tax Rate Projections Excluding Specified Items

Gross margin on a GAAP basis for the full year 2006 was 66.8%, which included specified items of $167 million and had a 0.9% adverse impact on gross margin in aggregate. On a non-GAAP basis, 2006 gross margin was 67.7%. On a non-GAAP basis, based on historical trends in 2006 the Company projects gross margin for the full year 2007 to be at least 100 basis points higher than 2006. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. See Gross Margin non comparable tab.

Research and development expenses on a GAAP basis for the full year 2006 were $3,067 million, which included specified items of $85 million. On a non-GAAP basis, 2006 research and development expenses were $2,982 million. On a non-GAAP basis, based on historical trends in 2006 the Company projects research and development expenses for the full year 2007 to increase in the upper single digit range compared to 2006. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on research and development. See R&D non comparable tab.

The effective tax rate on a GAAP basis in 2006 was 23.1%, which included specified items of $110 million, and had a 1.3% adverse impact on the effective tax rate in aggregate. On a non-GAAP basis, 2006 effective tax rate was 21.8%. On a non-GAAP basis, based on historical trends in 2006 the Company projects effective tax rate for the full year 2007 to be in line with the 2006 rate. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See Tax Rate non comparable tab.

The GAAP results for the full year 2007 would include specified items that may occur and impact results. These specified items could include charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, milestone payments, copromotion or alliance charges and charges for in-process research and development related to new external development transactions, gains or losses from asset disposals and restructuring activities. For a fuller discussion of certain of the litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Company Reports Financial Results For The Fourth Quarter and Twelve Months of 2006, January 25, 2007, including “2007 Guidance” and “Use of Non-GAAP Financial Information” therein.


BRISTOL-MYERS SQUIBB COMPANY

This excerpt taken from the BMY 8-K filed Nov 30, 2006.

Gross Margin/Tax Rate Projections Excluding Specified Items

Gross margin on a GAAP basis in 2005 was 69.1%, and was 69.6% on a non-GAAP basis. See Gross Margin non comparable tab. Based on historical trends in the first three quarters of 2006 on a non-GAAP basis the Company projects gross margin for the full year 2006 to be 1.5% to 2.0% lower than 2005 non-GAAP level. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. For the first nine months of 2006, gross margin on a GAAP basis was 67.1%, which included specified items of $138 million and had a 1.0% adverse impact on gross margin in aggregate. See Gross Margin non comparable tab.

The effective tax rate on a GAAP basis in 2005 was 20.6%, and was 21.7% on a non-GAAP basis. See Tax Rate non comparable tab. Based on historical trends in the first three quarters of 2006 on a non-GAAP basis, the Company projects effective tax rate for the full year 2006 to be in the range of 22% to 24%. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. For the first nine months of 2006, effective tax rate on a GAAP basis was 26.6%, which included specified items of $86 million, and had a 2.5% adverse impact on the effective tax rate in aggregate. See Tax Rate non comparable tab.

The GAAP results for the full year 2006 would include specified items that may occur and impact fourth quarter results. These specified items could include charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, milestone payments, copromotion or alliance charges and charges for in-process research and development related to new external development transactions, gains or losses from asset disposals and restructuring activities. For a fuller discussion of certain of the litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Company Reports Financial Results For The Third Quarter And First Nine Months Of 2006, October 26, 2006, including “2006 Guidance” and “Use of Non-GAAP Financial Information” therein.


BRISTOL-MYERS SQUIBB COMPANY

This excerpt taken from the BMY 8-K filed Oct 30, 2006.

Gross Margin/Tax Rate Projections Excluding Specified Items

Gross margin on a GAAP basis in 2005 was 69.1%, and was 69.6% on a non-GAAP basis. See Gross Margin non comparable tab. Based on historical trends in the first three quarters of 2006 on a non-GAAP basis the Company projects gross margin for the full year 2006 to be 1.5% to 2.0% lower than 2005 non-GAAP level. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. For the first nine months of 2006, gross margin on a GAAP basis was 67.1%, which included specified items of $138 million and had a 1.0% adverse impact on gross margin in aggregate. See Gross Margin non comparable tab.

The effective tax rate on a GAAP basis in 2005 was 20.6%, and was 21.7% on a non-GAAP basis. See Tax Rate non comparable tab. Based on historical trends in the first three quarters of 2006 on a non-GAAP basis, the Company projects effective tax rate for the full year 2006 to be in the range of 22% to 24%. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. For the first nine months of 2006, effective tax rate on a GAAP basis was 26.6%, which included specified items of $86 million, and had a 2.5% adverse impact on the effective tax rate in aggregate. See Tax Rate non comparable tab.

The GAAP results for the full year 2006 would include specified items that may occur and impact fourth quarter results. These specified items could include charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, milestone payments, copromotion or alliance charges and charges for in-process research and development related to new external development transactions, gains or losses from asset disposals and restructuring activities. For a fuller discussion of certain of the litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Company Reports Financial Results For The Third Quarter And First Nine Months Of 2006, October 26, 2006, including “2006 Guidance” and “Use of Non-GAAP Financial Information” therein.


BRISTOL-MYERS SQUIBB COMPANY

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