Bristol-Myers Squibb Company Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Confirms Earnings Guidance for 2017
For the year, the company reported net product sales of $17,702 million against $14,045 million a year ago. Total revenues were $19,427 million against $16,560 million a year ago. Earnings before income taxes were $5,915 million against $2,077 million a year ago. Net earnings attributable to the company were $4,457 million against $1,565 million a year ago. Diluted earnings per common share were $2.65 against $0.93 a year ago. Non-GAAP earnings before income taxes were $6,157 million against $4,370 million a year ago. Non-GAAP net earnings attributable to the company were $4,750 million against $3,378 million a year ago. Diluted earnings per share were $2.83 against $2.01 a year ago.
The company is confirming its 2017 GAAP EPS guidance range of $2.47 - $2.67 and is adjusting its non-GAAP EPS guidance range from $2.85 - $3.05 to $2.70 - $2.90. Both GAAP and non-GAAP guidance assume current exchange rates. 2017 GAAP and non-GAAP line-item guidance assumptions include: Worldwide revenues increasing in the low-single digits. Gross margin as a percentage of revenue to be approximately 72% to 73% for both GAAP and non-GAAP. Marketing, selling and administrative expenses decreasing in the mid- to high-single digit range for both GAAP and non-GAAP. Research and development expenses increasing in the high-single digit range for both GAAP and non-GAAP. An effective tax rate of approximately 21% for both GAAP and non-GAAP. As previously announced in the third quarter of 2016, the company's operating model is evolving, to drive the company's continued success in the near- and long-term. The majority of costs are expected to be incurred by 2020.