Phase 3 POETYK PsA-1 and POETYK PsA-2<\/a> trials evaluating the efficacy and safety of Sotyktu<\/i> in adults with active psoriatic arthritis (PsA) met their primary endpoint, with a significantly greater proportion of Sotyktu<\/i>-treated patients achieving at least a 20 percent improvement in signs and symptoms of disease after 16 weeks of treatment compared with placebo.<\/p>\n\n\u00a0<\/p>\n
\nIn addition, both trials met secondary endpoints across PsA disease activity at Week 16. In both studies, Sotyktu<\/i> was well-tolerated and demonstrated safety consistent with the established safety profile of Sotyktu<\/i> observed in a Phase 2 PsA clinical trial and Phase 3 moderate-to-severe plaque psoriasis clinical trials.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
FULL-YEAR FINANCIAL RESULTS
\n
<\/span><\/b>All comparisons are made versus the same period in 2023 unless otherwise stated.<\/b><\/p>\n\n- \nBristol Myers Squibb posted revenues of $48.3 billion, an increase of 7%, or 9% when adjusted for foreign exchange impacts, primarily driven by the Growth Portfolio and higher demand for Eliquis<\/i>, partially offset by the impact of generics on Sprycel, Revlimid <\/i>and Abraxane<\/i>.<\/p>\n
\n- \nU.S. revenues increased 9%to$34.1 billion, primarily due to higher demand for the Growth Portfolio and Eliquis<\/i>, partially offset by the impact of generics on Sprycel, Revlimid <\/i>and Abraxane<\/i>.<\/p>\n<\/li>\n
- \nInternational revenues increased 3% to $14.2 billion, or 8.0% when adjusted for foreign exchange impacts, primarily due to demand for Growth Portfolio products, partially offset by the impact of generics within the Legacy Portfolio.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- \nOn a GAAP basis, gross margin decreased from 76.2% to 71.1%, primarily driven by intangible asset impairment charges and product mix. On a non-GAAP basis, gross margin decreased from 76.6% to 75.3%, primarily due to product mix.<\/p>\n<\/li>\n
- \nOn a GAAP and non-GAAP basis, marketing, selling and administrative expenses increased 8% to $8.4 billion and 4% to $8.0 billion, respectively. The increase is primarily due to the timing of spend and the impact of recent acquisitions.<\/p>\n<\/li>\n
- \nOn a GAAP basis, research and development expenses increased 20% to $11.2 billion, primarily due to the impact of recent acquisitions and IPRD impairment charges. On a non-GAAP basis, research and development expenses increased 7% to $9.8 billion, primarily due to the impact of recent acquisitions.<\/p>\n<\/li>\n
- \nOn a GAAP and non-GAAP basis, Acquired IPRD increased from $913 million to $13.4 billion driven by a one-time Acquired IPRD charge from the Karuna asset acquisition and SystImmune collaboration. On a GAAP and non-GAAP basis, licensing income was $122 million during the year compared to $142 million in 2023.<\/p>\n<\/li>\n
- \nOn a GAAP basis, amortization of acquired intangible assets decreased 2% to $8.9 billion, primarily due to lower amortization expense related to Revlimid<\/i>, partially offset by the RayzeBio acquisition in 2024.<\/p>\n<\/li>\n
- \nOn a GAAP basis, income tax expense was $554 million despite a pre-tax loss of $8.4 billion, primarily due to a $12.1 billion non-tax deductible charge for the Karuna acquisition. The 2023 GAAP effective tax rate was impacted by a non-U.S. tax ruling on statutory impairment deductibility, changes in tax reserves, valuation allowances, and IRS guidance on non-U.S. R&D expense deductibility. On a non-GAAP basis, the effective tax rate increased from 14.7% to 56.8%, primarily due to the non-tax deductible charge.<\/p>\n<\/li>\n
- \nThe company reported on a GAAP basis net loss attributable to Bristol Myers Squibb of $8.9 billion, or $(4.41) per share, compared to earnings attributable to Bristol Myers Squibb of $8.0 billion, or $3.86 per share for the same period a year ago. On a non-GAAP basis the company reported net earnings attributable to Bristol Myers Squibb of $2.3 billion, or $1.15 per share, compared to earnings attributable to Bristol Myers Squibb of $15.6 billion, or $7.51 per share for the same period a year ago. In addition to the non-GAAP drivers noted above, non-GAAP EPS was impacted by higher interest expense.<\/p>\n<\/li>\n<\/ul>\n
\n\n| \n FULL-YEAR PRODUCT REVENUE HIGHLIGHTS<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n |