Delaware | 22-0790350 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.10 Par Value | BMY | New York Stock Exchange | ||||||
1.000% Notes due 2025 | BMY25 | New York Stock Exchange | ||||||
1.750% Notes due 2035 | BMY35 | New York Stock Exchange | ||||||
New York Stock Exchange | ||||||||
Title of each class | ||
$2 Convertible Preferred Stock, $1 Par Value |
Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company ☐ | Emerging growth company ☐ |
Item 1. | BUSINESS. |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
United States | 63 | % | 63 | % | 59 | % | |||||||||||
Europe | 23 | % | 23 | % | 24 | % | |||||||||||
Rest of the World | 12 | % | 13 | % | 15 | % | |||||||||||
Other(a) | 2 | % | 1 | % | 2 | % | |||||||||||
Total Revenues | $ | 46,385 | $ | 42,518 | $ | 26,145 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
United States | 59 | % | 56 | % | 55 | % | |||||
Europe | 24 | % | 25 | % | 24 | % | |||||
Rest of the World | 17 | % | 19 | % | 21 | % | |||||
Total Revenues | $ | 26,145 | $ | 22,561 | $ | 20,776 |
Eliquis® Eliquis (apixaban) is an oral Factor Xa inhibitor indicated for the reduction in risk of stroke/systemic embolism in NVAF and for the treatment of DVT/PE and reduction in risk of recurrence following initial therapy. Opdivo®Opdivo (nivolumab), a biological product, is a fully human monoclonal antibody that binds to the PD-1 on T and NKT cells. Opdivo has received approvals for several anti-cancer indications including bladder, blood, colon, head and neck, kidney, liver, lung, melanoma, mesothelioma and stomach. The Opdivo+Yervoy regimen also is approved in multiple markets for the treatment of NSCLC, melanoma, mesothelioma, RCC, and CRC. There are several ongoing potentially registrational studies for Opdivo across other tumor types and disease areas, in monotherapy and in combination with Yervoy and various anti-cancer agents. Pomalyst®/Imnovid® Pomalyst/Imnovid (pomalidomide) is a small molecule that is administered orally and modulates the immune system and other biologically important targets. Pomalyst/Imnovid is indicated for patients with multiple myeloma who have received at least two prior therapies including lenalidomide and a proteasome inhibitor and have demonstrated disease progression on or within 60 days of completion of the last therapy. Orencia®Orencia (abatacept), a biological product, is a fusion protein indicated for adult patients with moderately to severely active RA and PsA, for reducing signs and symptoms in certain pediatric patients with moderately to severely active polyarticular JIA and for the treatment of aGVHD, in combination with a calcineurin inhibitor and methotrexate. Sprycel® Sprycel (dasatinib) is an oral inhibitor of multiple tyrosine kinase indicated for the first-line treatment of patients with Philadelphia chromosome-positive CML in chronic phase, the treatment of adults with chronic, accelerated, or myeloid or lymphoid blast phase CML with resistance or intolerance to prior therapy, including Gleevec* (imatinib mesylate) and the treatment of children and adolescents aged 1 year to 18 years with chronic phase Philadelphia chromosome-positive CML. Yervoy® Yervoy (ipilimumab), a biological product, is a monoclonal antibody for the treatment of patients with unresectable or metastatic melanoma. 2 Abraxane® Abraxane (paclitaxel albumin-bound particles for injectable suspension) is a solvent-free protein-bound chemotherapy product that combines paclitaxel with albumin using our proprietary Nab® technology platform, and is used to treat breast cancer, NSCLC and pancreatic cancer, among others. Reblozyl® Reblozyl (luspatercept-aamt), a biological product, is an erythroid maturation agent indicated for the treatment of anemia in adult patients with beta thalassemia who require regular red blood cell transfusions and for the treatment of anemia failing an erythropoiesis stimulating agent (“ESA”) in adult patients with very low- to intermediate-risk MDS who have ring sideroblasts and require RBC transfusions. Empliciti®Empliciti (elotuzumab), a biological product, is a humanized monoclonal antibody for the treatment of multiple myeloma. Abecma®Abecma (idecabtagene vicleucel) is a B-cell maturation antigen-directed genetically modified autologous CAR T cell therapy indicated for the treatment of adult patients with relapsed or refractory multiple myeloma after four or more prior lines of therapy, including an immunomodulatory agent, a proteasome inhibitor, and an anti-CD38 monoclonal antibody. Zeposia® Zeposia (ozanimod) is an oral immunomodulatory drug used to treat moderately to severely active UC and relapsing forms of multiple sclerosis, to include clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease, in adults. Breyanzi® Breyanzi (lisocabtagene maraleucel) is a CD19-directed genetically modified autologous CAR T cell therapy indicated for the treatment of adult patients with relapsed or refractory large B-cell lymphoma after two or more lines of systemic therapy, including diffuse large B-cell lymphoma not otherwise specified, high-grade B-cell lymphoma, primary mediastinal large B-cell lymphoma, and follicular lymphoma grade 3B. Inrebic® Inrebic (fedratinib) is an oral kinase inhibitor indicated for the treatment of adult patients with intermediate-2 or high-risk primary or secondary (post-polycythemia vera or post-essential thrombocythemia) myelofibrosis. Onureg® Onureg (azacitidine) is an oral hypomethylating agent that incorporates into DNA and RNA, indicated for continued treatment of adult patients with AML who achieved first complete remission or complete remission with incomplete blood count recovery following intensive induction chemotherapy and are not able to complete intensive curative therapy. |
Estimated Minimum Market Exclusivity Date | |||||||||||||||||
U.S. | EU(k) | Japan | |||||||||||||||
Abecma (idecabtagene vicleucel) | 2036 | 2035 | 2035 | ||||||||||||||
Abraxane (paclitaxel)(a) | ^^ | ^^ | ^^ | ||||||||||||||
Breyanzi (lisocabtagene maraleucel) | 2033 | ++ | 2033 | ||||||||||||||
Eliquis (apixaban)(b) | 2026 | 2026 | 2026 | ||||||||||||||
Empliciti (elotuzumab) | 2029 | 2029 | 2029 | ||||||||||||||
Inrebic (fedratinib)(c) | 2026 | 2031 | ++ | ||||||||||||||
Onureg (azacitidine)(d) | 2027 | ^^ | ++ | ||||||||||||||
Opdivo (nivolumab) | 2028 | 2030 | 2031 | ||||||||||||||
Orencia (abatacept)(e) | ^^ | ^^ | ^^ | ||||||||||||||
Pomalyst/Imnovid (pomalidomide)(f) | ^^ | 2024 | ^^ | ||||||||||||||
Reblozyl (luspatercept-aamt)(g) | 2031 | 2030 | ++ | ||||||||||||||
Revlimid (lenalidomide)(h) | ^^ | ^^ | 2022 | ||||||||||||||
Sprycel (dasatinib)(i) | ^^ | ^^ | ^^ | ||||||||||||||
Yervoy (ipilimumab) | 2025 | 2026 | 2025 | ||||||||||||||
Zeposia (ozanimod)(j) | 2029 | 2030 | ++ |
Estimated LOE | |||||
U.S. | EU(i) | Japan | |||
Revlimid (lenalidomide)(a) | ^^ | 2022 | 2022 | ||
Opdivo (nivolumab) | 2028 | 2030 | 2031 | ||
Eliquis (apixaban)(b) | 2026 | 2026 | 2026 | ||
Orencia (abatacept)(c) | 2021 | 2021 | ^^ | ||
Pomalyst/Imnovid (pomalidomide)(d) | ^^ | 2023 | 2025 | ||
Sprycel (dasatinib)(e) | 2020 | ^^ | 2021 | ||
Yervoy (ipilimumab) | 2025 | 2026 | 2025 | ||
Abraxane (paclitaxel)(f) | 2022 | ^^ | 2023 | ||
Empliciti (elotuzumab) | 2029 | 2029 | 2029 | ||
Reblozyl (luspatercept-aamt)(g) | 2029 | ++ | ++ | ||
Inrebic (fedratinib)(h) | 2026 | ++ | ++ |
PHASE I | PHASE II | PHASE III | APPROVED INDICATIONS | |||||||||||||||||||||||
Additional Indications OPDIVOª --Hematologic Malignancies --3L+ Mantle Cell Lymphoma Investigational Compounds --Hematologic Malignancies BET Inhibitor --Non-Hodgkin Lymphoma BET Inhibitor BCMA ADC --Relapsed/Refractory Multiple Myeloma BCMA TCE --Relapsed/Refractory Multiple Myeloma --Relapsed/Refractory Multiple Myeloma GPRC5D CAR T --Relapsed/Refractory Multiple Myeloma GSPT1 CELMoD (CC-90009) --Relapsed/Refractory Acute Myeloid Leukemia Anti-SIRPα --Non-Hodgkin Lymphoma LSD1 Inhibitor --Relapsed/Refractory Non-Hodgkin Lymphoma iberdomide --Non-Hodgkin Lymphoma CD33 NKE --Relapsed/Refractory Multiple Myeloma CD47xCD20 --Non-Hodgkin Lymphoma CK1a CELMoD --Hematologic Malignancies ROR1 CAR T --Hematologic Malignancies BCMA NKE --Relapsed/Refractory Multiple Myeloma | Additional Indications OPDIVOª --Non-Hodgkin Lymphoma (Diffuse Large B-cell Lymphoma) --Non-Hodgkin Lymphoma (Follicular Lymphoma) --Pediatric Hodgkin Lymphoma --Primary Testicular Lymphoma OPDIVOª + EMPLICITIª --Relapsed/Refractory Multiple Myeloma REBLOZYLª --Non-Transfusion-Dependent Beta-Thalassemia --Post HMA Failure MDS BREYANZI --2L Diffuse Large B-cell Lymphoma Transplant non-Eligible --3L+ Follicular Lymphoma / Marginal Zone Lymphoma --2L+ Pediatric B-Cell Acute Lymphoblastic Leukemia --2L+ Primary CNS Lymphoma --1L High Grade B-cell Lymphoma --2L Relapsed/Refractory Multiple Myeloma --4L+ Relapsed/Refractory Multiple Myeloma Investigational Compounds iberdomide --Relapsed/Refractory Multiple Myeloma --Relapsed/Refractory Multiple Myeloma BET Inhibitor | Additional Indications OPDIVOª --Refractory Hodgkin Lymphoma EMPLICITIª + REVLIMID --1L Multiple Myeloma REBLOZYLª --ESA Naïve MDS INREBIC --MF Previously treated with Ruxolitinib ONUREG --3L Relapsed/Refractory Multiple Myeloma | REVLIMID --1L Multiple Myeloma --Mantle Cell Lymphoma --MDS --Multiple Myeloma --Previously treated Follicular Lymphoma --Relapsed/Refractory Adult T-cell Leukemia/Lymphoma OPDIVOª --Advanced Hodgkin Lymphoma POMALYST/IMNOVID --Multiple Myeloma --Relapsed/Refractory Multiple Myeloma --AIDS related Kaposi Sarcoma --HIV-negative Kaposi Sarcoma EMPLICITIª + POMALYST/IMNOVID --Relapsed/Refractory Multiple Myeloma EMPLICITIª + REVLIMID --Relapsed/Refractory Multiple Myeloma SPRYCEL --1L CML --Pediatric ALL --Refractory CML REBLOZYLª --Transfusion-Dependent Beta-Thalassemia --MDS Previously treated with ESA INREBIC --MF ONUREG --Post-Induction Acute Myeloid Leukemia Maintenance BREYANZI --3L+ Diffuse Large B-cell Lymphoma | |||||||||||||||||||||||
PHASE I | PHASE II | PHASE III | APPROVED INDICATIONS | |||||||||||||||||||||||
Additional Indications OPDIVOª --Solid Tumors OPDIVOª + YERVOYª --Solid Tumors Investigational Compounds motolimod --SCCHN --Solid Tumors Anti-TIM-3^ --Solid Tumors STING Agonist --Solid Tumors --Solid Tumors Anti-CTLA-4 NF-Probody --Solid Tumors BET --Solid Tumors Anti-SIRPα --Solid Tumors --Solid Tumors Anti-IL8^ --Solid Tumors --Solid Tumors Anti-NKG2A --Solid Tumors TGFβ Inhibitor IL-12 Fc --Solid Tumors Anti-CCR8 --Solid Tumors --Solid Tumors farletuzumab-eribulin ADCª --Solid Tumors MAGE A4/8 TCE-Bispecificª --Solid Tumors | Additional Indications OPDIVOª --Solid Tumors --1L CRC --Pan Tumor TMB High --Pediatric OPDIVOª --Solid Tumors --Metastatic Castration-Resistant Prostate OPDIVOª --Neoadjuvant ER+/HER2- Breast OPDIVOª + --Solid Tumors OPDIVOª + --Solid Tumors OPDIVOª + --1L Bladder# POMALYST/IMNOVID --Pediatric Glioblastoma Investigational Compounds Anti-CTLA-4 NF^ --Solid Tumors Anti-CTLA-4 Probody^ --Solid Tumors --Solid Tumors Anti-Fucosyl GM1 --Solid Tumors LSD1 Inhibitor --Extensive Stage SCLC BET Inhibitor (CC-90010)^ --Solid Tumors --Solid Tumors subcutaneous nivolumab + rHuPH20 --Solid Tumors | Additional Indications OPDIVOª --1L Glioblastoma --1L HCC --1L Head & Neck --1L Head & Neck Locally Advanced --Adjuvant Gastric --Adjuvant HCC --Adjuvant Melanoma --Adjuvant RCC --Metastatic Castration-Resistant Prostate --Neoadjuvant ER+/HER2- Breast --Neoadjuvant NSCLC --Peri-adjuvant NSCLC --Unresectable NSCLC OPDIVOª + YERVOYª --1L Bladder --1L Esophageal --1L Gastric --1L HCC --1L --Adjuvant Melanoma --Adjuvant RCC --NSCLC EGFR Mutant --Unresectable NSCLC OPDIVOª + --1L Melanoma OPDIVOª + --Neoadjuvant Muscle Invasive Bladder Cancer OPDIVOª + --Adjuvant Melanoma# --Muscle Invasive Bladder Cancer OPDIVOª --Metastatic RCC Investigational Compounds subcutaneous nivolumab + rHuPH20ª --Advanced RCC | OPDIVOª --1L --1L Gastric --Adjuvant Melanoma --Adjuvant Esophageal/Gastroesophageal --Mesothelioma --Previously treated advanced RCC --Previously treated Gastric cancer --Previously treated Metastatic Head & Neck --Previously treated Metastatic Melanoma --Previously treated Metastatic MSI-High CRC --Previously treated Metastatic Non-squamous NSCLC --Previously treated Metastatic --Previously treated Metastatic Urothelial --Previously treated Esophageal OPDIVOª + YERVOYª --1L Metastatic Melanoma --1L --Previously treated Metastatic MSI-High CRC --Previously treated HCC OPDIVOª + cabozantinibª --Metastatic RCC YERVOYª --Adjuvant --Metastatic Melanoma ABRAXANE --Breast --Gastric --Locally Advanced or Metastatic NSCLC --Metastatic Breast Cancer --NSCLC --Pancreatic --Unresectable Pancreatic | |||||||||||||||||||||||
PHASE I | PHASE II | PHASE III | APPROVED INDICATIONS | |||||||||||||||||||||||
Investigational Compounds TYK2 Inhibitor --Autoimmune Disease TLR 7/8 --Autoimmune Disease MK2 Inhibitor --Autoimmune Disease IL2-CD25 --Autoimmune Disease Anti-CD40 --Autoimmune Disease afimetoran --Cutaneous Lupus Erythematosus | branebrutinib --Rheumatoid Arthritis --Sjö --Systemic Lupus Erythematosus deucravacitinib --Crohn's Disease --Lupus Nephritis --Systemic Lupus Erythematosus --Ulcerative Colitis iberdomide --Systemic Lupus Erythematosus --Atopic Dermatitis afimetoran --Systemic Lupus Erythematosus S1PR1 Modulator --Atopic Dermatitis MK2 Inhibitor --Ankylosing Spondylitis | Additional Indications ZEPOSIA --Crohn’s Disease Investigational Compounds deucravacitinib --Psoriasis --Psoriatic Arthritis cendakimab --Eosinophilic Esophagitis | ORENCIA --Active Polyarticular JIA --Early Rheumatoid Arthritis --JIA Intravenous --JIA Subcutaneous --Psoriatic Arthritis --RA Auto injector --RA Intravenous --RA Subcutaneous --Relapsing Multiple Sclerosis --Ulcerative Colitis | |||||||||||||||||||||||
PHASE I | PHASE II | PHASE III | APPROVED INDICATIONS | |||||||||||||||||||||||
Investigational Compounds Factor XIa Inhibitorª --Thrombotic Disorders --Heart Failure | Additional Indications ELIQUISª --Pediatric Heart Disease Investigational Compounds mavacamten --Non-obstructive Hypertrophic Cardiomyopathy --Heart Failure with Preserved Ejection Fraction danicamtiv --Genetic Dilated Cardiomyopathy --Thrombotic Disorders FA-Relaxin --Heart Failure | Additional Indications ELIQUISª --VTE prevention in pediatrics with ALL Investigational Compounds mavacamten --Obstructive Hypertrophic Cardiomyopathy --Obstructive Hypertrophic Cardiomyopathy Septal Reduction Therapy Eligible | ELIQUISª --Stroke Prevention in Atrial Fibrillation --Venous Thromboembolism Prevention Orthopedic Surgery --Venous Thromboembolism Treatment | |||||||||||||||||||||||
PHASE I | PHASE II | |||||||||||||||||||||||||
Investigational Compounds NME 1 --Fibrosis | ||||||||||||||||||||||||||
Investigational Compounds HSP47ª --Non-Alcoholic Steatohepatitis LPA1 Antagonist --Pulmonary Fibrosis | ||||||||||||||||||||||||||
PHASE I | ||||||||||||||||||||||||||
Investigational Compounds FAAH/MGLL Dual Inhibitor --Neuroscience Anti-Tauª --Neuroscience BTK Inhibitor --Neuroscience eIF2b Activatorª --Neuroscience | ||||||||||||||||||||||||||
PHASE I | PHASE II | |||||||||||||||||||||||||
Investigational Compounds SARS-CoV-2 mAb Duoª --COVID-19 Therapy or Prevention# ORENCIA --COVID-19 treatment | ||||||||||||||||||||||||||
Note: Above pipeline excludes clinical collaborations | ||||||||
ª Development Partnership: OPDIVO, YERVOY, | ||||||||
^ Trial(s) exploring various combinations | ||||||||
# Partner-run study |
Opdivo/Yervoy | Hematology | |||||||||||||||||||||||||
Asset | Tumor | Trial | Timing | Asset | Disease | Trial | Timing | |||||||||||||||||||
Opdivo + Yervoy | HCC | CM-9DW | 2023/24 | Abecma | 3L+ Multiple Myeloma | KarMMa-3 | 2023/24 | |||||||||||||||||||
Opdivo + Yervoy | Peri-adjuvant NSCLC | CM-77T | 2023/24 | Breyanzi | 3L+ Chronic Lymphocytic Leukemia | TRANSCEND-CLL-004 | 2023/24 | |||||||||||||||||||
Opdivo + Yervoy | CRPC | CM-7DX | 2023/24 | 3L+ Follicular Lymphoma | TRANSCEND-FL | 2023/24 | ||||||||||||||||||||
Opdivo + Yervoy | Adj. HCC | CM-9DX | 2023/24 | Reblozyl | 1L MDS (ESA naïve) | COMMANDS | 2023/24 | |||||||||||||||||||
Opdivo | Adj. RCC | CM-914 | 2023/24 | Myelofibrosis | INDEPENDENCE | 2023/24 | ||||||||||||||||||||
Opdivo | Peri-adjuvant MIBC | CM-078 | 2023/24 | |||||||||||||||||||||||
Opdivo | Adj. NSCLC | ANVIL | 2023/24 | |||||||||||||||||||||||
bempegal-desleukin | RCC, Melanoma, Bladder | Opdivo + NKTR-214 | 2022 | |||||||||||||||||||||||
bempegal-desleukin | Neo-adj, CIS-ineligible MIBC | CA045-009 | 2023/24 | |||||||||||||||||||||||
Immunology | Cardiovascular | |||||||||||||||||||||||||
Asset | Disease | Trial | Timing | Asset | Disease | Trial | Timing | |||||||||||||||||||
Zeposia | Moderate to Severe Crohn’s Disease | YELLOWSTONE | 2023/24 | mavacamten | SRT | VALOR | 2022 | |||||||||||||||||||
deucravacitinib | PsA | IM011-054/-055 | 2023/24 | |||||||||||||||||||||||
cendakimab | EoE | CC-93538-EE001 | 2023/24 |
Opdivo/Yervoy Metastatic Setting | Hematology | |||||||
Asset | Tumor | Trial | Timing | Asset | Disease | Trial | Timing | |
Opdivo + Cabo | RCC | CM-9ER | 1H 2020 | Empliciti + Revlimid | 1L Multiple Myeloma | CA204-006 | 1H 2020 | |
Opdivo + Yervoy | Esophageal | CM-648 | 2H 2020 | liso-cel (JCAR017) | 3L+ Chronic Lymphocytic Leukemia | TRANSCEND-CLL-004 | 2021 | |
Opdivo + Relatlimab | Melanoma | CA224-047 | 1H 2021 | 2L TE Diffuse Large B-cell Lymphoma | TRANSFORM | 2021 | ||
Opdivo + Yervoy | Bladder | CM-901 | 2021 | 2L TNE Diffuse Large B-cell Lymphoma | PILOT | 2021 | ||
Opdivo + Yervoy | Gastric | CM-649 | 2021 | ide-cel (bb2121) | 2L Multiple Myeloma | KarMMa-2 | 2021 | |
Opdivo + Yervoy | Head & Neck | CM-651 | 2021 | 3L+ Multiple Myeloma | KarMMa-3 | 2021 | ||
Opdivo + Yervoy | Mesothelioma | CM-743 | 2021 | |||||
Opdivo | Melanoma, Renal, Bladder | Opdivo + NKTR-214 | 2021 | |||||
Opdivo/Yervoy Early Stage Setting | Immunology | |||||||
Asset | Tumor | Trial | Timing | Asset | Disease | Trial | Timing | |
Opdivo + Yervoy | Melanoma | CM-915 | 2H 2020 | Ozanimod | Ulcerative Colitis | TRUE NORTH | Mid 2020 | |
Opdivo | Muscle-Invasive Bladder Cancer | CM-274 | 2H 2020 | TYK-2 | Moderate to Severe Plaque Psoriasis | POETYK-PSO-1/IM011-046 | 2H 2020 | |
Opdivo + Chemo | NSCLC (Neo-Adjuvant) | CM-816 | 2H 2020 | POETYK-PSO-2/IM011-047 | 2021 | |||
Opdivo | Esophageal | CM-577 | 2021 |
Item 1A. | RISK FACTORS. |
Item 1B. | UNRESOLVED STAFF COMMENTS. |
Item 2. | PROPERTIES. |
Manufacturing | R&D | ||||||||||
United States | 6 | 10 | |||||||||
Europe | 2 | 1 | |||||||||
Total | 8 | 11 |
Manufacturing | R&D | ||||
United States | 4 | 11 | |||
Europe | 3 | 1 | |||
Total | 7 | 12 |
Item 4. | MINE SAFETY DISCLOSURES. |
Name and Current Position | Age | Employment History for the Past 5 Years | ||||||
Giovanni Caforio, M.D. Chairman of the Board and Chief Executive Officer Member of the Leadership Team | 57 | 2015 to 2017 – Chief Executive Officer and Director of the Company 2017 to present – Chairman of the Board and Chief Executive Officer | ||||||
Christopher Boerner, Ph.D. Executive Vice President, Chief Commercialization Officer Member of the Leadership Team | 51 | 2015 to 2017 – President and Head of U.S. Commercial 2017 to 2018 – President and Head, International Markets 2018 to present – Executive Vice President, Chief Commercialization Officer | ||||||
David V. Elkins Executive Vice President and Chief Financial Officer Member of the Leadership Team | 53 | 2014 to 2017 – Group Vice President and Chief Financial Officer, Consumer and Consumer Medicines, Johnson & Johnson 2017 to 2018 – Worldwide Vice President and Chief Financial Officer, Consumer Products, Medical Devices and Corporate Functions, Johnson & Johnson 2018 to 2019 – Chief Financial Officer, Celgene 2019 to present – Executive Vice President and Chief Financial Officer | ||||||
Samit Hirawat, M.D. Executive Vice President, Chief Medical Officer, Global Drug Development Member of the Leadership Team | 53 | 2017 to 2019 – Executive Vice President, Head of Oncology Development, Novartis 2019 to present – Executive Vice President, Chief Medical Officer, Global Drug Development | ||||||
Sandra Leung Executive Vice President, General Counsel Member of the Leadership Team | 61 | 2015 to present – Executive Vice President, General Counsel | ||||||
Greg Meyers Executive Vice President, Chief Digital and Technology Officer Member of the Leadership Team | 49 | 2014 to 2018 – Corporate Vice President and Chief Information Officer, Motorola Solutions 2018 to 2022 – Group Chief Information and Digital Officer, Syngenta Group 2022 to present – Executive Vice President, Chief Digital and Technology Officer | ||||||
Elizabeth A. Mily Executive Vice President, Strategy & Business Development Member of the Leadership Team | 54 | 2010 to 2020 – Managing Director, Barclays Investment Bank 2020 to present – Executive Vice President, Strategy & Business Development | ||||||
Ann M. Powell Executive Vice President, Chief Human Resources Officer Member of the Leadership Team | 56 | 2016 to 2019 – Senior Vice President, Chief Human Resources Officer 2019 to present – Executive Vice President, Chief Human Resources Officer | ||||||
Karen Santiago Senior Vice President and Corporate Controller | 51 | 2016 to 2018 – Lead, Enabling Functions and Finance Transformation 2018 to present – Senior Vice President and Corporate Controller | ||||||
Louis S. Schmukler Executive Vice President and President, Global Product Development and Supply Member of the Leadership Team | 66 | 2011 to 2017 – President, Global Product Development and Supply 2017 to 2019 – Senior Vice President and President, Global Product Development and Supply 2019 to present – Executive Vice President and President, Global Product Development and Supply | ||||||
Rupert Vessey, M.A., B.M., B.Ch., F.R.C.P., D.Phil. Executive Vice President, Research and Early Development Member of the Leadership Team | 57 | 2015 to 2019 – President of Research and Early Development, Celgene 2019 to present – Executive Vice President, Research and Early Development | ||||||
Paul von Autenried Executive Vice President, Chief Information Officer Member of the Leadership Team | 60 | 2016 to 2019 – Senior Vice President, Chief Information Officer 2019 to present – Executive Vice President, Chief Information Officer | ||||||
Michelle Weese Executive Vice President, Corporate Affairs Member of the Leadership Team | 51 | 2009 to 2018 – Founder/Chief Executive Officer, Strat-igence, Inc. 2018 to 2021 – General Secretary, North America, Danone 2021 to present – Executive Vice President, Corporate Affairs |
Item 3. | LEGAL PROCEEDINGS. |
Member of the Leadership Team | ||
Member of the Leadership Team | ||
Item 5. | MARKET FOR THE REGISTRANT’S COMMON STOCK AND OTHER STOCKHOLDER MATTERS. |
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||
Bristol Myers Squibb | $ | 100.00 | $ | 107.71 | $ | 93.82 | $ | 119.84 | $ | 120.33 | $ | 123.80 | |||||||||||||||||||||||
S&P 500 | 100.00 | 121.83 | 116.49 | 153.17 | 181.35 | 233.41 | |||||||||||||||||||||||||||||
Peer Group | 100.00 | 115.24 | 126.80 | 148.69 | 151.70 | 186.71 |
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||
Bristol-Myers Squibb | $ | 100.00 | $ | 119.26 | $ | 103.17 | $ | 111.12 | $ | 96.79 | $ | 123.64 | |||||||||||
S&P 500 | 100.00 | 101.38 | 113.51 | 138.29 | 132.23 | 173.86 | |||||||||||||||||
Peer Group | 100.00 | 102.92 | 102.35 | 117.95 | 129.78 | 152.19 |
Period | Total Number of Shares Purchased(a) | Average Price Paid per Share(a) | Total Number of Shares Purchased as Part of Publicly Announced Programs(b) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs(b) | |||||||||||||||||||
Dollars in Millions, Except Per Share Data | |||||||||||||||||||||||
October 1 to 31, 2021 | 820,228 | $ | 58.48 | — | $ | 2,919 | |||||||||||||||||
November 1 to 30, 2021 | 27,082,219 | 58.35 | 26,993,376 | 1,344 | |||||||||||||||||||
December 1 to 31, 2021 | 20,925,321 | 56.77 | 20,706,814 | 15,169 | |||||||||||||||||||
Three months ended December 31, 2021 | 48,827,768 | 47,700,190 |
Period | Total Number of Shares Purchased(a) | Average Price Paid per Share(a) | Total Number of Shares Purchased as Part of Publicly Announced Programs(b) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs(b) | |||||||||
Dollars in Millions, Except Per Share Data | |||||||||||||
October 1 to 31, 2019 | 7,340 | $ | 49.78 | — | $ | 1,048 | |||||||
November 1 to 30, 2019(c) | 98,729,392 | — | 98,713,203 | 1,048 | |||||||||
December 1 to 31, 2019 | 2,038,527 | 57.39 | — | 1,048 | |||||||||
Three months ended December 31, 2019 | 100,775,259 | 98,713,203 |
Item 6. |
Amounts in Millions, except per share data | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Income Statement Data: | |||||||||||||||||||
Total Revenues | $ | 26,145 | $ | 22,561 | $ | 20,776 | $ | 19,427 | $ | 16,560 | |||||||||
Net Earnings | 3,460 | 4,947 | 975 | 4,507 | 1,631 | ||||||||||||||
Net Earnings/(Loss) Attributable to: | |||||||||||||||||||
Noncontrolling Interest | 21 | 27 | (32 | ) | 50 | 66 | |||||||||||||
BMS | 3,439 | 4,920 | 1,007 | 4,457 | 1,565 | ||||||||||||||
Net Earnings per Common Share Attributable to BMS: | |||||||||||||||||||
Basic | $ | 2.02 | $ | 3.01 | $ | 0.61 | $ | 2.67 | $ | 0.94 | |||||||||
Diluted | 2.01 | 3.01 | 0.61 | 2.65 | 0.93 | ||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||
Basic | 1,705 | 1,633 | 1,645 | 1,671 | 1,667 | ||||||||||||||
Diluted | 1,712 | 1,637 | 1,652 | 1,680 | 1,679 | ||||||||||||||
Cash dividends paid on BMS common and preferred stock | $ | 2,679 | $ | 2,613 | $ | 2,577 | $ | 2,547 | $ | 2,477 | |||||||||
Cash dividends declared per common share | $ | 1.68 | $ | 1.61 | $ | 1.57 | $ | 1.53 | $ | 1.49 | |||||||||
Financial Position Data at December 31: | |||||||||||||||||||
Cash and cash equivalents | $ | 12,346 | $ | 6,911 | $ | 5,421 | $ | 4,237 | $ | 2,385 | |||||||||
Marketable debt securities(a)(b) | 3,814 | 3,623 | 3,739 | 4,724 | 6,442 | ||||||||||||||
Total Assets | 129,944 | 34,986 | 33,551 | 33,707 | 31,748 | ||||||||||||||
Long-term debt(a) | 46,150 | 6,895 | 6,975 | 6,465 | 6,550 | ||||||||||||||
Equity | 51,698 | 14,127 | 11,847 | 16,347 | 14,424 |
Item 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions, except per share data | 2021 | 2020 | |||||||||||||||
Total Revenues | $ | 46,385 | $ | 42,518 | |||||||||||||
Diluted Earnings/(Loss) Per Share | |||||||||||||||||
GAAP | $ | 3.12 | $ | (3.99) | |||||||||||||
Non-GAAP | 7.51 | 6.44 |
Year Ended December 31, | |||||||
Dollars in Millions, except per share data | 2019 | 2018 | |||||
Total Revenues | $ | 26,145 | $ | 22,561 | |||
Diluted Earnings Per Share | |||||||
GAAP | $ | 2.01 | $ | 3.01 | |||
Non-GAAP | 4.69 | 3.98 |
Product | Date | Approval |
December | FDA approval of Orencia for the prevention, of aGvHD, in combination with a calcineurin inhibitor and methotrexate, in adults and pediatric patients two years of age and older undergoing hematopoietic stem cell transplantation from a matched or one allele-mismatched unrelated donor. |
Opdivo | December 2021 | Japan’s Ministry of Health, Labour and Welfare approval of Opdivo for the treatment of cancer of unknown primary. |
Opdivo | November 2021 | Japan’s Ministry of Health, Labour and Welfare approval of Opdivo for the first-line treatment of unresectable advanced or recurrent gastric cancer in combination with chemotherapy. |
Opdivo | November 2021 | Japan’s Ministry of Health, Labour and Welfare approval of Opdivo for the adjuvant treatment of esophageal cancer. |
Zeposia | November 2021 | EC approval for Zeposia for the treatment of adults with moderately to severely active UC. |
Opdivo | October 2021 | EC approval of Opdivoin combination with |
Opdivo | September 2021 | Japan’s Ministry of Health, Labour and Welfare approval of Opdivo for first line gastric cancer and adjuvant esophageal cancer. |
Opdivo | August 2021 | Japan’s Ministry of Health, Labour and Welfare approval of Opdivo for the treatment of pediatric patients with recurrent or refractory classical Hodgkin lymphoma. |
Opdivo | August 2021 | Japan’s Ministry of Health, Labour and Welfare approval of the combination therapy Opdivo and CABOMETYX* for the treatment of unresectable or metastatic RCC. |
Opdivo | August 2021 | FDA approval of Opdivo for the adjuvant treatment of patients with urothelial carcinoma who are at high risk of recurrence after undergoing radical resection, regardless of prior neoadjuvant chemotherapy, nodal involvement or PD-L1 status. |
Abecma | August 2021 | EC approval for Abecma for the treatment of adult patients with |
Opdivo+Yervoy | June 2021 | EC approval of Opdivo plus |
Onureg | June 2021 |
Opdivo+Yervoy | June 2021 | EC approval of Opdivo plus Yervoy for the first-line treatment of adults with unresectable malignant pleural mesothelioma. |
Zeposia | May 2021 | FDA approval of Zeposia for the treatment of |
Opdivo+Yervoy | May 2021 | Japan’s Ministry of Health, Labour and Welfare approval of Opdivo and Yervoy in combination therapy for the first-line treatment of unresectable advanced or recurrent malignant pleural mesothelioma. |
Product | Date | Approval |
Opdivo | May 2021 | FDA approval of Opdivo for the adjuvant treatment of patients with completely resected esophageal or gastroesophageal junction cancer with residual pathologic disease after neoadjuvant chemoradiotherapy. |
Opdivo | April 2021 | FDA approval of Opdivo in combination with chemotherapy for patients with advanced or metastatic gastric cancer, gastroesophageal junction cancer, and esophageal adenocarcinoma, regardless of PD-L1 expression status. |
Opdivo | April 2021 | EC approval of Opdivo in combination with CABOMETYX* for the first-line treatment of patients with advanced RCC. |
Abecma | March 2021 | FDA approval of Abecma for the treatment of adult patients with relapsed or refractory multiple myeloma after four or more prior lines of therapy, including an immunomodulatory agent, a proteasome inhibitor, and an anti-CD38 monoclonal antibody. |
Breyanzi | March 2021 | Japan’s Ministry of Health, Labour and Welfare approval of Breyanzi for the treatment of patients with relapsed or refractory large B-cell lymphoma and relapsed or refractory follicular lymphoma. |
Inrebic | February 2021 | EC approval of Inrebic for the treatment of disease-related splenomegaly or symptoms in adult patients with |
FDA approval |
Opdivo | January 2021 | FDA approval of Opdivo in combination with CABOMETYX* for the first-line treatment of patients with advanced RCC. |
Year Ended December 31, | 2021 vs. 2020 | ||||||||||||||||||||||
Dollars in Millions | 2021 | 2020 | % Change | Foreign Exchange(b) | |||||||||||||||||||
United States | $ | 29,214 | $ | 26,577 | 10 | % | — | ||||||||||||||||
Europe | 10,687 | 9,853 | 8 | % | 3 | % | |||||||||||||||||
Rest of the World | 5,632 | 5,457 | 3 | % | 1 | % | |||||||||||||||||
Other(a) | 852 | 631 | 35 | % | — | ||||||||||||||||||
Total | $ | 46,385 | $ | 42,518 | 9 | % | 1 | % |
Year Ended December 31, | 2019 vs. 2018 | ||||||||||||
Dollars in Millions | 2019 | 2018 | % Change | Foreign Exchange(b) | |||||||||
United States | $ | 15,342 | $ | 12,586 | 22 | % | — | ||||||
Europe | 6,266 | 5,658 | 11 | % | (6 | )% | |||||||
Rest of the World | 4,013 | 3,733 | 8 | % | (5 | )% | |||||||
Other(a) | 524 | 584 | (10 | )% | N/A | ||||||||
Total | $ | 26,145 | $ | 22,561 | 16 | % | (2 | )% |
(a) Other revenues include royalties and alliance-related revenues for products not sold by our regional commercial organizations. |
Year Ended December 31, 2021 | |||||||||||||||||||||||
Dollars in Millions | Charge-Backs and Cash Discounts | Medicaid and Medicare Rebates | Other Rebates, Returns, Discounts and Adjustments | Total | |||||||||||||||||||
Balance at January 1, 2021 | $ | 645 | $ | 2,595 | $ | 3,093 | $ | 6,333 | |||||||||||||||
Provision related to sales made in: | |||||||||||||||||||||||
Current period | 7,251 | 9,581 | 6,329 | 23,161 | |||||||||||||||||||
Prior period | 2 | (207) | (114) | (319) | |||||||||||||||||||
Payments and returns | (7,158) | (8,763) | (5,963) | (21,884) | |||||||||||||||||||
Foreign currency translation and other | (17) | — | (152) | (169) | |||||||||||||||||||
Balance at December 31, 2021 | $ | 723 | $ | 3,206 | $ | 3,193 | $ | 7,122 |
Year Ended December 31, 2019 | |||||||||||||||
Dollars in Millions | Charge-Backs and Cash Discounts | Medicaid and Medicare Rebates | Other Rebates, Returns, Discounts and Adjustments | Total | |||||||||||
Balance at January 1, 2019 | $ | 245 | $ | 1,061 | $ | 1,356 | $ | 2,662 | |||||||
Celgene acquisition | 116 | 426 | 846 | 1,388 | |||||||||||
Provision related to sales made in: | |||||||||||||||
Current period | 3,679 | 5,003 | 3,482 | 12,164 | |||||||||||
Prior period | (4 | ) | (62 | ) | (66 | ) | (132 | ) | |||||||
Payments and returns | (3,643 | ) | (4,569 | ) | (3,196 | ) | (11,408 | ) | |||||||
Foreign currency translation and other | (2 | ) | — | (6 | ) | (8 | ) | ||||||||
Balance at December 31, 2019 | $ | 391 | $ | 1,859 | $ | 2,416 | $ | 4,666 |
Year Ended December 31, | % Change | |||||||||
Dollars in Millions | 2019 | 2018 | 2019 vs. 2018 | |||||||
Gross product sales | $ | 37,206 | $ | 30,174 | 23 | % | ||||
GTN Adjustments | ||||||||||
Charge-backs and cash discounts | (3,675 | ) | (2,735 | ) | 34 | % | ||||
Medicaid and Medicare rebates | (4,941 | ) | (3,225 | ) | 53 | % | ||||
Other rebates, returns, discounts and adjustments | (3,416 | ) | (2,633 | ) | 30 | % | ||||
Total GTN Adjustments | (12,032 | ) | (8,593 | ) | 40 | % | ||||
Net product sales | $ | 25,174 | $ | 21,581 | 17 | % | ||||
GTN adjustments percentage | 32 | % | 28 | % | 4 | % | ||||
U.S. | 40 | % | 36 | % | 4 | % | ||||
Non-U.S. | 15 | % | 13 | % | 2 | % |
Year Ended December 31, | % Change | ||||||||||||||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2021 vs. 2020 | ||||||||||||||||||||||||||
Gross product sales | $ | 67,897 | $ | 60,016 | 13 | % | |||||||||||||||||||||||
GTN Adjustments | |||||||||||||||||||||||||||||
Charge-backs and cash discounts | (7,253) | (5,827) | 24 | % | |||||||||||||||||||||||||
Medicaid and Medicare rebates | (9,374) | (7,595) | 23 | % | |||||||||||||||||||||||||
Other rebates, returns, discounts and adjustments | (6,215) | (5,273) | 18 | % | |||||||||||||||||||||||||
Total GTN Adjustments | (22,842) | (18,695) | 22 | % | |||||||||||||||||||||||||
Net product sales | $ | 45,055 | $ | 41,321 | 9 | % | |||||||||||||||||||||||
GTN adjustments percentage | 33 | % | 31 | % | 2 | % | |||||||||||||||||||||||
U.S. | 40 | % | 37 | % | 3 | % | |||||||||||||||||||||||
Non-U.S. | 17 | % | 16 | % | 1 | % |
Year Ended December 31, | % Change | ||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2021 vs. 2020 | ||||||||||||||
Revlimid | $ | 12,821 | $ | 12,106 | 6 | % | |||||||||||
U.S. | 8,695 | 8,291 | 5 | % | |||||||||||||
Non-U.S. | 4,126 | 3,815 | 8 | % | |||||||||||||
Eliquis | 10,762 | 9,168 | 17 | % | |||||||||||||
U.S. | 6,456 | 5,485 | 18 | % | |||||||||||||
Non-U.S. | 4,306 | 3,683 | 17 | % | |||||||||||||
Opdivo | 7,523 | 6,992 | 8 | % | |||||||||||||
U.S. | 4,202 | 3,945 | 7 | % | |||||||||||||
Non-U.S. | 3,321 | 3,047 | 9 | % | |||||||||||||
Pomalyst/Imnovid | 3,332 | 3,070 | 9 | % | |||||||||||||
U.S. | 2,249 | 2,136 | 5 | % | |||||||||||||
Non-U.S. | 1,083 | 934 | 16 | % | |||||||||||||
Orencia | 3,306 | 3,157 | 5 | % | |||||||||||||
U.S. | 2,410 | 2,268 | 6 | % | |||||||||||||
Non-U.S. | 896 | 889 | 1 | % | |||||||||||||
Sprycel | 2,117 | 2,140 | (1) | % | |||||||||||||
U.S. | 1,297 | 1,295 | — | ||||||||||||||
Non-U.S. | 820 | 845 | (3) | % | |||||||||||||
Yervoy | 2,026 | 1,682 | 20 | % | |||||||||||||
U.S. | 1,265 | 1,124 | 13 | % | |||||||||||||
Non-U.S. | 761 | 558 | 36 | % | |||||||||||||
Abraxane | 1,181 | 1,247 | (5) | % | |||||||||||||
U.S. | 898 | 873 | 3 | % | |||||||||||||
Non-U.S. | 283 | 374 | (24) | % | |||||||||||||
Reblozyl | 551 | 274 | ** | ||||||||||||||
U.S. | 485 | 259 | 87 | % | |||||||||||||
Non-U.S. | 66 | 15 | ** | ||||||||||||||
Empliciti | 334 | 381 | (12) | % | |||||||||||||
U.S. | 200 | 230 | (13) | % | |||||||||||||
Non-U.S. | 134 | 151 | (11) | % | |||||||||||||
Abecma | 164 | — | N/A | ||||||||||||||
U.S. | 158 | — | N/A | ||||||||||||||
Non-U.S. | 6 | — | N/A | ||||||||||||||
Zeposia | 134 | 12 | ** | ||||||||||||||
U.S. | 99 | 10 | ** | ||||||||||||||
Non-U.S. | 35 | 2 | ** | ||||||||||||||
Breyanzi | 87 | — | N/A | ||||||||||||||
U.S. | 84 | — | N/A | ||||||||||||||
Non-U.S. | 3 | — | N/A | ||||||||||||||
Year Ended December 31, | % Change | Year Ended December 31, | % Change | ||||||||||||||||||||||||
Dollars in Millions | 2019 | 2018 | 2019 vs. 2018 | Dollars in Millions | 2021 | 2020 | 2021 vs. 2020 | ||||||||||||||||||||
Prioritized Brands | |||||||||||||||||||||||||||
Revlimid | $ | 1,299 | $ | — | N/A | ||||||||||||||||||||||
U.S. | 899 | — | N/A | ||||||||||||||||||||||||
Non-U.S. | 400 | — | N/A | ||||||||||||||||||||||||
Eliquis | 7,929 | 6,438 | 23 | % | |||||||||||||||||||||||
U.S. | 4,755 | 3,760 | 26 | % | |||||||||||||||||||||||
Non-U.S. | 3,174 | 2,678 | 19 | % | |||||||||||||||||||||||
Opdivo | 7,204 | 6,735 | 7 | % | |||||||||||||||||||||||
U.S. | 4,344 | 4,239 | 2 | % | |||||||||||||||||||||||
Non-U.S. | 2,860 | 2,496 | 15 | % | |||||||||||||||||||||||
Orencia | 2,977 | 2,710 | 10 | % | |||||||||||||||||||||||
U.S. | 2,146 | 1,875 | 14 | % | |||||||||||||||||||||||
Non-U.S. | 831 | 835 | — | ||||||||||||||||||||||||
Pomalyst/Imnovid | 322 | — | N/A | ||||||||||||||||||||||||
U.S. | 226 | — | N/A | ||||||||||||||||||||||||
Non-U.S. | 96 | — | N/A | ||||||||||||||||||||||||
Sprycel | 2,110 | 2,000 | 6 | % | |||||||||||||||||||||||
U.S. | 1,191 | 1,091 | 9 | % | |||||||||||||||||||||||
Non-U.S. | 919 | 909 | 1 | % | |||||||||||||||||||||||
Yervoy | 1,489 | 1,330 | 12 | % | |||||||||||||||||||||||
U.S. | 1,004 | 941 | 7 | % | |||||||||||||||||||||||
Non-U.S. | 485 | 389 | 25 | % | |||||||||||||||||||||||
Abraxane | 166 | — | N/A | ||||||||||||||||||||||||
U.S. | 122 | — | N/A | ||||||||||||||||||||||||
Non-U.S. | 44 | — | N/A | ||||||||||||||||||||||||
Empliciti | 357 | 247 | 45 | % | |||||||||||||||||||||||
U.S. | 246 | 164 | 50 | % | |||||||||||||||||||||||
Non-U.S. | 111 | 83 | 34 | % | |||||||||||||||||||||||
Inrebic | 5 | — | N/A | Inrebic | 74 | 55 | 35 | % | |||||||||||||||||||
U.S. | 5 | — | N/A | U.S. | 67 | 55 | 22 | % | |||||||||||||||||||
Non-U.S. | — | — | N/A | Non-U.S. | 7 | — | N/A | ||||||||||||||||||||
Onureg | Onureg | 73 | 17 | ** | |||||||||||||||||||||||
U.S. | U.S. | 69 | 17 | ** | |||||||||||||||||||||||
Non-U.S. | Non-U.S. | 4 | — | N/A | |||||||||||||||||||||||
Mature and other brands | Mature and other brands | 1,900 | 2,217 | (14) | % | ||||||||||||||||||||||
U.S. | U.S. | 580 | 589 | (2) | % | ||||||||||||||||||||||
Non-U.S. | Non-U.S. | 1,320 | 1,628 | (19) | % | ||||||||||||||||||||||
Total Revenues | Total Revenues | 46,385 | 42,518 | 9 | % | ||||||||||||||||||||||
U.S. | U.S. | 29,214 | 26,577 | 10 | % | ||||||||||||||||||||||
Non-U.S. | Non-U.S. | 17,171 | 15,941 | 8 | % |
Year Ended December 31, | % Change | |||||||||
Dollars in Millions | 2019 | 2018 | 2019 vs. 2018 | |||||||
Established Brands | ||||||||||
Baraclude | $ | 555 | $ | 744 | (25 | )% | ||||
U.S. | 20 | 32 | (38 | )% | ||||||
Non-U.S. | 535 | 712 | (25 | )% | ||||||
Vidaza | 58 | — | N/A | |||||||
U.S. | 1 | — | N/A | |||||||
Non-U.S. | 57 | — | N/A | |||||||
Other Brands(a) | 1,674 | 2,357 | (29 | )% | ||||||
U.S. | 383 | 484 | (21 | )% | ||||||
Non-U.S. | 1,291 | 1,873 | (31 | )% | ||||||
Total Revenues | 26,145 | 22,561 | 16 | % | ||||||
U.S. | 15,342 | 12,586 | 22 | % | ||||||
Non-U.S. | 10,803 | 9,975 | 8 | % |
•U.S. |
Year Ended December 31, | % Change | ||||||||||||||||
Dollar in Millions | 2021 | 2020 | 2021 vs 2020 | ||||||||||||||
Cost of products sold(a) | $ | 9,940 | $ | 11,773 | (16) | % | |||||||||||
Marketing, selling and administrative | 7,690 | 7,661 | — | ||||||||||||||
Research and development | 11,354 | 11,143 | 2 | % | |||||||||||||
IPRD charge - MyoKardia acquisition | — | 11,438 | (100) | % | |||||||||||||
Amortization of acquired intangible assets | 10,023 | 9,688 | 3 | % | |||||||||||||
Other (income)/expense, net | (720) | (2,314) | (69) | % | |||||||||||||
Total Expenses | $ | 38,287 | $ | 49,389 | (22) | % |
Year Ended December 31, | % Change | |||||||||
Dollar in Millions | 2019 | 2018 | 2019 vs 2018 | |||||||
Cost of products sold(a) | $ | 8,078 | $ | 6,467 | 25 | % | ||||
Marketing, selling and administrative | 4,871 | 4,551 | 7 | % | ||||||
Research and development | 6,148 | 6,332 | (3 | )% | ||||||
Amortization of acquired intangible assets | 1,135 | 97 | ** | |||||||
Other (income)/expense, net | 938 | (854 | ) | ** | ||||||
Total Expenses | $ | 21,170 | $ | 16,593 | 28 | % |
•Cost of products sold decreased by $1.8 billion in 2021 primarily due to lower unwinding of inventory purchase price adjustments ($2.4 billion), lower impairments of acquired marketed product rights ($260 million), partially offset by |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Eisai up-front collaboration fee | $ | 650 | $ | — | |||||||
Agenus up-front license fee | 200 | — | |||||||||
Prothena opt-in license fee | 80 | — | |||||||||
Dragonfly up-front license fee and milestone | — | 475 | |||||||||
bluebird collaboration fee | — | 200 | |||||||||
Forbius asset acquisition | — | 178 | |||||||||
Cormorant milestone | — | 100 | |||||||||
Other milestones | 50 | 50 | |||||||||
License and asset acquisition charges | 980 | 1,003 | |||||||||
IPRD impairments | 840 | 470 | |||||||||
Inventory purchase price accounting adjustments | 1 | 36 | |||||||||
Employee compensation charges | 1 | 282 | |||||||||
Site exit and other costs | 1 | 115 | |||||||||
Research and development significant charges | $ | 1,823 | $ | 1,906 |
Year Ended December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
License and asset acquisition charges | $ | 25 | $ | 1,135 | |||
IPRD impairments | 32 | — | |||||
Employee compensation charges | 33 | — | |||||
Site exit and other costs | 167 | 79 | |||||
Research and development significant charges | $ | 257 | $ | 1,214 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Interest expense | $ | 1,334 | $ | 1,420 | |||||||
Royalties and licensing income | (1,733) | (1,527) | |||||||||
Equity investment gains | (745) | (1,228) | |||||||||
Integration expenses | 564 | 717 | |||||||||
Contingent consideration | (542) | (1,757) | |||||||||
Loss on debt redemption | 281 | — | |||||||||
Provision for restructuring | 169 | 530 | |||||||||
Litigation and other settlements | 82 | (194) | |||||||||
Transition and other service fees | (49) | (149) | |||||||||
Investment income | (39) | (121) | |||||||||
Divestiture gains | (9) | (55) | |||||||||
Intangible asset impairment | — | 21 | |||||||||
Reversion excise tax | — | 76 | |||||||||
Other | (33) | (47) | |||||||||
Other (income)/expense, net | $ | (720) | $ | (2,314) |
Year Ended December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Interest expense | $ | 656 | $ | 183 | |||
Pension and postretirement | 1,599 | (27 | ) | ||||
Royalties and licensing income | (1,360 | ) | (1,353 | ) | |||
Divestiture gains | (1,168 | ) | (178 | ) | |||
Acquisition expenses | 657 | — | |||||
Contingent value rights | 523 | — | |||||
Investment income | (464 | ) | (173 | ) | |||
Integration expenses | 415 | — | |||||
Provision for restructuring | 301 | 131 | |||||
Equity investment (gains)/losses | (279 | ) | 512 | ||||
Litigation and other settlements | 77 | 76 | |||||
Transition and other service fees | (37 | ) | (12 | ) | |||
Intangible asset impairment | 15 | 64 | |||||
Equity in net loss/(income) of affiliates | 4 | (93 | ) | ||||
Other | (1 | ) | 16 | ||||
Other (income)/expense, net | $ | 938 | $ | (854 | ) |
•Contingent consideration primarily includes |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||||||||
Earnings/(Loss) Before Income Taxes | $ | 8,098 | $ | (6,871) | |||||||||||||
Provision for Income Taxes | 1,084 | 2,124 | |||||||||||||||
Effective Tax Rate | 13.4 | % | (30.9) | % | |||||||||||||
Impact of Specified Items | 2.5 | % | 46.5 | % | |||||||||||||
Effective Tax Rate Excluding Specified Items | 15.9 | % | 15.6 | % |
Year Ended December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Earnings Before Income Taxes | $ | 4,975 | $ | 5,968 | |||
Provision for Income Taxes | 1,515 | 1,021 | |||||
Effective Tax Rate | 30.5 | % | 17.1 | % | |||
Impact of Specified Items | 15.7 | % | — | ||||
Effective Tax Rate Excluding Specified Items | 14.8 | % | 17.1 | % |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Inventory purchase price accounting adjustments | $ | 264 | $ | 2,688 | |||||||
Intangible asset impairment | 315 | 575 | |||||||||
Employee compensation charges | — | 4 | |||||||||
Site exit and other costs | 24 | 33 | |||||||||
Cost of products sold | 603 | 3,300 | |||||||||
Employee compensation charges | 1 | 275 | |||||||||
Site exit and other costs | 2 | 4 | |||||||||
Marketing, selling and administrative | 3 | 279 | |||||||||
License and asset acquisition charges | 980 | 1,003 | |||||||||
IPRD impairments | 840 | 470 | |||||||||
Inventory purchase price accounting adjustments | 1 | 36 | |||||||||
Employee compensation charges | 1 | 282 | |||||||||
Site exit and other costs | 1 | 115 | |||||||||
Research and development | 1,823 | 1,906 | |||||||||
IPRD charge - MyoKardia acquisition | — | 11,438 | |||||||||
Amortization of acquired intangible assets | 10,023 | 9,688 | |||||||||
Interest expense(a) | (120) | (159) | |||||||||
Contingent consideration | (542) | (1,757) | |||||||||
Royalties and licensing income | (72) | (168) | |||||||||
Equity investment gains | (758) | (1,156) | |||||||||
Integration expenses | 564 | 717 | |||||||||
Provision for restructuring | 169 | 530 | |||||||||
Litigation and other settlements | — | (239) | |||||||||
Reversion excise tax | — | 76 | |||||||||
Divestiture gains | (9) | (55) | |||||||||
Loss on debt redemption | 281 | — | |||||||||
Other (income)/expense, net | (487) | (2,211) | |||||||||
Increase to pretax income | 11,965 | 24,400 | |||||||||
Income taxes on items above | (1,122) | (1,733) | |||||||||
Income taxes attributed to Otezla* divestiture | — | 266 | |||||||||
Income taxes attributed to internal transfer of intangible assets | (983) | 853 | |||||||||
Income taxes | (2,105) | (614) | |||||||||
Increase to net earnings | $ | 9,860 | $ | 23,786 | |||||||
Year Ended December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Inventory purchase price accounting adjustments | $ | 660 | $ | — | |||
Employee compensation charges | 1 | — | |||||
Site exit and other costs | 197 | 58 | |||||
Cost of products sold | 858 | 58 | |||||
Employee compensation charges | 27 | — | |||||
Site exit and other costs | 9 | 2 | |||||
Marketing, selling and administrative | 36 | 2 | |||||
License and asset acquisition charges | 25 | 1,135 | |||||
IPRD impairments | 32 | — | |||||
Employee compensation charges | 33 | — | |||||
Site exit and other costs | 167 | 79 | |||||
Research and development | 257 | 1,214 | |||||
Amortization of acquired intangible assets | 1,062 | — | |||||
Interest expense | 322 | — | |||||
Pension and postretirement | 1,635 | 121 | |||||
Royalties and licensing income | (24 | ) | (75 | ) | |||
Divestiture gains | (1,168 | ) | (177 | ) | |||
Acquisition expenses | 657 | — | |||||
Contingent value rights | 523 | — | |||||
Investment income | (197 | ) | — | ||||
Integration expenses | 415 | — | |||||
Provision for restructuring | 301 | 131 | |||||
Equity investment (gains)/losses | (279 | ) | 512 | ||||
Litigation and other settlements | 75 | 70 | |||||
Intangible asset impairment | — | 64 | |||||
Other | 2 | — | |||||
Other (income)/expense, net | 2,262 | 646 | |||||
Increase to pretax income | 4,475 | 1,920 | |||||
Income taxes on items above | (687 | ) | (268 | ) | |||
Income taxes attributed to Otezla* divestiture | 808 | — | |||||
Income taxes attributed to U.S. tax reform | — | (56 | ) | ||||
Income taxes | 121 | (324 | ) | ||||
Increase to net earnings | $ | 4,596 | $ | 1,596 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions, except per share data | 2021 | 2020 | |||||||||||||||
Net Earnings/(Loss) Attributable to BMS used for Diluted EPS Calculation — GAAP | $ | 6,994 | $ | (9,015) | |||||||||||||
Specified Items | 9,860 | 23,786 | |||||||||||||||
Net Earnings Attributable to BMS used for Diluted EPS Calculation — Non-GAAP | $ | 16,854 | $ | 14,771 | |||||||||||||
Weighted-Average Common Shares Outstanding – Diluted – GAAP | 2,245 | 2,258 | |||||||||||||||
Incremental Shares Attributable to Share-Based Compensation Plans | — | 35 | |||||||||||||||
Weighted Average Common Shares Outstanding — Diluted – Non-GAAP | 2,245 | 2,293 | |||||||||||||||
Diluted Earnings/(Loss) Per Share Attributable to BMS — GAAP | $ | 3.12 | $ | (3.99) | |||||||||||||
Diluted EPS Attributable to Specified Items | 4.39 | 10.43 | |||||||||||||||
Diluted EPS Attributable to BMS — Non-GAAP | $ | 7.51 | $ | 6.44 |
Year Ended December 31, | |||||||
Dollars in Millions, except per share data | 2019 | 2018 | |||||
Net Earnings Attributable to BMS used for Diluted EPS Calculation — GAAP | $ | 3,439 | $ | 4,920 | |||
Specified Items | 4,596 | 1,596 | |||||
Net Earnings Attributable to BMS used for Diluted EPS Calculation — Non-GAAP | $ | 8,035 | $ | 6,516 | |||
Weighted Average Common Shares Outstanding — Diluted | 1,712 | 1,637 | |||||
Diluted EPS Attributable to BMS — GAAP | $ | 2.01 | $ | 3.01 | |||
Diluted EPS Attributable to Specified Items | 2.68 | 0.97 | |||||
Diluted EPS Attributable to BMS — Non-GAAP | $ | 4.69 | $ | 3.98 |
December 31, | |||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Cash and cash equivalents | $ | 13,979 | $ | 14,546 | |||||||
Marketable debt securities — current | 2,987 | 1,285 | |||||||||
Marketable debt securities — non-current | — | 433 | |||||||||
Total cash, cash equivalents and marketable debt securities | 16,966 | 16,264 | |||||||||
Short-term debt obligations | (4,948) | (2,340) | |||||||||
Long-term debt | (39,605) | (48,336) | |||||||||
Net debt position | $ | (27,587) | $ | (34,412) |
December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Cash and cash equivalents | $ | 12,346 | $ | 6,911 | |||
Marketable debt securities — current | 3,047 | 1,848 | |||||
Marketable debt securities — non-current | 767 | 1,775 | |||||
Total cash, cash equivalents and marketable debt securities | 16,160 | 10,534 | |||||
Short-term debt obligations | (3,346 | ) | (1,703 | ) | |||
Long-term debt | (43,387 | ) | (5,646 | ) | |||
Net (debt)/cash position(a) | $ | (30,573 | ) | $ | 3,185 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||||||||
Cash flow provided by/(used in): | |||||||||||||||||
Operating activities | $ | 16,207 | $ | 14,052 | |||||||||||||
Investing activities | (538) | (10,859) | |||||||||||||||
Financing activities | (16,224) | (1,151) |
Year Ended December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Cash flow provided by/(used in): | |||||||
Operating activities | $ | 8,067 | $ | 5,940 | |||
Investing activities | (9,770 | ) | (874 | ) | |||
Financing activities | 7,621 | (3,535 | ) |
Obligations Expiring by Period | |||||||||||||||||||||||||||
Dollars in Millions | Total | 2020 | 2021 | 2022 | 2023 | 2024 | Later Years | ||||||||||||||||||||
Short-term borrowings | $ | 583 | $ | 583 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Long-term debt | 44,335 | 2,750 | 2,000 | 4,750 | 3,267 | 4,286 | 27,282 | ||||||||||||||||||||
Interest on long-term debt(a) | 21,659 | 1,627 | 1,483 | 1,428 | 1,292 | 1,191 | 14,638 | ||||||||||||||||||||
Operating leases | 966 | 165 | 145 | 130 | 104 | 68 | 354 | ||||||||||||||||||||
Purchase obligations | 3,353 | 1,143 | 717 | 526 | 384 | 262 | 321 | ||||||||||||||||||||
Uncertain tax positions(b) | 85 | 85 | — | — | — | — | — | ||||||||||||||||||||
Deemed repatriation transition tax | 3,416 | 119 | 339 | 339 | 567 | 798 | 1,254 | ||||||||||||||||||||
Total(c) | $ | 74,397 | $ | 6,472 | $ | 4,684 | $ | 7,173 | $ | 5,614 | $ | 6,605 | $ | 43,849 |
Product | Indication | Date | Developments |
Announced |
March | |||
Ono, our alliance partner for Opdivo in Japan, announced the submission of a supplemental application | ||||||||
March 2021 | Announced that the EMA validated the type II | |||||||
November 2021 | Ono, our alliance partner for Opdivo in Japan, announced that the | |||||||
Ono, our alliance partner for Opdivo in Japan, announced that the Japan's Ministry of Health, Labour and Welfare approved Opdivo for the adjuvant treatment of esophageal cancer, for a partial change in approved items of the manufacturing and marketing approval. The approval is based on results from the Phase III CheckMate-577 (ONO-4538-43) trial. | ||||||||
October 2021 | Announced | |||||||
July 2021 | Announced EC approval of Opdivo for the adjuvant treatment of adult patients with esophageal or gastroesophageal junction cancer who have residual pathologic disease following prior neoadjuvant chemoradiotherapy. The approval is based on results from the Phase 3 CheckMate-577 trial. | |||||||
May 2021 | Announced FDA approval of Opdivo for the adjuvant treatment of patients with completely resected esophageal or gastroesophageal junction cancer with residual pathologic disease who have received neoadjuvant chemoradiotherapy. The approval is based on results from the Phase III CheckMate-577 trial. | |||||||
April 2021 | Announced FDA approval of Opdivo in combination with combination with fluoropyrimidine- and | |||||||
April 2021 | Announced positive topline results from the Phase III CheckMate-648 trial evaluating treatment with Opdivo plus chemotherapy or Opdivo plus Yervoy in patients with unresectable advanced or metastatic ESCC. Opdivo plus chemotherapy met primary and secondary endpoints | |||||||
July 2021 | Announced | |||||||
Product | Indication | Date | Developments |
Opdivo | Hodgkin Lymphoma | September 2021 | |||||||||
NSCLC | November 2021 | Announced the Phase III CheckMate-816 trial met the primary endpoint of improved event-free survival in | ||||||
RCC | August 2021 | Ono, our alliance partner for Opdivo in Japan, announced that Japan’s Ministry of Health, Labour and Welfare approved the combination therapy of Opdivo and CABOMETYX* for the treatment of unresectable or metastatic RCC, for a partial change in approved items of the manufacturing and marketing approval. The approval is based on results from the Phase III Checkmate-9ER trial. | ||||||
April 2021 | Announced EC approval of Opdivo in combination with CABOMETYX* for the first-line treatment of adults with advanced RCC. The approval is based on results from the Phase III CheckMate-9ER trial. | |||||||
January 2021 | Announced FDA approval of Opdivo in combination with CABOMETYX* for the first-line treatment of patients with advanced RCC. The approval is based on the Phase III CheckMate-9ER trial. |
Announced |
May 2021 | Announced | |||||||
September 2021 | ||||||||
September 2021 | Ono, our alliance partner for Opdivo in Japan, announced that the companies have submitted supplemental applications in Japan for Opdivo in combination with Yervoy and Opdivo in combination with chemotherapy for the | |||||||
August 2021 | Announced that the EMA validated its MAA for both Opdivo in combination with Yervoy and Opdivo in combination with fluoropyrimidine- and platinum-containing chemotherapy as first-line treatments for adult patients with unresectable advanced, recurrent or metastatic esophageal squamous cell carcinoma. Validation of these applications confirm that the submissions are complete and begins the EMA’s centralized review process. The applications are based on results from the pivotal Phase III CheckMate-648 trial. | |||||||
Malignant Pleural Mesothelioma | September 2021 | Announced three-year data from the CheckMate-743 trial that demonstrated a durable survival benefit with first-line treatment with Opdivo plus Yervoy compared to platinum-based standard-of-care chemotherapy in patients with unresectable malignant pleural mesothelioma, regardless of histology. | ||||||
June 2021 | Announced EC approval of Opdivo plus Yervoy for the first line treatment of adults with unresectable malignant pleural mesothelioma. The approval is based on results from the Phase III CheckMate-743 trial. | |||||||
May 2021 | Ono, our alliance partner for Opdivo in Japan, announced that the companies received approval for combination therapy of Opdivo and Yervoy in Japan for the first-line treatment of unresectable advanced or recurrent malignant pleural mesothelioma, for a partial change in approved items of the manufacturing and marketing approval. The approval is based on results from the Phase III CheckMate-743 trial. |
Developments |
Opdivo + Yervoy | RCC | September 2021 | Announced that | ||||||||
NSCLC | May 2021 | Announced that Part 1 of the Phase III CheckMate-227 trial continues to demonstrate the long-term survival benefits of first-line treatment with Opdivo plus Yervoy compared to chemotherapy in patients with advanced NSCLC, regardless of PD-L1 expression level or histology, with a minimum follow-up of over four years. | |||||||||
May 2021 | Announced that Opdivo plus Yervoy with two cycles of chemotherapy showed a durable survival benefit compared to four cycles of chemotherapy alone after two years of follow-up in previously untreated patients with advanced NSCLC in the Phase III CheckMate-9LA trial. | ||||||||||
SCCHN | July 2021 | Announced an update on the Phase III CheckMate-651 trial comparing Opdivo plus Yervoy to the EXTREME regimen (cetuximab, cisplatin/carboplatin and fluorouracil) as a first-line treatment in platinum-eligible patients with recurrent or metastatic SCCHN. Although Opdivo plus Yervoy showed a clear, positive trend towards overall survival in patients whose tumors express PD-L1 with a combined positive score ≥ 20, the study did not meet its primary endpoints. |
Orencia | aGvHD | December | Announced FDA approval of Orencia for the prevention, of aGvHD, in combination with a calcineurin inhibitor and |
Reblozyl | Beta Thalassemia | December 2021 | Announced that the FDA | ||||||||
December | Announced that the | ||||||||||
June 2021 | Announced with Acceleron, that Phase II BEYOND study evaluating Reblozyl plus best supportive care in adult patients with non-transfusion dependent beta thalassemia demonstrated that 77.7% of patients treated with Reblozyl achieved a hemoglobin increase (≥1.0 gram/deciliter) compared to 0% of patients in the placebo arm. |
Zeposia | UC | November 2021 | Announced EC approval of | ||||||||
May 2021 | Announced FDA approval of Zeposia for the treatment of adults with moderately to severely active UC. The approval is based on data from the pivotal Phase III True North trial. | ||||||||||
MS | October 2021 | Announced interim results from the Phase III open-label extension trial DAYBREAK, demonstrating the long-term efficacy and safety profile of Zeposia in patients with relapsing forms of MS. In the DAYBREAK extension study, safety was consistent with prior findings and no new |
Inrebic | Myelofibrosis | February 2021 | Announced EC approval of Inrebic for the treatment of disease-related splenomegaly (enlarged spleen) or symptoms in adult patients with primary myelofibrosis, post-polycythaemia vera myelofibrosis or post-essential thrombocythaemia myelofibrosis, who are JAK inhibitor naïve or have been treated with ruxolitinib. |
Onureg | AML | June 2021 | Announced EC approval of Onureg as a maintenance therapy in adult patients with AML who achieved complete remission or complete remission with incomplete blood count recovery following induction therapy with or without consolidation treatment and who are not candidates for, including those who choose not to proceed to, hematopoietic stem cell transplantation. The approval is based on data from the Phase III QUAZAR AML-001 study. |
Product | Indication | Date | Developments |
Breyanzi | Lymphoma | January 2022 | Received a positive CHMP opinion of Breyanzi for the treatment of adult patients with |
June 2021 | Announced positive topline results from the Phase III TRANSFORM trial evaluating Breyanzi as a second-line treatment in adults with relapsed or refractory large B-cell lymphoma compared to salvage therapy followed by high-dose chemotherapy and hematopoietic stem cell transplant. Results of a pre-specified interim analysis conducted by an independent review committee showed the study met its primary endpoint of demonstrating a clinically meaningful and highly statistically significant improvement in event-free survival, as well as key secondary endpoints of complete response rate and progression-free survival compared to standard of care. | ||||||
March 2021 | Announced Japan’s Ministry of Health, Labour and Welfare approval of Breyanzi for the treatment of patients with relapsed or refractory large B-cell lymphoma1 and relapsed or refractory follicular lymphoma. | ||||||
February | Announced |
Abecma | Multiple Myeloma | January 2022 | Announced Japan's Ministry of Health, Labour and Welfare approval of Abecma for the treatment of adult patients with relapsed or refractory multiple myeloma, who have received at least | ||||||||
August 2021 | Announced EC approval for Abecma for the treatment of adult patients with relapsed and refractory multiple myeloma, who have received at least three prior therapies, including an immunomodulatory agent, a proteasome inhibitor and an anti-CD38 antibody and have demonstrated disease progression on the last therapy. The approval is based on results from the pivotal KarMMa study. | ||||||||||
March 2021 | Announced with bluebird FDA approval of Abecma (idecabtagene vicleucel; ide-cel) for the treatment of adult patients with relapsed or refractory multiple myeloma after four or more prior lines of therapy, including an immunomodulatory agent, a proteasome inhibitor, and an anti-CD38 monoclonal antibody. The approval is based on results from the pivotal Phase II KarMMA study. |
deucravacitinib | UC | October 2021 | Announced the Phase II LATTICE-UC study evaluating deucravacitinib compared to placebo in moderate to severe UC did not meet the primary efficacy endpoint of clinical remission at Week 12, nor secondary efficacy endpoints. The safety profile of deucravacitinib was consistent with previously reported studies in psoriasis and psoriatic arthritis, and no new safety signals were observed. The potential of deucravacitinib in UC continues to be evaluated in IM011-127, a second Phase II trial that also includes a higher dose. | ||||||||
Plaque Psoriasis | November 2021 | Announced that the FDA has accepted the NDA for deucravacitinib for the treatment of adults with moderate to severe plaque psoriasis. The FDA has set a | |||||||||
November 2021 | Announced that the EMA validated its MAA for deucravacitinib for the treatment of adults with moderate to severe plaque psoriasis. Validation of the application confirms that the submission is complete and begins the EMA’s centralized review process. The application is based on results from the Phase III POETYK PSO-1 and POETYK PSO-2 trials. | ||||||||||
November 2021 | Announced Japan's Ministry of Health, Labour and Welfare has accepted the NDA for deucravacitinib for the treatment of adults with moderate to severe plaque psoriasis, pustular psoriasis and erythrodermic psoriasis. The application is based on results from the Phase III POETYK PSO-1 and POETYK PSO-2 trials. | ||||||||||
February 2021 | Announced positive results from POETYK PSO-2, the second pivotal Phase III trial evaluating deucravacitinib (tyrosine kinase 2 inhibitor) for the treatment of patients with moderate to severe plaque psoriasis. POETYK PSO-2 met both co-primary endpoints versus placebo, with significantly more patients achieving Psoriasis Area and Severity Index (PASI 75), defined as at least a 75 percent improvement of baseline PASI, and a static Physician's Global Assessment (sPGA) score of clear or almost clear (sPGA 0/1) after 16 weeks of treatment. |
Product | Indication | Date | Developments |
mavacamten | Obstructive HCM | November 2021 | Announced that the FDA has extended the review of the NDA for | ||||||||
October 2021 | Announced that the EMA validated its MAA for | ||||||||||
May 2021 | Announced a new analysis of data from the Phase III EXPLORER-HCM study evaluating mavacamten, an investigational, first-in-class cardiac myosin inhibitor, in patients with oHCM. At 30 weeks, the change in Kansas City Cardiomyopathy Questionnaire Overall Summary Score (KCCQ OSS) was greater in mavacamten patients than placebo, with similar benefits across all KCCQ subscales | ||||||||||
March 2021 | Announced that the FDA accepted the NDA for mavacamten, an investigational, novel, oral, allosteric modulator of cardiac myosin, for patients with symptomatic obstructive hypertrophic cardiomyopathy. The FDA has assigned a PDUFA goal date of January 28, 2022. |
relatlimab | Melanoma | October 2021 | Announced that the EMA validated its MAA for relatlimab and nivolumab fixed-dose combination for first-line treatment of adult and pediatric patients with advanced (unresectable or metastatic) melanoma. Validation of the application confirm that the submission is complete and begins the EMA’s centralized review process. The application is based on results from the pivotal Phase II/III RELATIVITY-047 trial. | ||||||||
September 2021 | Announced that the FDA has accepted for priority review the BLA for the fixed dose combination of relatlimab and nivolumab for the treatment of adult and pediatric patients with unresectable or metastatic melanoma. The FDA assigned a PDUFA goal date of March 19, 2022. The BLA submission was based on the Phase II/III RELATIVITY-047 trial. | ||||||||||
March 2021 | Announced primary results from the Phase II/III RELATIVITY-047 (CA224-047) trial evaluating the fixed-dose combination of relatlimab, an anti-LAG-3 antibody, and Opdivo versus Opdivo alone in patients with previously untreated metastatic or unresectable melanoma. The trial met its primary endpoint of progression-free survival. Follow up for overall survival, a secondary endpoint, is ongoing. The fixed-dose combination was well-tolerated and there were no new safety signals reported in either the relatlimab and Opdivo combination arm or the Opdivo arm. |
Item 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. |
Item 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. |
Year Ended December 31, | |||||||||||||||||
EARNINGS | 2021 | 2020 | 2019 | ||||||||||||||
Net product sales | $ | 45,055 | $ | 41,321 | $ | 25,174 | |||||||||||
Alliance and other revenues | 1,330 | 1,197 | 971 | ||||||||||||||
Total Revenues | 46,385 | 42,518 | 26,145 | ||||||||||||||
Cost of products sold(a) | 9,940 | 11,773 | 8,078 | ||||||||||||||
Marketing, selling and administrative | 7,690 | 7,661 | 4,871 | ||||||||||||||
Research and development | 11,354 | 11,143 | 6,148 | ||||||||||||||
IPRD charge - MyoKardia acquisition | — | 11,438 | — | ||||||||||||||
Amortization of acquired intangible assets | 10,023 | 9,688 | 1,135 | ||||||||||||||
Other (income)/expense, net | (720) | (2,314) | 938 | ||||||||||||||
Total Expenses | 38,287 | 49,389 | 21,170 | ||||||||||||||
Earnings/(Loss) Before Income Taxes | 8,098 | (6,871) | 4,975 | ||||||||||||||
Provision for Income Taxes | 1,084 | 2,124 | 1,515 | ||||||||||||||
Net Earnings/(Loss) | 7,014 | (8,995) | 3,460 | ||||||||||||||
Noncontrolling Interest | 20 | 20 | 21 | ||||||||||||||
Net Earnings(Loss) Attributable to BMS | $ | 6,994 | $ | (9,015) | $ | 3,439 | |||||||||||
Earnings/(Loss) per Common Share | |||||||||||||||||
Basic | $ | 3.15 | $ | (3.99) | $ | 2.02 | |||||||||||
Diluted | 3.12 | (3.99) | 2.01 |
Year Ended December 31, | |||||||||||
EARNINGS | 2019 | 2018 | 2017 | ||||||||
Net product sales | $ | 25,174 | $ | 21,581 | $ | 19,258 | |||||
Alliance and other revenues | 971 | 980 | 1,518 | ||||||||
Total Revenues | 26,145 | 22,561 | 20,776 | ||||||||
Cost of products sold(a) | 8,078 | 6,467 | 6,014 | ||||||||
Marketing, selling and administrative | 4,871 | 4,551 | 4,751 | ||||||||
Research and development | 6,148 | 6,332 | 6,468 | ||||||||
Amortization of acquired intangible assets | 1,135 | 97 | 97 | ||||||||
Other (income)/expense, net | 938 | (854 | ) | (1,685 | ) | ||||||
Total Expenses | 21,170 | 16,593 | 15,645 | ||||||||
Earnings Before Income Taxes | 4,975 | 5,968 | 5,131 | ||||||||
Provision for Income Taxes | 1,515 | 1,021 | 4,156 | ||||||||
Net Earnings | 3,460 | 4,947 | 975 | ||||||||
Noncontrolling Interest | 21 | 27 | (32 | ) | |||||||
Net Earnings Attributable to BMS | $ | 3,439 | $ | 4,920 | $ | 1,007 | |||||
Earnings per Common Share | |||||||||||
Basic | $ | 2.02 | $ | 3.01 | $ | 0.61 | |||||
Diluted | 2.01 | 3.01 | 0.61 |
Year Ended December 31, | |||||||||||
COMPREHENSIVE INCOME | 2019 | 2018 | 2017 | ||||||||
Net Earnings | $ | 3,460 | $ | 4,947 | $ | 975 | |||||
Other Comprehensive Income/(Loss), net of taxes and reclassifications to earnings: | |||||||||||
Derivatives qualifying as cash flow hedges | (32 | ) | 70 | (57 | ) | ||||||
Pension and postretirement benefits | 1,203 | 53 | 214 | ||||||||
Available-for-sale securities | 36 | (25 | ) | 39 | |||||||
Foreign currency translation | 35 | (254 | ) | 18 | |||||||
Total Other Comprehensive Income/(Loss) | 1,242 | (156 | ) | 214 | |||||||
Comprehensive Income | 4,702 | 4,791 | 1,189 | ||||||||
Comprehensive Income/(Loss) Attributable to Noncontrolling Interest | 21 | 27 | (32 | ) | |||||||
Comprehensive Income Attributable to BMS | $ | 4,681 | $ | 4,764 | $ | 1,221 |
Year Ended December 31, | |||||||||||||||||
COMPREHENSIVE INCOME/(LOSS) | 2021 | 2020 | 2019 | ||||||||||||||
Net Earnings/(Loss) | $ | 7,014 | $ | (8,995) | $ | 3,460 | |||||||||||
Other Comprehensive Income/(Loss), net of taxes and reclassifications to earnings: | |||||||||||||||||
Derivatives qualifying as cash flow hedges | 415 | (256) | (32) | ||||||||||||||
Pension and postretirement benefits | 206 | (75) | 1,203 | ||||||||||||||
Marketable debt securities | (9) | 5 | 36 | ||||||||||||||
Foreign currency translation | (41) | 7 | 35 | ||||||||||||||
Total Other Comprehensive Income/(Loss) | 571 | (319) | 1,242 | ||||||||||||||
Comprehensive Income/(Loss) | 7,585 | (9,314) | 4,702 | ||||||||||||||
Comprehensive Income Attributable to Noncontrolling Interest | 20 | 20 | 21 | ||||||||||||||
Comprehensive Income/(Loss) Attributable to BMS | $ | 7,565 | $ | (9,334) | $ | 4,681 |
December 31, | December 31, | |||||||||||||||||
ASSETS | 2019 | 2018 | ASSETS | 2021 | 2020 | |||||||||||||
Current Assets: | Current Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 12,346 | $ | 6,911 | Cash and cash equivalents | $ | 13,979 | $ | 14,546 | |||||||||
Marketable debt securities | 3,047 | 1,848 | Marketable debt securities | 2,987 | 1,285 | |||||||||||||
Receivables | 7,685 | 5,747 | Receivables | 9,369 | 8,501 | |||||||||||||
Inventories | 4,293 | 1,195 | Inventories | 2,095 | 2,074 | |||||||||||||
Other current assets | 1,983 | 2,015 | Other current assets | 4,832 | 3,786 | |||||||||||||
Total Current Assets | 29,354 | 17,716 | Total Current Assets | 33,262 | 30,192 | |||||||||||||
Property, plant and equipment | 6,252 | 5,027 | Property, plant and equipment | 6,049 | 5,886 | |||||||||||||
Goodwill | 22,488 | 6,538 | Goodwill | 20,502 | 20,547 | |||||||||||||
Other intangible assets | 63,969 | 1,091 | Other intangible assets | 42,527 | 53,243 | |||||||||||||
Deferred income taxes | 510 | 815 | Deferred income taxes | 1,439 | 1,161 | |||||||||||||
Marketable debt securities | 767 | 1,775 | Marketable debt securities | — | 433 | |||||||||||||
Other non-current assets | 6,604 | 2,024 | Other non-current assets | 5,535 | 7,019 | |||||||||||||
Total Assets | $ | 129,944 | $ | 34,986 | Total Assets | $ | 109,314 | $ | 118,481 | |||||||||
LIABILITIES | LIABILITIES | |||||||||||||||||
Current Liabilities: | Current Liabilities: | |||||||||||||||||
Short-term debt obligations | $ | 3,346 | $ | 1,703 | Short-term debt obligations | $ | 4,948 | $ | 2,340 | |||||||||
Accounts payable | 2,445 | 1,892 | Accounts payable | 2,949 | 2,713 | |||||||||||||
Other current liabilities | 12,513 | 7,059 | Other current liabilities | 13,971 | 14,027 | |||||||||||||
Total Current Liabilities | 18,304 | 10,654 | Total Current Liabilities | 21,868 | 19,080 | |||||||||||||
Deferred income taxes | 6,454 | 19 | Deferred income taxes | 4,501 | 5,407 | |||||||||||||
Long-term debt | 43,387 | 5,646 | Long-term debt | 39,605 | 48,336 | |||||||||||||
Other non-current liabilities | 10,101 | 4,540 | Other non-current liabilities | 7,334 | 7,776 | |||||||||||||
Total Liabilities | 78,246 | 20,859 | Total Liabilities | 73,308 | 80,599 | |||||||||||||
Commitments and contingencies | Commitments and contingencies | 0 | 0 | |||||||||||||||
EQUITY | EQUITY | |||||||||||||||||
Bristol-Myers Squibb Company Shareholders’ Equity: | Bristol-Myers Squibb Company Shareholders’ Equity: | |||||||||||||||||
Preferred stock, $2 convertible series, par value $1 per share: Authorized 10 million shares; issued and outstanding 3,568 in 2019 and 3,590 in 2018, liquidation value of $50 per share | — | — | ||||||||||||||||
Common stock, par value of $0.10 per share: Authorized 4.5 billion shares; 2.9 billion issued in 2019 and 2.2 billion issued in 2018 | 292 | 221 | ||||||||||||||||
Preferred stock, $2 convertible series, par value $1 per share: Authorized 10 million shares; issued and outstanding 3,484 in 2021 and 3,484 in 2020, liquidation value of $50 per share | Preferred stock, $2 convertible series, par value $1 per share: Authorized 10 million shares; issued and outstanding 3,484 in 2021 and 3,484 in 2020, liquidation value of $50 per share | — | — | |||||||||||||||
Common stock, par value of $0.10 per share: Authorized 4.5 billion shares; 2.9 billion issued in 2021 and 2020 | Common stock, par value of $0.10 per share: Authorized 4.5 billion shares; 2.9 billion issued in 2021 and 2020 | 292 | 292 | |||||||||||||||
Capital in excess of par value of stock | 43,709 | 2,081 | Capital in excess of par value of stock | 44,361 | 44,325 | |||||||||||||
Accumulated other comprehensive loss | (1,520 | ) | (2,762 | ) | Accumulated other comprehensive loss | (1,268) | (1,839) | |||||||||||
Retained earnings | 34,474 | 34,065 | Retained earnings | 23,820 | 21,281 | |||||||||||||
Less cost of treasury stock — 672 million common shares in 2019 and 576 million common shares in 2018 | (25,357 | ) | (19,574 | ) | ||||||||||||||
Total Bristol-Myers Squibb Company Shareholders' Equity | 51,598 | 14,031 | ||||||||||||||||
Less cost of treasury stock — 747 million common shares in 2021 and 679 million common shares in 2020 | Less cost of treasury stock — 747 million common shares in 2021 and 679 million common shares in 2020 | (31,259) | (26,237) | |||||||||||||||
Total Bristol-Myers Squibb Company Shareholders’ Equity | Total Bristol-Myers Squibb Company Shareholders’ Equity | 35,946 | 37,822 | |||||||||||||||
Noncontrolling interest | 100 | 96 | Noncontrolling interest | 60 | 60 | |||||||||||||
Total Equity | 51,698 | 14,127 | Total Equity | 36,006 | 37,882 | |||||||||||||
Total Liabilities and Equity | $ | 129,944 | $ | 34,986 | Total Liabilities and Equity | $ | 109,314 | $ | 118,481 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Cash Flows From Operating Activities: | Cash Flows From Operating Activities: | |||||||||||||||||||||||||||
Net earnings | $ | 3,460 | $ | 4,947 | $ | 975 | ||||||||||||||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||||||||||||||||||||
Net earnings/(loss) | Net earnings/(loss) | $ | 7,014 | $ | (8,995) | $ | 3,460 | |||||||||||||||||||||
Adjustments to reconcile net earnings/(loss) to net cash provided by operating activities: | Adjustments to reconcile net earnings/(loss) to net cash provided by operating activities: | |||||||||||||||||||||||||||
Depreciation and amortization, net | 1,746 | 637 | 789 | Depreciation and amortization, net | 10,686 | 10,380 | 1,746 | |||||||||||||||||||||
Deferred income taxes | (924 | ) | 45 | 453 | Deferred income taxes | (1,393) | 983 | (924) | ||||||||||||||||||||
Stock-based compensation | 441 | 221 | 199 | Stock-based compensation | 583 | 779 | 441 | |||||||||||||||||||||
Impairment charges | 199 | 126 | 327 | Impairment charges | 1,207 | 1,203 | 199 | |||||||||||||||||||||
Pension settlements and amortization | 1,688 | 186 | 236 | Pension settlements and amortization | 35 | 43 | 1,688 | |||||||||||||||||||||
Divestiture gains and royalties | (1,855 | ) | (992 | ) | (706 | ) | Divestiture gains and royalties | (684) | (699) | (1,855) | ||||||||||||||||||
IPRD charge - MyoKardia acquisition | IPRD charge - MyoKardia acquisition | — | 11,438 | — | ||||||||||||||||||||||||
Asset acquisition charges | 25 | 85 | 760 | Asset acquisition charges | 1,157 | 1,099 | 63 | |||||||||||||||||||||
Equity investment (gains)/losses | (279 | ) | 512 | (23 | ) | |||||||||||||||||||||||
Equity investment gains, net | Equity investment gains, net | (745) | (1,228) | (275) | ||||||||||||||||||||||||
Contingent consideration fair value adjustments | 523 | — | — | Contingent consideration fair value adjustments | (542) | (1,757) | 523 | |||||||||||||||||||||
Other adjustments | (22 | ) | (44 | ) | 120 | Other adjustments | 142 | (177) | (26) | |||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | |||||||||||||||||||||||||||
Receivables | 752 | (429 | ) | (431 | ) | Receivables | (1,054) | (646) | 752 | |||||||||||||||||||
Inventories | 463 | (216 | ) | (29 | ) | Inventories | 13 | 2,672 | 463 | |||||||||||||||||||
Accounts payable | 229 | (59 | ) | 320 | Accounts payable | 245 | 188 | 229 | ||||||||||||||||||||
Deferred income | 12 | 84 | (642 | ) | ||||||||||||||||||||||||
Rebates and discounts | Rebates and discounts | 863 | 1,189 | 591 | ||||||||||||||||||||||||
Income taxes payable | 907 | 203 | 3,154 | Income taxes payable | (1,063) | (2,305) | 907 | |||||||||||||||||||||
Other | 702 | 634 | (227 | ) | Other | (257) | (115) | 228 | ||||||||||||||||||||
Net Cash Provided by Operating Activities | 8,067 | 5,940 | 5,275 | Net Cash Provided by Operating Activities | 16,207 | 14,052 | 8,210 | |||||||||||||||||||||
Cash Flows From Investing Activities: | Cash Flows From Investing Activities: | |||||||||||||||||||||||||||
Sale and maturities of marketable debt securities | 3,809 | 2,379 | 6,398 | Sale and maturities of marketable debt securities | 4,196 | 6,280 | 3,809 | |||||||||||||||||||||
Purchase of marketable debt securities | (3,961 | ) | (2,305 | ) | (5,419 | ) | Purchase of marketable debt securities | (5,478) | (4,172) | (3,961) | ||||||||||||||||||
Proceeds from sales of equity investment securities | Proceeds from sales of equity investment securities | 2,579 | 129 | 167 | ||||||||||||||||||||||||
Capital expenditures | (836 | ) | (951 | ) | (1,055 | ) | Capital expenditures | (973) | (753) | (836) | ||||||||||||||||||
Divestiture and other proceeds | 15,852 | 1,249 | 736 | Divestiture and other proceeds | 748 | 741 | 15,685 | |||||||||||||||||||||
Acquisition and other payments, net of cash acquired | (24,634 | ) | (1,246 | ) | (726 | ) | Acquisition and other payments, net of cash acquired | (1,610) | (13,084) | (24,777) | ||||||||||||||||||
Net Cash Used in Investing Activities | (9,770 | ) | (874 | ) | (66 | ) | Net Cash Used in Investing Activities | (538) | (10,859) | (9,913) | ||||||||||||||||||
Cash Flows From Financing Activities: | Cash Flows From Financing Activities: | |||||||||||||||||||||||||||
Short-term debt obligations, net | 131 | (543 | ) | 727 | Short-term debt obligations, net | (160) | (267) | 131 | ||||||||||||||||||||
Issuance of long-term debt | 26,778 | — | 1,488 | Issuance of long-term debt | — | 6,945 | 26,778 | |||||||||||||||||||||
Repayment of long-term debt | (9,256 | ) | (5 | ) | (1,224 | ) | Repayment of long-term debt | (6,022) | (2,750) | (9,256) | ||||||||||||||||||
Repurchase of common stock | (7,300 | ) | (320 | ) | (2,469 | ) | Repurchase of common stock | (6,287) | (1,546) | (7,300) | ||||||||||||||||||
Dividends | (2,679 | ) | (2,613 | ) | (2,577 | ) | Dividends | (4,396) | (4,075) | (2,679) | ||||||||||||||||||
Other | (53 | ) | (54 | ) | (22 | ) | Other | 641 | 542 | (53) | ||||||||||||||||||
Net Cash Provided by/(Used in) Financing Activities | 7,621 | (3,535 | ) | (4,077 | ) | |||||||||||||||||||||||
Net Cash (Used in)/Provided by Financing Activities | Net Cash (Used in)/Provided by Financing Activities | (16,224) | (1,151) | 7,621 | ||||||||||||||||||||||||
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash | (9 | ) | (41 | ) | 52 | Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash | (102) | 111 | (9) | |||||||||||||||||||
Increase in Cash, Cash Equivalents and Restricted Cash | 5,909 | 1,490 | 1,184 | Increase in Cash, Cash Equivalents and Restricted Cash | (657) | 2,153 | 5,909 | |||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 6,911 | 5,421 | 4,237 | Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 14,973 | 12,820 | 6,911 | |||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Year | $ | 12,820 | $ | 6,911 | $ | 5,421 | Cash, Cash Equivalents and Restricted Cash at End of Year | $ | 14,316 | $ | 14,973 | $ | 12,820 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Net product sales | $ | 45,055 | $ | 41,321 | $ | 25,174 | |||||||||||
Alliance revenues | 716 | 615 | 597 | ||||||||||||||
Other revenues | 614 | 582 | 374 | ||||||||||||||
Total Revenues | $ | 46,385 | $ | 42,518 | $ | 26,145 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Net product sales | $ | 25,174 | $ | 21,581 | $ | 19,258 | |||||
Alliance revenues | 597 | 647 | 962 | ||||||||
Other revenues | 374 | 333 | 556 | ||||||||
Total Revenues | $ | 26,145 | $ | 22,561 | $ | 20,776 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
McKesson Corporation | 32 | % | 31 | % | 26 | % | |||||||||||
AmerisourceBergen Corporation | 25 | % | 25 | % | 20 | % | |||||||||||
Cardinal Health, Inc. | 20 | % | 19 | % | 17 | % |
Year Ended December 31, | ||||||||
2019 | 2018 | 2017 | ||||||
McKesson Corporation | 26 | % | 25 | % | 24 | % | ||
AmerisourceBergen Corporation | 20 | % | 20 | % | 18 | % | ||
Cardinal Health, Inc. | 17 | % | 17 | % | 15 | % |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Gross product sales | $ | 67,897 | $ | 60,016 | $ | 37,206 | |||||||||||
GTN adjustments(a) | |||||||||||||||||
Charge-backs and cash discounts | (7,253) | (5,827) | (3,675) | ||||||||||||||
Medicaid and Medicare rebates | (9,374) | (7,595) | (4,941) | ||||||||||||||
Other rebates, returns, discounts and adjustments | (6,215) | (5,273) | (3,416) | ||||||||||||||
Total GTN adjustments | (22,842) | (18,695) | (12,032) | ||||||||||||||
Net product sales | $ | 45,055 | $ | 41,321 | $ | 25,174 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Gross product sales | $ | 37,206 | $ | 30,174 | $ | 25,499 | |||||
GTN adjustments(a) | |||||||||||
Charge-backs and cash discounts | (3,675 | ) | (2,735 | ) | (2,084 | ) | |||||
Medicaid and Medicare rebates | (4,941 | ) | (3,225 | ) | (2,086 | ) | |||||
Other rebates, returns, discounts and adjustments | (3,416 | ) | (2,633 | ) | (2,071 | ) | |||||
Total GTN adjustments | (12,032 | ) | (8,593 | ) | (6,241 | ) | |||||
Net product sales | $ | 25,174 | $ | 21,581 | $ | 19,258 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Revlimid | $ | 12,821 | $ | 12,106 | $ | 1,299 | |||||||||||
Eliquis | 10,762 | 9,168 | 7,929 | ||||||||||||||
Opdivo | 7,523 | 6,992 | 7,204 | ||||||||||||||
Pomalyst/Imnovid | 3,332 | 3,070 | 322 | ||||||||||||||
Orencia | 3,306 | 3,157 | 2,977 | ||||||||||||||
Sprycel | 2,117 | 2,140 | 2,110 | ||||||||||||||
Yervoy | 2,026 | 1,682 | 1,489 | ||||||||||||||
Abraxane | 1,181 | 1,247 | 166 | ||||||||||||||
Reblozyl | 551 | 274 | — | ||||||||||||||
Empliciti | 334 | 381 | 357 | ||||||||||||||
Abecma | 164 | — | — | ||||||||||||||
Zeposia | 134 | 12 | — | ||||||||||||||
Breyanzi | 87 | — | — | ||||||||||||||
Inrebic | 74 | 55 | 5 | ||||||||||||||
Onureg | 73 | 17 | — | ||||||||||||||
Mature and other brands | 1,900 | 2,217 | 2,287 | ||||||||||||||
Total Revenues | $ | 46,385 | $ | 42,518 | $ | 26,145 | |||||||||||
United States | $ | 29,214 | $ | 26,577 | $ | 15,342 | |||||||||||
Europe | 10,687 | 9,853 | 6,266 | ||||||||||||||
Rest of World | 5,632 | 5,457 | 4,013 | ||||||||||||||
Other(a) | 852 | 631 | 524 | ||||||||||||||
Total Revenues | $ | 46,385 | $ | 42,518 | $ | 26,145 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Prioritized Brands | |||||||||||
Revlimid | $ | 1,299 | $ | — | $ | — | |||||
Eliquis | 7,929 | 6,438 | 4,872 | ||||||||
Opdivo | 7,204 | 6,735 | 4,948 | ||||||||
Orencia | 2,977 | 2,710 | 2,479 | ||||||||
Pomalyst/Imnovid | 322 | — | — | ||||||||
Sprycel | 2,110 | 2,000 | 2,005 | ||||||||
Yervoy | 1,489 | 1,330 | 1,244 | ||||||||
Abraxane | 166 | — | — | ||||||||
Empliciti | 357 | 247 | 231 | ||||||||
Inrebic | 5 | — | — | ||||||||
Established Brands | |||||||||||
Baraclude | 555 | 744 | 1,052 | ||||||||
Vidaza | 58 | — | — | ||||||||
Other Brands(a) | 1,674 | 2,357 | 3,945 | ||||||||
Total Revenues | $ | 26,145 | $ | 22,561 | $ | 20,776 | |||||
United States | $ | 15,342 | $ | 12,586 | $ | 11,358 | |||||
Europe | 6,266 | 5,658 | 4,988 | ||||||||
Rest of World | 4,013 | 3,733 | 3,877 | ||||||||
Other(b) | 524 | 584 | 553 | ||||||||
Total Revenues | $ | 26,145 | $ | 22,561 | $ | 20,776 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Revenues from alliances: | |||||||||||||||||
Net product sales | $ | 10,840 | $ | 9,364 | $ | 9,944 | |||||||||||
Alliance revenues | 716 | 615 | 597 | ||||||||||||||
Total Revenues | $ | 11,556 | $ | 9,979 | $ | 10,541 | |||||||||||
Payments to/(from) alliance partners: | |||||||||||||||||
Cost of products sold | $ | 5,227 | $ | 4,485 | $ | 4,169 | |||||||||||
Marketing, selling and administrative | (183) | (128) | (127) | ||||||||||||||
Research and development | 772 | 349 | 42 | ||||||||||||||
Other (income)/expense, net | (62) | (74) | (60) |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Revenues from alliances: | |||||||||||
Net product sales | $ | 9,944 | $ | 8,359 | $ | 6,917 | |||||
Alliance revenues | 597 | 647 | 962 | ||||||||
Total Revenues | $ | 10,541 | $ | 9,006 | $ | 7,879 | |||||
Payments to/(from) alliance partners: | |||||||||||
Cost of products sold | $ | 4,169 | $ | 3,439 | $ | 2,718 | |||||
Marketing, selling and administrative | (127 | ) | (104 | ) | (62 | ) | |||||
Research and development | 42 | 1,044 | (28 | ) | |||||||
Other (income)/expense, net | (60 | ) | (67 | ) | (46 | ) |
Selected Alliance Balance Sheet Information: | December 31, | ||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Receivables – from alliance partners | $ | 320 | $ | 343 | |||||||
Accounts payable – to alliance partners | 1,229 | 1,093 | |||||||||
Deferred income from alliances(a) | 330 | 366 |
Selected Alliance Balance Sheet Information: | December 31, | ||||||
Dollars in Millions | 2019 | 2018 | |||||
Receivables – from alliance partners | $ | 347 | $ | 395 | |||
Accounts payable – to alliance partners | 1,026 | 904 | |||||
Deferred income from alliances(a) | 431 | 491 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Revenues from Pfizer alliance: | |||||||||||||||||
Net product sales | $ | 10,431 | $ | 8,942 | $ | 7,711 | |||||||||||
Alliance revenues | 331 | 226 | 218 | ||||||||||||||
Total Revenues | $ | 10,762 | $ | 9,168 | $ | 7,929 | |||||||||||
Payments to/(from) Pfizer: | |||||||||||||||||
Cost of products sold – Profit sharing | $ | 5,064 | $ | 4,331 | $ | 3,745 | |||||||||||
Other (income)/expense, net – Amortization of deferred income | (36) | (55) | (55) |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Revenues from Pfizer alliance: | |||||||||||
Net product sales | $ | 7,711 | $ | 6,329 | $ | 4,808 | |||||
Alliance revenues | 218 | 109 | 64 | ||||||||
Total Revenues | $ | 7,929 | $ | 6,438 | $ | 4,872 | |||||
Payments to/(from) Pfizer: | |||||||||||
Cost of products sold – Profit sharing | $ | 3,745 | $ | 3,078 | $ | 2,314 | |||||
Other (income)/expense, net – Amortization of deferred income | (55 | ) | (55 | ) | (55 | ) |
Selected Alliance Balance Sheet Information: | December 31, | ||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Receivables | $ | 235 | $ | 253 | |||||||
Accounts payable | 1,195 | 1,024 | |||||||||
Deferred income | 264 | 300 |
Selected Alliance Balance Sheet Information: | December 31, | ||||||
Dollars in Millions | 2019 | 2018 | |||||
Receivables | $ | 247 | $ | 220 | |||
Accounts payable | 922 | 786 | |||||
Deferred income | 355 | 410 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Revenues from Otsuka alliances: | |||||||||||
Net product sales – Oncology territory | $ | 1,794 | $ | 1,705 | $ | 1,699 | |||||
Payments to Otsuka: | |||||||||||
Cost of products sold – Oncology fee | 302 | 297 | 299 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Revenues from Ono alliances: | |||||||||||||||||
Net product sales | $ | 251 | $ | 194 | $ | 194 | |||||||||||
Alliance revenues | 385 | 382 | 305 | ||||||||||||||
Total Revenues | $ | 636 | $ | 576 | $ | 499 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Revenues from Ono alliances: | |||||||||||
Net product sales | $ | 194 | $ | 165 | $ | 145 | |||||
Alliance revenues | 305 | 294 | 268 | ||||||||
Total Revenues | $ | 499 | $ | 459 | $ | 413 |
Amounts in Millions, Except Per Share Data | Total Consideration | ||
Celgene shares outstanding at November 19, 2019 | 714.9 | ||
Cash per share | $ | 50 | |
Cash consideration for outstanding shares | 35,745 | ||
Celgene shares outstanding at November 19, 2019 | 714.9 | ||
Closing price of BMS common stock on November 19, 2019 | $ | 56.48 | |
Estimated fair value of share consideration | 40,378 | ||
Celgene shares outstanding at November 19, 2019 | 714.9 | ||
Closing price of CVR(a) | $ | 2.30 | |
Fair value of CVRs | 1,644 | ||
Fair value of replacement options | 1,428 | ||
Fair value of replacement restricted share awards | 987 | ||
Fair value of CVRs issued to option and share award holders | 87 | ||
Fair value of share-based compensation awards attributable to pre-combination service(b) | 2,502 | ||
Total consideration transferred | $ | 80,269 |
Amounts in Millions, Except Per Share Data | Total Consideration | ||||
Celgene shares outstanding at November 19, 2019 | 714.9 | ||||
Cash per share | $ | 50 | |||
Cash consideration for outstanding shares | 35,745 | ||||
Closing price of | $ | 56.48 |
Estimated fair value of share consideration | 40,378 | ||||
714.9 | |||||
Closing price of CVR(a) | $ | 2.30 | |||
Fair value of | 1,644 | ||||
Fair value of replacement options | 1,428 | ||||
Fair value of replacement restricted share awards | 987 | ||||
Fair value of CVRs issued to | 87 | ||||
Fair value of | 2,502 | ||||
Total consideration transferred | $ | 80,269 |
Dollars in Millions | Preliminary Purchase Price Allocation | ||
Cash and cash equivalents | $ | 11,179 | |
Receivables | 2,652 | ||
Inventories | 4,511 | ||
Property, plant and equipment | 1,342 | ||
Intangible assets(a) | 64,027 | ||
Otezla* assets held-for-sale(b) | 13,400 | ||
Other assets | 3,408 | ||
Accounts payable | (363 | ) | |
Income taxes payable | (2,718 | ) | |
Deferred income tax liabilities | (7,339 | ) | |
Debt | (21,782 | ) | |
Other liabilities | (4,017 | ) | |
Identifiable net assets acquired | 64,300 | ||
Goodwill(c) | 15,969 | ||
Total consideration transferred | $ | 80,269 |
Cash and |
$ | 11,179 | |||
2,652 | |||||
Property, plant and | 1,065 | ||||
Intangible assets(a) | 63,927 | ||||
Otezla* assets held-for-sale(b) | 13,400 | ||||
Other assets | 3,451 | ||||
Accounts payable | (363) | ||||
Income taxes payable | (2,756) | ||||
Deferred income tax | (5,003) | ||||
Debt | (21,782) | ||||
Other liabilities | (4,002) | ||||
Identifiable net assets acquired | 66,279 | ||||
Goodwill(c) | 13,990 | ||||
Total consideration transferred | $ | 80,269 |
•Non-recurring acquisition-related costs directly attributable to the Celgene acquisition and tax expense directly attributable to the Otezla* divestiture. • |
•Elimination of historical revenue and expenses related to Otezla*. Refer to “—Divestitures.” |
Year Ended December 31, | |||||||||||
Amounts in Million | 2019 | 2018 | |||||||||
Total Revenues | $ | 39,759 | $ | 36,243 | |||||||
Net Earnings | 3,369 | (4,083) | |||||||||
Year Ended December 31, | |||||||
Amounts in Million | 2019 | 2018 | |||||
Total Revenues | $ | 39,759 | $ | 36,243 | |||
Net Earnings/(Loss) | 3,369 | (4,083 | ) |
Amounts in Million | Amounts | ||||
Cash consideration for outstanding shares | $ | 12,030 | |||
Cash consideration for stock awards | 1,059 | ||||
Consideration paid | 13,089 | ||||
Less: Charge for unvested stock awards(a) | 482 | ||||
Transaction costs | 53 | ||||
Consideration to be allocated | $ | 12,660 | |||
Other intangible assets(b) | $ | 11,553 | |||
Cash and cash equivalents | 861 | ||||
Deferred income taxes | 295 | ||||
Other assets | 177 | ||||
Other liabilities | (226) | ||||
Total assets acquired, net | $ | 12,660 |
Proceeds(a) | Divestiture (Gains)/Losses | Royalty Income | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Diabetes Business | $ | 612 | $ | 558 | $ | 661 | $ | — | $ | — | $ | — | $ | (622) | $ | (567) | $ | (650) | |||||||||||||||||||||||||||||||||||
Otezla* | — | — | 13,400 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
UPSA Business | — | — | 1,508 | — | — | (1,157) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Mature Brands and Other | 136 | 157 | 73 | (9) | (55) | (11) | (44) | (77) | (36) | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 748 | $ | 715 | $ | 15,642 | $ | (9) | $ | (55) | $ | (1,168) | $ | (666) | $ | (644) | $ | (686) |
Proceeds(a) | Divestiture Gains | Royalty Income | |||||||||||||||||||||||||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||
Otezla* | $ | 13,400 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
UPSA Business | 1,508 | — | — | (1,157 | ) | — | — | — | — | — | |||||||||||||||||||||||||
Diabetes Business | 661 | 579 | 405 | — | — | (126 | ) | (650 | ) | (661 | ) | (329 | ) | ||||||||||||||||||||||
Erbitux* Business | 15 | 216 | 218 | — | — | — | (23 | ) | (145 | ) | (224 | ) | |||||||||||||||||||||||
Manufacturing Operations | 48 | 160 | — | 1 | — | — | — | — | — | ||||||||||||||||||||||||||
Plavix* and Avapro*/Avalide* | — | 80 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Investigational HIV Business | — | — | — | — | — | (11 | ) | — | — | — | |||||||||||||||||||||||||
Mature Brands and Other | 10 | 212 | 28 | (12 | ) | (178 | ) | (24 | ) | (13 | ) | (8 | ) | (4 | ) | ||||||||||||||||||||
Total | $ | 15,642 | $ | 1,247 | $ | 651 | $ | (1,168 | ) | $ | (178 | ) | $ | (161 | ) | $ | (686 | ) | $ | (814 | ) | $ | (557 | ) |
(a) Includes royalties received subsequent to the related sale |
Dollars in Millions | December 31, 2018 | ||
Receivables | $ | 79 | |
Inventories | 81 | ||
Property, plant and equipment | 187 | ||
Goodwill | 127 | ||
Other | 5 | ||
Assets held-for-sale | 479 | ||
Accounts payable | 35 | ||
Other current liabilities | 78 | ||
Deferred income taxes | 25 | ||
Other liabilities | 14 | ||
Liabilities related to assets held-for-sale | 152 | ||
Net assets held-for-sale | $ | 327 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Keytruda* royalties | $ | (841) | $ | (681) | $ | (545) | |||||||||||
Tecentriq* royalties | (90) | (19) | — | ||||||||||||||
Up-front licensing fees | (34) | (30) | (29) | ||||||||||||||
Contingent milestone income | (18) | (72) | (31) | ||||||||||||||
Amortization of deferred income | (39) | (58) | (58) | ||||||||||||||
Other royalties | (45) | (23) | (11) | ||||||||||||||
Total | $ | (1,067) | $ | (883) | $ | (674) |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Interest expense | $ | 1,334 | $ | 1,420 | $ | 656 | |||||||||||
Royalties and licensing income | (1,733) | (1,527) | (1,360) | ||||||||||||||
Equity investment gains | (745) | (1,228) | (275) | ||||||||||||||
Integration expenses | 564 | 717 | 415 | ||||||||||||||
Contingent consideration | (542) | (1,757) | 523 | ||||||||||||||
Loss on debt redemption | 281 | — | — | ||||||||||||||
Provision for restructuring | 169 | 530 | 301 | ||||||||||||||
Litigation and other settlements | 82 | (194) | 77 | ||||||||||||||
Transition and other service fees | (49) | (149) | (37) | ||||||||||||||
Investment income | (39) | (121) | (464) | ||||||||||||||
Pension and postretirement | (15) | (13) | 1,599 | ||||||||||||||
Divestiture gains | (9) | (55) | (1,168) | ||||||||||||||
Reversion excise tax | — | 76 | — | ||||||||||||||
Intangible asset impairment | — | 21 | 15 | ||||||||||||||
Acquisition expenses | — | — | 657 | ||||||||||||||
Other | (18) | (34) | (1) | ||||||||||||||
Other (income)/expense, net | $ | (720) | $ | (2,314) | $ | 938 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Interest expense | $ | 656 | $ | 183 | $ | 196 | |||||
Pension and postretirement | 1,599 | (27 | ) | (1 | ) | ||||||
Royalties and licensing income | (1,360 | ) | (1,353 | ) | (1,351 | ) | |||||
Divestiture gains | (1,168 | ) | (178 | ) | (164 | ) | |||||
Acquisition expenses | 657 | — | — | ||||||||
Contingent value rights | 523 | — | — | ||||||||
Investment income | (464 | ) | (173 | ) | (126 | ) | |||||
Integration expenses | 415 | — | — | ||||||||
Provision for restructuring | 301 | 131 | 293 | ||||||||
Equity investment (gains)/losses | (279 | ) | 512 | (23 | ) | ||||||
Litigation and other settlements | 77 | 76 | (487 | ) | |||||||
Transition and other service fees | (37 | ) | (12 | ) | (37 | ) | |||||
Intangible asset impairment | 15 | 64 | — | ||||||||
Equity in net loss/(income) of affiliates | 4 | (93 | ) | (75 | ) | ||||||
Loss on debt redemption | — | — | 109 | ||||||||
Other | (1 | ) | 16 | (19 | ) | ||||||
Other (income)/expense, net | $ | 938 | $ | (854 | ) | $ | (1,685 | ) |
Dollars in Millions | Year Ended December 31, 2019 | ||
Provision for restructuring | $ | 256 | |
Integration expenses | 415 | ||
Asset impairments | 3 | ||
Total charges | $ | 674 |
Dollars in Millions | Year Ended December 31, 2019 | ||
Research and development | $ | 3 | |
Other (income)/expense, net | 671 | ||
Total charges | $ | 674 |
Dollars in Millions | Year Ended December 31, 2019 | ||
Liability at January 1 | $ | — | |
Provision for restructuring(a) | 111 | ||
Payments | (34 | ) | |
Liability at December 31 | $ | 77 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Celgene Acquisition Plan | $ | 673 | $ | 1,244 | $ | 674 | |||||||||||
MyoKardia Acquisition Plan | 78 | 39 | — | ||||||||||||||
Company Transformation | — | 127 | 305 | ||||||||||||||
Total charges | $ | 751 | $ | 1,410 | $ | 979 | |||||||||||
Employee termination costs | $ | 159 | $ | 457 | $ | 273 | |||||||||||
Other termination costs | 10 | 73 | 28 | ||||||||||||||
Provision for restructuring | 169 | 530 | 301 | ||||||||||||||
Integration expenses | 564 | 717 | 415 | ||||||||||||||
Accelerated depreciation | 2 | 53 | 133 | ||||||||||||||
Asset impairments | 24 | 103 | 130 | ||||||||||||||
Other shutdown costs, net | (8) | 7 | — | ||||||||||||||
Total charges | $ | 751 | $ | 1,410 | $ | 979 | |||||||||||
Cost of products sold | $ | 24 | $ | 32 | $ | 180 | |||||||||||
Marketing, selling and administrative | 3 | 10 | 1 | ||||||||||||||
Research and development | — | 113 | 82 | ||||||||||||||
Other (income)/expense, net | 724 | 1,255 | 716 | ||||||||||||||
Total charges | $ | 751 | $ | 1,410 | $ | 979 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Liability at December 31 | $ | 148 | $ | 100 | $ | 99 | |||||||||||
Cease-use liability reclassification | — | — | (3) | ||||||||||||||
Liability at January 1 | 148 | 100 | 96 | ||||||||||||||
Provision for restructuring(a) | 156 | 460 | 156 | ||||||||||||||
Foreign currency translation and other | (4) | 6 | (1) | ||||||||||||||
Payments | (199) | (418) | (151) | ||||||||||||||
Liability at December 31 | $ | 101 | $ | 148 | $ | 100 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Employee termination costs | $ | 17 | $ | 87 | $ | 267 | |||||
Other termination costs | 28 | 44 | 26 | ||||||||
Provision for restructuring | 45 | 131 | 293 | ||||||||
Accelerated depreciation | 133 | 113 | 289 | ||||||||
Asset impairments | 127 | 16 | 241 | ||||||||
Other shutdown costs | — | 8 | 3 | ||||||||
Total charges | $ | 305 | $ | 268 | $ | 826 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Cost of products sold | $ | 180 | $ | 57 | $ | 149 | |||||
Marketing, selling and administrative | 1 | 1 | 1 | ||||||||
Research and development | 79 | 79 | 383 | ||||||||
Other (income)/expense, net | 45 | 131 | 293 | ||||||||
Total charges | $ | 305 | $ | 268 | $ | 826 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Liability at December 31 | $ | 99 | $ | 186 | $ | 114 | |||||
Cease-use liability reclassification | (3 | ) | — | — | |||||||
Liability at January 1 | 96 | 186 | 114 | ||||||||
Charges | 49 | 148 | 319 | ||||||||
Change in estimates | (4 | ) | (17 | ) | (26 | ) | |||||
Provision for restructuring | 45 | 131 | 293 | ||||||||
Foreign currency translation and other | (1 | ) | 1 | 18 | |||||||
Payments | (117 | ) | (219 | ) | (239 | ) | |||||
Liability at December 31 | $ | 23 | $ | 99 | $ | 186 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Current: | |||||||||||||||||
U.S. | $ | 1,879 | $ | 1,245 | $ | 1,002 | |||||||||||
Non-U.S. | 598 | (104) | 1,437 | ||||||||||||||
Total Current | 2,477 | 1,141 | 2,439 | ||||||||||||||
Deferred: | |||||||||||||||||
U.S. | (1,255) | 229 | (113) | ||||||||||||||
Non-U.S. | (138) | 754 | (811) | ||||||||||||||
Total Deferred | (1,393) | 983 | (924) | ||||||||||||||
Total Provision | $ | 1,084 | $ | 2,124 | $ | 1,515 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Current: | |||||||||||
U.S. | $ | 1,002 | $ | 566 | $ | 3,304 | |||||
Non-U.S. | 1,437 | 410 | 399 | ||||||||
Total Current | 2,439 | 976 | 3,703 | ||||||||
Deferred: | |||||||||||
U.S. | (113 | ) | (51 | ) | 541 | ||||||
Non-U.S. | (811 | ) | 96 | (88 | ) | ||||||
Total Deferred | (924 | ) | 45 | 453 | |||||||
Total Provision | $ | 1,515 | $ | 1,021 | $ | 4,156 |
% of Earnings Before Income Taxes | |||||||||||||||||||||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Earnings/(Loss) before income taxes: | |||||||||||||||||||||||||||||||||||
U.S. | $ | 1,593 | $ | (10,106) | $ | 542 | |||||||||||||||||||||||||||||
Non-U.S. | 6,505 | 3,235 | 4,433 | ||||||||||||||||||||||||||||||||
Total | 8,098 | (6,871) | 4,975 | ||||||||||||||||||||||||||||||||
U.S. statutory rate | 1,701 | 21.0 | % | (1,443) | 21.0 | % | 1,045 | 21.0 | % | ||||||||||||||||||||||||||
Global intangible low taxed income (GILTI) | 687 | 8.5 | % | 729 | (10.6) | % | 849 | 17.1 | % | ||||||||||||||||||||||||||
Foreign tax effect of certain operations in Ireland, Puerto Rico and Switzerland | (143) | (1.8) | % | (86) | 1.3 | % | (68) | (1.4) | % | ||||||||||||||||||||||||||
Internal transfers of intangible assets | (983) | (12.1) | % | 853 | (12.4) | % | — | — | |||||||||||||||||||||||||||
U.S. Federal, state and foreign contingent tax matters | 154 | 1.9 | % | 136 | (2.0) | % | (13) | (0.3) | % | ||||||||||||||||||||||||||
U.S. Federal research based credits | (165) | (2.0) | % | (165) | 2.4 | % | (138) | (2.8) | % | ||||||||||||||||||||||||||
Contingent value rights | (108) | (1.3) | % | (363) | 5.3 | % | 110 | 2.2 | % | ||||||||||||||||||||||||||
Non-deductible R&D charges | — | — | 2,461 | (35.8) | % | 5 | 0.1 | % | |||||||||||||||||||||||||||
Puerto Rico excise tax | (152) | (1.9) | % | (147) | 2.1 | % | (163) | (3.3) | % | ||||||||||||||||||||||||||
State and local taxes (net of valuation allowance) | 33 | 0.4 | % | 103 | (1.5) | % | (16) | (0.3) | % | ||||||||||||||||||||||||||
Foreign and other | 60 | 0.7 | % | 46 | (0.7) | % | (96) | (1.8) | % | ||||||||||||||||||||||||||
Total | $ | 1,084 | 13.4 | % | $ | 2,124 | (30.9) | % | $ | 1,515 | 30.5 | % |
% of Earnings Before Income Taxes | ||||||||||||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | |||||||||||||||||
Earnings before income taxes: | ||||||||||||||||||||
U.S. | $ | 542 | $ | 2,338 | $ | 2,280 | ||||||||||||||
Non-U.S. | 4,433 | 3,630 | 2,851 | |||||||||||||||||
Total | 4,975 | 5,968 | 5,131 | |||||||||||||||||
U.S. statutory rate | 1,045 | 21.0 | % | 1,253 | 21.0 | % | 1,796 | 35.0 | % | |||||||||||
Deemed repatriation transition tax | — | — | (56 | ) | (0.9 | )% | 2,611 | 50.9 | % | |||||||||||
Deferred tax remeasurement | — | — | — | — | 285 | 5.6 | % | |||||||||||||
Global intangible low taxed income (GILTI) | 849 | 17.1 | % | 94 | 1.6 | % | — | — | ||||||||||||
Foreign tax effect of certain operations in Ireland, Puerto Rico and Switzerland | (68 | ) | (1.4 | )% | (202 | ) | (3.4 | )% | (561 | ) | (10.9 | )% | ||||||||
U.S. Federal valuation allowance | 25 | 0.5 | % | 119 | 2.0 | % | — | — | ||||||||||||
U.S. Federal, state and foreign contingent tax matters | (13 | ) | (0.3 | )% | (55 | ) | (0.9 | )% | 72 | 1.4 | % | |||||||||
U.S. Federal research based credits | (138 | ) | (2.8 | )% | (138 | ) | (2.3 | )% | (144 | ) | (2.8 | )% | ||||||||
Fair value adjustments for contingent value rights | 110 | 2.2 | % | — | — | — | — | |||||||||||||
Non-deductible R&D charges | 5 | 0.1 | % | 17 | 0.3 | % | 266 | 5.2 | % | |||||||||||
Puerto Rico excise tax | (163 | ) | (3.3 | )% | (152 | ) | (2.6 | )% | (131 | ) | (2.6 | )% | ||||||||
Domestic manufacturing deduction | — | — | — | — | (78 | ) | (1.5 | )% | ||||||||||||
State and local taxes (net of valuation allowance) | (16 | ) | (0.3 | )% | 67 | 1.1 | % | 77 | 1.5 | % | ||||||||||
Foreign and other | (121 | ) | (2.3 | )% | 74 | 1.2 | % | (37 | ) | (0.8 | )% | |||||||||
Total | $ | 1,515 | 30.5 | % | $ | 1,021 | 17.1 | % | $ | 4,156 | 81.0 | % |
December 31, | December 31, | |||||||||||||||||
Dollars in Millions | 2019 | 2018 | Dollars in Millions | 2021 | 2020 | |||||||||||||
Deferred tax assets | Deferred tax assets | |||||||||||||||||
Foreign net operating loss carryforwards | $ | 2,480 | $ | 2,978 | Foreign net operating loss carryforwards | $ | 945 | $ | 3,271 | |||||||||
State net operating loss and credit carryforwards | 263 | 121 | State net operating loss and credit carryforwards | 304 | 325 | |||||||||||||
U.S. Federal net operating loss and credit carryforwards | 88 | 67 | U.S. Federal net operating loss and credit carryforwards | 226 | 435 | |||||||||||||
Deferred income | 160 | 188 | ||||||||||||||||
Milestone payments and license fees | 558 | 552 | Milestone payments and license fees | 887 | 643 | |||||||||||||
Inventory | 56 | 114 | ||||||||||||||||
Other foreign deferred tax assets | 370 | 327 | Other foreign deferred tax assets | 237 | 307 | |||||||||||||
Share-based compensation | 521 | 54 | Share-based compensation | 232 | 389 | |||||||||||||
Other | 434 | 377 | Other | 921 | 981 | |||||||||||||
Total deferred tax assets | 4,930 | 4,778 | Total deferred tax assets | 3,752 | 6,351 | |||||||||||||
Valuation allowance | (2,844 | ) | (3,193 | ) | Valuation allowance | (1,056) | (2,809) | |||||||||||
Deferred tax assets net of valuation allowance | $ | 2,086 | $ | 1,585 | Deferred tax assets net of valuation allowance | $ | 2,696 | $ | 3,542 | |||||||||
Deferred tax liabilities | Deferred tax liabilities | |||||||||||||||||
Depreciation | $ | (113 | ) | $ | (61 | ) | ||||||||||||
Acquired intangible assets | (7,387 | ) | (220 | ) | Acquired intangible assets | $ | (4,867) | $ | (6,612) | |||||||||
Goodwill and other | (530 | ) | (533 | ) | Goodwill and other | (891) | (1,176) | |||||||||||
Total deferred tax liabilities | $ | (8,030 | ) | $ | (814 | ) | Total deferred tax liabilities | $ | (5,758) | $ | (7,788) | |||||||
Deferred tax (liabilities)/assets, net | $ | (5,944 | ) | $ | 771 | |||||||||||||
Deferred tax liabilities, net | Deferred tax liabilities, net | $ | (3,062) | $ | (4,246) | |||||||||||||
Recognized as: | Recognized as: | |||||||||||||||||
Deferred income taxes assets – non-current | $ | 510 | $ | 815 | Deferred income taxes assets – non-current | $ | 1,439 | $ | 1,161 | |||||||||
Deferred income taxes liabilities – non-current | (6,454 | ) | (19 | ) | Deferred income taxes liabilities – non-current | (4,501) | (5,407) | |||||||||||
Liabilities related to assets held-for-sale | — | (25 | ) | |||||||||||||||
Total | $ | (5,944 | ) | $ | 771 | Total | $ | (3,062) | $ | (4,246) |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Balance at beginning of year | $ | 2,809 | $ | 2,844 | $ | 3,193 | |||||||||||
Provision | 201 | 62 | 75 | ||||||||||||||
Utilization | (1,087) | (488) | (423) | ||||||||||||||
Foreign currency translation | (157) | 212 | (132) | ||||||||||||||
Acquisitions/(dispositions)/(liquidations), net | (720) | 179 | 228 | ||||||||||||||
Non U.S. rate change | 10 | — | (97) | ||||||||||||||
Balance at end of year | $ | 1,056 | $ | 2,809 | $ | 2,844 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Balance at beginning of year | $ | 3,193 | $ | 2,827 | $ | 3,078 | |||||
Provision | 75 | 458 | 50 | ||||||||
Utilization | (423 | ) | (43 | ) | (335 | ) | |||||
Foreign currency translation | (132 | ) | (48 | ) | 341 | ||||||
Acquisitions | 228 | — | 2 | ||||||||
Non U.S. rate change | (97 | ) | (1 | ) | (309 | ) | |||||
Balance at end of year | $ | 2,844 | $ | 3,193 | $ | 2,827 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Balance at beginning of year | $ | 2,003 | $ | 1,905 | $ | 995 | |||||||||||
Gross additions to tax positions related to current year | 66 | 76 | 170 | ||||||||||||||
Gross additions to tax positions related to prior years | 75 | 325 | 19 | ||||||||||||||
Gross additions to tax positions assumed in acquisitions | — | 51 | 852 | ||||||||||||||
Gross reductions to tax positions related to prior years | (22) | (352) | (35) | ||||||||||||||
Settlements | (70) | (7) | (23) | ||||||||||||||
Reductions to tax positions related to lapse of statute | (5) | (5) | (72) | ||||||||||||||
Cumulative translation adjustment | (5) | 10 | (1) | ||||||||||||||
Balance at end of year | $ | 2,042 | $ | 2,003 | $ | 1,905 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Balance at beginning of year | $ | 995 | $ | 1,155 | $ | 995 | |||||
Gross additions to tax positions related to current year | 170 | 48 | 173 | ||||||||
Gross additions to tax positions related to prior years | 19 | 21 | 30 | ||||||||
Gross additions to tax positions assumed in acquisitions | 852 | — | — | ||||||||
Gross reductions to tax positions related to prior years | (35 | ) | (106 | ) | (22 | ) | |||||
Settlements | (23 | ) | 2 | (20 | ) | ||||||
Reductions to tax positions related to lapse of statute | (72 | ) | (119 | ) | (13 | ) | |||||
Cumulative translation adjustment | (1 | ) | (6 | ) | 12 | ||||||
Balance at end of year | $ | 1,905 | $ | 995 | $ | 1,155 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Unrecognized tax benefits that if recognized would impact the effective tax rate | $ | 1,957 | $ | 1,900 | $ | 1,809 | |||||||||||
Accrued interest | 424 | 366 | 292 | ||||||||||||||
Accrued penalties | 26 | 20 | 10 | ||||||||||||||
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Unrecognized tax benefits that if recognized would impact the effective tax rate | $ | 1,809 | $ | 853 | $ | 1,002 | |||||
Accrued interest | 292 | 167 | 148 | ||||||||
Accrued penalties | 10 | 11 | 15 |
U.S. | 2008 to | ||||
Canada | 2012 to | ||||
France | 2020 to 2021 | ||||
Germany | 2015 to 2021 | ||||
Italy | 2016 to | ||||
2012 to |
Year Ended December 31, | |||||||||||||||||
Amounts in Millions, Except Per Share Data | 2021 | 2020 | 2019 | ||||||||||||||
Net Earnings/(Loss) Attributable to BMS Used for Basic and Diluted EPS Calculation | $ | 6,994 | $ | (9,015) | $ | 3,439 | |||||||||||
Weighted-Average Common Shares Outstanding - Basic | 2,221 | 2,258 | 1,705 | ||||||||||||||
Incremental Shares Attributable to Share-Based Compensation Plans | 24 | — | 7 | ||||||||||||||
Weighted-Average Common Shares Outstanding - Diluted | 2,245 | 2,258 | 1,712 | ||||||||||||||
Earnings/(Loss) per Common Share | |||||||||||||||||
Basic | $ | 3.15 | $ | (3.99) | $ | 2.02 | |||||||||||
Diluted | 3.12 | (3.99) | 2.01 |
Year Ended December 31, | |||||||||||
Amounts in Millions, Except Per Share Data | 2019 | 2018 | 2017 | ||||||||
Net Earnings Attributable to BMS used for Basic and Diluted EPS Calculation | $ | 3,439 | $ | 4,920 | $ | 1,007 | |||||
Weighted-average common shares outstanding - basic | 1,705 | 1,633 | 1,645 | ||||||||
Incremental shares attributable to share-based compensation plans | 7 | 4 | 7 | ||||||||
Weighted-average common shares outstanding - diluted | 1,712 | 1,637 | 1,652 | ||||||||
Earnings per Common Share | |||||||||||
Basic | $ | 2.02 | $ | 3.01 | $ | 0.61 | |||||
Diluted | 2.01 | 3.01 | 0.61 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Dollars in Millions | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Cash and cash equivalents - money market and other securities | $ | — | $ | 12,225 | $ | — | $ | — | $ | 12,361 | $ | — | |||||||||||||||||||||||
Marketable debt securities: | |||||||||||||||||||||||||||||||||||
Certificates of deposit | — | 2,264 | — | — | 1,020 | — | |||||||||||||||||||||||||||||
Commercial paper | — | 320 | — | — | — | — | |||||||||||||||||||||||||||||
Corporate debt securities | — | 403 | — | — | 698 | — | |||||||||||||||||||||||||||||
Derivative assets | — | 206 | 12 | — | 42 | 27 | |||||||||||||||||||||||||||||
Equity investments | 1,910 | 109 | — | 3,314 | 138 | — | |||||||||||||||||||||||||||||
Derivative liabilities | — | 25 | — | — | 270 | — | |||||||||||||||||||||||||||||
Contingent consideration liability: | |||||||||||||||||||||||||||||||||||
Contingent value rights | 8 | — | — | 530 | — | — | |||||||||||||||||||||||||||||
Other acquisition related contingent consideration | — | — | 35 | — | — | 78 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||
Dollars in Millions | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | ||||||||||||||
Cash and cash equivalents - Money market and other securities | $ | — | $ | 10,448 | $ | — | $ | — | $ | 6,173 | |||||||||
Marketable debt securities: | |||||||||||||||||||
Certificates of deposit | — | 1,227 | — | — | 971 | ||||||||||||||
Commercial paper | — | 1,093 | — | — | 273 | ||||||||||||||
Corporate debt securities | — | 1,494 | — | — | 2,379 | ||||||||||||||
Derivative assets | — | 140 | — | — | 44 | ||||||||||||||
Equity investments | 2,020 | 175 | — | 88 | 391 | ||||||||||||||
Derivative liabilities | — | (40 | ) | — | — | (31 | ) | ||||||||||||
Contingent consideration liability: | |||||||||||||||||||
Contingent value rights | 2,275 | — | — | — | — | ||||||||||||||
Other acquisition related contingent consideration | — | — | 106 | — | — |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Dollars in Millions | Amortized Cost | Gross Unrealized | Fair Value | Amortized Cost | Gross Unrealized | Fair Value | |||||||||||||||||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | $ | 2,264 | $ | — | $ | — | $ | 2,264 | $ | 1,020 | $ | — | $ | — | $ | 1,020 | |||||||||||||||||||||||||||||||
Commercial paper | 320 | — | — | 320 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 401 | 2 | — | 403 | 684 | 14 | — | 698 | |||||||||||||||||||||||||||||||||||||||
Total marketable debt securities(a) | $ | 2,985 | $ | 2 | $ | — | 2,987 | $ | 1,704 | $ | 14 | $ | — | 1,718 | |||||||||||||||||||||||||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||||||||||||||
Equity investments with readily determinable fair values | $ | 2,019 | $ | 3,452 | |||||||||||||||||||
Equity investments without readily determinable fair values | 283 | 694 | |||||||||||||||||||||
Limited partnerships and other equity method investments | 666 | 549 | |||||||||||||||||||||
Total equity investments | $ | 2,968 | $ | 4,695 |
Dollars in Millions | Year Ended December 31, 2019 | ||
Fair value as of January 1 | $ | — | |
Celgene acquisition | 106 | ||
Fair value as of December 31 | $ | 106 |
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Equity investments with readily determined fair values(a) | |||||||||||||||||
Net loss/(gain) recognized | $ | 403 | $ | (964) | $ | (170) | |||||||||||
Net loss/(gain) recognized on investments sold | (357) | 12 | (14) | ||||||||||||||
Net unrealized loss/(gain) recognized on investments still held | 760 | (976) | (156) | ||||||||||||||
Equity investments without readily determinable fair values | |||||||||||||||||
Upward adjustments | (918) | (388) | (58) | ||||||||||||||
Impairments and downward adjustments | 1 | 204 | 27 | ||||||||||||||
Cumulative upward adjustments | (103) | ||||||||||||||||
Cumulative impairments and downward adjustments | 78 | ||||||||||||||||
Equity in net (income)/loss of affiliates(b) | (231) | (72) | 85 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||
Dollars in Millions | Amortized Cost | Gross Unrealized | Fair Value | Amortized Cost | Gross Unrealized | Fair Value | |||||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||
Certificates of deposit | $ | 1,227 | $ | — | $ | — | $ | 1,227 | $ | 971 | $ | — | $ | — | $ | 971 | |||||||||||||||
Commercial paper | 1,093 | — | — | 1,093 | 273 | — | — | 273 | |||||||||||||||||||||||
Corporate debt securities | 1,487 | 8 | (1 | ) | 1,494 | 2,416 | — | (37 | ) | 2,379 | |||||||||||||||||||||
$ | 3,807 | $ | 8 | $ | (1 | ) | 3,814 | $ | 3,660 | $ | — | $ | (37 | ) | 3,623 | ||||||||||||||||
Equity investments | 2,195 | 479 | |||||||||||||||||||||||||||||
Total | $ | 6,009 | $ | 4,102 |
December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Marketable debt securities - current | $ | 3,047 | $ | 1,848 | |||
Other current assets | — | 125 | |||||
Marketable debt securities - non-current(a) | 767 | 1,775 | |||||
Other non-current assets | 2,195 | 354 | |||||
Total | $ | 6,009 | $ | 4,102 |
Year Ended December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Net gain/(loss) recognized | $ | 170 | $ | (530 | ) | ||
Less: Net gain recognized for equity investments sold | 14 | 7 | |||||
Net unrealized gain/(loss) on equity investments held | $ | 156 | $ | (537 | ) |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Asset(a) | Liability(b) | Asset(a) | Liability(b) | ||||||||||||||||||||||||||||||||||||||||||||
Dollars in Millions | Notional | Fair Value | Notional | Fair Value | Notional | Fair Value | Notional | Fair Value | |||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap contracts | $ | 255 | $ | 10 | $ | — | $ | — | $ | 255 | $ | 24 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Cross-currency interest rate swap contracts | 600 | 26 | — | — | — | — | 400 | (10) | |||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | 3,587 | 161 | 1,814 | (20) | 231 | 1 | 5,813 | (259) | |||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | 883 | 9 | 568 | (5) | 1,104 | 17 | 336 | (1) | |||||||||||||||||||||||||||||||||||||||
Other | — | 12 | — | — | — | 27 | — | — |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||
Asset(a) | Liability(b) | Asset(a) | Liability(b) | ||||||||||||||||||||||||||||
Dollars in Millions | Notional | Fair Value | Notional | Fair Value | Notional | Fair Value | Notional | Fair Value | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||
Interest rate swap contracts | $ | 255 | $ | 6 | $ | — | $ | — | $ | — | $ | — | $ | 755 | $ | (10 | ) | ||||||||||||||
Cross-currency interest rate swap contracts | 175 | 2 | 125 | (1 | ) | 50 | — | 250 | (5 | ) | |||||||||||||||||||||
Foreign currency forward contracts | 766 | 27 | 980 | (20 | ) | 1,503 | 44 | 496 | (10 | ) | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||
Foreign currency forward contracts | 2,342 | 91 | 1,173 | (10 | ) | 54 | — | 600 | (6 | ) | |||||||||||||||||||||
Foreign currency zero-cost collar contracts | 2,482 | 14 | 2,235 | (9 | ) | — | — | — | — |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Dollars in Millions | Cost of products sold | Other (income)/expense, net | Cost of products sold | Other (income)/expense, net | Cost of products sold | Other (income)/expense, net | |||||||||||||||||||||||||||||
Interest rate swap contracts | $ | — | $ | (31) | $ | — | $ | (29) | $ | — | $ | (24) | |||||||||||||||||||||||
Cross-currency interest rate swap contracts | — | (11) | — | (10) | — | (9) | |||||||||||||||||||||||||||||
Foreign currency forward contracts | 96 | (21) | (18) | (23) | (103) | 11 | |||||||||||||||||||||||||||||
Forward starting interest rate swap option contracts | — | — | — | — | — | 35 | |||||||||||||||||||||||||||||
Deal contingent forward starting interest rate swap contracts | — | — | — | — | — | 240 | |||||||||||||||||||||||||||||
Foreign currency zero-cost collar contracts | — | — | — | — | — | 2 |
Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||
Dollars in Millions | Cost of products sold | Other (income)/expense, net | Cost of products sold | Other (income)/expense, net | Cost of products sold | Other (income)/expense, net | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | (24 | ) | $ | — | $ | (23 | ) | $ | — | $ | (31 | ) | ||||||||
Cross-currency interest rate swap contracts | — | (9 | ) | — | (8 | ) | — | — | |||||||||||||||
Foreign currency forward contracts | (103 | ) | 11 | (4 | ) | (14 | ) | (12 | ) | 52 | |||||||||||||
Forward starting interest rate swap option contracts | — | 35 | — | — | — | — | |||||||||||||||||
Deal contingent forward starting interest rate swap contracts | — | 240 | — | — | — | — | |||||||||||||||||
Foreign currency zero-cost collar contracts | — | 2 | — | — | — | — |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Derivatives qualifying as cash flow hedges | |||||||||||||||||
Foreign currency forward contracts gain/(loss): | |||||||||||||||||
Recognized in Other Comprehensive Income/(Loss)(a) | $ | 364 | $ | (267) | $ | 65 | |||||||||||
Reclassified to Cost of products sold | 96 | (54) | (103) | ||||||||||||||
Treasury lock hedge contracts gain: | |||||||||||||||||
Recognized in Other Comprehensive Income/(Loss) | — | 51 | — | ||||||||||||||
Derivatives qualifying as net investment hedges | |||||||||||||||||
Cross-currency interest rate swap contracts gain/(loss): | |||||||||||||||||
Recognized in Other Comprehensive Income/(Loss) | 38 | (11) | 6 | ||||||||||||||
Non-derivatives qualifying as net investment hedges | |||||||||||||||||
Non U.S. dollar borrowings gain/(loss): | |||||||||||||||||
Recognized in Other Comprehensive Income/(Loss) | 83 | (105) | 29 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Derivatives qualifying as cash flow hedges | |||||||||||
Foreign currency forward contracts gain/(loss): | |||||||||||
Recognized in Other Comprehensive Income/(Loss)(a) | $ | 65 | $ | 86 | $ | (108 | ) | ||||
Reclassified to Cost of products sold | (103 | ) | (4 | ) | (12 | ) | |||||
Reclassified to Other (income)/expense, net | — | — | 36 | ||||||||
Derivatives qualifying as net investment hedges | |||||||||||
Cross-currency interest rate swap contracts gain/(loss): | |||||||||||
Recognized in Other Comprehensive Income/(Loss) | 6 | (5 | ) | — | |||||||
Non-derivatives qualifying as net investment hedges | |||||||||||
Non U.S. dollar borrowings gain/(loss): | |||||||||||
Recognized in Other Comprehensive Income/(Loss) | 29 | 45 | (134 | ) |
December 31, | |||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Non-U.S. short-term borrowings | $ | 105 | $ | 176 | |||||||
Current portion of long-term debt | 4,764 | 2,000 | |||||||||
Other | 79 | 164 | |||||||||
Total | $ | 4,948 | $ | 2,340 |
December 31, | |||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Principal Value: | |||||||||||
2.250% Notes due 2021 | — | 500 | |||||||||
2.550% Notes due 2021 | — | 1,000 | |||||||||
2.875% Notes due 2021 | — | 500 | |||||||||
Floating Rate Notes due 2022 | 500 | 500 | |||||||||
2.000% Notes due 2022 | 750 | 750 | |||||||||
2.600% Notes due 2022 | 1,500 | 1,500 | |||||||||
3.250% Notes due 2022 | 1,000 | 1,000 | |||||||||
3.550% Notes due 2022 | 1,000 | 1,000 | |||||||||
0.537% Notes due 2023 | 1,500 | 1,500 | |||||||||
2.750% Notes due 2023 | 750 | 750 | |||||||||
3.250% Notes due 2023 | 500 | 500 | |||||||||
3.250% Notes due 2023 | 890 | 1,000 | |||||||||
4.000% Notes due 2023 | — | 700 | |||||||||
7.150% Notes due 2023 | 239 | 302 | |||||||||
2.900% Notes due 2024 | 2,478 | 3,250 | |||||||||
3.625% Notes due 2024 | 395 | 1,000 | |||||||||
0.750% Notes due 2025 | 1,000 | 1,000 | |||||||||
1.000% Euro Notes due 2025 | 651 | 701 | |||||||||
3.875% Notes due 2025 | 1,925 | 2,500 | |||||||||
3.200% Notes due 2026 | 2,250 | 2,250 | |||||||||
6.800% Notes due 2026 | 256 | 256 | |||||||||
1.125% Notes due 2027 | 1,000 | 1,000 | |||||||||
3.250% Notes due 2027 | 750 | 750 | |||||||||
3.450% Notes due 2027 | 1,000 | 1,000 | |||||||||
3.900% Notes due 2028 | 1,500 | 1,500 | |||||||||
3.400% Notes due 2029 | 4,000 | 4,000 | |||||||||
1.450% Notes due 2030 | 1,250 | 1,250 | |||||||||
1.750% Euro Notes due 2035 | 651 | 701 | |||||||||
5.875% Notes due 2036 | 279 | 287 | |||||||||
6.125% Notes due 2038 | 219 | 226 | |||||||||
4.125% Notes due 2039 | 2,000 | 2,000 | |||||||||
2.350% Notes due 2040 | 750 | 750 | |||||||||
5.700% Notes due 2040 | 193 | 250 | |||||||||
3.250% Notes due 2042 | 500 | 500 | |||||||||
5.250% Notes due 2043 | 280 | 400 | |||||||||
4.500% Notes due 2044 | 500 | 500 | |||||||||
4.625% Notes due 2044 | 748 | 1,000 | |||||||||
5.000% Notes due 2045 | 1,768 | 2,000 | |||||||||
4.350% Notes due 2047 | 1,250 | 1,250 | |||||||||
4.550% Notes due 2048 | 1,486 | 1,500 | |||||||||
4.250% Notes due 2049 | 3,750 | 3,750 | |||||||||
2.550% Notes due 2050 | 1,500 | 1,500 | |||||||||
6.875% Notes due 2097 | 86 | 87 | |||||||||
0.13% - 5.75% Other - maturing through 2024 | 51 | 51 | |||||||||
Total | $ | 43,095 | $ | 48,711 |
December 31, | |||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Principal Value | $ | 43,095 | $ | 48,711 | |||||||
Adjustments to Principal Value: | |||||||||||
Fair value of interest rate swap contracts | 10 | 24 | |||||||||
Unamortized basis adjustment from swap terminations | 119 | 149 | |||||||||
Unamortized bond discounts and issuance costs | (263) | (303) | |||||||||
Unamortized purchase price adjustments of Celgene debt | 1,408 | 1,755 | |||||||||
Total | $ | 44,369 | $ | 50,336 | |||||||
Current portion of long-term debt | 4,764 | 2,000 | |||||||||
Long-term debt | 39,605 | 48,336 | |||||||||
Total | $ | 44,369 | $ | 50,336 |
December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Non-U.S. short-term borrowings | $ | 351 | $ | 320 | |||
Current portion of long-term debt | 2,763 | 1,249 | |||||
Other | 232 | 134 | |||||
Total | $ | 3,346 | $ | 1,703 |
December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Principal Value: | |||||||
1.600% Notes due 2019 | $ | — | $ | 750 | |||
1.750% Notes due 2019 | — | 500 | |||||
Floating Rate Notes due 2020 | 750 | — | |||||
2.875% Notes due 2020 | 1,500 | — | |||||
3.950% Notes due 2020 | 500 | — | |||||
2.250% Notes due 2021 | 500 | — | |||||
2.550% Notes due 2021 | 1,000 | — | |||||
2.875% Notes due 2021 | 500 | — | |||||
Floating Rate Notes due 2022 | 500 | — | |||||
2.000% Notes due 2022 | 750 | 750 | |||||
2.600% Notes due 2022 | 1,500 | — | |||||
3.250% Notes due 2022 | 1,000 | — | |||||
3.550% Notes due 2022 | 1,000 | — | |||||
2.750% Notes due 2023 | 750 | — | |||||
3.250% Notes due 2023 | 500 | 500 | |||||
3.250% Notes due 2023 | 1,000 | — | |||||
4.000% Notes due 2023 | 700 | — | |||||
7.150% Notes due 2023 | 302 | 302 | |||||
2.900% Notes due 2024 | 3,250 | — | |||||
3.625% Notes due 2024 | 1,000 | — | |||||
1.000% Euro Notes due 2025 | 638 | 655 | |||||
3.875% Notes due 2025 | 2,500 | — | |||||
3.200% Notes due 2026 | 2,250 | — | |||||
6.800% Notes due 2026 | 256 | 256 | |||||
3.250% Notes due 2027 | 750 | 750 | |||||
3.450% Notes due 2027 | 1,000 | — | |||||
3.900% Notes due 2028 | 1,500 | — | |||||
3.400% Notes due 2029 | 4,000 | — | |||||
1.750% Euro Notes due 2035 | 638 | 655 | |||||
5.875% Notes due 2036 | 287 | 287 | |||||
6.125% Notes due 2038 | 226 | 226 | |||||
4.125% Notes due 2039 | 2,000 | — | |||||
5.700% Notes due 2040 | 250 | — | |||||
3.250% Notes due 2042 | 500 | 500 | |||||
5.250% Notes due 2043 | 400 | — | |||||
4.500% Notes due 2044 | 500 | 500 | |||||
4.625% Notes due 2044 | 1,000 | — | |||||
5.000% Notes due 2045 | 2,000 | — | |||||
4.350% Notes due 2047 | 1,250 | — | |||||
4.550% Notes due 2048 | 1,500 | — | |||||
4.250% Notes due 2049 | 3,750 | — | |||||
6.875% Notes due 2097 | 87 | 87 | |||||
0.13% - 5.75% Other - maturing through 2024 | 51 | 58 | |||||
Total | $ | 44,335 | $ | 6,776 |
December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Principal Value | $ | 44,335 | $ | 6,776 | |||
Adjustments to Principal Value: | |||||||
Fair value of interest rate swap contracts | 6 | (10 | ) | ||||
Unamortized basis adjustment from swap terminations | 175 | 201 | |||||
Unamortized bond discounts and issuance costs | (280 | ) | (72 | ) | |||
Unamortized purchase price adjustments of Celgene debt | 1,914 | — | |||||
Total | $ | 46,150 | $ | 6,895 | |||
Current portion of long-term debt | 2,763 | 1,249 | |||||
Long-term debt | 43,387 | 5,646 | |||||
Total | $ | 46,150 | $ | 6,895 |
December 31, | |||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Trade receivables | $ | 8,723 | $ | 7,882 | |||||||
Less charge-backs and cash discounts | (723) | (645) | |||||||||
Less allowance for expected credit loss | (21) | (18) | |||||||||
Net trade receivables | 7,979 | 7,219 | |||||||||
Alliance, Royalties, VAT and other | 1,390 | 1,282 | |||||||||
Receivables | $ | 9,369 | $ | 8,501 |
December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Trade receivables | $ | 6,888 | $ | 4,914 | |||
Less charge-backs and cash discounts | (391 | ) | (245 | ) | |||
Less bad debt allowances | (21 | ) | (33 | ) | |||
Net trade receivables | 6,476 | 4,636 | |||||
Alliance, Royalties, VAT and other | 1,209 | 1,111 | |||||
Receivables | $ | 7,685 | $ | 5,747 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Balance at beginning of year | $ | 663 | $ | 412 | $ | 278 | |||||||||||
Celgene acquisition | — | — | 116 | ||||||||||||||
Provision(a) | 7,257 | 5,839 | 3,687 | ||||||||||||||
Utilization | (7,170) | (5,601) | (3,667) | ||||||||||||||
Other | (6) | 13 | (2) | ||||||||||||||
Balance at end of year | $ | 744 | $ | 663 | $ | 412 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Balance at beginning of year | $ | 278 | $ | 252 | $ | 174 | |||||
Celgene acquisition | 116 | — | — | ||||||||
Provision | 3,725 | 2,739 | 2,090 | ||||||||
Utilization | (3,705 | ) | (2,707 | ) | (2,015 | ) | |||||
Other | (2 | ) | (6 | ) | 3 | ||||||
Balance at end of year | $ | 412 | $ | 278 | $ | 252 |
December 31, | |||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Finished goods | $ | 543 | $ | 932 | |||||||
Work in process | 2,111 | 2,015 | |||||||||
Raw and packaging materials | 350 | 207 | |||||||||
Total Inventories | $ | 3,004 | $ | 3,154 | |||||||
Inventories | $ | 2,095 | $ | 2,074 | |||||||
Other non-current assets | 909 | 1,080 |
December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Finished goods | $ | 2,227 | $ | 356 | |||
Work in process | 3,267 | 1,152 | |||||
Raw and packaging materials | 172 | 116 | |||||
Total Inventories | $ | 5,666 | $ | 1,624 | |||
Inventories | $ | 4,293 | $ | 1,195 | |||
Other non-current assets | 1,373 | 429 |
December 31, | |||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Land | $ | 169 | $ | 189 | |||||||
Buildings | 5,897 | 5,732 | |||||||||
Machinery, equipment and fixtures | 3,252 | 3,063 | |||||||||
Construction in progress | 764 | 487 | |||||||||
Gross property, plant and equipment | 10,082 | 9,471 | |||||||||
Less accumulated depreciation | (4,033) | (3,585) | |||||||||
Property, plant and equipment | $ | 6,049 | $ | 5,886 | |||||||
United States | $ | 4,710 | $ | 4,501 | |||||||
Europe | 1,176 | 1,243 | |||||||||
Rest of the World | 163 | 142 | |||||||||
Total | $ | 6,049 | $ | 5,886 |
December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Land | $ | 187 | $ | 104 | |||
Buildings | 6,336 | 5,231 | |||||
Machinery, equipment and fixtures | 3,157 | 2,962 | |||||
Construction in progress | 527 | 548 | |||||
Gross property, plant and equipment | 10,207 | 8,845 | |||||
Less accumulated depreciation | (3,955 | ) | (3,818 | ) | |||
Property, plant and equipment | $ | 6,252 | $ | 5,027 | |||
United States | $ | 4,835 | $ | 3,772 | |||
Europe | 1,291 | 1,140 | |||||
Rest of the World | 126 | 115 | |||||
Total | $ | 6,252 | $ | 5,027 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Operating lease cost | $ | 220 | $ | 194 | $ | 115 | |||||||||||
Variable lease cost | 44 | 50 | 25 | ||||||||||||||
Short-term lease cost | 17 | 19 | 20 | ||||||||||||||
Sublease income | (7) | (4) | (4) | ||||||||||||||
Total operating lease expense | $ | 274 | $ | 259 | $ | 156 |
Dollars in Millions | Year Ended December 31, 2019 | ||
Operating lease cost | $ | 115 | |
Variable lease cost | 25 | ||
Short-term lease cost | 20 | ||
Sublease income | (4 | ) | |
Total operating lease expense | $ | 156 |
December 31, | |||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Other non-current assets | $ | 919 | $ | 859 | |||||||
Other current liabilities | 169 | 164 | |||||||||
Other non-current liabilities | 874 | 833 | |||||||||
Total liabilities | $ | 1,043 | $ | 997 |
Dollars in Millions | December 31, 2019 | January 1, 2019 | |||||
Other non-current assets | $ | 704 | $ | 543 | |||
Other current liabilities | 133 | 40 | |||||
Other non-current liabilities | 672 | 548 | |||||
Total liabilities | $ | 805 | $ | 588 |
Dollars in Millions | |||||
2022 | $ | 190 | |||
2023 | 176 | ||||
2024 | 130 | ||||
2025 | 105 | ||||
2026 | 96 | ||||
Thereafter | 494 | ||||
Total future lease payments | 1,191 | ||||
Less imputed interest | (148) | ||||
Total lease liability | $ | 1,043 |
Dollars in Millions | |||
2020 | $ | 165 | |
2021 | 145 | ||
2022 | 130 | ||
2023 | 104 | ||
2024 | 68 | ||
Thereafter | 354 | ||
Total future lease payments | 966 | ||
Less imputed interest | 161 | ||
Total lease liability | $ | 805 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Weighted average remaining lease term | 10 years | 9 years | |||||||||
Weighted average discount rate | 3 | % | 3 | % |
Estimated Useful Lives | December 31, | ||||||||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||||||||
Goodwill | $ | 20,502 | $ | 20,547 | |||||||||||||
Other intangible assets: | |||||||||||||||||
Licenses | 5 – 15 years | 307 | 328 | ||||||||||||||
Acquired marketed product rights | 3 – 15 years | 60,454 | 59,076 | ||||||||||||||
Capitalized software | 3 – 10 years | 1,499 | 1,325 | ||||||||||||||
IPRD | 3,750 | 6,130 | |||||||||||||||
Gross other intangible assets | 66,010 | 66,859 | |||||||||||||||
Less accumulated amortization | (23,483) | (13,616) | |||||||||||||||
Other intangible assets | $ | 42,527 | $ | 53,243 |
Estimated Useful Lives | December 31, | ||||||||
Dollars in Millions | 2019 | 2018 | |||||||
Goodwill(a) | $ | 22,488 | $ | 6,538 | |||||
Other intangible assets(a): | |||||||||
Licenses | 5 – 15 years | 482 | 510 | ||||||
Acquired developed product rights | 3 – 15 years | 46,827 | 2,357 | ||||||
Capitalized software | 3 – 10 years | 1,297 | 1,156 | ||||||
IPRD | 19,500 | 32 | |||||||
Gross other intangible assets | 68,106 | 4,055 | |||||||
Less accumulated amortization | (4,137 | ) | (2,964 | ) | |||||
Other intangible assets | $ | 63,969 | $ | 1,091 |
December 31, | |||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Income taxes | $ | 2,786 | $ | 1,799 | |||||||
Research and development | 514 | 492 | |||||||||
Contract assets | 361 | 254 | |||||||||
Equity investments | 255 | 619 | |||||||||
Restricted cash(a) | 140 | 89 | |||||||||
Other | 776 | 533 | |||||||||
Other current assets | $ | 4,832 | $ | 3,786 |
December 31, | December 31, | |||||||||||||||||
Dollars in Millions | 2019 | 2018 | Dollars in Millions | 2021 | 2020 | |||||||||||||
Prepaid and refundable income taxes | $ | 754 | $ | 774 | ||||||||||||||
Equity investments | Equity investments | $ | 2,713 | $ | 4,076 | |||||||||||||
Inventories | Inventories | 909 | 1,080 | |||||||||||||||
Operating leases | Operating leases | 919 | 859 | |||||||||||||||
Pension and postretirement | Pension and postretirement | 317 | 208 | |||||||||||||||
Research and development | 410 | 337 | Research and development | 248 | 206 | |||||||||||||
Assets held-for-sale | — | 479 | ||||||||||||||||
Restricted cash(a) | Restricted cash(a) | 197 | 338 | |||||||||||||||
Other | 819 | 425 | Other | 232 | 252 | |||||||||||||
Other current assets | $ | 1,983 | $ | 2,015 | ||||||||||||||
Other non-current assets | Other non-current assets | $ | 5,535 | $ | 7,019 |
December 31, | |||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Rebates and discounts | $ | 6,399 | $ | 5,688 | |||||||
Income taxes | 754 | 647 | |||||||||
Employee compensation and benefits | 1,375 | 1,412 | |||||||||
Research and development | 1,373 | 1,423 | |||||||||
Dividends | 1,186 | 1,129 | |||||||||
Interest | 378 | 434 | |||||||||
Royalties | 410 | 461 | |||||||||
Operating leases | 169 | 164 | |||||||||
Contingent value rights | — | 515 | |||||||||
Other | 1,927 | 2,154 | |||||||||
Other current liabilities | $ | 13,971 | $ | 14,027 |
December 31, | December 31, | |||||||||||||||||
Dollars in Millions | 2019 | 2018 | Dollars in Millions | 2021 | 2020 | |||||||||||||
Equity investments | $ | 3,405 | $ | 674 | ||||||||||||||
Inventories | 1,373 | 429 | ||||||||||||||||
Income taxes payable | Income taxes payable | $ | 4,835 | $ | 5,017 | |||||||||||||
Pension and postretirement | Pension and postretirement | 654 | 899 | |||||||||||||||
Operating leases | 704 | — | Operating leases | 874 | 833 | |||||||||||||
Pension and postretirement | 456 | 809 | ||||||||||||||||
Restricted cash | 390 | — | ||||||||||||||||
Deferred income | Deferred income | 326 | 357 | |||||||||||||||
Deferred compensation | Deferred compensation | 427 | 344 | |||||||||||||||
Other | 276 | 112 | Other | 218 | 326 | |||||||||||||
Other non-current assets | $ | 6,604 | $ | 2,024 | ||||||||||||||
Other non-current liabilities | Other non-current liabilities | $ | 7,334 | $ | 7,776 |
December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Rebates and returns | $ | 4,275 | $ | 2,417 | |||
Income taxes payable | 1,517 | 398 | |||||
Employee compensation and benefits | 1,457 | 848 | |||||
Research and development | 1,324 | 805 | |||||
Dividends | 1,025 | 669 | |||||
Interest | 493 | 69 | |||||
Royalties | 418 | 391 | |||||
Operating leases | 133 | — | |||||
Other | 1,871 | 1,462 | |||||
Other current liabilities | $ | 12,513 | $ | 7,059 |
December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Income taxes payable | $ | 5,368 | $ | 3,024 | |||
Contingent value rights | 2,275 | — | |||||
Pension and postretirement | 725 | 566 | |||||
Operating leases | 672 | — | |||||
Deferred income | 424 | 468 | |||||
Deferred compensation | 287 | 231 | |||||
Other | 350 | 251 | |||||
Other non-current liabilities | $ | 10,101 | $ | 4,540 |
Common Stock | Capital in Excess of Par Value of Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock | Noncontrolling Interest | ||||||||||||||||||||||||||||||||||||||||||
Dollars and Shares in Millions | Shares | Par Value | Shares | Cost | |||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | 2,208 | $ | 221 | $ | 2,081 | $ | (2,762) | $ | 34,065 | 576 | $ | (19,574) | $ | 96 | |||||||||||||||||||||||||||||||||
Accounting change - cumulative effect(a) | — | — | — | — | 5 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Adjusted balance at January 1, 2019 | 2,208 | 221 | 2,081 | (2,762) | 34,070 | 576 | (19,574) | 96 | |||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | — | 3,439 | — | — | 21 | |||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income/(Loss) | — | — | — | 1,242 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Celgene acquisition | 715 | 71 | 42,721 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared(b) | — | — | — | — | (3,035) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share repurchase program | — | — | (1,400) | — | — | 105 | (5,900) | — | |||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | 307 | — | — | (9) | 117 | — | |||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (17) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 2,923 | 292 | 43,709 | (1,520) | 34,474 | 672 | (25,357) | 100 | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | (9,015) | — | — | 20 | |||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income/(Loss) | — | — | — | (319) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared(b) | — | — | — | — | (4,178) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share repurchase program | — | — | 1,400 | — | — | 43 | (2,993) | — | |||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | (784) | — | — | (36) | 2,113 | — | |||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (60) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 2,923 | 292 | 44,325 | (1,839) | 21,281 | 679 | (26,237) | 60 | |||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | — | 6,994 | — | — | 20 | |||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income/(Loss) | — | — | — | 571 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared(b) | — | — | — | — | (4,455) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share repurchase program | — | — | — | — | — | 102 | (6,240) | — | |||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | 36 | — | — | (34) | 1,218 | — | |||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (20) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 2,923 | $ | 292 | $ | 44,361 | $ | (1,268) | $ | 23,820 | 747 | $ | (31,259) | $ | 60 |
Common Stock | Capital in Excess of Par Value of Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock | Noncontrolling Interest | ||||||||||||||||||||||||
Dollars and Shares in Millions | Shares | Par Value | Shares | Cost | |||||||||||||||||||||||||
Balance at January 1, 2017 | 2,208 | $ | 221 | $ | 1,725 | $ | (2,503 | ) | $ | 33,513 | 536 | $ | (16,779 | ) | $ | 170 | |||||||||||||
Accounting change - cumulative effect(a) | — | — | — | — | (787 | ) | — | — | — | ||||||||||||||||||||
Adjusted balance at January 1, 2017 | 2,208 | 221 | 1,725 | (2,503 | ) | 32,726 | 536 | (16,779 | ) | 170 | |||||||||||||||||||
Net earnings | — | — | — | — | 1,007 | — | — | 27 | |||||||||||||||||||||
Other Comprehensive Income/(Loss) | — | — | — | 214 | — | — | — | — | |||||||||||||||||||||
Cash dividends declared(c) | — | — | — | — | (2,573 | ) | — | — | — | ||||||||||||||||||||
Share repurchase program | — | — | — | — | — | 44 | (2,477 | ) | — | ||||||||||||||||||||
Stock compensation | — | — | 173 | — | — | (5 | ) | 7 | — | ||||||||||||||||||||
Variable interest entity | — | — | — | — | — | — | — | (59 | ) | ||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (32 | ) | ||||||||||||||||||||
Balance at December 31, 2017 | 2,208 | 221 | 1,898 | (2,289 | ) | 31,160 | 575 | (19,249 | ) | 106 | |||||||||||||||||||
Accounting change - cumulative effect(b) | — | — | — | (34 | ) | 332 | — | — | — | ||||||||||||||||||||
Adjusted balance at January 1, 2018 | 2,208 | 221 | 1,898 | (2,323 | ) | 31,492 | 575 | (19,249 | ) | 106 | |||||||||||||||||||
Net earnings | — | — | — | — | 4,920 | — | — | 27 | |||||||||||||||||||||
Other Comprehensive Income/(Loss) | — | — | — | (156 | ) | — | — | — | — | ||||||||||||||||||||
Cash dividends declared(c) | — | — | — | — | (2,630 | ) | — | — | — | ||||||||||||||||||||
Share repurchase program | — | — | — | — | — | 5 | (313 | ) | — | ||||||||||||||||||||
Stock compensation | — | — | 183 | — | — | (4 | ) | (12 | ) | — | |||||||||||||||||||
Adoption of ASU 2018-02(b) | — | — | — | (283 | ) | 283 | — | — | — | ||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (37 | ) | ||||||||||||||||||||
Balance at December 31, 2018 | 2,208 | 221 | 2,081 | (2,762 | ) | 34,065 | 576 | (19,574 | ) | 96 | |||||||||||||||||||
Accounting change - cumulative effect(b) | — | — | — | — | 5 | — | — | — | |||||||||||||||||||||
Adjusted balance at January 1, 2019 | 2,208 | 221 | 2,081 | (2,762 | ) | 34,070 | 576 | (19,574 | ) | 96 | |||||||||||||||||||
Net earnings | — | — | — | — | 3,439 | — | — | 21 | |||||||||||||||||||||
Other Comprehensive Income/(Loss) | — | — | — | 1,242 | — | — | — | — | |||||||||||||||||||||
Celgene acquisition | 715 | 71 | 42,721 | — | — | — | — | — | |||||||||||||||||||||
Cash dividends declared(c) | — | — | — | — | (3,035 | ) | — | — | — | ||||||||||||||||||||
Share repurchase program | — | — | (1,400 | ) | — | — | 105 | (5,900 | ) | — | |||||||||||||||||||
Stock compensation | — | — | 307 | — | — | (9 | ) | 117 | — | ||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (17 | ) | ||||||||||||||||||||
Balance at December 31, 2019 | 2,923 | $ | 292 | $ | 43,709 | $ | (1,520 | ) | $ | 34,474 | 672 | $ | (25,357 | ) | $ | 100 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in Millions | Pretax | Tax | After Tax | Pretax | Tax | After Tax | Pretax | Tax | After Tax | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives qualifying as cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains/(losses) | $ | 364 | $ | (34) | $ | 330 | $ | (216) | $ | 7 | $ | (209) | $ | 65 | $ | (7) | $ | 58 | |||||||||||||||||||||||||||||||||||
Reclassified to net earnings(a) | 95 | (10) | 85 | (54) | 7 | (47) | (103) | 13 | (90) | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives qualifying as cash flow hedges | 459 | (44) | 415 | (270) | 14 | (256) | (38) | 6 | (32) | ||||||||||||||||||||||||||||||||||||||||||||
Pension and postretirement benefits: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial gains/(losses) | 220 | (40) | 180 | (134) | 25 | (109) | (143) | 28 | (115) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization(b) | 41 | (10) | 31 | 33 | (6) | 27 | 55 | (11) | 44 | ||||||||||||||||||||||||||||||||||||||||||||
Settlements(b) | (6) | 1 | (5) | 10 | (3) | 7 | 1,640 | (366) | 1,274 | ||||||||||||||||||||||||||||||||||||||||||||
Pension and postretirement benefits | 255 | (49) | 206 | (91) | 16 | (75) | 1,552 | (349) | 1,203 | ||||||||||||||||||||||||||||||||||||||||||||
Marketable debt securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (losses)gains | (11) | 2 | (9) | 7 | (1) | 6 | 42 | (9) | 33 | ||||||||||||||||||||||||||||||||||||||||||||
Realized (gains)/losses(b) | — | — | — | (1) | — | (1) | 3 | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Marketable debt securities | (11) | 2 | (9) | 6 | (1) | 5 | 45 | (9) | 36 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | (14) | (27) | (41) | (19) | 26 | 7 | 43 | (8) | 35 | ||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income/(Loss) | $ | 689 | $ | (118) | $ | 571 | $ | (374) | $ | 55 | $ | (319) | $ | 1,602 | $ | (360) | $ | 1,242 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||
Dollars in Millions | Pretax | Tax | After Tax | Pretax | Tax | After Tax | Pretax | Tax | After Tax | ||||||||||||||||||||||||||
Derivatives qualifying as cash flow hedges: | |||||||||||||||||||||||||||||||||||
Unrealized gains/(losses) | $ | 65 | $ | (7 | ) | $ | 58 | $ | 86 | $ | (9 | ) | $ | 77 | $ | (101 | ) | $ | 33 | $ | (68 | ) | |||||||||||||
Reclassified to net earnings(a) | (103 | ) | 13 | (90 | ) | (4 | ) | (3 | ) | (7 | ) | 19 | (8 | ) | 11 | ||||||||||||||||||||
Derivatives qualifying as cash flow hedges | (38 | ) | 6 | (32 | ) | 82 | (12 | ) | 70 | (82 | ) | 25 | (57 | ) | |||||||||||||||||||||
Pension and postretirement benefits: | |||||||||||||||||||||||||||||||||||
Actuarial (losses)/gains | (143 | ) | 28 | (115 | ) | (89 | ) | (3 | ) | (92 | ) | 47 | 11 | 58 | |||||||||||||||||||||
Amortization(b) | 55 | (11 | ) | 44 | 65 | (13 | ) | 52 | 77 | (31 | ) | 46 | |||||||||||||||||||||||
Settlements(b) | 1,640 | (366 | ) | 1,274 | 121 | (28 | ) | 93 | 167 | (57 | ) | 110 | |||||||||||||||||||||||
Pension and postretirement benefits | 1,552 | (349 | ) | 1,203 | 97 | (44 | ) | 53 | 291 | (77 | ) | 214 | |||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||
Unrealized gains/(losses) | 42 | (9 | ) | 33 | (30 | ) | 5 | (25 | ) | 38 | 6 | 44 | |||||||||||||||||||||||
Realized losses/(gains)(b) | 3 | — | 3 | — | — | — | (7 | ) | 2 | (5 | ) | ||||||||||||||||||||||||
Available-for-sale securities | 45 | (9 | ) | 36 | (30 | ) | 5 | (25 | ) | 31 | 8 | 39 | |||||||||||||||||||||||
Foreign currency translation | 43 | (8 | ) | 35 | (245 | ) | (9 | ) | (254 | ) | (20 | ) | 38 | 18 | |||||||||||||||||||||
Other Comprehensive Income/(Loss) | $ | 1,602 | $ | (360 | ) | $ | 1,242 | $ | (96 | ) | $ | (60 | ) | $ | (156 | ) | $ | 220 | $ | (6 | ) | $ | 214 |
December 31, | |||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Derivatives qualifying as cash flow hedges | $ | 178 | $ | (237) | |||||||
Pension and postretirement benefits | (768) | (974) | |||||||||
Marketable debt securities | 2 | 11 | |||||||||
Foreign currency translation | (680) | (639) | |||||||||
Accumulated other comprehensive loss | $ | (1,268) | $ | (1,839) |
December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Derivatives qualifying as cash flow hedges | $ | 19 | $ | 51 | |||
Pension and postretirement benefits | (899 | ) | (2,102 | ) | |||
Available-for-sale securities | 6 | (30 | ) | ||||
Foreign currency translation | (646 | ) | (681 | ) | |||
Accumulated other comprehensive loss | $ | (1,520 | ) | $ | (2,762 | ) |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Service cost — benefits earned during the year | $ | 51 | $ | 48 | $ | 26 | |||||||||||
Interest cost on projected benefit obligation | 35 | 42 | 115 | ||||||||||||||
Expected return on plan assets | (99) | (98) | (200) | ||||||||||||||
Amortization of prior service credits | (4) | (4) | (4) | ||||||||||||||
Amortization of net actuarial loss | 50 | 44 | 59 | ||||||||||||||
Settlements and Curtailments | (5) | 10 | 1,640 | ||||||||||||||
Net periodic pension benefit cost | $ | 28 | $ | 42 | $ | 1,636 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Service cost — benefits earned during the year | $ | 26 | $ | 26 | $ | 25 | |||||
Interest cost on projected benefit obligation | 115 | 193 | 188 | ||||||||
Expected return on plan assets | (200 | ) | (386 | ) | (411 | ) | |||||
Amortization of prior service credits | (4 | ) | (4 | ) | (4 | ) | |||||
Amortization of net actuarial loss | 59 | 74 | 82 | ||||||||
Settlements and Curtailments | 1,640 | 121 | 159 | ||||||||
Special termination benefits | — | — | 3 | ||||||||
Net periodic pension benefit cost/(credit) | $ | 1,636 | $ | 24 | $ | 42 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Benefit obligations at beginning of year | $ | 3,242 | $ | 2,940 | |||||||
Service cost—benefits earned during the year | 51 | 48 | |||||||||
Interest cost | 35 | 42 | |||||||||
Settlements and Curtailments | (101) | (145) | |||||||||
Actuarial (gains)/losses | (153) | 233 | |||||||||
Benefits paid | (46) | (58) | |||||||||
Foreign currency and other | (93) | 182 | |||||||||
Benefit obligations at end of year | $ | 2,935 | $ | 3,242 | |||||||
Fair value of plan assets at beginning of year | $ | 2,807 | $ | 2,536 | |||||||
Actual return on plan assets | 125 | 196 | |||||||||
Employer contributions | 87 | 96 | |||||||||
Settlements | (83) | (126) | |||||||||
Benefits paid | (46) | (58) | |||||||||
Foreign currency and other | (75) | 163 | |||||||||
Fair value of plan assets at end of year | $ | 2,815 | $ | 2,807 | |||||||
Funded status | $ | (120) | $ | (435) | |||||||
Assets/(Liabilities) recognized: | |||||||||||
Other non-current assets | $ | 317 | $ | 208 | |||||||
Other current liabilities | (24) | (26) | |||||||||
Other non-current liabilities | (413) | (617) | |||||||||
Funded status | $ | (120) | $ | (435) | |||||||
Recognized in Accumulated other comprehensive loss: | |||||||||||
Net actuarial losses | $ | 1,015 | $ | 1,255 | |||||||
Prior service credit | (29) | (22) | |||||||||
Total | $ | 986 | $ | 1,233 |
Year Ended December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Benefit obligations at beginning of year | $ | 5,966 | $ | 6,749 | |||
Service cost—benefits earned during the year | 26 | 26 | |||||
Interest cost | 115 | 193 | |||||
Settlements and Curtailments | (4,105 | ) | (278 | ) | |||
Actuarial losses/(gains) | 777 | (523 | ) | ||||
Benefits paid | (109 | ) | (123 | ) | |||
Acquisition/Divestiture | 262 | — | |||||
Foreign currency and other | 8 | (78 | ) | ||||
Benefit obligations at end of year | $ | 2,940 | $ | 5,966 | |||
Fair value of plan assets at beginning of year | $ | 6,129 | $ | 6,749 | |||
Actual return on plan assets | 804 | (203 | ) | ||||
Employer contributions | 63 | 71 | |||||
Settlements | (4,104 | ) | (276 | ) | |||
Benefits paid | (109 | ) | (123 | ) | |||
Asset transfer | (424 | ) | — | ||||
Acquisition/Divestiture | 164 | — | |||||
Foreign currency and other | 13 | (89 | ) | ||||
Fair value of plan assets at end of year | $ | 2,536 | $ | 6,129 | |||
(Unfunded)/Funded status | $ | (404 | ) | $ | 163 | ||
Assets/(Liabilities) recognized: | |||||||
Other non-current assets | $ | 192 | $ | 622 | |||
Other current liabilities | (27 | ) | (32 | ) | |||
Other non-current liabilities | (569 | ) | (427 | ) | |||
Funded status | $ | (404 | ) | $ | 163 | ||
Recognized in Accumulated other comprehensive loss: | |||||||
Net actuarial losses | $ | 1,192 | $ | 2,717 | |||
Prior service credit | (26 | ) | (30 | ) | |||
Total | $ | 1,166 | $ | 2,687 |
December 31, | |||||||||||
Dollars in Millions | 2021 | 2020 | |||||||||
Pension plans with projected benefit obligations in excess of plan assets: | |||||||||||
Projected benefit obligation | $ | 1,274 | $ | 1,805 | |||||||
Fair value of plan assets | 836 | 1,162 | |||||||||
Pension plans with accumulated benefit obligations in excess of plan assets: | |||||||||||
Accumulated benefit obligation | 1,245 | 1,579 | |||||||||
Fair value of plan assets | 832 | 952 |
December 31, | |||||||
Dollars in Millions | 2019 | 2018 | |||||
Pension plans with projected benefit obligations in excess of plan assets: | |||||||
Projected benefit obligation | $ | 1,652 | $ | 1,275 | |||
Fair value of plan assets | 1,056 | 817 | |||||
Pension plans with accumulated benefit obligations in excess of plan assets: | |||||||
Accumulated benefit obligation | 1,417 | 1,181 | |||||
Fair value of plan assets | 875 | 757 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Discount rate | 1.6 | % | 1.2 | % | |||||||
Rate of compensation increase | 1.0 | % | 1.3 | % | |||||||
Interest crediting rate | 2.1 | % | 2.2 | % |
December 31, | |||||
2019 | 2018 | ||||
Discount rate | 1.6 | % | 3.5 | % | |
Rate of compensation increase | 1.3 | % | 0.5 | % |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Discount rate | 1.2 | % | 1.6 | % | 3.2 | % | |||||||||||
Expected long-term return on plan assets | 3.6 | % | 4.1 | % | 4.5 | % | |||||||||||
Rate of compensation increase | 1.3 | % | 1.3 | % | 0.5 | % | |||||||||||
Interest crediting rate | 2.2 | % | 2.2 | % | 2.7 | % |
Year Ended December 31, | ||||||||
2019 | 2018 | 2017 | ||||||
Discount rate | 3.2 | % | 3.1 | % | 3.5 | % | ||
Expected long-term return on plan assets | 4.5 | % | 6.2 | % | 7.0 | % | ||
Rate of compensation increase | 0.5 | % | 0.5 | % | 0.5 | % |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Dollars in Millions | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | 44 | $ | — | $ | — | $ | 44 | $ | 101 | $ | — | $ | — | $ | 101 | |||||||||||||||||||||||||||||||
Equity funds | — | 625 | — | 625 | — | 601 | — | 601 | |||||||||||||||||||||||||||||||||||||||
Fixed income funds | — | 815 | — | 815 | — | 783 | — | 783 | |||||||||||||||||||||||||||||||||||||||
Corporate debt securities | — | 485 | — | 485 | — | 533 | — | 533 | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury and agency securities | — | 67 | — | 67 | — | 70 | — | 70 | |||||||||||||||||||||||||||||||||||||||
Insurance contracts | — | — | 130 | 130 | — | — | 149 | 149 | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 47 | — | — | 47 | 96 | — | — | 96 | |||||||||||||||||||||||||||||||||||||||
Other | — | 224 | 42 | 266 | — | 112 | 40 | 152 | |||||||||||||||||||||||||||||||||||||||
Plan assets subject to leveling | $ | 91 | $ | 2,216 | $ | 172 | $ | 2,479 | $ | 197 | $ | 2,099 | $ | 189 | $ | 2,485 | |||||||||||||||||||||||||||||||
Plan assets measured at NAV as a practical expedient | 336 | 322 | |||||||||||||||||||||||||||||||||||||||||||||
Net plan assets | $ | 2,815 | $ | 2,807 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||
Dollars in Millions | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||||||
Equity securities | $ | 87 | $ | — | $ | — | $ | 87 | $ | 124 | $ | — | $ | — | $ | 124 | |||||||||||||||
Equity funds | 4 | 544 | — | 548 | 2 | 475 | — | 477 | |||||||||||||||||||||||
Fixed income funds | — | 769 | — | 769 | — | 606 | — | 606 | |||||||||||||||||||||||
Corporate debt securities | — | 764 | — | 764 | — | 3,865 | — | 3,865 | |||||||||||||||||||||||
U.S. Treasury and agency securities | — | 168 | — | 168 | — | 553 | — | 553 | |||||||||||||||||||||||
Short-term investment funds | — | — | — | — | — | 55 | — | 55 | |||||||||||||||||||||||
Insurance contracts | — | — | 128 | 128 | — | — | 134 | 134 | |||||||||||||||||||||||
Cash and cash equivalents | 24 | — | — | 24 | 311 | — | — | 311 | |||||||||||||||||||||||
Other | — | 111 | 33 | 144 | — | 105 | 19 | 124 | |||||||||||||||||||||||
Plan assets subject to leveling | $ | 115 | $ | 2,356 | $ | 161 | $ | 2,632 | $ | 437 | $ | 5,659 | $ | 153 | $ | 6,249 | |||||||||||||||
Plan assets measured at NAV as a practical expedient | |||||||||||||||||||||||||||||||
Venture capital and limited partnerships | $ | 1 | $ | 121 | |||||||||||||||||||||||||||
Other | 301 | 91 | |||||||||||||||||||||||||||||
Total plan assets measured at NAV as a practical expedient | 302 | 212 | |||||||||||||||||||||||||||||
Net plan assets | $ | 2,934 | $ | 6,461 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2021 | 2020 | 2019 | ||||||||||||||
Cost of products sold | $ | 57 | $ | 37 | $ | 19 | |||||||||||
Marketing, selling and administrative | 241 | 332 | 162 | ||||||||||||||
Research and development | 272 | 339 | 115 | ||||||||||||||
Other (income)/expense, net | 13 | 71 | 145 | ||||||||||||||
Total stock-based compensation expense | $ | 583 | $ | 779 | $ | 441 | |||||||||||
Income tax benefit(a) | $ | 120 | $ | 158 | $ | 87 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2019 | 2018 | 2017 | ||||||||
Cost of products sold | $ | 19 | $ | 15 | $ | 16 | |||||
Marketing, selling and administrative | 162 | 122 | 103 | ||||||||
Research and development | 115 | 84 | 80 | ||||||||
Other (income)/expense, net | 145 | — | — | ||||||||
Total stock-based compensation expense | $ | 441 | $ | 221 | $ | 199 | |||||
Income tax benefit | $ | 87 | $ | 41 | $ | 59 |
Year Ended December 31, 2019 | |||||
Weighted average risk-free interest rate | 1.59% | ||||
Expected volatility | 25.7% | ||||
Weighted average expected term (years) | 2.65 | ||||
Expected dividend yield | 2.89% |
Stock Options(a) | Restricted Stock Units | Market Share Units | Performance Share Units | ||||||||||||||||||||||||||||||||||||||||||||
Shares in Millions | Number of Options | Weighted-Average Exercise Price of Shares | Number of Nonvested Awards | Weighted-Average Grant-Date Fair Value | Number of Nonvested Awards | Weighted-Average Grant-Date Fair Value | Number of Nonvested Awards | Weighted-Average Grant-Date Fair Value | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | 73.4 | $ | 50.25 | 27.7 | $ | 54.58 | 1.7 | $ | 56.01 | 3.1 | $ | 56.72 | |||||||||||||||||||||||||||||||||||
Granted | — | — | 8.9 | 56.58 | 1.0 | 58.04 | 1.5 | 59.04 | |||||||||||||||||||||||||||||||||||||||
Released/Exercised | (23.1) | 42.70 | (13.8) | 55.36 | (0.6) | 57.25 | (0.9) | 67.60 | |||||||||||||||||||||||||||||||||||||||
Adjustments for actual payout | — | — | — | — | — | — | 0.1 | 67.60 | |||||||||||||||||||||||||||||||||||||||
Forfeited/Canceled | (3.3) | 63.71 | (3.7) | 54.71 | (0.3) | 56.15 | (0.4) | 56.04 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 47.0 | 53.00 | 19.1 | 54.92 | 1.8 | 56.51 | 3.4 | 55.38 | |||||||||||||||||||||||||||||||||||||||
Expected to vest | 17.0 | 54.91 | 1.6 | 56.51 | 3.2 | 54.85 |
Stock Options(a) | Restricted Stock Units | Market Share Units | Performance Share Units | ||||||||||||||||||||||||
Shares in Millions | Number of Options | Weighted-Average Exercise Price of Shares | Number of Nonvested Awards | Weighted-Average Grant-Date Fair Value | Number of Nonvested Awards | Weighted-Average Grant-Date Fair Value | Number of Nonvested Awards | Weighted-Average Grant-Date Fair Value | |||||||||||||||||||
Balance at January 1, 2019 | 1.7 | $ | 17.51 | 5.0 | $ | 58.83 | 1.5 | $ | 66.76 | 2.8 | $ | 63.28 | |||||||||||||||
Replacement Awards | 105.3 | 47.77 | 32.4 | 56.37 | — | — | — | — | |||||||||||||||||||
Granted | — | — | 3.9 | 47.16 | 0.8 | 51.52 | 1.3 | 49.99 | |||||||||||||||||||
Released/Exercised | (5.5 | ) | 32.22 | (5.9 | ) | 57.24 | (0.5 | ) | 65.76 | (0.8 | ) | 64.87 | |||||||||||||||
Adjustments for actual payout | — | — | — | — | — | — | 0.1 | — | |||||||||||||||||||
Forfeited/Canceled | (0.3 | ) | 54.98 | (0.7 | ) | 54.43 | (0.3 | ) | 59.12 | (0.5 | ) | 56.71 | |||||||||||||||
Balance at December 31, 2019 | 101.2 | 48.08 | 34.7 | 55.58 | 1.6 | 59.25 | 3.0 | 57.46 | |||||||||||||||||||
Expected to vest | 32.3 | 55.66 | 1.4 | 59.45 | 3.6 | 58.27 |
Dollars in Millions | Stock Options | Restricted Stock Units | Market Share Units | Performance Share Units | |||||||||||
Unrecognized compensation cost | $ | 121 | $ | 918 | $ | 39 | $ | 78 | |||||||
Expected weighted-average period in years of compensation cost to be recognized | 2.0 | 2.1 | 2.7 | 1.6 |
Amounts in Millions, except per share data | 2019 | 2018 | 2017 | ||||||||
Weighted-average grant date fair value (per share): | |||||||||||
Stock options - replacement awards | $ | 15.00 | $ | — | $ | — | |||||
Restricted stock units - replacement awards | 56.37 | — | — | ||||||||
Restricted stock units | 47.16 | 61.40 | 54.39 | ||||||||
Market share units | 51.52 | 72.33 | 60.14 | ||||||||
Performance share units | 49.99 | 67.60 | 57.91 | ||||||||
Fair value of awards that vested: | |||||||||||
Restricted stock units - replacement awards | $ | 233 | $ | — | $ | — | |||||
Restricted stock units | 105 | 98 | 91 | ||||||||
Market share units | 30 | 40 | 33 | ||||||||
Performance share units | 53 | 103 | 84 | ||||||||
Total intrinsic value of stock options exercised | 148 | 89 | 84 |
Dollars in Millions | Stock Options | Restricted Stock Units | Market Share Units | Performance Share Units | |||||||||||||||||||
Unrecognized compensation cost | $ | 7 | $ | 676 | $ | 46 | $ | 83 | |||||||||||||||
Expected weighted-average period in years of compensation cost to be recognized | 0.6 | 2.6 | 2.8 | 1.7 |
Amounts in Millions, except per share data | 2021 | 2020 | 2019 | ||||||||||||||
Weighted-average grant date fair value (per share): | |||||||||||||||||
Stock options - replacement awards | $ | — | $ | — | $ | 15.00 | |||||||||||
Restricted stock units - replacement awards | — | — | 56.37 | ||||||||||||||
Restricted stock units | 56.58 | 53.65 | 47.16 | ||||||||||||||
Market share units | 58.04 | 53.92 | 51.52 | ||||||||||||||
Performance share units | 59.04 | 55.61 | 49.99 | ||||||||||||||
Fair value of awards that vested: | |||||||||||||||||
Restricted stock units - replacement awards | $ | 519 | $ | 777 | $ | 233 | |||||||||||
Restricted stock units | 246 | 122 | 105 | ||||||||||||||
Market share units | 37 | 37 | 30 | ||||||||||||||
Performance share units | 61 | 59 | 53 | ||||||||||||||
Total intrinsic value of stock options exercised | 512 | 556 | 148 |
Range of Exercise Prices | Number of Options (in millions) | Weighted-Average Remaining Contractual Life (in years) | Weighted-Average Exercise Price Per Share | Aggregate Intrinsic Value (in millions) | |||||||||||||||||||
$10 - $40 | 7.5 | 1.4 | $ | 29.54 | $ | 246 | |||||||||||||||||
$40 - $55 | 15.3 | 3.9 | 48.79 | 208 | |||||||||||||||||||
$55 - $65 | 16.2 | 3.2 | 59.54 | 48 | |||||||||||||||||||
$65+ | 8.0 | 3.7 | 69.99 | — | |||||||||||||||||||
Outstanding | 47.0 | 3.2 | 53.00 | $ | 502 | ||||||||||||||||||
Exercisable | 44.9 | 3.1 | 53.22 | $ | 474 |
Range of Exercise Prices | Number of Options (in millions) | Weighted-Average Remaining Contractual Life (in years) | Weighted-Average Exercise Price Per Share | Aggregate Intrinsic Value (in millions) | ||||||||
$10 - $40 | 27.2 | 2.7 | $ | 24.81 | $ | 1,071 | ||||||
$40 - $55 | 31.3 | 5.7 | 48.69 | 485 | ||||||||
$55 - $65 | 30.4 | 5.0 | 59.48 | 143 | ||||||||
$65+ | 12.3 | 5.7 | 69.89 | — | ||||||||
Outstanding | 101.2 | 4.7 | 48.08 | $ | 1,700 | |||||||
Exercisable | 78.6 | 3.9 | 46.65 | $ | 1,430 |
Year Ended December 31, 2019 | |||||||||||||||||||
Dollars in Millions, except per share data | First Quarter | Second Quarter | Third Quarter | Fourth Quarter(d) | Year(d) | ||||||||||||||
Total Revenues | $ | 5,920 | $ | 6,273 | $ | 6,007 | $ | 7,945 | $ | 26,145 | |||||||||
Gross Margin | 4,096 | 4,301 | 4,217 | 5,453 | 18,067 | ||||||||||||||
Net Earnings/(Loss) | 1,715 | 1,439 | 1,366 | (1,060 | ) | 3,460 | |||||||||||||
Net Earnings/(Loss) Attributable to: | |||||||||||||||||||
Noncontrolling Interest | 5 | 7 | 13 | (4 | ) | 21 | |||||||||||||
BMS | 1,710 | 1,432 | 1,353 | (1,056 | ) | 3,439 | |||||||||||||
Earnings/(Loss) per Common Share - Basic(a) | $ | 1.05 | $ | 0.88 | $ | 0.83 | $ | (0.55 | ) | $ | 2.02 | ||||||||
Earnings/(Loss) per Common Share - Diluted(a) | 1.04 | 0.87 | 0.83 | (0.55 | ) | 2.01 | |||||||||||||
Cash dividends declared per common share | $ | 0.41 | $ | 0.41 | $ | 0.41 | $ | 0.45 | $ | 1.68 | |||||||||
Cash and cash equivalents | $ | 7,335 | $ | 28,404 | $ | 30,489 | $ | 12,346 | $ | 12,346 | |||||||||
Marketable debt securities(b) | 2,662 | 1,947 | 2,978 | 3,814 | 3,814 | ||||||||||||||
Total Assets | 34,834 | 55,163 | 57,433 | 129,944 | 129,944 | ||||||||||||||
Long-term debt(c) | 5,635 | 24,433 | 24,390 | 46,150 | 46,150 | ||||||||||||||
Equity | 15,317 | 16,151 | 17,754 | 51,698 | 51,698 | ||||||||||||||
Year Ended December 31, 2018 | |||||||||||||||||||
Dollars in Millions, except per share data | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||
Total Revenues | $ | 5,193 | $ | 5,704 | $ | 5,691 | $ | 5,973 | $ | 22,561 | |||||||||
Gross Margin | 3,629 | 4,099 | 4,063 | 4,303 | 16,094 | ||||||||||||||
Net Earnings | 1,495 | 382 | 1,912 | 1,158 | 4,947 | ||||||||||||||
Net Earnings/(Loss) Attributable to: | |||||||||||||||||||
Noncontrolling Interest | 9 | 9 | 11 | (2 | ) | 27 | |||||||||||||
BMS | 1,486 | 373 | 1,901 | 1,160 | 4,920 | ||||||||||||||
Earnings per Common Share - Basic(a) | $ | 0.91 | $ | 0.23 | $ | 1.16 | $ | 0.71 | $ | 3.01 | |||||||||
Earnings per Common Share - Diluted(a) | 0.91 | 0.23 | 1.16 | 0.71 | 3.01 | ||||||||||||||
Cash dividends declared per common share | $ | 0.40 | $ | 0.40 | $ | 0.40 | $ | 0.41 | $ | 1.61 | |||||||||
Cash and cash equivalents | $ | 5,342 | $ | 4,999 | $ | 5,408 | $ | 6,911 | $ | 6,911 | |||||||||
Marketable debt securities(b) | 3,548 | 3,057 | 3,298 | 3,623 | 3,623 | ||||||||||||||
Total Assets | 33,083 | 32,641 | 33,734 | 34,986 | 34,986 | ||||||||||||||
Long-term debt(c) | 5,775 | 5,671 | 5,687 | 6,895 | 6,895 | ||||||||||||||
Equity | 12,906 | 12,418 | 13,750 | 14,127 | 14,127 |
Year Ended December 31, 2019 | |||||||||||||||||||
Dollars in Millions | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||
Inventory purchase price accounting adjustments | $ | — | $ | — | $ | — | $ | 660 | $ | 660 | |||||||||
Employee compensation charges | — | — | — | 1 | 1 | ||||||||||||||
Site exit and other costs | 12 | 139 | 22 | 24 | 197 | ||||||||||||||
Cost of products sold | 12 | 139 | 22 | 685 | 858 | ||||||||||||||
Employee compensation charges | — | — | — | 27 | 27 | ||||||||||||||
Site exit and other costs | 1 | — | — | 8 | 9 | ||||||||||||||
Marketing, selling and administrative | 1 | — | — | 35 | 36 | ||||||||||||||
License and asset acquisition charges | — | 25 | — | — | 25 | ||||||||||||||
IPRD impairments | 32 | — | — | — | 32 | ||||||||||||||
Employee compensation charges | — | — | — | 33 | 33 | ||||||||||||||
Site exit and other costs | 19 | 19 | 20 | 109 | 167 | ||||||||||||||
Research and development | 51 | 44 | 20 | 142 | 257 | ||||||||||||||
Amortization of acquired intangible assets | — | — | — | 1,062 | 1,062 | ||||||||||||||
Interest expense | — | 83 | 166 | 73 | 322 | ||||||||||||||
Pension and postretirement | 49 | 44 | 1,545 | (3 | ) | 1,635 | |||||||||||||
Royalties and licensing income | — | — | (9 | ) | (15 | ) | (24 | ) | |||||||||||
Divestiture (gains)/losses | — | 8 | (1,179 | ) | 3 | (1,168 | ) | ||||||||||||
Acquisition expenses | 165 | 303 | 7 | 182 | 657 | ||||||||||||||
Contingent value rights | — | — | — | 523 | 523 | ||||||||||||||
Investment income | — | (54 | ) | (99 | ) | (44 | ) | (197 | ) | ||||||||||
Integration expenses | 22 | 106 | 96 | 191 | 415 | ||||||||||||||
Provision for restructuring | 12 | 10 | 10 | 269 | 301 | ||||||||||||||
Equity investment (gains)/losses | (175 | ) | (71 | ) | 261 | (294 | ) | (279 | ) | ||||||||||
Litigation and other settlements | — | — | — | 75 | 75 | ||||||||||||||
Other | — | — | — | 2 | 2 | ||||||||||||||
Other (income)/expense, net | 73 | 429 | 798 | 962 | 2,262 | ||||||||||||||
Increase to pretax income | 137 | 612 | 840 | 2,886 | 4,475 | ||||||||||||||
Income taxes on items above | (43 | ) | (105 | ) | (275 | ) | (264 | ) | (687 | ) | |||||||||
Income taxes attributed to Otezla* divestiture | — | — | — | 808 | 808 | ||||||||||||||
Income taxes | (43 | ) | (105 | ) | (275 | ) | 544 | 121 | |||||||||||
Increase to net earnings | $ | 94 | $ | 507 | $ | 565 | $ | 3,430 | $ | 4,596 |
Year Ended December 31, 2018 | |||||||||||||||||||
Dollars in Millions | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||
Site exit and other costs | $ | 13 | $ | 14 | $ | 13 | $ | 18 | $ | 58 | |||||||||
Cost of products sold | 13 | 14 | 13 | 18 | 58 | ||||||||||||||
Marketing, selling and administrative | 1 | — | — | 1 | 2 | ||||||||||||||
License and asset acquisition charges | 60 | 1,075 | — | — | 1,135 | ||||||||||||||
Site exit and other costs | 20 | 19 | 18 | 22 | 79 | ||||||||||||||
Research and development | 80 | 1,094 | 18 | 22 | 1,214 | ||||||||||||||
Pension and postretirement | 31 | 37 | 27 | 26 | 121 | ||||||||||||||
Royalties and licensing income | (50 | ) | (25 | ) | — | — | (75 | ) | |||||||||||
Divestiture gains | (43 | ) | (25 | ) | (108 | ) | (1 | ) | (177 | ) | |||||||||
Provision for restructuring | 20 | 37 | 45 | 29 | 131 | ||||||||||||||
Equity investment (gains)/losses | (15 | ) | 356 | (97 | ) | 268 | 512 | ||||||||||||
Litigation and other settlements | — | — | — | 70 | 70 | ||||||||||||||
Intangible asset impairment | 64 | — | — | — | 64 | ||||||||||||||
Other (income)/expense, net | 7 | 380 | (133 | ) | 392 | 646 | |||||||||||||
Increase/(decrease) to pretax income | 101 | 1,488 | (102 | ) | 433 | 1,920 | |||||||||||||
Income taxes on items above | (8 | ) | (218 | ) | 1 | (43 | ) | (268 | ) | ||||||||||
Income taxes attributed to U.S. tax reform | (32 | ) | 3 | (20 | ) | (7 | ) | (56 | ) | ||||||||||
Income taxes | (40 | ) | (215 | ) | (19 | ) | (50 | ) | (324 | ) | |||||||||
Increase/(decrease) to net earnings | $ | 61 | $ | 1,273 | $ | (121 | ) | $ | 383 | $ | 1,596 |
Item 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. |
Item 9A. | CONTROLS AND PROCEDURES. |
Item 9B. | OTHER INFORMATION. |
Item 9C. | DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. |
Item 10. | DIRECTORS, |
Item 11. | EXECUTIVE COMPENSATION. |
Item 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. |
Item 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. |
Item 14. |
Item 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULE. |
(a) | ||||||||||
Page Number | ||||||||||
1 | Consolidated Financial Statements | |||||||||
2. | Financial Statement Schedules | |||||||||
All other schedules not included with this additional financial data are omitted because they are not applicable or the required information is included in the financial statements or notes thereto. | ||||||||||
3. | Exhibits |
Item 16. | FORM 10-K SUMMARY. |
BRISTOL-MYERS SQUIBB COMPANY (Registrant) | ||||||||
By | /s/ GIOVANNI CAFORIO, M.D. | |||||||
Giovanni Caforio, M.D. | ||||||||
Chairman of the Board and Chief Executive Officer | ||||||||
Date: February |
Signature | Title | Date | ||||||||||||
/s/ GIOVANNI CAFORIO, M.D. | Chairman of the Board and Chief Executive Officer | February 9, 2022 | ||||||||||||
(Giovanni Caforio, M.D.) | (Principal Executive Officer) | |||||||||||||
/s/ DAVID V. ELKINS | Chief Financial Officer | February | ||||||||||||
(David V. Elkins) | (Principal Financial Officer) | |||||||||||||
/s/ KAREN SANTIAGO | Senior Vice President and Corporate Controller | February | ||||||||||||
(Karen Santiago) | (Principal Accounting Officer) | |||||||||||||
/s/ PETER J. ARDUINI | Director | February | ||||||||||||
(Peter J. Arduini) | ||||||||||||||
/s/ JULIA A. HALLER, M.D. | Director | February | ||||||||||||
(Julia A. Haller, M.D.) | ||||||||||||||
/s/ | Director | February | ||||||||||||
( | ||||||||||||||
/s/ | Director | February | ||||||||||||
( | ||||||||||||||
/s/ DERICA W. RICE | Director | February 9, 2022 | ||||||||||||
(Derica W. Rice) | ||||||||||||||
/s/ THEODORE R. SAMUELS | Director | February | ||||||||||||
(Theodore R. Samuels) | ||||||||||||||
/s/ GERALD L. STORCH | Director | February | ||||||||||||
(Gerald L. Storch) | ||||||||||||||
/s/ KAREN H. VOUSDEN, PH.D. | Director | February | ||||||||||||
(Karen H. Vousden, Ph.D.) | ||||||||||||||
/s/ PHYLLIS R. YALE | Director | February | ||||||||||||
(Phyllis R. Yale) |
Annual Report on Form 10-K for the fiscal year ended December 31, | |||||||||||
AbbVie | AbbVie Inc. | ||||||||||
ALL | acute lymphoblastic leukemia | ||||||||||
Mead Johnson | Mead Johnson Nutrition Company | ||||||||||
Merck | Merck & Co., Inc. | ||||||||||
Amylin Pharmaceuticals, Inc. | MF | myelofibrosis | |||||||||
aNDA | abbreviated New Drug Application | MPM | Malignant Pleural Mesothelioma | ||||||||
AstraZeneca | AstraZeneca PLC | MSI-H | high microsatellite instability | ||||||||
BCMA | B-cell maturation antigen | ||||||||||
Biogen | Biogen, Inc. | ||||||||||
BLA | Biologics License Application | ||||||||||
CERCLA | U.S. Comprehensive Environmental Response, Compensation and Liability Act | ||||||||||
Celgene | Celgene Corporation | ||||||||||
cGMP | current Good Manufacturing Practices | ||||||||||
CML | chronic myeloid leukemia | ||||||||||
CPPIB | CPPIB Credit Europe S.A.R.L., a Luxembourg private limited liability company | ||||||||||
Novartis Pharmaceutical Corporation | |||||||||||
NSCLC | non-small cell lung cancer | ||||||||||
NVAF | non-valvular atrial fibrillation | ||||||||||
Organisation for Economic Co-operation and Development | |||||||||||
EGFR | estimated glomerular filtration rate | OIG | Office of Inspector General of the U.S. Department of Health and Human Services | ||||||||
Ono | Ono Pharmaceutical Co., Ltd. | ||||||||||
European Medicines Agency | Over-the-counter | ||||||||||
EPO | European Patent Office | Otsuka | Otsuka Pharmaceutical Co., Ltd. | ||||||||
PBMs | Pharmacy Benefit Managers | ||||||||||
Employee Retirement Income Security Act of 1974 | programmed death receptor-1 | ||||||||||
ESA | erythoropoiesis-stimulating agent | PDMA | Prescription Drug Marketing Act | ||||||||
esophageal squamous cell carcinoma | PDUFA | Prescription Drug User Fee Act | |||||||||
EU | European Union | Pfizer | Pfizer, Inc. | ||||||||
FASB | Financial Accounting Standards Board | PhRMA Code | Pharmaceutical Research and Manufacturers of America’s Professional Practices Code | ||||||||
Foreign Corrupt Practices Act | |||||||||||
FDA | U.S. Food and Drug Administration | ||||||||||
FL | follicular lymphoma | ||||||||||
U.S. generally accepted accounting principles | rheumatoid arthritis | ||||||||||
GBM | glioblastoma multiforme | RCC | renal cell carcinoma | ||||||||
Gilead | Gilead Sciences, Inc. | REMS | Risk Evaluation and Mitigation Strategy | ||||||||
global intangible low taxed income | |||||||||||
GlaxoSmithKline | GlaxoSmithKline PLC | ||||||||||
GTN | gross-to-net | ring sideroblast | |||||||||
Halozyme | Halozyme Therapeutics, Inc. | Sanofi | Sanofi S.A. | ||||||||
HCC | Hepatocellular carcinoma | sBLA | supplemental Biologics License Application | ||||||||
SCCHN | squamous cell carcinoma of the head and neck | ||||||||||
HR 3590 | The Patient Protection and Affordable Care Act | SCLC | small cell lung cancer | ||||||||
ImClone | ImClone Systems Incorporated | SEC | U.S. Securities and Exchange Commission | ||||||||
Immatics | Immatics N.V. | STING | stimulator of interferon genes | ||||||||
IO | Immuno-Oncology | the 2012 Plan | The 2012 Stock Award and Incentive Plan | ||||||||
the Act | the Tax Cuts and Jobs Act of 2017 | ||||||||||
in-process research and development | United States | ||||||||||
JIA | Juvenile Idiopathic Arthritis | UK | United Kingdom | ||||||||
LOE | loss of exclusivity | VAT | value added tax | ||||||||
VTE | venous thromboembolic | ||||||||||
WTO | World Trade Organization | ||||||||||
Lilly | Eli Lilly and Company |
Exhibit No. | Description | Page No | |||||||||||||
2. | ‡ | ||||||||||||||
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3e. | ‡ | ||||||||||||||
3f. | ‡ | ||||||||||||||
4a. | E-4-1 | ||||||||||||||
4b. | Letter of Agreement dated March 28, 1984 (incorporated herein by reference to Exhibit 4 to the Form 10-K for the fiscal year ended December 31, 1983). | ‡ | |||||||||||||
‡ | |||||||||||||||
Form of 7.15% Debenture due 2023 of Bristol-Myers Squibb Company (incorporated herein by reference to Exhibit 4.2 to the Form 8-K dated May 27, 1993 and filed on June 3, 1993). | ‡ | ||||||||||||||
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‡‡ | Squibb Corporation Deferral Plan for Fees of Outside Directors, as amended (as adopted, incorporated herein by reference to Exhibit 10e Squibb Corporation 1991 Form 10-K for the fiscal year ended December 31, 1987, File No. 1-5514; as amended effective December 31, 1991 incorporated herein by reference to Exhibit 10m to the Form 10-K for the fiscal year ended December 31, 1992). | ‡ | |||||||||||||
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21 | E-21-1 | ||||||||||||||
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31a. | E-31-1 | ||||||||||||||
31b. | E-31-2 | ||||||||||||||
32a. | E-32-1 | ||||||||||||||
32b. | E-32-2 | ||||||||||||||
The following financial statements from the Bristol-Myers Squibb Company Annual Report on Form 10-K for the years ended December 31, | |||||||||||||||
104. | The cover page from the |
† | Confidential treatment has been granted for certain portions which are omitted in the copy of the exhibit electronically filed with the Commission. |
* | Indicates, in this |