OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission File Number 001-01136 ___________________________ |
Delaware | 22-0790350 | |||||||
(State or other jurisdiction of incorporation or organization) | ( 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 | ||||||
Celgene Contingent Value Rights | CELG RT | New York Stock Exchange |
Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company ☐ | Emerging growth company ☐ |
PART I—FINANCIAL INFORMATION | |||||
Item 1. | |||||
Item 2. | |||||
Item 3. | |||||
Item 4. | |||||
PART II—OTHER INFORMATION | |||||
Item 1. | |||||
Item 1A. | |||||
Item 2. | |||||
Item | |||||
Item 6. | |||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
EARNINGS | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net product sales | $ | 10,917 | $ | 11,485 | $ | 21,965 | $ | 22,793 | |||||||||||||||
Alliance and other revenues | 309 | 402 | 598 | 742 | |||||||||||||||||||
Total Revenues | 11,226 | 11,887 | 22,563 | 23,535 | |||||||||||||||||||
Cost of products sold(a) | 2,876 | 2,720 | 5,442 | 5,191 | |||||||||||||||||||
Marketing, selling and administrative | 1,934 | 1,787 | 3,696 | 3,618 | |||||||||||||||||||
Research and development | 2,258 | 2,321 | 4,579 | 4,581 | |||||||||||||||||||
Acquired IPRD | 158 | 400 | 233 | 733 | |||||||||||||||||||
Amortization of acquired intangible assets | 2,257 | 2,417 | 4,513 | 4,834 | |||||||||||||||||||
Other (income)/expense, net | (116) | 284 | (529) | 933 | |||||||||||||||||||
Total Expenses | 9,367 | 9,929 | 17,934 | 19,890 | |||||||||||||||||||
Earnings before income taxes | 1,859 | 1,958 | 4,629 | 3,645 | |||||||||||||||||||
Income tax (benefit)/provision | (218) | 529 | 285 | 933 | |||||||||||||||||||
Net earnings | 2,077 | 1,429 | 4,344 | 2,712 | |||||||||||||||||||
Noncontrolling interest | 4 | 8 | 9 | 13 | |||||||||||||||||||
Net earnings attributable to BMS | $ | 2,073 | $ | 1,421 | $ | 4,335 | $ | 2,699 | |||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | 0.99 | $ | 0.67 | $ | 2.07 | $ | 1.26 | |||||||||||||||
Diluted | 0.99 | 0.66 | 2.06 | 1.25 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
EARNINGS | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net product sales | $ | 4,862 | $ | 4,492 | $ | 14,212 | $ | 12,888 | |||||||
Alliance and other revenues | 392 | 430 | 1,115 | 1,296 | |||||||||||
Total Revenues | 5,254 | 4,922 | 15,327 | 14,184 | |||||||||||
Cost of products sold | 1,572 | 1,305 | 4,393 | 3,563 | |||||||||||
Marketing, selling and administrative | 1,147 | 1,144 | 3,388 | 3,450 | |||||||||||
Research and development | 1,543 | 1,138 | 4,490 | 3,540 | |||||||||||
Other (income)/expense | (191 | ) | (224 | ) | (1,377 | ) | (1,198 | ) | |||||||
Total Expenses | 4,071 | 3,363 | 10,894 | 9,355 | |||||||||||
Earnings Before Income Taxes | 1,183 | 1,559 | 4,433 | 4,829 | |||||||||||
Provision for Income Taxes | 327 | 344 | 1,129 | 1,220 | |||||||||||
Net Earnings | 856 | 1,215 | 3,304 | 3,609 | |||||||||||
Net Earnings/(Loss) Attributable to Noncontrolling Interest | 11 | 13 | (31 | ) | 46 | ||||||||||
Net Earnings Attributable to BMS | $ | 845 | $ | 1,202 | $ | 3,335 | $ | 3,563 | |||||||
Earnings per Common Share | |||||||||||||||
Basic | $ | 0.52 | $ | 0.72 | $ | 2.02 | $ | 2.13 | |||||||
Diluted | $ | 0.51 | $ | 0.72 | $ | 2.02 | $ | 2.12 | |||||||
Cash dividends declared per common share | $ | 0.39 | $ | 0.38 | $ | 1.17 | $ | 1.14 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
COMPREHENSIVE INCOME | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net Earnings | $ | 856 | $ | 1,215 | $ | 3,304 | $ | 3,609 | |||||||
Other Comprehensive Income/(Loss), net of taxes and reclassifications to earnings: | |||||||||||||||
Derivatives qualifying as cash flow hedges | (1 | ) | 4 | (61 | ) | (126 | ) | ||||||||
Pension and postretirement benefits | 18 | 72 | 74 | (213 | ) | ||||||||||
Available-for-sale securities | 22 | (8 | ) | 41 | 46 | ||||||||||
Foreign currency translation | 7 | 1 | 28 | 26 | |||||||||||
Other Comprehensive Income/(Loss) | 46 | 69 | 82 | (267 | ) | ||||||||||
Comprehensive Income | 902 | 1,284 | 3,386 | 3,342 | |||||||||||
Comprehensive Income/(Loss) Attributable to Noncontrolling Interest | 11 | 13 | (31 | ) | 46 | ||||||||||
Comprehensive Income Attributable to BMS | $ | 891 | $ | 1,271 | $ | 3,417 | $ | 3,296 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
COMPREHENSIVE INCOME | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net earnings | $ | 2,077 | $ | 1,429 | $ | 4,344 | $ | 2,712 | |||||||||||||||
Other comprehensive income, net of taxes and reclassifications to earnings: | |||||||||||||||||||||||
Derivatives qualifying as cash flow hedges | 3 | 301 | (121) | 332 | |||||||||||||||||||
Pension and postretirement benefits | (11) | 25 | (11) | 46 | |||||||||||||||||||
Marketable debt securities | — | (1) | — | (2) | |||||||||||||||||||
Foreign currency translation | (11) | (88) | 26 | (100) | |||||||||||||||||||
Total Other comprehensive (loss)/income | (19) | 237 | (106) | 276 | |||||||||||||||||||
Comprehensive income | 2,058 | 1,666 | 4,238 | 2,988 | |||||||||||||||||||
Comprehensive income attributable to noncontrolling interest | 4 | 8 | 9 | 13 | |||||||||||||||||||
Comprehensive income attributable to BMS | $ | 2,054 | $ | 1,658 | $ | 4,229 | $ | 2,975 |
ASSETS | September 30, 2017 | December 31, 2016 | ASSETS | June 30, 2023 | December 31, 2022 | |||||||||||||
Current Assets: | ||||||||||||||||||
Current assets: | Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 4,644 | $ | 4,237 | Cash and cash equivalents | $ | 8,372 | $ | 9,123 | |||||||||
Marketable securities | 2,478 | 2,113 | ||||||||||||||||
Marketable debt securities | Marketable debt securities | 358 | 130 | |||||||||||||||
Receivables | 5,922 | 5,543 | Receivables | 10,112 | 9,886 | |||||||||||||
Inventories | 1,250 | 1,241 | Inventories | 2,364 | 2,339 | |||||||||||||
Prepaid expenses and other | 754 | 570 | ||||||||||||||||
Total Current Assets | 15,048 | 13,704 | ||||||||||||||||
Other current assets | Other current assets | 6,868 | 5,795 | |||||||||||||||
Total Current assets | Total Current assets | 28,074 | 27,273 | |||||||||||||||
Property, plant and equipment | 5,014 | 4,980 | Property, plant and equipment | 6,355 | 6,255 | |||||||||||||
Goodwill | 6,865 | 6,875 | Goodwill | 21,163 | 21,149 | |||||||||||||
Other intangible assets | 1,213 | 1,385 | Other intangible assets | 31,303 | 35,859 | |||||||||||||
Deferred income taxes | 2,346 | 2,996 | Deferred income taxes | 1,572 | 1,344 | |||||||||||||
Marketable securities | 2,526 | 2,719 | ||||||||||||||||
Other assets | 965 | 1,048 | ||||||||||||||||
Other non-current assets | Other non-current assets | 5,022 | 4,940 | |||||||||||||||
Total Assets | $ | 33,977 | $ | 33,707 | Total Assets | $ | 93,489 | $ | 96,820 | |||||||||
LIABILITIES | LIABILITIES | |||||||||||||||||
Current Liabilities: | ||||||||||||||||||
Current liabilities: | Current liabilities: | |||||||||||||||||
Short-term debt obligations | $ | 1,461 | $ | 992 | Short-term debt obligations | $ | 3,020 | $ | 4,264 | |||||||||
Accounts payable | 1,699 | 1,664 | Accounts payable | 3,069 | 3,040 | |||||||||||||
Accrued liabilities | 5,418 | 5,271 | ||||||||||||||||
Deferred income | 647 | 762 | ||||||||||||||||
Income taxes payable | 213 | 152 | ||||||||||||||||
Total Current Liabilities | 9,438 | 8,841 | ||||||||||||||||
Deferred income | 492 | 547 | ||||||||||||||||
Income taxes payable | 996 | 973 | ||||||||||||||||
Pension and other liabilities | 1,155 | 1,283 | ||||||||||||||||
Other current liabilities | Other current liabilities | 14,061 | 14,586 | |||||||||||||||
Total Current liabilities | Total Current liabilities | 20,150 | 21,890 | |||||||||||||||
Deferred income taxes | Deferred income taxes | 751 | 2,166 | |||||||||||||||
Long-term debt | 6,982 | 5,716 | Long-term debt | 34,656 | 35,056 | |||||||||||||
Other non-current liabilities | Other non-current liabilities | 5,902 | 6,590 | |||||||||||||||
Total Liabilities | 19,063 | 17,360 | Total Liabilities | 61,459 | 65,702 | |||||||||||||
Commitments and contingencies (Note 17) | ||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies | |||||||||||||||||
EQUITY | EQUITY | |||||||||||||||||
Bristol-Myers Squibb Company Shareholders’ Equity: | ||||||||||||||||||
BMS Shareholders’ equity: | BMS Shareholders’ equity: | |||||||||||||||||
Preferred stock | — | — | Preferred stock | — | — | |||||||||||||
Common stock | 221 | 221 | Common stock | 292 | 292 | |||||||||||||
Capital in excess of par value of stock | 1,845 | 1,725 | Capital in excess of par value of stock | 45,299 | 45,165 | |||||||||||||
Accumulated other comprehensive loss | (2,421 | ) | (2,503 | ) | Accumulated other comprehensive loss | (1,387) | (1,281) | |||||||||||
Retained earnings | 34,141 | 33,513 | Retained earnings | 27,449 | 25,503 | |||||||||||||
Less cost of treasury stock | (19,003 | ) | (16,779 | ) | Less cost of treasury stock | (39,680) | (38,618) | |||||||||||
Total Bristol-Myers Squibb Company Shareholders’ Equity | 14,783 | 16,177 | ||||||||||||||||
Total BMS Shareholders’ equity | Total BMS Shareholders’ equity | 31,973 | 31,061 | |||||||||||||||
Noncontrolling interest | 131 | 170 | Noncontrolling interest | 57 | 57 | |||||||||||||
Total Equity | 14,914 | 16,347 | Total Equity | 32,030 | 31,118 | |||||||||||||
Total Liabilities and Equity | $ | 33,977 | $ | 33,707 | Total Liabilities and Equity | $ | 93,489 | $ | 96,820 |
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||||||
2017 | 2016 | 2023 | 2022 | |||||||||||||||
Cash Flows From Operating Activities: | Cash Flows From Operating Activities: | |||||||||||||||||
Net earnings | $ | 3,304 | $ | 3,609 | Net earnings | $ | 4,344 | $ | 2,712 | |||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization, net | 592 | 260 | Depreciation and amortization, net | 4,861 | 5,167 | |||||||||||||
Deferred income taxes | 283 | (500 | ) | Deferred income taxes | (1,634) | (1,469) | ||||||||||||
Stock-based compensation | 149 | 149 | Stock-based compensation | 259 | 223 | |||||||||||||
Impairment charges | 223 | 75 | Impairment charges | 67 | 83 | |||||||||||||
Pension settlements and amortization | 148 | 122 | ||||||||||||||||
Divestiture gains and royalties | (546 | ) | (1,082 | ) | Divestiture gains and royalties | (417) | (612) | |||||||||||
Asset acquisition charges | 510 | 274 | ||||||||||||||||
Acquired IPRD | Acquired IPRD | 233 | 733 | |||||||||||||||
Equity investment losses | Equity investment losses | 213 | 952 | |||||||||||||||
Other adjustments | 108 | (56 | ) | Other adjustments | (9) | 219 | ||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | |||||||||||||||||
Receivables | (539 | ) | (896 | ) | Receivables | (240) | 117 | |||||||||||
Inventories | 7 | (107 | ) | Inventories | (298) | (12) | ||||||||||||
Accounts payable | 63 | (142 | ) | Accounts payable | 22 | 4 | ||||||||||||
Deferred income | (91 | ) | 445 | |||||||||||||||
Rebates and discounts | Rebates and discounts | (418) | (410) | |||||||||||||||
Income taxes payable | 400 | (183 | ) | Income taxes payable | (1,235) | (370) | ||||||||||||
Other | (453 | ) | (353 | ) | Other | (891) | (1,264) | |||||||||||
Net Cash Provided by Operating Activities | 4,158 | 1,615 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 4,857 | 6,073 | |||||||||||||||
Cash Flows From Investing Activities: | Cash Flows From Investing Activities: | |||||||||||||||||
Sale and maturities of marketable securities | 4,296 | 3,674 | ||||||||||||||||
Purchase of marketable securities | (4,434 | ) | (2,248 | ) | ||||||||||||||
Sale and maturities of marketable debt securities | Sale and maturities of marketable debt securities | 327 | 3,788 | |||||||||||||||
Purchase of marketable debt securities | Purchase of marketable debt securities | (555) | (3,292) | |||||||||||||||
Proceeds from sales of equity investment securities | Proceeds from sales of equity investment securities | 67 | 150 | |||||||||||||||
Capital expenditures | (801 | ) | (844 | ) | Capital expenditures | (537) | (525) | |||||||||||
Divestiture and other proceeds | 526 | 1,193 | Divestiture and other proceeds | 421 | 594 | |||||||||||||
Acquisition and other payments | (672 | ) | (311 | ) | ||||||||||||||
Net Cash Provided by/(Used in) Investing Activities | (1,085 | ) | 1,464 | |||||||||||||||
Acquisition and other payments, net of cash acquired | Acquisition and other payments, net of cash acquired | (262) | (909) | |||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (539) | (194) | |||||||||||||||
Cash Flows From Financing Activities: | Cash Flows From Financing Activities: | |||||||||||||||||
Short-term debt obligations, net | 1,198 | 102 | Short-term debt obligations, net | 243 | 130 | |||||||||||||
Issuance of long-term debt | 1,488 | — | Issuance of long-term debt | — | 5,926 | |||||||||||||
Repayment of long-term debt | (1,224 | ) | — | Repayment of long-term debt | (1,879) | (8,646) | ||||||||||||
Repurchase of common stock | (2,220 | ) | (231 | ) | Repurchase of common stock | (1,155) | (5,000) | |||||||||||
Dividends | (1,938 | ) | (1,912 | ) | Dividends | (2,393) | (2,335) | |||||||||||
Other | (29 | ) | (7 | ) | ||||||||||||||
Net Cash Used in Financing Activities | (2,725 | ) | (2,048 | ) | ||||||||||||||
Effect of Exchange Rates on Cash and Cash Equivalents | 59 | 16 | ||||||||||||||||
Increase in Cash and Cash Equivalents | 407 | 1,047 | ||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 4,237 | 2,385 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 4,644 | $ | 3,432 | ||||||||||||||
Stock option proceeds and other, net | Stock option proceeds and other, net | (39) | 752 | |||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (5,223) | (9,173) | |||||||||||||||
Effect of exchange rates on cash, cash equivalents and restricted cash | Effect of exchange rates on cash, cash equivalents and restricted cash | 5 | (62) | |||||||||||||||
Decrease in cash, cash equivalents and restricted cash | Decrease in cash, cash equivalents and restricted cash | (900) | (3,356) | |||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | Cash, cash equivalents and restricted cash at beginning of period | 9,325 | 14,316 | |||||||||||||||
Cash, cash equivalents and restricted cash at end of period | Cash, cash equivalents and restricted cash at end of period | $ | 8,425 | $ | 10,960 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net product sales | $ | 10,917 | $ | 11,485 | $ | 21,965 | $ | 22,793 | |||||||||||||||
Alliance revenues | 179 | 199 | 323 | 387 | |||||||||||||||||||
Other revenues | 130 | 203 | 275 | 355 | |||||||||||||||||||
Total Revenues | $ | 11,226 | $ | 11,887 | $ | 22,563 | $ | 23,535 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Gross product sales | $ | 18,111 | $ | 17,299 | $ | 35,399 | $ | 33,949 | |||||||||||||||
GTN adjustments (a) | |||||||||||||||||||||||
Charge-backs and cash discounts | (2,279) | (1,750) | (4,370) | (3,513) | |||||||||||||||||||
Medicaid and Medicare rebates | (3,143) | (2,624) | (5,625) | (4,708) | |||||||||||||||||||
Other rebates, returns, discounts and adjustments | (1,772) | (1,440) | (3,439) | (2,935) | |||||||||||||||||||
Total GTN adjustments | (7,194) | (5,814) | (13,434) | (11,156) | |||||||||||||||||||
Net product sales | $ | 10,917 | $ | 11,485 | $ | 21,965 | $ | 22,793 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
In-Line Products | |||||||||||||||||||||||
Eliquis | $ | 3,204 | $ | 3,235 | 6,627 | 6,446 | |||||||||||||||||
Opdivo | 2,145 | 2,063 | 4,347 | 3,986 | |||||||||||||||||||
Pomalyst/Imnovid | 847 | 908 | 1,679 | 1,734 | |||||||||||||||||||
Orencia | 927 | 876 | 1,691 | 1,668 | |||||||||||||||||||
Sprycel | 458 | 544 | 887 | 1,027 | |||||||||||||||||||
Yervoy | 585 | 525 | 1,093 | 1,040 | |||||||||||||||||||
Mature and other products | 472 | 512 | 939 | 1,049 | |||||||||||||||||||
Total In-Line Products | 8,638 | 8,663 | 17,263 | 16,950 | |||||||||||||||||||
New Product Portfolio | |||||||||||||||||||||||
Reblozyl | 234 | 172 | 440 | 328 | |||||||||||||||||||
Abecma | 132 | 89 | 279 | 156 | |||||||||||||||||||
Opdualag | 154 | 58 | 271 | 64 | |||||||||||||||||||
Zeposia | 100 | 66 | 178 | 102 | |||||||||||||||||||
Breyanzi | 100 | 39 | 171 | 83 | |||||||||||||||||||
Onureg | 44 | 32 | 78 | 55 | |||||||||||||||||||
Inrebic | 27 | 23 | 52 | 41 | |||||||||||||||||||
Camzyos | 46 | 3 | 75 | 3 | |||||||||||||||||||
Sotyktu | 25 | — | 41 | — | |||||||||||||||||||
Total New Product Portfolio | 862 | 482 | 1,585 | 832 | |||||||||||||||||||
Total In-Line Products and New Product Portfolio | 9,500 | 9,145 | 18,848 | 17,782 | |||||||||||||||||||
Recent LOE Products(a) | |||||||||||||||||||||||
Revlimid | 1,468 | 2,501 | 3,218 | 5,298 | |||||||||||||||||||
Abraxane | 258 | 241 | 497 | 455 | |||||||||||||||||||
Total Recent LOE Products | 1,726 | 2,742 | 3,715 | 5,753 | |||||||||||||||||||
Total revenues | $ | 11,226 | $ | 11,887 | $ | 22,563 | $ | 23,535 | |||||||||||||||
United States | $ | 7,891 | $ | 8,268 | $ | 15,924 | $ | 15,962 | |||||||||||||||
International | 3,160 | 3,427 | 6,309 | 7,154 | |||||||||||||||||||
Other(b) | 175 | 192 | 330 | 419 | |||||||||||||||||||
Total revenues | $ | 11,226 | $ | 11,887 | $ | 22,563 | $ | 23,535 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollars in Millions | 2017 | 2016 | 2017 | 2016 | |||||||||||
Prioritized Brands | |||||||||||||||
Opdivo | $ | 1,265 | $ | 920 | $ | 3,587 | $ | 2,464 | |||||||
Eliquis | 1,232 | 884 | 3,509 | 2,395 | |||||||||||
Orencia | 632 | 572 | 1,817 | 1,640 | |||||||||||
Sprycel | 509 | 472 | 1,478 | 1,330 | |||||||||||
Yervoy | 323 | 285 | 975 | 789 | |||||||||||
Empliciti | 60 | 41 | 168 | 103 | |||||||||||
Established Brands | |||||||||||||||
Hepatitis C Franchise | 73 | 379 | 347 | 1,352 | |||||||||||
Baraclude | 264 | 306 | 819 | 896 | |||||||||||
Sustiva Franchise | 183 | 275 | 555 | 819 | |||||||||||
Reyataz Franchise | 174 | 238 | 555 | 706 | |||||||||||
Other Brands | 539 | 550 | 1,517 | 1,690 | |||||||||||
Total Revenues | $ | 5,254 | $ | 4,922 | $ | 15,327 | $ | 14,184 | |||||||
Net product sales | $ | 4,862 | $ | 4,492 | $ | 14,212 | $ | 12,888 | |||||||
Alliance revenues | 334 | 402 | 957 | 1,229 | |||||||||||
Other revenues | 58 | 28 | 158 | 67 | |||||||||||
Total Revenues | $ | 5,254 | $ | 4,922 | $ | 15,327 | $ | 14,184 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollars in Millions | 2017 | 2016 | 2017 | 2016 | |||||||||||
Revenues from alliances: | |||||||||||||||
Net product sales | $ | 1,764 | $ | 1,465 | $ | 5,045 | $ | 4,031 | |||||||
Alliance revenues | 334 | 402 | 957 | 1,229 | |||||||||||
Total Revenues | $ | 2,098 | $ | 1,867 | $ | 6,002 | $ | 5,260 | |||||||
Payments to/(from) alliance partners: | |||||||||||||||
Cost of products sold | $ | 678 | $ | 572 | $ | 1,969 | $ | 1,543 | |||||||
Marketing, selling and administrative | (16 | ) | (3 | ) | (39 | ) | (10 | ) | |||||||
Research and development | (12 | ) | (7 | ) | (6 | ) | 23 | ||||||||
Other (income)/expense | (151 | ) | (160 | ) | (545 | ) | (864 | ) | |||||||
Noncontrolling interest, pretax | 4 | 3 | 9 | 13 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenues from alliances | |||||||||||||||||||||||
Net product sales | $ | 3,320 | $ | 3,273 | 6,852 | $ | 6,512 | ||||||||||||||||
Alliance revenues | 179 | 199 | 323 | 387 | |||||||||||||||||||
Total alliance revenues | $ | 3,499 | $ | 3,472 | 7,175 | $ | 6,899 | ||||||||||||||||
To/(from) alliance partners | |||||||||||||||||||||||
Cost of products sold | $ | 1,614 | $ | 1,572 | $ | 3,320 | $ | 3,128 | |||||||||||||||
Marketing, selling and administrative | (64) | (53) | (138) | (107) | |||||||||||||||||||
Research and development | 36 | 12 | 80 | 34 | |||||||||||||||||||
Acquired IPRD | 55 | 100 | 55 | 100 | |||||||||||||||||||
Other (income)/expense, net | (15) | (11) | (27) | (23) |
Selected Alliance Balance Sheet information: | |||||||
Dollars in Millions | September 30, 2017 | December 31, 2016 | |||||
Receivables - from alliance partners | $ | 878 | $ | 903 | |||
Accounts payable - to alliance partners | 634 | 555 | |||||
Deferred income from alliances(a) | 1,060 | 1,194 |
Dollars in millions | June 30, 2023 | December 31, 2022 | |||||||||
Selected alliance balance sheet information | |||||||||||
Receivables – from alliance partners | $ | 287 | $ | 317 | |||||||
Accounts payable – to alliance partners | 1,613 | 1,249 | |||||||||
Deferred income – from alliances(a) | 300 | 289 |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
Net Proceeds | Divestiture (Gains)/Losses | Royalty Income | |||||||||||||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Diabetes business - royalties | $ | 185 | $ | 185 | $ | — | $ | — | $ | (218) | $ | (220) | |||||||||||||||||||||||
Mature products and other | 3 | 3 | — | — | — | (1) | |||||||||||||||||||||||||||||
Total | $ | 188 | $ | 188 | $ | — | $ | — | $ | (218) | $ | (221) | |||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
Net Proceeds | Divestiture (Gains)/Losses | Royalty Income | |||||||||||||||||||||||||||||||||
Dollars in Millions | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Diabetes business - royalties | $ | 401 | $ | 357 | $ | — | $ | — | $ | (406) | $ | (390) | |||||||||||||||||||||||
Mature products and other (a) | 7 | 228 | — | (211) | — | (2) | |||||||||||||||||||||||||||||
Total | $ | 408 | $ | 585 | $ | — | $ | (211) | $ | (406) | $ | (392) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Keytruda* royalties | $ | (284) | $ | (243) | $ | (563) | $ | (464) | |||||||||||||||
Tecentriq* royalties | (24) | (19) | (54) | (44) | |||||||||||||||||||
Contingent milestone income | (5) | (5) | (36) | (46) | |||||||||||||||||||
Amortization of deferred income | (15) | (11) | (27) | (23) | |||||||||||||||||||
Other royalties and licensing income | (12) | (9) | (23) | (16) | |||||||||||||||||||
Total | $ | (340) | $ | (287) | $ | (703) | $ | (593) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Interest expense (Note 10) | $ | 282 | $ | 313 | $ | 570 | $ | 639 | |||||||||||||||
Royalty and licensing income (Note 4) | (340) | (287) | (703) | (593) | |||||||||||||||||||
Royalty income - divestiture (Note 4) | (218) | (221) | (406) | (392) | |||||||||||||||||||
Equity investment losses (Note 9) | 58 | 308 | 213 | 952 | |||||||||||||||||||
Integration expenses (Note 6) | 59 | 124 | 126 | 229 | |||||||||||||||||||
(Gain)/Loss on debt redemption (Note 10) | — | (9) | — | 266 | |||||||||||||||||||
Divestiture gains (Note 4) | — | — | — | (211) | |||||||||||||||||||
Litigation and other settlements (a) | (7) | 25 | (332) | (12) | |||||||||||||||||||
Investment income | (95) | (27) | (197) | (37) | |||||||||||||||||||
Provision for restructuring (Note 6) | 113 | 20 | 180 | 43 | |||||||||||||||||||
Other | 32 | 38 | 20 | 49 | |||||||||||||||||||
Other (income)/expense, net | $ | (116) | $ | 284 | $ | (529) | $ | 933 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollars in Millions | 2017 | 2016 | 2017 | 2016 | |||||||||||
Interest expense | $ | 48 | $ | 42 | $ | 145 | $ | 127 | |||||||
Investment income | (37 | ) | (32 | ) | (104 | ) | (81 | ) | |||||||
Provision for restructuring | 28 | 19 | 207 | 41 | |||||||||||
Litigation and other settlements(a) | — | (1 | ) | (489 | ) | 48 | |||||||||
Equity in net income of affiliates | (21 | ) | (19 | ) | (59 | ) | (65 | ) | |||||||
Divestiture (gains)/losses | 1 | (21 | ) | (126 | ) | (574 | ) | ||||||||
Royalties and licensing income(b) | (209 | ) | (158 | ) | (1,093 | ) | (579 | ) | |||||||
Transition and other service fees | (12 | ) | (57 | ) | (32 | ) | (184 | ) | |||||||
Pension charges | 22 | 19 | 91 | 66 | |||||||||||
Intangible asset impairments | — | — | — | 15 | |||||||||||
Equity investment impairment | — | — | — | 45 | |||||||||||
Loss on debt redemption | — | — | 109 | — | |||||||||||
Other | (11 | ) | (16 | ) | (26 | ) | (57 | ) | |||||||
Other (income)/expense | $ | (191 | ) | $ | (224 | ) | $ | (1,377 | ) | $ | (1,198 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
2023 Restructuring Plan | $ | 170 | $ | — | $ | 231 | $ | — | |||||||||||||||
Celgene and Other Acquisition Plans | 64 | 148 | 138 | 278 | |||||||||||||||||||
Total charges | $ | 234 | $ | 148 | $ | 369 | $ | 278 | |||||||||||||||
Employee termination costs | $ | 109 | $ | 19 | $ | 174 | $ | 41 | |||||||||||||||
Other termination costs | 4 | 1 | 6 | 2 | |||||||||||||||||||
Provision for restructuring | 113 | 20 | 180 | 43 | |||||||||||||||||||
Integration expenses | 59 | 124 | 126 | 229 | |||||||||||||||||||
Accelerated depreciation | 12 | 4 | 13 | 6 | |||||||||||||||||||
Asset impairments | 50 | — | 50 | — | |||||||||||||||||||
Other shutdown costs | — | — | — | — | |||||||||||||||||||
Total charges | $ | 234 | $ | 148 | $ | 369 | $ | 278 | |||||||||||||||
Cost of products sold | $ | 36 | $ | — | $ | 37 | $ | — | |||||||||||||||
Marketing, selling and administrative | 20 | 4 | 20 | 6 | |||||||||||||||||||
Research and Development | 6 | — | 6 | — | |||||||||||||||||||
Other (income)/expense, net | 172 | 144 | 306 | 272 | |||||||||||||||||||
Total charges | $ | 234 | $ | 148 | $ | 369 | $ | 278 |
Six Months Ended June 30, | |||||||||||
Dollars in millions | 2023 | 2022 | |||||||||
Beginning balance | $ | 47 | $ | 101 | |||||||
Provision for restructuring(a) | 180 | 43 | |||||||||
Foreign currency translation and other | 1 | (6) | |||||||||
Payments | (48) | (67) | |||||||||
Ending balance | $ | 180 | $ | 71 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollars in Millions | 2017 | 2016 | 2017 | 2016 | |||||||||||
Employee termination costs | $ | 18 | $ | 17 | $ | 190 | $ | 32 | |||||||
Other termination costs | 10 | 2 | 17 | 9 | |||||||||||
Provision for restructuring | 28 | 19 | 207 | 41 | |||||||||||
Accelerated depreciation | 64 | 15 | 216 | 42 | |||||||||||
Asset impairments | 1 | — | 144 | — | |||||||||||
Other shutdown costs | — | 6 | 3 | 13 | |||||||||||
Total charges | $ | 93 | $ | 40 | $ | 570 | $ | 96 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollars in Millions | 2017 | 2016 | 2017 | 2016 | |||||||||||
Cost of products sold | $ | 1 | $ | 7 | $ | 131 | $ | 15 | |||||||
Research and development | 64 | 14 | 232 | 40 | |||||||||||
Other (income)/expense | 28 | 19 | 207 | 41 | |||||||||||
Total charges | $ | 93 | $ | 40 | $ | 570 | $ | 96 |
Nine Months Ended September 30, | |||||||
Dollars in Millions | 2017 | 2016 | |||||
Liability at January 1 | $ | 114 | $ | 125 | |||
Charges | 233 | 48 | |||||
Change in estimates | (26 | ) | (7 | ) | |||
Provision for restructuring | 207 | 41 | |||||
Foreign currency translation | 17 | 2 | |||||
Spending | (179 | ) | (88 | ) | |||
Liability at September 30 | $ | 159 | $ | 80 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Earnings before income taxes | $ | 1,859 | $ | 1,958 | $ | 4,629 | $ | 3,645 | |||||||||||||||
Income tax (benefit)/provision | (218) | 529 | 285 | 933 | |||||||||||||||||||
Effective tax rate | (11.7) | % | 27.0 | % | 6.2 | % | 25.6 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollars in Millions | 2017 | 2016 | 2017 | 2016 | |||||||||||
Earnings Before Income Taxes | $ | 1,183 | $ | 1,559 | $ | 4,433 | $ | 4,829 | |||||||
Provision for Income Taxes | 327 | 344 | 1,129 | 1,220 | |||||||||||
Effective Tax Rate | 27.6 | % | 22.1 | % | 25.5 | % | 25.3 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Dollars in millions, except per share data | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net earnings attributable to BMS | $ | 2,073 | $ | 1,421 | $ | 4,335 | $ | 2,699 | |||||||||||||||
Weighted-average common shares outstanding – basic | 2,093 | 2,133 | 2,096 | 2,140 | |||||||||||||||||||
Incremental shares attributable to share-based compensation plans | 9 | 16 | 11 | 17 | |||||||||||||||||||
Weighted-average common shares outstanding – diluted | 2,102 | 2,149 | 2,107 | 2,157 | |||||||||||||||||||
Earnings per common share | |||||||||||||||||||||||
Basic | $ | 0.99 | $ | 0.67 | $ | 2.07 | $ | 1.26 | |||||||||||||||
Diluted | $ | 0.99 | 0.66 | $ | 2.06 | 1.25 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Amounts in Millions, Except Per Share Data | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net Earnings Attributable to BMS used for Basic and Diluted EPS Calculation | $ | 845 | $ | 1,202 | $ | 3,335 | $ | 3,563 | |||||||
Weighted-average common shares outstanding – basic | 1,639 | 1,671 | 1,648 | 1,670 | |||||||||||
Incremental shares attributable to share-based compensation plans | 6 | 8 | 7 | 9 | |||||||||||
Weighted-average common shares outstanding – diluted | 1,645 | 1,679 | 1,655 | 1,679 | |||||||||||
Earnings per Common Share: | |||||||||||||||
Basic | $ | 0.52 | $ | 0.72 | $ | 2.02 | $ | 2.13 | |||||||
Diluted | $ | 0.51 | $ | 0.72 | $ | 2.02 | $ | 2.12 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Dollars in millions | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||||||||||
Money market and other securities | $ | — | $ | 6,644 | $ | — | $ | — | $ | 7,770 | $ | — | |||||||||||||||||||||||
Marketable debt securities | |||||||||||||||||||||||||||||||||||
Certificates of deposit | — | 358 | — | — | 32 | — | |||||||||||||||||||||||||||||
Commercial paper | — | — | — | — | 98 | — | |||||||||||||||||||||||||||||
Derivative assets | — | 357 | — | — | 305 | — | |||||||||||||||||||||||||||||
Equity investments | 336 | 512 | — | 424 | 680 | — | |||||||||||||||||||||||||||||
Derivative liabilities | — | 180 | — | — | 213 | — | |||||||||||||||||||||||||||||
Contingent consideration liability | |||||||||||||||||||||||||||||||||||
Contingent value rights | 5 | — | — | 5 | — | — | |||||||||||||||||||||||||||||
Other acquisition related contingent consideration | — | — | 9 | — | — | 24 |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Dollars in Millions | Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||
Cash and cash equivalents - Money market and other securities | $ | — | $ | 3,915 | $ | — | $ | 3,532 | |||||||
Marketable securities: | |||||||||||||||
Certificates of deposit | — | 176 | — | 27 | |||||||||||
Commercial paper | — | 977 | — | 750 | |||||||||||
Corporate debt securities | — | 3,725 | — | 3,947 | |||||||||||
Equity funds | — | 119 | — | 101 | |||||||||||
Fixed income funds | — | 7 | — | 7 | |||||||||||
Derivative assets | — | 31 | — | 75 | |||||||||||
Equity investments | 90 | — | 24 | — | |||||||||||
Derivative liabilities | — | (63 | ) | — | (30 | ) |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Dollars in millions | Amortized Cost | Gross Unrealized | Amortized Cost | Gross Unrealized | |||||||||||||||||||||||||||||||||||||||||||
Gains | Losses | Fair Value | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | $ | 358 | $ | — | $ | — | $ | 358 | $ | 32 | $ | — | $ | — | $ | 32 | |||||||||||||||||||||||||||||||
Commercial paper | — | — | — | — | 98 | — | — | 98 | |||||||||||||||||||||||||||||||||||||||
Total marketable debt securities(a) | $ | 358 | $ | — | $ | — | $ | 358 | $ | 130 | $ | — | $ | — | $ | 130 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
Dollars in Millions | Amortized Cost | Gross Unrealized | Amortized Cost | Gross Unrealized | |||||||||||||||||||||||||||
Gains | Losses | Fair Value | Gains | Losses | Fair Value | ||||||||||||||||||||||||||
Certificates of deposit | $ | 176 | $ | — | $ | — | $ | 176 | $ | 27 | $ | — | $ | — | $ | 27 | |||||||||||||||
Commercial paper | 977 | — | — | 977 | 750 | — | — | 750 | |||||||||||||||||||||||
Corporate debt securities | 3,713 | 15 | (3 | ) | 3,725 | 3,945 | 10 | (8 | ) | 3,947 | |||||||||||||||||||||
Equity investments | 57 | 34 | (1 | ) | 90 | 31 | — | (7 | ) | 24 | |||||||||||||||||||||
$ | 4,923 | $ | 49 | $ | (4 | ) | $ | 4,968 | $ | 4,753 | $ | 10 | $ | (15 | ) | $ | 4,748 | ||||||||||||||
Financial assets measured using the fair value option | |||||||||||||||||||||||||||||||
Equity and fixed income funds(a) | 126 | 108 | |||||||||||||||||||||||||||||
Total | $ | 5,094 | $ | 4,856 |
Dollars in Millions | September 30, 2017 | December 31, 2016 | |||||
Current marketable securities | $ | 2,478 | $ | 2,113 | |||
Non-current marketable securities(b) | 2,526 | 2,719 | |||||
Other assets(c) | 90 | 24 | |||||
Total | $ | 5,094 | $ | 4,856 |
Dollars in millions | June 30, 2023 | December 31, 2022 | |||||||||
Equity investments with readily determinable fair values | $ | 848 | $ | 1,104 | |||||||
Equity investments without readily determinable fair values | 623 | 537 | |||||||||
Limited partnerships and other equity method investments | 520 | 546 | |||||||||
Total equity investments | $ | 1,991 | $ | 2,187 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Equity investments with readily determinable fair values | |||||||||||||||||||||||
Net loss recognized | 47 | 254 | 188 | 852 | |||||||||||||||||||
Less: net gain recognized on investments sold | (11) | (16) | (12) | (16) | |||||||||||||||||||
Net unrealized loss recognized on investments still held | 58 | 270 | 200 | 868 | |||||||||||||||||||
Equity investments without readily determinable fair values | |||||||||||||||||||||||
Upward adjustments | — | — | (6) | (6) | |||||||||||||||||||
Impairments and downward adjustments | — | — | — | 2 | |||||||||||||||||||
Equity in net loss of affiliates | 11 | 54 | 31 | 104 | |||||||||||||||||||
Total equity investment losses | 58 | 308 | 213 | 952 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 755 | $ | (3 | ) | $ | 750 | $ | 1 | $ | 755 | $ | (3 | ) | |||||||||||||
Forward starting interest rate swap contracts | — | — | — | — | 500 | 8 | 250 | (11 | ) | ||||||||||||||||||||||
Foreign currency forward contracts | 1,351 | 25 | 548 | (28 | ) | 967 | 66 | 198 | (9 | ) | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||
Foreign currency forward contracts | 322 | 6 | 1,183 | (32 | ) | 106 | — | 360 | (7 | ) |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Asset(a) | Liability(b) | Asset(a) | Liability(b) | ||||||||||||||||||||||||||||||||||||||||||||
Dollars in millions | Notional | Fair Value | Notional | Fair Value | Notional | Fair Value | Notional | Fair Value | |||||||||||||||||||||||||||||||||||||||
Designated as cash flow hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | $ | 5,831 | $ | 243 | $ | 1,656 | $ | (79) | $ | 5,771 | $ | 271 | $ | 2,281 | $ | (80) | |||||||||||||||||||||||||||||||
Cross-currency swap contracts | 1,210 | 20 | — | — | — | — | 584 | (7) | |||||||||||||||||||||||||||||||||||||||
Designated as net investment hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency swap contracts | 561 | 13 | 1,167 | (48) | 72 | 1 | 1,157 | (78) | |||||||||||||||||||||||||||||||||||||||
Designated as fair value hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap contracts | — | — | 3,755 | (23) | — | — | 255 | (18) | |||||||||||||||||||||||||||||||||||||||
Not designated as hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | 2,370 | 66 | 2,334 | (30) | 1,564 | 33 | 1,703 | (19) | |||||||||||||||||||||||||||||||||||||||
Total return swap contracts (c) | 374 | 15 | — | — | — | — | 322 | (11) |
Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | ||||||||||||||||||||||
Dollars in millions | Cost of products sold | Other (income)/expense, net | Cost of products sold | Other (income)/expense, net | |||||||||||||||||||
Foreign currency exchange contracts | $ | (90) | $ | (44) | $ | (210) | $ | (60) | |||||||||||||||
Cross-currency swap contracts | — | (5) | — | (28) | |||||||||||||||||||
Interest rate swap contracts | — | (4) | — | (7) | |||||||||||||||||||
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | ||||||||||||||||||||||
Dollars in millions | Cost of products sold | Other (income)/expense, net | Cost of products sold | Other (income)/expense, net | |||||||||||||||||||
Foreign currency exchange contracts | $ | (131) | $ | (18) | $ | (213) | $ | (75) | |||||||||||||||
Cross-currency swap contracts | — | (4) | — | (8) | |||||||||||||||||||
Interest rate swap contracts | — | (7) | — | (18) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||
Foreign exchange contracts gain/(loss): | |||||||||||||||||||||||
Recognized in Other comprehensive income | $ | 60 | $ | 481 | $ | 53 | $ | 601 | |||||||||||||||
Reclassified to Cost of products sold | (90) | (131) | (210) | (213) | |||||||||||||||||||
Cross-currency swap contracts gain/(loss): | |||||||||||||||||||||||
Recognized in Other comprehensive income | 34 | — | 28 | — | |||||||||||||||||||
Reclassified to Other (income)/expense, net | 4 | — | (9) | — | |||||||||||||||||||
Forward starting interest rate swap contract loss: | |||||||||||||||||||||||
Reclassified to Other (income)/expense, net | — | — | — | (3) | |||||||||||||||||||
Derivatives designated as net investment hedges | |||||||||||||||||||||||
Cross-currency swap contracts gain/(loss): | |||||||||||||||||||||||
Recognized in Other comprehensive income | 34 | 51 | 35 | 64 | |||||||||||||||||||
Non-derivatives designated as net investment hedges | |||||||||||||||||||||||
Non U.S. dollar borrowings gain/(loss): | |||||||||||||||||||||||
Recognized in Other comprehensive income | — | 68 | (10) | 83 |
Dollars in millions | June 30, 2023 | December 31, 2022 | |||||||||
Non-U.S. short-term debt obligations | $ | 125 | $ | 176 | |||||||
Current portion of Long-term debt | 2,414 | 3,897 | |||||||||
Other | 481 | 191 | |||||||||
Total | $ | 3,020 | $ | 4,264 |
Dollars in Millions | September 30, 2017 | December 31, 2016 | |||||
Commercial paper | $ | 799 | $ | — | |||
Bank drafts and short-term borrowings | 662 | 243 | |||||
Current portion of long-term debt | — | 749 | |||||
Total | $ | 1,461 | $ | 992 |
Dollars in millions | June 30, 2023 | December 31, 2022 | |||||||||
Principal value | $ | 36,379 | $ | 38,234 | |||||||
Adjustments to principal value: | |||||||||||
Fair value of interest rate swap contracts | (23) | (18) | |||||||||
Unamortized basis adjustment from swap terminations | 88 | 97 | |||||||||
Unamortized bond discounts and issuance costs | (271) | (284) | |||||||||
Unamortized purchase price adjustments of Celgene debt | 897 | 924 | |||||||||
Total | $ | 37,070 | $ | 38,953 | |||||||
Current portion of Long-term debt | $ | 2,414 | $ | 3,897 | |||||||
Long-term debt | 34,656 | 35,056 | |||||||||
Total | $ | 37,070 | $ | 38,953 |
Dollars in Millions | September 30, 2017 | December 31, 2016 | |||||
Principal Value | $ | 6,834 | $ | 6,261 | |||
Adjustments to Principal Value: | |||||||
Fair value of interest rate swap contracts | (3 | ) | (2 | ) | |||
Unamortized basis adjustment from swap terminations | 234 | 287 | |||||
Unamortized bond discounts and issuance costs | (83 | ) | (81 | ) | |||
Total | $ | 6,982 | $ | 6,465 | |||
Current portion of long-term debt | $ | — | $ | 749 | |||
Long-term debt | 6,982 | 5,716 |
Dollars in Millions | 2017 | ||
Principal Value: | |||
1.600% Notes due 2019 | $ | 750 | |
3.250% Notes due 2027 | 750 | ||
Total | $ | 1,500 | |
Proceeds net of discount and deferred loan issuance costs | $ | 1,488 |
Dollars in Millions | 2017 | ||
Principal amount | $ | 337 | |
Carrying value | 366 | ||
Debt redemption price | 474 | ||
Loss on debt redemption(a) | 109 |
Dollars in Millions | September 30, 2017 | December 31, 2016 | |||||
Trade receivables | $ | 4,564 | $ | 3,948 | |||
Less charge-backs and cash discounts | (184 | ) | (126 | ) | |||
Less bad debt allowances | (48 | ) | (48 | ) | |||
Net trade receivables | 4,332 | 3,774 | |||||
Alliance receivables | 878 | 903 | |||||
Prepaid and refundable income taxes | 334 | 627 | |||||
Other | 378 | 239 | |||||
Receivables | $ | 5,922 | $ | 5,543 |
Dollars in millions | June 30, 2023 | December 31, 2022 | |||||||||
Trade receivables | $ | 8,827 | $ | 8,848 | |||||||
Less: charge-backs and cash discounts | (676) | (675) | |||||||||
Less: allowance for expected credit loss | (26) | (22) | |||||||||
Net trade receivables | 8,125 | 8,151 | |||||||||
Alliance, royalties, VAT and other | 1,987 | 1,735 | |||||||||
Receivables | $ | 10,112 | $ | 9,886 |
Dollars in millions | June 30, 2023 | December 31, 2022 | |||||||||
Finished goods | $ | 594 | $ | 509 | |||||||
Work in process | 2,039 | 1,850 | |||||||||
Raw and packaging materials | 451 | 464 | |||||||||
Total inventories | $ | 3,084 | $ | 2,823 | |||||||
Inventories | $ | 2,364 | $ | 2,339 | |||||||
Other non-current assets | 720 | 484 |
Dollars in Millions | September 30, 2017 | December 31, 2016 | |||||
Finished goods | $ | 380 | $ | 310 | |||
Work in process | 956 | 988 | |||||
Raw and packaging materials | 224 | 264 | |||||
Total inventories | $ | 1,560 | $ | 1,562 | |||
Inventories | $ | 1,250 | $ | 1,241 | |||
Other assets | 310 | 321 |
Dollars in millions | June 30, 2023 | December 31, 2022 | |||||||||
Land | $ | 162 | $ | 162 | |||||||
Buildings | 6,039 | 5,920 | |||||||||
Machinery, equipment and fixtures | 3,434 | 3,284 | |||||||||
Construction in progress | 1,197 | 1,053 | |||||||||
Gross property, plant and equipment | 10,832 | 10,419 | |||||||||
Less accumulated depreciation | (4,477) | (4,164) | |||||||||
Property, plant and equipment | $ | 6,355 | $ | 6,255 |
Dollars in Millions | September 30, 2017 | December 31, 2016 | |||||
Land | $ | 105 | $ | 107 | |||
Buildings | 5,188 | 4,930 | |||||
Machinery, equipment and fixtures | 3,034 | 3,287 | |||||
Construction in progress | 938 | 849 | |||||
Gross property, plant and equipment | 9,265 | 9,173 | |||||
Less accumulated depreciation | (4,251 | ) | (4,193 | ) | |||
Property, plant and equipment | $ | 5,014 | $ | 4,980 |
Dollars in Millions | September 30, 2017 | December 31, 2016 | |||||
Licenses | $ | 564 | $ | 564 | |||
Developed technology rights | 2,357 | 2,357 | |||||
Capitalized software | 1,339 | 1,441 | |||||
IPRD | 32 | 107 | |||||
Gross other intangible assets | 4,292 | 4,469 | |||||
Less accumulated amortization | (3,079 | ) | (3,084 | ) | |||
Other intangible assets | $ | 1,213 | $ | 1,385 |
Dollars in Millions | September 30, 2017 | December 31, 2016 | ||||||
Rebates and returns | $ | 1,901 | $ | 1,680 | ||||
Employee compensation and benefits | 702 | 818 | ||||||
Research and development | 689 | 718 | ||||||
Dividends | 639 | 660 | ||||||
Branded Prescription Drug Fee | 251 | 234 | ||||||
Royalties | 249 | 246 | ||||||
Restructuring | 121 | 90 | ||||||
Pension and postretirement benefits | 41 | 44 | ||||||
Litigation and other settlements | 35 | 43 | ||||||
Other | 790 | 738 | ||||||
Accrued liabilities | $ | 5,418 | $ | 5,271 |
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, 2016 | 2,208 | $ | 221 | $ | 1,459 | $ | (2,468 | ) | $ | 31,613 | 539 | $ | (16,559 | ) | $ | 158 | |||||||||||||
Net earnings | — | — | — | — | 3,563 | — | — | 46 | |||||||||||||||||||||
Other comprehensive loss | — | — | — | (267 | ) | — | — | — | — | ||||||||||||||||||||
Cash dividends declared | — | — | — | — | (1,904 | ) | — | — | — | ||||||||||||||||||||
Stock repurchase program | — | — | — | — | — | 4 | (231 | ) | — | ||||||||||||||||||||
Stock compensation | — | — | 191 | — | — | (6 | ) | (5 | ) | — | |||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (36 | ) | ||||||||||||||||||||
Balance at September 30, 2016 | 2,208 | $ | 221 | $ | 1,650 | $ | (2,735 | ) | $ | 33,272 | 537 | $ | (16,795 | ) | $ | 168 | |||||||||||||
Balance at December 31, 2016 | 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 | — | — | — | — | 3,335 | — | — | 28 | |||||||||||||||||||||
Other comprehensive income | — | — | — | 82 | — | — | — | — | |||||||||||||||||||||
Cash dividends declared | — | — | — | — | (1,920 | ) | — | — | — | ||||||||||||||||||||
Stock repurchase program | — | — | — | — | — | 40 | (2,226 | ) | — | ||||||||||||||||||||
Stock compensation | — | — | 120 | — | — | (5 | ) | 2 | — | ||||||||||||||||||||
Variable interest entity | — | — | — | — | — | — | — | (59 | ) | ||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (8 | ) | ||||||||||||||||||||
Balance at September 30, 2017 | 2,208 | $ | 221 | $ | 1,845 | $ | (2,421 | ) | $ | 34,141 | 571 | $ | (19,003 | ) | $ | 131 |
Balance at December 31, 2022 | $ | 21,149 | |||||||||
Currency translation and | 14 | ||||||||||
Balance at June 30, 2023 | $ | 21,163 |
Estimated Useful Lives | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||
Dollars in Millions | Gross carrying amounts | Accumulated amortization | Other intangible assets, net | Gross carrying amounts | Accumulated amortization | Other intangible assets, net | |||||||||||||||||||||||||||||||||||
Licenses | 5 – 15 years | $ | 400 | $ | (144) | $ | 256 | $ | 400 | $ | (128) | $ | 272 | ||||||||||||||||||||||||||||
Acquired marketed product rights | 3 – 15 years | 59,577 | (35,545) | 24,032 | 60,477 | (31,949) | 28,528 | ||||||||||||||||||||||||||||||||||
Capitalized software | 3 – 10 years | 1,602 | (1,127) | 475 | 1,555 | (1,056) | 499 | ||||||||||||||||||||||||||||||||||
IPRD | 6,540 | — | 6,540 | 6,560 | — | 6,560 | |||||||||||||||||||||||||||||||||||
Total | $ | 68,119 | $ | (36,816) | $ | 31,303 | $ | 68,992 | $ | (33,133) | $ | 35,859 |
Dollars in millions | June 30, 2023 | December 31, 2022 | |||||||||
Income taxes | $ | 4,542 | $ | 3,547 | |||||||
Research and development | 736 | 579 | |||||||||
Contract assets | 405 | 504 | |||||||||
Restricted cash(a) | 53 | 148 | |||||||||
Other | 1,132 | 1,017 | |||||||||
Other current assets | $ | 6,868 | $ | 5,795 |
Dollars in millions | June 30, 2023 | December 31, 2022 | |||||||||
Equity investments | $ | 1,991 | $ | 2,187 | |||||||
Inventories | 720 | 484 | |||||||||
Operating leases | 1,274 | 1,220 | |||||||||
Pension and postretirement | 298 | 285 | |||||||||
Research and development | 470 | 496 | |||||||||
Restricted cash(a) | — | 54 | |||||||||
Other | 269 | 214 | |||||||||
Other non-current assets | $ | 5,022 | $ | 4,940 |
Dollars in millions | June 30, 2023 | December 31, 2022 | |||||||||
Rebates and discounts | $ | 6,313 | $ | 6,702 | |||||||
Income taxes | 1,526 | 942 | |||||||||
Employee compensation and benefits | 770 | 1,425 | |||||||||
Research and development | 1,339 | 1,359 | |||||||||
Dividends | 1,191 | 1,196 | |||||||||
Interest | 304 | 321 | |||||||||
Royalties | 417 | 431 | |||||||||
Operating leases | 168 | 136 | |||||||||
Other | 2,033 | 2,074 | |||||||||
Other current liabilities | $ | 14,061 | $ | 14,586 |
Dollars in millions | June 30, 2023 | December 31, 2022 | |||||||||
Income taxes | $ | 3,166 | $ | 3,992 | |||||||
Pension and postretirement | 398 | 402 | |||||||||
Operating leases | 1,342 | 1,261 | |||||||||
Deferred income | 305 | 283 | |||||||||
Deferred compensation | 398 | 349 | |||||||||
Other | 293 | 303 | |||||||||
Other non-current liabilities | $ | 5,902 | $ | 6,590 |
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 December 31, 2022 | 2,923 | $ | 292 | $ | 45,165 | $ | (1,281) | $ | 25,503 | 825 | $ | (38,618) | $ | 57 | |||||||||||||||||||||||||||||||||
Net earnings | — | — | — | — | 2,262 | — | — | 5 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (87) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared $0.57 per share | — | — | — | — | (1,197) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share repurchase program | — | — | — | — | — | 4 | (250) | — | |||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | (25) | — | — | (6) | 60 | — | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | 2,923 | $ | 292 | $ | 45,140 | $ | (1,368) | $ | 26,568 | 823 | $ | (38,808) | $ | 62 | |||||||||||||||||||||||||||||||||
Net earnings | — | — | — | — | 2,073 | — | — | 4 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (19) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared $0.57 per share | — | — | — | — | (1,192) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share repurchase program | — | — | — | — | — | 13 | (911) | — | |||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | 159 | — | — | (2) | 39 | — | |||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (9) | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 2,923 | 292 | 45,299 | (1,387) | 27,449 | 834 | (39,680) | 57 | |||||||||||||||||||||||||||||||||||||||
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 December 31, 2021 | 2,923 | $ | 292 | $ | 44,361 | $ | (1,268) | $ | 23,820 | 747 | $ | (31,259) | $ | 60 | |||||||||||||||||||||||||||||||||
Net earnings | — | — | — | — | 1,278 | — | — | 5 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 39 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared $0.54 per share | — | — | — | — | (1,150) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share repurchase program | — | — | (750) | — | — | 65 | (4,250) | — | |||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | 145 | — | — | (18) | 322 | — | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 2,923 | $ | 292 | $ | 43,756 | $ | (1,229) | $ | 23,948 | 794 | $ | (35,187) | $ | 65 | |||||||||||||||||||||||||||||||||
Net earnings | — | — | — | — | 1,421 | — | — | 8 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 237 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared $0.54 per share | — | — | — | — | (1,152) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Stock repurchase program | — | — | 300 | — | — | 2 | (300) | — | |||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | 319 | — | — | (8) | 195 | — | |||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (12) | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 2,923 | 292 | 44,375 | (992) | 24,217 | 788 | (35,292) | 61 | |||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||
Dollars in millions | Pretax | Tax | After Tax | Pretax | Tax | After Tax | |||||||||||||||||||||||||||||
Derivatives qualifying as cash flow hedges | |||||||||||||||||||||||||||||||||||
Recognized in Other comprehensive income | $ | 94 | $ | (16) | $ | 78 | $ | 81 | $ | (13) | $ | 68 | |||||||||||||||||||||||
Reclassified to net earnings(a) | (86) | 11 | (75) | (219) | 30 | (189) | |||||||||||||||||||||||||||||
Derivatives qualifying as cash flow hedges | 8 | (5) | 3 | (138) | 17 | (121) | |||||||||||||||||||||||||||||
Pension and postretirement benefits | |||||||||||||||||||||||||||||||||||
Actuarial (losses)/gains | (13) | 2 | (11) | (13) | 2 | (11) | |||||||||||||||||||||||||||||
Foreign currency translation | (4) | (7) | (11) | 31 | (5) | 26 | |||||||||||||||||||||||||||||
Other comprehensive income | $ | (9) | $ | (10) | $ | (19) | $ | (120) | $ | 14 | $ | (106) | |||||||||||||||||||||||
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
Dollars in millions | Pretax | Tax | After Tax | Pretax | Tax | After Tax | |||||||||||||||||||||||||||||
Derivatives qualifying as cash flow hedges | |||||||||||||||||||||||||||||||||||
Recognized in Other comprehensive income | $ | 481 | $ | (65) | $ | 416 | $ | 601 | $ | (81) | $ | 520 | |||||||||||||||||||||||
Reclassified to net earnings(a) | (131) | 16 | (115) | (216) | 28 | (188) | |||||||||||||||||||||||||||||
Derivatives qualifying as cash flow hedges | 350 | (49) | 301 | 385 | (53) | 332 | |||||||||||||||||||||||||||||
Pension and postretirement benefits | |||||||||||||||||||||||||||||||||||
Actuarial gains/(losses) | 20 | (3) | 17 | 40 | (7) | 33 | |||||||||||||||||||||||||||||
Amortization(b) | 6 | (1) | 5 | 12 | (3) | 9 | |||||||||||||||||||||||||||||
Settlements(b) | 4 | (1) | 3 | 5 | (1) | 4 | |||||||||||||||||||||||||||||
Pension and postretirement benefits | 30 | (5) | 25 | 57 | (11) | 46 | |||||||||||||||||||||||||||||
Marketable debt securities | |||||||||||||||||||||||||||||||||||
Unrealized (losses)/gains | — | (1) | (1) | (2) | — | (2) | |||||||||||||||||||||||||||||
Foreign currency translation | (64) | (24) | (88) | (70) | (30) | (100) | |||||||||||||||||||||||||||||
Other comprehensive income | $ | 316 | $ | (79) | $ | 237 | $ | 370 | $ | (94) | $ | 276 |
2017 | 2016 | ||||||||||||||||||||||
Pretax | Tax | After tax | Pretax | Tax | After tax | ||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||
Derivatives qualifying as cash flow hedges: | |||||||||||||||||||||||
Unrealized losses | $ | (28 | ) | $ | 12 | $ | (16 | ) | $ | (14 | ) | $ | 4 | $ | (10 | ) | |||||||
Reclassified to net earnings(a) | 21 | (6 | ) | 15 | 21 | (7 | ) | 14 | |||||||||||||||
Derivatives qualifying as cash flow hedges | (7 | ) | 6 | (1 | ) | 7 | (3 | ) | 4 | ||||||||||||||
Pension and postretirement benefits: | |||||||||||||||||||||||
Actuarial gains/(losses) | (5 | ) | 2 | (3 | ) | 72 | (26 | ) | 46 | ||||||||||||||
Amortization(b) | 19 | (11 | ) | 8 | 20 | (7 | ) | 13 | |||||||||||||||
Curtailments and settlements(c) | 21 | (8 | ) | 13 | 19 | (6 | ) | 13 | |||||||||||||||
Pension and postretirement benefits | 35 | (17 | ) | 18 | 111 | (39 | ) | 72 | |||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Unrealized gains/(losses) | 28 | (5 | ) | 23 | (8 | ) | 4 | (4 | ) | ||||||||||||||
Realized gains(c) | (1 | ) | — | (1 | ) | (4 | ) | — | (4 | ) | |||||||||||||
Available-for-sale securities | 27 | (5 | ) | 22 | (12 | ) | 4 | (8 | ) | ||||||||||||||
Foreign currency translation | (10 | ) | 17 | 7 | (2 | ) | 3 | 1 | |||||||||||||||
$ | 45 | $ | 1 | $ | 46 | $ | 104 | $ | (35 | ) | $ | 69 | |||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
Derivatives qualifying as cash flow hedges: | |||||||||||||||||||||||
Unrealized losses | $ | (81 | ) | $ | 31 | $ | (50 | ) | $ | (199 | ) | $ | 66 | $ | (133 | ) | |||||||
Reclassified to net earnings(a) | (11 | ) | — | (11 | ) | 12 | (5 | ) | 7 | ||||||||||||||
Derivatives qualifying as cash flow hedges | (92 | ) | 31 | (61 | ) | (187 | ) | 61 | (126 | ) | |||||||||||||
Pension and postretirement benefits: | |||||||||||||||||||||||
Actuarial losses | (40 | ) | 17 | (23 | ) | (453 | ) | 160 | (293 | ) | |||||||||||||
Amortization(b) | 57 | (22 | ) | 35 | 56 | (19 | ) | 37 | |||||||||||||||
Curtailments and settlements(c) | 96 | (34 | ) | 62 | 66 | (23 | ) | 43 | |||||||||||||||
Pension and postretirement benefits | 113 | (39 | ) | 74 | (331 | ) | 118 | (213 | ) | ||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Unrealized gains | 49 | (7 | ) | 42 | 29 | (13 | ) | 16 | |||||||||||||||
Realized (gains)/losses(c) | (1 | ) | — | (1 | ) | 30 | — | 30 | |||||||||||||||
Available-for-sale securities | 48 | (7 | ) | 41 | 59 | (13 | ) | 46 | |||||||||||||||
Foreign currency translation | (8 | ) | 36 | 28 | 20 | 6 | 26 | ||||||||||||||||
$ | 61 | $ | 21 | $ | 82 | $ | (439 | ) | $ | 172 | $ | (267 | ) |
Dollars in millions | June 30, 2023 | December 31, 2022 | |||||||||
Derivatives qualifying as cash flow hedges | $ | 111 | $ | 232 | |||||||
Pension and postretirement benefits | (634) | (623) | |||||||||
Foreign currency translation(a) | (864) | (890) | |||||||||
Accumulated other comprehensive loss | $ | (1,387) | $ | (1,281) |
Dollars in Millions | September 30, 2017 | December 31, 2016 | |||||
Derivatives qualifying as cash flow hedges | $ | (23 | ) | $ | 38 | ||
Pension and other postretirement benefits | (2,023 | ) | (2,097 | ) | |||
Available-for-sale securities | 34 | (7 | ) | ||||
Foreign currency translation | (409 | ) | (437 | ) | |||
Accumulated other comprehensive loss | $ | (2,421 | ) | $ | (2,503 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Cost of products sold | $ | 13 | $ | 11 | $ | 24 | $ | 19 | |||||||||||||||
Marketing, selling and administrative | 56 | 48 | 107 | 96 | |||||||||||||||||||
Research and development | 68 | 57 | 128 | 108 | |||||||||||||||||||
Total Stock-based compensation expense | $ | 137 | $ | 116 | $ | 259 | $ | 223 | |||||||||||||||
Income tax benefit(a) | $ | 27 | $ | 22 | $ | 52 | $ | 44 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollars in Millions | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service cost – benefits earned during the year | $ | 7 | $ | 6 | $ | 19 | $ | 19 | |||||||
Interest cost on projected benefit obligation | 48 | 45 | 142 | 145 | |||||||||||
Expected return on plan assets | (104 | ) | (104 | ) | (308 | ) | (314 | ) | |||||||
Amortization of prior service credits | (1 | ) | (1 | ) | (3 | ) | (3 | ) | |||||||
Amortization of net actuarial loss | 20 | 22 | 61 | 62 | |||||||||||
Curtailments and settlements | 22 | 19 | 91 | 66 | |||||||||||
Special termination benefits | — | — | — | 1 | |||||||||||
Net periodic benefit cost/(credit) | $ | (8 | ) | $ | (13 | ) | $ | 2 | $ | (24 | ) |
Units in millions | Units | Weighted-Average Fair Value | |||||||||
Restricted stock units | 9.0 | $ | 60.59 | ||||||||
Market share units | 1.0 | 58.18 | |||||||||
Performance share units | 1.5 | 64.18 |
Dollars in millions | Restricted Stock Units | Market Share Units | Performance Share Units | ||||||||||||||||||||
Unrecognized compensation cost | $ | 1,031 | $ | 80 | $ | 144 | |||||||||||||||||
Expected weighted-average period in years of compensation cost to be recognized | 3.0 | 3.1 | 2.0 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Dollars in millions, except per share data | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Total Revenues | $ | 11,226 | $ | 11,887 | $ | 22,563 | $ | 23,535 | |||||||||||||||
Diluted earnings per share | |||||||||||||||||||||||
GAAP | $ | 0.99 | $ | 0.66 | $ | 2.06 | $ | 1.25 | |||||||||||||||
Non-GAAP | 1.75 | 1.93 | 3.80 | 3.89 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollars in Millions, except per share data | 2017 | 2016 | 2017 | 2016 | |||||||||||
Total Revenues | $ | 5,254 | $ | 4,922 | $ | 15,327 | $ | 14,184 | |||||||
Diluted Earnings Per Share | |||||||||||||||
GAAP | 0.51 | 0.72 | 2.02 | 2.12 | |||||||||||
Non-GAAP | 0.75 | 0.77 | 2.32 | 2.20 |
Product | Date | Approval |
Opdivo | EC approval of Opdivo in combination with platinum-based chemotherapy for the neoadjuvant treatment of resectable NSCLC at a high risk of recurrence in adult patients with tumor cell PD-L1 expression > 1%. |
Camzyos | June 2023 | EC approval of Camzyos for the treatment of |
EC approval of | ||||||||
March 2023 | Japan's Ministry of Health, Labour and Welfare approval of Opdivo plus chemotherapy for the neoadjuvant treatment of patients with resectable NSCLC. |
Sotyktu | March 2023 | EC approval of Sotyktu for the treatment of |
March 2023 | EC approval of Reblozyl for the treatment | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | % Change | Foreign Exchange(b) | 2023 | 2022 | % Change | Foreign Exchange(b) | |||||||||||||||||||||||||||||||||||||||
United States | $ | 7,891 | $ | 8,268 | (5) | % | — | $ | 15,924 | $ | 15,962 | — | — | ||||||||||||||||||||||||||||||||||
International | 3,160 | 3,427 | (8) | % | (2) | % | 6,309 | 7,154 | (12) | % | (3) | % | |||||||||||||||||||||||||||||||||||
Other(a) | 175 | 192 | (9) | % | — | 330 | 419 | (21) | % | — | |||||||||||||||||||||||||||||||||||||
Total | $ | 11,226 | $ | 11,887 | (6) | % | (1) | % | $ | 22,563 | $ | 23,535 | (4) | % | (1) | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
Total Revenues | 2017 vs. 2016 | Total Revenues | 2017 vs. 2016 | ||||||||||||||||||||||||
Dollars in Millions | 2017 | 2016 | Total Change | Foreign Exchange(b) | 2017 | 2016 | Total Change | Foreign Exchange(b) | |||||||||||||||||||
United States | $ | 2,864 | $ | 2,790 | 3 | % | — | $ | 8,467 | $ | 8,015 | 6 | % | — | |||||||||||||
Europe | 1,262 | 946 | 33 | % | 5 | % | 3,596 | 2,855 | 26 | % | (1 | )% | |||||||||||||||
Rest of the World | 970 | 1,069 | (9 | )% | (2 | )% | 2,858 | 2,922 | (2 | )% | (1 | )% | |||||||||||||||
Other(a) | 158 | 117 | 35 | % | N/A | 406 | 392 | 4 | % | N/A | |||||||||||||||||
Total | $ | 5,254 | $ | 4,922 | 7 | % | 1 | % | $ | 15,327 | $ | 14,184 | 8 | % | (1 | )% |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||
Gross product sales | $ | 18,111 | $ | 17,299 | 5 | % | $ | 35,399 | $ | 33,949 | 4 | % | |||||||||||||||||||||||
GTN adjustments | |||||||||||||||||||||||||||||||||||
Charge-backs and cash discounts | (2,279) | (1,750) | 30 | % | (4,370) | (3,513) | 24 | % | |||||||||||||||||||||||||||
Medicaid and Medicare rebates | (3,143) | (2,624) | 20 | % | (5,625) | (4,708) | 19 | % | |||||||||||||||||||||||||||
Other rebates, returns, discounts and adjustments | (1,772) | (1,440) | 23 | % | (3,439) | (2,935) | 17 | % | |||||||||||||||||||||||||||
Total GTN adjustments | (7,194) | (5,814) | 24 | % | (13,434) | (11,156) | 20 | % | |||||||||||||||||||||||||||
Net product sales | $ | 10,917 | $ | 11,485 | (5) | % | $ | 21,965 | $ | 22,793 | (4) | % | |||||||||||||||||||||||
GTN adjustments percentage | 40 | % | 34 | % | 6 | % | 38 | % | 33 | % | 5 | % | |||||||||||||||||||||||
U.S. | 45 | % | 38 | % | 7 | % | 43 | % | 38 | % | 5 | % | |||||||||||||||||||||||
Non-U.S. | 20 | % | 16 | % | 4 | % | 19 | % | 16 | % | 3 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
Dollars in Millions | 2017 | 2016 | % Change | 2017 | 2016 | % Change | |||||||||||||||
Gross product sales | $ | 6,555 | $ | 5,698 | 15 | % | $ | 18,723 | $ | 16,252 | 15 | % | |||||||||
GTN adjustments: | |||||||||||||||||||||
Charge-backs and cash discounts | (583 | ) | (427 | ) | 37 | % | (1,521 | ) | (1,174 | ) | 30 | % | |||||||||
Medicaid and Medicare rebates | (573 | ) | (397 | ) | 44 | % | (1,474 | ) | (1,018 | ) | 45 | % | |||||||||
Other rebates, returns, discounts and adjustments | (537 | ) | (382 | ) | 41 | % | (1,516 | ) | (1,172 | ) | 29 | % | |||||||||
Total GTN adjustments | (1,693 | ) | (1,206 | ) | 40 | % | (4,511 | ) | (3,364 | ) | 34 | % | |||||||||
Net product sales | $ | 4,862 | $ | 4,492 | 8 | % | $ | 14,212 | $ | 12,888 | 10 | % | |||||||||
GTN adjustments percentage | 26 | % | 21 | % | 5 | % | 24 | % | 21 | % | 3 | % | |||||||||
U.S. | 32 | % | 26 | % | 6 | % | 30 | % | 26 | % | 4 | % | |||||||||
Non-U.S. | 15 | % | 14 | % | 1 | % | 14 | % | 12 | % | 2 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||
In-Line Products | |||||||||||||||||||||||||||||||||||
Eliquis | $ | 3,204 | $ | 3,235 | (1) | % | $ | 6,627 | $ | 6,446 | 3 | % | |||||||||||||||||||||||
U.S. | 2,340 | 2,192 | 7 | % | 4,894 | 4,339 | 13 | % | |||||||||||||||||||||||||||
Non-U.S. | 864 | 1,043 | (17) | % | 1,733 | 2,107 | (18) | % | |||||||||||||||||||||||||||
Opdivo | 2,145 | 2,063 | 4 | % | 4,347 | 3,986 | 9 | % | |||||||||||||||||||||||||||
U.S. | 1,230 | 1,205 | 2 | % | 2,520 | 2,304 | 9 | % | |||||||||||||||||||||||||||
Non-U.S. | 915 | 858 | 7 | % | 1,827 | 1,682 | 9 | % | |||||||||||||||||||||||||||
Pomalyst/Imnovid | 847 | 908 | (7) | % | 1,679 | 1,734 | (3) | % | |||||||||||||||||||||||||||
U.S. | 570 | 616 | (7) | % | 1,115 | 1,173 | (5) | % | |||||||||||||||||||||||||||
Non-U.S. | 277 | 292 | (5) | % | 564 | 561 | 1 | % | |||||||||||||||||||||||||||
Orencia | 927 | 876 | 6 | % | 1,691 | 1,668 | 1 | % | |||||||||||||||||||||||||||
U.S. | 707 | 654 | 8 | % | 1,269 | 1,246 | 2 | % | |||||||||||||||||||||||||||
Non-U.S. | 220 | 222 | (1) | % | 422 | 422 | — | ||||||||||||||||||||||||||||
Sprycel | 458 | 544 | (16) | % | 887 | 1,027 | (14) | % | |||||||||||||||||||||||||||
U.S. | 328 | 372 | (12) | % | 623 | 677 | (8) | % | |||||||||||||||||||||||||||
Non-U.S. | 130 | 172 | (24) | % | 264 | 350 | (25) | % | |||||||||||||||||||||||||||
Yervoy | 585 | 525 | 11 | % | 1,093 | 1,040 | 5 | % | |||||||||||||||||||||||||||
U.S. | 369 | 326 | 13 | % | 683 | 637 | 7 | % | |||||||||||||||||||||||||||
Non-U.S. | 216 | 199 | 9 | % | 410 | 403 | 2 | % | |||||||||||||||||||||||||||
Mature and other products | 472 | 512 | (8) | % | 939 | 1,049 | (10) | % | |||||||||||||||||||||||||||
U.S. | 197 | 194 | 2 | % | 379 | 374 | 1 | % | |||||||||||||||||||||||||||
Non-U.S. | 275 | 318 | (14) | % | 560 | 675 | (17) | % | |||||||||||||||||||||||||||
Total In-Line Products | 8,638 | 8,663 | — | 17,263 | 16,950 | 2 | % | ||||||||||||||||||||||||||||
U.S. | 5,741 | 5,559 | 3 | % | 11,483 | 10,750 | 7 | % | |||||||||||||||||||||||||||
Non-U.S. | 2,897 | 3,104 | (7) | % | 5,780 | 6,200 | (7) | % | |||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in millions | Dollars in millions | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||
New Product Portfolio | New Product Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reblozyl | Reblozyl | 234 | 172 | 36 | % | 440 | 328 | 34 | % | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 179 | 144 | 24 | % | 337 | 278 | 21 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | 55 | 28 | 96 | % | 103 | 50 | * | ||||||||||||||||||||||||||||||||||||||||||||||||
Abecma | Abecma | 132 | 89 | 48 | % | 279 | 156 | 79 | % | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 115 | 72 | 60 | % | 233 | 128 | 82 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | 17 | 17 | — | 46 | 28 | 64 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Opdualag | Opdualag | 154 | 58 | * | 271 | 64 | * | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 152 | 58 | * | 268 | 64 | * | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | 2 | — | N/A | 3 | — | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||
Zeposia | Zeposia | 100 | 66 | 52 | % | 178 | 102 | 75 | % | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 75 | 48 | 56 | % | 127 | 69 | 84 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | 25 | 18 | 39 | % | 51 | 33 | 55 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Breyanzi | Breyanzi | 100 | 39 | * | 171 | 83 | * | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 83 | 33 | * | 141 | 74 | 91 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | 17 | 6 | * | 30 | 9 | * | |||||||||||||||||||||||||||||||||||||||||||||||||
Onureg | Onureg | 44 | 32 | 38 | % | 78 | 55 | 42 | % | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 31 | 25 | 24 | % | 56 | 44 | 27 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | 13 | 7 | 86 | % | 22 | 11 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Inrebic | Inrebic | 27 | 23 | 17 | % | 52 | 41 | 27 | % | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 19 | 20 | (5) | % | 36 | 35 | 3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | 8 | 3 | * | 16 | 6 | * | |||||||||||||||||||||||||||||||||||||||||||||||||
Camzyos | Camzyos | 46 | 3 | * | 75 | 3 | * | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 46 | 3 | * | 75 | 3 | * | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | — | — | N/A | — | — | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||
Sotyktu | Sotyktu | 25 | — | N/A | 41 | — | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 24 | — | N/A | 39 | — | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | 1 | — | N/A | 2 | — | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||
Total New Product Portfolio | Total New Product Portfolio | 862 | 482 | 79 | % | 1,585 | 832 | 91 | % | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 724 | 403 | 80 | % | 1,312 | 695 | 89 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | 138 | 79 | 75 | % | 273 | 137 | 99 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total In-Line Products and New Product Portfolio | Total In-Line Products and New Product Portfolio | 9,500 | 9,145 | 4 | % | 18,848 | 17,782 | 6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 6,465 | 5,962 | 8 | % | 12,795 | 11,445 | 12 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | 3,035 | 3,183 | (5) | % | 6,053 | 6,337 | (4) | % | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in Millions | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prioritized Brands | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Opdivo | $ | 1,265 | $ | 920 | 38 | % | $ | 3,587 | $ | 2,464 | 46 | % | ||||||||||||||||||||||||||||||||||||||||||||
U.S. | 778 | 712 | 9 | % | 2,307 | 1,949 | 18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | 487 | 208 | ** | 1,280 | 515 | ** | ||||||||||||||||||||||||||||||||||||||||||||||||||
Eliquis | 1,232 | 884 | 39 | % | 3,509 | 2,395 | 47 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | 717 | 512 | 40 | % | 2,119 | 1,424 | 49 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | 515 | 372 | 38 | % | 1,390 | 971 | 43 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Orencia | 632 | 572 | 10 | % | 1,817 | 1,640 | 11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | 432 | 387 | 12 | % | 1,243 | 1,109 | 12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | 200 | 185 | 8 | % | 574 | 531 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Sprycel | 509 | 472 | 8 | % | 1,478 | 1,330 | 11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | 278 | 259 | 7 | % | 806 | 702 | 15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | 231 | 213 | 8 | % | 672 | 628 | 7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Yervoy | 323 | 285 | 13 | % | 975 | 789 | 24 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | 239 | 222 | 8 | % | 727 | 600 | 21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | 84 | 63 | 33 | % | 248 | 189 | 31 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Empliciti | 60 | 41 | 46 | % | 168 | 103 | 63 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | 39 | 36 | 8 | % | 112 | 97 | 15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | 21 | 5 | ** | 56 | 6 | ** | ||||||||||||||||||||||||||||||||||||||||||||||||||
Established Brands | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hepatitis C Franchise | 73 | 379 | (81 | )% | 347 | 1,352 | (74 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | 24 | 192 | (88 | )% | 96 | 745 | (87 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | 49 | 187 | (74 | )% | 251 | 607 | (59 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Baraclude | 264 | 306 | (14 | )% | 819 | 896 | (9 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | 14 | 17 | (18 | )% | 40 | 49 | (18 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | 250 | 289 | (13 | )% | 779 | 847 | (8 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Sustiva Franchise | 183 | 275 | (33 | )% | 555 | 819 | (32 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | 157 | 234 | (33 | )% | 471 | 689 | (32 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | 26 | 41 | (37 | )% | 84 | 130 | (35 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Reyataz Franchise | 174 | 238 | (27 | )% | 555 | 706 | (21 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | 85 | 125 | (32 | )% | 260 | 367 | (29 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | 89 | 113 | (21 | )% | 295 | 339 | (13 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Brands | 539 | 550 | (2 | )% | 1,517 | 1,690 | (10 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | 101 | 94 | 7 | % | 286 | 284 | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. | 438 | 456 | (4 | )% | 1,231 | 1,406 | (12 | )% |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||
Recent LOE Products(a) | |||||||||||||||||||||||||||||||||||
Revlimid | 1,468 | 2,501 | (41) | % | 3,218 | 5,298 | (39) | % | |||||||||||||||||||||||||||
U.S. | 1,237 | 2,130 | (42) | % | 2,778 | 4,168 | (33) | % | |||||||||||||||||||||||||||
Non-U.S. | 231 | 371 | (38) | % | 440 | 1,130 | (61) | % | |||||||||||||||||||||||||||
Abraxane | 258 | 241 | 7 | % | 497 | 455 | 9 | % | |||||||||||||||||||||||||||
U.S. | 189 | 176 | 7 | % | 351 | 349 | 1 | % | |||||||||||||||||||||||||||
Non-U.S. | 69 | 65 | 6 | % | 146 | 106 | 38 | % | |||||||||||||||||||||||||||
Total Recent LOE Products | 1,726 | 2,742 | (37) | % | 3,715 | 5,753 | (35) | % | |||||||||||||||||||||||||||
U.S. | 1,426 | 2,306 | (38) | % | 3,129 | 4,517 | (31) | % | |||||||||||||||||||||||||||
Non-U.S. | 300 | 436 | (31) | % | 586 | 1,236 | (53) | % | |||||||||||||||||||||||||||
Total Revenues | $ | 11,226 | $ | 11,887 | (6) | % | 22,563 | 23,535 | (4) | % | |||||||||||||||||||||||||
U.S. | 7,891 | 8,268 | (5) | % | 15,924 | 15,962 | — | ||||||||||||||||||||||||||||
Non-U.S. | 3,335 | 3,619 | (8) | % | 6,639 | 7,573 | (12) | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||
Cost of products sold(a) | $ | 2,876 | $ | 2,720 | 6 | % | $ | 5,442 | $ | 5,191 | 5 | % | |||||||||||||||||||||||
Marketing, selling and administrative | 1,934 | 1,787 | 8 | % | 3,696 | 3,618 | 2 | % | |||||||||||||||||||||||||||
Research and development | 2,258 | 2,321 | (3) | % | 4,579 | 4,581 | — | ||||||||||||||||||||||||||||
Acquired IPRD | 158 | 400 | (61) | % | 233 | 733 | (68) | % | |||||||||||||||||||||||||||
Amortization of acquired intangible assets | 2,257 | 2,417 | (7) | % | 4,513 | 4,834 | (7) | % | |||||||||||||||||||||||||||
Other (income)/expense, net | (116) | 284 | * | (529) | 933 | * | |||||||||||||||||||||||||||||
Total Expenses | $ | 9,367 | $ | 9,929 | (6) | % | $ | 17,934 | $ | 19,890 | (10) | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
Dollars in Millions | 2017 | 2016 | % Change | 2017 | 2016 | % Change | |||||||||||||||
Cost of products sold | $ | 1,572 | $ | 1,305 | 20 | % | $ | 4,393 | $ | 3,563 | 23 | % | |||||||||
Marketing, selling and administrative | 1,147 | 1,144 | — | 3,388 | 3,450 | (2 | )% | ||||||||||||||
Research and development | 1,543 | 1,138 | 36 | % | 4,490 | 3,540 | 27 | % | |||||||||||||
Other (income)/expense | (191 | ) | (224 | ) | (15 | )% | (1,377 | ) | (1,198 | ) | 15 | % | |||||||||
Total Expenses | $ | 4,071 | $ | 3,363 | 21 | % | $ | 10,894 | $ | 9,355 | 16 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Mavacamten royalty extinguishment | $ | — | $ | 295 | $ | — | $ | 295 | |||||||||||||||
Dragonfly milestone | — | — | — | 175 | |||||||||||||||||||
Prothena opt-in license fee | 55 | — | 55 | — | |||||||||||||||||||
Immatics upfront license fee | 15 | — | 15 | 150 | |||||||||||||||||||
Evotec designation and opt-in license fees | 40 | — | 90 | — | |||||||||||||||||||
BridgeBio upfront license fee | — | 90 | — | 90 | |||||||||||||||||||
Other | 48 | 15 | 73 | 23 | |||||||||||||||||||
Acquired IPRD charges | $ | 158 | $ | 400 | $ | 233 | $ | 733 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Interest expense | $ | 282 | $ | 313 | $ | 570 | $ | 639 | |||||||||||||||
Royalty and licensing income | (340) | (287) | (703) | (593) | |||||||||||||||||||
Royalty income - divestitures | (218) | (221) | (406) | (392) | |||||||||||||||||||
Equity investment losses | 58 | 308 | 213 | 952 | |||||||||||||||||||
Integration expenses | 59 | 124 | 126 | 229 | |||||||||||||||||||
(Gain)/Loss on debt redemption | — | (9) | — | 266 | |||||||||||||||||||
Divestiture gains | — | — | — | (211) | |||||||||||||||||||
Litigation and other settlements | (7) | 25 | (332) | (12) | |||||||||||||||||||
Investment income | (95) | (27) | (197) | (37) | |||||||||||||||||||
Provision for restructuring | 113 | 20 | 180 | 43 | |||||||||||||||||||
Other | 32 | 38 | 20 | 49 | |||||||||||||||||||
Other (income)/expense, net | $ | (116) | $ | 284 | $ | (529) | $ | 933 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollars in Millions | 2017 | 2016 | 2017 | 2016 | |||||||||||
IFM | $ | 310 | $ | — | $ | 310 | $ | — | |||||||
CytomX | — | — | 200 | 10 | |||||||||||
Flexus | — | — | 93 | 100 | |||||||||||
Cardioxyl | — | — | 100 | — | |||||||||||
Padlock | — | — | — | 139 | |||||||||||
Cormorant | — | 35 | — | 35 | |||||||||||
Other | — | 10 | 50 | 25 | |||||||||||
License and asset acquisition charges | 310 | 45 | 753 | 309 | |||||||||||
IPRD impairments | — | — | 75 | — | |||||||||||
Accelerated depreciation and other | 64 | 14 | 232 | 40 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollars in Millions | 2017 | 2016 | 2017 | 2016 | |||||||||||
Provision for restructuring | $ | 28 | $ | 19 | $ | 207 | $ | 41 | |||||||
Litigation and other settlements | — | (1 | ) | (489 | ) | 48 | |||||||||
Divestiture (gains)/losses | 1 | (21 | ) | (126 | ) | (574 | ) | ||||||||
Royalties and licensing income | (209 | ) | (158 | ) | (1,093 | ) | (579 | ) | |||||||
Transition and other service fees | (12 | ) | (57 | ) | (32 | ) | (184 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollars in Millions | 2017 | 2016 | 2017 | 2016 | |||||||||||
Earnings Before Income Taxes | $ | 1,183 | $ | 1,559 | $ | 4,433 | $ | 4,829 | |||||||
Provision for Income Taxes | 327 | 344 | 1,129 | 1,220 | |||||||||||
Effective Tax Rate | 27.6 | % | 22.1 | % | 25.5 | % | 25.3 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Earnings before income taxes | $ | 1,859 | $ | 1,958 | $ | 4,629 | $ | 3,645 | ||||||||||||||||||
Income tax (benefit)/provision | (218) | 529 | 285 | 933 | ||||||||||||||||||||||
Effective tax rate | (11.7) | % | 27.0 | % | 6.2 | % | 25.6 | % | ||||||||||||||||||
Impact of specified items | (28.6) | % | 10.0 | % | (10.0) | % | 9.2 | % | ||||||||||||||||||
Effective tax rate excluding specified items | 16.9 | % | 17.0 | % | 16.2 | % | 16.4 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Dollars in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Inventory purchase price accounting adjustments | $ | 31 | $ | 102 | $ | 84 | $ | 154 | |||||||||||||||
Site exit and other costs | 36 | 43 | 37 | 43 | |||||||||||||||||||
Cost of products sold | 67 | 145 | 121 | 197 | |||||||||||||||||||
Site exit and other costs | 20 | 4 | 20 | 6 | |||||||||||||||||||
Marketing, selling and administrative | 20 | 4 | 20 | 6 | |||||||||||||||||||
IPRD impairments | — | — | 20 | 40 | |||||||||||||||||||
Priority review voucher | — | — | 95 | — | |||||||||||||||||||
Inventory purchase price accounting adjustments | — | 21 | — | 108 | |||||||||||||||||||
Site exit and other costs | 6 | — | 6 | — | |||||||||||||||||||
Research and development | 6 | 21 | 121 | 148 | |||||||||||||||||||
Amortization of acquired intangible assets | 2,257 | 2,417 | 4,513 | 4,834 | |||||||||||||||||||
Interest expense(a) | (13) | (21) | (27) | (48) | |||||||||||||||||||
Equity investment losses | 58 | 307 | 208 | 950 | |||||||||||||||||||
Integration expenses | 59 | 124 | 126 | 229 | |||||||||||||||||||
(Gains)/loss on debt redemption | — | (9) | — | 266 | |||||||||||||||||||
Divestiture gains | — | — | — | (211) | |||||||||||||||||||
Litigation and other settlements | — | — | (335) | (40) | |||||||||||||||||||
Provision for restructuring | 113 | 20 | 180 | 43 | |||||||||||||||||||
Other | — | 42 | (5) | 42 | |||||||||||||||||||
Other (income)/expense, net | 217 | 463 | 147 | 1,231 | |||||||||||||||||||
Increase to pretax income | 2,567 | 3,050 | 4,922 | 6,416 | |||||||||||||||||||
Income taxes on items above | (311) | (321) | (604) | (719) | |||||||||||||||||||
Income taxes attributed to non-U.S. tax ruling | (656) | — | (656) | — | |||||||||||||||||||
Income taxes | (967) | (321) | (1,260) | (719) | |||||||||||||||||||
Increase to net earnings | $ | 1,600 | $ | 2,729 | $ | 3,662 | $ | 5,697 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollars in Millions | 2017 | 2016 | 2017 | 2016 | |||||||||||
Impairment charges | $ | 1 | $ | — | $ | 128 | $ | — | |||||||
Accelerated depreciation and other shutdown costs | — | 7 | 3 | 15 | |||||||||||
Cost of products sold | 1 | 7 | 131 | 15 | |||||||||||
License and asset acquisition charges | 310 | 45 | 753 | 309 | |||||||||||
IPRD impairments | — | — | 75 | — | |||||||||||
Accelerated depreciation and other | 64 | 14 | 232 | 40 | |||||||||||
Research and development | 374 | 59 | 1,060 | 349 | |||||||||||
Provision for restructuring | 28 | 19 | 207 | 41 | |||||||||||
Litigation and other settlements | — | (3 | ) | (481 | ) | 40 | |||||||||
Divestiture gains | — | (13 | ) | (100 | ) | (559 | ) | ||||||||
Royalties and licensing income | — | — | (497 | ) | — | ||||||||||
Pension charges | 22 | 19 | 91 | 66 | |||||||||||
Intangible asset impairments | — | — | — | 15 | |||||||||||
Loss on debt redemption | — | — | 109 | — | |||||||||||
Other (income)/expense | 50 | 22 | (671 | ) | (397 | ) | |||||||||
Increase/(decrease) to pretax income | 425 | 88 | 520 | (33 | ) | ||||||||||
Income taxes on specified items | (41 | ) | (3 | ) | 51 | 156 | |||||||||
Increase to net earnings | 384 | 85 | 571 | 123 | |||||||||||
Noncontrolling interest | — | — | (59 | ) | — | ||||||||||
Increase to net earnings used for Diluted Non-GAAP EPS calculation | $ | 384 | $ | 85 | $ | 512 | $ | 123 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Dollars in millions, except per share data | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net earnings attributable to BMS | |||||||||||||||||||||||
GAAP | $ | 2,073 | $ | 1,421 | $ | 4,335 | $ | 2,699 | |||||||||||||||
Specified items | 1,600 | 2,729 | 3,662 | 5,697 | |||||||||||||||||||
Non-GAAP | $ | 3,673 | $ | 4,150 | $ | 7,997 | $ | 8,396 | |||||||||||||||
Weighted-average common shares outstanding – diluted | 2,102 | 2,149 | 2,107 | 2,157 | |||||||||||||||||||
Diluted earnings per share attributable to BMS | |||||||||||||||||||||||
GAAP | $ | 0.99 | $ | 0.66 | $ | 2.06 | $ | 1.25 | |||||||||||||||
Specified items | 0.76 | 1.27 | 1.74 | 2.64 | |||||||||||||||||||
Non-GAAP | $ | 1.75 | $ | 1.93 | $ | 3.80 | $ | 3.89 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollars in Millions, except per share data | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net Earnings Attributable to BMS used for Diluted EPS Calculation – GAAP | $ | 845 | $ | 1,202 | $ | 3,335 | $ | 3,563 | |||||||
Specified Items | 384 | 85 | 512 | 123 | |||||||||||
Net Earnings used for Diluted EPS Calculation – Non-GAAP | $ | 1,229 | $ | 1,287 | $ | 3,847 | $ | 3,686 | |||||||
Average Common Shares Outstanding – Diluted | 1,645 | 1,679 | 1,655 | 1,679 | |||||||||||
Diluted Earnings Per Share – GAAP | $ | 0.51 | $ | 0.72 | $ | 2.02 | $ | 2.12 | |||||||
Diluted EPS Attributable to Specified Items | 0.24 | 0.05 | 0.30 | 0.08 | |||||||||||
Diluted Earnings Per Share – Non-GAAP | $ | 0.75 | $ | 0.77 | $ | 2.32 | $ | 2.20 |
Dollars in Millions | June 30, 2023 | December 31, 2022 | |||||||||
Cash and cash equivalents | $ | 8,372 | $ | 9,123 | |||||||
Marketable debt securities – current | 358 | 130 | |||||||||
Total cash, cash equivalents and marketable debt securities | 8,730 | 9,253 | |||||||||
Short-term debt obligations | (3,020) | (4,264) | |||||||||
Long-term debt | (34,656) | (35,056) | |||||||||
Net debt position | $ | (28,946) | $ | (30,067) |
Dollars in Millions | September 30, 2017 | December 31, 2016 | |||||
Cash and cash equivalents | $ | 4,644 | $ | 4,237 | |||
Marketable securities – current | 2,478 | 2,113 | |||||
Marketable securities – non-current | 2,526 | 2,719 | |||||
Cash, cash equivalents and marketable securities | 9,648 | 9,069 | |||||
Short-term debt obligations | (1,461 | ) | (992 | ) | |||
Long-term debt | (6,982 | ) | (5,716 | ) | |||
Net cash position | $ | 1,205 | $ | 2,361 |
Six Months Ended June 30, | |||||||||||
Dollars in millions | 2023 | 2022 | |||||||||
Cash flow provided by/(used in): | |||||||||||
Operating activities | $ | 4,857 | $ | 6,073 | |||||||
Investing activities | (539) | (194) | |||||||||
Financing activities | (5,223) | (9,173) |
Nine Months Ended September 30, | |||||||
Dollars in Millions | 2017 | 2016 | |||||
Cash flow provided by/(used in): | |||||||
Operating activities | $ | 4,158 | $ | 1,615 | |||
Investing activities | (1,085 | ) | 1,464 | ||||
Financing activities | (2,725 | ) | (2,048 | ) |
Product | Indication | Date | Developments |
Opdivo | Announced results from the sub-study of the Phase III CheckMate -901 trial which showed that Opdivo in | ||||||||||
Melanoma | July 2023 | Announced that the CHMP of the EMA has recommended approval of Opdivo as a monotherapy for the adjuvant treatment of adults and adolescents 12 years of age and older with completely resected stage IIB or IIC melanoma. The opinion is based on results from the Phase III CheckMate -76K trial. | |||||||||
NSCLC | June 2023 | Announced EC approval of Opdivo in combination with platinum-based chemotherapy for the neoadjuvant treatment of resectable NSCLC at a high risk of recurrence in adult patients with tumor cell PD-L1 expression > 1%. The approval is based on results from the Phase III CheckMate -816 trial. | |||||||||
Prostate Cancer | July 2023 | Announced that results from the Phase III CheckMate -7DX trial evaluating Opdivo in combination with docetaxel in patients with advanced or metastatic castration-resistant prostate cancer did not meet the primary endpoints of radiographic progressive free survival at final analysis, nor overall survival at an interim analysis. No safety concerns were reported. Based on the recommendation from the data monitoring committee, the Company has decided to discontinue the study. |
Opdivo+Yervoy | NSCLC | June 2023 | Announced four-year follow-up results from the Phase III CheckMate -9LA trial demonstrating durable, long-term survival benefits with Opdivo plus Yervoy with two cycles of chemotherapy compared to four cycles of chemotherapy alone in previously untreated patients with metastatic NSCLC. |
Reblozyl | MDS | May 2023 | Announced that the results from the Phase III COMMANDS trial evaluating Reblozyl versus epoetin alfa, an erythropoiesis-stimulating agent (ESA) for the treatment of |
Product | Indication | Date | Developments |
Reblozyl | MDS | May 2023 | Announced that the FDA has In addition, the Japan's Ministry of Health, Labor and Welfare has accepted our New Drug Application (JNDA) for Reblozyl as a treatment of anemia in adult patients with MDS, including myelodysplastic/myeloproliferative neoplasm with ring sideroblasts and thrombocytosis, based on the MEDALIST trial, a Japan local Phase II trial, and the results of COMMANDS clinical trial. |
Abecma | Multiple Myeloma | April 2023 | Announced with our alliance partner, The EMA has also validated our Type II variation for the extension of indication for Abecma to treat adult patients with relapsed or refractory multiple myeloma who have received an immunomodulatory agent, a proteasome inhibitor, and an anti-CD38 monoclonal antibody. Validation of the application confirms the submission is complete and begins the procedure and scientific assessment. In addition, the Japan's Ministry of Health, Labour and Welfare has accepted our sNDA for Abecma in patients who have received at least two prior therapies, including an immunomodulatory agent, a proteasome inhibitor, and an anti-CD38 monoclonal antibody, and have experienced disease progression or relapse after the last therapy. The three regulatory applications are based on results from the Phase III KarMMa-3 trial. |
May 2023 | Announced results from the Phase I/II TRANSCEND CLL 004 trial evaluating Breyanzi in adults with relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma showing that Breyanzi delivered statistically significant complete response rates in 18.4% of patients in the primary efficacy analysis set. Among patients who achieved a complete response, no disease progression or deaths were observed, with median duration of response not reached. | ||||||||||
May 2023 | Announced EC approval of Breyanzi for the treatment of adult patients with diffuse large B-cell lymphoma, high grade B-cell lymphoma, primary mediastinal large B-cell lymphoma and follicular lymphoma grade 3B, who relapsed within 12 months from completion of, or are refractory to, first-line chemoimmunotherapy. The approval is based on results from the Phase III TRANSFORM trial. | ||||||||||
May 2023 | Announced results from the Phase II TRANSCEND FL trial evaluating Breyanzi in patients with relapsed or refractory follicular lymphoma (FL) and the Phase I TRANSCEND NHL trial evaluating Breyanzi in patients with relapsed or refractory B-cell non-Hodgkin lymphoma, including mantle cell lymphoma (MCL) showing both studies met the primary endpoint of overall response rate, with Breyanzi demonstrating statistically significant and meaningful responses in relapsed or refractory FL and MCL. |
Camzyos | Obstructive HCM | June 2023 | Announced EC approval of Camzyos for the treatment of symptomatic (New York Heart Association, class II-III) obstructive HCM in adult patients. The approval is based on results from the Phase III EXPLORER-HCM and VALOR-HCM trials. | ||||||||
June 2023 | Announced FDA approval of the sNDA to add positive data from the Phase III VALOR-HCM trial to the U.S. Prescribing Information for Camzyos. Data added to the label showed that treatment with Camzyos significantly reduced the composite endpoint of guideline-based eligibility for septal reduction therapy (SRT) at Week 16 or the decision to proceed with SRT to or at Week 16. |
milvexian | Thrombosis | May 2023 | Announced with our alliance partner Janssen Pharmaceuticals Inc., that all three prospective indications for milvexian, an investigational oral factor XIa inhibitor, have been granted Fast Track Designation by the FDA. The designations cover all three indication-seeking studies within the Phase III Librexia development program: Librexia STROKE, Librexia ACS and Librexia AF, which are all dosing patients. |
Product | Indication | Date | Developments |
repotrectinib | NSCLC | May 2023 | Announced that the FDA accepted the NDA for repotrectinib, a next-generation tyrosine kinase inhibitor for the treatment of patients with | ||||||||
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 | |||||||||||||||||||||||
April 1 to 30, 2023 | 8,774 | $ | 69.58 | — | $ | 6,919 | |||||||||||||||||
May 1 to 31, 2023 | 13,363,617 | 67.98 | 13,310,986 | 6,014 | |||||||||||||||||||
June 1 to 30, 2023 | 74,267 | 64.69 | — | 6,014 | |||||||||||||||||||
Three months ended June 30, 2023 | 13,446,658 | 13,310,986 | |||||||||||||||||||||
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 | |||||||||||||
July 1 to 31, 2017 | 63,794 | $ | 56.63 | 52,851 | $ | 2,134 | |||||||
August 1 to 31, 2017 | 2,994,306 | $ | 57.68 | 2,985,959 | $ | 1,962 | |||||||
September 1 to 30, 2017 | 812,937 | $ | 62.53 | 803,249 | $ | 1,912 | |||||||
Three months ended September 30, 2017 | 3,871,037 | 3,842,059 |
Exhibit No. | Description | |||||||
31a. | ||||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in |
Annual Report on Form 10-K for the fiscal year ended December 31, | MCL | mantle cell lymphoma | |||||||||
MDL | multi-district litigation | ||||||||||
Abbreviated New Drug Application | MDS | myelodysplastic syndromes | |||||||||
AstraZeneca PLC | MPM | malignant pleural mesothelioma | |||||||||
ASR | accelerated share repurchase | MyoKardia | MyoKardia, Inc. | ||||||||
BLA | Biologics License Application | NDA | New Drug Application | ||||||||
CAR-T | chimeric antigen receptor T-cell | NKT | natural killer T cells | ||||||||
cyclic ADP ribose hydrolase | NSCLC | non-small cell lung cancer | |||||||||
Celgene Corporation | NVAF | non-valvular atrial fibrillation | |||||||||
Nimbus | Nimbus Therapeutics | ||||||||||
CERCLA | U.S. Comprehensive Environmental Response, Compensation and Liability Act | OTC | over-the-counter | ||||||||
Cheplapharm | Cheplapharm Arzneimittel GmbH | Otsuka | Otsuka Pharmaceutical Co., Ltd. | ||||||||
PD-1 | programmed cell death protein 1 | ||||||||||
PD-L1 | programmed death-ligand 1 | ||||||||||
CRC | colorectal carcinoma | Pfizer | Pfizer, Inc. | ||||||||
Dragonfly | Dragonfly Therapeutics, Inc. | PsA | psoriatic arthritis | ||||||||
Quarterly Report on Form 10-Q | Quarterly Report on Form 10-Q for the | ||||||||||
R&D | research and development | ||||||||||
earnings per share | RA | rheumatoid arthritis | |||||||||
Exchange Act | the Securities Exchange Act of 1934 | RBC | red blood cell | ||||||||
EU | European Union | RCC | renal cell carcinoma | ||||||||
REMS | risk evaluation and | ||||||||||
U.S. Food and Drug Administration | Sanofi | Sanofi S.A. | |||||||||
FL | follicular lymphoma | sBLA | supplemental Biologics License Application | ||||||||
sNDA | supplemental New Drug Application | ||||||||||
SEC | U.S. Securities and Exchange Commission | ||||||||||
SPC | Supplementary Protection Certificate | ||||||||||
SRT | septal reduction therapy | ||||||||||
Immatics Biotechnologies GmbH. | Takeda | Takeda Pharmaceutical Company Limited | |||||||||
IPRD | in-process research and development | Turning Point | Turning Point Therapeutics, Inc. | ||||||||
IRA | Inflation Reduction Act of 2022 | UC | ulcerative colitis | ||||||||
IRS | Internal Revenue Service | UK | United Kingdom | ||||||||
JIA | juvenile idiopathic arthritis | U.S. | United States | ||||||||
Juno | Juno Therapeutics, Inc. | USPTO | U.S. Patent and Trademark Office | ||||||||
LAG-3 | lymphocyte activation gene-3 | VAT | value added tax | ||||||||
LOE | loss of exclusivity |
BRISTOL-MYERS SQUIBB COMPANY (REGISTRANT) | |||||||||||||
Date: | By: | /s/ Giovanni Caforio, M.D. | |||||||||||
Giovanni Caforio, M.D. Chairman of the Board and Chief Executive Officer | |||||||||||||
Date: | By: | /s/ | |||||||||||
Chief Financial Officer |