10-Q 1 bmy-20220930.htm 10-Q bmy-20220930
00000142722022Q3--12-31FALSEFALSE00000142722022-01-012022-09-300000014272bmy:CommonStock0.10ParValueMember2022-01-012022-09-300000014272bmy:A1.000Notesdue2025Member2022-01-012022-09-300000014272bmy:A1.750Notesdue2035Member2022-01-012022-09-300000014272bmy:CelgeneContingentValueRightsMember2022-01-012022-09-3000000142722022-10-14xbrli:shares0000014272bmy:NetproductsalesMember2022-07-012022-09-30iso4217:USD0000014272bmy:NetproductsalesMember2021-07-012021-09-300000014272bmy:NetproductsalesMember2022-01-012022-09-300000014272bmy:NetproductsalesMember2021-01-012021-09-300000014272bmy:AllianceandotherrevenuesMember2022-07-012022-09-300000014272bmy:AllianceandotherrevenuesMember2021-07-012021-09-300000014272bmy:AllianceandotherrevenuesMember2022-01-012022-09-300000014272bmy:AllianceandotherrevenuesMember2021-01-012021-09-3000000142722022-07-012022-09-3000000142722021-07-012021-09-3000000142722021-01-012021-09-30iso4217:USDxbrli:shares00000142722022-09-3000000142722021-12-3100000142722020-12-3100000142722021-09-300000014272us-gaap:CollaborativeArrangementMemberus-gaap:CollaborativeArrangementMember2022-07-012022-09-300000014272us-gaap:CollaborativeArrangementMemberus-gaap:CollaborativeArrangementMember2021-07-012021-09-300000014272us-gaap:CollaborativeArrangementMemberus-gaap:CollaborativeArrangementMember2022-01-012022-09-300000014272us-gaap:CollaborativeArrangementMemberus-gaap:CollaborativeArrangementMember2021-01-012021-09-300000014272bmy:OtherrevenuesMember2022-07-012022-09-300000014272bmy:OtherrevenuesMember2021-07-012021-09-300000014272bmy:OtherrevenuesMember2022-01-012022-09-300000014272bmy:OtherrevenuesMember2021-01-012021-09-300000014272bmy:SalesRevenueGrossMember2022-07-012022-09-300000014272bmy:SalesRevenueGrossMember2021-07-012021-09-300000014272bmy:SalesRevenueGrossMember2022-01-012022-09-300000014272bmy:SalesRevenueGrossMember2021-01-012021-09-300000014272bmy:ChargebacksandcashdiscountsMember2022-07-012022-09-300000014272bmy:ChargebacksandcashdiscountsMember2021-07-012021-09-300000014272bmy:ChargebacksandcashdiscountsMember2022-01-012022-09-300000014272bmy:ChargebacksandcashdiscountsMember2021-01-012021-09-300000014272bmy:MedicaidandMedicarerebatesMember2022-07-012022-09-300000014272bmy:MedicaidandMedicarerebatesMember2021-07-012021-09-300000014272bmy:MedicaidandMedicarerebatesMember2022-01-012022-09-300000014272bmy:MedicaidandMedicarerebatesMember2021-01-012021-09-300000014272bmy:OtherrebatesreturnsdiscountsandadjustmentsMember2022-07-012022-09-300000014272bmy:OtherrebatesreturnsdiscountsandadjustmentsMember2021-07-012021-09-300000014272bmy:OtherrebatesreturnsdiscountsandadjustmentsMember2022-01-012022-09-300000014272bmy:OtherrebatesreturnsdiscountsandadjustmentsMember2021-01-012021-09-300000014272bmy:EliquisMember2022-07-012022-09-300000014272bmy:EliquisMember2021-07-012021-09-300000014272bmy:EliquisMember2022-01-012022-09-300000014272bmy:EliquisMember2021-01-012021-09-300000014272bmy:OpdivoMember2022-07-012022-09-300000014272bmy:OpdivoMember2021-07-012021-09-300000014272bmy:OpdivoMember2022-01-012022-09-300000014272bmy:OpdivoMember2021-01-012021-09-300000014272bmy:PomalystImnovidMember2022-07-012022-09-300000014272bmy:PomalystImnovidMember2021-07-012021-09-300000014272bmy:PomalystImnovidMember2022-01-012022-09-300000014272bmy:PomalystImnovidMember2021-01-012021-09-300000014272bmy:OrenciaMember2022-07-012022-09-300000014272bmy:OrenciaMember2021-07-012021-09-300000014272bmy:OrenciaMember2022-01-012022-09-300000014272bmy:OrenciaMember2021-01-012021-09-300000014272bmy:SprycelMember2022-07-012022-09-300000014272bmy:SprycelMember2021-07-012021-09-300000014272bmy:SprycelMember2022-01-012022-09-300000014272bmy:SprycelMember2021-01-012021-09-300000014272bmy:YervoyMember2022-07-012022-09-300000014272bmy:YervoyMember2021-07-012021-09-300000014272bmy:YervoyMember2022-01-012022-09-300000014272bmy:YervoyMember2021-01-012021-09-300000014272bmy:EmplicitiMember2022-07-012022-09-300000014272bmy:EmplicitiMember2021-07-012021-09-300000014272bmy:EmplicitiMember2022-01-012022-09-300000014272bmy:EmplicitiMember2021-01-012021-09-300000014272bmy:MatureAndOtherBrandsMember2022-07-012022-09-300000014272bmy:MatureAndOtherBrandsMember2021-07-012021-09-300000014272bmy:MatureAndOtherBrandsMember2022-01-012022-09-300000014272bmy:MatureAndOtherBrandsMember2021-01-012021-09-300000014272bmy:InLineProductsMember2022-07-012022-09-300000014272bmy:InLineProductsMember2021-07-012021-09-300000014272bmy:InLineProductsMember2022-01-012022-09-300000014272bmy:InLineProductsMember2021-01-012021-09-300000014272bmy:ReblozylMember2022-07-012022-09-300000014272bmy:ReblozylMember2021-07-012021-09-300000014272bmy:ReblozylMember2022-01-012022-09-300000014272bmy:ReblozylMember2021-01-012021-09-300000014272bmy:AbecmaMember2022-07-012022-09-300000014272bmy:AbecmaMember2021-07-012021-09-300000014272bmy:AbecmaMember2022-01-012022-09-300000014272bmy:AbecmaMember2021-01-012021-09-300000014272bmy:ZeposiaMember2022-07-012022-09-300000014272bmy:ZeposiaMember2021-07-012021-09-300000014272bmy:ZeposiaMember2022-01-012022-09-300000014272bmy:ZeposiaMember2021-01-012021-09-300000014272bmy:BreyanziMember2022-07-012022-09-300000014272bmy:BreyanziMember2021-07-012021-09-300000014272bmy:BreyanziMember2022-01-012022-09-300000014272bmy:BreyanziMember2021-01-012021-09-300000014272bmy:InrebicMember2022-07-012022-09-300000014272bmy:InrebicMember2021-07-012021-09-300000014272bmy:InrebicMember2022-01-012022-09-300000014272bmy:InrebicMember2021-01-012021-09-300000014272bmy:OnuregMember2022-07-012022-09-300000014272bmy:OnuregMember2021-07-012021-09-300000014272bmy:OnuregMember2022-01-012022-09-300000014272bmy:OnuregMember2021-01-012021-09-300000014272bmy:OpdualagMember2022-07-012022-09-300000014272bmy:OpdualagMember2021-07-012021-09-300000014272bmy:OpdualagMember2022-01-012022-09-300000014272bmy:OpdualagMember2021-01-012021-09-300000014272bmy:CamzyosMember2022-07-012022-09-300000014272bmy:CamzyosMember2021-07-012021-09-300000014272bmy:CamzyosMember2022-01-012022-09-300000014272bmy:CamzyosMember2021-01-012021-09-300000014272bmy:SotyktuMember2022-07-012022-09-300000014272bmy:SotyktuMember2021-07-012021-09-300000014272bmy:SotyktuMember2022-01-012022-09-300000014272bmy:SotyktuMember2021-01-012021-09-300000014272bmy:NewProductPortfolioMember2022-07-012022-09-300000014272bmy:NewProductPortfolioMember2021-07-012021-09-300000014272bmy:NewProductPortfolioMember2022-01-012022-09-300000014272bmy:NewProductPortfolioMember2021-01-012021-09-300000014272bmy:InLineProductsAndNewProductPortfolioMember2022-07-012022-09-300000014272bmy:InLineProductsAndNewProductPortfolioMember2021-07-012021-09-300000014272bmy:InLineProductsAndNewProductPortfolioMember2022-01-012022-09-300000014272bmy:InLineProductsAndNewProductPortfolioMember2021-01-012021-09-300000014272bmy:RevlimidMember2022-07-012022-09-300000014272bmy:RevlimidMember2021-07-012021-09-300000014272bmy:RevlimidMember2022-01-012022-09-300000014272bmy:RevlimidMember2021-01-012021-09-300000014272bmy:AbraxaneMember2022-07-012022-09-300000014272bmy:AbraxaneMember2021-07-012021-09-300000014272bmy:AbraxaneMember2022-01-012022-09-300000014272bmy:AbraxaneMember2021-01-012021-09-300000014272bmy:LOEProductsMember2022-07-012022-09-300000014272bmy:LOEProductsMember2021-07-012021-09-300000014272bmy:LOEProductsMember2022-01-012022-09-300000014272bmy:LOEProductsMember2021-01-012021-09-300000014272country:US2022-07-012022-09-300000014272country:US2021-07-012021-09-300000014272country:US2022-01-012022-09-300000014272country:US2021-01-012021-09-300000014272bmy:InternationalMember2022-07-012022-09-300000014272bmy:InternationalMember2021-07-012021-09-300000014272bmy:InternationalMember2022-01-012022-09-300000014272bmy:InternationalMember2021-01-012021-09-300000014272bmy:OtherRegionMember2022-07-012022-09-300000014272bmy:OtherRegionMember2021-07-012021-09-300000014272bmy:OtherRegionMember2022-01-012022-09-300000014272bmy:OtherRegionMember2021-01-012021-09-300000014272bmy:NetproductsalesMemberus-gaap:CollaborativeArrangementMember2022-07-012022-09-300000014272bmy:NetproductsalesMemberus-gaap:CollaborativeArrangementMember2021-07-012021-09-300000014272bmy:NetproductsalesMemberus-gaap:CollaborativeArrangementMember2022-01-012022-09-300000014272bmy:NetproductsalesMemberus-gaap:CollaborativeArrangementMember2021-01-012021-09-300000014272us-gaap:CollaborativeArrangementMember2022-07-012022-09-300000014272us-gaap:CollaborativeArrangementMember2021-07-012021-09-300000014272us-gaap:CollaborativeArrangementMember2022-01-012022-09-300000014272us-gaap:CollaborativeArrangementMember2021-01-012021-09-300000014272us-gaap:CollaborativeArrangementMember2022-09-300000014272us-gaap:CollaborativeArrangementMember2021-12-310000014272bmy:BridgeBioMember2022-04-012022-06-300000014272bmy:EisaiMemberus-gaap:CollaborativeArrangementMember2021-04-012021-06-300000014272bmy:EisaiMemberus-gaap:CollaborativeArrangementMember2021-07-012021-09-300000014272bmy:TurningPointMember2022-08-172022-08-170000014272bmy:TurningPointMember2022-01-012022-09-300000014272bmy:TurningPointMemberus-gaap:CommonStockMember2022-08-172022-08-170000014272us-gaap:StockCompensationPlanMemberbmy:TurningPointMember2022-08-172022-08-170000014272bmy:TurningPointMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-07-012022-09-300000014272bmy:TurningPointMemberus-gaap:ResearchAndDevelopmentExpenseMember2022-07-012022-09-300000014272bmy:TurningPointMember2022-08-170000014272bmy:DiabetesbusinessMember2022-07-012022-09-300000014272bmy:DiabetesbusinessMember2021-07-012021-09-300000014272bmy:MatureBrandsAndOtherMember2022-07-012022-09-300000014272bmy:MatureBrandsAndOtherMember2021-07-012021-09-300000014272bmy:DiabetesbusinessMember2022-01-012022-09-300000014272bmy:DiabetesbusinessMember2021-01-012021-09-300000014272bmy:MatureBrandsAndOtherMember2022-01-012022-09-300000014272bmy:MatureBrandsAndOtherMember2021-01-012021-09-300000014272bmy:LOTTECorporationMemberbmy:MatureBrandsAndOtherMember2022-05-310000014272us-gaap:CostOfSalesMemberbmy:MatureBrandsAndOtherMember2022-04-012022-06-300000014272us-gaap:DiscontinuedOperationsHeldforsaleMemberbmy:MatureBrandsAndOtherMember2022-09-300000014272bmy:CheplapharmMemberbmy:MatureBrandsAndOtherMember2022-01-012022-03-310000014272bmy:MatureBrandsAndOtherMember2022-01-012022-03-310000014272bmy:KeytrudaRoyaltiesMember2022-07-012022-09-300000014272bmy:KeytrudaRoyaltiesMember2021-07-012021-09-300000014272bmy:KeytrudaRoyaltiesMember2022-01-012022-09-300000014272bmy:KeytrudaRoyaltiesMember2021-01-012021-09-300000014272bmy:TecentriqRoyaltiesMember2022-07-012022-09-300000014272bmy:TecentriqRoyaltiesMember2021-07-012021-09-300000014272bmy:TecentriqRoyaltiesMember2022-01-012022-09-300000014272bmy:TecentriqRoyaltiesMember2021-01-012021-09-300000014272bmy:BiohavenMember2022-07-012022-09-300000014272bmy:BiohavenMember2021-07-012021-09-300000014272bmy:BiohavenMember2022-01-012022-09-300000014272bmy:BiohavenMember2021-01-012021-09-300000014272bmy:OtherRoyaltiesMember2022-07-012022-09-300000014272bmy:OtherRoyaltiesMember2021-07-012021-09-300000014272bmy:OtherRoyaltiesMember2022-01-012022-09-300000014272bmy:OtherRoyaltiesMember2021-01-012021-09-300000014272bmy:ImmaticsMember2022-09-300000014272bmy:DragonflyMember2022-09-300000014272bmy:AgenusMember2022-09-3000000142722022-04-012022-04-300000014272bmy:CelgeneIntegrationMember2022-09-300000014272us-gaap:CostOfSalesMember2022-09-30xbrli:pure0000014272us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-09-300000014272us-gaap:ResearchAndDevelopmentExpenseMember2022-09-300000014272bmy:CelgeneIntegrationMember2022-01-012022-09-30bmy:employee0000014272bmy:CelgeneIntegrationMember2021-01-012021-09-300000014272bmy:MyoKardiaAcquisitionPlanMember2022-09-300000014272bmy:CelgeneIntegrationMember2022-07-012022-09-300000014272bmy:CelgeneIntegrationMember2021-07-012021-09-300000014272bmy:MyoKardiaAcquisitionPlanMember2022-07-012022-09-300000014272bmy:MyoKardiaAcquisitionPlanMember2021-07-012021-09-300000014272bmy:MyoKardiaAcquisitionPlanMember2022-01-012022-09-300000014272bmy:MyoKardiaAcquisitionPlanMember2021-01-012021-09-300000014272us-gaap:CostOfSalesMember2022-07-012022-09-300000014272us-gaap:CostOfSalesMember2021-07-012021-09-300000014272us-gaap:CostOfSalesMember2022-01-012022-09-300000014272us-gaap:CostOfSalesMember2021-01-012021-09-300000014272us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-07-012022-09-300000014272us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-07-012021-09-300000014272us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-09-300000014272us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-09-300000014272us-gaap:OtherNonoperatingIncomeExpenseMember2022-07-012022-09-300000014272us-gaap:OtherNonoperatingIncomeExpenseMember2021-07-012021-09-300000014272us-gaap:OtherNonoperatingIncomeExpenseMember2022-01-012022-09-300000014272us-gaap:OtherNonoperatingIncomeExpenseMember2021-01-012021-09-300000014272bmy:AcceleratedStockBasedCompensationMemberbmy:CelgeneIntegrationMember2021-01-012021-09-300000014272srt:MinimumMember2022-09-300000014272srt:MaximumMember2022-09-300000014272us-gaap:FairValueInputsLevel1Member2022-09-300000014272us-gaap:FairValueInputsLevel2Member2022-09-300000014272us-gaap:FairValueInputsLevel3Member2022-09-300000014272us-gaap:FairValueInputsLevel1Member2021-12-310000014272us-gaap:FairValueInputsLevel2Member2021-12-310000014272us-gaap:FairValueInputsLevel3Member2021-12-310000014272us-gaap:FairValueInputsLevel1Memberus-gaap:CertificatesOfDepositMember2022-09-300000014272us-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2022-09-300000014272us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel3Member2022-09-300000014272us-gaap:FairValueInputsLevel1Memberus-gaap:CertificatesOfDepositMember2021-12-310000014272us-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2021-12-310000014272us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel3Member2021-12-310000014272us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPaperMember2022-09-300000014272us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMember2022-09-300000014272us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel3Member2022-09-300000014272us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPaperMember2021-12-310000014272us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMember2021-12-310000014272us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel3Member2021-12-310000014272us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2022-09-300000014272us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2022-09-300000014272us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2022-09-300000014272us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2021-12-310000014272us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2021-12-310000014272us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2021-12-310000014272us-gaap:FairValueInputsLevel1Memberus-gaap:OtherAssetsMember2022-09-300000014272us-gaap:FairValueInputsLevel2Memberus-gaap:OtherAssetsMember2022-09-300000014272us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel3Member2022-09-300000014272us-gaap:FairValueInputsLevel1Memberus-gaap:OtherAssetsMember2021-12-310000014272us-gaap:FairValueInputsLevel2Memberus-gaap:OtherAssetsMember2021-12-310000014272us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel3Member2021-12-310000014272us-gaap:FairValueInputsLevel1Memberbmy:ContingentValueRightsMember2022-09-300000014272us-gaap:FairValueInputsLevel2Memberbmy:ContingentValueRightsMember2022-09-300000014272us-gaap:FairValueInputsLevel3Memberbmy:ContingentValueRightsMember2022-09-300000014272us-gaap:FairValueInputsLevel1Memberbmy:ContingentValueRightsMember2021-12-310000014272us-gaap:FairValueInputsLevel2Memberbmy:ContingentValueRightsMember2021-12-310000014272us-gaap:FairValueInputsLevel3Memberbmy:ContingentValueRightsMember2021-12-310000014272us-gaap:CertificatesOfDepositMember2022-09-300000014272us-gaap:CertificatesOfDepositMember2021-12-310000014272us-gaap:CommercialPaperMember2022-09-300000014272us-gaap:CommercialPaperMember2021-12-310000014272us-gaap:CorporateDebtSecuritiesMember2022-09-300000014272us-gaap:CorporateDebtSecuritiesMember2021-12-310000014272us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMembercurrency:EUR2022-09-30iso4217:EUR0000014272us-gaap:ForeignExchangeForwardMembercurrency:JPYus-gaap:DesignatedAsHedgingInstrumentMember2022-09-30iso4217:JPY0000014272us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMembercurrency:EUR2022-09-300000014272us-gaap:DesignatedAsHedgingInstrumentMember2022-09-300000014272us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMember2022-09-300000014272currency:JPYus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMember2022-09-300000014272us-gaap:LondonInterbankOfferedRateLIBORMember2022-09-300000014272us-gaap:AssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-09-300000014272us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-09-300000014272us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LiabilityMemberus-gaap:InterestRateSwapMember2022-09-300000014272us-gaap:AssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-12-310000014272us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-12-310000014272us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LiabilityMemberus-gaap:InterestRateSwapMember2021-12-310000014272us-gaap:AssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMember2022-09-300000014272us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LiabilityMemberus-gaap:CrossCurrencyInterestRateContractMember2022-09-300000014272us-gaap:AssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMember2021-12-310000014272us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMember2021-12-310000014272us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LiabilityMemberus-gaap:CrossCurrencyInterestRateContractMember2021-12-310000014272us-gaap:ForeignExchangeForwardMemberus-gaap:AssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-09-300000014272us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-09-300000014272us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LiabilityMember2022-09-300000014272us-gaap:ForeignExchangeForwardMemberus-gaap:AssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000014272us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000014272us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LiabilityMember2021-12-310000014272us-gaap:ForeignExchangeForwardMemberus-gaap:AssetsMemberus-gaap:NondesignatedMember2022-09-300000014272us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2022-09-300000014272us-gaap:ForeignExchangeForwardMemberus-gaap:LiabilityMemberus-gaap:NondesignatedMember2022-09-300000014272us-gaap:ForeignExchangeForwardMemberus-gaap:AssetsMemberus-gaap:NondesignatedMember2021-12-310000014272us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2021-12-310000014272us-gaap:ForeignExchangeForwardMemberus-gaap:LiabilityMemberus-gaap:NondesignatedMember2021-12-310000014272us-gaap:AssetsMemberus-gaap:NondesignatedMemberus-gaap:OtherContractMember2022-09-300000014272us-gaap:NondesignatedMemberus-gaap:OtherContractMember2022-09-300000014272us-gaap:LiabilityMemberus-gaap:NondesignatedMemberus-gaap:OtherContractMember2022-09-300000014272us-gaap:AssetsMemberus-gaap:NondesignatedMemberus-gaap:OtherContractMember2021-12-310000014272us-gaap:NondesignatedMemberus-gaap:OtherContractMember2021-12-310000014272us-gaap:LiabilityMemberus-gaap:NondesignatedMemberus-gaap:OtherContractMember2021-12-310000014272us-gaap:CostOfSalesMemberus-gaap:InterestRateSwapMember2022-07-012022-09-300000014272us-gaap:InterestRateSwapMemberus-gaap:OtherIncomeMember2022-07-012022-09-300000014272us-gaap:CostOfSalesMemberus-gaap:InterestRateSwapMember2022-01-012022-09-300000014272us-gaap:InterestRateSwapMemberus-gaap:OtherIncomeMember2022-01-012022-09-300000014272us-gaap:CostOfSalesMemberus-gaap:CrossCurrencyInterestRateContractMember2022-07-012022-09-300000014272us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherIncomeMember2022-07-012022-09-300000014272us-gaap:CostOfSalesMemberus-gaap:CrossCurrencyInterestRateContractMember2022-01-012022-09-300000014272us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherIncomeMember2022-01-012022-09-300000014272us-gaap:ForeignExchangeForwardMemberus-gaap:CostOfSalesMember2022-07-012022-09-300000014272us-gaap:ForeignExchangeForwardMemberus-gaap:OtherIncomeMember2022-07-012022-09-300000014272us-gaap:ForeignExchangeForwardMemberus-gaap:CostOfSalesMember2022-01-012022-09-300000014272us-gaap:ForeignExchangeForwardMemberus-gaap:OtherIncomeMember2022-01-012022-09-300000014272us-gaap:CostOfSalesMemberus-gaap:InterestRateSwapMember2021-07-012021-09-300000014272us-gaap:InterestRateSwapMemberus-gaap:OtherIncomeMember2021-07-012021-09-300000014272us-gaap:CostOfSalesMemberus-gaap:InterestRateSwapMember2021-01-012021-09-300000014272us-gaap:InterestRateSwapMemberus-gaap:OtherIncomeMember2021-01-012021-09-300000014272us-gaap:CostOfSalesMemberus-gaap:CrossCurrencyInterestRateContractMember2021-07-012021-09-300000014272us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherIncomeMember2021-07-012021-09-300000014272us-gaap:CostOfSalesMemberus-gaap:CrossCurrencyInterestRateContractMember2021-01-012021-09-300000014272us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherIncomeMember2021-01-012021-09-300000014272us-gaap:ForeignExchangeForwardMemberus-gaap:CostOfSalesMember2021-07-012021-09-300000014272us-gaap:ForeignExchangeForwardMemberus-gaap:OtherIncomeMember2021-07-012021-09-300000014272us-gaap:ForeignExchangeForwardMemberus-gaap:CostOfSalesMember2021-01-012021-09-300000014272us-gaap:ForeignExchangeForwardMemberus-gaap:OtherIncomeMember2021-01-012021-09-300000014272us-gaap:ForeignExchangeForwardMember2022-07-012022-09-300000014272us-gaap:ForeignExchangeForwardMember2021-07-012021-09-300000014272us-gaap:ForeignExchangeForwardMember2022-01-012022-09-300000014272us-gaap:ForeignExchangeForwardMember2021-01-012021-09-300000014272us-gaap:CrossCurrencyInterestRateContractMember2022-07-012022-09-300000014272us-gaap:CrossCurrencyInterestRateContractMember2021-07-012021-09-300000014272us-gaap:CrossCurrencyInterestRateContractMember2022-01-012022-09-300000014272us-gaap:CrossCurrencyInterestRateContractMember2021-01-012021-09-300000014272us-gaap:OtherOperatingIncomeExpenseMemberus-gaap:InterestRateSwapMember2022-07-012022-09-300000014272us-gaap:OtherOperatingIncomeExpenseMemberus-gaap:InterestRateSwapMember2021-07-012021-09-300000014272us-gaap:OtherOperatingIncomeExpenseMemberus-gaap:InterestRateSwapMember2022-01-012022-09-300000014272us-gaap:OtherOperatingIncomeExpenseMemberus-gaap:InterestRateSwapMember2021-01-012021-09-300000014272us-gaap:DesignatedAsHedgingInstrumentMember2022-07-012022-09-300000014272us-gaap:DesignatedAsHedgingInstrumentMember2021-07-012021-09-300000014272us-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-09-300000014272us-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-09-300000014272us-gaap:InterestRateSwapMember2022-09-300000014272us-gaap:InterestRateSwapMember2021-12-310000014272bmy:A2.600Notesdue2022Member2022-09-300000014272bmy:FloatingRateNotesdue2022Member2022-09-300000014272bmy:A2000NotesDue2022Member2022-09-300000014272bmy:A3250BondsDue2022Member2022-09-300000014272bmy:A3550BondsDue2022Member2022-09-300000014272bmy:NoteDue2032Member2022-09-300000014272bmy:NoteDue2042Member2022-09-300000014272bmy:NoteDue2052Member2022-09-300000014272bmy:NoteDue2062Member2022-09-300000014272bmy:A2.875SeniorNotesdue2021Member2021-09-300000014272bmy:A2550SeniorNotesDue2021Member2021-09-300000014272bmy:A2250SeniorNotesDue2021Member2021-09-30bmy:creditFacility0000014272bmy:A2BillionMaximumBorrowingCapacityMember2021-12-310000014272bmy:A1BillionMaximumBorrowingCapacityMember2021-12-310000014272bmy:A1.5BillionMaximumBorrowingCapacityMember2021-12-310000014272bmy:A5BillionMaximumBorrowingCapacityMember2022-01-310000014272bmy:A1.5BillionMaximumBorrowingCapacityMember2022-01-310000014272bmy:A1BillionMaximumBorrowingCapacityMember2022-01-310000014272bmy:A2BillionMaximumBorrowingCapacityMember2022-01-31bmy:customer0000014272us-gaap:CustomerConcentrationRiskMember2022-09-300000014272us-gaap:CustomerConcentrationRiskMember2021-12-310000014272bmy:InventoryPurchasePriceFairValueAdjustmentMember2022-09-300000014272bmy:InventoryPurchasePriceFairValueAdjustmentMember2021-12-310000014272us-gaap:LicensingAgreementsMembersrt:MinimumMember2022-01-012022-09-300000014272us-gaap:LicensingAgreementsMembersrt:MaximumMember2022-01-012022-09-300000014272us-gaap:LicensingAgreementsMember2022-09-300000014272us-gaap:LicensingAgreementsMember2021-12-310000014272us-gaap:TechnologyBasedIntangibleAssetsMembersrt:MinimumMember2022-01-012022-09-300000014272us-gaap:TechnologyBasedIntangibleAssetsMembersrt:MaximumMember2022-01-012022-09-300000014272us-gaap:TechnologyBasedIntangibleAssetsMember2022-09-300000014272us-gaap:TechnologyBasedIntangibleAssetsMember2021-12-310000014272us-gaap:ComputerSoftwareIntangibleAssetMembersrt:MinimumMember2022-01-012022-09-300000014272us-gaap:ComputerSoftwareIntangibleAssetMembersrt:MaximumMember2022-01-012022-09-300000014272us-gaap:ComputerSoftwareIntangibleAssetMember2022-09-300000014272us-gaap:ComputerSoftwareIntangibleAssetMember2021-12-310000014272us-gaap:InProcessResearchAndDevelopmentMember2022-09-300000014272us-gaap:InProcessResearchAndDevelopmentMember2021-12-3100000142722022-01-012022-03-3100000142722021-04-012021-06-300000014272bmy:InrebicMember2021-03-310000014272bmy:InrebicMember2021-01-012021-03-310000014272us-gaap:CommonStockMember2021-12-310000014272us-gaap:AdditionalPaidInCapitalMember2021-12-310000014272us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000014272us-gaap:RetainedEarningsMember2021-12-310000014272us-gaap:TreasuryStockMember2021-12-310000014272us-gaap:NoncontrollingInterestMember2021-12-310000014272us-gaap:RetainedEarningsMember2022-01-012022-03-310000014272us-gaap:NoncontrollingInterestMember2022-01-012022-03-310000014272us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000014272us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000014272us-gaap:TreasuryStockMember2022-01-012022-03-310000014272us-gaap:CommonStockMember2022-03-310000014272us-gaap:AdditionalPaidInCapitalMember2022-03-310000014272us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000014272us-gaap:RetainedEarningsMember2022-03-310000014272us-gaap:TreasuryStockMember2022-03-310000014272us-gaap:NoncontrollingInterestMember2022-03-310000014272us-gaap:RetainedEarningsMember2022-04-012022-06-300000014272us-gaap:NoncontrollingInterestMember2022-04-012022-06-300000014272us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000014272us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300000014272us-gaap:TreasuryStockMember2022-04-012022-06-3000000142722022-04-012022-06-300000014272us-gaap:CommonStockMember2022-06-300000014272us-gaap:AdditionalPaidInCapitalMember2022-06-300000014272us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000014272us-gaap:RetainedEarningsMember2022-06-300000014272us-gaap:TreasuryStockMember2022-06-300000014272us-gaap:NoncontrollingInterestMember2022-06-300000014272us-gaap:RetainedEarningsMember2022-07-012022-09-300000014272us-gaap:NoncontrollingInterestMember2022-07-012022-09-300000014272us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000014272us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300000014272us-gaap:TreasuryStockMember2022-07-012022-09-300000014272us-gaap:CommonStockMember2022-09-300000014272us-gaap:AdditionalPaidInCapitalMember2022-09-300000014272us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300000014272us-gaap:RetainedEarningsMember2022-09-300000014272us-gaap:TreasuryStockMember2022-09-300000014272us-gaap:NoncontrollingInterestMember2022-09-300000014272us-gaap:CommonStockMember2020-12-310000014272us-gaap:AdditionalPaidInCapitalMember2020-12-310000014272us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000014272us-gaap:RetainedEarningsMember2020-12-310000014272us-gaap:TreasuryStockMember2020-12-310000014272us-gaap:NoncontrollingInterestMember2020-12-310000014272us-gaap:RetainedEarningsMember2021-01-012021-03-310000014272us-gaap:NoncontrollingInterestMember2021-01-012021-03-310000014272us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000014272us-gaap:TreasuryStockMember2021-01-012021-03-310000014272us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000014272us-gaap:CommonStockMember2021-03-310000014272us-gaap:AdditionalPaidInCapitalMember2021-03-310000014272us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000014272us-gaap:RetainedEarningsMember2021-03-310000014272us-gaap:TreasuryStockMember2021-03-310000014272us-gaap:NoncontrollingInterestMember2021-03-310000014272us-gaap:RetainedEarningsMember2021-04-012021-06-300000014272us-gaap:NoncontrollingInterestMember2021-04-012021-06-300000014272us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000014272us-gaap:TreasuryStockMember2021-04-012021-06-300000014272us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300000014272us-gaap:CommonStockMember2021-06-300000014272us-gaap:AdditionalPaidInCapitalMember2021-06-300000014272us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000014272us-gaap:RetainedEarningsMember2021-06-300000014272us-gaap:TreasuryStockMember2021-06-300000014272us-gaap:NoncontrollingInterestMember2021-06-300000014272us-gaap:RetainedEarningsMember2021-07-012021-09-300000014272us-gaap:NoncontrollingInterestMember2021-07-012021-09-300000014272us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000014272us-gaap:TreasuryStockMember2021-07-012021-09-300000014272us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300000014272us-gaap:CommonStockMember2021-09-300000014272us-gaap:AdditionalPaidInCapitalMember2021-09-300000014272us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300000014272us-gaap:RetainedEarningsMember2021-09-300000014272us-gaap:TreasuryStockMember2021-09-300000014272us-gaap:NoncontrollingInterestMember2021-09-3000000142722021-01-012021-03-310000014272bmy:A2022ASRMember2022-09-300000014272bmy:A2022ASRMember2022-01-012022-03-310000014272bmy:A2022ASRMember2022-03-310000014272bmy:A2019ASRMember2022-01-012022-09-300000014272us-gaap:ResearchAndDevelopmentExpenseMember2022-07-012022-09-300000014272us-gaap:ResearchAndDevelopmentExpenseMember2021-07-012021-09-300000014272us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-09-300000014272us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-09-300000014272us-gaap:OtherIncomeMember2022-07-012022-09-300000014272us-gaap:OtherIncomeMember2021-07-012021-09-300000014272us-gaap:OtherIncomeMember2022-01-012022-09-300000014272us-gaap:OtherIncomeMember2021-01-012021-09-300000014272us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300000014272bmy:MarketShareUnitsMember2022-01-012022-09-300000014272us-gaap:PerformanceSharesMember2022-01-012022-09-300000014272us-gaap:RestrictedStockUnitsRSUMember2022-09-300000014272bmy:MarketShareUnitsMember2022-09-300000014272us-gaap:PerformanceSharesMember2022-09-300000014272bmy:AntiPD1AntibodyLitigationMember2015-09-012015-09-30bmy:patent0000014272bmy:CARTKiteLitigationMember2019-12-012019-12-310000014272bmy:CARTKiteLitigationMember2019-12-310000014272bmy:CARTKiteLitigationMember2020-04-012020-04-300000014272bmy:CARTKiteLitigationMember2020-04-300000014272bmy:PlavixAustraliaIntellectualPropertyMembercurrency:AUD2010-03-012010-03-31iso4217:AUD0000014272currency:USDbmy:PlavixAustraliaIntellectualPropertyMember2022-01-012022-09-3000000142722021-02-012021-02-280000014272bmy:BristolMyersSquibbMember2021-02-012021-02-280000014272bmy:AbilifyProductLiabilityLitigationMember2022-09-30bmy:lawsuitbmy:plaintiff0000014272bmy:AbilifyProductLiabilityMembercountry:CA2022-09-300000014272bmy:OnglyzaProductLiabilityLitigationMember2022-03-3000000142722021-06-3000000142722022-04-01

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM 10-Q
___________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
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
___________________________
BRISTOL-MYERS SQUIBB COMPANY
(Exact name of registrant as specified in its charter)
___________________________
Delaware 22-0790350
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S Employer
Identification No.)
430 E. 29th Street, 14FL, New York, NY 10016
(Address of principal executive offices) (Zip Code)
(212546-4200
(Registrant’s telephone number, including area code)

___________________________
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.10 Par ValueBMYNew York Stock Exchange
1.000% Notes due 2025BMY25New York Stock Exchange
1.750% Notes due 2035BMY35New York Stock Exchange
Celgene Contingent Value RightsCELG RTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  
Accelerated filer  
Non-accelerated filer  
Smaller reporting company  
Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No  
APPLICABLE ONLY TO CORPORATE ISSUERS:
At October 14, 2022, there were 2,126,160,347 shares outstanding of the Registrant’s $0.10 par value common stock.





BRISTOL-MYERS SQUIBB COMPANY
INDEX TO FORM 10-Q
September 30, 2022
*    Indicates brand names of products which are trademarks not owned by BMS. Specific trademark ownership information is included in the Exhibit Index at the end of this Quarterly Report on Form 10-Q.






PART I—FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS
BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
Dollars in Millions, Except Per Share Data
(UNAUDITED)

 Three Months Ended September 30,Nine Months Ended September 30,
EARNINGS2022202120222021
Net product sales$10,813 $11,243 $33,606 $33,446 
Alliance and other revenues405 381 1,147 954 
Total Revenues11,218 11,624 34,753 34,400 
Cost of products sold(a)
2,353 2,291 7,544 7,584 
Marketing, selling and administrative1,930 1,788 5,548 5,336 
Research and development2,418 2,980 6,999 7,677 
Acquired IPRD30 271 763 1,070 
Amortization of acquired intangible assets2,418 2,546 7,252 7,606 
Other (income)/expense, net(140)(409)793 (1,113)
Total Expenses9,009 9,467 28,899 28,160 
Earnings Before Income Taxes2,209 2,157 5,854 6,240 
Provision for Income Taxes601 605 1,534 1,598 
Net Earnings1,608 1,552 4,320 4,642 
Noncontrolling Interest2 6 15 20 
Net Earnings Attributable to BMS$1,606 $1,546 $4,305 $4,622 
Earnings per Common Share:
Basic$0.75 $0.70 $2.01 $2.08 
Diluted0.75 0.69 2.00 2.05 
(a)    Excludes amortization of acquired intangible assets.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Dollars in Millions
(UNAUDITED)
 Three Months Ended September 30,Nine Months Ended September 30,
COMPREHENSIVE INCOME2022202120222021
Net Earnings$1,608 $1,552 $4,320 $4,642 
Other Comprehensive Income, net of taxes and reclassifications to earnings:
Derivatives qualifying as cash flow hedges286 113 618 399 
Pension and postretirement benefits18 7 64 45 
Marketable debt securities (3)(2)(7)
Foreign currency translation(153)(23)(253)(22)
Total Other Comprehensive Income151 94 427 415 
Comprehensive Income1,759 1,646 4,747 5,057 
Comprehensive Income Attributable to Noncontrolling Interest2 6 15 20 
Comprehensive Income Attributable to BMS$1,757 $1,640 $4,732 $5,037 
The accompanying notes are an integral part of these consolidated financial statements.

3


BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED BALANCE SHEETS
Dollars in Millions
(UNAUDITED)
 
ASSETSSeptember 30,
2022
December 31,
2021
Current Assets:
Cash and cash equivalents$7,734 $13,979 
Marketable debt securities1,293 2,987 
Receivables9,613 9,369 
Inventories2,074 2,095 
Other current assets6,082 4,832 
Total Current Assets26,796 33,262 
Property, plant and equipment6,035 6,049 
Goodwill21,112 20,502 
Other intangible assets38,179 42,527 
Deferred income taxes1,329 1,439 
Other non-current assets4,745 5,535 
Total Assets$98,196 $109,314 
LIABILITIES
Current Liabilities:
Short-term debt obligations$2,132 $4,948 
Accounts payable2,595 2,949 
Other current liabilities14,203 13,971 
Total Current Liabilities18,930 21,868 
Deferred income taxes2,881 4,501 
Long-term debt36,966 39,605 
Other non-current liabilities6,685 7,334 
Total Liabilities65,462 73,308 
Commitments and contingencies
EQUITY
Bristol-Myers Squibb Company Shareholders’ Equity:
Preferred stock  
Common stock292 292 
Capital in excess of par value of stock44,956 44,361 
Accumulated other comprehensive loss(841)(1,268)
Retained earnings24,675 23,820 
Less cost of treasury stock(36,411)(31,259)
Total Bristol-Myers Squibb Company Shareholders’ Equity32,671 35,946 
Noncontrolling interest63 60 
Total Equity32,734 36,006 
Total Liabilities and Equity$98,196 $109,314 
The accompanying notes are an integral part of these consolidated financial statements.
4


BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Dollars in Millions
(UNAUDITED)
 Nine Months Ended September 30,
 20222021
Cash Flows From Operating Activities:
Net earnings$4,320 $4,642 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization, net7,755 8,107 
Deferred income taxes(2,114)(127)
Stock-based compensation338 450 
Impairment charges144 1,192 
Divestiture gains and royalties(820)(462)
Acquired IPRD763 1,070 
Equity investment losses/(income)966 (1,214)
Contingent consideration fair value adjustments1 (510)
Other adjustments178 204 
Changes in operating assets and liabilities:
Receivables(557)(886)
Inventories(28)141 
Accounts payable(296)19 
Rebates and discounts730 902 
Income taxes payable(310)(841)
Other(1,310)(537)
Net Cash Provided by Operating Activities9,760 12,150 
Cash Flows From Investing Activities:
Sale and maturities of marketable debt securities5,205 2,952 
Purchase of marketable debt securities(3,566)(3,408)
Proceeds from sales of equity investment securities213 1,058 
Capital expenditures(772)(653)
Divestiture and other proceeds815 570 
Acquisition and other payments, net of cash acquired(4,170)(1,458)
Net Cash Used in Investing Activities(2,275)(939)
Cash Flows From Financing Activities:
Short-term debt obligations, net58 (46)
Issuance of long-term debt5,926  
Repayment of long-term debt(11,431)(6,022)
Repurchase of common stock(5,585)(3,536)
Dividends(3,489)(3,297)
Other805 644 
Net Cash Used in Financing Activities(13,716)(12,257)
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash(128)(48)
Decrease in Cash, Cash Equivalents and Restricted Cash(6,359)(1,094)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period14,316 14,973 
Cash, Cash Equivalents and Restricted Cash at End of Period$7,957 $13,879 
The accompanying notes are an integral part of these consolidated financial statements.

5


Note 1. BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS


Basis of Consolidation

Bristol-Myers Squibb Company (“BMS”, "we" or “the Company”) prepared these unaudited consolidated financial statements following the requirements of the SEC and U.S. GAAP for interim reporting. Under those rules, certain footnotes and other financial information that are normally required for annual financial statements can be condensed or omitted. The Company is responsible for the consolidated financial statements included in this Quarterly Report on Form 10-Q, which include all adjustments necessary for a fair presentation of the financial position as of September 30, 2022 and December 31, 2021, the results of operations for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine months ended September 30, 2022 and 2021. All intercompany balances and transactions have been eliminated. These financial statements and the related notes should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021 included in the 2021 Form 10-K. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for terms used throughout the document.

Business Segment Information

BMS operates in a single segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of innovative medicines that help patients prevail over serious diseases. A global research and development organization and supply chain organization are responsible for the discovery, development, manufacturing and supply of products. Regional commercial organizations market, distribute and sell the products. The business is also supported by global corporate staff functions. Consistent with BMS’s operational structure, the Chief Executive Officer (“CEO”), as the chief operating decision maker, manages and allocates resources at the global corporate level. Managing and allocating resources at the global corporate level enables the CEO to assess both the overall level of resources available and how to best deploy these resources across functions, therapeutic areas, regional commercial organizations and research and development projects in line with our overarching long-term corporate-wide strategic goals, rather than on a product or franchise basis. The determination of a single segment is consistent with the financial information regularly reviewed by the CEO for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting future periods. For further information on product and regional revenue, see “—Note 2. Revenue”.

Use of Estimates and Judgments

Revenues, expenses, assets and liabilities can vary during each quarter of the year. Accordingly, the results and trends in these unaudited consolidated financial statements may not be indicative of full year operating results. The preparation of financial statements requires the use of management estimates, judgments and assumptions. The most significant assumptions are estimates used in determining accounting for acquisitions; impairments of intangible assets; charge-backs, cash discounts, sales rebates, returns and other adjustments; legal contingencies; and income taxes. Actual results may differ from estimates.

Reclassifications

Certain reclassifications were made to conform the prior period consolidated financial statements to the current period presentation. Upfront and contingent milestone charges in connection with asset acquisitions or licensing of third-party intellectual property rights previously presented in Research and development are now presented in Acquired IPRD in the consolidated statements of earnings. Additionally, Rebates and discounts previously presented in Other changes in operating assets and liabilities in the consolidated statements of cash flows are now presented separately in Rebates and discounts.

Recently Issued Accounting Standards

Business Combinations

In October 2021, the FASB issued amended guidance on accounting for contract assets and contract liabilities from contracts with customers in a business combination. The guidance is intended to address inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized. At the acquisition date, an entity should account for the related revenue contracts in accordance with existing revenue recognition guidance generally by assessing how the acquiree applied recognition and measurement in their financial statements. The amended guidance is effective January 1, 2023 on a prospective basis. Early adoption is permitted.

6


Fair Value Measurements

In June 2022, the FASB issued amended guidance on measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security. The guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The guidance also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendment requires the following disclosures for equity securities subject to contractual sale restrictions: the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; the nature and remaining duration of the restriction(s); and the circumstances that could cause a lapse in the restriction(s). The amended guidance is effective January 1, 2024 on a prospective basis. Early adoption is permitted.

Note 2. REVENUE

The following table summarizes the disaggregation of revenue by nature:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Net product sales$10,813 $11,243 $33,606 $33,446 
Alliance revenues173 194 560 495 
Other revenues232 187 587 459 
Total Revenues$11,218 $11,624 $34,753 $34,400 

The following table summarizes GTN adjustments:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Gross product sales$17,606 $17,335 $51,555 $49,676 
GTN adjustments(a)
Charge-backs and cash discounts(1,907)(1,908)(5,420)(5,214)
Medicaid and Medicare rebates(3,295)(2,625)(8,003)(6,482)
Other rebates, returns, discounts and adjustments(1,591)(1,559)(4,526)(4,534)
Total GTN adjustments(6,793)(6,092)(17,949)(16,230)
Net product sales$10,813 $11,243 $33,606 $33,446 
(a)    Includes adjustments for provisions for product sales made in prior periods resulting from changes in estimates of $10 million and $207 million for the three and nine months ended September 30, 2022, and $10 million and $282 million for the three and nine months ended September 30, 2021, respectively.

7


The following table summarizes the disaggregation of revenue by product and region:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
In-Line Products
Eliquis$2,655 $2,413 9,101 8,091 
Opdivo2,047 1,905 6,033 5,535 
Pomalyst/Imnovid886 851 2,620 2,478 
Orencia883 870 2,551 2,442 
Sprycel560 551 1,587 1,562 
Yervoy523 515 1,563 1,481 
Empliciti73 82 225 253 
Mature and other products441 480 1,338 1,459 
Total In-Line Products 8,068 7,667 25,018 23,301 
New Product Portfolio
Reblozyl190 160 518 400 
Abecma107 71 263 95 
Zeposia69 40 171 86 
Breyanzi44 30 127 47 
Inrebic21 22 62 54 
Onureg32 21 87 48 
Opdualag84  148  
Camzyos5  8  
Sotyktu1  1  
Total New Product Portfolio553 344 1,385 730 
Total In-Line Products and New Product Portfolio8,621 8,011 26,403 24,031 
Recent LOE Products(a)
Revlimid2,420 3,347 7,718 9,493 
Abraxane177 266 632 876 
Total Recent LOE Products2,597 3,613 8,350 10,369 
Total Revenues$11,218 $11,624 $34,753 $34,400 
United States$7,941 $7,296 $23,903 $21,694 
International3,062 4,052 10,216 12,075 
Other(b)
215 276 634 631 
Total Revenues$11,218 $11,624 $34,753 $34,400 
(a)    Recent LOE Products include products with significant decline in revenue from the prior reporting period as a result of a loss of exclusivity.
(b)    Other revenues include royalties and alliance-related revenues for products not sold by BMS’s regional commercial organizations.

Revenue recognized from performance obligations satisfied in prior periods was $119 million and $450 million for the three and nine months ended September 30, 2022 and $73 million and $463 million for the three and nine months ended September 30, 2021, respectively, consisting primarily of revised estimates for GTN adjustments related to prior period sales and royalties for out-licensing arrangements.

Note 3. ALLIANCES

BMS enters into collaboration arrangements with third parties for the development and commercialization of certain products. Although each of these arrangements is unique in nature, both parties are active participants in the operating activities of the collaboration and exposed to significant risks and rewards depending on the commercial success of the activities. BMS may either in-license intellectual property owned by the other party or out-license its intellectual property to the other party. These arrangements also typically include research, development, manufacturing, and/or commercial activities and can cover a single investigational compound or commercial product or multiple compounds and/or products in various life cycle stages. The rights and obligations of the parties can be global or limited to geographic regions. BMS refers to these collaborations as alliances and its partners as alliance partners.

8


Selected financial information pertaining to alliances was as follows, including net product sales when BMS is the principal in the third-party customer sale for products subject to the alliance. Expenses summarized below do not include all amounts attributed to the activities for the products in the alliance, but only the payments between the alliance partners or the related amortization if the payments were deferred or capitalized.
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Revenues from alliances:
Net product sales$2,722 $2,452 $9,234 $8,139 
Alliance revenues173 194 560 495 
Total Revenues$2,895 $2,646 $9,794 $8,634 
Payments to/(from) alliance partners:
Cost of products sold$1,328 $1,181 $4,456 $3,924 
Marketing, selling and administrative(53)(43)(160)(140)
Research and development6 10 40 17 
Acquired IPRD   100 736 
Other (income)/expense, net(18)1 (41)(18)

Dollars in MillionsSeptember 30,
2022
December 31,
2021
Selected Alliance Balance Sheet information:
Receivables – from alliance partners$281 $320 
Accounts payable – to alliance partners1,242 1,229 
Deferred income – from alliances(a)
304 330 
(a)    Includes unamortized upfront and milestone payments.

The nature, purpose, significant rights and obligations of the parties and specific accounting policy elections for each of the Company's significant alliances are discussed in the 2021 Form 10-K. Significant developments and updates related to alliances during the nine months ended September 30, 2022, and 2021 are set forth below.

BridgeBio

In May 2022, BMS and BridgeBio commenced an exclusive global collaboration to develop and commercialize BBP-398, a SHP2 inhibitor, in oncology. The transaction included an upfront payment of $90 million, which was expensed to Acquired IPRD during the second quarter of 2022. BridgeBio is eligible to receive contingent development, regulatory and sales-based milestones up to $815 million, as well as royalties on global net sales, excluding certain markets. BridgeBio is responsible for funding and completing ongoing BBP-398 Phase I monotherapy and combination therapy trials. BMS will lead and fund all other development and commercial activities. BridgeBio has an option to co-develop BBP-398 and receive higher royalties in the U.S.

Nektar

In April 2022, BMS and Nektar announced that the companies have jointly decided to end the global clinical development program for bempegaldesleukin in combination with Opdivo based on results from pre-planned analyses of two late-stage clinical studies in RCC and bladder cancer. These studies and all other ongoing studies in the program are being discontinued.

Eisai

In the second quarter of 2021, BMS and Eisai commenced an exclusive global strategic collaboration for the co-development and co-commercialization of MORAb-202, a selective folate receptor alpha antibody-drug conjugate being investigated in endometrial, ovarian, lung and breast cancers. MORAb-202 is currently in Phase I/II clinical trials for solid tumors.

BMS and Eisai will jointly develop and commercialize MORAb-202 in the U.S., Canada, Europe, Japan, China and certain other countries in the Asia-Pacific region (the “collaboration territory”). Eisai is responsible for the global manufacturing and supply. Profits, research and development and commercialization costs are shared in the collaboration territories. BMS is responsible for development and commercialization outside of the collaboration territory and will pay a royalty on those sales.

A $650 million up-front collaboration fee was expensed to Acquired IPRD during the second quarter of 2021. BMS is also obligated to pay up to $2.5 billion upon the achievement of contingent development, regulatory and sales-based milestones.
9



Note 4. ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS

Acquisitions

Turning Point

On August 17, 2022, BMS acquired Turning Point for $4.1 billion of cash (or $3.3 billion net of cash acquired). Turning Point is a clinical-stage precision oncology company with a pipeline of investigational medicines designed to target the common mutations and alterations that drive cancer growth. The acquisition provides BMS rights to Turning Point's lead asset, repotrectinib, and other clinical and pre-clinical stage assets. The transaction was accounted for as a business combination requiring all assets acquired and liabilities assumed to be recognized at their fair value as of the acquisition date.

The total consideration for the acquisition consisted of the following:
Dollars in MillionsTotal Consideration
Cash consideration for outstanding shares $3,811 
Cash consideration for equity awards 302 
  Consideration paid4,113 
Less: Unvested stock awards (a)
153 
Total consideration to be allocated$3,960 
(a)    Includes unvested equity awards of $73 million expensed in Marketing, selling, and administrative and $80 million expensed in Research and development during the three months ended September 30, 2022.

The purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed as of the acquisition date based upon their respective fair values summarized below:
Dollars in MillionsPurchase Price Allocation
Cash and cash equivalents$795 
Other current assets 14 
Intangible assets (a)
2,971 
Deferred income tax assets 229 
Other non-current assets10 
Deferred income tax liabilities(643)
Other current liabilities(111)
Identifiable net assets acquired$3,265 
Goodwill (b)
695 
Total consideration allocated$3,960 
(a)    Intangible assets primarily consist of IPRD allocated to repotrectinib ($2.8 billion), a potential best-in-class tyrosine kinase inhibitor targeting the ROS1 and NTRK oncogenic drivers in NSCLC and other advanced solid tumors. Repotrectinib is currently in registrational Phase II study in adults and a Phase I/II study in pediatric patients. The estimated fair value of IPRD assets was determined using an income approach valuation method.
(b)    Goodwill resulted primarily from the recognition of deferred tax liabilities and is not deductible for tax purposes.

The results of Turning Point's operations were included in the consolidated financial statements commencing August 18, 2022, and were not material. Historical financial results of the acquired entity were not significant.

Divestitures

The following table summarizes the financial impact of divestitures including royalties, which are included in Other (income)/expense, net. Revenue and pretax earnings related to all divestitures were not material in all periods presented (excluding divestiture gains or losses).
Three Months Ended September 30,
Net Proceeds(a)
Divestiture (Gains)/LossesRoyalty Income
Dollars in Millions202220212022202120222021
Diabetes Business$205 $153 $ $ $(205)$(159)
Mature Products and Other1 35  2  (1)
Total$206 $188 $ $2 $(205)$(160)

10


Nine Months Ended September 30,
Net Proceeds(a)
Divestiture (Gains)/LossesRoyalty Income
Dollars in Millions202220212022202120222021
Diabetes Business$562 $449 $ $ $(595)$(445)
Mature Products and Other229 121 (211)(9)(2)(2)
Total$791 $570 $(211)$(9)$(597)$(447)
(a)    Includes royalties received subsequent to the related sale of the asset or business.

Mature Products and Other

Manufacturing Operations

In May 2022, BMS agreed to sell its manufacturing facility in Syracuse, New York to LOTTE Corporation for approximately $170 million. The transaction is expected to close during the first quarter of 2023, subject to certain regulatory approvals and other closing conditions and will be accounted for as a sale of a business. The business was accounted for as held-for-sale and its assets were reduced to the estimated relative fair value resulting in a $43 million impairment charge recorded to Cost of products sold during the second quarter of 2022. Assets and liabilities reclassified to held-for-sale and included within Other current assets and Other current liabilities were $155 million and $6 million, respectively, as of September 30, 2022.

Other

During the first quarter of 2022, product rights to several mature products were sold to Cheplapharm, resulting in cash proceeds of $221 million and a divestiture gain of $211 million.

Licensing and Other Arrangements

The following table summarizes the financial impact of Keytruda* royalties, Tecentriq* royalties and milestones for products that have not obtained commercial approval, which are included in Other (income)/expense, net.

Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Keytruda* royalties
$(268)$(215)$(732)$(611)
Tecentriq* royalties
(24)(22)(68)(67)
Contingent milestone income (10)(46)(12)
Amortization of deferred income(18)3 (41)(27)
Biohaven sublicense income (55) (55) 
Other royalties and licensing income (9)(21)(25)(33)
Total$(374)$(265)$(967)$(750)

In-license Arrangements

Immatics

During the first quarter of 2022, BMS obtained a global exclusive license to Immatics’ TCR bispecific IMA401 program. IMA401 is being studied in oncology and a Clinical Trial Application has been approved by the German federal regulatory authority. The trial commenced in May 2022. BMS and Immatics collaborate on the development and BMS will be responsible for the commercialization of IMA401 worldwide, including strategic decisions, regulatory responsibilities, funding and manufacturing. Immatics has the option to co-fund U.S. development in exchange for enhanced U.S. royalty payments and/or to co-promote IMA401 in the U.S. The transaction included an upfront payment of $150 million which was expensed to Acquired IPRD in the first quarter of 2022. Immatics is eligible to receive contingent development, regulatory and sales-based milestones of up to $770 million as well as royalties on global net sales.

11


Dragonfly

During the first quarter of 2022, a Phase I development milestone for interlukin-12 (“IL-12”) was achieved resulting in a $175 million payment to Dragonfly and an Acquired IPRD charge. The parties also amended the terms of three future milestones by requiring the achievement of certain criteria by specified dates unless BMS notifies Dragonfly that it will discontinue development of IL-12. These milestones continue to be considered substantive and contingent because the decision to proceed will be based on an assessment of clinical data prior to the specified dates.

Agenus

During the third quarter of 2021, BMS obtained a global exclusive license to Agenus’ proprietary AGEN1777 bispecific antibody program that blocks TIGIT and an additional target. AGEN1777 is being studied in oncology and a Phase I clinical trial was initiated in October 2021. BMS will be responsible for the development and any subsequent commercialization of AGEN1777 and its related products worldwide, including strategic decisions, regulatory responsibilities, funding and manufacturing. The transaction included an upfront payment of $200 million expensed to Acquired IPRD for the third quarter of 2021. Agenus is eligible to receive contingent development, regulatory and sales-based milestones up to $1.4 billion as well as royalties on global net sales.

Other

Royalty Extinguishment

In April 2022, BMS amended the terms of a license arrangement and paid a third party $295 million to extinguish a future royalty obligation related to mavacamten, prior to its FDA approval in April 2022, resulting in an Acquired IPRD charge during the second quarter of 2022.

Note 5. OTHER (INCOME)/EXPENSE, NET
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Interest expense$299 $328 $938 $1,011 
Royalties and licensing income(579)(425)(1,564)(1,197)
Equity investment losses/(income)14 (465)966 (1,214)
Integration expenses114 141 343 434 
Contingent consideration  1 (510)
Loss on debt redemption  266 281 
Provision for restructuring17 27 60 150 
Litigation and other settlements44 13 32 49 
Divestiture losses/(gains)