Company Quick10K Filing
Quick10K
Bristol Myers Squibb
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$47.23 1,636 $77,260
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-07-01 Other Events, Exhibits
8-K 2019-06-28 Other Events, Exhibits
8-K 2019-06-24 Other Events, Exhibits
8-K 2019-05-29
8-K 2019-05-24 Other Events, Exhibits
8-K 2019-05-16 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-07 Other Events, Exhibits
8-K 2019-05-01 Regulation FD, Other Events, Exhibits
8-K 2019-05-01 Other Events, Exhibits
8-K 2019-05-01 Other Events, Exhibits
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-04-17 Other Events, Exhibits
8-K 2019-04-12 Shareholder Vote, Other Events, Exhibits
8-K 2019-04-04 Other Events
8-K 2019-03-25 Other Events
8-K 2019-03-08 Other Events, Exhibits
8-K 2019-03-08 Officers, Exhibits
8-K 2019-01-25 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-01-24 Earnings, Regulation FD, Exhibits
8-K 2019-01-24 Earnings, Regulation FD, Exhibits
8-K 2019-01-18 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-01-03 Regulation FD, Other Events, Exhibits
8-K 2019-01-02 Enter Agreement, Exhibits
8-K 2018-12-19 Other Events, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-09-14 Officers
8-K 2018-08-27 Officers, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-07-17 Officers, Exhibits
8-K 2018-05-01
8-K 2018-03-01 Officers, Exhibits
8-K 2018-02-14 Other Events, Exhibits
8-K 2018-02-05 Earnings, Exhibits
8-K 2018-01-22 Officers
8-K 2018-01-05 Other Events
ISRG Intuitive Surgical 57,270
DAVA Endava 1,790
BLFS Biolife Solutions 313
CFMS Conformis 231
SBFG SB Financial Group 118
SHIP Seanergy Maritime 5
APEX Apex 2 0
EGL Engility Holdings 0
SOV Santander Holdings 0
PTSC Patriot Scientific 0
BMY 2019-06-30
Part I-Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation and Recently Issued Accounting Standards
Note 2. Revenue
Note 3. Alliances
Note 4. Acquisitions, Divestitures and Other Arrangements
Note 5. Other Income (Net)
Note 6. Restructuring
Note 7. Income Taxes
Note 8. Earnings per Share
Note 9. Financial Instruments and Fair Value Measurements
Note 10. Receivables
Note 11. Inventories
Note 12. Property, Plant and Equipment
Note 13. Leases
Note 14. Goodwill and Other Intangible Assets
Note 15. Accrued and Other Current Liabilities
Note 16. Equity
Note 17. Retirement Benefits
Note 18. Legal Proceedings and Contingencies
Note 19. Pending Celgene Acquisition
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii-Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.A bmyex10a20190630.htm
EX-10.B bmyex10b20190630.htm
EX-10.C bmyex10c20190630.htm
EX-10.D bmyex10d20190630.htm
EX-10.E bmyex10e20190630.htm
EX-31.A bmyex31a20190630.htm
EX-31.B bmyex31b20190630.htm
EX-32.A bmyex32a20190630.htm
EX-32.B bmyex32b20190630.htm

Bristol Myers Squibb Earnings 2019-06-30

BMY 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
0.70false--12-31Q22019truefalse0000014272falseLarge Accelerated FilerBRISTOL MYERS SQUIBB COfalsefalse0.400.41P10Y0M0DP15Y0M0DP15Y0M0DP3Y0M0DP5Y0M0DP9Y0M0DP10Y0M0DP1Y0M0DP20Y0M0DP4Y0M0DP1Y0M0DP1Y0M0D 0000014272 2019-01-01 2019-06-30 0000014272 2019-06-30 0000014272 2019-04-01 2019-06-30 0000014272 bmy:AllianceandotherrevenuesMember 2018-04-01 2018-06-30 0000014272 2018-01-01 2018-06-30 0000014272 2018-04-01 2018-06-30 0000014272 bmy:AllianceandotherrevenuesMember 2019-01-01 2019-06-30 0000014272 bmy:AllianceandotherrevenuesMember 2018-01-01 2018-06-30 0000014272 us-gaap:SalesRevenueNetMember 2019-01-01 2019-06-30 0000014272 us-gaap:SalesRevenueNetMember 2018-04-01 2018-06-30 0000014272 us-gaap:SalesRevenueNetMember 2018-01-01 2018-06-30 0000014272 bmy:AllianceandotherrevenuesMember 2019-04-01 2019-06-30 0000014272 us-gaap:SalesRevenueNetMember 2019-04-01 2019-06-30 0000014272 2018-12-31 0000014272 2017-12-31 0000014272 2018-06-30 0000014272 bmy:SprycelMember 2018-01-01 2018-06-30 0000014272 bmy:EliquisMember 2018-04-01 2018-06-30 0000014272 country:US 2019-01-01 2019-06-30 0000014272 bmy:OpdivoMember 2019-04-01 2019-06-30 0000014272 bmy:MatureProductsAndAllOtherMember 2018-01-01 2018-06-30 0000014272 bmy:OtherRegionMember 2018-01-01 2018-06-30 0000014272 bmy:YervoyMember 2018-01-01 2018-06-30 0000014272 bmy:EliquisMember 2019-04-01 2019-06-30 0000014272 bmy:OpdivoMember 2019-01-01 2019-06-30 0000014272 bmy:OtherRegionMember 2019-04-01 2019-06-30 0000014272 us-gaap:EuropeanUnionMember 2019-04-01 2019-06-30 0000014272 bmy:YervoyMember 2019-04-01 2019-06-30 0000014272 bmy:MatureProductsAndAllOtherMember 2019-01-01 2019-06-30 0000014272 bmy:BaracludeMember 2018-04-01 2018-06-30 0000014272 bmy:SprycelMember 2019-01-01 2019-06-30 0000014272 bmy:EliquisMember 2018-01-01 2018-06-30 0000014272 bmy:EmplicitiMember 2018-04-01 2018-06-30 0000014272 bmy:OrenciaMember 2019-04-01 2019-06-30 0000014272 bmy:OrenciaMember 2018-01-01 2018-06-30 0000014272 bmy:BaracludeMember 2019-04-01 2019-06-30 0000014272 bmy:SprycelMember 2018-04-01 2018-06-30 0000014272 bmy:EmplicitiMember 2019-04-01 2019-06-30 0000014272 us-gaap:EuropeanUnionMember 2018-01-01 2018-06-30 0000014272 bmy:BaracludeMember 2018-01-01 2018-06-30 0000014272 bmy:OtherRegionMember 2018-04-01 2018-06-30 0000014272 bmy:EmplicitiMember 2019-01-01 2019-06-30 0000014272 bmy:RestOfWorldMember 2018-04-01 2018-06-30 0000014272 country:US 2018-04-01 2018-06-30 0000014272 bmy:EmplicitiMember 2018-01-01 2018-06-30 0000014272 country:US 2018-01-01 2018-06-30 0000014272 bmy:YervoyMember 2019-01-01 2019-06-30 0000014272 bmy:EliquisMember 2019-01-01 2019-06-30 0000014272 bmy:MatureProductsAndAllOtherMember 2019-04-01 2019-06-30 0000014272 bmy:RestOfWorldMember 2018-01-01 2018-06-30 0000014272 bmy:SprycelMember 2019-04-01 2019-06-30 0000014272 bmy:YervoyMember 2018-04-01 2018-06-30 0000014272 bmy:RestOfWorldMember 2019-04-01 2019-06-30 0000014272 bmy:OpdivoMember 2018-01-01 2018-06-30 0000014272 bmy:RestOfWorldMember 2019-01-01 2019-06-30 0000014272 bmy:OrenciaMember 2019-01-01 2019-06-30 0000014272 bmy:OpdivoMember 2018-04-01 2018-06-30 0000014272 country:US 2019-04-01 2019-06-30 0000014272 us-gaap:EuropeanUnionMember 2018-04-01 2018-06-30 0000014272 us-gaap:EuropeanUnionMember 2019-01-01 2019-06-30 0000014272 bmy:MatureProductsAndAllOtherMember 2018-04-01 2018-06-30 0000014272 bmy:BaracludeMember 2019-01-01 2019-06-30 0000014272 bmy:OrenciaMember 2018-04-01 2018-06-30 0000014272 bmy:OtherRegionMember 2019-01-01 2019-06-30 0000014272 bmy:ChargebacksandcashdiscountsMember 2019-04-01 2019-06-30 0000014272 bmy:ChargebacksandcashdiscountsMember 2018-04-01 2018-06-30 0000014272 bmy:SalesRevenueGrossMember 2019-04-01 2019-06-30 0000014272 bmy:ChargebacksandcashdiscountsMember 2018-01-01 2018-06-30 0000014272 bmy:SalesRevenueGrossMember 2019-01-01 2019-06-30 0000014272 bmy:SalesRevenueGrossMember 2018-01-01 2018-06-30 0000014272 bmy:ChargebacksandcashdiscountsMember 2019-01-01 2019-06-30 0000014272 bmy:OtherrebatesreturnsdiscountsandadjustmentsMember 2019-04-01 2019-06-30 0000014272 bmy:MedicaidandMedicarerebatesMember 2018-04-01 2018-06-30 0000014272 bmy:MedicaidandMedicarerebatesMember 2018-01-01 2018-06-30 0000014272 bmy:SalesRevenueGrossMember 2018-04-01 2018-06-30 0000014272 bmy:MedicaidandMedicarerebatesMember 2019-04-01 2019-06-30 0000014272 bmy:OtherrebatesreturnsdiscountsandadjustmentsMember 2018-01-01 2018-06-30 0000014272 bmy:MedicaidandMedicarerebatesMember 2019-01-01 2019-06-30 0000014272 bmy:OtherrebatesreturnsdiscountsandadjustmentsMember 2018-04-01 2018-06-30 0000014272 bmy:OtherrebatesreturnsdiscountsandadjustmentsMember 2019-01-01 2019-06-30 0000014272 us-gaap:CollaborativeArrangementMember us-gaap:CollaborativeArrangementMember 2019-01-01 2019-06-30 0000014272 us-gaap:CollaborativeArrangementMember us-gaap:CollaborativeArrangementMember 2018-01-01 2018-06-30 0000014272 bmy:OtherrevenuesMember 2018-01-01 2018-06-30 0000014272 us-gaap:CollaborativeArrangementMember us-gaap:CollaborativeArrangementMember 2018-04-01 2018-06-30 0000014272 bmy:OtherrevenuesMember 2019-01-01 2019-06-30 0000014272 us-gaap:CollaborativeArrangementMember us-gaap:CollaborativeArrangementMember 2019-04-01 2019-06-30 0000014272 bmy:OtherrevenuesMember 2019-04-01 2019-06-30 0000014272 bmy:OtherrevenuesMember 2018-04-01 2018-06-30 0000014272 us-gaap:CollaborativeArrangementMember 2019-06-30 0000014272 us-gaap:CollaborativeArrangementMember 2018-12-31 0000014272 us-gaap:CollaborativeArrangementMember 2018-04-01 2018-06-30 0000014272 us-gaap:CollaborativeArrangementMember 2019-04-01 2019-06-30 0000014272 us-gaap:SalesRevenueNetMember us-gaap:CollaborativeArrangementMember 2019-01-01 2019-06-30 0000014272 us-gaap:CollaborativeArrangementMember 2018-01-01 2018-06-30 0000014272 us-gaap:SalesRevenueNetMember us-gaap:CollaborativeArrangementMember 2018-01-01 2018-06-30 0000014272 us-gaap:CollaborativeArrangementMember 2019-01-01 2019-06-30 0000014272 us-gaap:SalesRevenueNetMember us-gaap:CollaborativeArrangementMember 2019-04-01 2019-06-30 0000014272 us-gaap:SalesRevenueNetMember us-gaap:CollaborativeArrangementMember 2018-04-01 2018-06-30 0000014272 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2018-12-31 0000014272 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2019-06-30 0000014272 bmy:ErbituxMember 2018-04-01 2018-06-30 0000014272 bmy:ErbituxMember 2019-04-01 2019-06-30 0000014272 bmy:OtherdivestituresMember 2019-04-01 2019-06-30 0000014272 bmy:OtherdivestituresMember 2018-04-01 2018-06-30 0000014272 bmy:DiabetesbusinessMember 2018-04-01 2018-06-30 0000014272 bmy:ManufacturingFacilityinSwordsIrelandMember 2018-04-01 2018-06-30 0000014272 bmy:DiabetesbusinessMember 2019-04-01 2019-06-30 0000014272 bmy:ManufacturingFacilityinSwordsIrelandMember 2019-04-01 2019-06-30 0000014272 bmy:ManufacturingFacilityinSwordsIrelandMember 2018-01-01 2018-06-30 0000014272 bmy:ManufacturingFacilityinSwordsIrelandMember 2019-01-01 2019-06-30 0000014272 bmy:ErbituxMember 2019-01-01 2019-06-30 0000014272 bmy:OtherdivestituresMember 2019-01-01 2019-06-30 0000014272 bmy:DiabetesbusinessMember 2018-01-01 2018-06-30 0000014272 bmy:DiabetesbusinessMember 2019-01-01 2019-06-30 0000014272 bmy:OtherdivestituresMember 2018-01-01 2018-06-30 0000014272 bmy:ErbituxMember 2018-01-01 2018-06-30 0000014272 bmy:UPSAMember us-gaap:ScenarioForecastMember 2019-07-01 2019-09-30 0000014272 bmy:ANAGNIMember us-gaap:ScenarioForecastMember 2019-10-01 2019-12-31 0000014272 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember bmy:ANAGNIMember 2019-01-01 2019-06-30 0000014272 2019-01-01 2019-01-01 0000014272 2018-01-01 2018-01-01 0000014272 2019-01-01 0000014272 2018-01-01 0000014272 us-gaap:ResearchAndDevelopmentExpenseMember 2019-04-01 2019-06-30 0000014272 us-gaap:CostOfSalesMember 2018-01-01 2018-06-30 0000014272 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2018-04-01 2018-06-30 0000014272 us-gaap:OtherNonoperatingIncomeExpenseMember 2019-01-01 2019-06-30 0000014272 us-gaap:ResearchAndDevelopmentExpenseMember 2018-04-01 2018-06-30 0000014272 us-gaap:OtherNonoperatingIncomeExpenseMember 2018-01-01 2018-06-30 0000014272 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-01-01 2019-06-30 0000014272 us-gaap:CostOfSalesMember 2019-01-01 2019-06-30 0000014272 us-gaap:CostOfSalesMember 2018-04-01 2018-06-30 0000014272 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2018-01-01 2018-06-30 0000014272 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-04-01 2019-06-30 0000014272 us-gaap:OtherNonoperatingIncomeExpenseMember 2019-04-01 2019-06-30 0000014272 us-gaap:ResearchAndDevelopmentExpenseMember 2019-01-01 2019-06-30 0000014272 us-gaap:OtherNonoperatingIncomeExpenseMember 2018-04-01 2018-06-30 0000014272 us-gaap:CostOfSalesMember 2019-04-01 2019-06-30 0000014272 us-gaap:ResearchAndDevelopmentExpenseMember 2018-01-01 2018-06-30 0000014272 srt:MinimumMember 2019-01-01 2019-06-30 0000014272 srt:MaximumMember 2019-06-30 0000014272 srt:MaximumMember 2019-01-01 2019-06-30 0000014272 srt:MinimumMember 2019-06-30 0000014272 us-gaap:ForeignExchangeForwardMember 2019-01-01 2019-06-30 0000014272 us-gaap:CrossCurrencyInterestRateContractMember 2018-04-01 2018-06-30 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:CostOfSalesMember 2019-04-01 2019-06-30 0000014272 us-gaap:ForeignExchangeForwardMember 2018-01-01 2018-06-30 0000014272 us-gaap:CrossCurrencyInterestRateContractMember 2018-01-01 2018-06-30 0000014272 us-gaap:DesignatedAsHedgingInstrumentMember 2018-04-01 2018-06-30 0000014272 us-gaap:CrossCurrencyInterestRateContractMember 2019-01-01 2019-06-30 0000014272 us-gaap:CrossCurrencyInterestRateContractMember 2019-04-01 2019-06-30 0000014272 us-gaap:DesignatedAsHedgingInstrumentMember 2018-01-01 2018-06-30 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:CostOfSalesMember 2018-01-01 2018-06-30 0000014272 us-gaap:ForeignExchangeForwardMember 2019-04-01 2019-06-30 0000014272 us-gaap:ForeignExchangeForwardMember 2018-04-01 2018-06-30 0000014272 us-gaap:DesignatedAsHedgingInstrumentMember 2019-01-01 2019-06-30 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:CostOfSalesMember 2019-01-01 2019-06-30 0000014272 us-gaap:DesignatedAsHedgingInstrumentMember 2019-04-01 2019-06-30 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:CostOfSalesMember 2018-04-01 2018-06-30 0000014272 bmy:DealContingentForwardStartingInterestRateSwapContractsMember us-gaap:NondesignatedMember 2019-06-30 0000014272 bmy:A364DayTrancheMember bmy:TermLoanCreditAgreementMember 2019-06-30 0000014272 us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember 2018-12-31 0000014272 bmy:A1.600NotesDue2019MemberMember 2019-06-30 0000014272 bmy:ForwardStartingInterestRateSwapContractsMember us-gaap:NondesignatedMember 2019-06-30 0000014272 us-gaap:RevolvingCreditFacilityMember 2019-06-30 0000014272 bmy:FiveYearTrancheMember bmy:TermLoanCreditAgreementMember 2019-06-30 0000014272 us-gaap:RevolvingCreditFacilityMember bmy:A1.0BillionRevolvingCreditFacilityExpiringinJanuary2022Member 2019-06-30 0000014272 us-gaap:LondonInterbankOfferedRateLIBORMember 2019-06-30 0000014272 bmy:A19BillionSeniorUnsecuredNotesMember 2019-01-01 2019-06-30 0000014272 currency:EUR us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0000014272 currency:JPY us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000014272 bmy:A1.600NotesDue2019MemberMember 2019-01-01 2019-06-30 0000014272 bmy:A1.5BillionRevolvingCreditFacilityExpiringinJuly2024Member 2019-06-30 0000014272 bmy:A1.750NotesDue2019Member 2019-06-30 0000014272 currency:JPY us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0000014272 us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember 2019-06-30 0000014272 us-gaap:BridgeLoanMember 2019-03-31 0000014272 bmy:A1.5BillionRevolvingCreditFacilityExpiringinSeptember2023MemberMember 2019-06-30 0000014272 us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0000014272 bmy:ThreeYearTrancheMember bmy:TermLoanCreditAgreementMember 2019-06-30 0000014272 bmy:A19BillionSeniorUnsecuredNotesMember 2019-06-30 0000014272 bmy:A1.750NotesDue2019Member 2019-01-01 2019-06-30 0000014272 bmy:TermLoanCreditAgreementMember 2019-06-30 0000014272 bmy:A2.0BillionRevolvingCreditFacilityExpiringinJanuary2020Member 2019-06-30 0000014272 us-gaap:FairValueInputsLevel1Member 2018-12-31 0000014272 us-gaap:FairValueInputsLevel1Member 2019-06-30 0000014272 us-gaap:OtherAssetsMember us-gaap:FairValueInputsLevel1Member 2018-12-31 0000014272 us-gaap:FairValueInputsLevel2Member 2018-12-31 0000014272 us-gaap:FairValueInputsLevel1Member us-gaap:CommercialPaperMember 2019-06-30 0000014272 us-gaap:FairValueInputsLevel1Member us-gaap:CorporateDebtSecuritiesMember 2019-06-30 0000014272 us-gaap:OtherAssetsMember us-gaap:FairValueInputsLevel1Member 2019-06-30 0000014272 bmy:MarketableSecuritiesMember us-gaap:FairValueInputsLevel2Member 2019-06-30 0000014272 bmy:MarketableSecuritiesMember us-gaap:FairValueInputsLevel1Member 2019-06-30 0000014272 bmy:MarketableSecuritiesMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000014272 us-gaap:FairValueInputsLevel1Member us-gaap:CertificatesOfDepositMember 2018-12-31 0000014272 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateDebtSecuritiesMember 2019-06-30 0000014272 us-gaap:FairValueInputsLevel2Member 2019-06-30 0000014272 us-gaap:OtherAssetsMember us-gaap:FairValueInputsLevel2Member 2019-06-30 0000014272 us-gaap:FairValueInputsLevel1Member us-gaap:CorporateDebtSecuritiesMember 2018-12-31 0000014272 us-gaap:FairValueInputsLevel2Member us-gaap:CertificatesOfDepositMember 2019-06-30 0000014272 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateDebtSecuritiesMember 2018-12-31 0000014272 us-gaap:FairValueInputsLevel2Member us-gaap:CommercialPaperMember 2019-06-30 0000014272 bmy:MarketableSecuritiesMember us-gaap:FairValueInputsLevel1Member 2018-12-31 0000014272 us-gaap:FairValueInputsLevel1Member us-gaap:CertificatesOfDepositMember 2019-06-30 0000014272 us-gaap:FairValueInputsLevel1Member us-gaap:CommercialPaperMember 2018-12-31 0000014272 us-gaap:FairValueInputsLevel2Member us-gaap:CommercialPaperMember 2018-12-31 0000014272 us-gaap:OtherAssetsMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000014272 us-gaap:FairValueInputsLevel2Member us-gaap:CertificatesOfDepositMember 2018-12-31 0000014272 us-gaap:OtherCurrentAssetsMember 2019-06-30 0000014272 us-gaap:OtherInvestmentsMember 2018-12-31 0000014272 us-gaap:OtherAssetsMember 2019-06-30 0000014272 us-gaap:OtherAssetsMember 2018-12-31 0000014272 us-gaap:OtherCurrentAssetsMember 2018-12-31 0000014272 us-gaap:OtherInvestmentsMember 2019-06-30 0000014272 us-gaap:LiabilityMember us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000014272 us-gaap:AssetsMember us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000014272 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0000014272 us-gaap:LiabilityMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0000014272 us-gaap:LiabilityMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:NondesignatedMember 2018-12-31 0000014272 us-gaap:AssetsMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000014272 bmy:DealContingentForwardStartingInterestRateSwapContractsMember us-gaap:NondesignatedMember 2018-12-31 0000014272 us-gaap:LiabilityMember us-gaap:ForeignExchangeForwardMember us-gaap:NondesignatedMember 2018-12-31 0000014272 us-gaap:AssetsMember us-gaap:ForeignExchangeForwardMember us-gaap:NondesignatedMember 2019-06-30 0000014272 us-gaap:AssetsMember bmy:DealContingentForwardStartingInterestRateSwapContractsMember us-gaap:NondesignatedMember 2018-12-31 0000014272 us-gaap:AssetsMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0000014272 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:NondesignatedMember 2019-06-30 0000014272 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000014272 us-gaap:AssetsMember us-gaap:ForeignExchangeForwardMember us-gaap:NondesignatedMember 2018-12-31 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0000014272 us-gaap:LiabilityMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000014272 us-gaap:LiabilityMember us-gaap:ForeignExchangeForwardMember us-gaap:NondesignatedMember 2019-06-30 0000014272 us-gaap:LiabilityMember bmy:DealContingentForwardStartingInterestRateSwapContractsMember us-gaap:NondesignatedMember 2018-12-31 0000014272 us-gaap:LiabilityMember bmy:DealContingentForwardStartingInterestRateSwapContractsMember us-gaap:NondesignatedMember 2019-06-30 0000014272 us-gaap:AssetsMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000014272 us-gaap:AssetsMember bmy:DealContingentForwardStartingInterestRateSwapContractsMember us-gaap:NondesignatedMember 2019-06-30 0000014272 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0000014272 us-gaap:LiabilityMember us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0000014272 us-gaap:LiabilityMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000014272 us-gaap:AssetsMember us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0000014272 us-gaap:AssetsMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0000014272 us-gaap:CommercialPaperMember 2018-12-31 0000014272 us-gaap:CorporateDebtSecuritiesMember 2019-06-30 0000014272 us-gaap:CorporateDebtSecuritiesMember 2018-12-31 0000014272 us-gaap:CertificatesOfDepositMember 2019-06-30 0000014272 us-gaap:CertificatesOfDepositMember 2018-12-31 0000014272 us-gaap:CommercialPaperMember 2019-06-30 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:InterestExpenseMember 2018-04-01 2018-06-30 0000014272 us-gaap:InterestRateSwapMember us-gaap:CostOfSalesMember 2018-04-01 2018-06-30 0000014272 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:InterestExpenseMember 2018-01-01 2018-06-30 0000014272 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:InterestExpenseMember 2018-04-01 2018-06-30 0000014272 us-gaap:InterestRateSwapMember us-gaap:CostOfSalesMember 2018-01-01 2018-06-30 0000014272 us-gaap:InterestRateSwapMember us-gaap:InterestExpenseMember 2018-01-01 2018-06-30 0000014272 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:CostOfSalesMember 2018-01-01 2018-06-30 0000014272 us-gaap:InterestRateSwapMember us-gaap:InterestExpenseMember 2018-04-01 2018-06-30 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:InterestExpenseMember 2018-01-01 2018-06-30 0000014272 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:CostOfSalesMember 2018-04-01 2018-06-30 0000014272 us-gaap:InterestRateSwapMember 2019-06-30 0000014272 us-gaap:InterestRateSwapMember 2018-12-31 0000014272 bmy:DealContingentForwardStartingInterestRateSwapMember us-gaap:CostOfSalesMember 2019-04-01 2019-06-30 0000014272 bmy:DealContingentForwardStartingInterestRateSwapMember us-gaap:InterestExpenseMember 2019-04-01 2019-06-30 0000014272 bmy:ForwardStartingInterestRateSwapContractsMember us-gaap:CostOfSalesMember 2019-01-01 2019-06-30 0000014272 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:CostOfSalesMember 2019-04-01 2019-06-30 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:InterestExpenseMember 2019-01-01 2019-06-30 0000014272 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:InterestExpenseMember 2019-04-01 2019-06-30 0000014272 bmy:DealContingentForwardStartingInterestRateSwapMember us-gaap:InterestExpenseMember 2019-01-01 2019-06-30 0000014272 bmy:DealContingentForwardStartingInterestRateSwapMember us-gaap:CostOfSalesMember 2019-01-01 2019-06-30 0000014272 us-gaap:InterestRateSwapMember us-gaap:InterestExpenseMember 2019-01-01 2019-06-30 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:InterestExpenseMember 2019-04-01 2019-06-30 0000014272 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:CostOfSalesMember 2019-01-01 2019-06-30 0000014272 bmy:ForwardStartingInterestRateSwapContractsMember us-gaap:InterestExpenseMember 2019-01-01 2019-06-30 0000014272 bmy:ForwardStartingInterestRateSwapContractsMember us-gaap:InterestExpenseMember 2019-04-01 2019-06-30 0000014272 bmy:ForwardStartingInterestRateSwapContractsMember us-gaap:CostOfSalesMember 2019-04-01 2019-06-30 0000014272 us-gaap:InterestRateSwapMember us-gaap:CostOfSalesMember 2019-01-01 2019-06-30 0000014272 us-gaap:InterestRateSwapMember us-gaap:CostOfSalesMember 2019-04-01 2019-06-30 0000014272 us-gaap:InterestRateSwapMember us-gaap:InterestExpenseMember 2019-04-01 2019-06-30 0000014272 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:InterestExpenseMember 2019-01-01 2019-06-30 0000014272 bmy:A2.550Notesdue2022Member 2019-06-30 0000014272 bmy:FloatingRateNotesdue2020Member 2019-06-30 0000014272 bmy:FloatingRateNotesdue2022Member 2019-06-30 0000014272 bmy:A2.900Notesdue2024Member 2019-06-30 0000014272 bmy:A19BillionSeniorUnsecuredNotesMember 2019-04-01 2019-06-30 0000014272 bmy:A4.125Notesdue2039Member 2019-06-30 0000014272 bmy:A3.200Notesdue2026Member 2019-06-30 0000014272 bmy:A4.250Notesdue2049Member 2019-06-30 0000014272 bmy:A3.400Notesdue2029Member 2019-06-30 0000014272 bmy:A2.550Notesdue2021Member 2019-06-30 0000014272 us-gaap:CustomerConcentrationRiskMember 2019-06-30 0000014272 us-gaap:CustomerConcentrationRiskMember 2018-12-31 0000014272 srt:MinimumMember bmy:VehicleLeaseMember 2019-06-30 0000014272 srt:MinimumMember bmy:FacilityLeaseMember 2019-06-30 0000014272 srt:MaximumMember bmy:FacilityLeaseMember 2019-06-30 0000014272 srt:MaximumMember bmy:VehicleLeaseMember 2019-06-30 0000014272 us-gaap:TechnologyBasedIntangibleAssetsMember 2019-06-30 0000014272 us-gaap:ComputerSoftwareIntangibleAssetMember 2018-12-31 0000014272 us-gaap:LicensingAgreementsMember 2019-06-30 0000014272 us-gaap:TechnologyBasedIntangibleAssetsMember 2018-12-31 0000014272 us-gaap:LicensingAgreementsMember 2018-12-31 0000014272 us-gaap:ComputerSoftwareIntangibleAssetMember 2019-06-30 0000014272 us-gaap:InProcessResearchAndDevelopmentMember 2018-12-31 0000014272 us-gaap:InProcessResearchAndDevelopmentMember 2019-06-30 0000014272 us-gaap:InProcessResearchAndDevelopmentMember 2019-01-01 2019-03-31 0000014272 2018-01-01 2018-03-31 0000014272 srt:MaximumMember us-gaap:LicensingAgreementsMember 2019-01-01 2019-06-30 0000014272 srt:MaximumMember us-gaap:ComputerSoftwareIntangibleAssetMember 2019-01-01 2019-06-30 0000014272 srt:MinimumMember us-gaap:TechnologyBasedIntangibleAssetsMember 2019-01-01 2019-06-30 0000014272 srt:MinimumMember us-gaap:LicensingAgreementsMember 2019-01-01 2019-06-30 0000014272 srt:MinimumMember us-gaap:ComputerSoftwareIntangibleAssetMember 2019-01-01 2019-06-30 0000014272 srt:MaximumMember us-gaap:TechnologyBasedIntangibleAssetsMember 2019-01-01 2019-06-30 0000014272 us-gaap:TreasuryStockMember 2018-06-30 0000014272 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-03-31 0000014272 us-gaap:TreasuryStockMember 2018-03-31 0000014272 us-gaap:CommonStockMember 2017-12-31 0000014272 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0000014272 us-gaap:TreasuryStockMember 2017-12-31 0000014272 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0000014272 us-gaap:RetainedEarningsMember 2017-12-31 0000014272 us-gaap:TreasuryStockMember 2018-01-01 2018-03-31 0000014272 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0000014272 us-gaap:NoncontrollingInterestMember 2018-06-30 0000014272 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0000014272 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000014272 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000014272 us-gaap:TreasuryStockMember 2018-04-01 2018-06-30 0000014272 us-gaap:CommonStockMember 2018-03-31 0000014272 us-gaap:CommonStockMember 2018-06-30 0000014272 us-gaap:NoncontrollingInterestMember 2018-04-01 2018-06-30 0000014272 us-gaap:NoncontrollingInterestMember 2018-03-31 0000014272 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0000014272 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0000014272 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000014272 us-gaap:RetainedEarningsMember 2018-03-31 0000014272 us-gaap:NoncontrollingInterestMember 2017-12-31 0000014272 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-03-31 0000014272 us-gaap:RetainedEarningsMember 2018-06-30 0000014272 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000014272 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000014272 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 0000014272 us-gaap:RetainedEarningsMember 2018-01-01 0000014272 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0000014272 us-gaap:TreasuryStockMember 2018-12-31 0000014272 us-gaap:TreasuryStockMember 2019-03-31 0000014272 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000014272 us-gaap:CommonStockMember 2019-03-31 0000014272 us-gaap:CommonStockMember 2019-06-30 0000014272 us-gaap:TreasuryStockMember 2019-04-01 2019-06-30 0000014272 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0000014272 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0000014272 us-gaap:TreasuryStockMember 2019-06-30 0000014272 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000014272 us-gaap:CommonStockMember 2018-12-31 0000014272 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0000014272 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000014272 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000014272 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0000014272 us-gaap:RetainedEarningsMember 2019-01-01 0000014272 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0000014272 us-gaap:TreasuryStockMember 2019-01-01 2019-03-31 0000014272 us-gaap:NoncontrollingInterestMember 2018-12-31 0000014272 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000014272 us-gaap:NoncontrollingInterestMember 2019-03-31 0000014272 us-gaap:RetainedEarningsMember 2019-06-30 0000014272 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0000014272 us-gaap:RetainedEarningsMember 2019-03-31 0000014272 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000014272 us-gaap:RetainedEarningsMember 2018-12-31 0000014272 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000014272 us-gaap:NoncontrollingInterestMember 2019-06-30 0000014272 bmy:BristolMyersSquibbRetirementIncomePlanMember 2018-12-31 0000014272 us-gaap:ScenarioForecastMember 2019-07-01 2019-09-30 0000014272 us-gaap:PensionPlansDefinedBenefitMember 2019-04-01 2019-06-30 0000014272 us-gaap:PensionPlansDefinedBenefitMember 2018-04-01 2018-06-30 0000014272 us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-06-30 0000014272 us-gaap:PensionPlansDefinedBenefitMember 2018-01-01 2018-06-30 0000014272 bmy:EliquisProductLiabilityMember country:CA 2019-06-30 0000014272 bmy:ByettaProductLiabilityLitigationMember 2019-06-30 0000014272 bmy:BMSMember bmy:AcquisitionofCelgeneLitigationMember 2019-06-30 0000014272 bmy:AbilifyProductLiabilityMember 2019-06-30 0000014272 currency:USD bmy:PlavixAustraliaIntellectualPropertyMember 2019-06-30 0000014272 bmy:SecuritiesLitigationMember 2019-06-30 0000014272 bmy:AcquisitionofCelgeneLitigationMember 2019-06-30 0000014272 currency:AUD bmy:PlavixAustraliaIntellectualPropertyMember 2019-06-30 0000014272 bmy:CerclaMattersMember 2019-06-30 0000014272 bmy:EliquisProductLiabilityMember 2019-01-01 2019-06-30 0000014272 us-gaap:ScenarioForecastMember 2019-12-31 0000014272 2019-01-03 0000014272 us-gaap:ScenarioForecastMember 2019-10-01 2019-12-31 iso4217:EUR xbrli:pure iso4217:USD iso4217:USD xbrli:shares xbrli:shares bmy:lawsuits


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM 10-Q
___________________________
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
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 1-1136
___________________________
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)
(212546-4000
(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 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
 
New York Stock Exchange
1.750% Notes due 2035
 
New 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  x    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  x    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  x
 
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  x
APPLICABLE ONLY TO CORPORATE ISSUERS:
At June 30, 2019, there were 1,635,766,530 shares outstanding of the Registrant’s $0.10 par value common stock.
 





BRISTOL-MYERS SQUIBB COMPANY
INDEX TO FORM 10-Q
June 30, 2019
 
 
PART I—FINANCIAL INFORMATION
 
 
 
Item 1.
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
PART II—OTHER INFORMATION
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 6.
 
 
 
*
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 June 30,
 
Six Months Ended June 30,
EARNINGS
2019
 
2018
 
2019
 
2018
Net product sales
$
6,031

 
$
5,461

 
$
11,744

 
$
10,433

Alliance and other revenues
242

 
243

 
449

 
464

Total Revenues
6,273

 
5,704

 
12,193

 
10,897

 
 
 
 
 


 


Cost of products sold
1,992

 
1,625

 
3,836

 
3,209

Marketing, selling and administrative
1,076

 
1,131

 
2,082

 
2,111

Research and development
1,328

 
2,435

 
2,679

 
3,685

Other income (net)
101

 
(4
)
 
(159
)
 
(404
)
Total Expenses
4,497

 
5,187

 
8,438

 
8,601

 
 
 
 
 
 
 
 
Earnings Before Income Taxes
1,776

 
517

 
3,755

 
2,296

Provision for Income Taxes
337

 
135

 
601

 
419

Net Earnings
1,439

 
382

 
3,154

 
1,877

Noncontrolling Interest
7

 
9

 
12

 
18

Net Earnings Attributable to BMS
$
1,432

 
$
373

 
$
3,142

 
$
1,859

 
 
 
 
 
 
 
 
Earnings per Common Share
 
 
 
 
 
 
 
Basic
$
0.88

 
$
0.23

 
$
1.92

 
$
1.14

Diluted
0.87

 
0.23

 
1.92

 
1.13



CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Dollars in Millions
(UNAUDITED)

 
Three Months Ended June 30,
 
Six Months Ended June 30,
COMPREHENSIVE INCOME
2019
 
2018
 
2019
 
2018
Net Earnings
$
1,439

 
$
382

 
$
3,154

 
$
1,877

Other Comprehensive Income/(Loss), net of taxes and reclassifications to earnings:
 
 
 
 
 
 
 
Derivatives qualifying as cash flow hedges
(28
)
 
85

 
(14
)
 
66

Pension and postretirement benefits
39

 
43

 
88

 
172

Available-for-sale securities
13

 
(7
)
 
39

 
(33
)
Foreign currency translation
(1
)
 
(221
)
 
28

 
(216
)
Other Comprehensive Income/(Loss)
23

 
(100
)
 
141

 
(11
)
 
 
 
 
 
 
 
 
Comprehensive Income
1,462

 
282

 
3,295

 
1,866

Comprehensive Income Attributable to Noncontrolling Interest
7

 
9

 
12

 
18

Comprehensive Income Attributable to BMS
$
1,455

 
$
273

 
$
3,283

 
$
1,848

The accompanying notes are an integral part of these consolidated financial statements.


3




BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED BALANCE SHEETS
Dollars in Millions
(UNAUDITED)
 
ASSETS
June 30,
2019
 
December 31,
2018
Current Assets:
 
 
 
Cash and cash equivalents
$
28,404

 
$
6,911

Marketable securities
953

 
1,973

Receivables
5,667

 
5,965

Inventories
1,308

 
1,195

Prepaid expenses and other
1,384

 
1,116

Total Current Assets
37,716

 
17,160

Property, plant and equipment
4,849

 
5,027

Goodwill
6,533

 
6,538

Other intangible assets
995

 
1,091

Deferred income taxes
1,442

 
1,371

Marketable securities
994


1,775

Other assets
2,634

 
2,024

Total Assets
$
55,163

 
$
34,986

 
 
 
 
LIABILITIES
 
 
 
Current Liabilities:
 
 
 
Short-term debt obligations
$
545

 
$
1,703

Accounts payable
2,005

 
1,892

Accrued and other current liabilities
7,161

 
7,059

Total Current Liabilities
9,711

 
10,654

Income taxes payable
2,971

 
3,043

Other non-current liabilities
1,897

 
1,516

Long-term debt
24,433

 
5,646

Total Liabilities
39,012

 
20,859

 
 
 
 
Commitments and contingencies
 
 
 
 
 
 
 
EQUITY
 
 
 
Bristol-Myers Squibb Company Shareholders’ Equity:
 
 
 
Preferred stock

 

Common stock
221

 
221

Capital in excess of par value of stock
2,150

 
2,081

Accumulated other comprehensive loss
(2,621
)
 
(2,762
)
Retained earnings
35,870

 
34,065

Less cost of treasury stock
(19,571
)
 
(19,574
)
Total Bristol-Myers Squibb Company Shareholders’ Equity
16,049

 
14,031

Noncontrolling interest
102

 
96

Total Equity
16,151

 
14,127

Total Liabilities and Equity
$
55,163

 
$
34,986

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)

 
Six Months Ended June 30,
 
2019
 
2018
Cash Flows From Operating Activities:
 
 
 
Net earnings
$
3,154

 
$
1,877

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
Depreciation and amortization, net
339

 
300

Deferred income taxes
(87
)
 
(37
)
Stock-based compensation
101

 
106

Impairment charges
174

 
104

Pension settlements and amortization
126

 
104

Divestiture gains and royalties
(320
)
 
(497
)
Asset acquisition charges
25

 
85

Equity investment (gains)/losses
(246
)
 
341

Other adjustments
(14
)
 
(27
)
Changes in operating assets and liabilities:
 
 
 
Receivables
307

 
112

Inventories
28

 
(122
)
Accounts payable
156

 
(101
)
Deferred income
9

 
92

Income taxes payable
(65
)
 
216

Other
(214
)
 
(321
)
Net Cash Provided by Operating Activities
3,473

 
2,232

Cash Flows From Investing Activities:
 
 
 
Sale and maturities of marketable securities
2,288

 
1,080

Purchase of marketable securities
(437
)
 
(447
)
Capital expenditures
(395
)
 
(437
)
Divestiture and other proceeds
368

 
583

Acquisition and other payments
(49
)
 
(1,170
)
Net Cash Provided by/(Used in) Investing Activities
1,775

 
(391
)
Cash Flows From Financing Activities:
 
 
 
Short-term debt obligations, net
84

 
(546
)
Issuance of long-term debt
18,790

 

Repayment of long-term debt
(1,256
)
 
(5
)
Repurchase of common stock

 
(320
)
Dividends
(1,340
)
 
(1,307
)
Other
(39
)
 
(59
)
Net Cash Provided by/(Used in) Financing Activities
16,239

 
(2,237
)
Effect of Exchange Rates on Cash and Cash Equivalents
6

 
(26
)
Net Increase/(Decrease) in Cash and Cash Equivalents
21,493

 
(422
)
Cash and Cash Equivalents at Beginning of Period
6,911

 
5,421

Cash and Cash Equivalents at End of Period
$
28,404

 
$
4,999

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 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 at June 30, 2019 and December 31, 2018, the results of operations for the three and six months ended June 30, 2019 and 2018, and cash flows for the six months ended June 30, 2019 and 2018. 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, 2018 included in the 2018 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

The Company 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. The determination of a single segment is consistent with the financial information regularly reviewed by the chief executive officer 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 sales rebate and return accruals; legal contingencies; income taxes; and pension and postretirement benefits. Actual results may differ from estimates.

Reclassification

Certain prior period amounts were reclassified to conform to the current period presentation. Accrued liabilities, Deferred income and Income taxes payable previously presented separately in Total Current Liabilities in the consolidated balance sheets are now presented as Accrued and other current liabilities. Deferred income and Pension and other liabilities previously presented separately in Total Liabilities in the consolidated balance sheets are now presented as Other non-current liabilities.

Recently Adopted Accounting Standards

Leases

Amended guidance for lease accounting was adopted on January 1, 2019 using the modified retrospective method with the cumulative effect of the change recognized in retained earnings in the period of adoption. The new guidance requires an entity to recognize a right-of-use asset and a lease liability initially measured at the present value of future lease payments. The cumulative effect of the accounting change was not material. The Company elected the package of practical expedients upon adoption and will apply the practical expedient not to separate lease and non-lease components for new and modified leases commencing after adoption. In addition, the Company applied the short-term lease recognition exemption for leases with terms at inception not greater than 12 months. The amended guidance does not materially impact the Company’s results of operations other than recognition of the operating lease right-of-use asset and lease liability.

Goodwill Impairment Testing

Amended guidance that simplifies the recognition and measurement of a goodwill impairment loss by eliminating Step 2 of the quantitative goodwill impairment test was adopted prospectively in the first quarter of 2019. Under the amended guidance, a goodwill impairment loss is recognized for the amount by which the reporting units carrying amount, including goodwill, exceeds its fair value up to the amount of its allocated goodwill. The adoption of the amended guidance did not have an impact on the Company’s results of operations.


6




Recently Issued Accounting Standards Not Yet Adopted

Financial Instruments - Measurement of Credit Losses

In June 2016, the FASB issued amended guidance for the measurement of credit losses on financial instruments. Entities will be required to use a forward-looking estimated loss model. Available-for-sale debt security credit losses will be recognized as allowances rather than a reduction in amortized cost. The guidance is effective January 1, 2020 with early adoption permitted in 2019 on a modified retrospective approach. The amended guidance is not expected to materially impact the Company’s results of operations.

Note 2. REVENUE

The following table summarizes the disaggregation of revenue by nature:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Dollars in Millions
2019
 
2018
 
2019
 
2018
Net product sales
$
6,031

 
$
5,461

 
$
11,744

 
$
10,433

Alliance revenues
146

 
154

 
275

 
306

Other revenues
96

 
89

 
174

 
158

Total Revenues
$
6,273

 
$
5,704

 
$
12,193

 
$
10,897



The following table summarizes GTN adjustments:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Dollars in Millions
2019
 
2018
 
2019
 
2018
Gross product sales
$
8,819

 
$
7,509

 
$
16,813

 
$
14,210

GTN adjustments(a)
 
 
 
 
 
 
 
Charge-backs and cash discounts
(890
)
 
(663
)
 
(1,664
)
 
(1,246
)
Medicaid and Medicare rebates
(1,090
)
 
(765
)
 
(1,890
)
 
(1,322
)
Other rebates, returns, discounts and adjustments
(808
)
 
(620
)
 
(1,515
)
 
(1,209
)
Total GTN adjustments
(2,788
)
 
(2,048
)
 
(5,069
)
 
(3,777
)
Net product sales
$
6,031

 
$
5,461

 
$
11,744

 
$
10,433


(a)
Includes adjustments to provisions for product sales made in prior periods resulting from changes in estimates of $49 million and $127 million for the three and six months ended June 30, 2019 and $60 million and $110 million for the three and six months ended June 30, 2018, respectively.

The following table summarizes the disaggregation of revenue by product and region:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Dollars in Millions
2019
 
2018
 
2019
 
2018
Prioritized Brands
 
 
 
 
 
 
 
Opdivo
$
1,823

 
$
1,627

 
$
3,624

 
$
3,138

Eliquis
2,042

 
1,650

 
3,967

 
3,156

Orencia
778

 
711

 
1,418

 
1,304

Sprycel
544

 
535

 
1,003

 
973

Yervoy
367

 
315

 
751

 
564

Empliciti
91

 
64

 
174

 
119

 
 
 
 
 
 
 
 
Established Brands

 

 
 
 
 
Baraclude
147

 
179

 
288

 
404

Other Brands
481

 
623

 
968

 
1,239

Total Revenues
$
6,273

 
$
5,704

 
$
12,193

 
$
10,897

 
 
 
 
 
 
 
 
United States
$
3,667

 
$
3,230

 
$
7,116

 
$
6,008

Europe
1,491

 
1,408

 
2,971

 
2,814

Rest of the World
988

 
923

 
1,862

 
1,796

Other(a)
127

 
143

 
244

 
279

Total Revenues
$
6,273

 
$
5,704

 
$
12,193

 
$
10,897


(a)
Other revenues include royalties and alliance-related revenues for products not sold by the Company's regional commercial organizations.

7




Revenue recognized from performance obligations satisfied in prior periods was $117 million and $264 million for the three and six months ended June 30, 2019 and $150 million and $300 million for the three and six months ended June 30, 2018, respectively, consisting primarily of royalties for out-licensing arrangements and revised estimates for gross-to-net adjustments related to prior period sales. Contract assets were not material at June 30, 2019 and December 31, 2018.

Note 3. ALLIANCES

The Company enters into collaboration arrangements with third parties for the research, development, manufacturing and/or 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. The Company may either in-license intellectual property owned by the other party or out-license its intellectual property to the other party. These arrangements 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. The Company refers to these collaborations as alliances and its partners as alliance partners.

Selected financial information pertaining to the Company's alliances was as follows, including net product sales when the Company 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 June 30,
 
Six Months Ended June 30,
Dollars in Millions
2019
 
2018
 
2019
 
2018
Revenues from alliances:
 
 
 
 
 
 
 
Net product sales
$
2,570

 
$
2,178

 
$
4,948

 
$
4,098

Alliance revenues
146

 
154

 
275

 
306

Total Revenues
$
2,716

 
$
2,332

 
$
5,223

 
$
4,404

 
 
 
 
 
 
 
 
Payments to/(from) alliance partners:
 
 
 
 
 
 
 
Cost of products sold
$
1,080

 
$
891

 
$
2,099

 
$
1,690

Marketing, selling and administrative
(32
)
 
(28
)
 
(60
)
 
(50
)
Research and development
7

 
1,057

 
21

 
1,062

Other income (net)
(16
)
 
(16
)
 
(30
)
 
(30
)
Selected Alliance Balance Sheet information:
 
 
 
Dollars in Millions
June 30,
2019
 
December 31,
2018
Receivables - from alliance partners
$
351

 
$
395

Accounts payable - to alliance partners
1,068

 
904

Deferred income from alliances(a)
469

 
491

(a)
Includes unamortized upfront and milestone payments.

The nature and 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 Company's 2018 Form 10-K. There were no significant developments and updates related to alliances during 2019.


8




Note 4. ACQUISITIONS, DIVESTITURES AND OTHER ARRANGEMENTS

Acquisitions

IFM

In the second quarter of 2019, a $25 million milestone was achieved and paid as additional contingent consideration following the commencement of a Phase I clinical study under the STING agonist program. The additional consideration was included in Research and development expense as the IFM acquisition in 2017 was accounted for as an asset acquisition.

Divestitures

The following table summarizes proceeds, gains or losses and royalty income resulting from divestitures. Revenue and pretax earnings related to all divestitures and assets held-for-sale were not material in all periods presented (excluding divestiture gains or losses).
 
Three Months Ended June 30,
 
Proceeds(a)
 
Divestiture Losses/(Gains)
 
Royalty Income
Dollars in Millions
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Diabetes Business
$
164

 
$
155

 
$

 
$

 
$
(161
)
 
$
(165
)
Erbitux* Business
3

 
50

 

 

 

 
(50
)
Manufacturing Operations
1

 
1

 

 

 

 

Mature Brands and Other
2

 
2

 
8

 
(25
)
 
(1
)
 
(2
)
Total
$
170

 
$
208

 
$
8

 
$
(25
)
 
$
(162
)
 
$
(217
)
 
Six Months Ended June 30,
 
Proceeds(a)
 
Divestiture Losses/(Gains)
 
Royalty Income
Dollars in Millions
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Diabetes Business
$
328

 
$
243

 
$

 
$

 
$
(326
)
 
$
(327
)
Erbitux* Business
8

 
109

 

 

 

 
(97
)
Manufacturing Operations
3

 
159

 

 

 

 

Mature Brands and Other
2

 
72

 
8

 
(70
)
 
(2
)
 
(3
)
Total
$
341

 
$
583

 
$
8

 
$
(70
)
 
$
(328
)
 
$
(427
)
(a)
Includes royalties received subsequent to the related sale of the asset or business.

Assets Held-For-Sale

UPSA Business

In 2018, the Company agreed to sell its UPSA consumer health business for approximately $1.6 billion. The transaction closed in July 2019 and will result in a gain of approximately $1.2 billion in the third quarter of 2019. Assets were reclassified to assets held-for-sale as of June 30, 2019 and December 31, 2018 and included within Prepaid expenses and other. Liabilities were reclassified to liabilities related to assets held-for-sale and included within Accrued and other current liabilities.

Manufacturing Operations

In the second quarter of 2019, the Company agreed to sell its manufacturing and packaging facility in Anagni, Italy to Catalent for approximately $50 million. The transaction is expected to close by the end of 2019 subject to regulatory approvals and the satisfaction of certain other customary closing conditions and will be accounted for as a sale of a business. Catalent will provide certain manufacturing and packaging services for the Company for a period of time subsequent to closing. The business was accounted for as held-for-sale and its assets were reduced to the estimated relative fair value resulting in a $109 million impairment charge that was included in Cost of products sold. Assets were reclassified to assets held-for-sale as of June 30, 2019 and included within Prepaid expenses and other. Liabilities were reclassified to liabilities related to assets held-for-sale and included within Accrued and other current liabilities.


9




The following table summarizes the net assets held-for-sale as of June 30, 2019 and December 31, 2018.
Dollars in Millions
June 30,
2019
 
December 31,
2018
Cash and cash equivalents
$
18

 
$

Receivables
40

 
79

Inventories
94

 
81

Property, plant and equipment
229

 
187

Goodwill
132

 
127

Other
23

 
5

Assets held-for-sale
$
536

 
$
479

 
 
 
 
Accounts payable
$
31

 
$
35

Accrued and other current liabilities
81

 
78

Deferred income taxes
26

 
25

Other liabilities
25

 
14

Liabilities related to assets held-for-sale
$
163

 
$
152

 
 
 
 
Net assets held-for-sale
$
373

 
$
327



Note 5. OTHER INCOME (NET)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Dollars in Millions
2019
 
2018
 
2019
 
2018
Interest expense
$
123


$
45

 
$
168


$
91

Investment income
(119
)

(38
)
 
(175
)

(74
)
Equity investment (gains)/losses
(71
)

356

 
(246
)

341

Provision for restructuring
10


37

 
22


57

Acquisition expenses
303



 
468



Integration expenses
106

 

 
128

 

Litigation and other settlements


(1
)
 
1


(1
)
Equity in net income of affiliates


(27
)
 


(51
)
Divestiture losses/(gains)
8


(25
)
 
8


(70
)
Royalties and licensing income
(303
)

(353
)
 
(611
)

(720
)
Transition and other service fees
(2
)

(1
)
 
(4
)

(5
)
Pension and postretirement
26


(19
)
 
70


(30
)
Intangible asset impairment
15



 
15


64

Other
5


22

 
(3
)

(6
)
Other income (net)
$
101


$
(4
)
 
$
(159
)

$
(404
)


Note 6. RESTRUCTURING

In October 2016, the Company announced a restructuring plan to evolve and streamline its operating model. The majority of the charges are expected to be incurred through 2020, range between $1.5 billion to $2.0 billion and consist of employee termination benefit costs, contract termination costs, plant and equipment accelerated depreciation and impairment charges and other shutdown costs associated with early manufacturing and R&D site exits. Cash outlays in connection with these actions are expected to be approximately 40% to 50% of the total charges. Charges of approximately $1.3 billion have been recognized for these actions since the announcement. Restructuring charges are recognized upon meeting certain criteria, including finalization of committed plans, reliable estimates and discussions with local works councils in certain markets.

Employee workforce reductions were approximately 100 and 300 for the six months ended June 30, 2019 and 2018, respectively.


10




The following tables summarize the charges and activity related to the restructuring actions:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Dollars in Millions
2019
 
2018
 
2019
 
2018
Employee termination costs
$
3

 
$
26

 
$
7

 
$
35

Other termination costs
7

 
11

 
15

 
22

Provision for restructuring
10

 
37

 
22

 
57

Accelerated depreciation
32

 
31

 
63

 
52

Asset impairments
109

 

 
110

 
10

Other shutdown costs

 
2

 

 
5

Total charges
$
151

 
$
70

 
$
195

 
$
124

 
Three Months Ended June 30,
 
Six Months Ended June 30,
Dollars in Millions
2019
 
2018
 
2019
 
2018
Cost of products sold
$
122

 
$
14

 
$
134

 
$
27

Marketing, selling and administrative

 

 
1

 
1

Research and development
19

 
19

 
38

 
39

Other income (net)
10

 
37

 
22