Company Quick10K Filing
Bristol Myers Squibb
Price50.22 EPS3
Shares1,636 P/E14
MCap82,160 P/FCF14
Net Debt-6,099 EBIT6,641
TEV76,061 TEV/EBIT11
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-24
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-25
10-K 2018-12-31 Filed 2019-02-25
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-13
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-21
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-12
10-Q 2015-09-30 Filed 2015-10-27
10-Q 2015-06-30 Filed 2015-07-23
10-Q 2015-03-31 Filed 2015-04-28
10-K 2014-12-31 Filed 2015-02-13
10-Q 2014-09-30 Filed 2014-10-24
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-04-29
10-K 2013-12-31 Filed 2014-02-14
10-Q 2013-09-30 Filed 2013-10-23
10-Q 2013-06-30 Filed 2013-07-25
10-Q 2013-03-31 Filed 2013-04-25
10-K 2012-12-31 Filed 2013-02-15
10-Q 2012-09-30 Filed 2012-10-24
10-Q 2012-06-30 Filed 2012-07-25
10-Q 2012-03-31 Filed 2012-04-26
10-K 2011-12-31 Filed 2012-02-17
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-07-28
10-Q 2011-03-31 Filed 2011-04-28
10-K 2010-12-31 Filed 2011-02-18
10-Q 2010-09-30 Filed 2010-10-26
10-Q 2010-06-30 Filed 2010-07-22
10-Q 2010-03-31 Filed 2010-04-29
10-K 2009-12-31 Filed 2010-02-19
8-K 2020-06-16
8-K 2020-05-19
8-K 2020-05-07
8-K 2020-04-14
8-K 2020-03-25
8-K 2020-03-10
8-K 2020-03-05
8-K 2020-02-20
8-K 2020-02-06
8-K 2019-11-21
8-K 2019-11-20
8-K 2019-11-15
8-K 2019-11-15
8-K 2019-11-12
8-K 2019-11-07
8-K 2019-11-05
8-K 2019-11-01
8-K 2019-10-31
8-K 2019-10-30
8-K 2019-10-18
8-K 2019-10-08
8-K 2019-09-23
8-K 2019-09-11
8-K 2019-08-25
8-K 2019-07-25
8-K 2019-07-01
8-K 2019-06-28
8-K 2019-06-24
8-K 2019-06-05
8-K 2019-05-29
8-K 2019-05-24
8-K 2019-05-16
8-K 2019-05-07
8-K 2019-05-01
8-K 2019-05-01
8-K 2019-05-01
8-K 2019-04-25
8-K 2019-04-17
8-K 2019-04-12
8-K 2019-04-04
8-K 2019-03-25
8-K 2019-03-08
8-K 2019-03-08
8-K 2019-01-25
8-K 2019-01-24
8-K 2019-01-18
8-K 2019-01-03
8-K 2019-01-02
8-K 2018-12-19
8-K 2018-10-25
8-K 2018-09-14
8-K 2018-08-27
8-K 2018-07-26
8-K 2018-07-17
8-K 2018-05-01
8-K 2018-04-26
8-K 2018-03-01
8-K 2018-02-14
8-K 2018-02-05
8-K 2018-01-22
8-K 2018-01-05

BMY 10Q Quarterly Report

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, Licensing and Other Arrangements
Note 5. Other Expense/(Income), Net
Note 6. Restructuring
Note 7. Income Taxes
Note 8. (Loss)/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. Goodwill and Other Intangible Assets
Note 14. Supplemental Financial Information
Note 15. Equity
Note 16. Retirement Benefits
Note 17. Employee Stock Benefit Plans
Note 18. Legal Proceedings and Contingencies
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 5. Submission of Matters To A Vote of Security Holders.
Item 2. The Management Proposal on The Advisory Vote To Approve The Compensation of Our Named Executive Officers Was Approved Based Upon The Following Votes:
Item 4. The Shareholder Proposal on Separate Chair & Ceo Was Not Approved Based Upon The Following Votes:
Item 5. The Shareholder Proposal on Shareholder Right To Act By Written Consent Was Not Approved Based Upon The Following Votes:
Item 6. Exhibits
EX-31.A bmyex31a20200331.htm
EX-31.B bmyex31b20200331.htm
EX-32.A bmyex32a20200331.htm
EX-32.B bmyex32b20200331.htm

Bristol Myers Squibb Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
604836241202012201420172020
Assets, Equity
10.07.55.02.60.1-2.42012201420172020
Rev, G Profit, Net Income
20151162-22012201420172020
Ops, Inv, Fin

Document
false--12-31Q120200000014272BRISTOL MYERS SQUIBB COfalse0.80.02700.0220.0260.024P10Y0M0DP15Y0M0DP15Y0M0DP3Y0M0DP5Y0M0DP3Y0M0D 0000014272 2020-01-01 2020-03-31 0000014272 bmy:OperatingModel2020Member 2020-01-01 2020-03-31 0000014272 bmy:CelgeneIntegrationMember 2020-01-01 2020-03-31 0000014272 bmy:CelgeneContingentValueRightsMember 2020-01-01 2020-03-31 0000014272 bmy:A1.750Notesdue2035Member 2020-01-01 2020-03-31 0000014272 bmy:A1.000Notesdue2025Member 2020-01-01 2020-03-31 0000014272 bmy:CommonStock0.10ParValueMember 2020-01-01 2020-03-31 0000014272 bmy:BristolMyersSquibbContingentValueRightsMember 2020-01-01 2020-03-31 0000014272 2020-03-31 0000014272 bmy:AllianceandotherrevenuesMember 2020-01-01 2020-03-31 0000014272 2019-01-01 2019-03-31 0000014272 bmy:NetproductsalesMember 2020-01-01 2020-03-31 0000014272 bmy:NetproductsalesMember 2019-01-01 2019-03-31 0000014272 bmy:AllianceandotherrevenuesMember 2019-01-01 2019-03-31 0000014272 2019-12-31 0000014272 2018-12-31 0000014272 2019-03-31 0000014272 bmy:SalesRevenueGrossMember 2020-01-01 2020-03-31 0000014272 bmy:SalesRevenueGrossMember 2019-01-01 2019-03-31 0000014272 bmy:ChargebacksandcashdiscountsMember 2019-01-01 2019-03-31 0000014272 bmy:OtherrebatesreturnsdiscountsandadjustmentsMember 2020-01-01 2020-03-31 0000014272 bmy:MedicaidandMedicarerebatesMember 2019-01-01 2019-03-31 0000014272 bmy:ChargebacksandcashdiscountsMember 2020-01-01 2020-03-31 0000014272 bmy:MedicaidandMedicarerebatesMember 2020-01-01 2020-03-31 0000014272 bmy:OtherrebatesreturnsdiscountsandadjustmentsMember 2019-01-01 2019-03-31 0000014272 bmy:RevlimidMember 2019-01-01 2019-03-31 0000014272 bmy:PomalystImnovidMember 2019-01-01 2019-03-31 0000014272 country:US 2020-01-01 2020-03-31 0000014272 bmy:RestOfWorldMember 2019-01-01 2019-03-31 0000014272 bmy:MatureProductsAndAllOtherMember 2019-01-01 2019-03-31 0000014272 bmy:EliquisMember 2020-01-01 2020-03-31 0000014272 bmy:RestOfWorldMember 2020-01-01 2020-03-31 0000014272 bmy:BaracludeMember 2020-01-01 2020-03-31 0000014272 bmy:OrenciaMember 2019-01-01 2019-03-31 0000014272 bmy:AbraxaneMember 2020-01-01 2020-03-31 0000014272 bmy:YervoyMember 2020-01-01 2020-03-31 0000014272 bmy:InrebicMember 2020-01-01 2020-03-31 0000014272 bmy:RevlimidMember 2020-01-01 2020-03-31 0000014272 bmy:SprycelMember 2019-01-01 2019-03-31 0000014272 country:US 2019-01-01 2019-03-31 0000014272 bmy:AbraxaneMember 2019-01-01 2019-03-31 0000014272 bmy:PomalystImnovidMember 2020-01-01 2020-03-31 0000014272 bmy:OpdivoMember 2019-01-01 2019-03-31 0000014272 bmy:VidazaMember 2020-01-01 2020-03-31 0000014272 bmy:SprycelMember 2020-01-01 2020-03-31 0000014272 bmy:MatureProductsAndAllOtherMember 2020-01-01 2020-03-31 0000014272 bmy:BaracludeMember 2019-01-01 2019-03-31 0000014272 bmy:ReblozylMember 2019-01-01 2019-03-31 0000014272 us-gaap:EuropeanUnionMember 2020-01-01 2020-03-31 0000014272 bmy:EmplicitiMember 2020-01-01 2020-03-31 0000014272 bmy:InrebicMember 2019-01-01 2019-03-31 0000014272 bmy:OpdivoMember 2020-01-01 2020-03-31 0000014272 bmy:OtherRegionMember 2020-01-01 2020-03-31 0000014272 bmy:OrenciaMember 2020-01-01 2020-03-31 0000014272 bmy:YervoyMember 2019-01-01 2019-03-31 0000014272 bmy:VidazaMember 2019-01-01 2019-03-31 0000014272 bmy:EmplicitiMember 2019-01-01 2019-03-31 0000014272 bmy:OtherRegionMember 2019-01-01 2019-03-31 0000014272 bmy:EliquisMember 2019-01-01 2019-03-31 0000014272 bmy:ReblozylMember 2020-01-01 2020-03-31 0000014272 us-gaap:EuropeanUnionMember 2019-01-01 2019-03-31 0000014272 bmy:OtherrevenuesMember 2020-01-01 2020-03-31 0000014272 us-gaap:CollaborativeArrangementMember us-gaap:CollaborativeArrangementMember 2019-01-01 2019-03-31 0000014272 us-gaap:CollaborativeArrangementMember us-gaap:CollaborativeArrangementMember 2020-01-01 2020-03-31 0000014272 bmy:OtherrevenuesMember 2019-01-01 2019-03-31 0000014272 us-gaap:CollaborativeArrangementMember 2020-01-01 2020-03-31 0000014272 us-gaap:CollaborativeArrangementMember 2019-01-01 2019-03-31 0000014272 bmy:NetproductsalesMember us-gaap:CollaborativeArrangementMember 2020-01-01 2020-03-31 0000014272 bmy:NetproductsalesMember us-gaap:CollaborativeArrangementMember 2019-01-01 2019-03-31 0000014272 us-gaap:CollaborativeArrangementMember 2019-12-31 0000014272 us-gaap:CollaborativeArrangementMember 2020-03-31 0000014272 bmy:ErbituxMember 2019-01-01 2019-03-31 0000014272 bmy:OtherdivestituresMember 2020-01-01 2020-03-31 0000014272 bmy:ErbituxMember 2020-01-01 2020-03-31 0000014272 bmy:DiabetesbusinessMember 2020-01-01 2020-03-31 0000014272 bmy:OtherdivestituresMember 2019-01-01 2019-03-31 0000014272 bmy:AvaproAvalideAndPlavixMember 2019-01-01 2019-03-31 0000014272 us-gaap:ManufacturingFacilityMember 2019-01-01 2019-03-31 0000014272 bmy:DiabetesbusinessMember 2019-01-01 2019-03-31 0000014272 us-gaap:ManufacturingFacilityMember 2020-01-01 2020-03-31 0000014272 bmy:AvaproAvalideAndPlavixMember 2020-01-01 2020-03-31 0000014272 us-gaap:OtherNonoperatingIncomeExpenseMember bmy:CelgeneIntegrationMember 2020-01-01 2020-03-31 0000014272 bmy:OperatingModel2020Member 2019-01-01 2019-03-31 0000014272 srt:MaximumMember bmy:OperatingModel2020Member 2020-01-01 2020-03-31 0000014272 srt:MinimumMember bmy:CelgeneIntegrationMember 2020-03-31 0000014272 srt:MaximumMember bmy:OperatingModel2020Member 2020-03-31 0000014272 srt:MaximumMember bmy:CelgeneIntegrationMember 2020-03-31 0000014272 bmy:CelgeneIntegrationMember 2020-03-31 0000014272 bmy:OperatingModel2020Member 2020-03-31 0000014272 srt:MinimumMember bmy:OperatingModel2020Member 2020-01-01 2020-03-31 0000014272 srt:MinimumMember bmy:OperatingModel2020Member 2020-03-31 0000014272 bmy:AcceleratedStockBasedCompensationMember bmy:CelgeneIntegrationMember 2020-01-01 2020-03-31 0000014272 bmy:CelgeneIntegrationMember 2020-01-01 0000014272 us-gaap:CostOfSalesMember bmy:OperatingModel2020Member 2020-01-01 2020-03-31 0000014272 us-gaap:ResearchAndDevelopmentExpenseMember bmy:OperatingModel2020Member 2019-01-01 2019-03-31 0000014272 us-gaap:SellingGeneralAndAdministrativeExpensesMember bmy:OperatingModel2020Member 2020-01-01 2020-03-31 0000014272 us-gaap:OtherNonoperatingIncomeExpenseMember bmy:OperatingModel2020Member 2020-01-01 2020-03-31 0000014272 us-gaap:ResearchAndDevelopmentExpenseMember bmy:OperatingModel2020Member 2020-01-01 2020-03-31 0000014272 us-gaap:CostOfSalesMember bmy:OperatingModel2020Member 2019-01-01 2019-03-31 0000014272 us-gaap:OtherNonoperatingIncomeExpenseMember bmy:OperatingModel2020Member 2019-01-01 2019-03-31 0000014272 us-gaap:SellingGeneralAndAdministrativeExpensesMember bmy:OperatingModel2020Member 2019-01-01 2019-03-31 0000014272 bmy:OperatingModel2020Member 2020-01-01 0000014272 bmy:OperatingModel2020Member 2019-01-01 2019-01-01 0000014272 bmy:OperatingModel2020Member 2020-01-01 2020-01-01 0000014272 bmy:OperatingModel2020Member 2019-12-31 0000014272 bmy:OperatingModel2020Member 2019-03-31 0000014272 bmy:OperatingModel2020Member 2019-01-01 0000014272 bmy:OperatingModel2020Member 2018-12-31 0000014272 srt:MinimumMember 2020-03-31 0000014272 srt:MaximumMember 2020-03-31 0000014272 us-gaap:FairValueInputsLevel3Member 2020-01-01 2020-03-31 0000014272 us-gaap:FairValueInputsLevel3Member 2020-01-01 0000014272 us-gaap:FairValueInputsLevel3Member 2020-03-31 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:CostOfSalesMember 2020-01-01 2020-03-31 0000014272 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:CostOfSalesMember 2020-01-01 2020-03-31 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:OtherIncomeMember 2020-01-01 2020-03-31 0000014272 us-gaap:InterestRateSwapMember us-gaap:CostOfSalesMember 2020-01-01 2020-03-31 0000014272 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:OtherIncomeMember 2020-01-01 2020-03-31 0000014272 us-gaap:ForeignExchangeContractMember us-gaap:OtherIncomeMember 2020-01-01 2020-03-31 0000014272 us-gaap:InterestRateSwapMember us-gaap:OtherIncomeMember 2020-01-01 2020-03-31 0000014272 us-gaap:ForeignExchangeContractMember us-gaap:CostOfSalesMember 2020-01-01 2020-03-31 0000014272 us-gaap:OtherAssetsMember 2019-12-31 0000014272 bmy:MarketabledebtsecuritiescurrentMember 2020-03-31 0000014272 bmy:MarketabledebtsecuritiescurrentMember 2019-12-31 0000014272 bmy:MarketabledebtsecuritiesnoncurrentMember 2019-12-31 0000014272 us-gaap:OtherAssetsMember 2020-03-31 0000014272 bmy:MarketabledebtsecuritiesnoncurrentMember 2020-03-31 0000014272 us-gaap:FairValueInputsLevel1Member 2019-12-31 0000014272 us-gaap:FairValueInputsLevel2Member 2020-03-31 0000014272 us-gaap:FairValueInputsLevel2Member us-gaap:CommercialPaperMember 2019-12-31 0000014272 bmy:ContingentValueRightsMember us-gaap:FairValueInputsLevel2Member 2020-03-31 0000014272 us-gaap:OtherAssetsMember us-gaap:FairValueInputsLevel2Member 2020-03-31 0000014272 bmy:ContingentValueRightsMember us-gaap:FairValueInputsLevel1Member 2020-03-31 0000014272 us-gaap:FairValueInputsLevel3Member 2019-12-31 0000014272 us-gaap:FairValueInputsLevel1Member 2020-03-31 0000014272 us-gaap:FairValueInputsLevel3Member us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0000014272 us-gaap:FairValueInputsLevel1Member us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0000014272 us-gaap:OtherAssetsMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0000014272 us-gaap:FairValueInputsLevel3Member us-gaap:CorporateDebtSecuritiesMember 2020-03-31 0000014272 us-gaap:FairValueInputsLevel2Member 2019-12-31 0000014272 us-gaap:FairValueInputsLevel2Member us-gaap:CertificatesOfDepositMember 2020-03-31 0000014272 bmy:ContingentValueRightsMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0000014272 us-gaap:OtherAssetsMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0000014272 us-gaap:OtherAssetsMember us-gaap:FairValueInputsLevel3Member 2020-03-31 0000014272 us-gaap:FairValueInputsLevel1Member us-gaap:CommercialPaperMember 2020-03-31 0000014272 us-gaap:FairValueInputsLevel2Member us-gaap:CertificatesOfDepositMember 2019-12-31 0000014272 us-gaap:FairValueInputsLevel1Member us-gaap:CorporateDebtSecuritiesMember 2020-03-31 0000014272 us-gaap:FairValueInputsLevel2Member us-gaap:CommercialPaperMember 2020-03-31 0000014272 us-gaap:OtherAssetsMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0000014272 us-gaap:FairValueInputsLevel3Member us-gaap:CommercialPaperMember 2020-03-31 0000014272 bmy:ContingentValueRightsMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0000014272 bmy:ContingentValueRightsMember us-gaap:FairValueInputsLevel3Member 2020-03-31 0000014272 us-gaap:FairValueInputsLevel3Member us-gaap:CertificatesOfDepositMember 2020-03-31 0000014272 us-gaap:FairValueInputsLevel3Member us-gaap:CertificatesOfDepositMember 2019-12-31 0000014272 us-gaap:OtherAssetsMember us-gaap:FairValueInputsLevel1Member 2020-03-31 0000014272 us-gaap:FairValueInputsLevel1Member us-gaap:CertificatesOfDepositMember 2020-03-31 0000014272 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0000014272 us-gaap:FairValueInputsLevel1Member us-gaap:CertificatesOfDepositMember 2019-12-31 0000014272 us-gaap:FairValueInputsLevel1Member us-gaap:CommercialPaperMember 2019-12-31 0000014272 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateDebtSecuritiesMember 2020-03-31 0000014272 us-gaap:FairValueInputsLevel3Member us-gaap:CommercialPaperMember 2019-12-31 0000014272 bmy:ContingentValueRightsMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0000014272 us-gaap:AssetsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2019-12-31 0000014272 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000014272 us-gaap:AssetsMember us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000014272 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000014272 us-gaap:LiabilityMember us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000014272 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2020-03-31 0000014272 us-gaap:LiabilityMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2020-03-31 0000014272 us-gaap:AssetsMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000014272 us-gaap:AssetsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2020-03-31 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:NondesignatedMember 2019-12-31 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000014272 us-gaap:AssetsMember us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000014272 us-gaap:LiabilityMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000014272 us-gaap:LiabilityMember us-gaap:ForeignExchangeForwardMember us-gaap:NondesignatedMember 2020-03-31 0000014272 us-gaap:LiabilityMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000014272 us-gaap:LiabilityMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2019-12-31 0000014272 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:NondesignatedMember 2020-03-31 0000014272 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2019-12-31 0000014272 us-gaap:LiabilityMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000014272 us-gaap:AssetsMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000014272 us-gaap:LiabilityMember us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000014272 us-gaap:AssetsMember us-gaap:ForeignExchangeForwardMember us-gaap:NondesignatedMember 2020-03-31 0000014272 us-gaap:AssetsMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000014272 us-gaap:AssetsMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000014272 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000014272 us-gaap:LiabilityMember us-gaap:ForeignExchangeForwardMember us-gaap:NondesignatedMember 2019-12-31 0000014272 us-gaap:AssetsMember us-gaap:ForeignExchangeForwardMember us-gaap:NondesignatedMember 2019-12-31 0000014272 us-gaap:LiabilityMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:CostOfSalesMember 2019-01-01 2019-03-31 0000014272 us-gaap:ForeignExchangeForwardMember 2019-01-01 2019-03-31 0000014272 us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-03-31 0000014272 us-gaap:ForeignExchangeForwardMember 2020-01-01 2020-03-31 0000014272 us-gaap:DesignatedAsHedgingInstrumentMember 2019-01-01 2019-03-31 0000014272 us-gaap:CrossCurrencyInterestRateContractMember 2020-01-01 2020-03-31 0000014272 us-gaap:CrossCurrencyInterestRateContractMember 2019-01-01 2019-03-31 0000014272 us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember 2020-03-31 0000014272 bmy:A1.600NotesDue2019Member 2019-01-01 2019-03-31 0000014272 bmy:A1.600NotesDue2019Member 2019-03-31 0000014272 currency:JPY us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000014272 us-gaap:RevolvingCreditFacilityMember bmy:A1.0BillionRevolvingCreditFacilityExpiringinJanuary2022Member 2020-03-31 0000014272 bmy:A2.0BillionRevolvingCreditFacilityExpiringinJanuary2020Member 2020-03-31 0000014272 currency:JPY us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000014272 us-gaap:RevolvingCreditFacilityMember 2020-03-31 0000014272 us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember 2019-12-31 0000014272 bmy:A1.750NotesDue2019Member 2019-03-31 0000014272 bmy:A1.5BillionRevolvingCreditFacilityExpiringinJuly2024Member 2020-03-31 0000014272 currency:EUR us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000014272 us-gaap:LondonInterbankOfferedRateLIBORMember 2020-03-31 0000014272 bmy:A1.750NotesDue2019Member 2019-01-01 2019-03-31 0000014272 us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000014272 bmy:A1.5BillionRevolvingCreditFacilityExpiringinSeptember2023MemberMember 2020-03-31 0000014272 us-gaap:CertificatesOfDepositMember 2020-03-31 0000014272 us-gaap:CorporateDebtSecuritiesMember 2020-03-31 0000014272 us-gaap:CommercialPaperMember 2020-03-31 0000014272 us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0000014272 us-gaap:CertificatesOfDepositMember 2019-12-31 0000014272 us-gaap:CommercialPaperMember 2019-12-31 0000014272 us-gaap:InterestRateSwapMember 2020-03-31 0000014272 us-gaap:InterestRateSwapMember 2019-12-31 0000014272 bmy:ForwardStartingInterestRateSwapContractsMember us-gaap:CostOfSalesMember 2019-01-01 2019-03-31 0000014272 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:OtherIncomeMember 2019-01-01 2019-03-31 0000014272 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:CostOfSalesMember 2019-01-01 2019-03-31 0000014272 us-gaap:InterestRateSwapMember us-gaap:CostOfSalesMember 2019-01-01 2019-03-31 0000014272 us-gaap:ForeignExchangeForwardMember us-gaap:OtherIncomeMember 2019-01-01 2019-03-31 0000014272 bmy:ForwardStartingInterestRateSwapContractsMember us-gaap:OtherIncomeMember 2019-01-01 2019-03-31 0000014272 us-gaap:InterestRateSwapMember us-gaap:OtherIncomeMember 2019-01-01 2019-03-31 0000014272 srt:MinimumMember us-gaap:MeasurementInputDiscountRateMember 2020-03-31 0000014272 srt:WeightedAverageMember bmy:ProbabilityofpaymentMember 2020-03-31 0000014272 srt:WeightedAverageMember us-gaap:MeasurementInputDiscountRateMember 2020-03-31 0000014272 srt:MinimumMember bmy:ProbabilityofpaymentMember 2020-03-31 0000014272 srt:MaximumMember us-gaap:MeasurementInputDiscountRateMember 2020-03-31 0000014272 srt:MaximumMember bmy:ProbabilityofpaymentMember 2020-03-31 0000014272 us-gaap:CustomerConcentrationRiskMember 2020-03-31 0000014272 us-gaap:CustomerConcentrationRiskMember 2019-12-31 0000014272 bmy:InventorypurchasepricefairvalueadjustmentMember 2020-03-31 0000014272 bmy:InventorypurchasepricefairvalueadjustmentMember 2019-12-31 0000014272 srt:ScenarioForecastMember 2020-04-01 2020-06-30 0000014272 us-gaap:TechnologyBasedIntangibleAssetsMember 2020-03-31 0000014272 us-gaap:TechnologyBasedIntangibleAssetsMember 2019-12-31 0000014272 us-gaap:InProcessResearchAndDevelopmentMember 2019-12-31 0000014272 us-gaap:InProcessResearchAndDevelopmentMember 2020-03-31 0000014272 us-gaap:LicensingAgreementsMember 2019-12-31 0000014272 us-gaap:ComputerSoftwareIntangibleAssetMember 2019-12-31 0000014272 us-gaap:LicensingAgreementsMember 2020-03-31 0000014272 us-gaap:ComputerSoftwareIntangibleAssetMember 2020-03-31 0000014272 srt:MinimumMember us-gaap:TechnologyBasedIntangibleAssetsMember 2020-01-01 2020-03-31 0000014272 srt:MinimumMember us-gaap:LicensingAgreementsMember 2020-01-01 2020-03-31 0000014272 srt:MaximumMember us-gaap:LicensingAgreementsMember 2020-01-01 2020-03-31 0000014272 srt:MinimumMember us-gaap:ComputerSoftwareIntangibleAssetMember 2020-01-01 2020-03-31 0000014272 srt:MaximumMember us-gaap:ComputerSoftwareIntangibleAssetMember 2020-01-01 2020-03-31 0000014272 srt:MaximumMember us-gaap:TechnologyBasedIntangibleAssetsMember 2020-01-01 2020-03-31 0000014272 bmy:ContingentValueRightsMember 2020-03-31 0000014272 bmy:ContingentValueRightsMember 2019-12-31 0000014272 2020-01-01 0000014272 us-gaap:NoncontrollingInterestMember 2018-12-31 0000014272 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0000014272 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000014272 us-gaap:CommonStockMember 2018-12-31 0000014272 us-gaap:TreasuryStockMember 2019-01-01 2019-03-31 0000014272 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000014272 us-gaap:CommonStockMember 2019-03-31 0000014272 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0000014272 us-gaap:NoncontrollingInterestMember 2019-03-31 0000014272 us-gaap:RetainedEarningsMember 2019-01-01 0000014272 us-gaap:RetainedEarningsMember 2019-03-31 0000014272 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0000014272 us-gaap:TreasuryStockMember 2018-12-31 0000014272 us-gaap:RetainedEarningsMember 2018-12-31 0000014272 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000014272 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000014272 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 2019-01-01 0000014272 us-gaap:TreasuryStockMember 2019-03-31 0000014272 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0000014272 us-gaap:TreasuryStockMember 2020-01-01 2020-03-31 0000014272 us-gaap:TreasuryStockMember 2019-12-31 0000014272 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0000014272 us-gaap:RetainedEarningsMember 2019-12-31 0000014272 us-gaap:NoncontrollingInterestMember 2020-03-31 0000014272 us-gaap:CommonStockMember 2020-03-31 0000014272 us-gaap:CommonStockMember 2019-12-31 0000014272 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0000014272 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000014272 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-03-31 0000014272 us-gaap:NoncontrollingInterestMember 2019-12-31 0000014272 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0000014272 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0000014272 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0000014272 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000014272 us-gaap:TreasuryStockMember 2020-03-31 0000014272 us-gaap:RetainedEarningsMember 2020-03-31 0000014272 us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-03-31 0000014272 us-gaap:PensionPlansDefinedBenefitMember 2020-01-01 2020-03-31 0000014272 us-gaap:PensionPlansDefinedBenefitMember 2020-03-31 0000014272 us-gaap:PensionPlansDefinedBenefitMember 2019-12-31 0000014272 bmy:MarketShareUnitsMember 2020-01-01 2020-03-31 0000014272 us-gaap:PerformanceSharesMember 2020-01-01 2020-03-31 0000014272 us-gaap:RestrictedStockUnitsRSUMember 2020-01-01 2020-03-31 0000014272 bmy:CelgeneMember 2020-01-01 2020-03-31 0000014272 us-gaap:EmployeeStockOptionMember bmy:CelgeneMember bmy:ContingentValueRightsMember 2020-01-01 2020-03-31 0000014272 us-gaap:PerformanceSharesMember 2020-03-31 0000014272 bmy:MarketShareUnitsMember 2020-03-31 0000014272 us-gaap:EmployeeStockOptionMember 2020-03-31 0000014272 us-gaap:RestrictedStockUnitsRSUMember 2020-03-31 0000014272 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-03-31 0000014272 us-gaap:ResearchAndDevelopmentExpenseMember 2020-01-01 2020-03-31 0000014272 us-gaap:ResearchAndDevelopmentExpenseMember 2019-01-01 2019-03-31 0000014272 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2020-01-01 2020-03-31 0000014272 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-01-01 2019-03-31 0000014272 us-gaap:CostOfSalesMember 2019-01-01 2019-03-31 0000014272 us-gaap:CostOfSalesMember 2020-01-01 2020-03-31 0000014272 us-gaap:OtherIncomeMember 2019-01-01 2019-03-31 0000014272 us-gaap:OtherIncomeMember 2020-01-01 2020-03-31 0000014272 bmy:AntiPD1AntibodyLitigationMember 2020-01-01 2020-03-31 0000014272 bmy:CARTKiteLitigationMember us-gaap:RoyaltyMember 2020-03-31 0000014272 bmy:CerclaMattersMember 2020-03-31 0000014272 bmy:SecuritiesLitigationMember 2020-03-31 0000014272 bmy:EliquisPatentLitigationMember 2020-01-01 2020-03-31 0000014272 currency:USD bmy:PlavixAustraliaIntellectualPropertyMember 2020-03-31 0000014272 currency:AUD bmy:PlavixAustraliaIntellectualPropertyMember 2020-03-31 0000014272 bmy:AbilifyProductLiabilityMember 2020-03-31 0000014272 bmy:ByettaProductLiabilityLitigationMember 2020-03-31 0000014272 bmy:CARTKiteLitigationMember bmy:UpfrontmilestoneandotherlicensingreceiptsMember 2020-03-31 iso4217:USD bmy:percentage iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:shares bmy:lawsuits


 
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 March 31, 2020
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)
(212546-4000
(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
BMY25
New York Stock Exchange
1.750% Notes due 2035
BMY35
New York Stock Exchange
Bristol-Myers Squibb Contingent Value Rights
BMY RT
New York Stock Exchange
Celgene Contingent Value Rights
CELG RT
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      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 March 31, 2020, there were 2,262,689,755 shares outstanding of the Registrant’s $0.10 par value common stock.
 




BRISTOL-MYERS SQUIBB COMPANY
INDEX TO FORM 10-Q
March 31, 2020
*
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 March 31,
EARNINGS
2020
 
2019
Net product sales
$
10,541

 
$
5,713

Alliance and other revenues
240

 
207

Total Revenues
10,781

 
5,920

 
 
 
 
Cost of products sold(a)
3,662

 
1,824

Marketing, selling and administrative
1,606

 
1,006

Research and development
2,372

 
1,348

Amortization of acquired intangible assets
2,282

 
24

Other expense/(income), net
1,163

 
(261
)
Total Expenses
11,085

 
3,941

 
 
 
 
(Loss)/Earnings Before Income Taxes
(304
)
 
1,979

Provision for Income Taxes
462

 
264

Net (Loss)/Earnings
(766
)
 
1,715

Noncontrolling Interest
9

 
5

Net (Loss)/Earnings Attributable to BMS
$
(775
)
 
$
1,710

 
 
 
 
(Loss)/Earnings per Common Share
 
 
 
Basic
$
(0.34
)
 
$
1.05

Diluted
(0.34
)
 
1.04

(a)
Excludes amortization of acquired intangible assets.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME
Dollars in Millions
(UNAUDITED)

 
Three Months Ended March 31,
COMPREHENSIVE (LOSS)/INCOME
2020
 
2019
Net (Loss)/Earnings
$
(766
)
 
$
1,715

Other Comprehensive (Loss)/Income, net of taxes and reclassifications to earnings:
 
 
 
Derivatives qualifying as cash flow hedges
70

 
14

Pension and postretirement benefits
16

 
49

Available-for-sale debt securities
1

 
26

Foreign currency translation
(116
)
 
29

Other Comprehensive (Loss)/Income
(29
)
 
118

 
 
 
 
Comprehensive (Loss)/Income
(795
)
 
1,833

Comprehensive Income Attributable to Noncontrolling Interest
9

 
5

Comprehensive (Loss)/Income Attributable to BMS
$
(804
)
 
$
1,828

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
March 31,
2020
 
December 31,
2019
Current Assets:
 
 
 
Cash and cash equivalents
$
15,817

 
$
12,346

Marketable debt securities
2,505

 
3,047

Receivables
8,290

 
7,685

Inventories
2,836

 
4,293

Other current assets
2,405

 
1,983

Total Current Assets
31,853

 
29,354

Property, plant and equipment
6,112

 
6,252

Goodwill
22,452

 
22,488

Other intangible assets
61,666

 
63,969

Deferred income taxes
605

 
510

Marketable debt securities
651


767

Other non-current assets
5,946

 
6,604

Total Assets
$
129,285

 
$
129,944

 
 
 
 
LIABILITIES
 
 
 
Current Liabilities:
 
 
 
Short-term debt obligations
$
3,862

 
$
3,346

Accounts payable
3,069

 
2,445

Other current liabilities
12,301

 
12,513

Total Current Liabilities
19,232

 
18,304

Deferred income taxes
6,531

 
6,454

Long-term debt
42,844

 
43,387

Other non-current liabilities
10,701

 
10,101

Total Liabilities
79,308

 
78,246

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

 

Common stock
292

 
292

Capital in excess of par value of stock
43,254

 
43,709

Accumulated other comprehensive loss
(1,549
)
 
(1,520
)
Retained earnings
32,671

 
34,474

Less cost of treasury stock
(24,757
)
 
(25,357
)
Total Bristol-Myers Squibb Company Shareholders’ Equity
49,911

 
51,598

Noncontrolling interest
66

 
100

Total Equity
49,977

 
51,698

Total Liabilities and Equity
$
129,285

 
$
129,944

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)

 
Three Months Ended March 31,
 
2020
 
2019
Cash Flows From Operating Activities:
 
 
 
Net (loss)/earnings
$
(766
)
 
$
1,715

Adjustments to reconcile net (loss)/earnings to net cash provided by operating activities:
 
 
 
Depreciation and amortization, net
2,477

 
170

Deferred income taxes
(53
)
 
78

Stock-based compensation
210

 
53

Impairment charges
53

 
45

Pension settlements and amortization
11

 
66

Divestiture gains and royalties
(173
)
 
(166
)
Equity investment losses/(gains)
339

 
(175
)
Contingent consideration fair value adjustments
556

 

Other adjustments
(42
)
 
(6
)
Changes in operating assets and liabilities:
 
 
 
Receivables
(743
)
 
236

Inventories
1,448

 
35

Accounts payable
703

 
136

Income taxes payable
229

 
120

Other
(355
)
 
(917
)
Net Cash Provided by Operating Activities
3,894

 
1,390

Cash Flows From Investing Activities:
 
 
 
Sale and maturities of marketable debt securities
1,394

 
1,211

Purchase of marketable debt securities
(735
)
 
(242
)
Capital expenditures
(186
)
 
(204
)
Divestiture and other proceeds
205

 
310

Acquisition and other payments, net of cash acquired
(25
)
 
(15
)
Net Cash Provided by Investing Activities
653

 
1,060

Cash Flows From Financing Activities:
 
 
 
Short-term debt obligations, net
26

 
(73
)
Repayment of long-term debt

 
(1,250
)
Repurchase of common stock
(81
)
 

Dividends
(1,017
)
 
(669
)
Other
18

 
(37
)
Net Cash Used in Financing Activities
(1,054
)
 
(2,029
)
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash
(67
)
 
3

Increase in Cash, Cash Equivalents and Restricted Cash
3,426

 
424

Cash, Cash Equivalents and Restricted Cash at Beginning of Period
12,820

 
6,911

Cash, Cash Equivalents and Restricted Cash at End of Period
$
16,246

 
$
7,335

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 March 31, 2020 and December 31, 2019 and the results of operations and cash flows for the three months ended March 31, 2020 and 2019. All intercompany balances and transactions have been eliminated. BMS's consolidated financial statements include the assets, liabilities, operating results and cash flows of Celgene from the date of acquisition on November 20, 2019. These financial statements and the related notes should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019 included in the 2019 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 business combinations; impairments of intangible assets; sales rebate and return accruals; legal contingencies; and income taxes. Actual results may differ from estimates.

Reclassifications

Certain reclassifications were made to conform the prior period interim consolidated financial statements to the current period presentation.

Recently Adopted Accounting Standards

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. BMS adopted the amended guidance on a modified retrospective approach on January 1, 2020. The amended guidance did not impact BMS’s results of operations.

Note 2. REVENUE

The following table summarizes the disaggregation of revenue by nature:
 
Three Months Ended March 31,
Dollars in Millions
2020
 
2019
Net product sales
$
10,541

 
$
5,713

Alliance revenues
105

 
129

Other revenues
135

 
78

Total Revenues
$
10,781

 
$
5,920



6




The following table summarizes GTN adjustments:
 
Three Months Ended March 31,
Dollars in Millions
2020
 
2019
Gross product sales
$
14,686

 
$
7,994

GTN adjustments(a)
 
 
 
Charge-backs and cash discounts
(1,340
)
 
(774
)
Medicaid and Medicare rebates
(1,498
)
 
(800
)
Other rebates, returns, discounts and adjustments
(1,307
)
 
(707
)
Total GTN adjustments
(4,145
)
 
(2,281
)
Net product sales
$
10,541

 
$
5,713


(a)
Includes adjustments for provisions for product sales made in prior periods resulting from changes in estimates of $72 million and $78 million for the three months ended March 31, 2020 and 2019, respectively.

The following table summarizes the disaggregation of revenue by product and region:
 
Three Months Ended March 31,
Dollars in Millions
2020
 
2019
Prioritized Brands
 
 
 
Revlimid
$
2,915

 
$

Eliquis
2,641

 
1,925

Opdivo
1,766

 
1,801

Orencia
714

 
640

Pomalyst/Imnovid
713

 

Sprycel
521

 
459

Yervoy
396

 
384

Abraxane
300

 

Empliciti
97

 
83

Reblozyl
8

 

Inrebic
12

 

 
 
 
 
Established Brands
 
 
 
Baraclude
122

 
141

Vidaza
158

 

Other Brands(a)
418

 
487

Total Revenues
$
10,781

 
$
5,920

 
 
 
 
United States
$
6,766

 
$
3,449

Europe
2,567

 
1,480

Rest of the World
1,335

 
874

Other(b)
113

 
117

Total Revenues
$
10,781

 
$
5,920


(a)
Includes BMS and Celgene products in 2020.
(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 $130 million and $147 million for the three months ended March 31, 2020 and 2019, respectively, consisting primarily of royalties for out-licensing arrangements and revised estimates for GTN adjustments related to prior period sales. Contract assets were not material at March 31, 2020 and December 31, 2019.

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.

7




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 March 31,
Dollars in Millions
2020
 
2019
Revenues from alliances:
 
 
 
Net product sales
$
2,723

 
$
2,378

Alliance revenues
105

 
129

Total Revenues
$
2,828

 
$
2,507

 
 
 
 
Payments to/(from) alliance partners:
 
 
 
Cost of products sold
$
1,306

 
$
1,019

Marketing, selling and administrative
(40
)
 
(28
)
Research and development
46

 
14

Other expense/(income), net
(15
)
 
(14
)
Dollars in Millions
March 31,
2020
 
December 31,
2019
Selected Alliance Balance Sheet information:
 
 
 
Receivables – from alliance partners
$
309

 
$
347

Accounts payable – to alliance partners
1,284

 
1,026

Deferred income from alliances(a)
432

 
431

(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 2019 Form 10-K. Significant developments and updates related to alliances during the three months ended March 31, 2020 are set forth below.

Otsuka

Otsuka is no longer co-promoting Sprycel in the U.S. and the EU in 2020 and as a result, this arrangement is no longer considered a collaboration under ASC 808. Revenues earned and fees paid to Otsuka in the Oncology Territory in 2020 are not included in the table above.

Note 4. ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS

Acquisitions

Business Combination

Celgene

On November 20, 2019, BMS completed the Celgene acquisition. The acquisition is expected to further position BMS as a leading biopharmaceutical company for sustained innovation and long-term growth and to address the needs of patients with cancer, inflammatory, immunologic or cardiovascular diseases through high-value innovative medicines and leading scientific capabilities. The transaction was accounted for as a business combination, which requires that assets acquired and liabilities assumed be recognized at their fair value as of the acquisition date. The purchase price allocation is preliminary and subject to change, including the valuation of inventory, property, plant and equipment, intangible assets, income taxes and legal contingencies among other items. The amounts recognized will be finalized as the information necessary to complete the analysis is obtained, but no later than one year after the acquisition date. Measurement period adjustments increased goodwill by $22 million in the first quarter of 2020 due to purchase price allocation increases of $58 million to equity investments and $30 million to legal contingency liabilities, net of deferred income taxes.


8




Divestitures

The following table summarizes the financial impact of divestitures including royalties, which are included in Other expense/(income), net. 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 March 31,
 
Net Proceeds(a)
 
Divestiture Gains
 
Royalty Income
Dollars in Millions
2020
 
2019
 
2020
 
2019
 
2020
 
2019
Diabetes Business
$
153

 
$
164

 
$

 
$

 
$
(127
)
 
$
(165
)
Erbitux*
4

 
5

 

 

 

 

Manufacturing Operations

 
2

 
(1
)
 

 

 

Plavix* and Avapro*/Avalide*
7

 

 
(12
)
 

 

 

Mature Brands and Other
31

 

 
(3
)
 

 
(31
)
 
(1
)
Total
$
195

 
$
171

 
$
(16
)
 
$

 
$
(158
)
 
$
(166
)
(a)
Includes royalties received subsequent to the related sale of the asset or business.

Note 5. OTHER EXPENSE/(INCOME), NET
 
Three Months Ended March 31,
Dollars in Millions
2020
 
2019
Interest expense
$
362

 
$
45

Pension and postretirement
(4
)
 
44

Royalties and licensing income
(410
)
 
(308
)
Divestiture gains
(16
)
 

Acquisition expenses

 
165

Contingent consideration
556

 

Investment income
(61
)
 
(56
)
Integration expenses
174

 
22

Provision for restructuring
160

 
12

Equity investment losses/(gains)
339

 
(175
)
Litigation and other settlements
32

 
1

Transition and other service fees
(61
)
 
(2
)
Reversion excise tax
76

 

Other
16

 
(9
)
Other expense/(income), net
$
1,163

 
$
(261
)


Note 6. RESTRUCTURING

A restructuring and integration plan is being implemented as an initiative to realize $2.5 billion of sustainable run-rate synergies resulting from cost savings and avoidance from the Celgene acquisition. The synergies are expected to be realized in Cost of products sold (10%), Marketing, selling and administrative expenses (55%) and Research and development expenses (35%). The majority of charges are expected to be incurred through 2022, and range between $2.8 billion to $3.0 billion. Cumulative charges of approximately $1.0 billion have been recognized including integration planning and execution expenses, employee termination benefit costs and accelerated stock-based compensation, contract termination costs and other shutdown costs associated with site exits. Cash outlays in connection with these actions are expected to be approximately $2.5 billion. Employee workforce reductions were approximately 600 for the three months ended March 31, 2020.


9




The following tables summarize the charges and activity related to the Celgene acquisition:
Dollars in Millions
Three Months Ended
March 31, 2020
Employee termination costs
$
146

Other termination costs
4

Provision for restructuring
150

Integration expenses
174

Total charges(a)
$
324

(a)
Included in Other expense/(income), net.
Dollars in Millions
Three Months Ended
March 31, 2020
Liability at January 1
$
77

Charges
131

Change in estimates
1

Provision for restructuring(a)
132

Foreign currency translation and other
6

Payments
(91
)
Liability at March 31
$
124

(a)
Excludes $18 million of accelerated stock-based compensation.

In October 2016, a restructuring plan was announced to evolve and streamline BMS's operating model. The majority of charges are expected to be incurred through 2020, range between $1.6 billion to $2.0 billion. Cumulative charges of approximately $1.5 billion have been recognized including employee termination benefit costs, contract termination costs, accelerated depreciation and impairment charges and other costs associated with manufacturing and R&D site exits. The remaining charges are expected to result from additional site exit costs. Cash outlays in connection with these actions are expected to be approximately 40% to 50% of the total charges.

The following tables summarize the charges and activity related to the Company transformation:
 
Three Months Ended March 31,
Dollars in Millions
2020
 
2019
Employee termination costs
$
3

 
$
4

Other termination costs
7

 
8

Provision for restructuring
10

 
12

Accelerated depreciation
30

 
31

Asset impairments
42

 
1

Total charges
$
82

 
$
44

 
Three Months Ended March 31,
Dollars in Millions
2020
 
2019
Cost of products sold
$
16

 
$
12

Marketing, selling and administrative

 
1

Research and development
56

 
19

Other expense/(income), net
10

 
12

Total charges
$
82

 
$
44



10




 
Three Months Ended March 31,
Dollars in Millions
2020
 
2019
Liability at December 31
$
23

 
$
99

Cease-use liability reclassification

 
(3
)
Liability at January 1
23

 
96

Charges
7

 
15

Change in estimates
3

 
(3
)
Provision for restructuring
10

 
12

Payments
(16
)
 
(45
)
Liability at March 31
$
17

 
$
63



Note 7. INCOME TAXES
 
Three Months Ended March 31,
Dollars in Millions
2020
 
2019
(Loss)/Earnings Before Income Taxes
$
(304
)
 
$
1,979

Provision for Income Taxes
462

 
264

Effective Tax Rate
(152.0
)%
 
13.3
%


The tax impact attributed to specified items was primarily due to non-deductible contingent value rights charges, valuation allowance on equity investment fair value adjustments and low jurisdictional tax rates attributed to inventory and intangible asset purchase price adjustments in the three months ended March 31, 2020. The tax impact of these discrete items are reflected immediately and are not considered in estimating the annual effective tax rate. Additional changes to the effective tax rate may occur in future periods due to various reasons including pretax earnings mix, tax reserves, cash repatriations and revised interpretations of the relevant tax code.

BMS is currently under examination by a number of tax authorities, which have proposed or are considering proposing material adjustments to tax positions for issues such as transfer pricing, certain tax credits and the deductibility of certain expenses. It is reasonably possible that new issues will be raised by tax authorities, which may require adjustments to the amount of unrecognized tax benefits; however, an estimate of such adjustments cannot reasonably be made at this time.

It is also reasonably possible that the total amount of unrecognized tax benefits at March 31, 2020 could decrease in the range of approximately $290 million to $330 million in the next twelve months as a result of the settlement of certain tax audits and other events. The expected change in unrecognized tax benefits may result in the payment of additional taxes, adjustment of certain deferred taxes and/or recognition of tax benefits. It is reasonably possible that new issues will be raised by tax authorities that may increase unrecognized tax benefits; however, an estimate of such increases cannot reasonably be made at this time. BMS believes that it has adequately provided for all open tax years by tax jurisdiction.

Note 8. (LOSS)/EARNINGS PER SHARE
 
Three Months Ended March 31,
Amounts in Millions, Except Per Share Data
2020
 
2019
Net (Loss)/Earnings Attributable to BMS Used for Basic and Diluted EPS Calculation
$
(775
)
 
$
1,710

 
 
 
 
Weighted-Average Common Shares Outstanding – Basic
2,258

 
1,634

Incremental Shares Attributable to Share-Based Compensation Plans

 
3

Weighted-Average Common Shares Outstanding – Diluted
2,258

 
1,637

 
 
 
 
(Loss)/Earnings per Common Share
 
 
 
Basic
$
(0.34
)
 
$
1.05

Diluted
(0.34
)
 
1.04



The total number of potential shares of common stock excluded from the diluted EPS computation because of the antidilutive impact was 138 million for the three months ended March 31, 2020.


11




Note 9. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Financial assets and liabilities measured at fair value on a recurring basis are summarized below:
 
March 31, 2020
 
December 31, 2019
Dollars in Millions
Level 1
 
Level 2
 
Level 3
 
Level 1
 
Level 2
 
Level 3
Cash and cash equivalents - money market and other securities
$

 
$
13,528

 
$

 
$

 
$
10,448

 
$

Marketable debt securities:
 
 
 
 
 
 
 
 
 
 
 
Certificates of deposit

 
1,062

 

 

 
1,227

 

Commercial paper

 
869

 

 

 
1,093

 

Corporate debt securities

 
1,225

 

 

 
1,494

 

Derivative assets

 
202

 

 

 
140

 

Equity investments
1,822

 
145

 

 
2,020

 
175

 

Derivative liabilities

 
(29
)
 

 

 
(40
)
 

Contingent consideration liability:
 
 
 
 
 
 
 
 
 
 
 
Contingent value rights
2,862

 

 

 
2,275

 

 

Other acquisition related contingent consideration

 

 
69