Performance Reflects Continued Focus on
Near-Term Execution and Building a Foundation for Long-Term
Sustainable Growth
- Third Quarter Revenues were $11.9 Billion, increasing 8%
(+10% Adjusting for Foreign Exchange)
- Growth Portfolio Revenues were $5.8 Billion, increasing 18%
(+20% Adjusting for Foreign Exchange)
- GAAP EPS was $0.60 and Non-GAAP EPS was $1.80; Includes Net
Impact of $(0.09) Per Share for GAAP EPS and Non-GAAP EPS Due to
Acquired IPRD Charges and Licensing Income
- Achieved U.S. Approval of Cobenfy, the First New
Pharmacological Approach to Treat Schizophrenia in Decades
- Raising 2024 Revenue Guidance to Approximately +5% (+6%
Adjusting for Foreign Exchange), Non-GAAP EPS Range Increased to
$0.75 to $0.95
Bristol Myers Squibb (NYSE: BMY) today reports results for the
third quarter of 2024.
“We made important strides in the third quarter with the
landmark U.S. approval of Cobenfy in schizophrenia, continued sales
momentum, strong cash flow generation and key pipeline
achievements,” said Christopher Boerner, Ph.D., board chair and
chief executive officer, Bristol Myers Squibb. “We're focused on
closing out the year with strong execution as we deliver on our
Growth Portfolio, prioritize high-growth opportunities and continue
delivering transformational results for patients."
Third Quarter
$ in millions, except per share
amounts
2024
2023
Change
Change Excl. F/X**
Total Revenues
$11,892
$10,966
8%
10%
Earnings Per Share — GAAP*
0.60
0.93
(35)%
N/A
Earnings Per Share — Non-GAAP* **
1.80
2.00
(10)%
N/A
Acquired IPRD Charge and Licensing Income
Net Impact on Earnings Per Share
(0.09
)
(0.03
)
N/A
N/A
*GAAP and Non-GAAP earnings per share
include the net impact of Acquired IPRD charges and licensing
income.
**See "Use of Non-GAAP Financial
Information".
THIRD QUARTER RESULTS All
comparisons are made versus the same period in 2023 unless
otherwise stated.
- Bristol Myers Squibb posted third quarter revenues of $11.9
billion, an increase of 8%, or 10% when adjusted for foreign
exchange impacts, primarily driven by the Growth Portfolio and
Eliquis, partially offset by generic erosion of Sprycel due to the
loss of exclusivity.
- U.S. revenues increased 9% to $8.2 billion, and International
revenues increased 7% to $3.7 billion, primarily due to the Growth
Portfolio and higher demand for Eliquis, partially offset by
generic erosion of Sprycel due to the loss of exclusivity. The
negative impact from foreign exchange on International revenues was
4%.
- On a GAAP basis, gross margin decreased from 77.1% to 75.1%,
and on a non-GAAP basis decreased from 77.3% to 76.0%, primarily
due to product mix.
- On a GAAP and non-GAAP basis, marketing, selling and
administrative expenses remained relatively flat at $2.0
billion.
- On a GAAP basis, research and development expenses increased
6%, and 8% on a non-GAAP basis, to $2.4 billion, primarily due to
recent acquisitions.
- On a GAAP and non-GAAP basis, Acquired IPRD increased to $262
million from $80 million. On a GAAP and non-GAAP basis, licensing
income was $25 million compared to $12 million.
- On a GAAP basis, amortization of acquired intangible assets
increased 7% to $2.4 billion, primarily due to the RayzeBio
acquisition in 2024 and approval of Augtyro in the fourth quarter
of 2023.
- On a GAAP basis, the effective tax rate increased from 9.5% to
27.5%, and on a non-GAAP basis increased from 11.6% to 18.5%,
primarily due to jurisdictional earnings mix and adjustments in
2023 to reflect IRS income tax guidance issued in 2023 regarding
deductibility of certain non-U.S. research and development
expenses.
- On a GAAP basis, the company reported net income attributable
to Bristol Myers Squibb of $1.2 billion, or $0.60 per share, during
the third quarter of 2024 compared to $1.9 billion, or $0.93 per
share, for the same period a year ago. The company reported
non-GAAP net earnings attributable to Bristol Myers Squibb of $3.7
billion, or $1.80 per share, during the third quarter of 2024
compared to $4.1 billion, or $2.00 per share, for the same period a
year ago. In addition to the items above, GAAP and non-GAAP
earnings per share were impacted by higher interest expense.
THIRD QUARTER
PRODUCT REVENUE HIGHLIGHTS
($ amounts in millions)
Quarter Ended September 30,
2024
% Change from Quarter Ended
September 30, 2023
% Change from Quarter Ended
September 30, 2023 Ex-F/X**
U.S.
Int'l (c)
WW(d)
U.S.
Int'l(c)
WW(d)
Int'l(c)
WW(d)
Growth Portfolio
Opdivo
$
1,366
$
994
$
2,360
2%
7%
4%
16%
7%
Orencia
706
230
936
—%
6%
1%
13%
3%
Yervoy
399
243
642
11%
10%
11%
17%
13%
Reblozyl
358
89
447
79%
85%
80%
90%
81%
Opdualag
216
17
233
33%
>200%
40%
>200%
40%
Abecma
77
47
124
12%
96%
33%
100%
34%
Zeposia
105
42
147
11%
50%
20%
46%
19%
Breyanzi
173
51
224
125%
>200%
143%
>200%
143%
Camzyos
135
21
156
101%
>200%
129%
>200%
129%
Sotyktu
51
15
66
(18)%
>200%
—%
>200%
—%
Augtyro
10
—
10
N/A
N/A
N/A
N/A
N/A
Krazati
32
2
34
N/A
N/A
N/A
N/A
N/A
Other Growth Products(a)
172
261
433
15%
61%
39%
64%
41%
Total Growth Portfolio
3,800
2,012
5,812
15%
22%
18%
29%
20%
Legacy Portfolio
Eliquis
2,045
957
3,002
15%
3%
11%
2%
11%
Revlimid
1,212
200
1,412
—%
(9)%
(1)%
(6)%
(1)%
Pomalyst/Imnovid
697
201
898
15%
(24)%
3%
(24)%
3%
Sprycel
225
65
290
(44)%
(45)%
(44)%
(42)%
(43)%
Abraxane
151
102
253
(15)%
24%
(3)%
37%
1%
Other Legacy Products(b)
102
123
225
17%
(18)%
(5)%
(19)%
(5)%
Total Legacy Portfolio
4,432
1,648
6,080
4%
(7)%
1%
(6)%
1%
Total Revenues
$
8,232
$
3,660
$
11,892
9%
7%
8%
11%
10%
**
See "Use of Non-GAAP Financial
Information".
(a)
Includes Nulojix, Onureg, Inrebic,
Empliciti and royalty revenue.
(b)
Includes other mature brands.
(c)
Beginning in 2024, Puerto Rico revenues
are included in International revenues. Prior period amounts have
been reclassified to conform to the current presentation.
(d)
Worldwide (WW) includes U.S. and
International (Int'l).
THIRD QUARTER PRODUCT REVENUE
HIGHLIGHTS Growth Portfolio Growth Portfolio
worldwide revenues increased to $5.8 billion compared to $4.9
billion in the prior year period, representing growth of 18% on a
reported basis or 20% when adjusted for foreign exchange impacts.
Growth Portfolio revenues were primarily driven by higher demand
for Reblozyl, Breyanzi, Camzyos and Opdualag.
Legacy Portfolio Revenues for the Legacy Portfolio in the
third quarter were $6.1 billion compared to $6.0 billion in the
prior year period, representing growth of 1% on a reported basis
and when adjusted for foreign exchange impacts. Legacy Portfolio
revenues were primarily driven by higher demand for Eliquis,
partially offset by a decline in demand for Sprycel due to generic
erosion.
PRODUCT AND PIPELINE UPDATE
Bristol Myers Squibb recently achieved several important clinical
and regulatory milestones, including the U.S. approval of Cobenfy
and the disclosure of long-term cardiovascular and oncology data
that underscore the strength of the company's science.
With Cobenfy, the company is re-establishing its presence in
neuroscience and introducing the first new pharmacological approach
to treat schizophrenia in decades.
Today, the company is providing an update on data from two Phase
3 oncology trials, CheckMate -8HW and CheckMate -901. Please see
the table below for more information.
Neuroscience
Category
Asset
Milestone
Regulatory
CobenfyTM (xanomeline and trospium
chloride)
The U.S. Food and Drug Administration
(FDA) approved Cobenfy, previously referred to as KarXT, for the
treatment of schizophrenia in adults, with a mechanism of action
distinct from current therapies. The approval is based on data from
the EMERGENT clinical program, which includes three
placebo-controlled efficacy and safety trials and two open-label
trials evaluating the long-term safety and tolerability of Cobenfy
for up to one year.
Cardiovascular
Category
Asset
Milestone
Clinical & Research
Camzyos® (mavacamten)
Long-term follow-up results from the
EXPLORER-LTE cohort of the MAVA-Long-Term Extension study
evaluating Camzyos in adult patients with New York Heart
Association (NYHA) class II-III symptomatic obstructive
hypertrophic cardiomyopathy demonstrated that patients experienced
consistent and sustained improvements in echocardiographic measures
and biomarkers after up to 3.5 years of continuous treatment.
Patients experienced an improvement in
symptoms and functional capacity as measured by NYHA class and
patient-reported outcomes. The safety profile of Camzyos for up to
3.5 years remained consistent with the established safety profile
and no new safety signals were identified.
Oncology
Category
Asset
Milestone
Regulatory
Opdivo® (nivolumab)
The FDA approved Opdivo for the treatment
of adult patients with resectable (tumors ≥ 4cm or node positive)
non-small cell lung cancer (NSCLC) and no known epidermal growth
factor receptor mutations or anaplastic lymphoma kinase
rearrangements, for neoadjuvant treatment, in combination with
platinum-doublet chemotherapy, followed by single-agent Opdivo as
adjuvant treatment after surgery. The approval is based on results
from the Phase 3 randomized CheckMate -77T trial.
Opdivo + Yervoy® (ipilimumab)
The FDA accepted the supplemental
Biologics License Application for Opdivo plus Yervoy as a potential
first-line treatment for adult patients with unresectable
hepatocellular carcinoma. The acceptance is based on results from
the Phase 3 CheckMate -9DW trial. The FDA assigned a Prescription
Drug User Fee Act goal date of April 21, 2025.
Clinical & Research
Opdivo
The Phase 3 CheckMate -8HW trial
evaluating Opdivo plus Yervoy compared to Opdivo monotherapy across
all lines of therapy as a treatment for patients with
microsatellite instability-high or mismatch repair deficient
metastatic colorectal cancer met the dual primary endpoint of
progression-free survival (PFS) as assessed by Blinded Independent
Central Review at a pre-specified interim analysis. Previously,
Opdivo plus Yervoy demonstrated a statistically significant and
clinically meaningful improvement in PFS compared to
chemotherapy.
Opdivo plus Yervoy demonstrated a
statistically significant and clinically meaningful improvement in
PFS compared to Opdivo monotherapy across all lines of therapy. The
study is ongoing to assess various secondary endpoints, including
overall survival (OS). The safety profile for the combination of
Opdivo plus Yervoy remained consistent with previously reported
data, with no new safety signals identified.
Opdivo
The Phase 3 CheckMate -901 trial
evaluating Opdivo plus Yervoy versus standard-of-care
non-cisplatin-based chemotherapy in patients with unresectable or
metastatic urothelial carcinoma (UC) who are ineligible for
cisplatin-based chemotherapy did not meet its primary endpoint of
OS. The safety profile for Opdivo and Yervoy was consistent with
previously reported data, with no new safety signals
identified.
Opdivo has previously shown clinical
benefit across various stages of UC. These results do not impact
those data or approved indications.
nivolumab + relatlimab high dose
The company announced plans to initiate a
Phase 3 trial evaluating the fixed-dose combination of nivolumab
and high-dose relatlimab plus chemotherapy as a first-line
treatment for stage IV or recurrent non-squamous NSCLC with tumor
cell PD-L1 expression of 1 to 49%. The decision was supported by
findings from the Phase 2 RELATIVITY-104 trial.
Opdivo + Yervoy
10-year follow-up data from the Phase 3
CheckMate -067 trial showed continued durable improvement in
survival with first-line Opdivo plus Yervoy therapy and Opdivo
monotherapy, versus Yervoy alone, in patients with previously
untreated advanced or metastatic melanoma. With a minimum follow up
of 10 years, median OS was 71.9 months with Opdivo plus Yervoy, the
longest reported median OS in a Phase 3 advanced melanoma
trial.
Hematology
Category
Asset
Milestone
Regulatory
Breyanzi® (lisocabtagene maraleucel)
The European Medicines Agency (EMA)
validated the Type II variation application to expand the
indication for Breyanzi to include the treatment of adult patients
with relapsed or refractory follicular lymphoma (FL) who have
received two or more prior lines of systemic therapy. The
application is supported by data from the Phase 2 TRANSCEND FL
study. Validation of the application confirms the submission is
complete and begins the EMA’s centralized review process.
In addition, Japan's Ministry of Health,
Labour and Welfare approved the supplemental New Drug Application
for Breyanzi for the treatment of relapsed or refractory FL after
one prior line of systemic therapy in patients with high-risk FL
and after two or more lines of systemic therapy.
Immunology
Category
Asset
Milestone
Clinical & Research
Zeposia® (ozanimod)
Data from the Phase 3 DAYBREAK trial
demonstrated that decreased rates of brain volume loss were
sustained in the open-label extension (OLE) for patients treated
with Zeposia for relapsing forms of multiple sclerosis.
A separate DAYBREAK OLE safety analysis
demonstrated declining or stable incidence rates of
treatment-emergent adverse events, with relatively low rates of
infections, serious infections and opportunistic infections over
more than eight years of treatment with Zeposia.
Financial Guidance Bristol
Myers Squibb is raising its 2024 line-item guidance as noted
below.
2024 Line-Item
Guidance
Non-GAAP2
July (Prior)
October
(Updated)
Total Revenues
Upper end of low single- digit
range
~5% increase
Total Revenues (excl.
F/X)
Upper end of low single- digit
range
~6% increase
Gross Margin %
Between ~74% and ~75%
Between ~74.5% and ~75%
Operating Expenses1
Low single-digit increase
~4% to ~5% increase
Other income/(expense)
~($50M)
~$125M
Effective tax rate
~66%
~60%
Diluted EPS
$0.60 - $0.90
$0.75 - $0.95
1 Operating Expenses = MS&A and
R&D, excluding Acquired IPRD and Amortization of acquired
intangible assets.
2 See "Use of Non-GAAP Financial
Information."
The 2024 financial guidance excludes the impact of any potential
future strategic acquisitions, divestitures, specified items that
have not yet been identified and quantified, and the impact of
future Acquired IPRD charges. To the extent we have quantified the
impact of significant R&D charges or other income resulting
from upfront or contingent milestone payments in connection with
asset acquisitions or licensing of third-party intellectual
property rights, we may update this information from time to time
on our website www.bms.com, in the "Investors" section. Non-GAAP
guidance assumes current exchange rates. The financial guidance is
subject to risks and uncertainties applicable to all
forward-looking statements as described elsewhere in this press
release.
A reconciliation of forward-looking non-GAAP measures, including
non-GAAP EPS, to the most directly comparable GAAP measures is not
provided because comparable GAAP measures for such measures are not
reasonably accessible or reliable due to the inherent difficulty in
forecasting and quantifying measures that would be necessary for
such reconciliation. Namely, we are not, without unreasonable
effort, able to reliably predict the impact of accelerated
depreciation and impairment charges, legal and other settlements,
gains and losses from equity investments and other adjustments. In
addition, the company believes such a reconciliation would imply a
degree of precision and certainty that could be confusing to
investors. These items are uncertain, depend on various factors and
may have a material impact on our future GAAP results. See
"Cautionary Statement Regarding Forward-Looking Statements" and
"Use of Non-GAAP Financial Information."
Environmental, Social & Governance
(ESG) As a leading biopharmaceutical company, Bristol
Myers Squibb's passion for making an impact extends beyond the
discovery, development and delivery of innovative medicines that
help patients prevail over serious diseases. To learn more about
our priorities and goals, please visit our latest ESG report.
Conference Call Information
Bristol Myers Squibb will host a conference call today, Thursday,
October 31, 2024, at 8:00 a.m. ET, during which company executives
will review quarterly financial results and address inquiries from
investors and analysts. Investors and the general public are
invited to listen to a live webcast of the call at
http://investor.bms.com.
Investors and the public can register for the live conference
call here. Those unable to register can access the live conference
call by dialing in the U.S. toll-free 1-833-816-1116 or
international +1 412-317-0705. Materials related to the call will
be available at http://investor.bms.com prior to the start of the
conference call.
A replay of the webcast will be available at
http://investor.bms.com approximately three hours after the
conference call concludes. A replay of the conference call will be
available beginning at 11:30 a.m. ET on October 31, 2024, through
11:30 a.m. ET on November 14, 2024, by dialing in the U.S. toll
free 1-877-344-7529 or international +1 412-317-0088, confirmation
code: 9624003.
About Bristol Myers Squibb
Bristol Myers Squibb is a global biopharmaceutical company whose
mission is to discover, develop and deliver innovative medicines
that help patients prevail over serious diseases. For more
information about Bristol Myers Squibb, visit us at BMS.com or
follow us on LinkedIn, X (formerly Twitter), YouTube, Facebook, and
Instagram.
corporatefinancial-news
Use of Non-GAAP Financial
Information In discussing financial results and
guidance, the company refers to financial measures that are not in
accordance with U.S. Generally Accepted Accounting Principles
(GAAP). The non-GAAP financial measures are provided as
supplemental information to the financial measures presented in
this press release that are calculated and presented in accordance
with GAAP and are presented because management has evaluated the
company’s financial results both including and excluding the
adjusted items or the effects of foreign currency translation, as
applicable, and believes that the non-GAAP financial measures
presented portray the results of the company's baseline
performance, supplement or enhance management's, analysts' and
investors' overall understanding of the company’s underlying
financial performance and trends and facilitate comparisons among
current, past and future periods. In addition, non-GAAP gross
margin, which is gross profit excluding certain specified items, as
a percentage of revenues, non-GAAP operating margin, which is gross
profit less marketing, selling and administrative expenses and
research and development expenses excluding certain specified items
as a percentage of revenues, non-GAAP operating expenses, which is
marketing, selling and administrative and research and development
expenses excluding certain specified items, non-GAAP marketing,
selling and administrative expenses, which is marketing, selling
and administrative expenses excluding certain specified items, and
non-GAAP research and development expenses, which is research and
development expenses excluding certain specified items, are
relevant and useful for investors because they allow investors to
view performance in a manner similar to the method used by our
management and make it easier for investors, analysts and peers to
compare our operating performance to other companies in our
industry and to compare our year-over-year results.
This earnings release and the accompanying tables also provide
certain revenues and expenses, as well as non-GAAP measures,
excluding the impact of foreign exchange ("Ex-Fx"). We calculate
foreign exchange impacts by converting our current-period local
currency financial results using the prior period average currency
rates and comparing these adjusted amounts to our current-period
results. Ex-Fx financial measures are not accounted for according
to GAAP because they remove the effects of currency movements from
GAAP results.
Non-GAAP financial measures such as non-GAAP earnings and
related EPS information are adjusted to exclude certain costs,
expenses, gains and losses and other specified items that are
evaluated on an individual basis after considering their
quantitative and qualitative aspects and typically have one or more
of the following characteristics, such as being highly variable,
difficult to project, unusual in nature, significant to the results
of a particular period or not indicative of past or future
operating results. These items are excluded from non-GAAP earnings
and related EPS information because the company believes they
neither relate to the ordinary course of the company’s business nor
reflect the company’s underlying business performance. Similar
charges or gains were recognized in prior periods and will likely
reoccur in future periods, including amortization of acquired
intangible assets, including product rights that generate a
significant portion of our ongoing revenue and will recur until the
intangible assets are fully amortized, unwinding of inventory
purchase price adjustments, acquisition and integration expenses,
restructuring costs, accelerated depreciation and impairment of
property, plant and equipment and intangible assets, costs of
acquiring a priority review voucher, divestiture gains or losses,
stock compensation resulting from acquisition-related equity
awards, pension, legal and other contractual settlement charges,
equity investment and contingent value rights fair value
adjustments (including fair value adjustments attributed to limited
partnership equity method investments), income resulting from the
change in control of the Nimbus Therapeutics TYK2 Program and
amortization of fair value adjustments of debt acquired from
Celgene in our 2019 exchange offer, among other items. Deferred and
current income taxes attributed to these items are also adjusted
for considering their individual impact to the overall tax expense,
deductibility and jurisdictional tax rates. Certain other
significant tax items are also excluded such as the impact
resulting from a non-U.S. tax ruling regarding the deductibility of
a statutory impairment of subsidiary investments and release of
income tax reserves relating to the Celgene acquisition.
Because the non-GAAP financial measures are not calculated in
accordance with GAAP, they should not be considered superior to and
are not intended to be considered in isolation or as a substitute
for the related financial measures presented in the press release
that are prepared in accordance with GAAP and may not be the same
as or comparable to similarly titled measures presented by other
companies due to possible differences in method and in the items
being adjusted. We encourage investors to review our financial
statements and publicly-filed reports in their entirety and not to
rely on any single financial measure.
Reconciliations of the non-GAAP financial measures to the most
comparable GAAP measures are provided in the accompanying financial
tables and will also be available on the company’s website at
www.bms.com. Within the accompanying financial tables presented,
certain columns and rows may not add due to the use of rounded
numbers. Percentages and earnings per share amounts presented are
calculated from the underlying amounts.
A reconciliation of forward-looking non-GAAP measures, including
non-GAAP EPS, to the most directly comparable GAAP measures is not
provided because comparable GAAP measures for such measures are not
reasonably accessible or reliable due to the inherent difficulty in
forecasting and quantifying measures that would be necessary for
such reconciliation. Namely, we are not, without unreasonable
effort, able to reliably predict the impact of accelerated
depreciation and impairment charges, legal and other settlements,
gains and losses from equity investments and other adjustments. In
addition, the company believes such a reconciliation would imply a
degree of precision and certainty that could be confusing to
investors. These items are uncertain, depend on various factors and
may have a material impact on our future GAAP results.
Website Information We
routinely post important information for investors on our website,
BMS.com, in the “Investors” section. We may use this website as a
means of disclosing material, non-public information and for
complying with our disclosure obligations under Regulation FD.
Accordingly, investors should monitor the Investors section of our
website, in addition to following our press releases, Securities
and Exchange Commission ("SEC") filings, public conference calls,
presentations and webcasts. We may also use social media channels
to communicate with our investors and the public about our company,
our products and other matters, and those communications could be
deemed to be material information. The information contained on, or
that may be accessed through, our website or social media channels
are not incorporated by reference into, and are not a part of, this
document.
Cautionary Statement Regarding
Forward-Looking Statements This earnings release and the
related attachments (as well as the oral statements made with
respect to information contained in this release and the
attachments) contain certain “forward-looking” statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, regarding, among other things, the company’s 2024
financial guidance, plans and strategy, including its business
development and capital allocation strategy, ESG priorities and
goals, anticipated developments in the company’s pipeline,
expectations with respect to the company’s future market position
and the projected benefits of the company’s alliances and other
business development activities. These statements may be identified
by the fact that they use words such as “should,” “could,”
“expect,” “anticipate,” “estimate,” “target,” “may,” “project,”
“guidance,” “intend,” “plan,” “believe,” “will” and other words and
terms of similar meaning and expression in connection with any
discussion of future operating or financial performance, although
not all forward-looking statements contain such terms. All
statements that are not statements of historical facts are, or may
be deemed to be, forward-looking statements. No forward-looking
statement can be guaranteed and there is no assurance that the
company will achieve its financial guidance and long-term targets,
that the company’s future clinical studies will support the data
described in this release, that the company’s product candidates
will receive necessary clinical and manufacturing regulatory
approvals, that the company’s pipeline products will prove to be
commercially successful, that clinical and manufacturing regulatory
approvals will be sought or obtained within currently expected
timeframes, or that contractual milestones will be achieved.
Forward-looking statements are based on current expectations and
projections about the company’s future financial results, goals,
plans and objectives and involve inherent risks, assumptions and
uncertainties, including internal or external factors that could
delay, divert or change any of them in the next several years, that
are difficult to predict, may be beyond the company’s control and
could cause the company’s future financial results, goals, plans
and objectives to differ materially from those expressed in, or
implied by, the statements. Such risks, uncertainties and other
matters include, but are not limited to: increasing pricing
pressures from market access, pharmaceutical pricing controls and
discounting; market actions taken by private and government payers
to manage drug utilization and contain costs; the company’s ability
to retain patent exclusivity of certain products; regulatory
changes that result in lower prices, lower reimbursement rates and
smaller populations for whom payers will reimburse; changes under
the 340B Drug Pricing Program; the company’s ability to obtain and
maintain regulatory approval for its product candidates; the
company’s ability to obtain and protect market exclusivity rights
and enforce patents and other intellectual property rights; the
possibility of difficulties and delays in product introduction and
commercialization; increasing industry competition; potential
difficulties, delays and disruptions in manufacturing, distribution
or sale of products; the company’s ability to identify potential
strategic acquisitions, licensing opportunities or other beneficial
transactions; failure to complete, or delays in completing,
collaborations, acquisitions, divestitures, alliances and other
portfolio actions and the failure to achieve anticipated benefits
from such transactions and actions; the risk of an adverse patent
litigation decision or settlement and exposure to other litigation
and/or regulatory actions or investigations; the impact of any
healthcare reform and legislation or regulatory action in the
United States and international markets; increasing market
penetration of lower-priced generic products; the failure of the
company’s suppliers, vendors, outsourcing partners, alliance
partners and other third parties to meet their contractual,
regulatory and other obligations; the impact of counterfeit or
unregistered versions of the company’s products and from stolen
products; product label changes or other measures that could reduce
the market acceptance for the company's products and result in
declining sales; safety or efficacy concerns regarding the
company’s products or any product in the same class as the
company’s products; the risk of cyber-attacks on the company’s
information systems or products and unauthorized disclosure of
trade secrets or other confidential data; the company’s ability to
execute its financial, strategic and operational plans; the
company’s dependency on several key products; any decline in the
company’s future royalty streams; the company’s ability to attract
and retain key personnel; the impact of the company’s significant
indebtedness; political and financial instability of international
economies and sovereign risk; interest rate and currency exchange
rate fluctuations, credit and foreign exchange risk management;
risks relating to the use of social media platforms; the impact of
our exclusive forum provision in our by-laws for certain lawsuits
on our stockholders’ ability to obtain a judicial forum that they
find favorable for such lawsuits; issuance of new or revised
accounting standards; and risks relating to public health
outbreaks, epidemics and pandemics.
Forward-looking statements in this earnings release should be
evaluated together with the many risks and uncertainties that
affect the company’s business and market, particularly those
identified in the cautionary statement and risk factors discussion
in the company’s Annual Report on Form 10-K for the year ended
December 31, 2023, as updated by the company’s subsequent Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K and other filings
with the SEC. The forward-looking statements included in this
document are made only as of the date of this document and except
as otherwise required by applicable law, the company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
changed circumstances or otherwise.
BRISTOL-MYERS SQUIBB
COMPANY
CONSOLIDATED STATEMENTS OF
EARNINGS
(Unaudited, dollars and shares
in millions except per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net product sales
$
11,483
$
10,645
$
34,967
$
32,610
Alliance and other revenues
409
321
991
919
Total Revenues
11,892
10,966
35,958
33,529
Cost of products sold(a)
2,957
2,506
9,156
7,948
Marketing, selling and administrative
1,983
2,003
6,278
5,699
Research and development
2,374
2,242
7,968
6,821
Acquired IPRD
262
80
13,343
313
Amortization of acquired intangible
assets
2,406
2,256
7,179
6,769
Other (income)/expense, net
234
(258
)
588
(787
)
Total Expenses
10,216
8,829
44,512
26,763
(Loss)/Earnings Before Income Taxes
1,676
2,137
(8,554
)
6,766
Provision for Income Taxes
461
203
455
488
Net (Loss)/Earnings
1,215
1,934
(9,009
)
6,278
Noncontrolling Interest
4
6
11
15
Net (Loss)/Earnings Attributable to
BMS
$
1,211
$
1,928
$
(9,020
)
$
6,263
Weighted-Average Common Shares
Outstanding:
Basic
2,028
2,057
2,026
2,083
Diluted
2,031
2,064
2,026
2,093
(Loss)/Earnings per Common
Share:
Basic
$
0.60
$
0.94
$
(4.45
)
$
3.01
Diluted
0.60
0.93
(4.45
)
2.99
Other (income)/expense, net
Interest expense(b)
$
505
$
280
$
1,451
$
850
Royalty and licensing income
(180
)
(365
)
(532
)
(1,068
)
Royalty income - divestitures
(284
)
(217
)
(820
)
(623
)
Equity investment (gains)/losses
(12
)
—
(221
)
213
Integration expenses
69
54
214
180
Intangible asset impairments
47
29
47
29
Litigation and other settlements
—
(61
)
71
(393
)
Investment income
(94
)
(107
)
(364
)
(304
)
Provision for restructuring
78
141
558
321
Acquisition expense
—
—
50
—
Other
105
(12
)
134
8
Other (income)/expense, net
$
234
$
(258
)
$
588
$
(787
)
(a) Excludes amortization of acquired
intangible assets.
(b) Includes amortization of purchase
price adjustments to Celgene debt.
BRISTOL-MYERS SQUIBB
COMPANY
PRODUCT REVENUES
FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 2024 AND 2023
(Unaudited, dollars in
millions)
Change vs. 2023
2024
2023
GAAP
Excl. F/X**
U.S.
Int'l (c)
WW (d)
U.S.
Int'l (c)
WW (d)
U.S.
Int'l (c)
WW (d)
U.S.
Int'l (c)
WW (d)
Growth Portfolio
Opdivo
$
1,366
$
994
$
2,360
$
1,343
$
932
$
2,275
2%
7%
4%
2%
16%
7%
Orencia
706
230
936
708
217
925
—%
6%
1%
—%
13%
3%
Yervoy
399
243
642
359
220
579
11%
10%
11%
11%
17%
13%
Reblozyl
358
89
447
200
48
248
79%
85%
80%
79%
90%
81%
Opdualag
216
17
233
162
4
166
33%
>200%
40%
33%
>200%
40%
Abecma
77
47
124
69
24
93
12%
96%
33%
12%
100%
34%
Zeposia
105
42
147
95
28
123
11%
50%
20%
11%
46%
19%
Breyanzi
173
51
224
77
15
92
125%
>200%
143%
125%
>200%
143%
Camzyos
135
21
156
67
1
68
101%
>200%
129%
101%
>200%
129%
Sotyktu
51
15
66
62
4
66
(18)%
>200%
—%
(18)%
>200%
—%
Augtyro
10
—
10
—
—
—
N/A
N/A
N/A
N/A
N/A
N/A
Krazati
32
2
34
—
—
—
N/A
N/A
N/A
N/A
N/A
N/A
Other Growth Products(a)
172
261
433
149
162
311
15%
61%
39%
15%
64%
41%
Total Growth Portfolio
3,800
2,012
5,812
3,291
1,655
4,946
15%
22%
18%
15%
29%
20%
Legacy Portfolio
Eliquis
2,045
957
3,002
1,772
933
2,705
15%
3%
11%
15%
2%
11%
Revlimid
1,212
200
1,412
1,209
220
1,429
—%
(9)%
(1)%
—%
(6)%
(1)%
Pomalyst/Imnovid
697
201
898
606
266
872
15%
(24)%
3%
15%
(24)%
3%
Sprycel
225
65
290
399
118
517
(44)%
(45)%
(44)%
(44)%
(42)%
(43)%
Abraxane
151
102
253
178
82
260
(15)%
24%
(3)%
(15)%
37%
1%
Other Legacy Products(b)
102
123
225
87
150
237
17%
(18)%
(5)%
17%
(19)%
(5)%
Total Legacy Portfolio
4,432
1,648
6,080
4,251
1,769
6,020
4%
(7)%
1%
4%
(6)%
1%
Total Revenues
$
8,232
$
3,660
$
11,892
$
7,542
$
3,424
$
10,966
9%
7%
8%
9%
11%
10%
**
See "Use of Non-GAAP Financial
Information".
(a)
Includes Onureg, Inrebic, Nulojix,
Empliciti and royalty revenues.
(b)
Includes other mature brands.
(c)
Beginning in 2024, Puerto Rico revenues
are included in International revenues. Prior period amounts have
been reclassified to conform to the current presentation.
(d)
Worldwide (WW) includes U.S. and
International (Int'l).
BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUES
FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 2024 AND 2023
(Unaudited, dollars in
millions)
Change vs. 2023
2024
2023
GAAP
Excl. F/X**
U.S.
Int'l (c)
WW (d)
U.S.
Int'l (c)
WW (d)
U.S.
Int'l (c)
WW (d)
U.S.
Int'l (c)
WW (d)
Growth Portfolio
Opdivo
$
3,927
$
2,898
$
6,825
$
3,845
$
2,777
$
6,622
2%
4%
3%
2%
14%
7%
Orencia
2,020
662
2,682
1,954
662
2,616
3%
—%
3%
3%
8%
5%
Yervoy
1,171
684
1,855
1,039
633
1,672
13%
8%
11%
13%
15%
14%
Reblozyl
999
227
1,226
534
154
688
87%
47%
78%
87%
50%
79%
Opdualag
637
37
674
429
8
437
48%
>200%
54%
48%
>200%
54%
Abecma
183
118
301
302
70
372
(39)%
69%
(19)%
(39)%
74%
(18)%
Zeposia
288
120
408
219
82
301
32%
46%
36%
32%
45%
35%
Breyanzi
382
102
484
218
45
263
75%
127%
84%
75%
131%
85%
Camzyos
342
37
379
142
1
143
141%
>200%
165%
141%
>200%
165%
Sotyktu
126
37
163
101
6
107
25%
>200%
52%
25%
>200%
54%
Augtyro
23
—
23
—
—
—
N/A
N/A
N/A
N/A
N/A
N/A
Krazati
82
5
87
—
—
—
N/A
N/A
N/A
N/A
N/A
N/A
Other Growth Products(a)
488
605
1,093
455
431
886
7%
40%
23%
7%
44%
25%
Total Growth Portfolio
10,668
5,532
16,200
9,238
4,869
14,107
15%
14%
15%
15%
22%
18%
Legacy Portfolio
Eliquis
7,410
2,728
10,138
6,610
2,722
9,332
12%
—%
9%
12%
1%
9%
Revlimid
3,830
604
4,434
3,951
696
4,647
(3)%
(13)%
(5)%
(3)%
(9)%
(4)%
Pomalyst/Imnovid
2,010
712
2,722
1,712
839
2,551
17%
(15)%
7%
17%
(14)%
7%
Sprycel
848
240
1,088
1,011
393
1,404
(16)%
(39)%
(23)%
(16)%
(35)%
(21)%
Abraxane
450
251
701
526
231
757
(14)%
9%
(7)%
(14)%
24%
(3)%
Other Legacy Products(b)
293
382
675
250
481
731
17%
(21)%
(8)%
17%
(19)%
(6)%
Total Legacy Portfolio
14,841
4,917
19,758
14,060
5,362
19,422
6%
(8)%
2%
6%
(6)%
2%
Total Revenues
$
25,509
$
10,449
$
35,958
$
23,298
$
10,231
$
33,529
9%
2%
7%
9%
7%
9%
**
See "Use of Non-GAAP Financial
Information".
(a)
Includes Onureg, Inrebic, Nulojix,
Empliciti and royalty revenues.
(b)
Includes other mature brands.
(c)
Beginning in 2024, Puerto Rico revenues
are included in International revenues. Prior period amounts have
been reclassified to conform to the current presentation.
(d)
Worldwide (WW) includes U.S. and
International (Int'l).
BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL
REVENUES(a)
FOREIGN EXCHANGE IMPACT
(%)
(Unaudited)
Three Months Ended September
30, 2024
Nine Months Ended September
30, 2024
Revenue Change %
F/X % Favorable/ (Unfavorable)
**
Revenue Change % Ex- F/X
**
Revenue Change %
F/X % Favorable/ (Unfavorable)
**
Revenue Change % Ex- F/X
**
Growth Portfolio
Opdivo
7%
(9)%
16%
4%
(10)%
14%
Orencia
6%
(7)%
13%
—%
(8)%
8%
Yervoy
10%
(7)%
17%
8%
(7)%
15%
Reblozyl
85%
(5)%
90%
47%
(3)%
50%
Opdualag
>200%
NM
>200%
>200%
NM
>200%
Abecma
96%
(4)%
100%
69%
(5)%
74%
Zeposia
50%
4%
46%
46%
1%
45%
Breyanzi
>200%
NM
>200%
127%
(4)%
131%
Camzyos
>200%
NM
>200%
>200%
NM
>200%
Sotyktu
>200%
NM
>200%
>200%
NM
>200%
Augtyro
N/A
N/A
N/A
N/A
N/A
N/A
Krazati
N/A
N/A
N/A
N/A
N/A
N/A
Other Growth Products(b)
61%
(3)%
64%
40%
(4)%
44%
Total Growth Portfolio
22%
(7)%
29%
14%
(8)%
22%
Legacy Portfolio
Eliquis
3%
1%
2%
—%
(1)%
1%
Revlimid
(9)%
(3)%
(6)%
(13)%
(4)%
(9)%
Pomalyst/Imnovid
(24)%
—%
(24)%
(15)%
(1)%
(14)%
Sprycel
(45)%
(3)%
(42)%
(39)%
(4)%
(35)%
Abraxane
24%
(13)%
37%
9%
(15)%
24%
Other Legacy Products(c)
(18)%
1%
(19)%
(21)%
(2)%
(19)%
Total Legacy Portfolio
(7)%
(1)%
(6)%
(8)%
(2)%
(6)%
Total Revenues
7%
(4)%
11%
2%
(5)%
7%
NM
Not meaningful
**
See "Use of Non-GAAP Financial
Information".
(a)
Beginning in 2024, Puerto Rico revenues
are included in International revenues. Prior period amounts have
been reclassified to conform to the current presentation.
(b)
Includes Onureg, Nulojix, Empliciti and
royalty revenues.
(c)
Includes other mature brands.
BRISTOL-MYERS SQUIBB
COMPANY
WORLDWIDE REVENUES(a)
FOREIGN EXCHANGE IMPACT
(%)
(Unaudited)
Three Months Ended September
30, 2024
Nine Months Ended September
30, 2024
Revenue Change %
F/X % Favorable/ (Unfavorable)
**
Revenue Change % Ex- F/X
**
Revenue Change %
F/X % Favorable/ (Unfavorable)
**
Revenue Change % Ex- F/X
**
Growth Portfolio
Opdivo
4%
(3)%
7%
3%
(4)%
7%
Orencia
1%
(2)%
3%
3%
(2)%
5%
Yervoy
11%
(2)%
13%
11%
(3)%
14%
Reblozyl
80%
(1)%
81%
78%
(1)%
79%
Opdualag
40%
—%
40%
54%
—%
54%
Abecma
33%
(1)%
34%
(19)%
(1)%
(18)%
Zeposia
20%
1%
19%
36%
1%
35%
Breyanzi
143%
—%
143%
84%
(1)%
85%
Camzyos
129%
—%
129%
165%
—%
165%
Sotyktu
—%
—%
—%
52%
(2)%
54%
Augtyro
N/A
N/A
N/A
N/A
N/A
N/A
Krazati
N/A
N/A
N/A
N/A
N/A
N/A
Other Growth Products(b)
39%
(2)%
41%
23%
(2)%
25%
Total Growth Portfolio
18%
(2)%
20%
15%
(3)%
18%
Legacy Portfolio
Eliquis
11%
—%
11%
9%
—%
9%
Revlimid
(1)%
—%
(1)%
(5)%
(1)%
(4)%
Pomalyst/Imnovid
3%
—%
3%
7%
—%
7%
Sprycel
(44)%
(1)%
(43)%
(23)%
(2)%
(21)%
Abraxane
(3)%
(4)%
1%
(7)%
(4)%
(3)%
Other Legacy Products(c)
(5)%
—%
(5)%
(8)%
(2)%
(6)%
Total Legacy Portfolio
1%
—%
1%
2%
—%
2%
Total Revenues
8%
(2)%
10%
7%
(2)%
9%
**
See "Use of Non-GAAP Financial
Information".
(a)
Worldwide (WW) includes U.S. and
International (Int'l).
(b)
Includes Onureg, Nulojix, Empliciti and
royalty revenues.
(c)
Includes other mature brands.
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND
NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE
IMPACT *
(Unaudited, dollars in
millions)
THREE MONTHS
2024
2023
Change $
Change %
Favorable / (Unfavorable) F/X
$ **
2024 Excl. F/X **
Favorable / (Unfavorable) F/X
% **
% Change Excl. F/X **
Revenues
$
11,892
$
10,966
$
926
8%
$
(135)
$
12,027
(2)%
10%
Gross profit
8,935
8,460
475
6%
N/A
N/A
N/A
N/A
Gross profit excluding specified
items(a)
9,036
8,476
560
7%
N/A
N/A
N/A
N/A
Gross margin(b)
75.1
%
77.1
%
Gross margin excluding specified items
76.0
%
77.3
%
Marketing, selling and administrative
1,983
2,003
(20
)
(1)%
15
1,998
1%
—%
Marketing, selling and administrative
excluding specified items(a)
1,976
1,938
38
2%
15
1,991
1%
3%
Research and development
2,374
2,242
132
6%
8
2,382
—%
6%
Research and development excluding
specified items(a)
2,353
2,178
175
8%
8
2,361
—%
8%
Operating margin(c)
38.5
%
38.4
%
Operating margin excluding specified
items
39.6
%
39.8
%
NINE MONTHS
2024
2023
Change $
Change %
Favorable / (Unfavorable) F/X
$ **
2024 Excl. F/X **
Favorable / (Unfavorable) F/X
% **
% Change Excl. F/X **
Revenues
$
35,958
$
33,529
$
2,429
7%
$
(512)
$
36,470
(2)%
9%
Gross profit
26,802
25,581
1,221
5%
N/A
N/A
N/A
N/A
Gross profit excluding specified
items(a)
27,221
25,718
1,503
6%
N/A
N/A
N/A
N/A
Gross margin(b)
74.5
%
76.3
%
Gross margin excluding specified items
75.7
%
76.7
%
Marketing, selling and administrative
6,278
5,699
579
10%
68
6,346
1%
11%
Marketing, selling and administrative
excluding specified items(a)
5,887
5,614
273
5%
68
5,955
1%
6%
Research and development
7,968
6,821
1,147
17%
32
8,000
—%
17%
Research and development excluding
specified items(a)
6,994
6,636
358
5%
32
7,026
1%
6%
Operating margin(c)
34.9
%
39.0
%
Operating margin excluding specified
items
39.9
%
40.2
%
*
Foreign exchange impacts were derived by
converting our current-period local currency financial results
using the prior period average currency rates and comparing these
adjusted amounts to our current-period results.
**
See "Use of Non-GAAP Financial
Information".
(a)
Refer to the Specified Items schedule
below for further details.
(b)
Represents gross profit as a percentage of
Revenues.
(c)
Operating margin represents gross profit
less marketing, selling and administrative expenses and research
and development expenses, as a percentage of Revenues.
BRISTOL-MYERS SQUIBB
COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in
millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Inventory purchase price accounting
adjustments
$
13
$
—
$
34
$
84
Intangible asset impairment
—
—
280
—
Site exit and other costs
88
16
105
53
Cost of products sold
101
16
419
137
Acquisition related charges(a)
—
—
372
—
Site exit and other costs
7
65
19
85
Marketing, selling and
administrative
7
65
391
85
IPRD impairments
—
60
590
80
Priority review voucher
—
—
—
95
Acquisition related charges(a)
—
—
348
—
Site exit and other costs
21
4
36
10
Research and development
21
64
974
185
Amortization of acquired intangible
assets
2,406
2,256
7,179
6,769
Interest expense(b)
(12
)
(12
)
(37
)
(39
)
Equity investment (gain)/losses
(13
)
(2
)
(222
)
206
Acquisition expenses
—
—
50
—
Integration expenses
69
54
214
180
Litigation and other settlements
—
(62
)
61
(397
)
Provision for restructuring
78
141
558
321
Intangible asset impairment
47
29
47
29
Other
106
(1
)
116
(6
)
Other (income)/expense, net
275
147
787
294
Increase to Earnings before income
taxes
2,810
2,548
9,750
7,470
Income taxes on items above
(371
)
(340
)
(1,296
)
(944
)
Income tax reserve releases
—
—
(502
)
—
Income taxes attributed to a non-U.S. tax
ruling
—
—
—
(656
)
Income taxes
(371
)
(340
)
(1,798
)
(1,600
)
Increase to net earnings
$
2,439
$
2,208
$
7,952
$
5,870
(a)
Includes cash settlement of unvested stock
awards, and other related costs incurred in connection with the
recent acquisitions of Karuna, RayzeBio and Mirati.
(b)
Includes amortization of purchase price
adjustments to Celgene debt.
BRISTOL-MYERS SQUIBB
COMPANY
RECONCILIATION OF CERTAIN GAAP
LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
(Unaudited, dollars and shares
in millions except per share data)
Three Months Ended September
30, 2024
Nine Months Ended September
30, 2024
GAAP
Specified Items(a)
Non-GAAP
GAAP
Specified Items(a)
Non-GAAP
Gross profit
$
8,935
$
101
$
9,036
$
26,802
$
419
$
27,221
Marketing, selling and administrative
1,983
(7
)
1,976
6,278
(391
)
5,887
Research and development
2,374
(21
)
2,353
7,968
(974
)
6,994
Amortization of acquired intangible
assets
2,406
(2,406
)
—
7,179
(7,179
)
—
Other (income)/expense, net
234
(275
)
(41
)
588
(787
)
(199
)
Earnings/(Loss) before income
taxes
1,676
2,810
4,486
(8,554
)
9,750
1,196
Provision for income taxes
461
371
832
455
1,798
2,253
Net earnings/(loss) attributable to BMS
used for diluted EPS calculation
$
1,211
$
2,439
$
3,650
$
(9,020
)
$
7,952
$
(1,068
)
Weighted-average common shares
outstanding—diluted
2,031
2,031
2,031
2,026
2,026
2,026
Diluted earnings/(loss) per share
$
0.60
$
1.20
$
1.80
$
(4.45
)
$
3.92
$
(0.53
)
Effective tax rate
27.5
%
(9.0
)%
18.5
%
(5.3
)%
193.7
%
188.4
%
Three Months Ended September
30, 2023
Nine Months Ended September
30, 2023
GAAP
Specified Items(a)
Non-GAAP
GAAP
Specified Items(a)
Non-GAAP
Gross profit
$
8,460
$
16
$
8,476
$
25,581
$
137
$
25,718
Marketing, selling and administrative
2,003
(65
)
1,938
5,699
(85
)
5,614
Research and development
2,242
(64
)
2,178
6,821
(185
)
6,636
Amortization of acquired intangible
assets
2,256
(2,256
)
—
6,769
(6,769
)
—
Other (income)/expense, net
(258
)
(147
)
(405
)
(787
)
(294
)
(1,081
)
Earnings before income taxes
2,137
2,548
4,685
6,766
7,470
14,236
Provision for income taxes
203
340
543
488
1,600
2,088
Net earnings attributable to BMS used
for diluted EPS calculation
$
1,928
$
2,208
$
4,136
$
6,263
$
5,870
$
12,133
Weighted-average common shares
outstanding—diluted
2,064
2,064
2,064
2,093
2,093
2,093
Diluted earnings per share
$
0.93
$
1.07
$
2.00
$
2.99
$
2.81
$
5.80
Effective tax rate
9.5
%
2.1
%
11.6
%
7.2
%
7.5
%
14.7
%
(a) Refer to the Specified Items schedule
above for further details. Effective tax rate on the Specified
Items represents the difference between the GAAP and Non-GAAP
effective tax rate.
BRISTOL-MYERS SQUIBB
COMPANY
NET DEBT CALCULATION
AS OF SEPTEMBER 30, 2024 AND
DECEMBER 31, 2023
(Unaudited, dollars in
millions)
September 30,
2024
December 31,
2023
Cash and cash equivalents
$
7,890
$
11,464
Marketable debt securities - current
204
816
Marketable debt securities -
non-current
324
364
Cash, cash equivalents and marketable
debt securities
$
8,418
$
12,644
Short-term debt obligations
(1,078
)
(3,119
)
Long-term debt
(48,674
)
(36,653
)
Net debt position
$
(41,334
)
$
(27,128
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241031512594/en/
For more information, contact: Media Relations:
media@bms.com Investor Relations: investor.relations@bms.com
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