Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 20, 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-01136 | |
Entity Registrant Name | BRISTOL-MYERS SQUIBB COMPANY | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 22-0790350 | |
Entity Address, Address Line One | Route 206 & Province Line Road | |
Entity Address, City or Town | Princeton | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08543 | |
City Area Code | 609 | |
Local Phone Number | 252-4621 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,034,757,742 | |
Entity Central Index Key | 0000014272 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Small Business | false | |
Common Stock $0.10 Par Value | ||
Title of 12(b) Security | Common Stock, $0.10 Par Value | |
Trading Symbol | BMY | |
Security Exchange Name | NYSE | |
1.000% Notes due 2025 | ||
Title of 12(b) Security | 1.000% Notes due 2025 | |
Trading Symbol | BMY25 | |
Security Exchange Name | NYSE | |
1.750% Notes due 2035 | ||
Title of 12(b) Security | 1.750% Notes due 2035 | |
Trading Symbol | BMY35 | |
Security Exchange Name | NYSE | |
Celgene Contingent Value Rights | ||
Title of 12(b) Security | Celgene Contingent Value Rights | |
Trading Symbol | CELG RT | |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Total revenues | $ 10,966 | $ 11,218 | $ 33,529 | $ 34,753 | |
Cost of products sold | [1] | 2,506 | 2,353 | 7,948 | 7,544 |
Marketing, selling and administrative | 2,003 | 1,930 | 5,699 | 5,548 | |
Research and development | 2,242 | 2,418 | 6,821 | 6,999 | |
Acquired IPRD | 80 | 30 | 313 | 763 | |
Amortization of acquired intangible assets | 2,256 | 2,418 | 6,769 | 7,252 | |
Other (income)/expense, net | (258) | (140) | (787) | 793 | |
Total Expenses | 8,829 | 9,009 | 26,763 | 28,899 | |
Earnings before income taxes | 2,137 | 2,209 | 6,766 | 5,854 | |
Income tax provision | 203 | 601 | 488 | 1,534 | |
Net earnings | 1,934 | 1,608 | 6,278 | 4,320 | |
Noncontrolling interest | 6 | 2 | 15 | 15 | |
Net earnings attributable to BMS | $ 1,928 | $ 1,606 | $ 6,263 | $ 4,305 | |
Earnings per common share: | |||||
Basic (usd per share) | $ 0.94 | $ 0.75 | $ 3.01 | $ 2.01 | |
Diluted (usd per share) | $ 0.93 | $ 0.75 | $ 2.99 | $ 2 | |
Net product sales | |||||
Total revenues | $ 10,645 | $ 10,813 | $ 32,610 | $ 33,606 | |
Alliance and other revenues | |||||
Total revenues | $ 321 | $ 405 | $ 919 | $ 1,147 | |
[1]Excludes amortization of acquired intangible assets |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 1,934 | $ 1,608 | $ 6,278 | $ 4,320 |
Other comprehensive income/(loss), net of taxes and reclassifications to earnings: | ||||
Derivatives qualifying as cash flow hedges | 114 | 286 | (7) | 618 |
Pension and postretirement benefits | 2 | 18 | (9) | 64 |
Marketable debt securities | (2) | 0 | (2) | (2) |
Foreign currency translation | (13) | (153) | 13 | (253) |
Total Other comprehensive income/(loss) | 101 | 151 | (5) | 427 |
Comprehensive income | 2,035 | 1,759 | 6,273 | 4,747 |
Comprehensive income attributable to noncontrolling interest | 6 | 2 | 15 | 15 |
Comprehensive income attributable to BMS | $ 2,029 | $ 1,757 | $ 6,258 | $ 4,732 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 7,514 | $ 9,123 |
Marketable debt securities | 171 | 130 |
Receivables | 10,304 | 9,886 |
Inventories | 2,436 | 2,339 |
Other current assets | 7,207 | 5,795 |
Total Current assets | 27,632 | 27,273 |
Property, plant and equipment | 6,481 | 6,255 |
Goodwill | 21,147 | 21,149 |
Other intangible assets | 28,950 | 35,859 |
Deferred income taxes | 1,514 | 1,344 |
Marketable debt securities | 325 | 0 |
Other non-current assets | 5,214 | 4,940 |
Total Assets | 91,263 | 96,820 |
Current liabilities: | ||
Short-term debt obligations | 5,467 | 4,264 |
Accounts payable | 2,813 | 3,040 |
Other current liabilities | 15,182 | 14,586 |
Total Current liabilities | 23,462 | 21,890 |
Deferred income taxes | 399 | 2,166 |
Long-term debt | 32,137 | 35,056 |
Other non-current liabilities | 6,203 | 6,590 |
Total Liabilities | 62,201 | 65,702 |
Commitments and Contingencies | ||
BMS Shareholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 292 | 292 |
Capital in excess of par value of stock | 44,849 | 45,165 |
Accumulated other comprehensive loss | (1,286) | (1,281) |
Retained earnings | 28,218 | 25,503 |
Less cost of treasury stock | (43,075) | (38,618) |
Total BMS Shareholders’ equity | 28,998 | 31,061 |
Noncontrolling interest | 64 | 57 |
Total Equity | 29,062 | 31,118 |
Total Liabilities and Equity | $ 91,263 | $ 96,820 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flows From Operating Activities: | ||
Net earnings | $ 6,278 | $ 4,320 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization, net | 7,296 | 7,755 |
Deferred income taxes | (1,961) | (2,114) |
Stock-based compensation | 391 | 338 |
Impairment charges | 226 | 144 |
Divestiture gains and royalties | (639) | (820) |
Acquired IPRD | 313 | 763 |
Equity investment losses | 213 | 966 |
Other adjustments | 260 | 179 |
Changes in operating assets and liabilities: | ||
Receivables | (487) | (557) |
Inventories | (554) | (28) |
Accounts payable | (246) | (296) |
Rebates and discounts | 1,115 | 730 |
Income taxes payable | (1,647) | (310) |
Other | (950) | (1,310) |
Net cash provided by operating activities | 9,608 | 9,760 |
Cash Flows From Investing Activities: | ||
Sale and maturities of marketable debt securities | 692 | 5,205 |
Purchase of marketable debt securities | (1,057) | (3,566) |
Proceeds from sales of equity investments | 215 | 213 |
Capital expenditures | (879) | (772) |
Divestiture and other proceeds | 668 | 815 |
Acquisition and other payments, net of cash acquired | (588) | (4,170) |
Net cash used in investing activities | (949) | (2,275) |
Cash Flows From Financing Activities: | ||
Short-term debt obligations, net | 233 | 58 |
Issuance of long-term debt | 0 | 5,926 |
Repayment of long-term debt | (1,879) | (11,431) |
Repurchase of common stock | (5,155) | (5,585) |
Dividends | (3,584) | (3,489) |
Stock option proceeds and other, net | 2 | 805 |
Net cash used in financing activities | (10,383) | (13,716) |
Effect of exchange rates on cash, cash equivalents and restricted cash | (33) | (128) |
Decrease in cash, cash equivalents and restricted cash | (1,757) | (6,359) |
Cash, cash equivalents and restricted cash at beginning of period | 9,325 | 14,316 |
Cash, cash equivalents and restricted cash at end of period | $ 7,568 | $ 7,957 |
BASIS OF PRESENTATION AND RECEN
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Recently Issued Accounting Standards | BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS Basis of Consolidation Bristol-Myers Squibb Company ("BMS", "we", "our", "us" or "the Company") prepared these unaudited consolidated financial statements following the requirements of the SEC and U.S. GAAP for interim reporting. Under those rules, certain footnotes and other financial information that are normally required for annual financial statements can be condensed or omitted. The Company is responsible for the consolidated financial statements included in this Quarterly Report on Form 10-Q, which include all adjustments necessary for a fair presentation of the financial position of the Company as of September 30, 2023 and December 31, 2022, the results of operations for the three and nine months ended September 30, 2023 and 2022, and cash flows for the nine months ended September 30, 2023 and 2022. All intercompany balances and transactions have been eliminated. These consolidated financial statements and the related footnotes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2022 included in the 2022 Form 10-K. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for terms used throughout the document. Business Segment Information BMS operates in a single segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of innovative medicines that help patients prevail over serious diseases. A global research and development organization and supply chain organization are responsible for the discovery, development, manufacturing and supply of products. Regional commercial organizations market, distribute and sell the products. The business is also supported by global corporate staff functions. Consistent with BMS's operational structure, the Chief Executive Officer ("CEO"), as the chief operating decision maker, manages and allocates resources at the global corporate level. Managing and allocating resources at the global corporate level enables the CEO to assess both the overall level of resources available and how to best deploy these resources across functions, therapeutic areas, regional commercial organizations and research and development projects in line with our overarching long-term corporate-wide strategic goals, rather than on a product or franchise basis. The determination of a single segment is consistent with the financial information regularly reviewed by the CEO for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting future periods. For further information on product and regional revenue, see "—Note 2. Revenue". Use of Estimates and Judgments Revenues, expenses, assets and liabilities can vary during each quarter of the year. Accordingly, the results and trends in these unaudited consolidated financial statements may not be indicative of full year operating results. The preparation of financial statements requires the use of management estimates, judgments and assumptions. The most significant assumptions are estimates used in determining accounting for acquisitions; impairments of intangible assets; charge-backs, cash discounts, sales rebates, returns and other adjustments; legal contingencies; and income taxes. Actual results may differ from estimates. Reclassifications Certain reclassifications were made to conform the prior period consolidated financial statements to the current period presentation. Recently Adopted Accounting Standards Fair Value Measurements In June 2022, the FASB issued amended guidance on measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security. The guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The guidance also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendment requires the following disclosures for equity securities subject to contractual sale restrictions: the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; the nature and remaining duration of the restriction(s); and the circumstances that could cause a lapse in the restriction(s). The amended guidance is effective January 1, 2024 on a prospective basis. Early adoption is permitted. The guidance was adopted on January 1, 2023 and the adoption did not have an impact on our consolidated financial statements. Business Combinations In October 2021, the FASB issued amended guidance on accounting for contract assets and contract liabilities from contracts with customers in a business combination. The guidance is intended to address inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized. At the acquisition date, an entity should account for the related revenue contracts in accordance with existing revenue recognition guidance generally by assessing how the acquiree applied recognition and measurement in their financial statements. The guidance was adopted on January 1, 2023 and the adoption did not have an impact on our consolidated financial statements. |
REVENUE
REVENUE | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE The following table summarizes the disaggregation of revenue by nature: Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Net product sales $ 10,645 $ 10,813 $ 32,610 $ 33,606 Alliance revenues 138 173 461 560 Other revenues 183 232 458 587 Total Revenues $ 10,966 $ 11,218 $ 33,529 $ 34,753 The following table summarizes GTN adjustments: Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Gross product sales $ 18,648 $ 17,606 $ 54,047 $ 51,555 GTN adjustments (a) Charge-backs and cash discounts (2,373) (1,907) (6,743) (5,420) Medicaid and Medicare rebates (3,730) (3,295) (9,355) (8,003) Other rebates, returns, discounts and adjustments (1,900) (1,591) (5,339) (4,526) Total GTN adjustments (8,003) (6,793) (21,437) (17,949) Net product sales $ 10,645 $ 10,813 $ 32,610 $ 33,606 (a) Includes adjustments for provisions for product sales made in prior periods resulting from changes in estimates of $18 million and $116 million for the three and nine months ended September 30, 2023 and $10 million and $207 million for the three and nine months ended September 30, 2022, respectively. The following table summarizes the disaggregation of revenue by product and region: Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 In-Line Products Eliquis $ 2,705 $ 2,655 9,332 9,101 Opdivo 2,275 2,047 6,622 6,033 Pomalyst/Imnovid 872 886 2,551 2,620 Orencia 925 883 2,616 2,551 Sprycel 517 560 1,404 1,587 Yervoy 579 523 1,672 1,563 Mature and other products 476 514 1,415 1,563 Total In-Line Products 8,349 8,068 25,612 25,018 New Product Portfolio Reblozyl 248 190 688 518 Abecma 93 107 372 263 Opdualag 166 84 437 148 Zeposia 123 69 301 171 Breyanzi 92 44 263 127 Onureg 43 32 121 87 Inrebic 29 21 81 62 Camzyos 68 5 143 8 Sotyktu 66 1 107 1 Total New Product Portfolio 928 553 2,513 1,385 Total In-Line Products and New Product Portfolio 9,277 8,621 28,125 26,403 Recent LOE Products (a) Revlimid 1,429 2,420 4,647 7,718 Abraxane 260 177 757 632 Total Recent LOE Products 1,689 2,597 5,404 8,350 Total revenues $ 10,966 $ 11,218 $ 33,529 $ 34,753 United States $ 7,628 $ 7,941 $ 23,552 $ 23,903 International 3,153 3,062 9,462 10,216 Other (b) 185 215 515 634 Total revenues $ 10,966 $ 11,218 $ 33,529 $ 34,753 (a) Recent LOE Products include products with significant decline in revenue from the prior reporting period as a result of a loss of exclusivity. (b) Other revenues include royalties and alliance-related revenues for products not sold by BMS's regional commercial organizations. Revenue recognized from performance obligations satisfied in prior periods was $114 million and $355 million for the three and nine months ended September 30, 2023 and $119 million and $450 million for the three and nine months ended September 30, 2022, respectively, consisting primarily of royalties for out-licensing arrangements and revised estimates for GTN adjustments related to prior period sales. |
ALLIANCES
ALLIANCES | 9 Months Ended |
Sep. 30, 2023 | |
ALLIANCES [Abstract] | |
Alliances | 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 refers to these collaborations as alliances and its partners as alliance partners. Selected financial information pertaining to alliances was as follows, including net product sales when BMS is the principal in the third-party customer sale for products subject to the alliance. Expenses summarized below do not include all amounts attributed to the activities for the products in the alliance, but only the payments between the alliance partners or the related amortization if the payments were deferred or capitalized. Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Revenues from alliances Net product sales $ 2,762 $ 2,722 $ 9,614 $ 9,234 Alliance revenues 138 173 461 560 Total alliance revenues $ 2,900 $ 2,895 $ 10,075 $ 9,794 To/(from) alliance partners Cost of products sold $ 1,330 $ 1,328 $ 4,650 $ 4,456 Marketing, selling and administrative (52) (53) (190) (160) Research and development 1 6 81 40 Acquired IPRD — — 55 100 Other (income)/expense, net (10) (18) (37) (41) Dollars in millions September 30, December 31, Selected alliance balance sheet information Receivables – from alliance partners $ 209 $ 317 Accounts payable – to alliance partners 1,288 1,249 Deferred income – from alliances (a) 289 289 (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 2022 Form 10-K. Significant developments and updates related to alliances during the nine months ended September 30, 2023 and 2022 are set forth below. BridgeBio During the second quarter of 2022, BMS and BridgeBio commenced a collaboration to develop and commercialize BBP-398, a SHP2 inhibitor, in oncology. The transaction included an upfront payment of $90 million expensed to Acquired IPRD during the second quarter of 2022. BridgeBio is eligible to receive contingent development, regulatory and sales-based milestones up to $815 million, as well as royalties on global net sales, excluding certain markets. BridgeBio is responsible for funding and completing ongoing BBP-398 Phase I monotherapy and combination therapy trials. BMS is responsible for leading and funding all other development and commercial activities. BridgeBio has an option to co-develop BBP-398 and receive higher royalties in the U.S. |
ACQUISITIONS, DIVESTITURES, LIC
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Acquisitions, Divestitures and Other Arrangements [Abstract] | |
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS | ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS Acquisitions Mirati In October 2023, BMS entered into a definitive merger agreement to acquire Mirati, a commercial stage targeted oncology company with a pipeline of clinical and commercial oncology medicines. The acquisition will provide BMS with rights to Krazati * (adagrasib) and MRTX1719, among other assets. Krazati * is a best-in-class inhibitor of KRAS G12C mutation, which was approved by the FDA as a second-line treatment for patients with NSCLC and is in clinical development in combination with a PD-1 inhibitor as a first-line therapy for patients with NSCLC, as well as in other indications. MRTX1719, is a potential first-in-class MTA-cooperative PRMT5 inhibitor in Phase 1 development. BMS also will gain access to several other promising clinical and pre-clinical stage assets, including additional KRAS inhibitors and enabling programs. BMS will acquire all of the issued and outstanding shares of Mirati's common stock for $58.00 per share in an all-cash transaction for a total consideration of $4.8 billion, including cash settlements of equity stock awards. Mirati shareholders will also receive one non-tradeable contingent value right for each share of Mirati common stock held, potentially worth $12.00 per share in cash for a total value of approximately $1.0 billion. The payout of the contingent value right is subject to the FDA acceptance of an NDA for MRTX1719 for the treatment of specific indications within seven years of the closing of the transaction. The transaction is expected to be accounted for as a business combination and is anticipated to close by the first half of 2024, subject to fulfillment of customary closing conditions, including approval of Mirati's shareholders and receipt of required regulatory approvals. The acquisition will be funded through a combination of cash-on-hand and debt proceeds. Turning Point In the third quarter of 2022, BMS acquired Turning Point for $4.1 billion of cash (or $3.3 billion net of cash acquired). Turning Point was a clinical-stage precision oncology company with a pipeline of investigational medicines designed to target the common mutations and alterations that drive cancer growth. The acquisition provided BMS rights to Turning Point's lead asset, repotrectinib, and other clinical and pre-clinical stage assets. Divestitures The following table summarizes the financial impact of divestitures including royalties, which are included in Other (income)/expense, net. Revenue and pretax earnings related to all divestitures were not material in all periods presented (excluding divestiture gains or losses). Three Months Ended September 30, Net Proceeds Divestiture (Gains)/Losses Royalty Income Dollars in millions 2023 2022 2023 2022 2023 2022 Diabetes business - royalties $ 220 $ 205 $ — $ — $ (217) $ (205) Mature products and other 3 1 — — — — Total $ 223 $ 206 — $ — $ (217) (205) Nine Months Ended September 30, Net Proceeds Divestiture (Gains)/Losses Royalty Income Dollars in Millions 2023 2022 2023 2022 2023 2022 Diabetes business - royalties $ 621 $ 562 $ — $ — $ (623) $ (595) Mature products and other (a) 10 229 — (211) — (2) Total $ 631 $ 791 $ — $ (211) $ (623) $ (597) (a) Includes cash proceeds of $221 million and a divestiture gain of $211 million related to the sale of several mature products to Cheplapharm in the first quarter of 2022. Mature Products and Other Manufacturing Operations During the second quarter of 2022, BMS agreed to sell its manufacturing facility in Syracuse, New York to LOTTE Corporation and accounted for the business as held-for-sale resulting in a $43 million impairment charge recorded to Cost of products sold. Assets and liabilities reclassified to held-for-sale were included within Other current assets and Other current liabilities and were $172 million and $20 million, respectively, as of December 31, 2022. In January 2023, BMS completed the sale resulting in cash proceeds of $159 million, which was received in December 2022. Licensing and Other Arrangements The following table summarizes the financial impact of Keytruda* royalties, Tecentriq* royalties, upfront licensing fees and milestones for products that have not obtained commercial approval, which are included in Other (income)/expense, net. Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Keytruda * royalties $ (315) $ (268) $ (878) $ (732) Tecentriq * royalties (24) (24) (78) (68) Contingent milestone income — — (36) (46) Amortization of deferred income (12) (18) (39) (41) Biohaven sublicense income — (55) — (55) Other royalties and licensing income (14) (9) (37) (25) Total $ (365) $ (374) $ (1,068) $ (967) LianBio During October 2023, BMS reacquired the rights for mavacamten in China and certain other Asian territories from LianBio for $350 million in cash. The cost for the reacquired rights will be reflected in Acquired IPRD during the fourth quarter of 2023 as mavacamten is currently in development and not approved for commercial use in China. Keytruda* Patent License Agreement In 2017, BMS and Ono entered a global patent license agreement with Merck related to Merck's PD-1 antibody Keytruda *. In accordance with the agreement, Merck is obligated to pay ongoing royalties on global sales of Keytruda * of 6.5% from January 1, 2017 through December 31, 2023, and 2.5% from January 1, 2024 through December 31, 2026. The companies also granted certain rights to each other under their respective patent portfolios pertaining to PD-1. Payments and royalties are shared between BMS and Ono on a 75/25 percent allocation, respectively after adjusting for each party's legal fees. Immatics During the first quarter of 2022, BMS obtained a global exclusive license to Immatics' TCR bispecific IMA401 program, which is being studied in oncology. BMS and Immatics collaborate on the development and BMS will be responsible for the commercialization of IMA401 worldwide, including strategic decisions, regulatory responsibilities, funding and manufacturing. Immatics has the option to co-fund U.S. development in exchange for enhanced U.S. royalty payments and/or to co-promote IMA401 in the U.S. The transaction included an upfront payment of $150 million which was expensed to Acquired IPRD in the first quarter of 2022. Immatics is eligible to receive contingent development, regulatory and sales-based milestones of up to $770 million as well as royalties on global net sales. Dragonfly During the first quarter of 2022, a Phase I development milestone for interleukin-12 ("IL-12") was achieved resulting in a $175 million payment to Dragonfly and an Acquired IPRD charge. During the first quarter of 2023, BMS notified Dragonfly of its termination of the global exclusive license related to Dragonfly’s IL-12. All rights to IL-12 were reverted back to Dragonfly effective April 2023. Other Nimbus Change of Control Income During the first quarter of 2022, BMS and Nimbus Therapeutics ("Nimbus") entered into a settlement resolving all legal claims and business interests pertaining to Nimbus' TYK2 inhibitor resulting in $40 million of income included in Other (income)/expense. The settlement also provides for BMS to receive additional amounts for contingent development, regulatory approval and sales-based milestones and 10% of any change in control proceeds received by Nimbus related to its TYK2 inhibitor. In February 2023, Takeda acquired 100% ownership of Nimbus' TYK2 inhibitor for approximately $4.0 billion in upfront proceeds plus contingent sales-based milestones aggregating up to $2.0 billion. As a result, $400 million of income related to the change of control provision was included in Other (income)/expense during the first quarter of 2023. Royalty Extinguishment During the second quarter of 2022, BMS amended the terms of a license arrangement and paid a third party $295 million, which was expensed to Acquired IPRD, to extinguish a future royalty obligation related to mavacamten prior to its FDA approval in April 2022. |
OTHER (INCOME)_EXPENSE, NET
OTHER (INCOME)/EXPENSE, NET | 9 Months Ended |
Sep. 30, 2023 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other (Income)/Expense, Net | OTHER (INCOME)/EXPENSE, NET Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Interest expense (Note 10) $ 280 $ 299 $ 850 $ 938 Royalty and licensing income (Note 4) (365) (374) (1,068) (967) Royalty income - divestiture (Note 4) (217) (205) (623) (597) Equity investment losses (Note 9) — 14 213 966 Integration expenses (Note 6) 54 114 180 343 Loss on debt redemption (Note 10) — — — 266 Divestiture gains (Note 4) — — — (211) Litigation and other settlements (61) 44 (393) 32 Investment income (107) (52) (304) (89) Provision for restructuring (Note 6) 141 17 321 60 Other 17 3 37 52 Other (income)/expense, net $ (258) $ (140) $ (787) $ 793 Litigation and Other Settlements BeiGene Settlement In August 2023, BMS and BeiGene, Ltd. ("BeiGene") entered into an agreement that settled all on-going disputes and claims between the parties, including those related to the Abraxane license and supply agreements and related arbitration proceedings as further described in "—Note 18. Legal Proceedings and Contingencies". The agreement also provided for the termination of all contractual relationships between the parties, including the license and supply arrangements pertaining to Revlimid and Vidaza effective as of December 31, 2023, subject to BeiGene’s right to continue to sell all remaining inventory beyond that date. In consideration for the above, BMS agreed to transfer 23.3 million of BeiGene ordinary shares of common stock held under a share subscription agreement back to BeiGene resulting in $322 million of expense that was included in Other (income)/expense, net during the three months ended September 30, 2023. The expense was determined based on the closing price of the shares on the date of the transfer. In addition, the remaining BeiGene ordinary shares owned by BMS under the share subscription agreement were converted to American Depository Shares, which were subsequently sold during the three months ended September 30, 2023. AstraZeneca Settlement In July 2023, BMS entered into an agreement with AZ to settle all outstanding claims between the parties in the CTLA-4 litigation and the two PD-L1 antibody litigations, as further described in "—Note 18. Legal Proceedings and Contingencies". AZ will pay an aggregate of $560 million to BMS in four payments through September 2026, which will be subject to sharing arrangements with Ono and Dana-Farber. BMS's share is approximately $418 million, of which the net present value of $384 million was reflected in Other (income)/expense during the three months ended September 30, 2023. Nimbus Change of Control Income During the nine months ended September 30, 2023, $400 million of income was recorded in Other (income)/expense in connection with Nimbus' TYK2 program change of control provision. Refer to "—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements" for further information. |
RESTRUCTURING
RESTRUCTURING | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring Charges [Abstract] | |
Restructuring | RESTRUCTURING 2023 Restructuring Plan In 2023, BMS commenced a restructuring plan to accelerate the delivery of medicines to patients by evolving and streamlining its enterprise operating model in key areas, such as R&D, manufacturing, commercial and other functions, to ensure its operating model supports and is appropriately aligned with the Company’s strategy to invest in key priorities. These changes primarily include (i) transforming R&D operations to accelerate pipeline delivery (ii) enhancing our commercial operating model, and (iii) establishing a more responsive manufacturing network and expansion of cell therapy manufacturing capabilities. Charges of approximately $1.0 billion are expected to be incurred through 2025, consisting primarily of employee termination costs and to a lesser extent site exit costs, including impairment and accelerated depreciation of property, plant and equipment. Celgene and Other Acquisition Plans Restructuring and integration plans were initiated to realize expected cost synergies resulting from cost savings and avoidance from the acquisition of Celgene (2019), MyoKardia (2020) and Turning Point (2022). As part of these plans, the Company expects to incur charges of approximately $3.8 billion. Cumulative charges of approximately $3.5 billion have been recognized to date 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. The remaining charges related to the acquisition of Celgene are primarily related to IT system integration which are expected to be incurred through 2024. The following provides the charges related to restructuring initiatives by type of cost: Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 2023 Restructuring Plan $ 149 $ — $ 380 $ — Celgene and Other Acquisition Plans 131 131 269 409 Total charges $ 280 $ 131 $ 649 $ 409 Employee termination costs $ 135 $ 16 $ 309 $ 57 Other termination costs 6 1 12 3 Provision for restructuring 141 17 321 60 Integration expenses 54 114 180 343 Accelerated depreciation 15 — 28 6 Asset impairments (a) 70 — 120 — Total charges $ 280 $ 131 $ 649 $ 409 Cost of products sold $ 16 $ — $ 53 $ — Marketing, selling and administrative 65 — 85 6 Research and development 4 — 10 — Other (income)/expense, net 195 131 501 403 Total charges $ 280 $ 131 $ 649 $ 409 (a) Includes $65 million impairment charge for a facility lease that commenced during the three months ended September 2023. The following summarizes the charges and spending related to restructuring plan activities: Nine Months Ended September 30, Dollars in millions 2023 2022 Beginning balance $ 47 $ 101 Provision for restructuring (a) 321 60 Foreign currency translation and other (3) (10) Payments (142) (106) Ending balance $ 223 $ 45 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Earnings before income taxes $ 2,137 $ 2,209 $ 6,766 $ 5,854 Income tax provision 203 601 488 1,534 Effective tax rate 9.5 % 27.2 % 7.2 % 26.2 % Provision for income taxes in interim periods are determined based on the estimated annual effective tax rates and the tax impact of discrete items that are reflected immediately. The reduction in the effective tax rate during the three months ended September 30, 2023 was primarily due to recently issued Section 174 guidance regarding deductibility of certain non-U.S. research and development expenses. The revised guidance resulted in a reduction of previously estimated income taxes attributed to 2022 which was reflected in the current quarter as well as a reduction in the estimated annual effective rates for 2023. Previously estimated income taxes for 2022 were reduced by approximately $240 million upon finalization of the U.S. Federal tax return primarily due to the aforementioned revised Section 174 guidance that was issued during the third quarter of 2023. In addition, the effective tax rate during the first nine months of 2023 was impacted by a $656 million deferred income tax benefit following the receipt of a non-U.S. tax ruling regarding the deductibility of a statutory impairment of subsidiary investments, jurisdictional earnings mix resulting from amortization of acquired intangible assets, equity investment losses, litigation and other settlements, as well as releases of income tax reserves of $89 million related to the resolution of Celgene's 2009-2011 IRS audits, partially offset by the impact of changes in the Puerto Rico tax decree that eliminated a previously creditable excise tax. Additional changes to the effective tax rate may occur in future periods due to various reasons, including changes to the estimated pretax earnings mix and tax reserves and revised interpretations or changes to the relevant tax code. Income tax payments were $4.1 billion and $3.9 billion for the nine months ended September 30, 2023 and 2022, respectively. BMS is currently under examination by a number of tax authorities that 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. As previously disclosed, BMS received several notices of proposed adjustments from the IRS related to transfer pricing and other tax issues for the 2008 to 2012 tax years. BMS disagrees with the IRS's positions and continues to work cooperatively with the IRS to resolve these issues. In the fourth quarter of 2022, BMS entered the IRS administrative appeals process to resolve these matters. Timing of the final resolution of these complex matters is uncertain and could have a material impact on BMS's consolidated financial statements. It is reasonably possible that the amount of unrecognized tax benefits as of September 30, 2023 could decrease in the range of approximately $40 million to $60 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 jurisdiction. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions, except per share data 2023 2022 2023 2022 Net earnings attributable to BMS $ 1,928 $ 1,606 $ 6,263 $ 4,305 Weighted-average common shares outstanding – basic 2,057 2,133 2,083 2,137 Incremental shares attributable to share-based compensation plans 7 15 10 17 Weighted-average common shares outstanding – diluted 2,064 2,148 2,093 2,154 Earnings per common share Basic $ 0.94 $ 0.75 $ 3.01 $ 2.01 Diluted 0.93 0.75 2.99 2.00 The total number of potential shares of common stock excluded from the diluted earnings per common share computation because of the antidilutive impact was not material for the three and nine months ended September 30, 2023 and 2022. |
FINANCIAL INSTRUMENTS AND FAIR
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Financial assets and liabilities measured at fair value on a recurring basis are summarized below: September 30, 2023 December 31, 2022 Dollars in millions Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Cash and cash equivalents Money market and other securities $ — $ 5,545 $ — $ — $ 7,770 $ — Marketable debt securities Certificates of deposit — 2 — — 32 — Commercial paper — 29 — — 98 — Corporate debt securities — 442 — — — — U.S. Treasury securities — 23 — — — — Derivative assets — 467 — — 305 — Equity investments 291 55 — 424 680 — Derivative liabilities — 120 — — 213 — Contingent consideration liability Contingent value rights 4 — — 5 — — Other acquisition related contingent consideration — — 9 — — 24 As further described in "Item 8. Financial Statements and Supplementary Data—Note 9. Financial Instruments and Fair Value Measurements" in the Company's 2022 Form 10-K, the Company's fair value estimates use inputs that are either (1) quoted prices for identical assets or liabilities in active markets (Level 1 inputs); (2) observable prices for similar assets or liabilities in active markets or for identical or similar assets or liabilities in markets that are not active (Level 2 inputs); or (3) unobservable inputs (Level 3 inputs). The fair value of Level 2 equity investments is adjusted for characteristics specific to the security and is not adjusted for contractual sale restrictions. Equity investments subject to contractual sale restrictions were not material as of December 31, 2022 and the restrictions expired in April 2023. Marketable Debt Securities The following table summarizes marketable debt securities: September 30, 2023 December 31, 2022 Dollars in millions Amortized Cost Gross Unrealized Amortized Cost Gross Unrealized Gains Losses Fair Value Gains Losses Fair Value Certificates of deposit $ 2 $ — $ — $ 2 $ 32 $ — $ — $ 32 Commercial paper 29 — — 29 98 — — 98 Corporate debt securities 445 — (3) 442 — — — — U.S. Treasury securities 23 — — 23 — — — — Total marketable debt securities (a) $ 499 $ — $ (3) $ 496 $ 130 $ — $ — $ 130 (a) All marketable debt securities mature within three years as of September 30, 2023, and one year as of December 31, 2022. Equity Investments The following summarizes the carrying amount of equity investments: Dollars in millions September 30, December 31, Equity investments with readily determinable fair values $ 346 $ 1,104 Equity investments without readily determinable fair values 654 537 Limited partnerships and other equity method investments 557 546 Total equity investments $ 1,557 $ 2,187 The following summarizes the activity related to equity investments. Changes in fair value of equity investments are included in Other (income)/expense, net. Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Equity investments with readily determinable fair values Net loss recognized 15 75 203 927 Less: net (gain) loss recognized on investments sold (86) (1) 2 (17) Net unrealized loss recognized on investments still held 101 76 201 944 Equity investments without readily determinable fair values Upward adjustments (3) (64) (9) (70) Impairments and downward adjustments 6 — 6 2 Equity in net (income)/loss of affiliates (18) 3 13 107 Total equity investment losses — 14 213 966 Cumulative upwards adjustments and cumulative impairments and downward adjustments based on observable price changes in equity investments without readily determinable fair values still held as of September 30, 2023 were $189 million and $67 million, respectively. Qualifying Hedges and Non-Qualifying Derivatives Cash Flow Hedges BMS enters into foreign currency forward and purchased local currency put option contracts (foreign exchange contracts) to hedge certain forecasted intercompany inventory sales and certain other foreign currency transactions. The objective of these foreign exchange contracts is to reduce variability caused by changes in foreign exchange rates that would affect the U.S. dollar value of future cash flows derived from foreign currency denominated sales, primarily the euro and Japanese yen. The fair values of these derivative contracts are recorded as either assets (gain positions) or liabilities (loss positions) in the consolidated balance sheets. Changes in fair value for these foreign exchange contracts, which are designated as cash flow hedges, are temporarily recorded in Accumulated other comprehensive loss ("AOCL") and reclassified to net earnings when the hedged item affects earnings (typically within the next 24 months). As of September 30, 2023, assuming market rates remain constant through contract maturities, we expect to reclassify pre-tax gains of $179 million into Cost of products sold for our foreign exchange contracts out of AOCL during the next 12 months. The notional amount of outstanding foreign currency exchange contracts was primarily $5.0 billion for the euro contracts and $1.1 billion for Japanese yen contracts as of September 30, 2023. BMS also enters into cross-currency swap contracts to hedge exposure to foreign currency exchange rate risk associated with its long-term debt denominated in euros. These contracts convert interest payments and principal repayment of the long-term debt to U.S. dollars from euros and are designated as cash flow hedges. The unrealized gains and losses on these contracts are reported in AOCL and reclassified to Other (income)/expense, net, in the same periods during which the hedged debt affects earnings. The notional amount of cross-currency swap contracts associated with long-term debt denominated in euros was $1.2 billion as of September 30, 2023. Cash flow hedge accounting is discontinued when the forecasted transaction is no longer probable of occurring within 60 days after the originally forecasted date or when the hedge is no longer effective. Assessments to determine whether derivatives designated as qualifying hedges are highly effective in offsetting changes in the cash flows of hedged items are performed at inception and on a quarterly basis. The earnings impact related to discontinued cash flow hedges and hedge ineffectiveness was not material during all periods presented. Foreign currency exchange contracts not designated as a cash flow hedge offset exposures in certain foreign currency denominated assets, liabilities and earnings. Changes in the fair value of these derivatives are recognized in earnings as they occur. Net Investment Hedges Cross-currency swap contracts and foreign currency forward contracts of $1.8 billion as of September 30, 2023 are designated to hedge currency exposure of BMS's net investment in its foreign subsidiaries. Contract fair value changes are recorded in the foreign currency translation component of AOCL with a related offset in derivative asset or liability in the consolidated balance sheets. The notional amount of outstanding cross-currency swap and foreign currency forward contracts was primarily attributed to the Japanese yen of $650 million and euro of $794 million as of September 30, 2023. During the first quarter of 2023, the Company de-designated its remaining net investment hedge in debt denominated in euros of €375 million. The related net investment hedge was entered into to hedge euro currency exposures of the net investment in certain foreign affiliates and was recognized in Long-term debt. The effective portion of foreign exchange gain or loss on the remeasurement of debt denominated in euros was included in the foreign currency translation component of AOCL with the related offset in Long-term debt. During the three and nine months ended September 30, 2023, the amortization of gains related to the portion of our net investment hedges that was excluded from the assessment of effectiveness was not material. Fair Value Hedges Fixed to floating interest rate swap contracts are designated as fair value hedges and used as an interest rate risk management strategy to create an appropriate balance of fixed and floating rate debt. The contracts and underlying debt for the hedged benchmark risk are recorded at fair value . Gains or losses resulting from changes in fair value of the underlying debt attributable to the hedged benchmark interest rate risk are recorded in interest expense with an associated offset to the carrying value of debt. Since the specific terms and notional amount of the swap are intended to align with the debt being hedged, all changes in fair value of the swap are recorded in interest expense with an associated offset to the derivative asset or liability in the consolidated balance sheets. As a result, there was no net impact in earnings. If the underlying swap is terminated prior to maturity, then the fair value adjustment to the underlying debt is amortized as a reduction to interest expense over the remaining term of the debt. Derivative cash flows, with the exception of net investment hedges, are principally classified in the operating section of the consolidated statements of cash flows, consistent with the underlying hedged item. Cash flows related to net investment hedges are classified in investing activities. The following table summarizes the fair value and the notional values of outstanding derivatives: September 30, 2023 December 31, 2022 Asset (a) Liability (b) Asset (a) Liability (b) Dollars in millions Notional Fair Value Notional Fair Value Notional Fair Value Notional Fair Value Designated as cash flow hedges Foreign currency exchange contracts $ 6,420 $ 326 $ 926 $ (26) $ 5,771 $ 271 $ 2,281 $ (80) Cross-currency swap contracts 584 12 626 (14) — — 584 (7) Designated as net investment hedges Foreign currency exchange contracts 416 20 — — — — — — Cross-currency swap contracts 481 23 947 (18) 72 1 1,157 (78) Designated as fair value hedges Interest rate swap contracts — — 3,755 (24) — — 255 (18) Not designated as hedges Foreign currency exchange contracts 2,048 86 1,486 (21) 1,564 33 1,703 (19) Total return swap contracts (c) — — 359 (17) — — 322 (11) (a) Included in Other current assets and Other non-current assets. (b) Included in Other current liabilities and Other non-current liabilities. (c) Total return swap contracts hedge changes in fair value of certain deferred compensation liabilities. The following table summarizes the financial statement classification and amount of (gain)/loss recognized on hedges: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Dollars in millions Cost of products sold Other (income)/expense, net Cost of products sold Other (income)/expense, net Foreign currency exchange contracts $ (51) $ (40) $ (261) $ (100) Cross-currency swap contracts — 26 — (2) Interest rate swap contracts — — — (7) Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Dollars in millions Cost of products sold Other (income)/expense, net Cost of products sold Other (income)/expense, net Foreign currency exchange contracts $ (195) $ (61) $ (408) $ (136) Cross-currency swap contracts — 13 — 5 Interest rate swap contracts — (5) — (23) The following table summarizes the effect of derivative and non-derivative instruments designated as hedges in Other comprehensive income: Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Derivatives designated as cash flow hedges Foreign exchange contracts gain/(loss): Recognized in Other comprehensive income $ 173 $ 548 $ 226 $ 1,149 Reclassified to Cost of products sold (51) (195) (261) (408) Cross-currency swap contracts gain/(loss): Recognized in Other comprehensive income (23) (43) 5 (43) Reclassified to Other (income)/expense, net 35 20 26 20 Forward starting interest rate swap contract loss: Reclassified to Other (income)/expense, net — — — (3) Derivatives designated as net investment hedges Cross-currency swap contracts gain/(loss): Recognized in Other comprehensive income 59 71 94 135 Foreign exchange contracts gain/(loss): Recognized in Other comprehensive income 18 — 18 — Non-derivatives designated as net investment hedges Non-U.S. dollar borrowings gain/(loss): Recognized in Other comprehensive income — 40 (10) 123 |
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
FINANCING ARRANGEMENTS | FINANCING ARRANGEMENTS Short-term debt obligations include: Dollars in millions September 30, December 31, Non-U.S. short-term debt obligations $ 164 $ 176 Current portion of Long-term debt 4,873 3,897 Other 430 191 Total $ 5,467 $ 4,264 Long-term debt and the current portion of Long-term debt include: Dollars in millions September 30, December 31, Principal value $ 36,329 $ 38,234 Adjustments to principal value: Fair value of interest rate swap contracts (24) (18) Unamortized basis adjustment from swap terminations 85 97 Unamortized bond discounts and issuance costs (265) (284) Unamortized purchase price adjustments of Celgene debt 885 924 Total $ 37,010 $ 38,953 Current portion of Long-term debt $ 4,873 $ 3,897 Long-term debt 32,137 35,056 Total $ 37,010 $ 38,953 The fair value of Long-term debt was $31.7 billion as of September 30, 2023 and $34.9 billion as of December 31, 2022 valued using Level 2 inputs, which are based upon the quoted market prices for the same or similar debt instruments. The fair value of Short-term debt obligations approximates the carrying value due to the short maturities of the debt instruments. During the nine months ended September 30, 2023, $1.9 billion of debt matured and was repaid including $750 million 2.750% Notes, $890 million 3.250% Notes and $239 million 7.150% Notes. During the nine months ended September 30, 2022, $4.8 billion of debt matured and was repaid including $1.5 billion 2.600% Notes, $500 million Floating Rate Notes, $750 million 2.000% Notes, $1.0 billion 3.250% Notes and $1.0 billion 3.550% Notes. During the nine months ended September 30, 2022, BMS issued an aggregate principal amount of $6.0 billion of debt with net proceeds of $5.9 billion. The notes rank equally in right of payment with all of BMS's existing and future senior unsecured indebtedness and are redeemable at any time, in whole, or in part, at varying specified redemption prices plus accrued and unpaid interest. In addition, BMS purchased an aggregate principal amount of $6.0 billion of certain of its debt securities for $6.6 billion of cash in tender offers and "make-whole" redemptions. In connection with these transactions, a $266 million net loss on debt redemption was recognized based on the carrying value of the debt and included in Other (income)/expense, net. Interest payments were $932 million and $1.1 billion for the nine months ended September 30, 2023 and 2022, respectively, net of amounts related to interest rate swap contracts. Credit Facilities As of September 30, 2023, BMS had a five-year $5.0 billion revolving credit facility expiring in January 2028, which is extendable annually by one year with the consent of the lenders. This facility provides for customary terms and conditions with no financial covenants and may be used to provide backup liquidity for our commercial paper borrowings. No borrowings were outstanding under the revolving credit facility as of September 30, 2023 and December 31, 2022. |
RECEIVABLES
RECEIVABLES | 9 Months Ended |
Sep. 30, 2023 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Receivables | RECEIVABLES Dollars in millions September 30, December 31, Trade receivables $ 9,095 $ 8,848 Less: charge-backs and cash discounts (661) (675) Less: allowance for expected credit loss (27) (22) Net trade receivables 8,407 8,151 Alliance, royalties, VAT and other 1,897 1,735 Receivables $ 10,304 $ 9,886 Non-U.S. receivables sold on a nonrecourse basis were $769 million and $809 million for the nine months ended September 30, 2023 and 2022, respectively. Receivables from the three largest customers in the U.S. represented 71% and 66% of total trade receivables as of September 30, 2023 and December 31, 2022, respectively. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2023 | |
Inventory, Net [Abstract] | |
Inventories | INVENTORIES Dollars in millions September 30, December 31, Finished goods $ 533 $ 509 Work in process 2,289 1,850 Raw and packaging materials 461 464 Total inventories $ 3,283 $ 2,823 Inventories $ 2,436 $ 2,339 Other non-current assets 847 484 The fair value adjustment related to the Celgene acquisition was $84 million as of December 31, 2022 and was fully amortized in the second quarter of 2023. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Dollars in millions September 30, December 31, Land $ 162 $ 162 Buildings 6,280 5,920 Machinery, equipment and fixtures 3,576 3,284 Construction in progress 1,114 1,053 Gross property, plant and equipment 11,132 10,419 Less accumulated depreciation (4,651) (4,164) Property, plant and equipment $ 6,481 $ 6,255 Depreciation expense was $151 million and $448 million for the three and nine months ended September 30, 2023 and $148 million and $434 million for the three and nine months ended September 30, 2022, respectively. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The changes in the carrying amounts in Goodwill were as follows: Dollars in millions Balance at December 31, 2022 $ 21,149 Currency translation and other adjustments (2) Balance at September 30, 2023 $ 21,147 Other Intangible Assets Other intangible assets consisted of the following: Estimated September 30, 2023 December 31, 2022 Dollars in millions Gross carrying amounts Accumulated amortization Other intangible assets, net Gross carrying amounts Accumulated amortization Other intangible assets, net Licenses 5 – 15 years $ 363 $ (144) $ 219 $ 400 $ (128) $ 272 Acquired marketed product rights 3 – 15 years 59,577 (37,794) 21,783 60,477 (31,949) 28,528 Capitalized software 3 – 10 years 1,639 (1,171) 468 1,555 (1,056) 499 IPRD 6,480 — 6,480 6,560 — 6,560 Total $ 68,059 $ (39,109) $ 28,950 $ 68,992 $ (33,133) $ 35,859 Amortization expense of Other intangible assets was $2.3 billion and $6.9 billion during the three and nine months ended September 30, 2023 and $2.5 billion and $7.4 billion for the three and nine months ended September 30, 2022, respectively. The other intangible assets impairments were as follows: Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 IPRD $ 60 $ 58 $ 80 $ 98 Licenses 29 — 29 — Total $ 89 $ 58 $ 109 $ 98 IPRD impairment charges were recognized following decisions to discontinue development of investigational compounds in connection with the prioritization of pipeline opportunities and were recorded in Research and development expense. Licenses impairment charges were recognized for out-licensed assets following assessments of future economic benefits and were included in Other Income/(expense), net. The impairments represented full write-downs. |
SUPPLEMENTAL FINANCIAL INFORMAT
SUPPLEMENTAL FINANCIAL INFORMATION | 9 Months Ended |
Sep. 30, 2023 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | SUPPLEMENTAL FINANCIAL INFORMATION Dollars in millions September 30, December 31, 2022 Income taxes $ 4,933 $ 3,547 Research and development 714 579 Contract assets 410 504 Restricted cash (a) 54 148 Other 1,096 1,017 Other current assets $ 7,207 $ 5,795 Dollars in millions September 30, December 31, 2022 Equity investments (Note 9) $ 1,557 $ 2,187 Operating leases 1,367 1,220 Inventories 847 484 Pension and postretirement 296 285 Research and development 427 496 Restricted cash (a) — 54 Receivables and convertible notes 432 — Other 288 214 Other non-current assets $ 5,214 $ 4,940 (a) Restricted cash primarily consists of funds restricted for annual Company contributions to the defined contribution plan in the U.S. and escrow for litigation settlements. Cash is restricted when withdrawal or general use is contractually or legally restricted. As of September 30, 2022, restricted cash of $223 million was included in Cash, cash equivalents and restricted cash in the consolidated statement of cash flows. Dollars in millions September 30, December 31, 2022 Rebates and discounts $ 7,782 $ 6,702 Income taxes 1,458 942 Employee compensation and benefits 876 1,425 Research and development 1,307 1,359 Dividends 1,160 1,196 Interest 371 321 Royalties 427 431 Operating leases 150 136 Other 1,651 2,074 Other current liabilities $ 15,182 $ 14,586 Dollars in millions September 30, December 31, 2022 Income taxes $ 3,215 $ 3,992 Pension and postretirement 386 402 Operating leases 1,513 1,261 Deferred income 316 283 Deferred compensation 384 349 Other 389 303 Other non-current liabilities $ 6,203 $ 6,590 |
EQUITY
EQUITY | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Equity | EQUITY The following table summarizes changes in equity for the nine months ended September 30, 2023: Common Stock Capital in Excess of Par Value of Stock Accumulated Other Comprehensive Loss Retained Earnings Treasury Stock Noncontrolling Interest Dollars and shares in millions Shares Par Value Shares Cost Balance at December 31, 2022 2,923 $ 292 $ 45,165 $ (1,281) $ 25,503 825 $ (38,618) $ 57 Net earnings — — — — 2,262 — — 5 Other comprehensive loss — — — (87) — — — — Cash dividends declared $0.57 per share — — — — (1,197) — — — Share repurchase program — — — — — 4 (250) — Stock compensation — — (25) — — (6) 60 — Balance at March 31, 2023 2,923 $ 292 $ 45,140 $ (1,368) $ 26,568 823 $ (38,808) $ 62 Net earnings — — — — 2,073 — — 4 Other comprehensive loss — — — (19) — — — — Cash dividends declared $0.57 per share — — — — (1,192) — — — Share repurchase program — — — — — 13 (911) — Stock compensation — — 159 — — (2) 39 — Distributions — — — — — — — (9) Balance at June 30, 2023 2,923 292 45,299 (1,387) 27,449 834 (39,680) 57 Net Earnings — — — — 1,928 — — 7 Other comprehensive income — — — 101 — — — — Cash dividends declared $0.57 per share — — — — (1,159) — — — Stock repurchase program — — (600) — — 56 (3,433) — Stock compensation — — 146 — — (1) 27 — Convertible debt — — 4 — — — 11 — Balance at September 30, 2023 2,923 $ 292 $ 44,849 $ (1,286) $ 28,218 889 $ (43,075) $ 64 The following table summarizes changes in equity for the nine months ended September 30, 2022: Common Stock Capital in Excess of Par Value of Stock Accumulated Other Comprehensive Loss Retained Earnings Treasury Stock Noncontrolling Interest Dollars and shares in millions Shares Par Value Shares Cost Balance at December 31, 2021 2,923 $ 292 $ 44,361 $ (1,268) $ 23,820 747 $ (31,259) $ 60 Net earnings — — — — 1,278 — — 5 Other comprehensive income — — — 39 — — — — Cash dividends declared $0.54 per share — — — — (1,150) — — — Share repurchase program — — (750) — — 65 (4,250) — Stock compensation — — 145 — — (18) 322 — Balance at March 31, 2022 2,923 $ 292 $ 43,756 $ (1,229) $ 23,948 794 $ (35,187) $ 65 Net earnings — — — — 1,421 — — 8 Other comprehensive income — — — 237 — — — — Cash dividends declared $0.54 per share — — — — (1,152) — — — Stock repurchase program — — 300 — — 2 (300) — Stock compensation — — 319 — — (8) 195 — Distributions — — — — — — — (12) Balance at June 30, 2022 2,923 292 44,375 (992) 24,217 788 (35,292) 61 Net Earnings — — — — 1,606 — — 2 Other comprehensive income — — — 151 — — — — Cash dividends declared $0.54 per share — — — — (1,148) — — — Stock repurchase program — — 450 — — 12 (1,151) — Stock compensation — — 131 — — (1) 32 — Balance at September 30, 2022 2,923 $ 292 $ 44,956 $ (841) $ 24,675 799 $ (36,411) $ 63 During the third quarter of 2023, BMS entered into accelerated share repurchase ("ASR") agreements to repurchase an aggregate amount of $4.0 billion of the Company's common stock. The ASR agreements were funded with cash on-hand and are expected to settle in the fourth quarter of 2023. Approximately 56 million shares of common stock (85% of the $4.0 billion aggregate repurchase price) were received by BMS and included in treasury stock as of September 30, 2023. The total number of shares to be repurchased under the ASR agreements will be based on volume-weighted average prices of BMS's common stock during the terms of the ASR transactions less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreements. In addition, as part of its share repurchase program, BMS repurchased 17 million shares of its common stock for $1.2 billion during the nine months ended September 30, 2023. The remaining share repurchase capacity under the BMS share repurchase program was approximately $2.0 billion as of September 30, 2023. During the first quarter of 2022, BMS entered into ASR agreements to repurchase an aggregate amount of $5.0 billion of the Company's common stock. The ASR agreements were funded with cash on-hand and 65 million shares of common stock (85% of the $5.0 billion aggregate repurchase price) were received by BMS and included in treasury stock. The remaining amounts in the ASR agreements were settled in two tranches during the second and third quarters of 2022 and 4 million shares of common stock were received by BMS and transferred to treasury stock. The following table summarizes the changes in Other comprehensive income by component: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Dollars in millions Pretax Tax After Tax Pretax Tax After Tax Derivatives qualifying as cash flow hedges Recognized in Other comprehensive income/(loss) $ 150 $ (18) $ 132 $ 231 $ (31) $ 200 Reclassified to net earnings (a) (16) (2) (18) (235) 28 (207) Derivatives qualifying as cash flow hedges 134 (20) 114 (4) (3) (7) Pension and postretirement benefits Actuarial gains/(losses) 3 (1) 2 (10) 1 (9) Marketable debt securities Unrealized losses (3) 1 (2) (3) 1 (2) Foreign currency translation 4 (17) (13) 35 (22) 13 Other comprehensive income/(loss) $ 138 $ (37) $ 101 $ 18 $ (23) $ (5) Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Dollars in millions Pretax Tax After Tax Pretax Tax After Tax Derivatives qualifying as cash flow hedges Recognized in Other comprehensive income $ 505 $ (66) $ 439 $ 1,106 $ (147) $ 959 Reclassified to net earnings (a) (175) 22 (153) (391) 50 (341) Derivatives qualifying as cash flow hedges 330 (44) 286 715 (97) 618 Pension and postretirement benefits Actuarial gains 14 (4) 10 54 (11) 43 Amortization (b) 7 (1) 6 19 (4) 15 Settlements (b) 2 — 2 7 (1) 6 Pension and postretirement benefits 23 (5) 18 80 (16) 64 Marketable debt securities Unrealized losses — — — (2) — (2) Foreign currency translation (131) (22) (153) (201) (52) (253) Other comprehensive income $ 222 $ (71) $ 151 $ 592 $ (165) $ 427 (a) Included in Cost of products sold and Other (income)/expense, net. Refer to "—Note 9. Financial Instruments and Fair Value Measurements" for further information. (b) Included in Other (income)/expense, net. The accumulated balances related to each component of Other comprehensive income/(loss), net of taxes, were as follows: Dollars in millions September 30, December 31, Derivatives qualifying as cash flow hedges $ 225 $ 232 Pension and postretirement benefits (632) (623) Marketable debt securities (2) — Foreign currency translation (a) (877) (890) Accumulated other comprehensive loss $ (1,286) $ (1,281) (a) Includes net investment hedge gains of $205 million and $125 million as of September 30, 2023 and December 31, 2022, respectively. |
EMPLOYEE STOCK BENEFIT PLANS
EMPLOYEE STOCK BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Stock Benefit Plans | EMPLOYEE STOCK BENEFIT PLANS Stock-based compensation expense was as follows: Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Cost of products sold $ 14 $ 11 $ 38 $ 30 Marketing, selling and administrative 55 48 162 144 Research and development 63 56 191 164 Total Stock-based compensation expense $ 132 $ 115 $ 391 $ 338 Income tax benefit (a) $ 28 $ 23 $ 80 $ 67 (a) Income tax benefit excludes excess tax benefits from share-based compensation awards that were vested or exercised of $1 million and $21 million for the three and nine months ended September 30, 2023, and $4 million and $63 million for the three and nine months ended September 30, 2022, respectively. The number of units granted and the weighted-average fair value on the grant date for the nine months ended September 30, 2023 were as follows: Units in millions Units Weighted-Average Fair Value Restricted stock units 9.3 $ 60.52 Market share units 1.0 58.18 Performance share units 1.5 64.18 Dollars in millions Restricted Stock Units Market Share Units Performance Share Units Unrecognized compensation cost $ 893 $ 63 $ 115 Expected weighted-average period in years of compensation cost to be recognized 2.8 2.9 1.8 |
LEGAL PROCEEDINGS AND CONTINGEN
LEGAL PROCEEDINGS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Contingencies | LEGAL PROCEEDINGS AND CONTINGENCIES BMS and certain of its subsidiaries are involved in various lawsuits, claims, government investigations and other legal proceedings that arise in the ordinary course of business. These claims or proceedings can involve various types of parties, including governments, competitors, customers, partners, suppliers, service providers, licensees, licensors, employees, or shareholders, among others. These matters may involve patent infringement, antitrust, securities, pricing, sales and marketing practices, environmental, commercial, contractual rights, licensing obligations, health and safety matters, consumer fraud, employment matters, product liability and insurance coverage, among others. The resolution of these matters often develops over a long period of time and expectations can change as a result of new findings, rulings, appeals or settlement arrangements. Legal proceedings that are significant or that BMS believes could become significant or material are described below. While BMS does not believe that any of these matters, except as otherwise specifically noted below, will have a material adverse effect on its financial position or liquidity as BMS believes it has substantial claims and/or defenses in the matters, the outcomes of BMS's legal proceedings and other contingencies are inherently unpredictable and subject to significant uncertainties. There can be no assurance that there will not be an increase in the scope of one or more of these pending matters or any other or future lawsuits, claims, government investigations or other legal proceedings will not be material to BMS's financial position, results of operations or cash flows for a particular period. Furthermore, failure to successfully enforce BMS's patent rights would likely result in substantial decreases in the respective product revenues from generic competition. Unless otherwise noted, BMS is unable to assess the outcome of the respective matters nor is it able to estimate the possible loss or range of losses that could potentially result for such matters. Contingency accruals are recognized when it is probable that a liability will be incurred and the amount of the related loss can be reasonably estimated. Developments in legal proceedings and other matters that could cause changes in the amounts previously accrued are evaluated each reporting period. For a discussion of BMS’s tax contingencies, see " —Note 7. Income Taxes." INTELLECTUAL PROPERTY Anti-PD-L1 and CTLA-4 — U.S. On March 17, 2022, BMS filed a lawsuit in U.S. District Court for the District of Delaware against AstraZeneca Pharmaceuticals LP and AstraZeneca UK Ltd (collectively, "AZ") alleging that AZ's marketing of the PD-L1 antibody Imfinzi infringes certain claims of U.S. Patent Nos. 9,580,505, 9,580,507, 10,138,299, 10,308,714, 10,266,594, 10,266,595, 10,266,596 and 10,323,092. On April 25, 2023, BMS filed an additional lawsuit against AZ in U.S. District Court for the District of Delaware alleging that AZ's marketing of the PD-L1 antibody Imfinzi infringes U.S. Patent No. 9,402,899. On January 23, 2023, BMS filed a lawsuit in U.S. District Court for the District of Delaware against AstraZeneca Pharmaceuticals LP and AstraZeneca AB (collectively, "AZ AB") alleging that AZ AB's marketing of the CTLA-4 antibody Imjudo infringes certain claims of U.S. Patent Nos. 9,320,811 and 9,273,135. On July 24, 2023, BMS entered into an agreement with AZ and AZ AB to settle all outstanding claims between them in the CTLA-4 litigation and the two PD-L1 antibody litigations described above. Refer to "—Note 5. Other (Income)/Expense, Net" for further information. Eliquis - Europe Lawsuits have been filed by generic companies in various countries in Europe seeking revocation of our composition-of-matter patents and Supplementary Protection Certificates ("SPCs") relating to Eliquis , and trials or preliminary proceedings have been held in certain of those cases. In Finland, the court granted our request for a preliminary injunction prohibiting Teva from offering, storing or selling generic Eliquis products in Finland that have obtained price and reimbursement. A trial regarding Teva's challenge to the validity of the Finnish composition-of-matter patent and related SPC concluded on July 5, 2023, and a decision is expected sometime in the fourth quarter of 2023. In France, a trial was held regarding Teva's challenge to the validity of the French composition-of-matter patent and related SPC, and a decision was issued on June 8, 2023, confirming their validity and rejecting Teva's claims. Teva has appealed the decision. In Ireland, the court granted our request for a preliminary injunction prohibiting Teva from making, offering, putting on the market and/or using and/or importing or stocking for the aforesaid purposes, generic Eliquis products. The trial court's preliminary injunction decision was subsequently upheld by the Irish Court of Appeal. A trial regarding Teva's challenge to the validity of the Irish composition-of-matter patent and related SPC concluded on July 28, 2023, and a decision is expected sometime in the fourth quarter of 2023. In the Netherlands, our requests for preliminary injunctions to prevent at-risk generic launches by Sandoz, Stada and Teva prior to full trials on the validity of the Dutch composition-of-matter patent and SPC were initially denied by the lower courts. However, in a judgment issued on August 15, 2023, the Dutch Court of Appeal overturned the decisions of the lower court, issued preliminary injunctions against Sandoz, Stada and Teva and ordered those companies to recall any generic Eliquis product from the Dutch market. Full trials regarding challenges to the validity of the Dutch composition-of-matter patent and related SPC by Sandoz began on October 13, 2023, and those related to Teva are scheduled to begin on January 12, 2024. In Norway, a trial was held regarding Teva's challenge to the validity of the Norwegian composition-of-matter patent and related SPC, and a decision was issued on May 23, 2023, confirming their validity and rejecting Teva's claims. Teva has appealed the decision. In Portugal, there are patent validity and infringement proceedings pending with multiple companies seeking to market generic versions of Eliquis . A trial regarding Mylan's challenge to the validity of the Portuguese composition-of-matter patent is scheduled to conclude November 29, 2023. In early September, Teva launched a generic Eliquis product on the Portuguese market. On September 15, 2023, BMS filed a request for a preliminary injunction against Teva at the Portuguese Intellectual Property Court. In Spain, a trial regarding Teva's challenge to the validity of the Spanish composition-of-matter patent and related SPC was held on October 18-19, 2023. In Sweden, a trial was held regarding Teva's challenge to the validity of the Swedish composition-of-matter patent and related SPC, and a decision was issued on November 2, 2022, confirming their validity and rejecting Teva's claims. Teva has appealed the decision. In Switzerland, a trial regarding Teva's challenge to the validity of the Swiss composition-of-matter patent and related SPC is scheduled to begin on November 29, 2023. In the UK, Sandoz and Teva filed lawsuits in the United Kingdom seeking revocation of the UK composition-of-matter patent and related SPC. BMS subsequently filed counterclaims for infringement in both actions. A combined trial took place in February 2022, and in a judgment issued on April 7, 2022, the judge found the UK apixaban composition-of-matter patent and related SPC invalid. BMS appealed the judgment and on May 4, 2023, the Court of Appeal upheld the lower court's decision. On June 1, 2023, BMS filed an application to appeal to the UK Supreme Court. Following the first instance decision in the UK, generic manufacturers have begun marketing generic versions of Eliquis in the UK. In addition to the above, challenges to the validity of the composition-of-matter patent and related SPC are pending in Denmark, Italy, Poland, Czechia, Slovakia, Hungary, Bulgaria, Croatia, Greece and Lithuania. Generic manufacturers may seek to market generic versions of Eliquis in additional countries in Europe prior to the expiration of our patents, which may lead to additional infringement and invalidity actions involving Eliquis patents being filed in various countries in Europe. Inrebic - U.S. In September 2023, BMS received a Notice Letter from Teva notifying BMS that Teva had filed an ANDA containing a paragraph IV certification seeking approval of a generic version of Inrebic in the U.S. and challenging certain patents listed in the Orange Book for Inrebic . In response, in October 2023, BMS filed a patent infringement action against Teva in the U.S. District Court for the District of New Jersey. Onureg – U.S. BMS has received Notice Letters from Accord Healthcare, Inc. ("Accord"), MSN Laboratories Private Limited ("MSN"), Teva Pharmaceuticals, Inc. ("Teva") and Natco Pharma Limited ("Natco"), respectively, each notifying BMS that it has filed an ANDA containing a paragraph IV certification seeking approval of a generic version of Onureg in the U.S. and challenging U.S. Patent Nos. 11,571,436 (the "'436 Patent") and 8,846,628 (the "'628 Patent"), FDA Orange Book-listed formulation patents covering Onureg , which expire in 2029 and 2030, respectively. In response, BMS has filed a patent infringement action against Accord, MSN, Teva and Natco in the U.S. District Court for the District of Delaware. In August 2023, the Accord and MSN actions were consolidated, and a trial has been scheduled to begin on September 23, 2024. No trial dates have been scheduled for the Teva or Natco actions. In February 2023, Apotex Inc. filed a request for inter partes review ("IPR") of the '628 Patent. On July 20, 2023, the USPTO granted Apotex's request to institute an IPR of the '628 Patent. Plavix* - Australia Sanofi was notified that, in August 2007, GenRx Proprietary Limited ("GenRx") obtained regulatory approval of an application for clopidogrel bisulfate 75mg tablets in Australia. GenRx, formerly a subsidiary of Apotex Inc., subsequently changed its name to Apotex ("GenRx-Apotex"). In August 2007, GenRx-Apotex filed an application in the Federal Court of Australia seeking revocation of Sanofi's Australian Patent No. 597784 (Case No. NSD 1639 of 2007). Sanofi filed counterclaims of infringement and sought an injunction. On September 21, 2007, the Federal Court of Australia granted Sanofi's injunction. A subsidiary of BMS was subsequently added as a party to the proceedings. In February 2008, a second company, Spirit Pharmaceuticals Pty. Ltd., also filed a revocation suit against the same patent. This case was consolidated with the GenRx-Apotex case. On August 12, 2008, the Federal Court of Australia held that claims of Patent No. 597784 covering clopidogrel bisulfate, hydrochloride, hydrobromide, and taurocholate salts were valid. The Federal Court also held that the process claims, pharmaceutical composition claims, and claim directed to clopidogrel and its pharmaceutically acceptable salts were invalid. BMS and Sanofi filed notices of appeal in the Full Court of the Federal Court of Australia ("Full Court") appealing the holding of invalidity of the claim covering clopidogrel and its pharmaceutically acceptable salts, process claims, and pharmaceutical composition claims. GenRx-Apotex appealed. On September 29, 2009, the Full Court held all of the claims of Patent No. 597784 invalid. In March 2010, the High Court of Australia denied a request by BMS and Sanofi to hear an appeal of the Full Court decision. The case was remanded to the Federal Court for further proceedings related to damages sought by GenRx-Apotex. BMS and GenRx-Apotex settled, and the GenRx-Apotex case was dismissed. The Australian government intervened in this matter seeking maximum damages up to 449 million AUD ($289 million), plus interest, which would be split between BMS and Sanofi, for alleged losses experienced for paying a higher price for branded Plavix* during the period when the injunction was in place. BMS and Sanofi dispute that the Australian government is entitled to any damages. A trial was concluded in September 2017. In April 2020, the Federal Court issued a decision dismissing the Australian government's claim for damages. In May 2020, the Australian government appealed the Federal Court's decision and an appeal hearing concluded in February 2021. On June 26, 2023, the appeal court issued a ruling in BMS and Sanofi's favor, upholding the lower court's decision. The Australian government is seeking leave to appeal the decision to the High Court of Australia. Revlimid - U.S. In April 2023, Celgene received a Notice Letter from Deva Holdings A.S. ("Deva") notifying Celgene that Deva has filed an ANDA containing paragraph IV certifications seeking approval to market a generic version of Revlimid in the U.S. In response, on May 31, 2023, Celgene initiated a patent infringement action against Deva in the U.S. District Court for the District of New Jersey asserting certain FDA Orange Book listed patents. On October 23, 2023, BMS entered into a confidential settlement agreement with Deva, settling all outstanding claims in the litigation with Deva. In September 2023, Celgene received a Notice Letter from Accord Healthcare, Inc. ("Accord") notifying Celgene that Accord has filed an ANDA containing paragraph IV certifications seeking approval to market a generic version of Revlimid in the U.S. In response, on October 19, 2023, Celgene initiated a patent infringement action against Accord in the U.S. District Court for the District of New Jersey asserting certain FDA Orange Book-listed patents. On October 19, 2023, BMS entered into a confidential settlement agreement with Accord, settling all outstanding claims in the litigation with Accord. Sprycel - U.S. BMS has received Notice Letters from Xspray Pharma AB ("Xspray"), Nanocopoeia, LLC ("Nanocopoeia"), Handa Oncology, LLC ("Handa") and Zydus Pharmaceuticals ("Zydus"), each notifying BMS that it has filed applications containing paragraph IV certifications seeking approval of a dasatinib product in the U.S. and challenging two FDA Orange Book-listed monohydrate form patents expiring in 2025 and 2026. In February 2022, BMS filed a patent infringement action against Xspray in the U.S. District Court for the District of New Jersey. In May 2022, BMS filed a patent infringement action against Nanocopoeia in the U.S. District Court for the District of Minnesota. In November 2022, BMS filed a patent infringement action against Handa in the U.S. District Court for the Northern District of California. On March 24, 2023, the Minnesota court denied a motion that Nanocopoeia had filed seeking a judgment based on the pleadings. On June 16, 2023, BMS entered into a confidential settlement agreement with Handa, settling all outstanding claims in the litigation. On September 13, 2023, BMS entered into a confidential settlement agreement with XSpray, settling all outstanding claims in the litigation. On October 10, 2023, BMS entered into a confidential settlement agreement with Nanocopoeia, settling all outstanding claims in the litigation. In October 2023, BMS filed a patent infringement action against Zydus in the U.S. District Court for the District of New Jersey. Zeposia - U.S. On October 15, 2021, Actelion Pharmaceuticals LTD and Actelion Pharmaceuticals US, INC ("Actelion") filed a complaint for patent infringement in the United States District Court for the District of New Jersey against BMS and Celgene for alleged infringement of U.S. Patent No. 10,251,867 (the "'867 Patent"). The Complaint alleges that the sale of Zeposia infringes certain claims of the '867 Patent and Actelion is seeking damages and injunctive relief. No trial date has been scheduled. PRICING, SALES AND PROMOTIONAL PRACTICES LITIGATION Plavix* State Attorneys General Lawsuits BMS and certain Sanofi entities are defendants in a consumer protection action brought by the attorney general of Hawaii relating to the labeling, sales and/or promotion of Plavix *. In February 2021, a Hawaii state court judge issued a decision against Sanofi and BMS, imposing penalties in the total amount of $834 million, with $417 million attributed to BMS. Sanofi and BMS appealed the decision. On March 15, 2023, the Hawaii Supreme Court issued its decision, reversing in part and affirming in part the trial court decision, vacating the penalty award and remanding the case for a new trial and penalty determination. A new bench trial concluded on October 16, 2023. PRODUCT LIABILITY LITIGATION BMS is a party to various product liability lawsuits. Plaintiffs in these cases seek damages and other relief on various grounds for alleged personal injury and economic loss. As previously disclosed, in addition to lawsuits, BMS also faces unfiled claims involving its products. Abilify* BMS and Otsuka are co-defendants in product liability litigation related to Abilify* . Plaintiffs allege Abilify* caused them to engage in compulsive gambling and other impulse control disorders. Cases were filed in state and federal courts in the United States. Pursuant to a previously disclosed master settlement agreement and settlement related court orders, the vast majority of the cases in the United States were resolved or dismissed. Eleven inactive cases remain pending in state courts in New Jersey. There are also eleven cases pending in Canada (four class actions and seven individual injury claims), two of which are active (the certified class actions in Quebec and Ontario). Onglyza* BMS and AstraZeneca are co-defendants in product liability litigation related to Onglyza* . Plaintiffs assert claims, including claims for wrongful death, as a result of heart failure or other cardiovascular injuries they allege were caused by their use of Onglyza* . In February 2018, the Judicial Panel on Multidistrict Litigation ordered all the federal Onglyza* cases to be transferred to an MDL in the U.S. District Court for the Eastern District of Kentucky. A significant majority of the claims were pending in the MDL, with others pending in a coordinated proceeding in California Superior Court in San Francisco ("JCCP"). The JCCP court granted summary judgment to defendants in March 2022, a decision which was affirmed by the California Court of Appeal. The California Supreme Court declined to review the decision in July 2023. In the MDL, the court granted defendants' motion to exclude plaintiffs' only general causation expert on January 5, 2022 and granted summary judgment on August 2, 2022. Plaintiffs filed their Notice of Appeal on December 2, 2022. The appeal remains pending in the Sixth Circuit. As part of BMS's global diabetes business divestiture, BMS sold Onglyza* to AstraZeneca in February 2014 and any potential liability with respect to Onglyza* is expected to be shared with AstraZeneca. SECURITIES LITIGATION Celgene Securities Litigations Beginning in March 2018, two putative class actions were filed against Celgene and certain of its officers in the U.S. District Court for the District of New Jersey (the "Celgene Securities Class Action"). The complaints allege that the defendants violated federal securities laws by making misstatements and/or omissions concerning (1) trials of GED-0301, (2) Celgene's 2020 outlook and projected sales of Otezla* , and (3) the new drug application for Zeposia . The Court consolidated the two actions and appointed a lead plaintiff, lead counsel, and co-liaison counsel for the putative class. In February 2019, the defendants filed a motion to dismiss plaintiff''s amended complaint in full. In December 2019, the Court denied the motion to dismiss in part and granted the motion to dismiss in part (including all claims arising from alleged misstatements regarding GED-0301). Although the Court gave the plaintiff leave to re-plead the dismissed claims, it elected not to do so, and the dismissed claims are now dismissed with prejudice. In November 2020, the Court granted class certification with respect to the remaining claims. In March 2023, the Court granted the defendants leave to file a motion for summary judgment, the briefing for which was completed in June 2023. On September 8, 2023, the Court granted in part and denied in part defendants' motion for summary judgment. In April 2020, certain Schwab management investment companies on behalf of certain Schwab funds filed an individual action in the U.S. District Court for the District of New Jersey asserting largely the same allegations as the Celgene Securities Class Action against the same remaining defendants in that action (the "Schwab Action"). In July 2020, the defendants filed a motion to dismiss the plaintiffs' complaint in full. In March 2021, the Court granted in part and denied in part defendants' motion to dismiss consistent with its decision in the Celgene Securities Class Action. The California Public Employees' Retirement System in April 2021 (the "CalPERS Action"); DFA Investment Dimensions Group Inc., on behalf of certain of its funds; and American Century Mutual Funds, Inc., on behalf of certain of its funds, in July 2021 (respectively the "DFA Action" and the "American Century Action"), and GIC Private Limited in September 2021 (the "GIC Action"), filed separate individual actions in the U.S. District Court for the District of New Jersey asserting largely the same allegations as the Celgene Securities Class Action and the Schwab individual action against the same remaining defendants in those actions. In October 2021, these actions were consolidated for pre-trial proceedings with the Schwab Action. The Court also consolidated any future direct actions raising common questions of law and fact with the Schwab Action (the "Consolidated Schwab Action"). On October 2, 2023, defendants filed a motion for partial summary judgment in the Consolidated Schwab Action. No trial dates have been scheduled in any of the above Celgene Securities Litigations. Contingent Value Rights Litigations In June 2021, an action was filed against BMS in the U.S. District Court for the Southern District of New York asserting claims of alleged breaches of a Contingent Value Rights Agreement ("CVR Agreement") entered into in connection with the closing of BMS's acquisition of Celgene Corporation in November 2019. The successor trustee under the CVR Agreement alleges that BMS breached the CVR Agreement by allegedly failing to use "diligent efforts" to obtain FDA approval of liso-cel ( Breyanzi ) before a contractual milestone date, thereby allegedly avoiding a $6.4 billion potential obligation to holders of the contingent value rights governed by the CVR Agreement and by allegedly failing to permit inspection of records in response to a request by the successor trustee. The successor trustee seeks damages in an amount to be determined at trial and other relief, including interest and attorneys' fees. BMS disputes the successor trustee's allegations. BMS filed a motion to dismiss the successor trustee's complaint, which was denied on June 24, 2022. In October 2021, alleged former Celgene stockholders filed a complaint in the U.S. District Court for the Southern District of New York asserting claims on behalf of a putative class of Celgene stockholders who received CVRs in the BMS merger with Celgene for violations of sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") relating to the joint proxy statement. That action later was consolidated with another action filed in the same court, and a consolidated complaint thereafter was filed asserting claims on behalf of a class of CVR acquirers, whether in the BMS merger with Celgene or otherwise, for violations of sections 11, 12(a)(2), and 15 of the Securities Act of 1933 (the "Securities Act") and sections 10(b), 14(a) and 20(2) of the Exchange Act. The complaint alleged that the February 22, 2019 joint proxy statement was materially false or misleading because it failed to disclose that BMS allegedly had no intention to obtain FDA approval for liso-cel ( Breyanzi ) by the applicable milestone date in the CVR Agreement and that certain statements made by BMS or certain BMS officers in periodic SEC filings, earnings calls, press releases, and investor presentations between December 2019 and November 2020 were materially false or misleading for the same reason. Defendants moved to dismiss the complaint. On March 1, 2023, the Court entered an opinion and order granting defendants' motion and dismissed the complaint in its entirety. The claims under Sections 11, 12(a)(2), and 15 of the Securities Act and Section 14(a) of the Exchange Act were dismissed with prejudice. The claims under Sections 10(a) and 20(a) of the Exchange Act were dismissed with leave to file a further amended complaint, which plaintiffs filed on April 14, 2023. Defendants moved to dismiss the amended complaint and briefing on the motion was completed on June 23, 2023. The motion is currently pending before the Court. In November 2021, an alleged purchaser of CVRs filed a complaint in the Supreme Court of the State of New York for New York County asserting claims on behalf of a putative class of CVR acquirers for violations of sections 11(a) and 12(a)(2) of the Securities Act of 1933. The complaint alleges that the registration statement filed in connection with the proposed merger transaction between Celgene and BMS was materially false or misleading because it failed to disclose that allegedly BMS had no intention at the time to obtain FDA approval for liso-cel ( Breyanzi ) by the contractual milestone date. The complaint asserts claims against BMS, the members of its board of directors at the time of the joint proxy statement, and certain BMS officers who signed the registration statement. Defendants have moved to stay the action pending resolution of the federal action or, in the alternative, to dismiss the complaint. In lieu of responding to the motion, the plaintiff filed an amended complaint on June 15, 2023. Defendants again filed a motion to stay or, in the alternative, to dismiss the amended complaint on July 13, 2023. Briefing on that motion was completed on August 24, 2023. In November 2021, an alleged Celgene stockholder filed a complaint in the Superior Court of New Jersey, Union County asserting claims on behalf of two separate putative classes, one of acquirers of CVRs and one of acquirers of BMS common stock, for violations of sections 11(a), 12(a)(2), and 15 of the Securities Act. The complaint alleges that the registration statement filed in connection with the proposed merger transaction between Celgene and BMS was materially false or misleading because it failed to disclose that allegedly BMS had no intention at the time to obtain FDA approval for liso-cel ( Breyanzi ) by the contractual milestone date. The complaint asserts claims against BMS, the members of its board of directors at the time of the joint proxy statement, certain BMS officers who signed the registration statement and Celgene's former chairman and chief executive officer. Defendants moved to stay the action pending resolution of the federal action and, in the alternative, to dismiss the complaint. On February 17, 2023, the Court granted defendants' motion to stay and declined to reach the merits of defendants' motion to dismiss. On October 9, 2023, the plaintiff filed a motion to vacate the stay. No trial dates have been scheduled in any of the above CVR Litigations. OTHER LITIGATION IRA Litigation On June 16, 2023, BMS filed a lawsuit against the U.S. Department of Health & Human Services and the Centers for Medicare & Medicaid Services, et al. , challenging the constitutionality of the drug-pricing program in the IRA. That program requires pharmaceutical companies, like BMS, under the threat of significant penalties, to sell certain of their medicines at government-dictated prices. On August 29, 2023, the government selected Eliquis for this program. In its lawsuit, BMS argues that this program violates the Fifth Amendment, which requires the government to pay just compensation if it takes property for public use, by requiring pharmaceutical manufacturers to provide medicines to third parties at prices set by the government, without any requirement that those prices reflect fair market value. BMS also argues that this program violates the First Amendment right to free speech by requiring manufacturers to state publicly that the government's price setting is a true negotiation that resulted in a fair price, even if it was not. On August 16, 2023, BMS filed a motion for summary judgment. Thalomid and Revlimid Litigations Beginning in November 2014, certain putative class action lawsuits were filed against Celgene in the U.S. District Court for the District of New Jersey alleging that Celgene violated various antitrust, consumer protection, and unfair competition laws by (a) allegedly securing an exclusive supply contract for the alleged purpose of preventing a generic manufacturer from securing its own supply of thalidomide active pharmaceutical ingredient, (b) allegedly refusing to sell samples of Thalomid and Revlimid brand drugs to various generic manufacturers for the alleged purpose of bioequivalence testing necessary for ANDAs to be submitted to the FDA for approval to market generic versions of these products, (c) allegedly bringing unjustified patent infringement lawsuits in order to allegedly delay approval for proposed generic versions of Thalomid and Revlimid , and/or (d) allegedly entering into settlements of patent infringement lawsuits with certain generic manufacturers that allegedly have had anticompetitive effects. The plaintiffs, on behalf of themselves and putative classes of third-party payers, sought injunctive relief and damages. The various lawsuits were consolidated into a master action for all purposes. In March 2020, Celgene reached a settlement with the class plaintiffs. In October 2020, the Court entered a final order approving the settlement and dismissed the matter. That settlement did not resolve the claims of certain entities that opted out of the settlement, and who have since filed new suits advancing related theories. As described below, those suits, together with a suit by certain specialty pharmacies and a new putative class action suit, are pending. In March 2019, Humana Inc. ("Humana"), which opted out of the above settlement, filed a lawsuit against Celgene in the U.S. District Court for the District of New Jersey. Humana's complaint makes largely the same claims and allegations as were made in the now settled Thalomid and Revlimid antitrust class action litigation. The complaint purports to assert claims on behalf of Humana and its subsidiaries in several capacities, including as a direct purchaser and as an indirect purchaser, and seeks, among other things, treble and punitive damages, injunctive relief and attorneys' fees and costs. In May 2019, Celgene filed a motion to dismiss Humana's complaint. In April 2022, the Court issued an order denying Celgene's motion to dismiss. That order addressed only Celgene's argument that certain of Humana's claims were barred by the statute of limitations. The Court's order did not address Celgene's other grounds for dismissal and instead directed Celgene to present those arguments in a renewed motion to dismiss following the filing of amended complaints. In May 2022, Humana filed an amended complaint against Celgene and BMS asserting the same claims based on additional factual allegations. Celgene and BMS subsequently filed a motion to dismiss Humana's amended complaint. On August 18, and September 8, 2023, the Court held argument on Celgene and BMS' motion. No trial date has been scheduled. United HealthCare Services, Inc. ("UHS"), Blue Cross Blue Shield Association ("BCBSA"), BCBSM Inc., Health Care Service Corporation ("HCSC"), Blue Cross and Blue Shield of Florida Inc., Cigna Corporation ("Cigna"), Molina Healthcare, Inc. ("Molina") and several MSP related entities (MSP Recovery Claims, Series LLC; MSPA Claims 1, LLC; MAO-MSO Recovery II, LLC, Series PMPI, a segregated series of MAO-MSO Recovery II, LLC; MSP Recovery Claims Series 44, LLC; MSP Recovery Claims PROV, Series LLC; and MSP Recovery Claims CAID, Series LLC (together, "MSP")) filed lawsuits making largely the same claims and allegations as were made in the now-settled class action litigation and in the Humana opt-out action. Certain of the |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 1,928 | $ 1,606 | $ 6,263 | $ 4,305 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION AND REC_2
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation Bristol-Myers Squibb Company ("BMS", "we", "our", "us" or "the Company") prepared these unaudited consolidated financial statements following the requirements of the SEC and U.S. GAAP for interim reporting. Under those rules, certain footnotes and other financial information that are normally required for annual financial statements can be condensed or omitted. The Company is responsible for the consolidated financial statements included in this Quarterly Report on Form 10-Q, which include all adjustments necessary for a fair presentation of the financial position of the Company as of September 30, 2023 and December 31, 2022, the results of operations for the three and nine months ended September 30, 2023 and 2022, and cash flows for the nine months ended September 30, 2023 and 2022. All intercompany balances and transactions have been eliminated. These consolidated financial statements and the related footnotes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2022 included in the 2022 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 | 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 Judgements | Use of Estimates and Judgments Revenues, expenses, assets and liabilities can vary during each quarter of the year. Accordingly, the results and trends in these unaudited consolidated financial statements may not be indicative of full year operating results. The preparation of financial statements requires the use of management estimates, judgments and assumptions. The most significant assumptions are estimates used in determining accounting for acquisitions; impairments of intangible assets; charge-backs, cash discounts, sales rebates, returns and other adjustments; legal contingencies; and income taxes. Actual results may differ from estimates. |
Reclassifications | Reclassifications Certain reclassifications were made to conform the prior period consolidated financial statements to the current period presentation. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Fair Value Measurements In June 2022, the FASB issued amended guidance on measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security. The guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The guidance also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendment requires the following disclosures for equity securities subject to contractual sale restrictions: the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; the nature and remaining duration of the restriction(s); and the circumstances that could cause a lapse in the restriction(s). The amended guidance is effective January 1, 2024 on a prospective basis. Early adoption is permitted. The guidance was adopted on January 1, 2023 and the adoption did not have an impact on our consolidated financial statements. Business Combinations In October 2021, the FASB issued amended guidance on accounting for contract assets and contract liabilities from contracts with customers in a business combination. The guidance is intended to address inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized. At the acquisition date, an entity should account for the related revenue contracts in accordance with existing revenue recognition guidance generally by assessing how the acquiree applied recognition and measurement in their financial statements. The guidance was adopted on January 1, 2023 and the adoption did not have an impact on our consolidated financial statements. |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table summarizes the disaggregation of revenue by nature: Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Net product sales $ 10,645 $ 10,813 $ 32,610 $ 33,606 Alliance revenues 138 173 461 560 Other revenues 183 232 458 587 Total Revenues $ 10,966 $ 11,218 $ 33,529 $ 34,753 |
Revenue Recognition Gross-To-Net Adjustments | The following table summarizes GTN adjustments: Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Gross product sales $ 18,648 $ 17,606 $ 54,047 $ 51,555 GTN adjustments (a) Charge-backs and cash discounts (2,373) (1,907) (6,743) (5,420) Medicaid and Medicare rebates (3,730) (3,295) (9,355) (8,003) Other rebates, returns, discounts and adjustments (1,900) (1,591) (5,339) (4,526) Total GTN adjustments (8,003) (6,793) (21,437) (17,949) Net product sales $ 10,645 $ 10,813 $ 32,610 $ 33,606 (a) Includes adjustments for provisions for product sales made in prior periods resulting from changes in estimates of $18 million and $116 million for the three and nine months ended September 30, 2023 and $10 million and $207 million for the three and nine months ended September 30, 2022, respectively. |
Revenue from External Customers by Products and Services | The following table summarizes the disaggregation of revenue by product and region: Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 In-Line Products Eliquis $ 2,705 $ 2,655 9,332 9,101 Opdivo 2,275 2,047 6,622 6,033 Pomalyst/Imnovid 872 886 2,551 2,620 Orencia 925 883 2,616 2,551 Sprycel 517 560 1,404 1,587 Yervoy 579 523 1,672 1,563 Mature and other products 476 514 1,415 1,563 Total In-Line Products 8,349 8,068 25,612 25,018 New Product Portfolio Reblozyl 248 190 688 518 Abecma 93 107 372 263 Opdualag 166 84 437 148 Zeposia 123 69 301 171 Breyanzi 92 44 263 127 Onureg 43 32 121 87 Inrebic 29 21 81 62 Camzyos 68 5 143 8 Sotyktu 66 1 107 1 Total New Product Portfolio 928 553 2,513 1,385 Total In-Line Products and New Product Portfolio 9,277 8,621 28,125 26,403 Recent LOE Products (a) Revlimid 1,429 2,420 4,647 7,718 Abraxane 260 177 757 632 Total Recent LOE Products 1,689 2,597 5,404 8,350 Total revenues $ 10,966 $ 11,218 $ 33,529 $ 34,753 United States $ 7,628 $ 7,941 $ 23,552 $ 23,903 International 3,153 3,062 9,462 10,216 Other (b) 185 215 515 634 Total revenues $ 10,966 $ 11,218 $ 33,529 $ 34,753 (a) Recent LOE Products include products with significant decline in revenue from the prior reporting period as a result of a loss of exclusivity. (b) Other revenues include royalties and alliance-related revenues for products not sold by BMS's regional commercial organizations. |
ALLIANCES (Tables)
ALLIANCES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
ALLIANCES [Abstract] | |
Selected Financial Information For Alliances | Selected financial information pertaining to alliances was as follows, including net product sales when BMS is the principal in the third-party customer sale for products subject to the alliance. Expenses summarized below do not include all amounts attributed to the activities for the products in the alliance, but only the payments between the alliance partners or the related amortization if the payments were deferred or capitalized. Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Revenues from alliances Net product sales $ 2,762 $ 2,722 $ 9,614 $ 9,234 Alliance revenues 138 173 461 560 Total alliance revenues $ 2,900 $ 2,895 $ 10,075 $ 9,794 To/(from) alliance partners Cost of products sold $ 1,330 $ 1,328 $ 4,650 $ 4,456 Marketing, selling and administrative (52) (53) (190) (160) Research and development 1 6 81 40 Acquired IPRD — — 55 100 Other (income)/expense, net (10) (18) (37) (41) Dollars in millions September 30, December 31, Selected alliance balance sheet information Receivables – from alliance partners $ 209 $ 317 Accounts payable – to alliance partners 1,288 1,249 Deferred income – from alliances (a) 289 289 (a) |
ACQUISITIONS, DIVESTITURES, L_2
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Acquisitions, Divestitures and Other Arrangements [Abstract] | |
Divestitures | The following table summarizes the financial impact of divestitures including royalties, which are included in Other (income)/expense, net. Revenue and pretax earnings related to all divestitures were not material in all periods presented (excluding divestiture gains or losses). Three Months Ended September 30, Net Proceeds Divestiture (Gains)/Losses Royalty Income Dollars in millions 2023 2022 2023 2022 2023 2022 Diabetes business - royalties $ 220 $ 205 $ — $ — $ (217) $ (205) Mature products and other 3 1 — — — — Total $ 223 $ 206 — $ — $ (217) (205) Nine Months Ended September 30, Net Proceeds Divestiture (Gains)/Losses Royalty Income Dollars in Millions 2023 2022 2023 2022 2023 2022 Diabetes business - royalties $ 621 $ 562 $ — $ — $ (623) $ (595) Mature products and other (a) 10 229 — (211) — (2) Total $ 631 $ 791 $ — $ (211) $ (623) $ (597) (a) Includes cash proceeds of $221 million and a divestiture gain of $211 million related to the sale of several mature products to Cheplapharm in the first quarter of 2022. |
Licensing and Other Arrangements | The following table summarizes the financial impact of Keytruda* royalties, Tecentriq* royalties, upfront licensing fees and milestones for products that have not obtained commercial approval, which are included in Other (income)/expense, net. Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Keytruda * royalties $ (315) $ (268) $ (878) $ (732) Tecentriq * royalties (24) (24) (78) (68) Contingent milestone income — — (36) (46) Amortization of deferred income (12) (18) (39) (41) Biohaven sublicense income — (55) — (55) Other royalties and licensing income (14) (9) (37) (25) Total $ (365) $ (374) $ (1,068) $ (967) |
OTHER (INCOME)_EXPENSE, NET (Ta
OTHER (INCOME)/EXPENSE, NET (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule Of Other Income Expense | Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Interest expense (Note 10) $ 280 $ 299 $ 850 $ 938 Royalty and licensing income (Note 4) (365) (374) (1,068) (967) Royalty income - divestiture (Note 4) (217) (205) (623) (597) Equity investment losses (Note 9) — 14 213 966 Integration expenses (Note 6) 54 114 180 343 Loss on debt redemption (Note 10) — — — 266 Divestiture gains (Note 4) — — — (211) Litigation and other settlements (61) 44 (393) 32 Investment income (107) (52) (304) (89) Provision for restructuring (Note 6) 141 17 321 60 Other 17 3 37 52 Other (income)/expense, net $ (258) $ (140) $ (787) $ 793 |
RESTRUCTURING (Tables)
RESTRUCTURING (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring Charges [Abstract] | |
Restructuring and Related Costs | The following provides the charges related to restructuring initiatives by type of cost: Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 2023 Restructuring Plan $ 149 $ — $ 380 $ — Celgene and Other Acquisition Plans 131 131 269 409 Total charges $ 280 $ 131 $ 649 $ 409 Employee termination costs $ 135 $ 16 $ 309 $ 57 Other termination costs 6 1 12 3 Provision for restructuring 141 17 321 60 Integration expenses 54 114 180 343 Accelerated depreciation 15 — 28 6 Asset impairments (a) 70 — 120 — Total charges $ 280 $ 131 $ 649 $ 409 Cost of products sold $ 16 $ — $ 53 $ — Marketing, selling and administrative 65 — 85 6 Research and development 4 — 10 — Other (income)/expense, net 195 131 501 403 Total charges $ 280 $ 131 $ 649 $ 409 (a) Includes $65 million impairment charge for a facility lease that commenced during the three months ended September 2023. |
Schedule of Restructuring Reserve by Type of Cost | The following summarizes the charges and spending related to restructuring plan activities: Nine Months Ended September 30, Dollars in millions 2023 2022 Beginning balance $ 47 $ 101 Provision for restructuring (a) 321 60 Foreign currency translation and other (3) (10) Payments (142) (106) Ending balance $ 223 $ 45 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Earnings before income taxes $ 2,137 $ 2,209 $ 6,766 $ 5,854 Income tax provision 203 601 488 1,534 Effective tax rate 9.5 % 27.2 % 7.2 % 26.2 % |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings/(Loss) Per Share, Basic and Diluted | Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions, except per share data 2023 2022 2023 2022 Net earnings attributable to BMS $ 1,928 $ 1,606 $ 6,263 $ 4,305 Weighted-average common shares outstanding – basic 2,057 2,133 2,083 2,137 Incremental shares attributable to share-based compensation plans 7 15 10 17 Weighted-average common shares outstanding – diluted 2,064 2,148 2,093 2,154 Earnings per common share Basic $ 0.94 $ 0.75 $ 3.01 $ 2.01 Diluted 0.93 0.75 2.99 2.00 |
FINANCIAL INSTRUMENTS AND FAI_2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis are summarized below: September 30, 2023 December 31, 2022 Dollars in millions Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Cash and cash equivalents Money market and other securities $ — $ 5,545 $ — $ — $ 7,770 $ — Marketable debt securities Certificates of deposit — 2 — — 32 — Commercial paper — 29 — — 98 — Corporate debt securities — 442 — — — — U.S. Treasury securities — 23 — — — — Derivative assets — 467 — — 305 — Equity investments 291 55 — 424 680 — Derivative liabilities — 120 — — 213 — Contingent consideration liability Contingent value rights 4 — — 5 — — Other acquisition related contingent consideration — — 9 — — 24 |
Marketable Securities | The following table summarizes marketable debt securities: September 30, 2023 December 31, 2022 Dollars in millions Amortized Cost Gross Unrealized Amortized Cost Gross Unrealized Gains Losses Fair Value Gains Losses Fair Value Certificates of deposit $ 2 $ — $ — $ 2 $ 32 $ — $ — $ 32 Commercial paper 29 — — 29 98 — — 98 Corporate debt securities 445 — (3) 442 — — — — U.S. Treasury securities 23 — — 23 — — — — Total marketable debt securities (a) $ 499 $ — $ (3) $ 496 $ 130 $ — $ — $ 130 (a) All marketable debt securities mature within three years as of September 30, 2023, and one year as of December 31, 2022. |
Schedule of Equity Investments | The following summarizes the carrying amount of equity investments: Dollars in millions September 30, December 31, Equity investments with readily determinable fair values $ 346 $ 1,104 Equity investments without readily determinable fair values 654 537 Limited partnerships and other equity method investments 557 546 Total equity investments $ 1,557 $ 2,187 |
Debt Securities, Trading, and Equity Securities, FV-NI | The following summarizes the activity related to equity investments. Changes in fair value of equity investments are included in Other (income)/expense, net. Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Equity investments with readily determinable fair values Net loss recognized 15 75 203 927 Less: net (gain) loss recognized on investments sold (86) (1) 2 (17) Net unrealized loss recognized on investments still held 101 76 201 944 Equity investments without readily determinable fair values Upward adjustments (3) (64) (9) (70) Impairments and downward adjustments 6 — 6 2 Equity in net (income)/loss of affiliates (18) 3 13 107 Total equity investment losses — 14 213 966 |
Schedule of Derivatives and Fair Value | The following table summarizes the fair value and the notional values of outstanding derivatives: September 30, 2023 December 31, 2022 Asset (a) Liability (b) Asset (a) Liability (b) Dollars in millions Notional Fair Value Notional Fair Value Notional Fair Value Notional Fair Value Designated as cash flow hedges Foreign currency exchange contracts $ 6,420 $ 326 $ 926 $ (26) $ 5,771 $ 271 $ 2,281 $ (80) Cross-currency swap contracts 584 12 626 (14) — — 584 (7) Designated as net investment hedges Foreign currency exchange contracts 416 20 — — — — — — Cross-currency swap contracts 481 23 947 (18) 72 1 1,157 (78) Designated as fair value hedges Interest rate swap contracts — — 3,755 (24) — — 255 (18) Not designated as hedges Foreign currency exchange contracts 2,048 86 1,486 (21) 1,564 33 1,703 (19) Total return swap contracts (c) — — 359 (17) — — 322 (11) (a) Included in Other current assets and Other non-current assets. (b) Included in Other current liabilities and Other non-current liabilities. (c) Total return swap contracts hedge changes in fair value of certain deferred compensation liabilities. |
Derivative Instruments, Gain (Loss) | The following table summarizes the financial statement classification and amount of (gain)/loss recognized on hedges: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Dollars in millions Cost of products sold Other (income)/expense, net Cost of products sold Other (income)/expense, net Foreign currency exchange contracts $ (51) $ (40) $ (261) $ (100) Cross-currency swap contracts — 26 — (2) Interest rate swap contracts — — — (7) Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Dollars in millions Cost of products sold Other (income)/expense, net Cost of products sold Other (income)/expense, net Foreign currency exchange contracts $ (195) $ (61) $ (408) $ (136) Cross-currency swap contracts — 13 — 5 Interest rate swap contracts — (5) — (23) The following table summarizes the effect of derivative and non-derivative instruments designated as hedges in Other comprehensive income: Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Derivatives designated as cash flow hedges Foreign exchange contracts gain/(loss): Recognized in Other comprehensive income $ 173 $ 548 $ 226 $ 1,149 Reclassified to Cost of products sold (51) (195) (261) (408) Cross-currency swap contracts gain/(loss): Recognized in Other comprehensive income (23) (43) 5 (43) Reclassified to Other (income)/expense, net 35 20 26 20 Forward starting interest rate swap contract loss: Reclassified to Other (income)/expense, net — — — (3) Derivatives designated as net investment hedges Cross-currency swap contracts gain/(loss): Recognized in Other comprehensive income 59 71 94 135 Foreign exchange contracts gain/(loss): Recognized in Other comprehensive income 18 — 18 — Non-derivatives designated as net investment hedges Non-U.S. dollar borrowings gain/(loss): Recognized in Other comprehensive income — 40 (10) 123 |
FINANCING ARRANGEMENTS (Tables)
FINANCING ARRANGEMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | Short-term debt obligations include: Dollars in millions September 30, December 31, Non-U.S. short-term debt obligations $ 164 $ 176 Current portion of Long-term debt 4,873 3,897 Other 430 191 Total $ 5,467 $ 4,264 |
Schedule of Long-term Debt and Current Portion of Long-term Debt | Long-term debt and the current portion of Long-term debt include: Dollars in millions September 30, December 31, Principal value $ 36,329 $ 38,234 Adjustments to principal value: Fair value of interest rate swap contracts (24) (18) Unamortized basis adjustment from swap terminations 85 97 Unamortized bond discounts and issuance costs (265) (284) Unamortized purchase price adjustments of Celgene debt 885 924 Total $ 37,010 $ 38,953 Current portion of Long-term debt $ 4,873 $ 3,897 Long-term debt 32,137 35,056 Total $ 37,010 $ 38,953 |
RECEIVABLES (Tables)
RECEIVABLES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Schedule of Receivables | Dollars in millions September 30, December 31, Trade receivables $ 9,095 $ 8,848 Less: charge-backs and cash discounts (661) (675) Less: allowance for expected credit loss (27) (22) Net trade receivables 8,407 8,151 Alliance, royalties, VAT and other 1,897 1,735 Receivables $ 10,304 $ 9,886 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory, Net [Abstract] | |
Inventories | Dollars in millions September 30, December 31, Finished goods $ 533 $ 509 Work in process 2,289 1,850 Raw and packaging materials 461 464 Total inventories $ 3,283 $ 2,823 Inventories $ 2,436 $ 2,339 Other non-current assets 847 484 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Dollars in millions September 30, December 31, Land $ 162 $ 162 Buildings 6,280 5,920 Machinery, equipment and fixtures 3,576 3,284 Construction in progress 1,114 1,053 Gross property, plant and equipment 11,132 10,419 Less accumulated depreciation (4,651) (4,164) Property, plant and equipment $ 6,481 $ 6,255 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amounts in Goodwill were as follows: Dollars in millions Balance at December 31, 2022 $ 21,149 Currency translation and other adjustments (2) Balance at September 30, 2023 $ 21,147 |
Schedule of Other Intangible Assets | Other intangible assets consisted of the following: Estimated September 30, 2023 December 31, 2022 Dollars in millions Gross carrying amounts Accumulated amortization Other intangible assets, net Gross carrying amounts Accumulated amortization Other intangible assets, net Licenses 5 – 15 years $ 363 $ (144) $ 219 $ 400 $ (128) $ 272 Acquired marketed product rights 3 – 15 years 59,577 (37,794) 21,783 60,477 (31,949) 28,528 Capitalized software 3 – 10 years 1,639 (1,171) 468 1,555 (1,056) 499 IPRD 6,480 — 6,480 6,560 — 6,560 Total $ 68,059 $ (39,109) $ 28,950 $ 68,992 $ (33,133) $ 35,859 |
Schedule of Impaired Intangible Assets | The other intangible assets impairments were as follows: Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 IPRD $ 60 $ 58 $ 80 $ 98 Licenses 29 — 29 — Total $ 89 $ 58 $ 109 $ 98 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Supplemental Financial Information [Abstract] | |
Schedule of Other Current Assets | Dollars in millions September 30, December 31, 2022 Income taxes $ 4,933 $ 3,547 Research and development 714 579 Contract assets 410 504 Restricted cash (a) 54 148 Other 1,096 1,017 Other current assets $ 7,207 $ 5,795 |
Schedule of Other Assets, Noncurrent | Dollars in millions September 30, December 31, 2022 Equity investments (Note 9) $ 1,557 $ 2,187 Operating leases 1,367 1,220 Inventories 847 484 Pension and postretirement 296 285 Research and development 427 496 Restricted cash (a) — 54 Receivables and convertible notes 432 — Other 288 214 Other non-current assets $ 5,214 $ 4,940 |
Schedule of Other Current Liabilities | Dollars in millions September 30, December 31, 2022 Rebates and discounts $ 7,782 $ 6,702 Income taxes 1,458 942 Employee compensation and benefits 876 1,425 Research and development 1,307 1,359 Dividends 1,160 1,196 Interest 371 321 Royalties 427 431 Operating leases 150 136 Other 1,651 2,074 Other current liabilities $ 15,182 $ 14,586 |
Other Noncurrent Liabilities | Dollars in millions September 30, December 31, 2022 Income taxes $ 3,215 $ 3,992 Pension and postretirement 386 402 Operating leases 1,513 1,261 Deferred income 316 283 Deferred compensation 384 349 Other 389 303 Other non-current liabilities $ 6,203 $ 6,590 |
EQUITY (Tables)
EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of Stock by Class | The following table summarizes changes in equity for the nine months ended September 30, 2023: Common Stock Capital in Excess of Par Value of Stock Accumulated Other Comprehensive Loss Retained Earnings Treasury Stock Noncontrolling Interest Dollars and shares in millions Shares Par Value Shares Cost Balance at December 31, 2022 2,923 $ 292 $ 45,165 $ (1,281) $ 25,503 825 $ (38,618) $ 57 Net earnings — — — — 2,262 — — 5 Other comprehensive loss — — — (87) — — — — Cash dividends declared $0.57 per share — — — — (1,197) — — — Share repurchase program — — — — — 4 (250) — Stock compensation — — (25) — — (6) 60 — Balance at March 31, 2023 2,923 $ 292 $ 45,140 $ (1,368) $ 26,568 823 $ (38,808) $ 62 Net earnings — — — — 2,073 — — 4 Other comprehensive loss — — — (19) — — — — Cash dividends declared $0.57 per share — — — — (1,192) — — — Share repurchase program — — — — — 13 (911) — Stock compensation — — 159 — — (2) 39 — Distributions — — — — — — — (9) Balance at June 30, 2023 2,923 292 45,299 (1,387) 27,449 834 (39,680) 57 Net Earnings — — — — 1,928 — — 7 Other comprehensive income — — — 101 — — — — Cash dividends declared $0.57 per share — — — — (1,159) — — — Stock repurchase program — — (600) — — 56 (3,433) — Stock compensation — — 146 — — (1) 27 — Convertible debt — — 4 — — — 11 — Balance at September 30, 2023 2,923 $ 292 $ 44,849 $ (1,286) $ 28,218 889 $ (43,075) $ 64 The following table summarizes changes in equity for the nine months ended September 30, 2022: Common Stock Capital in Excess of Par Value of Stock Accumulated Other Comprehensive Loss Retained Earnings Treasury Stock Noncontrolling Interest Dollars and shares in millions Shares Par Value Shares Cost Balance at December 31, 2021 2,923 $ 292 $ 44,361 $ (1,268) $ 23,820 747 $ (31,259) $ 60 Net earnings — — — — 1,278 — — 5 Other comprehensive income — — — 39 — — — — Cash dividends declared $0.54 per share — — — — (1,150) — — — Share repurchase program — — (750) — — 65 (4,250) — Stock compensation — — 145 — — (18) 322 — Balance at March 31, 2022 2,923 $ 292 $ 43,756 $ (1,229) $ 23,948 794 $ (35,187) $ 65 Net earnings — — — — 1,421 — — 8 Other comprehensive income — — — 237 — — — — Cash dividends declared $0.54 per share — — — — (1,152) — — — Stock repurchase program — — 300 — — 2 (300) — Stock compensation — — 319 — — (8) 195 — Distributions — — — — — — — (12) Balance at June 30, 2022 2,923 292 44,375 (992) 24,217 788 (35,292) 61 Net Earnings — — — — 1,606 — — 2 Other comprehensive income — — — 151 — — — — Cash dividends declared $0.54 per share — — — — (1,148) — — — Stock repurchase program — — 450 — — 12 (1,151) — Stock compensation — — 131 — — (1) 32 — Balance at September 30, 2022 2,923 $ 292 $ 44,956 $ (841) $ 24,675 799 $ (36,411) $ 63 |
Schedule of Comprehensive Income Loss | The following table summarizes the changes in Other comprehensive income by component: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Dollars in millions Pretax Tax After Tax Pretax Tax After Tax Derivatives qualifying as cash flow hedges Recognized in Other comprehensive income/(loss) $ 150 $ (18) $ 132 $ 231 $ (31) $ 200 Reclassified to net earnings (a) (16) (2) (18) (235) 28 (207) Derivatives qualifying as cash flow hedges 134 (20) 114 (4) (3) (7) Pension and postretirement benefits Actuarial gains/(losses) 3 (1) 2 (10) 1 (9) Marketable debt securities Unrealized losses (3) 1 (2) (3) 1 (2) Foreign currency translation 4 (17) (13) 35 (22) 13 Other comprehensive income/(loss) $ 138 $ (37) $ 101 $ 18 $ (23) $ (5) Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Dollars in millions Pretax Tax After Tax Pretax Tax After Tax Derivatives qualifying as cash flow hedges Recognized in Other comprehensive income $ 505 $ (66) $ 439 $ 1,106 $ (147) $ 959 Reclassified to net earnings (a) (175) 22 (153) (391) 50 (341) Derivatives qualifying as cash flow hedges 330 (44) 286 715 (97) 618 Pension and postretirement benefits Actuarial gains 14 (4) 10 54 (11) 43 Amortization (b) 7 (1) 6 19 (4) 15 Settlements (b) 2 — 2 7 (1) 6 Pension and postretirement benefits 23 (5) 18 80 (16) 64 Marketable debt securities Unrealized losses — — — (2) — (2) Foreign currency translation (131) (22) (153) (201) (52) (253) Other comprehensive income $ 222 $ (71) $ 151 $ 592 $ (165) $ 427 (a) Included in Cost of products sold and Other (income)/expense, net. Refer to "—Note 9. Financial Instruments and Fair Value Measurements" for further information. (b) Included in Other (income)/expense, net. |
Schedule of Accumulated Other Comprehensive Income Loss | The accumulated balances related to each component of Other comprehensive income/(loss), net of taxes, were as follows: Dollars in millions September 30, December 31, Derivatives qualifying as cash flow hedges $ 225 $ 232 Pension and postretirement benefits (632) (623) Marketable debt securities (2) — Foreign currency translation (a) (877) (890) Accumulated other comprehensive loss $ (1,286) $ (1,281) (a) Includes net investment hedge gains of $205 million and $125 million as of September 30, 2023 and December 31, 2022, respectively. |
EMPLOYEE STOCK BENEFIT PLANS (T
EMPLOYEE STOCK BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Cost by Plan | Stock-based compensation expense was as follows: Three Months Ended September 30, Nine Months Ended September 30, Dollars in millions 2023 2022 2023 2022 Cost of products sold $ 14 $ 11 $ 38 $ 30 Marketing, selling and administrative 55 48 162 144 Research and development 63 56 191 164 Total Stock-based compensation expense $ 132 $ 115 $ 391 $ 338 Income tax benefit (a) $ 28 $ 23 $ 80 $ 67 (a) Income tax benefit excludes excess tax benefits from share-based compensation awards that were vested or exercised of $1 million and $21 million for the three and nine months ended September 30, 2023, and $4 million and $63 million for the three and nine months ended September 30, 2022, respectively. |
Schedule Of Share Based Compensation Additional Information | The number of units granted and the weighted-average fair value on the grant date for the nine months ended September 30, 2023 were as follows: Units in millions Units Weighted-Average Fair Value Restricted stock units 9.3 $ 60.52 Market share units 1.0 58.18 Performance share units 1.5 64.18 |
Share-based Payment Arrangement, Nonvested Award, Cost | Dollars in millions Restricted Stock Units Market Share Units Performance Share Units Unrecognized compensation cost $ 893 $ 63 $ 115 Expected weighted-average period in years of compensation cost to be recognized 2.8 2.9 1.8 |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 10,966 | $ 11,218 | $ 33,529 | $ 34,753 |
Net product sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 10,645 | 10,813 | 32,610 | 33,606 |
Alliance revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 138 | 173 | 461 | 560 |
Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 183 | $ 232 | $ 458 | $ 587 |
REVENUE - Reconciliation of Gro
REVENUE - Reconciliation of Gross Product Sales to Net Product Sales (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Gross to Net Adjustments [Line Items] | ||||
Total revenues | $ 10,966 | $ 11,218 | $ 33,529 | $ 34,753 |
Total GTN adjustments | (8,003) | (6,793) | (21,437) | (17,949) |
Prior period gross to net adjustment impacted by new accounting pronouncement | 18 | 10 | 116 | 207 |
Gross product sales | ||||
Gross to Net Adjustments [Line Items] | ||||
Total revenues | 18,648 | 17,606 | 54,047 | 51,555 |
Net product sales | ||||
Gross to Net Adjustments [Line Items] | ||||
Total revenues | 10,645 | 10,813 | 32,610 | 33,606 |
Charge-backs and cash discounts | ||||
Gross to Net Adjustments [Line Items] | ||||
Total GTN adjustments | (2,373) | (1,907) | (6,743) | (5,420) |
Medicaid and Medicare rebates | ||||
Gross to Net Adjustments [Line Items] | ||||
Total GTN adjustments | (3,730) | (3,295) | (9,355) | (8,003) |
Other rebates, returns, discounts and adjustments | ||||
Gross to Net Adjustments [Line Items] | ||||
Total GTN adjustments | $ (1,900) | $ (1,591) | $ (5,339) | $ (4,526) |
REVENUE - Disaggregation of R_2
REVENUE - Disaggregation of Revenue by Product and Region (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from External Customer [Line Items] | ||||
Total revenues | $ 10,966 | $ 11,218 | $ 33,529 | $ 34,753 |
Performance obligation satisfied in previous period | 114 | 119 | 355 | 450 |
United States | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 7,628 | 7,941 | 23,552 | 23,903 |
International | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 3,153 | 3,062 | 9,462 | 10,216 |
Other | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 185 | 215 | 515 | 634 |
In-Line Products | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 8,349 | 8,068 | 25,612 | 25,018 |
Eliquis | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 2,705 | 2,655 | 9,332 | 9,101 |
Opdivo | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 2,275 | 2,047 | 6,622 | 6,033 |
Pomalyst/Imnovid | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 872 | 886 | 2,551 | 2,620 |
Orencia | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 925 | 883 | 2,616 | 2,551 |
Sprycel | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 517 | 560 | 1,404 | 1,587 |
Yervoy | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 579 | 523 | 1,672 | 1,563 |
Mature and other products | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 476 | 514 | 1,415 | 1,563 |
New Product Portfolio | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 928 | 553 | 2,513 | 1,385 |
Reblozyl | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 248 | 190 | 688 | 518 |
Abecma | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 93 | 107 | 372 | 263 |
Opdualag | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 166 | 84 | 437 | 148 |
Zeposia | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 123 | 69 | 301 | 171 |
Breyanzi | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 92 | 44 | 263 | 127 |
Onureg | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 43 | 32 | 121 | 87 |
Inrebic | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 29 | 21 | 81 | 62 |
Camzyos | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 68 | 5 | 143 | 8 |
Sotyktu | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 66 | 1 | 107 | 1 |
Total In-Line Products and New Product Portfolio | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 9,277 | 8,621 | 28,125 | 26,403 |
Recent LOE Products | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 1,689 | 2,597 | 5,404 | 8,350 |
Revlimid | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 1,429 | 2,420 | 4,647 | 7,718 |
Abraxane | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | $ 260 | $ 177 | $ 757 | $ 632 |
ALLIANCES - Selected Financial
ALLIANCES - Selected Financial Information For Alliances (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Alliance Statement [Line Items] | ||||||
Total revenues | $ 10,966 | $ 11,218 | $ 33,529 | $ 34,753 | ||
Cost of products sold | [1] | 2,506 | 2,353 | 7,948 | 7,544 | |
Marketing, selling and administrative | (2,003) | (1,930) | (5,699) | (5,548) | ||
Other (income)/expense, net | (258) | (140) | (787) | 793 | ||
Receivables – from alliance partners | 10,304 | 10,304 | $ 9,886 | |||
Accounts payable – to alliance partners | 2,813 | 2,813 | 3,040 | |||
Net product sales | ||||||
Alliance Statement [Line Items] | ||||||
Total revenues | 10,645 | 10,813 | 32,610 | 33,606 | ||
Alliance revenues | ||||||
Alliance Statement [Line Items] | ||||||
Total revenues | 138 | 173 | 461 | 560 | ||
Collaborative Arrangement | ||||||
Alliance Statement [Line Items] | ||||||
Total revenues | 2,900 | 2,895 | 10,075 | 9,794 | ||
Cost of products sold | 1,330 | 1,328 | 4,650 | 4,456 | ||
Marketing, selling and administrative | (52) | (53) | (190) | (160) | ||
Research and development | 1 | 6 | 81 | 40 | ||
Acquired IPRD | 0 | 0 | 55 | 100 | ||
Other (income)/expense, net | (10) | (18) | (37) | (41) | ||
Receivables – from alliance partners | 209 | 209 | 317 | |||
Accounts payable – to alliance partners | 1,288 | 1,288 | 1,249 | |||
Deferred income from - alliances | 289 | 289 | $ 289 | |||
Collaborative Arrangement | Net product sales | ||||||
Alliance Statement [Line Items] | ||||||
Total revenues | $ 2,762 | $ 2,722 | $ 9,614 | $ 9,234 | ||
[1]Excludes amortization of acquired intangible assets |
ALLIANCES - Additional Informat
ALLIANCES - Additional Information (Details) - BridgeBio $ in Millions | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Alliance Statement [Line Items] | |
Upfront payments made to collaborative partner | $ 90 |
Consideration for contingent development and regulatory approval | $ 815 |
ACQUISITIONS, DIVESTITURES, L_3
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS - Narrative (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 36 Months Ended | 84 Months Ended | ||||||
Oct. 31, 2023 USD ($) right $ / shares | Feb. 28, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2026 | Dec. 31, 2023 | Jun. 30, 2024 USD ($) | Dec. 31, 2022 USD ($) | |
Licensing Arrangements [Line Items] | |||||||||||
Payment to extinguish future royalty obligation | $ 295 | ||||||||||
Turning Point | |||||||||||
Licensing Arrangements [Line Items] | |||||||||||
Business combination, consideration transferred | $ 3,300 | ||||||||||
Total consideration | $ 4,100 | ||||||||||
Subsequent Event | |||||||||||
Licensing Arrangements [Line Items] | |||||||||||
Business combination, contingent value, number of rights received | right | 1 | ||||||||||
Subsequent Event | Mirati Therapeutics | |||||||||||
Licensing Arrangements [Line Items] | |||||||||||
Share price (in usd per share) | $ / shares | $ 58 | ||||||||||
Business combination, consideration transferred | $ 4,800 | ||||||||||
Business combination, contingent value, share price (in dollars per share) | $ / shares | $ 12 | ||||||||||
Continent consideration liability | $ 1,000 | ||||||||||
Keytruda royalties | Forecast | |||||||||||
Licensing Arrangements [Line Items] | |||||||||||
Percentage of net sales payable to alliance partner | 6.50% | ||||||||||
Keytruda royalties | Forecast | Subsequent Event | |||||||||||
Licensing Arrangements [Line Items] | |||||||||||
Percentage of net sales payable to alliance partner | 2.50% | ||||||||||
Nimbus Therapuetics TYK2 Inhibitor | |||||||||||
Licensing Arrangements [Line Items] | |||||||||||
Proceeds from legal settlements | $ 40 | $ 400 | |||||||||
Contingent sales-based milestones | $ 2,000 | ||||||||||
Other | $ 400 | ||||||||||
LianBio Co. Ltd. | Mavacamten Rights | Subsequent Event | |||||||||||
Licensing Arrangements [Line Items] | |||||||||||
Payments to acquire rights | $ 350 | ||||||||||
Bristol-Myers Squibb | Keytruda royalties | Forecast | Subsequent Event | |||||||||||
Licensing Arrangements [Line Items] | |||||||||||
Payment and royalty allocation | 75% | ||||||||||
Ono | Keytruda royalties | Forecast | Subsequent Event | |||||||||||
Licensing Arrangements [Line Items] | |||||||||||
Payment and royalty allocation | 25% | ||||||||||
Immatics | |||||||||||
Licensing Arrangements [Line Items] | |||||||||||
Upfront payments | 150 | ||||||||||
Contingent and regulatory milestone payments | 770 | ||||||||||
Dragonfly | |||||||||||
Licensing Arrangements [Line Items] | |||||||||||
Upfront payments | $ 175 | ||||||||||
Nimbus Therapeutics | |||||||||||
Licensing Arrangements [Line Items] | |||||||||||
Upfront payments | $ 4,000 | ||||||||||
Nimbus Therapeutics | Nimbus Therapuetics TYK2 Inhibitor | |||||||||||
Licensing Arrangements [Line Items] | |||||||||||
Change in control proceeds | 10% | ||||||||||
Percentage of ownership acquired | 100% | ||||||||||
Mature products and other | Discontinued Operations, Held-for-sale | |||||||||||
Licensing Arrangements [Line Items] | |||||||||||
Assets held for sale | $ 172 | ||||||||||
Liabilities held for sale | 20 | ||||||||||
Mature products and other | Cost of products sold | |||||||||||
Licensing Arrangements [Line Items] | |||||||||||
Asset impairment charges | $ 43 | ||||||||||
Mature products and other | LOTTE Corporation | |||||||||||
Licensing Arrangements [Line Items] | |||||||||||
Sales price | $ 159 |
ACQUISITIONS, DIVESTITURES, L_4
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS - Schedule of Divestitures (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | |||||
Net Proceeds | $ 223 | $ 206 | $ 631 | $ 791 | |
Divestiture (Gains)/Losses | 0 | 0 | 0 | 211 | |
Royalty Income | 217 | 205 | 623 | 597 | |
Diabetes business - royalties | |||||
Business Acquisition [Line Items] | |||||
Net Proceeds | 220 | 205 | 621 | 562 | |
Divestiture (Gains)/Losses | 0 | 0 | 0 | 0 | |
Royalty Income | 217 | 205 | 623 | 595 | |
Mature products and other | |||||
Business Acquisition [Line Items] | |||||
Net Proceeds | 3 | 1 | 10 | 229 | |
Divestiture (Gains)/Losses | 0 | 0 | 0 | 211 | |
Royalty Income | $ 0 | $ 0 | $ 0 | $ 2 | |
Mature products and other | Cheplapharm | |||||
Business Acquisition [Line Items] | |||||
Net Proceeds | $ 221 | ||||
Divestiture (Gains)/Losses | $ 211 |
ACQUISITIONS, DIVESTITURES, L_5
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS - Licensing and Other Arrangements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Contingent milestone income | $ 0 | $ 0 | $ (36) | $ (46) |
Amortization of deferred income | (12) | (18) | (39) | (41) |
Total | (365) | (374) | (1,068) | (967) |
Keytruda royalties | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Royalty income, nonoperating | (315) | (268) | (878) | (732) |
Tecentriq royalties | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Royalty income, nonoperating | (24) | (24) | (78) | (68) |
Biohaven | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Royalty income, nonoperating | 0 | (55) | 0 | (55) |
Other royalties and licensing income | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Royalty income, nonoperating | $ (14) | $ (9) | $ (37) | $ (25) |
OTHER (INCOME)_EXPENSE, NET - S
OTHER (INCOME)/EXPENSE, NET - Schedule Of Other Income Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Nonoperating Income (Expense) [Abstract] | ||||
Interest expense (Note 10) | $ 280 | $ 299 | $ 850 | $ 938 |
Royalty and licensing income (Note 4) | (365) | (374) | (1,068) | (967) |
Royalty income - divestiture (Note 4) | (217) | (205) | (623) | (597) |
Equity investment losses (Note 9) | 0 | 14 | 213 | 966 |
Integration expenses | 54 | 114 | 180 | 343 |
Loss on debt redemption (Note 10) | 0 | 0 | 0 | 266 |
Divestiture gains (Note 4) | 0 | 0 | 0 | (211) |
Litigation and other settlements | (61) | 44 | (393) | 32 |
Investment income | (107) | (52) | (304) | (89) |
Provision for restructuring (Note 6) | 141 | 17 | 321 | 60 |
Other | 17 | 3 | 37 | 52 |
Other (income)/expense, net | $ (258) | $ (140) | $ (787) | $ 793 |
OTHER (INCOME)_EXPENSE, NET - N
OTHER (INCOME)/EXPENSE, NET - Narrative (Details) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 36 Months Ended | 38 Months Ended | |||
Sep. 30, 2023 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2026 USD ($) | Sep. 30, 2026 USD ($) payment | Aug. 31, 2023 shares | Jul. 31, 2023 lawsuit | |
Nimbus Therapuetics TYK2 Inhibitor | |||||||
Licensing Arrangements [Line Items] | |||||||
Proceeds from legal settlements | $ 40 | $ 400 | |||||
AZ AB | |||||||
Licensing Arrangements [Line Items] | |||||||
Number of litigations | lawsuit | 2 | ||||||
Settlement amount | $ 384 | ||||||
AZ AB | Forecast | |||||||
Licensing Arrangements [Line Items] | |||||||
Settlement amount | $ 560 | ||||||
Number of payments | payment | 4 | ||||||
Proceeds from legal settlements | $ 418 | ||||||
BeiGene | |||||||
Licensing Arrangements [Line Items] | |||||||
Litigation settlement, number of shares transferred (in shares) | shares | 23.3 | ||||||
Litigation settlement expense | $ 322 |
RESTRUCTURING - Additional Info
RESTRUCTURING - Additional Information (Details) $ in Billions | Sep. 30, 2023 USD ($) |
2023 Restructuring Plan | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring and related charges | $ 1 |
Celgene and Other Acquisition Plans | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring and related charges | 3.8 |
Restructuring and related charges incurred to date | $ 3.5 |
RESTRUCTURING - Schedule of Res
RESTRUCTURING - Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Total charges | $ 280 | $ 131 | $ 649 | $ 409 |
Employee termination costs | 135 | 16 | 309 | 57 |
Provision for restructuring | 141 | 17 | 321 | 60 |
Integration expenses | 54 | 114 | 180 | 343 |
Accelerated depreciation | 15 | 0 | 28 | 6 |
Asset impairments | 70 | 0 | 120 | 0 |
Other termination costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other termination costs | 6 | 1 | 12 | 3 |
Facility Closing | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset impairments | 65 | |||
Cost of products sold | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total charges | 16 | 0 | 53 | 0 |
Marketing, selling and administrative | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total charges | 65 | 0 | 85 | 6 |
Research and development | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total charges | 4 | 0 | 10 | 0 |
Other (income)/expense, net | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total charges | 195 | 131 | 501 | 403 |
2023 Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total charges | 149 | 0 | 380 | 0 |
Celgene and Other Acquisition Plans | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total charges | $ 131 | $ 131 | $ 269 | $ 409 |
RESTRUCTURING - Schedule of R_2
RESTRUCTURING - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning of period | $ 47 | $ 101 |
Restructuring charges | 321 | 60 |
Foreign currency translation and other | 3 | 10 |
Payments | (142) | (106) |
Restructuring reserve, end of period | 223 | 45 |
Change in estimates | $ 5 | $ 6 |
INCOME TAXES - Schedule of Prov
INCOME TAXES - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Earnings before income taxes | $ 2,137 | $ 2,209 | $ 6,766 | $ 5,854 |
Income tax provision | $ 203 | $ 601 | $ 488 | $ 1,534 |
Effective tax rate | 9.50% | 27.20% | 7.20% | 26.20% |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Increase (decrease) in income taxes | $ 240 | ||
Impairment of subsidiary investments | $ 656 | ||
Income tax reserves | 89 | ||
Income tax payments | 4,100 | $ 3,900 | |
Minimum | |||
Reasonably possible decrease in unrecognized tax benefits | 40 | 40 | |
Maximum | |||
Reasonably possible decrease in unrecognized tax benefits | $ 60 | $ 60 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net earnings attributable to BMS | $ 1,928 | $ 1,606 | $ 6,263 | $ 4,305 |
Weighted-average common shares outstanding - basic (in shares) | 2,057 | 2,133 | 2,083 | 2,137 |
Incremental shares attributable to share-based compensation plans (in shares) | 7 | 15 | 10 | 17 |
Weighted-average common shares outstanding - diluted (in shares) | 2,064 | 2,148 | 2,093 | 2,154 |
Earnings per common share | ||||
Earnings per common share, basic (in usd per share) | $ 0.94 | $ 0.75 | $ 3.01 | $ 2.01 |
Earnings per common share, diluted (in usd per share) | $ 0.93 | $ 0.75 | $ 2.99 | $ 2 |
FINANCIAL INSTRUMENTS AND FAI_3
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | $ 496 | $ 130 |
Equity investments | 346 | 1,104 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 2 | 32 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 29 | 98 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 442 | 0 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 23 | 0 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market and other securities | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Contingent consideration liability | 0 | 0 |
Level 1 | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 291 | 424 |
Level 1 | Contingent value rights | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | 4 | 5 |
Level 1 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 0 | 0 |
Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 0 | 0 |
Level 1 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 0 | 0 |
Level 1 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market and other securities | 5,545 | 7,770 |
Derivative assets | 467 | 305 |
Derivative liabilities | 120 | 213 |
Contingent consideration liability | 0 | 0 |
Level 2 | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 55 | 680 |
Level 2 | Contingent value rights | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | 0 | 0 |
Level 2 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 2 | 32 |
Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 29 | 98 |
Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 442 | 0 |
Level 2 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 23 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market and other securities | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Contingent consideration liability | 9 | 24 |
Level 3 | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 0 | 0 |
Level 3 | Contingent value rights | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | 0 | 0 |
Level 3 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 0 | 0 |
Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 0 | 0 |
Level 3 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 0 | 0 |
Level 3 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS AND FAI_4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Available-for-sale Securities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 499 | $ 130 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (3) | 0 |
Marketable debt securities, fair value | $ 496 | $ 130 |
Debt securities, available-for-sale, term | 3 years | 1 year |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 2 | $ 32 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Marketable debt securities, fair value | 2 | 32 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 29 | 98 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Marketable debt securities, fair value | 29 | 98 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 445 | 0 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (3) | 0 |
Marketable debt securities, fair value | 442 | 0 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 23 | 0 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Marketable debt securities, fair value | $ 23 | $ 0 |
FINANCIAL INSTRUMENTS AND FAI_5
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Summary of Equity Investments Carrying Amount (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Equity investments with readily determinable fair values | $ 346 | $ 1,104 |
Equity investments without readily determinable fair values | 654 | 537 |
Limited partnerships and other equity method investments | 557 | 546 |
Total equity investments | $ 1,557 | $ 2,187 |
FINANCIAL INSTRUMENTS AND FAI_6
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Equity Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | ||||
Equity investments with readily determinable fair values | $ 15 | $ 75 | $ 203 | $ 927 |
Less: net (gain) loss recognized on investments sold | (86) | (1) | 2 | (17) |
Net unrealized loss recognized on investments still held | 101 | 76 | 201 | 944 |
Equity investments without readily determinable fair values | ||||
Upward adjustments | (3) | (64) | (9) | (70) |
Impairments and downward adjustments | 6 | 0 | 6 | 2 |
Equity in net (income)/loss of affiliates | (18) | 3 | 13 | 107 |
Total equity investment losses | $ 0 | $ 14 | $ 213 | $ 966 |
FINANCIAL INSTRUMENTS AND FAI_7
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Additional Information (Details) € in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Mar. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | |||
Cumulative upward adjustments | $ 189 | ||
Cumulative impairment amount | 67 | ||
Pre-tax gains | 179 | ||
Principal value | 36,329 | $ 38,234 | |
Designated as cash flow hedges | |||
Derivative [Line Items] | |||
Principal value | € | € 375 | ||
Designated as cash flow hedges | Cross Currency Interest Rate And Foreign Currency Forward Contracts | |||
Derivative [Line Items] | |||
Derivative, notional amount | 1,800 | ||
Euro Member Countries, Euro | Designated as cash flow hedges | Cross-currency swap contracts | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative, notional amount | 1,200 | ||
Euro Member Countries, Euro | Designated as cash flow hedges | Foreign Exchange Contract | |||
Derivative [Line Items] | |||
Derivative, notional amount | 5,000 | ||
Euro Member Countries, Euro | Designated as cash flow hedges | Cross Currency Interest Rate And Foreign Currency Forward Contracts | Net Investment Hedging | |||
Derivative [Line Items] | |||
Derivative, notional amount | 794 | ||
Japan, Yen | Designated as cash flow hedges | Foreign Exchange Contract | |||
Derivative [Line Items] | |||
Derivative, notional amount | 1,100 | ||
Japan, Yen | Designated as cash flow hedges | Cross Currency Interest Rate And Foreign Currency Forward Contracts | |||
Derivative [Line Items] | |||
Derivative, notional amount | $ 650 |
FINANCIAL INSTRUMENTS AND FAI_8
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Derivatives and Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Interest rate swap contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ (24) | $ (18) |
Designated as cash flow hedges | Foreign currency exchange contracts | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 326 | 271 |
Derivative liabilities | (26) | (80) |
Designated as cash flow hedges | Foreign currency exchange contracts | Net Investment Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 20 | 0 |
Derivative liabilities | 0 | 0 |
Designated as cash flow hedges | Foreign currency exchange contracts | Assets | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 6,420 | 5,771 |
Designated as cash flow hedges | Foreign currency exchange contracts | Assets | Net Investment Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 416 | 0 |
Designated as cash flow hedges | Foreign currency exchange contracts | Liability | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 926 | 2,281 |
Designated as cash flow hedges | Foreign currency exchange contracts | Liability | Net Investment Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 0 | 0 |
Designated as cash flow hedges | Cross-currency swap contracts | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 12 | 0 |
Derivative liabilities | (14) | (7) |
Designated as cash flow hedges | Cross-currency swap contracts | Net Investment Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 23 | 1 |
Derivative liabilities | (18) | (78) |
Designated as cash flow hedges | Cross-currency swap contracts | Assets | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 584 | 0 |
Designated as cash flow hedges | Cross-currency swap contracts | Assets | Net Investment Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 481 | 72 |
Designated as cash flow hedges | Cross-currency swap contracts | Liability | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 626 | 584 |
Designated as cash flow hedges | Cross-currency swap contracts | Liability | Net Investment Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 947 | 1,157 |
Designated as cash flow hedges | Interest rate swap contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | (24) | (18) |
Designated as cash flow hedges | Interest rate swap contracts | Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 0 | 0 |
Designated as cash flow hedges | Interest rate swap contracts | Liability | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 3,755 | 255 |
Not designated as hedges | Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 86 | 33 |
Derivative liabilities | (21) | (19) |
Not designated as hedges | Foreign currency exchange contracts | Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 2,048 | 1,564 |
Not designated as hedges | Foreign currency exchange contracts | Liability | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 1,486 | 1,703 |
Not designated as hedges | Total return swap contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | (17) | (11) |
Not designated as hedges | Total return swap contracts | Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 0 | 0 |
Not designated as hedges | Total return swap contracts | Liability | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 359 | $ 322 |
FINANCIAL INSTRUMENTS AND FAI_9
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest rate swap contracts | Cost of products sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative, net | $ (51) | $ (195) | $ (261) | $ (408) |
Interest rate swap contracts | Other (income)/expense, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative, net | (40) | (61) | (100) | (136) |
Cross-currency swap contracts | Cost of products sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative, net | 0 | 0 | 0 | 0 |
Cross-currency swap contracts | Other (income)/expense, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative, net | 26 | 13 | (2) | 5 |
Foreign currency exchange contracts | Cost of products sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative, net | 0 | 0 | 0 | 0 |
Foreign currency exchange contracts | Other (income)/expense, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative, net | $ 0 | $ (5) | $ (7) | $ (23) |
FINANCIAL INSTRUMENTS AND FA_10
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Gain/(Loss) on Hedging Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Foreign exchange contracts gain/(loss): | ||||
Recognized in Other comprehensive income | $ 150 | $ 505 | $ 231 | $ 1,106 |
Reclassified to net earnings, pretax | (16) | (175) | (235) | (391) |
Non-U.S. dollar borrowings gain/(loss): | ||||
Recognized in Other comprehensive income | 4 | (131) | 35 | (201) |
Designated as cash flow hedges | ||||
Non-U.S. dollar borrowings gain/(loss): | ||||
Recognized in Other comprehensive income | 0 | 40 | (10) | 123 |
Foreign currency exchange contracts | ||||
Foreign exchange contracts gain/(loss): | ||||
Recognized in Other comprehensive income | 173 | 548 | 226 | 1,149 |
Derivatives designated as net investment hedges | ||||
Recognized in Other comprehensive income | 18 | 0 | 18 | 0 |
Foreign currency exchange contracts | Cost of products sold | ||||
Foreign exchange contracts gain/(loss): | ||||
Reclassified to net earnings, pretax | (51) | (195) | (261) | (408) |
Cross-currency swap contracts | ||||
Foreign exchange contracts gain/(loss): | ||||
Recognized in Other comprehensive income | (23) | (43) | 5 | (43) |
Derivatives designated as net investment hedges | ||||
Recognized in Other comprehensive income | 59 | 71 | 94 | 135 |
Cross-currency swap contracts | Other (income)/expense, net | ||||
Foreign exchange contracts gain/(loss): | ||||
Reclassified to net earnings, pretax | 35 | 20 | 26 | 20 |
Interest rate swap contracts | Other operating income (expense) | ||||
Foreign exchange contracts gain/(loss): | ||||
Reclassified to net earnings, pretax | $ 0 | $ 0 | $ 0 | $ (3) |
FINANCING ARRANGEMENTS - Short-
FINANCING ARRANGEMENTS - Short-Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Non-U.S. short-term debt obligations | $ 164 | $ 176 |
Current portion of Long-term debt | 4,873 | 3,897 |
Other | 430 | 191 |
Total | $ 5,467 | $ 4,264 |
FINANCING ARRANGEMENTS - Schedu
FINANCING ARRANGEMENTS - Schedule of Long-term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Principal value | $ 36,329 | $ 38,234 |
Unamortized basis adjustment from swap terminations | 85 | 97 |
Unamortized bond discounts and issuance costs | (265) | (284) |
Unamortized purchase price adjustments of Celgene debt | 885 | 924 |
Total | 37,010 | 38,953 |
Current portion of Long-term debt | 4,873 | 3,897 |
Long-term debt | 32,137 | 35,056 |
Interest rate swap contracts | ||
Debt Instrument [Line Items] | ||
Fair value of interest rate swap contracts | $ (24) | $ (18) |
FINANCING ARRANGEMENTS - Additi
FINANCING ARRANGEMENTS - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||||
Long-term debt, fair value | $ 31,700,000,000 | $ 31,700,000,000 | $ 34,900,000,000 | ||
Debt matured and repaid | 1,900,000,000 | $ 4,800,000,000 | |||
Long-term debt | $ 6,000,000,000 | 6,000,000,000 | |||
Net proceeds of debt | 5,900,000,000 | ||||
Extinguishment of debt | 6,000,000,000 | ||||
Payment for debt extinguishment | 6,600,000,000 | ||||
Loss on debt redemption (Note 10) | $ 0 | $ 0 | 0 | 266,000,000 | |
Interest payments | 932,000,000 | 1,100,000,000 | |||
2.750% Notes | |||||
Debt Instrument [Line Items] | |||||
Debt matured and repaid | $ 750,000,000 | ||||
Interest rates | 2.75% | 2.75% | |||
3.250% Notes | |||||
Debt Instrument [Line Items] | |||||
Debt matured and repaid | $ 890,000,000 | $ 1,000,000,000 | |||
Interest rates | 3.25% | 3.25% | 3.25% | 3.25% | |
7.150% Notes | |||||
Debt Instrument [Line Items] | |||||
Debt matured and repaid | $ 239,000,000 | ||||
Interest rates | 7.15% | 7.15% | |||
2.600% Notes | |||||
Debt Instrument [Line Items] | |||||
Debt matured and repaid | $ 1,500,000,000 | ||||
Interest rates | 2.60% | 2.60% | |||
Floating Rate Notes due 2022 | |||||
Debt Instrument [Line Items] | |||||
Debt matured and repaid | $ 500,000,000 | ||||
2.000% Notes | |||||
Debt Instrument [Line Items] | |||||
Debt matured and repaid | $ 750,000,000 | ||||
Interest rates | 2% | 2% | |||
3.550% Notes | |||||
Debt Instrument [Line Items] | |||||
Debt matured and repaid | $ 1,000,000,000 | ||||
Interest rates | 3.55% | 3.55% | |||
Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | $ 0 | $ 0 | $ 0 | ||
$5 Billion Maximum Borrowing Capacity | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, term (in years) | 5 years | 5 years | |||
Line of credit facility, maximum borrowing capacity | $ 5,000,000,000 | $ 5,000,000,000 | |||
Renewal period (in years) | 1 year | 1 year |
RECEIVABLES - Schedule of Recei
RECEIVABLES - Schedule of Receivables (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||
Trade receivables | $ 9,095 | $ 8,848 |
Less: charge-backs and cash discounts | (661) | (675) |
Less: allowance for expected credit loss | (27) | (22) |
Net trade receivables | 8,407 | 8,151 |
Alliance, royalties, VAT and other | 1,897 | 1,735 |
Receivables | $ 10,304 | $ 9,886 |
RECEIVABLES (Details)
RECEIVABLES (Details) $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 USD ($) customer | Sep. 30, 2022 USD ($) | Dec. 31, 2022 | |
Account Receivables [Line Items] | |||
Non-U.S. receivables sold on a nonrecourse basis | $ | $ 769 | $ 809 | |
Number of largest pharmaceutical wholesalers | customer | 3 | ||
Customer Concentration Risk | |||
Account Receivables [Line Items] | |||
Percent of aggregate total trade receivables due from three pharmaceutical wholesalers | 71% | 66% |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory, Net [Abstract] | ||
Finished goods | $ 533 | $ 509 |
Work in process | 2,289 | 1,850 |
Raw and packaging materials | 461 | 464 |
Total inventories | 3,283 | 2,823 |
Inventories | 2,436 | 2,339 |
Other non-current assets | $ 847 | $ 484 |
INVENTORIES - Narrative (Detail
INVENTORIES - Narrative (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Inventory Purchase Price Fair Value Adjustment | |
Inventories, fair value adjustment | $ 84 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |||||
Land | $ 162 | $ 162 | $ 162 | ||
Buildings | 6,280 | 6,280 | 5,920 | ||
Machinery, equipment and fixtures | 3,576 | 3,576 | 3,284 | ||
Construction in progress | 1,114 | 1,114 | 1,053 | ||
Gross property, plant and equipment | 11,132 | 11,132 | 10,419 | ||
Less accumulated depreciation | (4,651) | (4,651) | (4,164) | ||
Property, plant and equipment | 6,481 | 6,481 | $ 6,255 | ||
Depreciation expense | $ 151 | $ 148 | $ 448 | $ 434 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Balance at December 31, 2022 | $ 21,149 |
Currency translation and other adjustments | (2) |
Balance at September 30, 2023 | $ 21,147 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Other intangible assets | ||
Accumulated amortization | $ (39,109) | $ (33,133) |
Other intangible assets | 28,950 | 35,859 |
Total | 68,059 | 68,992 |
IPRD | ||
Other intangible assets | ||
Other intangible assets | 6,480 | 6,560 |
IPRD | 6,480 | 6,560 |
Licenses | ||
Other intangible assets | ||
Gross carrying amounts | 363 | 400 |
Accumulated amortization | (144) | (128) |
Other intangible assets | $ 219 | 272 |
Licenses | Minimum | ||
Other intangible assets | ||
Estimated useful lives (in years) | 5 years | |
Licenses | Maximum | ||
Other intangible assets | ||
Estimated useful lives (in years) | 15 years | |
Acquired marketed product rights | ||
Other intangible assets | ||
Gross carrying amounts | $ 59,577 | 60,477 |
Accumulated amortization | (37,794) | (31,949) |
Other intangible assets | $ 21,783 | 28,528 |
Acquired marketed product rights | Minimum | ||
Other intangible assets | ||
Estimated useful lives (in years) | 3 years | |
Acquired marketed product rights | Maximum | ||
Other intangible assets | ||
Estimated useful lives (in years) | 15 years | |
Capitalized software | ||
Other intangible assets | ||
Gross carrying amounts | $ 1,639 | 1,555 |
Accumulated amortization | (1,171) | (1,056) |
Other intangible assets | $ 468 | $ 499 |
Capitalized software | Minimum | ||
Other intangible assets | ||
Estimated useful lives (in years) | 3 years | |
Capitalized software | Maximum | ||
Other intangible assets | ||
Estimated useful lives (in years) | 10 years |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Billions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 2.3 | $ 2.5 | $ 6.9 | $ 7.4 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Other Intangible Assets Impairments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other intangible assets | ||||
Impairment of intangible assets (excluding goodwill) | $ 89 | $ 58 | $ 109 | $ 98 |
IPRD | ||||
Other intangible assets | ||||
Impairment of intangible assets (excluding goodwill) | 60 | 58 | 80 | 98 |
Licenses | ||||
Other intangible assets | ||||
Impairment of intangible assets (excluding goodwill) | $ 29 | $ 0 | $ 29 | $ 0 |
SUPPLEMENTAL FINANCIAL INFORM_3
SUPPLEMENTAL FINANCIAL INFORMATION - Other Current Assets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Supplemental Financial Information [Abstract] | ||
Income taxes | $ 4,933 | $ 3,547 |
Research and development | 714 | 579 |
Contract assets | 410 | 504 |
Restricted cash | 54 | 148 |
Other | 1,096 | 1,017 |
Other current assets | $ 7,207 | $ 5,795 |
SUPPLEMENTAL FINANCIAL INFORM_4
SUPPLEMENTAL FINANCIAL INFORMATION - Other Non-Current Assets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Supplemental Financial Information [Abstract] | |||
Equity investments (Note 9) | $ 1,557 | $ 2,187 | |
Operating leases | 1,367 | 1,220 | |
Inventories | 847 | 484 | |
Pension and postretirement | 296 | 285 | |
Research and development | 427 | 496 | |
Restricted cash | 0 | 54 | |
Receivables and convertible notes | 432 | 0 | |
Other | 288 | 214 | |
Other non-current assets | $ 5,214 | $ 4,940 | |
Restricted cash for contributions and settlements | $ 223 |
SUPPLEMENTAL FINANCIAL INFORM_5
SUPPLEMENTAL FINANCIAL INFORMATION - Other Current Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Supplemental Financial Information [Abstract] | ||
Rebates and discounts | $ 7,782 | $ 6,702 |
Income taxes | 1,458 | 942 |
Employee compensation and benefits | 876 | 1,425 |
Research and development | 1,307 | 1,359 |
Dividends | 1,160 | 1,196 |
Interest | 371 | 321 |
Royalties | 427 | 431 |
Operating leases | 150 | 136 |
Other | 1,651 | 2,074 |
Other current liabilities | $ 15,182 | $ 14,586 |
SUPPLEMENTAL FINANCIAL INFORM_6
SUPPLEMENTAL FINANCIAL INFORMATION - Other Non-Current Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Supplemental Financial Information [Abstract] | ||
Income taxes | $ 3,215 | $ 3,992 |
Pension and postretirement | 386 | 402 |
Operating leases | 1,513 | 1,261 |
Deferred income | 316 | 283 |
Deferred compensation | 384 | 349 |
Other | 389 | 303 |
Other non-current liabilities | $ 6,203 | $ 6,590 |
EQUITY - Schedule of Stockholde
EQUITY - Schedule of Stockholders Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | $ 31,061 | $ 31,061 | ||||||
Net earnings | $ 1,934 | $ 1,608 | 6,278 | $ 4,320 | ||||
Other comprehensive loss | 101 | $ 151 | (5) | $ 427 | ||||
Share repurchase program | $ (4,250) | |||||||
Stock compensation | $ 322 | |||||||
Ending balance | $ 28,998 | $ 28,998 | ||||||
Dividends declared (in usd per share) | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.54 | $ 0.54 | $ 0.54 | ||
Common Stock | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance (in shares) | 2,923 | 2,923 | 2,923 | 2,923 | 2,923 | 2,923 | 2,923 | 2,923 |
Beginning balance | $ 292 | $ 292 | $ 292 | $ 292 | $ 292 | $ 292 | $ 292 | $ 292 |
Ending balance (in shares) | 2,923 | 2,923 | 2,923 | 2,923 | 2,923 | 2,923 | 2,923 | 2,923 |
Ending balance | $ 292 | $ 292 | $ 292 | $ 292 | $ 292 | $ 292 | $ 292 | $ 292 |
Capital in Excess of Par Value of Stock | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | 45,299 | 45,140 | 45,165 | 44,375 | 43,756 | 44,361 | 45,165 | 44,361 |
Share repurchase program | (600) | 450 | 300 | (750) | ||||
Stock compensation | 146 | 159 | (25) | 131 | 319 | 145 | ||
Convertible debt | 4 | |||||||
Ending balance | 44,849 | 45,299 | 45,140 | 44,956 | 44,375 | 43,756 | 44,849 | 44,956 |
Accumulated Other Comprehensive Loss | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | (1,387) | (1,368) | (1,281) | (992) | (1,229) | (1,268) | (1,281) | (1,268) |
Other comprehensive loss | 101 | (19) | (87) | 151 | 237 | 39 | ||
Ending balance | (1,286) | (1,387) | (1,368) | (841) | (992) | (1,229) | (1,286) | (841) |
Retained Earnings | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | 27,449 | 26,568 | 25,503 | 24,217 | 23,948 | 23,820 | 25,503 | 23,820 |
Net earnings | 1,928 | 2,073 | 2,262 | 1,606 | 1,421 | 1,278 | ||
Cash dividends declared | (1,159) | (1,192) | (1,197) | (1,148) | (1,152) | (1,150) | ||
Ending balance | 28,218 | 27,449 | 26,568 | 24,675 | 24,217 | 23,948 | 28,218 | 24,675 |
Treasury Stock | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | $ (39,680) | $ (38,808) | $ (38,618) | $ (35,292) | $ (35,187) | $ (31,259) | $ (38,618) | $ (31,259) |
Treasury stock, beginning balance (in shares) | 834 | 823 | 825 | 788 | 794 | 747 | 825 | 747 |
Share repurchase program (in shares) | 56 | 13 | 4 | 12 | 2 | 65 | ||
Share repurchase program | $ (3,433) | $ (911) | $ (250) | $ (1,151) | $ (300) | |||
Stock compensation | $ 27 | $ 39 | $ 60 | $ 32 | $ 195 | |||
Stock compensation (in shares) | (1) | (2) | (6) | (1) | (8) | (18) | ||
Convertible debt | $ 11 | |||||||
Treasury stock, ending balance (in shares) | 889 | 834 | 823 | 799 | 788 | 794 | 889 | 799 |
Ending balance | $ (43,075) | $ (39,680) | $ (38,808) | $ (36,411) | $ (35,292) | $ (35,187) | $ (43,075) | $ (36,411) |
Noncontrolling Interest | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | 57 | 62 | 57 | 61 | 65 | 60 | 57 | 60 |
Net earnings | 7 | 4 | 5 | 2 | 8 | 5 | ||
Distributions | (9) | (12) | ||||||
Ending balance | $ 64 | $ 57 | $ 62 | $ 63 | $ 61 | $ 65 | $ 64 | $ 63 |
EQUITY - Additional Information
EQUITY - Additional Information (Details) shares in Millions, $ in Billions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 tranche shares | Jun. 30, 2022 tranche shares | Mar. 31, 2022 USD ($) shares | Sep. 30, 2023 USD ($) shares | |
Equity [Line Items] | |||||
Stock repurchase program (in shares) | shares | 17 | ||||
Stock repurchased during period | $ 1.2 | ||||
Stock repurchase program, remaining authorized repurchase amount | $ 2 | 2 | |||
Number of tranches | tranche | 2 | 2 | |||
2022 ASR | |||||
Equity [Line Items] | |||||
Stock repurchase program, authorized amount | $ 5 | ||||
Stock repurchase program (in shares) | shares | 4 | 4 | 65 | ||
Share repurchase program, portion of authorized program received in period | 85% | ||||
2023 ASR | |||||
Equity [Line Items] | |||||
Stock repurchase program, authorized amount | $ 4 | $ 4 | |||
Stock repurchase program (in shares) | shares | 56 | ||||
Share repurchase program, portion of authorized program received in period | 85% |
EQUITY - Schedule of Comprehens
EQUITY - Schedule of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Equity [Abstract] | ||||
Unrealized (losses)/gains, pretax | $ 150 | $ 505 | $ 231 | $ 1,106 |
Unrealized (losses)/gains, tax | (18) | (66) | (31) | (147) |
Unrealized (losses)/gains, after tax | 132 | 439 | 200 | 959 |
Reclassified to net earnings, pretax | (16) | (175) | (235) | (391) |
Reclassified to net earnings, tax | (2) | 22 | 28 | 50 |
Reclassified to net earnings, after tax | (18) | (153) | (207) | (341) |
Derivatives qualifying as cash flow hedges, pretax | 134 | 330 | (4) | 715 |
Derivatives qualifying as cash flow hedges, tax | (20) | (44) | (3) | (97) |
Derivatives qualifying as cash flow hedges, after tax | 114 | 286 | (7) | 618 |
Actuarial gains/(losses), pretax | 3 | 14 | (10) | 54 |
Actuarial gains/(losses), tax | (1) | (4) | 1 | (11) |
Actuarial gains/(losses), after tax | 2 | 10 | (9) | 43 |
Amortization, pretax | 7 | 19 | ||
Amortization, tax | (1) | (4) | ||
Amortization, after tax | 6 | 15 | ||
Settlements, pretax | 2 | 7 | ||
Settlements, tax | 0 | (1) | ||
Settlements, after tax | 2 | 6 | ||
Pension and postretirement benefits, pre-tax | 23 | 80 | ||
Pension and postretirement benefits, tax | (5) | (16) | ||
Pension and postretirement benefits, after tax | 2 | 18 | (9) | 64 |
Unrealized (losses)/gains, pretax | (3) | 0 | (3) | (2) |
Unrealized (losses)/gains, tax | 1 | 0 | 1 | 0 |
Unrealized (losses)/gains, after tax | (2) | 0 | (2) | (2) |
Foreign currency translation, pretax | 4 | (131) | 35 | (201) |
Foreign currency translation, tax | (17) | (22) | (22) | (52) |
Foreign currency translation, after tax | (13) | (153) | 13 | (253) |
Other comprehensive income, pre-tax | 138 | 222 | 18 | 592 |
Other comprehensive income, tax | (37) | (71) | (23) | (165) |
Other comprehensive income, after tax | $ 101 | $ 151 | $ (5) | $ 427 |
EQUITY - Schedule of Accumulate
EQUITY - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Equity [Abstract] | ||
Derivatives qualifying as cash flow hedges | $ 225 | $ 232 |
Pension and postretirement benefits | (632) | (623) |
Marketable debt securities | (2) | 0 |
Foreign currency translation | (877) | (890) |
Accumulated other comprehensive loss | (1,286) | (1,281) |
Net investment hedge gains | $ 205 | $ 125 |
EMPLOYEE STOCK BENEFIT PLANS -
EMPLOYEE STOCK BENEFIT PLANS - Stock Based Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total Stock-based compensation expense | $ 132 | $ 115 | $ 391 | $ 338 |
Income tax benefit | 28 | 23 | 80 | 67 |
Excess tax benefits from share-based compensation awards | 1 | 4 | 21 | 63 |
Cost of products sold | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total Stock-based compensation expense | 14 | 11 | 38 | 30 |
Marketing, selling and administrative | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total Stock-based compensation expense | 55 | 48 | 162 | 144 |
Research and development | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total Stock-based compensation expense | $ 63 | $ 56 | $ 191 | $ 164 |
EMPLOYEE STOCK BENEFIT PLANS _2
EMPLOYEE STOCK BENEFIT PLANS - Schedule of Share-based Compensation Additional Information (Details) shares in Millions | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Restricted stock units | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of units granted (in shares) | shares | 9.3 |
Weighted-average fair value (in usd per share) | $ / shares | $ 60.52 |
Market share units | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of units granted (in shares) | shares | 1 |
Weighted-average fair value (in usd per share) | $ / shares | $ 58.18 |
Performance share units | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of units granted (in shares) | shares | 1.5 |
Weighted-average fair value (in usd per share) | $ / shares | $ 64.18 |
EMPLOYEE STOCK BENEFIT PLANS _3
EMPLOYEE STOCK BENEFIT PLANS - Share-based Payment Arrangement, Nonvested Award, Cost (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Restricted stock units | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 893 |
Expected weighted-average period in years of compensation cost to be recognized | 2 years 9 months 18 days |
Market share units | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 63 |
Expected weighted-average period in years of compensation cost to be recognized | 2 years 10 months 24 days |
Performance share units | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 115 |
Expected weighted-average period in years of compensation cost to be recognized | 1 year 9 months 18 days |
LEGAL PROCEEDINGS AND CONTING_2
LEGAL PROCEEDINGS AND CONTINGENCIES (Details) $ in Millions, $ in Millions | 1 Months Ended | |||||||||||
Jan. 31, 2022 patent | Feb. 28, 2021 USD ($) | Mar. 31, 2010 AUD ($) | Mar. 31, 2010 USD ($) | Sep. 30, 2023 USD ($) lawsuit | Jul. 31, 2023 lawsuit | Nov. 30, 2022 lawsuit | Jun. 30, 2022 claim | Apr. 01, 2022 | Nov. 30, 2021 acquirer lawsuit | Jun. 30, 2021 USD ($) | Mar. 31, 2018 lawsuit | |
Legal Proceedings And Contingencies [Line Items] | ||||||||||||
Damages sought | $ | $ 834 | |||||||||||
Class action claims | 2 | |||||||||||
Obligation to holders of the contingent value rights | $ | $ 6,400 | |||||||||||
Running royalty | 0.015 | |||||||||||
Accrued liabilities for CERCLA matters | $ | $ 81 | |||||||||||
Bristol-Myers Squibb | ||||||||||||
Legal Proceedings And Contingencies [Line Items] | ||||||||||||
Damages sought | $ | $ 417 | |||||||||||
AZ AB | ||||||||||||
Legal Proceedings And Contingencies [Line Items] | ||||||||||||
Number of litigations | 2 | |||||||||||
Plavix Australia Intellectual Property | Australia, Dollars | ||||||||||||
Legal Proceedings And Contingencies [Line Items] | ||||||||||||
Damages paid | $ | $ 449 | |||||||||||
Plavix Australia Intellectual Property | United States of America, Dollars | ||||||||||||
Legal Proceedings And Contingencies [Line Items] | ||||||||||||
Damages paid | $ | $ 289 | |||||||||||
Xspray | ||||||||||||
Legal Proceedings And Contingencies [Line Items] | ||||||||||||
Number of patents | patent | 2 | |||||||||||
Abilify Product Liability | NEW JERSEY | ||||||||||||
Legal Proceedings And Contingencies [Line Items] | ||||||||||||
Individual injury claims | 11 | |||||||||||
Abilify Product Liability | CANADA | ||||||||||||
Legal Proceedings And Contingencies [Line Items] | ||||||||||||
Individual injury claims | 7 | |||||||||||
Pending claims | 11 | |||||||||||
Class action claims | 4 | |||||||||||
Pending claims, active | 2 | |||||||||||
Celgene Securities Class Action | ||||||||||||
Legal Proceedings And Contingencies [Line Items] | ||||||||||||
Putative claims | 2 | |||||||||||
Celgene Contingent Value Rights | ||||||||||||
Legal Proceedings And Contingencies [Line Items] | ||||||||||||
Putative claims | 2 | |||||||||||
Number of acquirers | acquirer | 1 | |||||||||||
Molina Litigation | ||||||||||||
Legal Proceedings And Contingencies [Line Items] | ||||||||||||
Class action claims | claim | 63 | |||||||||||
Dismissed cases | claim | 4 | |||||||||||
Opt-Out Entities | ||||||||||||
Legal Proceedings And Contingencies [Line Items] | ||||||||||||
Class action claims | 2 |