Analysis of Inventory
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- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Inventory Disclosure
Bristol-Myers Squibb Co., balance sheet: inventory
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Finished goods | |||||||||||
| Work in process | |||||||||||
| Raw and packaging materials | |||||||||||
| Inventories |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The composition of inventories exhibits notable fluctuations over the five-year period. Overall, total inventories demonstrate an increasing trend, though with interim variations. A closer examination of the individual components reveals differing patterns.
- Finished Goods
- Finished goods inventory initially decreased from 543 million in 2021 to 509 million in 2022. Subsequently, a substantial increase is observed, rising to 1,257 million in 2024, before declining to 900 million in 2025. This suggests potential shifts in production output or sales strategies, with a significant build-up in 2024 followed by a partial reduction.
- Work in Process
- Work in process inventory generally trends upward. After a decrease from 2,111 million in 2021 to 1,850 million in 2022, it consistently increases, reaching 3,159 million in 2025. This indicates a potential increase in the volume of ongoing production or a lengthening of the production cycle.
- Raw and Packaging Materials
- Raw and packaging materials inventory shows an initial increase from 350 million in 2021 to 464 million in 2022, followed by relative stability through 2023 at 475 million. A decrease is then noted in 2024 and 2025, falling to 281 million. This could reflect improved supply chain management, reduced material costs, or a change in production requirements.
- Total Inventories
- Total inventories decreased slightly from 3,004 million in 2021 to 2,823 million in 2022. From 2022 onward, a consistent upward trend is apparent, increasing to 4,340 million in 2025. This overall increase is primarily driven by the growth in work in process inventory, with finished goods contributing significantly to the increase in 2024.
The shifts in inventory composition warrant further investigation to understand the underlying operational and strategic factors. The substantial increase in work in process, coupled with the fluctuations in finished goods, may have implications for production efficiency and working capital management.