Bristol-Myers Squibb Co., adjustment to net earnings (loss) attributable to BMS

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net earnings (loss) attributable to BMS (as reported)	8,025)	6,327)	6,994)	(9,015)	3,439)
Add: Marketable debt securities	2)	(2)	(9)	5)	36)
Net earnings (loss) attributable to BMS (adjusted)	8,027)	6,325)	6,985)	(9,010)	3,475)

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Bristol-Myers Squibb Co., adjusted profitability ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	17.83%	13.71%	15.08%	-21.20%	13.15%
Adjusted net profit margin	17.84%	13.70%	15.06%	-21.19%	13.29%
Return on Equity (ROE)
Reported ROE	27.27%	20.37%	19.46%	-23.84%	6.66%
Adjusted ROE	27.27%	20.36%	19.43%	-23.82%	6.73%
Return on Assets (ROA)
Reported ROA	8.43%	6.53%	6.40%	-7.61%	2.65%
Adjusted ROA	8.44%	6.53%	6.39%	-7.60%	2.67%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Bristol-Myers Squibb Co. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Bristol-Myers Squibb Co. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Bristol-Myers Squibb Co. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to BMS	8,025)	6,327)	6,994)	(9,015)	3,439)
Revenues	45,006)	46,159)	46,385)	42,518)	26,145)
Profitability Ratio
Net profit margin¹	17.83%	13.71%	15.08%	-21.20%	13.15%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to BMS	8,027)	6,325)	6,985)	(9,010)	3,475)
Revenues	45,006)	46,159)	46,385)	42,518)	26,145)
Profitability Ratio
Adjusted net profit margin²	17.84%	13.70%	15.06%	-21.19%	13.29%

2023 Calculations

¹ Net profit margin = 100 × Net earnings (loss) attributable to BMS ÷ Revenues
= 100 × 8,025 ÷ 45,006 = 17.83%

² Adjusted net profit margin = 100 × Adjusted net earnings (loss) attributable to BMS ÷ Revenues
= 100 × 8,027 ÷ 45,006 = 17.84%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Bristol-Myers Squibb Co. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to BMS	8,025)	6,327)	6,994)	(9,015)	3,439)
Total BMS shareholders’ equity	29,430)	31,061)	35,946)	37,822)	51,598)
Profitability Ratio
ROE¹	27.27%	20.37%	19.46%	-23.84%	6.66%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to BMS	8,027)	6,325)	6,985)	(9,010)	3,475)
Total BMS shareholders’ equity	29,430)	31,061)	35,946)	37,822)	51,598)
Profitability Ratio
Adjusted ROE²	27.27%	20.36%	19.43%	-23.82%	6.73%

2023 Calculations

¹ ROE = 100 × Net earnings (loss) attributable to BMS ÷ Total BMS shareholders’ equity
= 100 × 8,025 ÷ 29,430 = 27.27%

² Adjusted ROE = 100 × Adjusted net earnings (loss) attributable to BMS ÷ Total BMS shareholders’ equity
= 100 × 8,027 ÷ 29,430 = 27.27%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Bristol-Myers Squibb Co. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to BMS	8,025)	6,327)	6,994)	(9,015)	3,439)
Total assets	95,159)	96,820)	109,314)	118,481)	129,944)
Profitability Ratio
ROA¹	8.43%	6.53%	6.40%	-7.61%	2.65%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to BMS	8,027)	6,325)	6,985)	(9,010)	3,475)
Total assets	95,159)	96,820)	109,314)	118,481)	129,944)
Profitability Ratio
Adjusted ROA²	8.44%	6.53%	6.39%	-7.60%	2.67%

2023 Calculations

¹ ROA = 100 × Net earnings (loss) attributable to BMS ÷ Total assets
= 100 × 8,025 ÷ 95,159 = 8.43%

² Adjusted ROA = 100 × Adjusted net earnings (loss) attributable to BMS ÷ Total assets
= 100 × 8,027 ÷ 95,159 = 8.44%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Bristol-Myers Squibb Co. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Bristol-Myers Squibb Co. (NYSE:BMY)

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