Analysis of Revenues
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Bristol-Myers Squibb Co. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Revenues as Reported
Bristol-Myers Squibb Co., income statement, revenues
US$ in millions
| 12 months ended: | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net product sales | |||||||||||
| Alliance revenues | |||||||||||
| Other revenues | |||||||||||
| Revenues |
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).
Overall revenues exhibited a fluctuating pattern over the five-year period. While initially experiencing a slight decline, revenues demonstrated a recovery in later years, ultimately stabilizing near the initial level. A closer examination of the revenue components reveals differing trends.
- Net Product Sales
- Net product sales, the primary revenue driver, decreased from US$45,055 million in 2021 to US$43,778 million in 2023, representing a cumulative decline. However, a notable increase occurred in 2024, reaching US$46,778 million, and remained relatively stable in 2025 at US$46,755 million. This suggests a potential stabilization or recovery in core product performance following the initial decline.
- Alliance Revenues
- Alliance revenues showed a modest increase from US$716 million in 2021 to US$742 million in 2022. Subsequently, a consistent downward trend was observed, decreasing to US$608 million in 2023 and further declining to US$447 million in 2025. This indicates a diminishing contribution from alliance partnerships to overall revenue.
- Other Revenues
- Other revenues displayed considerable volatility. An initial increase from US$614 million in 2021 to US$746 million in 2022 was followed by a slight decrease to US$620 million in 2023. A significant surge occurred in 2024, reaching US$1,043 million, before moderating to US$992 million in 2025. This suggests the presence of non-recurring or variable revenue streams within this category.
- Total Revenues
- Total revenues mirrored the fluctuations observed in its components. A slight decrease from US$46,385 million in 2021 to US$46,159 million in 2022 was followed by a more pronounced decline to US$45,006 million in 2023. The recovery in net product sales and the increase in other revenues contributed to a substantial rise in total revenues to US$48,300 million in 2024, which was sustained at US$48,194 million in 2025. The overall trend indicates a resilience in revenue generation despite challenges in alliance revenue.
The composition of revenues is shifting, with net product sales remaining dominant but alliance revenues becoming less significant, and other revenues exhibiting increased variability. The strong performance in 2024 and continued stability in 2025 suggest a positive trajectory, although continued monitoring of the underlying drivers is warranted.