Common-Size Income Statement
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
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Bristol-Myers Squibb Co., common-size consolidated income statement
Based on: 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), 10-K (reporting date: 2020-12-31).
- Revenue Composition
- Net product sales have consistently represented the majority of revenues, fluctuating narrowly between approximately 96.8% and 97.3% over the five-year period. Alliance and other revenues, while smaller in proportion, showed a slight increase overall, peaking in 2022 at 3.22% before adjusting to 3.15% in 2024.
- Cost of Products Sold and Gross Margin
- The cost of products sold, excluding amortization of acquired intangible assets, experienced a reduction from 27.69% of revenues in 2020 to a low of 21.43% in 2021 but then increased steadily to 28.92% by 2024. Reflecting these changes, the gross margin improved significantly from 72.31% in 2020 to a peak of 78.57% in 2021, then gradually decreased to 71.08% in 2024, indicating overall pressure on cost efficiencies in recent periods.
- Operating Expenses
- Marketing, selling, and administrative expenses as a percentage of revenues showed a modest decline from 18.02% in 2020 to 16.58% in 2021, followed by a slight upward trend to 17.42% by 2024. Research and development expenses decreased steadily from 23.63% in 2020 to 20.60% in 2022, remained relatively stable in 2023, and then increased again to 23.10% in 2024. Acquired in-process research and development (IPRD) costs showed a sharp decline after 2020, dropping to below 3% from 2021 to 2023, but spiked back to 27.69% in 2024. Amortization of acquired intangible assets consistently decreased from 22.79% in 2020 to 18.37% in 2024.
- Profitability and Income Measures
- Operating income exhibited significant volatility, shifting from a negative 21.6% of revenues in 2020 to positive territory, peaking at 17.96% in 2022, then declining sharply back to a negative 15.5% in 2024. Earnings before income taxes showed a similar trend, turning from losses of 16.16% in 2020 to gains near 18.75% in 2023 before dropping to a loss of 17.35% in 2024. Net earnings attributable to the company followed this pattern, moving from negative 21.2% in 2020 to positive figures exceeding 17% in 2023, and then falling back to negative 18.53% in the final year.
- Other Income and Expenses
- Interest expense decreased from 3.34% in 2020 to a low of 2.59% in 2023, rising again to 4.03% in 2024. Royalty and licensing income generally increased, reaching a peak of 3.31% in 2023 but then fell to 1.52% in 2024. Integrated expenses declined steadily over the period, from 1.69% in 2020 to below 0.6% in the final years. Gains and losses related to equity investments and debt redemption showed inconsistencies, with equity investment gains turning into losses in 2022 and 2023, followed by a return to break-even by 2024.
- Provision for Restructuring and Litigation
- Provision for restructuring remained relatively low, fluctuating between 0.16% and 1.31%. Litigation and other settlements were generally minor, with varying net impacts ranging from slight gains to small charges across the years.
- Taxation
- The income tax provision declined noticeably from 5% of revenues in 2020 to less than 1.2% in the last two years, contributing to improved net income metrics in the positive-income years.
- Summary of Trends and Insights
- Overall, the data reveals fluctuations in profitability with a notable turnaround in 2021 through 2023, followed by a return to losses in 2024. This pattern is closely linked to significant shifts in cost structures, particularly in cost of products sold and acquired IPRD expenses. The increase in acquired IPRD costs alongside a rise in costs of products sold in 2024 negatively impacted margins and operating results. The reduction in amortization expense and stabilized marketing and R&D expenditures suggest some operational control, but these were insufficient to offset cost pressures faced in the latest period. Income tax benefits in the middle years corresponded with improved net profitability, but were insufficient to prevent the return to negative earnings in 2024. The variability in other income components and expenses, including interest and provisions for restructuring, suggest ongoing financial volatility and potential operational challenges.