Common-Size Income Statement
Quarterly Data
Bristol-Myers Squibb Co., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The analysis of the quarterly financial performance reveals several notable trends in revenue composition, cost structure, and profitability over the observed periods.
- Revenue Composition
- Net product sales consistently represent the vast majority of revenues, generally maintaining a proportion close to 97% throughout the periods. Alliance and other revenues fluctuate between approximately 2.2% and 4.3%, indicating some variability but remaining a relatively small portion of total revenues.
- Cost of Products Sold
- This cost item, excluding amortization of acquired intangible assets, shows fluctuations without a clear linear trend. It reaches its lowest relative costs around the third quarter of 2021 at about -19.7% of revenues, but spikes higher in certain quarters such as in the first quarter of 2025 at almost -39%. These variations impact the gross margin significantly.
- Gross Margin
- Gross margin percentages demonstrate variability typically between 66% and 80%, with the highest margins occurring in 2021 and some quarters in 2022. Notable declines appear in early 2025 falling to approximately 61%, which corresponds with increased cost of products sold during that period. Overall, the gross margin remains robust but subject to fluctuations possibly from changes in cost efficiencies or revenue mix.
- Operating Expenses
- Selling, general, and administrative expenses generally fluctuate between roughly -13% and -24% of revenues, with occasional spikes in specific quarters (e.g., almost -25% in Q4 2020). Research and development expenses maintain a somewhat consistent range mainly between -19% and -26%, with some peaks notably in mid to late 2024 and early 2025, suggesting steady investment in innovation.
- Acquired IPRD and Amortization of Acquired Intangible Assets
- Acquired in-process research and development cost shows sporadic large negative impacts in specific quarters, such as -103% in Q4 2020 and -109% in Q2 2024, indicating substantial one-time charges or adjustments in those periods. Amortization expenses remain relatively stable around -20% with a downward trend toward 2025 where it reduces significantly to about -6% to -7%, possibly reflecting the completion or revaluation of amortizable assets.
- Operating Income and Profitability
- Operating income demonstrates remarkable volatility. It records substantial losses in Q4 2020 (about -111%) and Q1 2024 (nearly -96%), likely related to the large acquired IPRD charges. Excluding these outliers, operating income generally remains positive, fluctuating mostly between 8% and 20%. Net earnings attributable to the company similarly follow this pattern with significant losses in certain quarters but show recovery and growth in others, peaking near 22% in Q1 2025.
- Other Income and Taxes
- Other income (expense), net, oscillates both positively and negatively across quarters, occasionally contributing up to about 16.5% of revenues (Q4 2020) but mostly staying modest. Income tax provision or benefit fluctuates around zero, with some quarters showing tax benefits and others showing provision, possibly influenced by earnings volatility and one-time items.
- Summary of Trends
- Overall, revenue remains stable with steady dominance of net product sales. Cost of sales and operating expenses show periodic volatility, impacting margins and profitability. The presence of significant acquired IPRD charges in specific quarters distorts operating income and net earnings at these times. Excluding these extraordinary impacts, the company maintains generally positive operating income and net earnings, supported by stable gross margins and controlled operating expenses. The financial data reflect episodic non-recurring costs and investments, alongside sustained core operational earnings.