Common-Size Income Statement
Quarterly Data
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Bristol-Myers Squibb Co. pages available for free this week:
- 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 (quarterly data)
Based on: 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).
- Revenue Composition
- Net product sales consistently represent the majority of revenues, typically around 96-97.7%. Alliance and other revenues generally account for the remaining 2-4%, with fluctuations observed, notably peaking at 4.3% in mid-2024 and dipping below 2.3% in early 2025. Overall, the revenue structure remains stable with net product sales as the primary contributor.
- Cost of Products Sold and Gross Margin
- The cost of products sold as a percentage of revenues shows volatility, fluctuating between approximately -19.7% and -39%, with an unusual spike to nearly -39% in early 2025. Most quarters maintain costs around -20% to -26%. Correspondingly, gross margin peaks around 80.3% in late 2021 and dips to a low near 61% in early 2025. This suggests a generally strong gross margin, interrupted by occasional cost spikes impacting profitability.
- Operating Expenses
- Marketing, selling, and administrative expenses generally range from about -14% to -20% of revenues, with a slight upward trend during certain periods but no extreme changes. Research and development expenses typically fluctuate between -19% and -26%, displaying some volatility. An exception is seen in late 2020 when R&D expenses approach -34%, coinciding with a large acquired in-process research and development (IPRD) cost.
- Acquired IPRD and Amortization
- Acquired IPRD displays significant irregularities, including substantial negative values in late 2020 and mid-2024. These large spikes suggest notable acquisition-related expenses during these periods. The amortization of acquired intangible assets remains relatively stable between roughly -7% and -23%, with a downward trend starting in 2024, reaching as low as -7.4% towards the end of the data.
- Operating Income and Profitability
- Operating income fluctuates considerably, with strong positive results generally between 7.97% and 20.79% of revenues in most quarters. However, unusually large losses occur in late 2020 (-110.92%) and early 2024 (-96.38%), corresponding to periods with major acquired IPRD charges. Other quarters maintain moderate to strong operating profitability.
- Other Income (Expense), Net
- Other income and expense figures are somewhat volatile but generally small relative to revenues, ranging between approximately -10.8% and +16.5%. The item shows negative impact during some quarters in 2022-2025 but remains relatively minor compared to operating income swings.
- Earnings Before Income Taxes and Net Earnings
- Earnings before income taxes mirror the pattern of operating income, with mostly positive values varying from around 10% to 26%, in line with operational performance. Extreme negative values recorded in late 2020 and early 2024 persist here, reflecting significant non-recurring losses. Net earnings attributable to the company follow the same trend, with notable losses in these exceptional quarters but otherwise maintaining positive earnings typically in the range of 10-20%.
- Income Tax Provision
- Income tax provision exhibits high variability, with some quarters showing tax benefits (positive percentages) and others showing provisions. This volatility likely reflects the impact of fluctuating earnings and unusual items on taxable income. There is no clear directional trend.