Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Profitability Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Bristol-Myers Squibb Co., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The financial performance over the analyzed period is characterized by stable revenue compositions but significant volatility in operating margins, primarily driven by non-recurring charges and a structural decline in amortization expenses.
- Revenue Composition
- Net product sales serve as the primary revenue driver, consistently representing between 95.70% and 97.74% of total revenues. Alliance and other revenues maintain a secondary role, fluctuating within a narrow band of 2.26% to 4.30% throughout the period.
- Gross Margin Trends
- Gross margins remained relatively robust and stable between 73% and 80% from March 2021 through March 2024. A significant contraction is observed on December 31, 2024, where the gross margin dropped to 61.01% due to a spike in the cost of products sold, which reached 38.99% of revenues. Following this dip, margins recovered and stabilized between 67% and 72% through June 2026.
- Operating Expense Analysis
- Selling, general, and administrative (SG&A) expenses generally fluctuated between 14% and 20% of revenues, while research and development (R&D) expenditures remained a consistent priority, typically ranging from 20% to 23%. A profound trend is observed in the amortization of acquired intangible assets, which decreased from a range of 19% to 22% in 2021-2023 to a significantly lower range of 3% to 7% by 2025-2026, contributing positively to operating leverage.
- Impact of Acquired IPRD
- Acquired In-Process Research and Development (IPRD) charges introduced extreme volatility into the operating results. The most notable occurrence was on March 31, 2024, where a charge of 109.14% of revenues resulted in a substantial operating loss of 96.38% and a net loss attributable to the company of 100.39%.
- Profitability and Net Earnings
- Despite the volatility caused by IPRD charges, a strong recovery trend is evident in the latter part of the period. Operating income margins improved significantly, reaching a peak of 31.03% by June 30, 2026. This trajectory is reflected in the net earnings attributable to the company, which progressed from a deep deficit in early 2024 to a high of 25.57% of revenues by mid-2026.