Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Sales (P/S) since 2005
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Bristol-Myers Squibb Co., common-size consolidated income statement (quarterly data)
Based on: 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 revenue composition remains highly stable throughout the analyzed period, with net product sales consistently accounting for between 95.70% and 97.74% of total revenues. Alliance and other revenues contribute a minor portion, typically ranging from 2.26% to 4.30%.
- Gross Margin and Production Costs
- Gross margins generally fluctuated between 70% and 80% for the majority of the period. A notable contraction occurred on December 31, 2024, where the gross margin dropped to 61.01%, driven by a spike in the cost of products sold to 38.99% of revenues. Following this dip, margins recovered to 70.22% by March 31, 2026.
- Operating Expense Trends
- Selling, general, and administrative (SG&A) expenses remained relatively contained, typically fluctuating between 13.96% and 19.95% of revenues. Research and development (R&D) expenditures showed consistent investment, generally maintaining a range between 19.40% and 25.85%, reflecting a steady commitment to pipeline development.
- Non-Recurring Charges and IPRD
- The most significant volatility in operating income is attributed to Acquired In-Process Research and Development (IPRD) charges. A massive one-time charge of 109.14% of revenues on March 31, 2023, resulted in a substantial operating loss of 96.38% and a net loss of 100.39% for that quarter. Subsequent spikes in IPRD expenses were observed in June 2025 (12.29%) and December 2025 (11.13%).
- Amortization of Intangible Assets
- A distinct downward trend is observed in the amortization of acquired intangible assets. From March 2021 through December 2023, these costs consistently hovered around 20% of revenues. Starting in 2024, this figure declined sharply, reaching 3.80% by March 31, 2026, which contributed positively to the operating margin in the later periods.
- Net Profitability
- Excluding the anomalous loss in early 2023, net earnings attributable to the company demonstrate resilience, generally ranging from 8.69% to 23.30% of revenues. The expansion of net earnings toward the end of the period is partially supported by the reduction in amortization expenses, despite periodic increases in IPRD charges.