Common-Size Income Statement
Quarterly Data
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Bristol-Myers Squibb Co., common-size consolidated income statement (quarterly data)
Based on: 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).
- Revenue Composition
- Net product sales consistently represent the largest portion of revenues, generally fluctuating between approximately 95.7% and 97.8% over the observed periods. Alliance and other revenues account for the remainder, showing variability from about 2.2% up to 4.3% without a distinct upward or downward trend, indicating stable contribution fluctuations from non-product sources.
- Cost of Products Sold and Gross Margin
- The cost of products sold, excluding amortization, exhibits notable volatility. Early periods show costs around -33.97% of revenues, improving to lower costs near -19.7% to -22.7% in mid-periods, before again rising to near -38.99% at one point. Correspondingly, gross margin mirrors this inverse relationship, rising to peaks above 80% during lower cost phases, then declining to levels near 61% during increased cost intervals. This pattern suggests fluctuations in production efficiency or cost management impacting profitability.
- Operating Expenses
- Selling, general and administrative expenses generally fluctuate between -13.9% and -19.9%, showing occasional spikes such as a significant increase up to about -24.58% in late 2020. Research and development costs are fairly stable, typically ranging from -19.4% to -25.9%, with some spikes approaching -33.88%, indicating periods of increased R&D investment or one-time expenses.
- Amortization and Acquired IPRD Expense
- Amortization of acquired intangible assets remains relatively stable in the range of approximately -7% to -23.6% of revenues, with a general gradual decrease noted over the periods. Acquired in-process research and development (IPRD) shows sporadic, often large negative values, including several spikes indicating significant one-time charges that markedly affect operating results in those quarters.
- Operating Income and Profitability Measures
- Operating income exhibits high volatility, with an extreme negative spike of -110.92% in late 2020 and -96.38% or more in certain later periods, likely linked to the large acquired IPRD charges. Excluding these extremes, operating income typically ranges between about 7.97% and 29.54% of revenues, revealing variable but generally positive operating profitability outside of those special items.
- Other Income (Expense) and Earnings Before Taxes
- Other income and expense fluctuate without a consistent trend, ranging from approximately -10.79% to 16.5%. Earnings before income taxes broadly follow operating income trends, with extreme negative quarters coinciding with operating losses, but otherwise positive and reaching over 26% at times. This pattern underscores other income impacts but emphasizes operating results as the dominant driver of pre-tax earnings.
- Income Taxes and Net Earnings
- Income tax provisions vary considerably, with both negative and positive contributions, reflecting varying profitability and perhaps tax strategies across periods. Net earnings closely track the volatile pattern of pre-tax earnings, exhibiting sharp losses in quarters of substantial operating and acquired IPRD expenses, and otherwise returning to positive territory often exceeding 10% of revenues. Attrition due to noncontrolling interests is minimal and stable.
- Summary Insights
- The data reveals a company experiencing cyclical operating performance with significant impact from acquired IPRD charges creating occasional severe losses. Core operations support healthy gross margins and stable expense ratios outside of these events, and net earnings are generally positive in most quarters. Fluctuations in cost control and investment levels, combined with variable other income, contribute to earnings volatility. Overall, the financial pattern suggests strong underlying operational profitability intermittently challenged by large, non-recurring charges.