Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- 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., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The financial data reveals several distinct trends over the five-year period from 2020 to 2024. Total revenues show a general upward trajectory, increasing from $42,518 million in 2020 to $48,300 million in 2024, despite minor fluctuations in individual components such as net product sales and alliance revenues. Net product sales rose overall, peaking in 2024 at $46,778 million after a slight dip in 2023. Alliance and other revenues also exhibited growth, though with more variability.
The cost of products sold increased notably, particularly in 2024 where it surged to $13,968 million from $10,693 million in the prior year. This rise in cost was substantial and contrasts with a relatively stable gross margin from 2021 to 2024, which maintained levels around $34,300 million, after a peak in 2021.
Operating expenses followed mixed trends. Marketing, selling, and administrative expenses grew moderately, reaching $8,414 million in 2024. Research and development expenditures showed an increase in 2024, reversing a prior decline, with costs jumping to $11,159 million from $9,299 million in 2023. The expenses categorized as acquired in-process research and development (IPRD) spiked dramatically again in 2024 to $13,373 million after troughs in the intervening years. Amortization of acquired intangible assets remained relatively stable but showed a slight decline from $9,688 million in 2020 to $8,872 million in 2024.
Operating income demonstrated significant volatility. The company experienced a loss in 2020 of approximately $9,185 million, followed by strong profitability from 2021 through 2023. However, 2024 saw a return to a loss of $7,486 million. This pattern aligns with the considerable increase in cost of products sold and acquired IPRD expenses in 2024.
Interest expense gradually decreased from 2020 to 2023 but increased markedly in 2024. Royalty and licensing income fluctuated, with a substantial decrease in 2024, potentially impacting overall profitability. Investment income consistently grew, with a peak of $478 million in 2024, providing a modest positive contribution.
Various one-time and irregular charges and gains, such as restructuring provisions, integration expenses, litigation settlements, acquisition expenses, and intangible asset impairments, displayed mixed effects over time. Restructuring provisions were highest in 2024, indicating ongoing cost management efforts. Equity investment gains turned negative in 2022 and 2023 but returned to a small gain in 2024. Other income and expense items fluctuated significantly without a clear trend, reflecting volatility in non-operating results.
Profit before tax remained positive from 2021 to 2023 but swung sharply negative in 2024, consistent with the operating income pattern. Income tax provisions decreased over the period, reflecting lower taxable income or tax planning strategies. Net earnings followed the pattern of operating income and earnings before tax, with large losses in 2020 and 2024, and profitable years in between. Net earnings attributable to the company mirrored this trend closely.
Overall, the company demonstrated growth in revenue but faced rising costs affecting profitability. The volatility in operating income and net earnings, especially sharp losses in the initial and final years of the period studied, suggest challenges in cost control and integration of acquired assets. Increased research and development investment in 2024 may indicate a strategic shift towards innovation despite the adverse impact on earnings. The data points towards a business navigating through significant financial pressures and restructuring phases while maintaining revenue growth.