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Bristol-Myers Squibb Co. (BMY)

Income Statement

Beginner level

The income statement presents information on the financial results of a company’s 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.

Bristol-Myers Squibb Co., consolidated income statement

US$ in millions

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12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net product sales 21,581  19,258  17,702  14,045  11,660 
Alliance and other revenues 980  1,518  1,725  2,515  4,219 
Revenues 22,561  20,776  19,427  16,560  15,879 
Cost of products sold (6,547) (6,066) (4,946) (3,909) (3,932)
Gross margin 16,014  14,710  14,481  12,651  11,947 
Marketing, selling and administrative (4,551) (4,687) (4,911) (4,841) (4,822)
Research and development (6,345) (6,411) (4,940) (5,920) (4,534)
Operating income 5,118  3,612  4,630  1,890  2,591 
Interest expense (183) (196) (167) (184) (203)
Investment income 173  126  97  101  101 
Gain (loss) on equity investments (512) 23  (37) —  — 
Provision for restructuring (131) (293) (109) (118) (163)
Litigation and other settlements (76) 487  (47) (159) (23)
Equity in net income of affiliates 93  75  77  83  107 
Divestiture gains 178  164  576  196  564 
Royalties and licensing income 1,353  1,351  719  383  283 
Transition and other service fees 12  37  238  122  170 
Pension and postretirement 27  (162) (91) (160) (877)
Intangible asset impairment (64) —  (15) (13) (29)
Written option adjustment —  —  —  123  (32)
Loss on debt redemption —  (109) —  (180) (45)
Other (20) 16  44  (7) (63)
Other income (expense), net 850  1,519  1,285  187  (210)
Earnings before income taxes 5,968  5,131  5,915  2,077  2,381 
Provision for income taxes (1,021) (4,156) (1,408) (446) (352)
Net earnings 4,947  975  4,507  1,631  2,029 
Noncontrolling interest (27) 32  (50) (66) (25)
Net earnings attributable to BMS 4,920  1,007  4,457  1,565  2,004 

Based on: 10-K (filing date: 2019-02-25), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-12), 10-K (filing date: 2015-02-13).

Income statement item Description The company
Revenues Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Bristol-Myers Squibb Co.’s revenues increased from 2016 to 2017 and from 2017 to 2018.
Operating income The net result for the period of deducting operating expenses from operating revenues. Bristol-Myers Squibb Co.’s operating income decreased from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.
Earnings before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Bristol-Myers Squibb Co.’s earnings before income taxes decreased from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.
Net earnings attributable to BMS The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Bristol-Myers Squibb Co.’s net earnings attributable to BMS decreased from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.