Stock Analysis on Net
Stock Analysis on Net
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Bristol-Myers Squibb Co. (NYSE:BMY)

Income Statement

Beginner level

Bristol-Myers Squibb Co., consolidated income statement

US$ in millions

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12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net product sales 25,174  21,581  19,258  17,702  14,045 
Alliance and other revenues 971  980  1,518  1,725  2,515 
Revenues 26,145  22,561  20,776  19,427  16,560 
Cost of products sold, excludes amortization of acquired intangible assets (8,078) (6,547) (6,066) (4,946) (3,909)
Gross margin 18,067  16,014  14,710  14,481  12,651 
Marketing, selling and administrative (4,871) (4,551) (4,687) (4,911) (4,841)
Research and development (6,148) (6,345) (6,411) (4,940) (5,920)
Amortization of acquired intangible assets (1,135) —  —  —  — 
Operating income 5,913  5,118  3,612  4,630  1,890 
Interest expense (656) (183) (196) (167) (184)
Pension and postretirement (1,599) 27  (162) (91) (160)
Royalties and licensing income 1,360  1,353  1,351  719  383 
Divestiture gains 1,168  178  164  576  196 
Acquisition expenses (657) —  —  —  — 
Contingent value rights (523) —  —  —  — 
Investment income 464  173  126  97  101 
Integration expenses (415) —  —  —  — 
Provision for restructuring (301) (131) (293) (109) (118)
Equity investment gains (losses) 279  (512) 23  (37) — 
Litigation and other settlements (77) (76) 487  (47) (159)
Transition and other service fees 37  12  37  238  122 
Intangible asset impairment (15) (64) —  (15) (13)
Equity in net income (loss) of affiliates (4) 93  75  77  83 
Loss on debt redemption —  —  (109) —  (180)
Written option adjustment —  —  —  —  123 
Other (20) 16  44  (7)
Other income (expense), net (938) 850  1,519  1,285  187 
Earnings before income taxes 4,975  5,968  5,131  5,915  2,077 
Provision for income taxes (1,515) (1,021) (4,156) (1,408) (446)
Net earnings 3,460  4,947  975  4,507  1,631 
Noncontrolling interest (21) (27) 32  (50) (66)
Net earnings attributable to BMS 3,439  4,920  1,007  4,457  1,565 

Based on: 10-K (filing date: 2020-02-24), 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).

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 2017 to 2018 and from 2018 to 2019.
Operating income The net result for the period of deducting operating expenses from operating revenues. Bristol-Myers Squibb Co.’s operating income increased from 2017 to 2018 and from 2018 to 2019.
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 increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.
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 increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.