Income Statement
Quarterly Data

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.

Bristol-Myers Squibb Co., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net product sales	11,909)	10,886)	11,811)	11,483)	11,925)	11,559)	11,168)	10,645)	10,917)	11,048)	11,065)	10,813)	11,485)	11,308)	11,609)	11,243)	11,405)	10,798)	10,766)	10,197)	9,817)	10,541)
Alliance and other revenues	360)	315)	531)	409)	276)	306)	309)	321)	309)	289)	341)	405)	402)	340)	376)	381)	298)	275)	302)	343)	312)	240)
Revenues	12,269)	11,201)	12,342)	11,892)	12,201)	11,865)	11,477)	10,966)	11,226)	11,337)	11,406)	11,218)	11,887)	11,648)	11,985)	11,624)	11,703)	11,073)	11,068)	10,540)	10,129)	10,781)
Cost of products sold, excludes amortization of acquired intangible assets	(3,372)	(3,033)	(4,812)	(2,957)	(3,267)	(2,932)	(2,745)	(2,506)	(2,876)	(2,566)	(2,593)	(2,353)	(2,720)	(2,471)	(2,356)	(2,291)	(2,452)	(2,841)	(2,910)	(2,502)	(2,699)	(3,662)
Gross margin	8,897)	8,168)	7,530)	8,935)	8,934)	8,933)	8,732)	8,460)	8,350)	8,771)	8,813)	8,865)	9,167)	9,177)	9,629)	9,333)	9,251)	8,232)	8,158)	8,038)	7,430)	7,119)
Selling, general and administrative	(1,713)	(1,584)	(2,136)	(1,983)	(1,928)	(2,367)	(2,073)	(2,003)	(1,934)	(1,762)	(2,266)	(1,930)	(1,787)	(1,831)	(2,354)	(1,788)	(1,882)	(1,666)	(2,721)	(1,706)	(1,628)	(1,606)
Research and development	(2,580)	(2,257)	(3,191)	(2,374)	(2,899)	(2,695)	(2,478)	(2,242)	(2,258)	(2,321)	(2,510)	(2,418)	(2,321)	(2,260)	(2,518)	(2,980)	(2,478)	(2,219)	(3,750)	(2,499)	(2,522)	(2,372)
Acquired IPRD	(1,508)	(188)	(30)	(262)	(132)	(12,949)	(600)	(80)	(158)	(75)	(52)	(30)	(400)	(333)	(89)	(271)	(793)	(6)	(11,438)	—)	—)	—)
Amortization of acquired intangible assets	(830)	(830)	(1,693)	(2,406)	(2,416)	(2,357)	(2,278)	(2,256)	(2,257)	(2,256)	(2,343)	(2,418)	(2,417)	(2,417)	(2,417)	(2,546)	(2,547)	(2,513)	(2,526)	(2,491)	(2,389)	(2,282)
Operating income (loss)	2,266)	3,309)	480)	1,910)	1,559)	(11,435)	1,303)	1,879)	1,743)	2,357)	1,642)	2,069)	2,242)	2,336)	2,251)	1,748)	1,551)	1,828)	(12,277)	1,342)	891)	859)
Other income (expense), net	(493)	(338)	(305)	(234)	(273)	(81)	371)	258)	116)	413)	217)	140)	(284)	(649)	(393)	409)	2)	702)	1,826)	915)	736)	(1,163)
Earnings (loss) before income taxes	1,773)	2,971)	175)	1,676)	1,286)	(11,516)	1,674)	2,137)	1,859)	2,770)	1,859)	2,209)	1,958)	1,687)	1,858)	2,157)	1,553)	2,530)	(10,451)	2,257)	1,627)	(304)
Income tax (provision) benefit	(460)	(509)	(99)	(461)	398)	(392)	88)	(203)	218)	(503)	166)	(601)	(529)	(404)	514)	(605)	(492)	(501)	424)	(379)	(1,707)	(462)
Net earnings (loss)	1,313)	2,462)	76)	1,215)	1,684)	(11,908)	1,762)	1,934)	2,077)	2,267)	2,025)	1,608)	1,429)	1,283)	2,372)	1,552)	1,061)	2,029)	(10,027)	1,878)	(80)	(766)
Noncontrolling interest	(3)	(6)	(4)	(4)	(4)	(3)	—)	(6)	(4)	(5)	(3)	(2)	(8)	(5)	—)	(6)	(6)	(8)	—)	(6)	(5)	(9)
Net earnings (loss) attributable to BMS	1,310)	2,456)	72)	1,211)	1,680)	(11,911)	1,762)	1,928)	2,073)	2,262)	2,022)	1,606)	1,421)	1,278)	2,372)	1,546)	1,055)	2,021)	(10,027)	1,872)	(85)	(775)

Revenue Trends: The total revenues exhibit a general upward trend from 2020 to 2025, with fluctuations across quarters. Net product sales show growth over the period, rising from approximately $10.5 billion in early 2020 to peaks exceeding $11.9 billion in late 2024. Alliance and other revenues also increase, with some volatility, reaching over $500 million in mid-2025. Overall revenues reflect these increases, climbing from around $10.7 billion in early 2020 to over $12.3 billion at year-end 2024.
Cost of Products Sold: Costs associated with products sold demonstrate variability without a clear upward or downward trajectory. There are notable spikes, such as a sharp increase to approximately $4.8 billion in mid-2025, which significantly exceeds previous quarterly figures generally ranging between $2.3 billion to $3.3 billion. This irregular increase suggests episodic expenses or inventory adjustments impacting the cost structure.
Gross Margin Analysis: Gross margin remains relatively stable with values predominantly between $7.1 billion and $9.3 billion. Peaks occur in mid to late 2021, followed by a modest decline and subsequent recovery. A significant dip in gross margin aligns with the spike in product costs in mid-2025, demonstrating the impact of cost increases on profitability at the gross level.
Operating Expenses: Selling, general and administrative expenses fluctuate throughout the period but generally remain within the $1.6 billion to $2.3 billion range. Research and development expenses maintain a high level, mostly above $2 billion per quarter, showing substantial investment in innovation. Occasional increases in R&D correlate with intensified expenditure in certain quarters, possibly aligned with product pipeline activity or development phases.
Intangible Asset Amortization and Acquired IPRD: Significant amortization charges for acquired intangible assets consistently affect the financials, with quarterly amortization around $2.2 billion to $2.5 billion, tapering down to about $830 million by 2025. Acquired in-process research and development (IPRD) expenses appear irregular and substantial in some quarters, notably around late 2020 and mid-2024, where charges spike sharply. These items prominently impact overall operating income and net results during those periods.
Operating Income and Net Earnings: Operating income shows strong volatility, with a notable loss of over $12 billion at the end of 2020, primarily due to high acquired IPRD costs, followed by consistent gains ranging mostly between $1.3 billion and $2.3 billion quarterly. Another major loss is recorded in early 2024, again linked to elevated intangible charges. Net earnings attributable to the company follow a similar pattern, demonstrating healthy earnings most quarters, but with marked negative spikes coinciding with the significant acquired asset charges.
Income Tax and Earnings Before Tax: Income tax provisions exhibit variability, alternating between provision and benefit across the quarters. Earnings before income taxes generally maintain positive values except during quarters with exceptional impairment charges, where losses are reported. These fluctuations underline the tax impact of non-operational and special items on profitability.
Other Income (Expense): Other income and expenses present an inconsistent pattern, with both positive and negative impacts on income across the timeline. Notable positive effects appear in middle quarters of 2020 and 2022, partially offsetting other expenses, while losses occur sporadically, indicating fluctuations in ancillary financial activities or investment income.
Summary Insights: The financial data indicates a company experiencing substantial growth in sales and revenues alongside significant investments in research and development. The pattern of large charges related to acquired intangible assets and in-process R&D notably disrupts operating income and net earnings in certain periods, suggesting acquisition-driven financial impacts. Cost management shows periods of increased pressure, especially in product cost spikes, affecting profitability metrics. Despite these challenges, the company generally maintains solid earnings performance outside the heavy non-recurring charges, reflecting resilience in core operations and a focus on strategic growth initiatives.

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Bristol-Myers Squibb Co. (NYSE:BMY)

Income Statement Quarterly Data

Income Statement
Quarterly Data