Stock Analysis on Net

Bristol-Myers Squibb Co. (NYSE:BMY)

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Income Statement
Quarterly Data

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

US$ in millions

Microsoft Excel
3 months ended: 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
Alliance and other revenues
Revenues
Cost of products sold, excludes amortization of acquired intangible assets
Gross margin
Marketing, selling and administrative
Research and development
Acquired IPRD
Amortization of acquired intangible assets
Operating income (loss)
Other income (expense), net
Earnings (loss) before income taxes
Income tax (provision) benefit
Net earnings (loss)
Noncontrolling interest
Net earnings (loss) attributable to BMS

Based on: 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).


The quarterly financial data reveals several notable trends and fluctuations over the observed periods. Net product sales demonstrate a generally stable to slightly increasing pattern with fluctuations, peaking around late 2024 before a moderate decline in early 2025. Alliance and other revenues show significant variability, with marked increases near the end of 2024, indicating possible new partnerships or revenue streams.

Total revenues follow a trend in line with net product sales and alliance revenues, showing incremental growth with some quarterly volatility. The cost of products sold exhibits irregular fluctuations, including an unusually high figure in late 2024, which negatively impacts gross margin during that period. Gross margins mostly remain robust, reflecting effective cost control, except for the noted dip correlating with the rise in cost of products sold towards the end of 2024.

Marketing, selling, and administrative expenses present periodic increases, especially notable in the fourth quarters, possibly reflecting seasonal promotional activities or year-end initiatives. Research and development expenses show a generally steady trend with slight increases in certain quarters, underscoring continued investment in innovation and product development.

Acquired in-process research and development (IPRD) and amortization of acquired intangible assets display significant one-time charges in specific periods, particularly affecting the fourth quarters of 2020 and 2024. These charges contribute to negative operating income in some quarters, including a significant loss in late 2020 and early 2024.

Operating income fluctuates widely, with strong positive results in most quarters but a substantial loss during the fourth quarter of 2020 and another in early 2024. These swings are aligned with large charges related to acquisition and intangible asset amortization. Other income (expense), net, also varies but remains relatively modest compared to operating income fluctuations.

Earnings before income taxes generally mirror operating income trends, with some deviations due to other income and expense impacts. This line shows strong earnings growth in most quarters except for sharp declines in the fourth quarters of 2020 and 2024.

Income tax provisions fluctuate, occasionally showing tax benefits, which influence net earnings significantly. Net earnings attributable to the company reflect strong profitability in most quarters, disturbed by considerable losses during the fourth quarter of 2020 and the first quarter of 2024. The recurring quarterly variations suggest that certain non-operational and one-time items materially affect bottom-line results.

Net Product Sales
Display moderate growth overall with seasonal and occasional declines, peaking around late 2024.
Alliance and Other Revenues
Highly variable, with notable spikes indicating external collaborations or milestone payments.
Cost of Products Sold
Fluctuates irregularly, with extreme spikes impacting gross margin negatively in some quarters.
Gross Margin
Remains strong except during periods of elevated product cost, reflecting efficient cost management.
Marketing, Selling, and Administrative Expenses
Increase notably at year-end quarters, suggesting intensified sales activities or marketing campaigns.
Research and Development Expenses
Relatively stable investment with slight upward trends, indicating ongoing focus on innovation.
Acquired IPRD and Amortization Charges
Recurring significant charges in select quarters causing major swings in income and losses.
Operating Income
Strong positive results mostly; extreme losses correlated with acquisition-related charges.
Other Income (Expense), Net
Variable but less impactful on overall profitability than operating income.
Earnings Before Income Taxes
Follow operating income trends, with major downturns in quarters that include large acquisition-related expenses.
Income Tax Provision
Fluctuating provisions, sometimes positive, contributing to volatility in net earnings.
Net Earnings Attributable to Company
Generally profitable with intermittent large losses driven by non-recurring charges affecting quarterly profitability.