Analysis of Geographic Areas
Bristol-Myers Squibb Co. operates in 2 regions: United States and International.
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Current Ratio since 2005
- Aggregate Accruals
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Area Asset Turnover
Bristol-Myers Squibb Co., asset turnover by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| International |
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).
- United States Asset Turnover
- The asset turnover ratio for the United States shows a consistent upward trend over the five-year period. Starting at 5.9 in 2020, this metric gradually increases each year, reaching 7.08 in 2024. The increase is steady with minor increments between 2021 and 2022, and a slightly larger jump noted from 2023 to 2024. This indicates that the company has been improving the efficiency of its asset utilization in the United States region, potentially reflecting enhanced operational performance or better asset management in this market.
- International Asset Turnover
- The international asset turnover ratio presents a contrasting pattern. Initially, there is an improvement from 11.05 in 2020 to a peak of 12.19 in 2021. However, after this peak, the ratio exhibits a significant decline, dropping to 9.49 in 2022 and continuing downward to 5.68 by 2024. This marked decrease suggests a reduction in asset efficiency internationally, which could be due to a variety of factors such as increased assets without proportional sales growth, operational challenges, or shifts in market dynamics outside the United States.
- Comparative Insights
- While the United States market shows strengthened asset turnover ratios, implying improved asset efficiency, the international segment faces a deterioration from its earlier peak. The divergence in trends between the domestic and international markets highlights differing operational outcomes that may warrant closer examination. This pattern could indicate that strategic adjustments or resource reallocation may be necessary to halt or reverse the declining asset turnover internationally while sustaining the positive momentum in the domestic market.
Area Asset Turnover: United States
Bristol-Myers Squibb Co.; United States; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Revenues ÷ Property, plant and equipment, net
= ÷ =
- Revenues
- Revenues exhibit a generally upward trend over the observed period. Starting at $26,577 million in 2020, revenues increased annually to reach $31,828 million by 2022. A slight decline occurred in 2023, dropping to $31,210 million, before rising again to $34,105 million in 2024. Overall, revenue growth demonstrates resilience with an increased value of approximately 28% over the five years.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment shows moderate fluctuations during the period. It began at $4,501 million in 2020 and rose steadily to $4,833 million by 2022. A slight decrease to $4,731 million followed in 2023, with a minor rebound to $4,814 million in 2024. These figures indicate relative stability in fixed asset levels, with only minor variations through the years.
- Area Asset Turnover
- Area asset turnover demonstrates a consistent upward trajectory, increasing from 5.9 in 2020 to 7.08 in 2024. The rise reflects improving efficiency in the use of property, plant, and equipment to generate revenues. Notably, the incremental improvements between each year suggest ongoing enhancements in asset utilization strategies within this geographic area.
Area Asset Turnover: International
Bristol-Myers Squibb Co.; International; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Revenues ÷ Property, plant and equipment, net
= ÷ =
- Revenues
- The revenues exhibit a rising trend initially, increasing from 15,310 million US dollars in 2020 to a peak of 16,319 million US dollars in 2021. Subsequently, there is a notable decline in 2022 to 13,497 million US dollars. This downward trend slightly continues through to 2023 with 13,097 million US dollars, followed by a modest recovery in 2024, reaching 13,199 million US dollars.
- Property, Plant and Equipment, Net
- The net value of property, plant and equipment shows a consistent upward trajectory over the observed period. Starting from 1,385 million US dollars in 2020, it marginally decreases in 2021 to 1,339 million US dollars, but thereafter it increases steadily each year, reaching 2,322 million US dollars in 2024. This reflects a significant investment or capitalization in fixed assets over recent years.
- Area Asset Turnover Ratio
- The area asset turnover ratio demonstrates a clear decline across the five-year span. It starts at a high of 11.05 in 2020, peaks further at 12.19 in 2021, but then drops sharply to 9.49 in 2022. The downward trend intensifies through 2023 and 2024, with ratios of 6.84 and 5.68 respectively. This indicates a decreasing efficiency in generating revenue per unit of property, plant, and equipment.
- Overall Insights
- While revenues peaked early in the period and eventually tapered off, the continuous increase in property, plant and equipment suggests ongoing investment in physical assets. Despite these investments, the declining area asset turnover ratio points to reduced operational efficiency in utilizing these assets to generate revenues in the international geographic area. This combination indicates that although asset base expansion has occurred, it has not translated proportionally into revenue growth in recent years.
Revenues
Bristol-Myers Squibb Co., revenues by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Other | |||||
| Total |
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 data indicates a general upward trend in total revenues over the five-year period from 2020 to 2024, with the total rising from $42,518 million in 2020 to $48,300 million in 2024. However, this growth is accompanied by distinct variations across different geographic segments.
- United States
- Revenues in the United States demonstrate a consistent increase overall, starting at $26,577 million in 2020 and reaching $34,105 million in 2024. Notably, there was a slight decline observed in 2023 where revenues dipped to $31,210 million from $31,828 million in 2022, but the segment rebounded in 2024 with growth resuming.
- International
- The international segment has experienced a declining trend over the same period. Revenue peaked at $16,319 million in 2021 but then decreased steadily to $13,497 million in 2022 and further down to $13,097 million in 2023. A minor improvement is observed in 2024, with revenues rising slightly to $13,199 million, though still below the earlier peak levels.
- Other
- The 'Other' geographic area revenue displays volatility. Beginning at $631 million in 2020, revenue increased to $852 million in 2021, followed by a moderate drop to $834 million in 2022 and a further decline to $699 million in 2023. In 2024, revenues in this category surged to $996 million, the highest amount recorded in the five years.
In summary, the United States market remains the primary growth driver, showing steady expansion with only a minor interruption. The international segment is characterized by a downward revenue trend after 2021, with a slight recovery in 2024. The 'Other' category shows inconsistent performance but ended the period with significant growth. This geographic revenue mix suggests that growth is concentrated mainly in the domestic market, while international markets may be facing challenges or reduced contributions.
Property, plant and equipment, net
Bristol-Myers Squibb Co., property, plant and equipment, net by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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).
- United States Property, Plant and Equipment, Net
- The values illustrate a modest upward trend from 2020 through 2024. Starting at 4,501 million US dollars in 2020, the figure increased steadily to 4,833 million in 2022, followed by a slight dip to 4,731 million in 2023, and a subsequent rise to 4,814 million in 2024. This indicates relative stability with minor fluctuations over the reviewed periods.
- International Property, Plant and Equipment, Net
- The international segment shows more pronounced growth. Beginning at 1,385 million US dollars in 2020, it slightly decreased to 1,339 million in 2021 but rebounded to 1,422 million in 2022. The subsequent years experienced notable increases to 1,915 million in 2023 and 2,322 million in 2024, reflecting substantial expansion in international assets during the latter periods.
- Total Property, Plant and Equipment, Net
- The total net property, plant, and equipment values also demonstrate a continuous rising trend throughout the five years. From 5,886 million US dollars in 2020, the total increased steadily each year to reach 7,136 million in 2024. The growth is predominantly driven by the international segment's significant increases, complemented by the relatively stable values in the United States.