Stock Analysis on Net

Bristol-Myers Squibb Co. (NYSE:BMY)

Analysis of Solvency Ratios

Microsoft Excel

Solvency Ratios (Summary)

Bristol-Myers Squibb Co., solvency ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Debt Ratios
Debt to equity 1.35 1.27 1.24 1.34 0.91
Debt to equity (including operating lease liability) 1.41 1.31 1.27 1.37 0.92
Debt to capital 0.57 0.56 0.55 0.57 0.48
Debt to capital (including operating lease liability) 0.58 0.57 0.56 0.58 0.48
Debt to assets 0.42 0.41 0.41 0.43 0.36
Debt to assets (including operating lease liability) 0.44 0.42 0.42 0.44 0.37
Financial leverage 3.23 3.12 3.04 3.13 2.52
Coverage Ratios
Interest coverage 8.24 7.26 7.07 -3.84 8.58
Fixed charge coverage 6.69 6.30 6.01 -3.08 7.10

Based on: 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), 10-K (reporting date: 2019-12-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Bristol-Myers Squibb Co. debt to equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Bristol-Myers Squibb Co. debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Bristol-Myers Squibb Co. debt to capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Bristol-Myers Squibb Co. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Bristol-Myers Squibb Co. debt to assets ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Bristol-Myers Squibb Co. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Bristol-Myers Squibb Co. financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Bristol-Myers Squibb Co. interest coverage ratio improved from 2021 to 2022 and from 2022 to 2023.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Bristol-Myers Squibb Co. fixed charge coverage ratio improved from 2021 to 2022 and from 2022 to 2023.

Debt to Equity

Bristol-Myers Squibb Co., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt obligations 3,119 4,264 4,948 2,340 3,346
Long-term debt, excluding current portion 36,653 35,056 39,605 48,336 43,387
Total debt 39,772 39,320 44,553 50,676 46,733
 
Total BMS shareholders’ equity 29,430 31,061 35,946 37,822 51,598
Solvency Ratio
Debt to equity1 1.35 1.27 1.24 1.34 0.91
Benchmarks
Debt to Equity, Competitors2
AbbVie Inc. 5.73 3.67 4.98 6.58
Amgen Inc. 10.37 10.64 4.97 3.51 3.09
Eli Lilly & Co. 2.34 1.52 1.88 2.94 5.88
Gilead Sciences Inc. 1.09 1.19 1.27 1.73 1.09
Johnson & Johnson 0.43 0.52 0.46 0.56 0.47
Merck & Co. Inc. 0.93 0.67 0.87 1.26 1.02
Pfizer Inc. 0.81 0.37 0.50 0.63 0.83
Regeneron Pharmaceuticals Inc. 0.10 0.12 0.14 0.24 0.06
Thermo Fisher Scientific Inc. 0.75 0.78 0.85 0.63 0.60
Vertex Pharmaceuticals Inc. 0.02 0.03 0.06 0.07 0.09
Debt to Equity, Sector
Pharmaceuticals, Biotechnology & Life Sciences 1.06 0.85 0.98 1.20 1.13
Debt to Equity, Industry
Health Care 0.81 0.72 0.79 0.89 0.90

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Total BMS shareholders’ equity
= 39,772 ÷ 29,430 = 1.35

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Bristol-Myers Squibb Co. debt to equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Debt to Equity (including Operating Lease Liability)

Bristol-Myers Squibb Co., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt obligations 3,119 4,264 4,948 2,340 3,346
Long-term debt, excluding current portion 36,653 35,056 39,605 48,336 43,387
Total debt 39,772 39,320 44,553 50,676 46,733
Current operating lease liabilities 162 136 169 164 133
Non-current operating lease liabilities 1,530 1,261 874 833 672
Total debt (including operating lease liability) 41,464 40,717 45,596 51,673 47,538
 
Total BMS shareholders’ equity 29,430 31,061 35,946 37,822 51,598
Solvency Ratio
Debt to equity (including operating lease liability)1 1.41 1.31 1.27 1.37 0.92
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
AbbVie Inc. 5.82 3.72 5.03 6.66
Amgen Inc. 10.50 10.83 5.07 3.55 3.15
Eli Lilly & Co. 2.44 1.59 1.96 3.06 6.11
Gilead Sciences Inc. 1.12 1.22 1.30 1.76 1.12
Johnson & Johnson 0.44 0.53 0.47 0.57 0.48
Merck & Co. Inc. 0.97 0.70 0.91 1.32 1.06
Pfizer Inc. 0.84 0.41 0.54 0.65 0.85
Regeneron Pharmaceuticals Inc. 0.11 0.12 0.15 0.25 0.07
Thermo Fisher Scientific Inc. 0.78 0.82 0.89 0.65 0.62
Vertex Pharmaceuticals Inc. 0.05 0.06 0.10 0.11 0.11
Debt to Equity (including Operating Lease Liability), Sector
Pharmaceuticals, Biotechnology & Life Sciences 1.10 0.89 1.02 1.24 1.15
Debt to Equity (including Operating Lease Liability), Industry
Health Care 0.86 0.78 0.84 0.95 0.96

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total BMS shareholders’ equity
= 41,464 ÷ 29,430 = 1.41

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Bristol-Myers Squibb Co. debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023.

Debt to Capital

Bristol-Myers Squibb Co., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt obligations 3,119 4,264 4,948 2,340 3,346
Long-term debt, excluding current portion 36,653 35,056 39,605 48,336 43,387
Total debt 39,772 39,320 44,553 50,676 46,733
Total BMS shareholders’ equity 29,430 31,061 35,946 37,822 51,598
Total capital 69,202 70,381 80,499 88,498 98,331
Solvency Ratio
Debt to capital1 0.57 0.56 0.55 0.57 0.48
Benchmarks
Debt to Capital, Competitors2
AbbVie Inc. 0.85 0.79 0.83 0.87 1.14
Amgen Inc. 0.91 0.91 0.83 0.78 0.76
Eli Lilly & Co. 0.70 0.60 0.65 0.75 0.85
Gilead Sciences Inc. 0.52 0.54 0.56 0.63 0.52
Johnson & Johnson 0.30 0.34 0.31 0.36 0.32
Merck & Co. Inc. 0.48 0.40 0.46 0.56 0.50
Pfizer Inc. 0.45 0.27 0.33 0.39 0.45
Regeneron Pharmaceuticals Inc. 0.09 0.11 0.13 0.20 0.06
Thermo Fisher Scientific Inc. 0.43 0.44 0.46 0.39 0.37
Vertex Pharmaceuticals Inc. 0.02 0.03 0.05 0.06 0.09
Debt to Capital, Sector
Pharmaceuticals, Biotechnology & Life Sciences 0.52 0.46 0.50 0.55 0.53
Debt to Capital, Industry
Health Care 0.45 0.42 0.44 0.47 0.47

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 39,772 ÷ 69,202 = 0.57

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Bristol-Myers Squibb Co. debt to capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Debt to Capital (including Operating Lease Liability)

Bristol-Myers Squibb Co., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt obligations 3,119 4,264 4,948 2,340 3,346
Long-term debt, excluding current portion 36,653 35,056 39,605 48,336 43,387
Total debt 39,772 39,320 44,553 50,676 46,733
Current operating lease liabilities 162 136 169 164 133
Non-current operating lease liabilities 1,530 1,261 874 833 672
Total debt (including operating lease liability) 41,464 40,717 45,596 51,673 47,538
Total BMS shareholders’ equity 29,430 31,061 35,946 37,822 51,598
Total capital (including operating lease liability) 70,894 71,778 81,542 89,495 99,136
Solvency Ratio
Debt to capital (including operating lease liability)1 0.58 0.57 0.56 0.58 0.48
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
AbbVie Inc. 0.85 0.79 0.83 0.87 1.14
Amgen Inc. 0.91 0.92 0.84 0.78 0.76
Eli Lilly & Co. 0.71 0.61 0.66 0.75 0.86
Gilead Sciences Inc. 0.53 0.55 0.56 0.64 0.53
Johnson & Johnson 0.31 0.35 0.32 0.36 0.33
Merck & Co. Inc. 0.49 0.41 0.48 0.57 0.51
Pfizer Inc. 0.46 0.29 0.35 0.39 0.46
Regeneron Pharmaceuticals Inc. 0.10 0.11 0.13 0.20 0.07
Thermo Fisher Scientific Inc. 0.44 0.45 0.47 0.40 0.38
Vertex Pharmaceuticals Inc. 0.04 0.06 0.09 0.10 0.10
Debt to Capital (including Operating Lease Liability), Sector
Pharmaceuticals, Biotechnology & Life Sciences 0.52 0.47 0.50 0.55 0.54
Debt to Capital (including Operating Lease Liability), Industry
Health Care 0.46 0.44 0.46 0.49 0.49

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 41,464 ÷ 70,894 = 0.58

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Bristol-Myers Squibb Co. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023.

Debt to Assets

Bristol-Myers Squibb Co., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt obligations 3,119 4,264 4,948 2,340 3,346
Long-term debt, excluding current portion 36,653 35,056 39,605 48,336 43,387
Total debt 39,772 39,320 44,553 50,676 46,733
 
Total assets 95,159 96,820 109,314 118,481 129,944
Solvency Ratio
Debt to assets1 0.42 0.41 0.41 0.43 0.36
Benchmarks
Debt to Assets, Competitors2
AbbVie Inc. 0.44 0.46 0.52 0.57 0.75
Amgen Inc. 0.67 0.60 0.54 0.52 0.50
Eli Lilly & Co. 0.39 0.33 0.35 0.36 0.39
Gilead Sciences Inc. 0.40 0.40 0.39 0.46 0.40
Johnson & Johnson 0.18 0.21 0.19 0.20 0.18
Merck & Co. Inc. 0.33 0.28 0.31 0.35 0.31
Pfizer Inc. 0.32 0.18 0.21 0.26 0.31
Regeneron Pharmaceuticals Inc. 0.08 0.09 0.11 0.16 0.05
Thermo Fisher Scientific Inc. 0.35 0.35 0.37 0.31 0.30
Vertex Pharmaceuticals Inc. 0.02 0.03 0.04 0.05 0.07
Debt to Assets, Sector
Pharmaceuticals, Biotechnology & Life Sciences 0.35 0.31 0.33 0.36 0.35
Debt to Assets, Industry
Health Care 0.29 0.27 0.28 0.30 0.31

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 39,772 ÷ 95,159 = 0.42

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Bristol-Myers Squibb Co. debt to assets ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Debt to Assets (including Operating Lease Liability)

Bristol-Myers Squibb Co., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt obligations 3,119 4,264 4,948 2,340 3,346
Long-term debt, excluding current portion 36,653 35,056 39,605 48,336 43,387
Total debt 39,772 39,320 44,553 50,676 46,733
Current operating lease liabilities 162 136 169 164 133
Non-current operating lease liabilities 1,530 1,261 874 833 672
Total debt (including operating lease liability) 41,464 40,717 45,596 51,673 47,538
 
Total assets 95,159 96,820 109,314 118,481 129,944
Solvency Ratio
Debt to assets (including operating lease liability)1 0.44 0.42 0.42 0.44 0.37
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
AbbVie Inc. 0.45 0.46 0.53 0.58 0.75
Amgen Inc. 0.67 0.61 0.56 0.53 0.51
Eli Lilly & Co. 0.41 0.34 0.36 0.37 0.41
Gilead Sciences Inc. 0.41 0.41 0.40 0.47 0.41
Johnson & Johnson 0.18 0.22 0.19 0.21 0.18
Merck & Co. Inc. 0.34 0.29 0.33 0.37 0.32
Pfizer Inc. 0.33 0.20 0.23 0.27 0.32
Regeneron Pharmaceuticals Inc. 0.08 0.09 0.11 0.16 0.05
Thermo Fisher Scientific Inc. 0.37 0.37 0.38 0.33 0.32
Vertex Pharmaceuticals Inc. 0.04 0.05 0.07 0.08 0.08
Debt to Assets (including Operating Lease Liability), Sector
Pharmaceuticals, Biotechnology & Life Sciences 0.36 0.32 0.34 0.37 0.36
Debt to Assets (including Operating Lease Liability), Industry
Health Care 0.31 0.29 0.30 0.32 0.33

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 41,464 ÷ 95,159 = 0.44

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Bristol-Myers Squibb Co. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023.

Financial Leverage

Bristol-Myers Squibb Co., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Total assets 95,159 96,820 109,314 118,481 129,944
Total BMS shareholders’ equity 29,430 31,061 35,946 37,822 51,598
Solvency Ratio
Financial leverage1 3.23 3.12 3.04 3.13 2.52
Benchmarks
Financial Leverage, Competitors2
AbbVie Inc. 13.00 8.04 9.51 11.51
Amgen Inc. 15.59 17.79 9.13 6.69 6.17
Eli Lilly & Co. 5.94 4.65 5.44 8.27 15.07
Gilead Sciences Inc. 2.72 2.97 3.23 3.76 2.74
Johnson & Johnson 2.44 2.44 2.46 2.76 2.65
Merck & Co. Inc. 2.84 2.37 2.77 3.62 3.26
Pfizer Inc. 2.54 2.06 2.35 2.44 2.65
Regeneron Pharmaceuticals Inc. 1.27 1.29 1.36 1.56 1.34
Thermo Fisher Scientific Inc. 2.11 2.21 2.33 2.00 1.97
Vertex Pharmaceuticals Inc. 1.29 1.30 1.33 1.35 1.37
Financial Leverage, Sector
Pharmaceuticals, Biotechnology & Life Sciences 3.03 2.75 2.99 3.33 3.18
Financial Leverage, Industry
Health Care 2.79 2.67 2.77 2.93 2.91

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Total BMS shareholders’ equity
= 95,159 ÷ 29,430 = 3.23

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Bristol-Myers Squibb Co. financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.

Interest Coverage

Bristol-Myers Squibb Co., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to BMS 8,025 6,327 6,994 (9,015) 3,439
Add: Net income attributable to noncontrolling interest 15 18 20 20 21
Add: Income tax expense 400 1,368 1,084 2,124 1,515
Add: Interest expense 1,166 1,232 1,334 1,420 656
Earnings before interest and tax (EBIT) 9,606 8,945 9,432 (5,451) 5,631
Solvency Ratio
Interest coverage1 8.24 7.26 7.07 -3.84 8.58
Benchmarks
Interest Coverage, Competitors2
AbbVie Inc. 3.81 7.04 6.36 2.38 5.72
Amgen Inc. 3.73 6.22 6.60 7.44 8.09
Eli Lilly & Co. 14.49 21.53 19.12 21.11 14.15
Gilead Sciences Inc. 8.27 7.22 9.27 2.70 6.19
Johnson & Johnson 20.51 79.71 125.46 83.07 55.49
Merck & Co. Inc. 2.65 18.09 18.22 11.58 13.84
Pfizer Inc. 1.48 29.05 19.83 6.17 12.23
Regeneron Pharmaceuticals Inc. 58.52 82.80 163.75 67.97 81.43
Thermo Fisher Scientific Inc. 5.54 11.56 17.49 14.07 7.02
Vertex Pharmaceuticals Inc. 100.32 78.23 45.40 54.60 24.84
Interest Coverage, Sector
Pharmaceuticals, Biotechnology & Life Sciences 6.17 14.84 14.44 7.28 11.07
Interest Coverage, Industry
Health Care 7.10 12.65 12.22 7.86 8.92

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= 9,606 ÷ 1,166 = 8.24

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Bristol-Myers Squibb Co. interest coverage ratio improved from 2021 to 2022 and from 2022 to 2023.

Fixed Charge Coverage

Bristol-Myers Squibb Co., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to BMS 8,025 6,327 6,994 (9,015) 3,439
Add: Net income attributable to noncontrolling interest 15 18 20 20 21
Add: Income tax expense 400 1,368 1,084 2,124 1,515
Add: Interest expense 1,166 1,232 1,334 1,420 656
Earnings before interest and tax (EBIT) 9,606 8,945 9,432 (5,451) 5,631
Add: Operating lease cost 317 224 281 263 160
Earnings before fixed charges and tax 9,923 9,169 9,713 (5,188) 5,791
 
Interest expense 1,166 1,232 1,334 1,420 656
Operating lease cost 317 224 281 263 160
Fixed charges 1,483 1,456 1,615 1,683 816
Solvency Ratio
Fixed charge coverage1 6.69 6.30 6.01 -3.08 7.10
Benchmarks
Fixed Charge Coverage, Competitors2
AbbVie Inc. 3.59 6.54 5.90 2.28 5.42
Amgen Inc. 3.55 5.52 5.67 6.48 7.12
Eli Lilly & Co. 10.98 15.17 13.33 15.06 10.18
Gilead Sciences Inc. 7.18 6.30 8.15 2.45 5.46
Johnson & Johnson 16.50 38.72 48.16 33.93 28.72
Merck & Co. Inc. 2.27 13.69 13.08 8.47 10.31
Pfizer Inc. 1.34 18.79 14.22 4.98 9.88
Regeneron Pharmaceuticals Inc. 46.55 68.67 138.96 57.70 60.98
Thermo Fisher Scientific Inc. 4.61 8.12 12.19 10.30 5.61
Vertex Pharmaceuticals Inc. 48.66 47.97 29.62 39.35 20.79
Fixed Charge Coverage, Sector
Pharmaceuticals, Biotechnology & Life Sciences 5.25 11.76 11.53 6.05 9.09
Fixed Charge Coverage, Industry
Health Care 5.54 8.98 8.66 5.80 6.65

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 9,923 ÷ 1,483 = 6.69

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Bristol-Myers Squibb Co. fixed charge coverage ratio improved from 2021 to 2022 and from 2022 to 2023.