Bristol Myers Squibb Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Bristol Myers Squibb's Q1 2024 results show a slight dip in overall net product sales but growth in key products like Opdivo and Reblozyl.</b>

AI Summary

BRISTOL MYERS SQUIBB CO (CELG-RI) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Bristol Myers Squibb reported net product sales of $9,275 million for Q1 2024, a decrease from $9,304 million in Q1 2023. Alliance and other revenues were $1,047 million in Q1 2024, up from $979 million in Q1 2023. Opdivo sales reached $2,247 million in Q1 2024, an increase from $2,129 million in Q1 2023. Orencia sales were $854 million in Q1 2024, compared to $834 million in Q1 2023. Reblozyl sales increased to $246 million in Q1 2024 from $179 million in Q1 2023.

Why It Matters

For investors and stakeholders tracking BRISTOL MYERS SQUIBB CO, this filing contains several important signals. The company's Q1 2024 net product sales decreased slightly year-over-year, indicating potential market pressures or product lifecycle challenges. Growth in specific products like Opdivo and Reblozyl suggests continued strength in key therapeutic areas, potentially offsetting declines elsewhere.

Risk Assessment

Risk Level: medium — BRISTOL MYERS SQUIBB CO shows moderate risk based on this filing. The company's net product sales saw a slight decrease in Q1 2024 compared to Q1 2023, which could indicate increasing competition or market saturation for some of its key products.

Analyst Insight

Monitor the company's ability to sustain growth in its key products and address any declines in other revenue streams in upcoming filings.

Revenue Breakdown

Key Numbers

• 9,275 million — Net Product Sales (Q1 2024)
• 9,304 million — Net Product Sales (Q1 2023)
• 1,047 million — Alliance and other revenues (Q1 2024)
• 979 million — Alliance and other revenues (Q1 2023)
• 2,247 million — Opdivo Sales (Q1 2024)
• 2,129 million — Opdivo Sales (Q1 2023)
• 246 million — Reblozyl Sales (Q1 2024)
• 179 million — Reblozyl Sales (Q1 2023)

Key Players & Entities

• BRISTOL MYERS SQUIBB CO (company) — Filer
• 20240331 (date) — Conformed Period of Report
• 20240425 (date) — Filed as of date
• 9,275 million (dollar_amount) — Net product sales for Q1 2024
• 9,304 million (dollar_amount) — Net product sales for Q1 2023
• 1,047 million (dollar_amount) — Alliance and other revenues for Q1 2024
• 979 million (dollar_amount) — Alliance and other revenues for Q1 2023
• Opdivo (product) — Key product with sales data

FAQ

Key Financial Figures

• $0.10 — ange on which registered Common Stock, $0.10 Par Value BMY New York Stock Exchange

Filing Documents

• bmy-20240331.htm (10-Q) — 1869KB
• bmyex31a_20240331.htm (EX-31.A) — 9KB
• bmyex31b_20240331.htm (EX-31.B) — 10KB
• bmyex32a_20240331.htm (EX-32.A) — 4KB
• bmyex32b_20240331.htm (EX-32.B) — 4KB
• 0000014272-24-000096.txt (&nbsp;) — 11351KB
• bmy-20240331.xsd (EX-101.SCH) — 82KB
• bmy-20240331_cal.xml (EX-101.CAL) — 157KB
• bmy-20240331_def.xml (EX-101.DEF) — 392KB
• bmy-20240331_lab.xml (EX-101.LAB) — 875KB
• bmy-20240331_pre.xml (EX-101.PRE) — 659KB
• bmy-20240331_htm.xml (XML) — 1996KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements: Consolidated Statements of Earnings and Comprehensive (Loss)/Income 3 Consolidated Balance Sheets 4 Consolidated Statements of Cash Flows 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3. Quantitative and Qualitative Disclosure About Market Risk 52 Item 4.

Controls and Procedures

Controls and Procedures 52

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 52 Item 1A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53 Item 5. Other Information 53 Item 6. Exhibits 54 Summary of Abbreviated Terms 55

Signatures

Signatures 56 * Indicates brand names of products which are trademarks not owned by BMS. Specific trademark ownership information is included in the Exhibit Index at the end of this Quarterly Report on Form 10-Q.

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED STATEMENTS OF EARNINGS Dollars in millions, except per share data (UNAUDITED) Three Months Ended March 31, EARNINGS 2024 2023 Net product sales $ 11,559 $ 11,048 Alliance and other revenues 306 289 Total Revenues 11,865 11,337 Cost of products sold (a) 2,932 2,566 Marketing, selling and administrative 2,367 1,762 Research and development 2,695 2,321 Acquired IPRD 12,949 75 Amortization of acquired intangible assets 2,357 2,256 Other (income)/expense, net 81 ( 413 ) Total Expenses 23,381 8,567 (Loss)/Earnings before income taxes ( 11,516 ) 2,770 Income tax provision 392 503 Net (loss)/earnings ( 11,908 ) 2,267 Noncontrolling interest 3 5 Net (loss)/earnings attributable to BMS $ ( 11,911 ) $ 2,262 (Loss)/Earnings per common share: Basic $ ( 5.89 ) $ 1.08 Diluted ( 5.89 ) 1.07 (a) Excludes amortization of acquired intangible assets . CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME Dollars in millions (UNAUDITED) Three Months Ended March 31, COMPREHENSIVE (LOSS)/INCOME 2024 2023 Net (loss)/earnings $ ( 11,908 ) $ 2,267 Other comprehensive income/(loss), net of taxes and reclassifications to earnings: Derivatives qualifying as cash flow hedges 191 ( 124 ) Pension and postretirement benefits 13 — Marketable debt securities ( 2 ) — Foreign currency translation ( 56 ) 37 Total Other comprehensive income/(loss) 146 ( 87 ) Comprehensive (loss)/income ( 11,762 ) 2,180 Comprehensive income attributable to noncontrolling interest 3 5 Comprehensive (loss)/income attributable to BMS $ ( 11,765 ) $ 2,175 The accompanying notes are an integral part of these consolidated financial statements. 3 BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED BALANCE SHEETS Dollars in millions (UNAUDITED) ASSETS March 31, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 9,330 $ 11,464 Marketable debt securities 340 816 Receivables 10,447

View Full Filing

View this 10-Q filing on SEC EDGAR