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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bristol Myers Squibb Co | NYSE:BMY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.29 | 0.66% | 43.99 | 44.33 | 43.685 | 43.93 | 12,104,157 | 01:00:00 |
Delaware | 22-0790350 | |||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S Employer
Identification No.)
|
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.10 Par Value | BMY | New York Stock Exchange | ||||||
1.000% Notes due 2025 | BMY25 | New York Stock Exchange | ||||||
1.750% Notes due 2035 | BMY35 | New York Stock Exchange | ||||||
Celgene Contingent Value Rights | CELG RT | New York Stock Exchange |
Title of each class | ||
$2 Convertible Preferred Stock, $1 Par Value |
Large accelerated filer ☒
|
Accelerated filer ☐
|
Non-accelerated filer ☐
|
Smaller reporting company ☐
|
Emerging growth company ☐
|
Item 1. | BUSINESS. |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
United States | 63 | % | 59 | % | 56 | % | |||||||||||
Europe | 23 | % | 24 | % | 25 | % | |||||||||||
Rest of the World | 14 | % | 17 | % | 19 | % | |||||||||||
Total Revenues | $ | 42,518 | $ | 26,145 | $ | 22,561 |
Estimated LOE | |||||||||||||||||
U.S. |
EU(k)
|
Japan | |||||||||||||||
Revlimid (lenalidomide)(a)
|
^^ | 2022 | 2022 | ||||||||||||||
Opdivo (nivolumab)
|
2028 | 2030 | 2031 | ||||||||||||||
Eliquis (apixaban)(b)
|
2026 | 2026 | 2026 | ||||||||||||||
Orencia (abatacept)(c)
|
2021 | 2021 | ^^ | ||||||||||||||
Pomalyst/Imnovid (pomalidomide)(d)
|
^^ | 2024 | 2026 | ||||||||||||||
Sprycel (dasatinib)(e)
|
^^ | ^^ | 2021 | ||||||||||||||
Yervoy (ipilimumab)
|
2025 | 2026 | 2025 | ||||||||||||||
Abraxane (paclitaxel)(f)
|
2022 | ^^ | 2023 | ||||||||||||||
Empliciti (elotuzumab)
|
2029 | 2029 | 2029 | ||||||||||||||
Reblozyl (luspatercept-aamt)(g)
|
2031 | 2030 | ++ | ||||||||||||||
Inrebic (fedratinib)(h)
|
2026 | 2031 | ++ | ||||||||||||||
Zeposia (ozanimod)(i)
|
2029 | 2030 | ++ | ||||||||||||||
Onureg (azacitidine)(j)
|
2027 | ++ | ++ | ||||||||||||||
Breyanzi (lisocabtagene maraleucel)
|
2033 | ++ | ++ |
PHASE I | PHASE II | PHASE III | APPROVED INDICATIONS | |||||||||||||||||||||||
OPDIVOª
--Hematologic Malignancies
BREYANZI (liso-cel)
--3L+ Mantle Cell Lymphoma
ide-cel (BCMA CAR T)ª
--High-risk Newly-Diagnosed Multiple Myeloma
BCMA CAR T (bb21217)ª
--Relapsed/Refractory Multiple Myeloma
relatlimabª^
--Hematologic Malignancies
BET Inhibitor (CC-95775)
--Non-Hodgkin Lymphoma
BET Inhibitor (CC-90010)
--Hematologic Malignancies
BET Inhibitor (BMS-986158)
--Hematologic Malignancies
BCMA ADC
--Relapsed/Refractory Multiple Myeloma
BCMA TCE
--Relapsed/Refractory Multiple Myeloma
BCMA NEX T
--Relapsed/Refractory Multiple Myeloma
GPRC5D CAR T
--Relapsed/Refractory Multiple Myeloma
CD3XCD33 Bispecificª
--Relapsed/Refractory Acute Myeloid Leukemia
A/I CELMoD (CC-92480)
--Relapsed/Refractory Multiple Myeloma
A/I CELMoD (CC-99282)
--Relapsed/Refractory Non-Hodgkin Lymphoma
GSPT1 CELMoD (CC-90009)
--Relapsed/Refractory Acute Myeloid Leukemia
Anti-SIRPα
--Non-Hodgkin Lymphoma
LSD1 Inhibitor
--Relapsed/Refractory Non-Hodgkin Lymphoma
CD19 NEX T
--Relapsed/Refractory Non-Hodgkin Lymphoma
CD22 ADCª
--Lymnphoma
iberdomide
--Non-Hodgkin Lymphoma
CD33 NKE
--Relapsed/Refractory Acute Myeloid Leukemia
CD47xCD20
--Non-Hodgkin Lymphoma
|
OPDIVOª
--Non-Hodgkin Lymphoma (Diffuse Large B-cell Lymphoma)
--Non-Hodgkin Lymphoma (Follicular Lymphoma)
--Pediatric Hodgkin Lymphoma
--Primary Testicular Lymphoma
OPDIVOª + EMPLICITIª
--Relapsed/Refractory Multiple Myeloma
IDHIFAª
--1L Acute Myeloid Leukemia with IDH2 Mutation
REBLOZYLª
--MF Anemia
--Non-Transfusion-Dependent Beta-Thalassemia
ONUREG
--Post HMA Failure MDS
BREYANZI (liso-cel)
--2L Diffuse Large B-cell Lymphoma Transplant non-Eligible
--3L+Chronic Lymphocytic Leukemia
--3L+ Follicular Lymphoma / Marginal Zone Lymphoma
--2L+ Pediatric B-Cell Acute Lymphoblastic Leukemia
--2L+ Primary CNS Lymphoma
--1L High Grade B-cell Lymphoma
ide-cel (BCMA CAR T)ª
--High-risk Newly-Diagnosed Multiple Myeloma
--2L Relapsed/Refractory Multiple Myeloma
--4L+ Relapsed/Refractory Multiple Myeloma
iberdomide
--Relapsed/Refractory Multiple Myeloma
|
OPDIVOª
--Refractory Hodgkin Lymphoma
EMPLICITIª + REVLIMID
--1L Multiple Myeloma
REBLOZYLª
--ESA Naïve MDS
INREBIC
--MF Previously treated with Ruxolitinib
ONUREG
--Angioimmunoblastic T-cell Lymphoma
--Lower Risk MDS
IDHIFAª
--Relapsed/Refractory Acute Myeloid Leukemia with IDH2 Mutation
ISTODAX
--1L Peripheral T-cell Lymphoma
ide-cel (BCMA CAR T)ª
--3-5L Relapsed/Refractory Multiple Myeloma
BREYANZI (liso-cel)
--2L Diffuse Large B-cell Lymphoma Transplant Eligible
|
REVLIMID
--1L Multiple Myeloma
--Mantle Cell Lymphoma
--MDS
--Multiple Myeloma
--Previously treated Follicular Lymphoma
--Relapsed/Refractory Adult T-cell Leukemia/Lymphoma
OPDIVOª
--Advanced Hodgkin Lymphoma
POMALYST/IMNOVID
--Multiple Myeloma
--Relapsed/Refractory Multiple Myeloma
--AIDS related Kaposi Sarcoma
--HIV-negative Kaposi Sarcoma
EMPLICITIª + POMALYST/IMNOVID
--Relapsed/Refractory Multiple Myeloma
EMPLICITIª + REVLIMID
--Relapsed/Refractory Multiple Myeloma
SPRYCEL
--1L CML
--Pediatric ALL
--Refractory CML
VIDAZA
--Acute Myeloid Leukemia
--Chronic Myelomonocytic Leukemia
--MDS
REBLOZYLª
--Transfusion-Dependent Beta-Thalassemia
--MDS Previously treated with ESA
INREBIC
--MF
ONUREG
--Post-Induction Acute Myeloid Leukemia Maintenance
IDHIFAª
--Relapsed/Refractory AML
ISTODAX
--Cutaneous T-cell Lymphoma
--Peripheral T-cell Lymphoma
BREYANZI (liso-cel)
--3L+ Diffuse Large B-cell Lymphoma
|
|||||||||||||||||||||||
PHASE I | PHASE II | PHASE III | APPROVED INDICATIONS | |||||||||||||||||||||||
OPDIVOª
--Solid Tumors
OPDIVOª + YERVOYª
--Solid Tumors
motolimod
--SCCHN
relatlimabª^
--Solid Tumors
NLRP3 Agonist^
--Solid Tumors
Anti-TIM-3^
--Solid Tumors
STING Agonist
--Solid Tumors
AHR Antagonistª
--Solid Tumors
Anti-CTLA-4 NF-Probody
--Solid Tumors
Anti-TIGIT^
--Solid Tumors
Anti-CD73^
--Solid Tumors
BET Inhibitor (CC-90010)^
--Solid Tumors
BET Inhibitor (CC-95775)^
--Solid Tumors
Anti-SIRPα
--Solid Tumors
CD3xPSCAª
--Solid Tumors
Anti-IL8^
--Solid Tumors
Anti-Fucosyl GM1
--Solid Tumors
AR-LDD
--Solid Tumors
Anti-NKG2A
--Solid Tumors
Anti-OX40
--Solid Tumors
TGFβ Inhibitor
--Solid Tumors
IL-12 Fc
--Solid Tumors
|
OPDIVOª
--Solid Tumors
--1L CRC
--Pan Tumor TMB High
--Pediatric
OPDIVOª^
--Solid Tumors
OPDIVOª + YERVOYª
--Solid Tumors
--Metastatic Castration-Resistant Prostate
OPDIVOª + YERVOYª^
--Solid Tumors
OPDIVOª + CDK4/6 Inhibitor
--Neoadjuvant ER+/HER2- Breast
OPDIVOª + relatlimabª
--Solid Tumors
OPDIVOª + linrodostat
--Solid Tumors
OPDIVOª + bempegaldesleukinª
--Solid Tumors
--1L Bladder#
POMALYST/IMNOVID
--Pediatric Glioblastoma
Anti-CTLA-4 NF^
--Solid Tumors
Anti-CTLA-4 Probody^
--Solid Tumors
CCR2/5 Dual Antagonist^
--Solid Tumors
LSD1 Inhibitor
--Extensive Stage SCLC
|
OPDIVOª
--1L Glioblastoma
--1L HCC
--1L Head & Neck
--1L Head & Neck Locally Advanced
--1L Esophageal
--1L Gastric
--High-Risk Non-Muscle Invasive Bladder Cancer
--Adjuvant Bladder
--Adjuvant Esophageal/Gastroesophageal
--Adjuvant Gastric
--Adjuvant HCC
--Adjuvant Melanoma
--Adjuvant RCC
--Metastatic Castration-Resistant Prostate
--Neoadjuvant ER+/HER2- Breast
--Neoadjuvant NSCLC
--Peri-adjuvant NSCLC
--Unresectable NSCLC
OPDIVOª + YERVOYª
--1L Bladder
--1L Esophageal
--1L Gastric
--1L HCC
--Intermediate HCC
--1L Head & Neck
--1L CRC (MSI-High)
--Adjuvant Melanoma
--Adjuvant RCC
--NSCLC EGFR Mutant
--Unresectable NSCLC
OPDIVOª + relatlimabª
--1L Melanoma
OPDIVOª + linrodostat
--1L Metastatic Melanoma
--Neoadjuvant Muscle Invasive Bladder Cancer
OPDIVOª + bempegaldesleukinª
--1L Melanoma
--Adjuvant Melanoma#
--Muscle Invasive Bladder Cancer
--1L RCC#
OPDIVOª + YERVOYª + cabozantinibª
--Metastatic RCC
|
OPDIVOª
--1L Metastatic Melanoma
--Adjuvant Melanoma
--Mesothelioma
--Previously treated advanced RCC
--Previously treated Gastric cancer (Japan, China)
--Previously treated HCC
--Previously treated Metastatic Head & Neck
--Previously treated Metastatic Melanoma
--Previously treated Metastatic MSI-High CRC
--Previously treated Metastatic Non-squamous NSCLC
--Previously treated Metastatic Squamous NSCLC
--Previously treated Metastatic Urothelial
--Previously treated Esophageal
OPDIVOª + YERVOYª
--1L Metastatic Melanoma
--1L Mesothelioma
--1L NSCLC
--1L RCC
--Previously treated Metastatic MSI-High CRC
--Previously treated HCC
OPDIVOª + cabozantinibª
--Metastatic RCC
YERVOYª
--Adjuvant Melanoma
--Metastatic Melanoma
ABRAXANE
--Breast
--Gastric
--Locally Advanced or Metastatic NSCLC
--Metastatic Breast Cancer
--NSCLC
--Pancreatic
--Unresectable Pancreatic
|
|||||||||||||||||||||||
PHASE I | PHASE II | PHASE III | APPROVED INDICATIONS | |||||||||||||||||||||||
TYK2 Inhibitor
--Autoimmune Disease
TYK2 Inhibitorª
--Autoimmune Disease
TLR 7/8 Inhibitor
--Autoimmune Disease
S1PR1 Modulator
--Autoimmune Disease
IL-2 Mutein
--Autoimmune Disease
MK2 Inhibitor
--Autoimmune Disease
Immune Toleranceª
--Multiple Sclerosis
IL2-CD25
--Autoimmune Disease
Anti-CD40
--Autoimmune Disease
|
branebrutinib
--Rheumatoid Arthritis
--Sjögren’s Disease
--Systemic Lupus Erythematosus
deucravacitinib
--Crohn's Disease
--Lupus Nephritis
--Psoriatic Arthritis
--Systemic Lupus Erythematosus
--Ulcerative Colitis
iberdomide
--Systemic Lupus Erythematosus
cendakimab
--Eosinophilic Esophagitis
|
ORENCIA
--Idiopathic Inflammatory Myopathy
NULOJIX
--Switch from Calcineurin Inhibitor Renal Transplant
deucravacitinib
--Psoriasis
ZEPOSIA
--Crohn’s Disease
--Ulcerative Colitis
|
ORENCIA
--Active Polyarticular JIA
--Early Rheumatoid Arthritis
--JIA Intravenous
--JIA Subcutaneous
--Psoriatic Arthritis
--RA Auto injector
--RA Intravenous
--RA Subcutaneous
NULOJIX
--De Novo Renal Transplant
ZEPOSIA
--Relapsing Multiple Sclerosis
|
|||||||||||||||||||||||
PHASE I | PHASE II | PHASE III | APPROVED INDICATIONS | |||||||||||||||||||||||
Factor XIa Inhibitor (BMS-986209)ª
--Thrombotic Disorders
FPR-2 Agonist
--Heart Failure
MYK-224
--Hypertrophic Cardiomyopathy
|
ELIQUISª
--Pediatric Heart Disease
mavacamten
--Non-obstructive Hypertrophic Cardiomyopathy
danicamtiv
--Genetic Dilated Cardiomyopathy
Factor XIa Inhibitor (BMS-986177)ª
--Thrombotic Disorders
FA-Relaxin
--Heart Failure
|
ELIQUISª
--VTE prevention in pediatrics with ALL
mavacamten
--Obstructive Hypertrophic Cardiomyopathy
--Obstructive Hypertrophic Cardiomyopathy Septal Reduction Therapy Eligible
|
ELIQUISª
--Stroke Prevention in Atrial Fibrillation
--Venous Thromboembolism Prevention Orthopedic Surgery
--Venous Thromboembolism Treatment
|
|||||||||||||||||||||||
PHASE I | PHASE II | |||||||||||||||||||||||||
LPA1 Antagonist (BMS-986337)
--Pulmonary Fibrosis
NME
--Fibrosis
|
HSP47ª
--Fibrosis
Pegbelfermin
--Non-alcoholic Steatohepatitis
JNK Inhibitor
--Idiopathic Pulmonary Fibrosis
--Non-Alcoholic Steatohepatitis
LPA1 Antagonist (BMS-986278)
--Pulmonary Fibrosis
|
|||||||||||||||||||||||||
PHASE I | ||||||||||||||||||||||||||
FAAH/MGLL Dual Inhibitor
--Neuroscience
|
||||||||||||||||||||||||||
PHASE I | ||||||||||||||||||||||||||
SARS-CoV-2 mAb Duo
--COVID-19 Therapy or Prevention#
|
||||||||||||||||||||||||||
Note: Above pipeline excludes clinical collaborations | ||||||||
ª Development Partnership: OPDIVO, YERVOY, Relatlimab: Ono (our collaboration with Ono also includes other early stage compounds); EMPLICITI: AbbVie; bempegaldesleukin: Nektar; Cabozantinib: Exelixis, Inc.; ELIQUIS: Pfizer; Factor XIa Inhibitor: Janssen Pharmaceuticals, Inc.; HSP47: Nitto Denko Corporation; CD3XCD33, CD3xPSCA, GEM333: GeMoaB Monoclonals GmbH; bb21217, ide-cel: bluebird; REBLOZYL: Acceleron Pharma Inc.; IDHIFA: Agios Pharmaceuticals, Inc.; AHR: Ikena Oncology; CD22 ADC: TriPhase Accelerator; TYK2 Inhibitor (Nimbus): Nimbus Therapeutics; Immune Tolerance: Anokion
|
||||||||
^ Trial(s) exploring various combinations | ||||||||
# Partner-run study |
Opdivo/Yervoy | Hematology | |||||||||||||||||||||||||
Asset | Tumor | Trial | Timing | Asset | Disease | Trial | Timing | |||||||||||||||||||
Opdivo + relatlimab
|
Melanoma | CA224-047 | 2021 |
iberdomide
|
4L+ Multiple Myeloma | CC-220-MM-001 | 2021 | |||||||||||||||||||
Opdivo + Yervoy | Esophageal | CM-648 | 2021 |
Breyanzi
(liso-cel)
|
3L Chronic Lymphocytic Leukemia | TRANSCEND-CLL | 2021 | |||||||||||||||||||
Opdivo + Yervoy | HCC | CM-9DW | 2022/23 | 2L TNE Diffuse Large B-cell Lymphoma | PILOT | 2021 | ||||||||||||||||||||
Opdivo + Yervoy | Neo-adjuvant NSCLC | CM-816 | 2022/23 | 2L TE Diffuse Large B-cell Lymphoma | TRANSFORM | 2021 | ||||||||||||||||||||
Opdivo + Yervoy | Peri-adjuvant NSCLC | CM-77T | 2022/23 | 3L+ Follicular Lymphoma | TRANSCEND-FL | 2022/23 | ||||||||||||||||||||
Opdivo | RCC, Melanoma |
Opdivo + NKTR-214
|
2022/23 | ide-cel | 2L Multiple Myeloma | KarMMa-2 | 2022/23 | |||||||||||||||||||
3L+ Multiple Myeloma | KarMMa-3 | 2022/23 | ||||||||||||||||||||||||
Immunology |
Reblozyl
|
1L MDS (ESA naïve)
|
COMMANDS | 2022/23 | ||||||||||||||||||||||
Asset | Disease | Trial | Timing | |||||||||||||||||||||||
Zeposia | Moderate to Severe Crohn’s Disease | YELLOWSTONE | 2022/23 |
Item 1A. | RISK FACTORS. |
Item 1B. | UNRESOLVED STAFF COMMENTS. |
Item 2. | PROPERTIES. |
Manufacturing | R&D | ||||||||||
United States | 5 | 11 | |||||||||
Europe | 2 | 1 | |||||||||
Total | 7 | 12 |
Item 3. | LEGAL PROCEEDINGS. |
Item 4. | MINE SAFETY DISCLOSURES. |
Name and Current Position | Age | Employment History for the Past 5 Years | ||||||
Giovanni Caforio, M.D.
Chairman of the Board and Chief Executive Officer
Member of the Leadership Team
|
56 |
2014 to 2015 – Chief Operating Officer and Director of the Company
2015 to 2017 – Chief Executive Officer and Director of the Company 2017 to present – Chairman of the Board and Chief Executive Officer |
||||||
Christopher Boerner, Ph.D.
Executive Vice President, Chief Commercialization Officer Member of the Leadership Team |
50 |
2014 to 2015 – Executive Vice President, Seattle Genetics
2015 to 2017 – President and Head of U.S. Commercial 2017 to 2018 – President and Head, International Markets 2018 to present – Executive Vice President, Chief Commercial Officer |
||||||
Adam Dubow
Senior Vice President, Chief Compliance and Ethics Officer Member of the Leadership Team |
54 |
2013 to 2015 – Vice President and Assistant General Counsel, China, Japan and Intercon Region and EMAC Region
2015 to 2018 – Vice President and Associate General Counsel, Research and Development 2018 to present – Senior Vice President, Chief Compliance and Ethics Officer |
||||||
Joseph E. Eid, M.D.
Senior Vice President and Head of Global Medical Affairs
Member of the Leadership Team
|
53 |
2014 to 2017 – Vice President, Head of Oncology Global Medical Affairs, Merck
2017 to 2019 – Head of Global Medical 2017 to present – Senior Vice President and Head of Global Medical Affairs |
||||||
David V. Elkins
Executive Vice President and Chief Financial Officer
Member of the Leadership Team
|
52 |
2014 to 2017 – Group Vice President and Chief Financial Officer, Consumer and Consumer Medicines, Johnson & Johnson
2017 to 2018 – Worldwide Vice President and Chief Financial Officer, Consumer Products, Medical Devices and Corporate Functions, Johnson & Johnson 2018 to 2019 – Chief Financial Officer, Celgene 2019 to present – Executive Vice President and Chief Financial Officer |
||||||
Samit Hirawat, M.D.
Executive Vice President, Chief Medical Officer, Global Drug Development
Member of the Leadership Team
|
52 |
2012 to 2016 – Senior Vice President & Global Program Head, Novartis
2017 to 2019 – Executive Vice President, Head of Oncology Development, Novartis 2019 to present – Executive Vice President, Chief Medical Officer, Global Drug Development |
||||||
Sandra Leung
Executive Vice President, General Counsel
Member of the Leadership Team
|
60 |
2007 to 2014 – General Counsel and Corporate Secretary
2014 to 2015 – Executive Vice President, General Counsel and Corporate Secretary 2015 to present – Executive Vice President, General Counsel |
||||||
Elizabeth A. Mily
Executive Vice President, Strategy & Business Development
Member of the Leadership Team
|
53 |
2010 to 2020 – Managing Director, Barclays Investment Bank
2020 to present – Executive Vice President, Strategy & Business Development |
||||||
Ann M. Powell
Executive Vice President, Chief Human Resources Officer
Member of the Leadership Team
|
55 |
2009 to 2013 – Chief Human Resources Officer, Shire Pharmaceuticals
2013 to 2016 – Senior Vice President, Global Human Resources 2016 to 2019 – Senior Vice President, Chief Human Resources Officer 2019 to present – Executive Vice President, Chief Human Resources Officer |
||||||
Karen Santiago
Senior Vice President and Corporate Controller |
50 |
2012 to 2015 – Vice President Finance, Global Manufacturing and Supply
2015 to 2016 – Vice President Finance, U.S. Commercial and Global Capability Hub 2016 to 2018 – Lead, Enabling Functions and Finance Transformation 2018 to present – Senior Vice President and Corporate Controller |
||||||
Louis S. Schmukler
Executive Vice President and President, Global Product Development and Supply
Member of the Leadership Team
|
65 |
2011 to 2017 – President, Global Product Development and Supply
2017 to 2019 – Senior Vice President and President, Global Product Development and Supply 2019 to present – Executive Vice President and President, Global Product Development and Supply |
||||||
Rupert Vessey, M.A., B.M., B.Ch., F.R.C.P., D.Phil.
Executive Vice President, Research and Early Development
Member of the Leadership Team
|
56 |
2015 to 2019 – President of Research and Early Development, Celgene
2019 to present – Executive Vice President, Research and Early Development |
||||||
Paul von Autenried
Executive Vice President, Chief Information Officer
Member of the Leadership Team
|
59 |
2012 to 2016 – Senior Vice President, Enterprise Services and Chief Information Officer
2016 to 2019 – Senior Vice President, Chief Information Officer 2019 to present – Executive Vice President, Chief Information Officer |
Item 5. | MARKET FOR THE REGISTRANT’S COMMON STOCK AND OTHER STOCKHOLDER MATTERS. |
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||
Bristol-Myers Squibb | $ | 100.00 | $ | 86.51 | $ | 93.18 | $ | 81.16 | $ | 103.67 | $ | 104.10 | |||||||||||||||||||||||
S&P 500 | 100.00 | 111.96 | 136.40 | 130.42 | 171.49 | 203.04 | |||||||||||||||||||||||||||||
Peer Group | 100.00 | 99.45 | 114.61 | 126.10 | 147.87 | 150.86 |
Period |
Total Number of Shares Purchased(a)
|
Average Price Paid per Share(a)
|
Total Number of Shares Purchased as Part of Publicly Announced Programs(b)
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs(b)
|
|||||||||||||||||||
Dollars in Millions, Except Per Share Data | |||||||||||||||||||||||
October 1 to 31, 2020 | 9,489,912 | $ | 59.95 | 8,901,702 | $ | 5,385 | |||||||||||||||||
November 1 to 30, 2020 | 7,355,624 | 63.02 | 7,333,449 | 4,923 | |||||||||||||||||||
December 1 to 31, 2020 | 8,529,764 | 61.63 | 8,359,055 | 4,408 | |||||||||||||||||||
Three months ended December 31, 2020 | 25,375,300 | 24,594,206 |
Item 6. | SELECTED FINANCIAL DATA. |
Amounts in Millions, except per share data | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Income Statement Data: | |||||||||||||||||||||||||||||
Total Revenues | $ | 42,518 | $ | 26,145 | $ | 22,561 | $ | 20,776 | $ | 19,427 | |||||||||||||||||||
Net (Loss)/Earnings | (8,995) | 3,460 | 4,947 | 975 | 4,507 | ||||||||||||||||||||||||
Net (Loss)/Earnings Attributable to: | |||||||||||||||||||||||||||||
Noncontrolling Interest | 20 | 21 | 27 | (32) | 50 | ||||||||||||||||||||||||
BMS | (9,015) | 3,439 | 4,920 | 1,007 | 4,457 | ||||||||||||||||||||||||
Net (Loss)/Earnings per Common Share Attributable to BMS: | |||||||||||||||||||||||||||||
Basic | $ | (3.99) | $ | 2.02 | $ | 3.01 | $ | 0.61 | $ | 2.67 | |||||||||||||||||||
Diluted | (3.99) | 2.01 | 3.01 | 0.61 | 2.65 | ||||||||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||||||||
Basic | 2,258 | 1,705 | 1,633 | 1,645 | 1,671 | ||||||||||||||||||||||||
Diluted | 2,258 | 1,712 | 1,637 | 1,652 | 1,680 | ||||||||||||||||||||||||
Cash dividends paid on BMS common and preferred stock | $ | 4,075 | $ | 2,679 | $ | 2,613 | $ | 2,577 | $ | 2,547 | |||||||||||||||||||
Cash dividends declared per common share | $ | 1.84 | $ | 1.68 | $ | 1.61 | $ | 1.57 | $ | 1.53 | |||||||||||||||||||
Financial Position Data at December 31: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 14,546 | $ | 12,346 | $ | 6,911 | $ | 5,421 | $ | 4,237 | |||||||||||||||||||
Marketable debt securities(a)(b)
|
1,718 | 3,814 | 3,623 | 3,739 | 4,724 | ||||||||||||||||||||||||
Total Assets | 118,481 | 129,944 | 34,986 | 33,551 | 33,707 | ||||||||||||||||||||||||
Long-term debt(a)
|
50,336 | 46,150 | 6,895 | 6,975 | 6,465 | ||||||||||||||||||||||||
Equity | 37,882 | 51,698 | 14,127 | 11,847 | 16,347 |
Item 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions, except per share data | 2020 | 2019 | |||||||||||||||
Total Revenues | $ | 42,518 | $ | 26,145 | |||||||||||||
Diluted (Loss)/Earnings Per Share | |||||||||||||||||
GAAP | $ | (3.99) | $ | 2.01 | |||||||||||||
Non-GAAP | 6.44 | 4.69 |
Product | Date | Approval |
Opdivo | November 2020 |
EC approval of Opdivo for the treatment of adults with unresectable advanced, recurrent or metastatic ESCC after prior fluoropyrimidine- and platinum-based combination chemotherapy.
|
Opdivo+Yervoy | November 2020 |
EC approval of Opdivo plus Yervoy with two cycles of platinum-based chemotherapy for the first-line treatment of adult patients with metastatic NSCLC whose tumors have no sensitizing epidermal growth factor receptor mutation or anaplastic lymphoma kinase translocation.
|
Opdivo+Yervoy | October 2020 |
FDA approval of Opdivo+Yervoy for the first-line treatment of adult patients with unresectable MPM.
|
Onureg | September 2020 |
FDA approval of Onureg (azacitidine) for the continued treatment of adult patients with AML who achieved first complete remission or complete remission with incomplete blood count recovery following intensive induction chemotherapy and who are not able to complete intensive curative therapy.
|
Reblozyl | June 2020 |
EC approval of Reblozyl for the treatment of adult patients with transfusion-dependent anemia due to very low-, low- and intermediate-risk MDS with ring sideroblasts, who had an unsatisfactory response or are ineligible for erythropoietin-based therapy, or beta thalassemia.
|
Opdivo | June 2020 |
FDA approval of Opdivo for the treatment of patients with unresectable advanced, recurrent or metastic ESCC after prior fluoropyrimidine- and platinum-based chemotherapy.
|
Zeposia | May 2020 |
EC approval of Zeposia for the treatment of adult patients with RRMS with active disease as defined by clinical or imaging features.
|
Opdivo+Yervoy | May 2020 |
FDA approval of Opdivo+Yervoy given with two cycles of platinum-doublet chemotherapy for the first-line treatment of adult patients with metastatic or recurrent NSCLC with no EGFR or ALK genomic tumor aberrations. The therapy is approved for patients with squamous or non-squamous disease and regardless of PD-L1 expression.
|
Opdivo+Yervoy | May 2020 |
FDA approval of Opdivo+Yervoy for the first-line treatment of adult patients with metastatic NSCLC whose tumors express PD-L1 (≥1%) with no EGFR or ALK genomic tumor aberrations.
|
Pomalyst | May 2020 |
FDA approval of Pomalyst for patients with AIDS-related Kaposi sarcoma whose disease has become resistant to highly active antiretroviral therapy, or in patients with Kaposi sarcoma who are HIV-negative.
|
Reblozyl | April 2020 |
FDA approval of Reblozyl for the treatment of anemia failing an erythropoiesis stimulating agent in adult patients with very low- to intermediate-risk MDS who have ring sideroblasts and require RBC transfusions.
|
Zeposia | March 2020 |
FDA approval of Zeposia (ozanimod) for the treatment of adults with RMS, including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease.
|
Opdivo+Yervoy | March 2020 |
FDA approval of Opdivo+Yervoy combination for the treatment of HCC in patients who have been previously treated with sorafenib.
|
Year Ended December 31, | 2020 vs. 2019 | ||||||||||||||||||||||
Dollars in Millions | 2020 | 2019 | % Change |
Foreign Exchange(b)
|
|||||||||||||||||||
United States | $ | 26,577 | $ | 15,342 | 73 | % | — | ||||||||||||||||
Europe | 9,853 | 6,266 | 57 | % | 1 | % | |||||||||||||||||
Rest of the World | 5,457 | 4,013 | 36 | % | (2) | % | |||||||||||||||||
Other(a)
|
631 | 524 | 20 | % | — | ||||||||||||||||||
Total | $ | 42,518 | $ | 26,145 | 63 | % | — |
Year Ended December 31, 2020 | |||||||||||||||||||||||
Dollars in Millions | Charge-Backs and Cash Discounts | Medicaid and Medicare Rebates | Other Rebates, Returns, Discounts and Adjustments | Total | |||||||||||||||||||
Balance at January 1, 2020 | $ | 391 | $ | 1,859 | $ | 2,416 | $ | 4,666 | |||||||||||||||
Provision related to sales made in: | |||||||||||||||||||||||
Current period | 5,824 | 7,687 | 5,290 | 18,801 | |||||||||||||||||||
Prior period | 3 | (92) | (17) | (106) | |||||||||||||||||||
Payments and returns | (5,586) | (6,859) | (4,820) | (17,265) | |||||||||||||||||||
Foreign currency translation and other | 13 | — | 224 | 237 | |||||||||||||||||||
Balance at December 31, 2020 | $ | 645 | $ | 2,595 | $ | 3,093 | $ | 6,333 |
Year Ended December 31, | % Change | ||||||||||||||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2020 vs. 2019 | ||||||||||||||||||||||||||
Gross product sales | $ | 60,016 | $ | 37,206 | 61 | % | |||||||||||||||||||||||
GTN Adjustments | |||||||||||||||||||||||||||||
Charge-backs and cash discounts | (5,827) | (3,675) | 59 | % | |||||||||||||||||||||||||
Medicaid and Medicare rebates | (7,595) | (4,941) | 54 | % | |||||||||||||||||||||||||
Other rebates, returns, discounts and adjustments | (5,273) | (3,416) | 54 | % | |||||||||||||||||||||||||
Total GTN Adjustments | (18,695) | (12,032) | 55 | % | |||||||||||||||||||||||||
Net product sales | $ | 41,321 | $ | 25,174 | 64 | % | |||||||||||||||||||||||
GTN adjustments percentage | 31 | % | 32 | % | (1) | % | |||||||||||||||||||||||
U.S. | 37 | % | 40 | % | (3) | % | |||||||||||||||||||||||
Non-U.S. | 16 | % | 15 | % | 1 | % |
Year Ended December 31, | % Change | ||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2020 vs. 2019 | ||||||||||||||
Prioritized Brands | |||||||||||||||||
Revlimid | $ | 12,106 | $ | 1,299 | ** | ||||||||||||
U.S. | 8,291 | 899 | ** | ||||||||||||||
Non-U.S. | 3,815 | 400 | ** | ||||||||||||||
Eliquis | 9,168 | 7,929 | 16 | % | |||||||||||||
U.S. | 5,485 | 4,755 | 15 | % | |||||||||||||
Non-U.S. | 3,683 | 3,174 | 16 | % | |||||||||||||
Opdivo | 6,992 | 7,204 | (3) | % | |||||||||||||
U.S. | 3,945 | 4,344 | (9) | % | |||||||||||||
Non-U.S. | 3,047 | 2,860 | 7 | % | |||||||||||||
Orencia | 3,157 | 2,977 | 6 | % | |||||||||||||
U.S. | 2,268 | 2,146 | 6 | % | |||||||||||||
Non-U.S. | 889 | 831 | 7 | % | |||||||||||||
Pomalyst/Imnovid | 3,070 | 322 | ** | ||||||||||||||
U.S. | 2,136 | 226 | ** | ||||||||||||||
Non-U.S. | 934 | 96 | ** | ||||||||||||||
Sprycel | 2,140 | 2,110 | 1 | % | |||||||||||||
U.S. | 1,295 | 1,191 | 9 | % | |||||||||||||
Non-U.S. | 845 | 919 | (8) | % | |||||||||||||
Yervoy | 1,682 | 1,489 | 13 | % | |||||||||||||
U.S. | 1,124 | 1,004 | 12 | % | |||||||||||||
Non-U.S. | 558 | 485 | 15 | % | |||||||||||||
Abraxane | 1,247 | 166 | ** | ||||||||||||||
U.S. | 873 | 122 | ** | ||||||||||||||
Non-U.S. | 374 | 44 | ** | ||||||||||||||
Empliciti | 381 | 357 | 7 | % | |||||||||||||
U.S. | 230 | 246 | (7) | % | |||||||||||||
Non-U.S. | 151 | 111 | 36 | % | |||||||||||||
Reblozyl | 274 | — | N/A | ||||||||||||||
U.S. | 259 | — | N/A | ||||||||||||||
Non-U.S. | 15 | — | N/A | ||||||||||||||
Inrebic | 55 | 5 | ** | ||||||||||||||
U.S. | 55 | 5 | ** | ||||||||||||||
Non-U.S. | — | — | N/A | ||||||||||||||
Onureg | 17 | — | N/A | ||||||||||||||
U.S. | 17 | — | N/A | ||||||||||||||
Non-U.S. | — | — | N/A | ||||||||||||||
Zeposia | 12 | — | N/A | ||||||||||||||
U.S. | 10 | — | N/A | ||||||||||||||
Non-U.S. | 2 | — | N/A |
Year Ended December 31, | % Change | ||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2020 vs. 2019 | ||||||||||||||
Established Brands | |||||||||||||||||
Vidaza | $ | 455 | $ | 58 | ** | ||||||||||||
U.S. | 2 | 1 | 100 | % | |||||||||||||
Non-U.S. | 453 | 57 | ** | ||||||||||||||
Baraclude | 447 | 555 | (19) | % | |||||||||||||
U.S. | 12 | 20 | (40) | % | |||||||||||||
Non-U.S. | 435 | 535 | (19) | % | |||||||||||||
Other Brands(a)
|
1,315 | 1,674 | (21) | % | |||||||||||||
U.S. | 575 | 383 | 50 | % | |||||||||||||
Non-U.S. | 740 | 1,291 | (43) | % | |||||||||||||
Total Revenues | 42,518 | 26,145 | 63 | % | |||||||||||||
U.S. | 26,577 | 15,342 | 73 | % | |||||||||||||
Non-U.S. | 15,941 | 10,803 | 48 | % |
Year Ended December 31, | % Change | ||||||||||||||||
Dollar in Millions | 2020 | 2019 | 2020 vs 2019 | ||||||||||||||
Cost of products sold(a)
|
$ | 11,773 | $ | 8,078 | 46 | % | |||||||||||
Marketing, selling and administrative | 7,661 | 4,871 | 57 | % | |||||||||||||
Research and development | 11,143 | 6,148 | 81 | % | |||||||||||||
IPRD charge - MyoKardia acquisition | 11,438 | — | N/A | ||||||||||||||
Amortization of acquired intangible assets | 9,688 | 1,135 | ** | ||||||||||||||
Other (income)/expense, net | (2,314) | 938 | ** | ||||||||||||||
Total Expenses | $ | 49,389 | $ | 21,170 | ** |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Interest expense | $ | 1,420 | $ | 656 | |||||||
Contingent consideration | (1,757) | 523 | |||||||||
Royalties and licensing income | (1,527) | (1,360) | |||||||||
Equity investment gains | (1,228) | (275) | |||||||||
Integration expenses | 717 | 415 | |||||||||
Provision for restructuring | 530 | 301 | |||||||||
Litigation and other settlements | (194) | 77 | |||||||||
Transition and other service fees | (149) | (37) | |||||||||
Investment income | (121) | (464) | |||||||||
Reversion excise tax | 76 | — | |||||||||
Divestiture gains | (55) | (1,168) | |||||||||
Intangible asset impairment | 21 | 15 | |||||||||
Pension and postretirement | (13) | 1,599 | |||||||||
Acquisition expenses | — | 657 | |||||||||
Other | (34) | (1) | |||||||||
Other (income)/expense, net | $ | (2,314) | $ | 938 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||||||||
(Loss)/Earnings Before Income Taxes | $ | (6,871) | $ | 4,975 | |||||||||||||
Provision for Income Taxes | 2,124 | 1,515 | |||||||||||||||
Effective Tax Rate | (30.9) | % | 30.5 | % | |||||||||||||
Impact of Specified Items | 46.5 | % | (15.7) | % | |||||||||||||
Effective Tax Rate Excluding Specified Items | 15.6 | % | 14.8 | % |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Inventory purchase price accounting adjustments | $ | 2,688 | $ | 660 | |||||||
Intangible asset impairment | 575 | — | |||||||||
Employee compensation charges | 4 | 1 | |||||||||
Site exit and other costs | 33 | 197 | |||||||||
Cost of products sold | 3,300 | 858 | |||||||||
Employee compensation charges | 275 | 27 | |||||||||
Site exit and other costs | 4 | 9 | |||||||||
Marketing, selling and administrative | 279 | 36 | |||||||||
License and asset acquisition charges | 1,003 | 25 | |||||||||
IPRD impairments | 470 | 32 | |||||||||
Inventory purchase price accounting adjustments | 36 | — | |||||||||
Employee compensation charges | 282 | 33 | |||||||||
Site exit and other costs | 115 | 167 | |||||||||
Research and development | 1,906 | 257 | |||||||||
IPRD charge - MyoKardia acquisition | 11,438 | — | |||||||||
Amortization of acquired intangible assets | 9,688 | 1,062 | |||||||||
Interest expense(a)
|
(159) | 322 | |||||||||
Contingent consideration | (1,757) | 523 | |||||||||
Royalties and licensing income | (168) | (24) | |||||||||
Equity investment gains | (1,156) | (279) | |||||||||
Integration expenses | 717 | 415 | |||||||||
Provision for restructuring | 530 | 301 | |||||||||
Litigation and other settlements | (239) | 75 | |||||||||
Investment income | — | (197) | |||||||||
Reversion excise tax | 76 | — | |||||||||
Divestiture gains | (55) | (1,168) | |||||||||
Pension and postretirement | — | 1,635 | |||||||||
Acquisition expenses | — | 657 | |||||||||
Other | — | 2 | |||||||||
Other (income)/expense, net | (2,211) | 2,262 | |||||||||
Increase to pretax income | 24,400 | 4,475 | |||||||||
Income taxes on items above | (1,733) | (687) | |||||||||
Income taxes attributed to Otezla* divestiture
|
266 | 808 | |||||||||
Income taxes attributed to internal transfer of intangible assets | 853 | — | |||||||||
Income taxes | (614) | 121 | |||||||||
Increase to net earnings | $ | 23,786 | $ | 4,596 | |||||||
Year Ended December 31, | |||||||||||||||||
Dollars in Millions, except per share data | 2020 | 2019 | |||||||||||||||
Net (Loss)/Earnings Attributable to BMS used for Diluted EPS Calculation — GAAP | $ | (9,015) | $ | 3,439 | |||||||||||||
Specified Items | 23,786 | 4,596 | |||||||||||||||
Net Earnings Attributable to BMS used for Diluted EPS Calculation — Non-GAAP | $ | 14,771 | $ | 8,035 | |||||||||||||
Weighted-Average Common Shares Outstanding – Diluted – GAAP | 2,258 | 1,712 | |||||||||||||||
Incremental Shares Attributable to Share-Based Compensation Plans | 35 | — | |||||||||||||||
Weighted Average Common Shares Outstanding — Diluted – Non-GAAP | 2,293 | 1,712 | |||||||||||||||
Diluted (Loss)/Earnings Per Share Attributable to BMS — GAAP | $ | (3.99) | $ | 2.01 | |||||||||||||
Diluted EPS Attributable to Specified Items | 10.43 | 2.68 | |||||||||||||||
Diluted EPS Attributable to BMS — Non-GAAP | $ | 6.44 | $ | 4.69 |
December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Cash and cash equivalents | $ | 14,546 | $ | 12,346 | |||||||
Marketable debt securities — current | 1,285 | 3,047 | |||||||||
Marketable debt securities — non-current | 433 | 767 | |||||||||
Total cash, cash equivalents and marketable debt securities | 16,264 | 16,160 | |||||||||
Short-term debt obligations | (2,340) | (3,346) | |||||||||
Long-term debt | (48,336) | (43,387) | |||||||||
Net debt position | $ | (34,412) | $ | (30,573) |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||||||||
Cash flow provided by/(used in): | |||||||||||||||||
Operating activities | $ | 14,052 | $ | 8,210 | |||||||||||||
Investing activities | (10,859) | (9,913) | |||||||||||||||
Financing activities | (1,151) | 7,621 |
Obligations Expiring by Period | |||||||||||||||||||||||||||||||||||||||||
Dollars in Millions | Total | 2021 | 2022 | 2023 | 2024 | 2025 | Later Years | ||||||||||||||||||||||||||||||||||
Short-term borrowings | $ | 340 | $ | 340 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Long-term debt | 48,711 | 2,000 | 4,750 | 4,767 | 4,286 | 4,201 | 28,707 | ||||||||||||||||||||||||||||||||||
Interest on long-term debt(a)
|
21,835 | 1,573 | 1,522 | 1,389 | 1,280 | 1,169 | 14,902 | ||||||||||||||||||||||||||||||||||
Operating leases(b)
|
1,916 | 196 | 189 | 193 | 158 | 136 | 1,044 | ||||||||||||||||||||||||||||||||||
Purchase obligations | 5,306 | 2,027 | 953 | 703 | 629 | 472 | 522 | ||||||||||||||||||||||||||||||||||
Uncertain tax positions(c)
|
87 | 87 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Deemed repatriation transition tax | 3,295 | 339 | 339 | 567 | 798 | 1,008 | 244 | ||||||||||||||||||||||||||||||||||
Total(d)
|
$ | 81,490 | $ | 6,562 | $ | 7,753 | $ | 7,619 | $ | 7,151 | $ | 6,986 | $ | 45,419 |
Product | Indication | Date | Developments |
Revlimid | Lymphoma | February 2020 |
Received supplemental Japan NDA approval for Revlimid in relapsed or refractory follicular lymphoma and marginal zone lymphoma.
|
Product | Indication | Date | Developments |
Opdivo | NSCLC | October 2020 | Announced that the Phase III CheckMate-816 trial met a primary endpoint of pathologic complete response in resectable NSCLC. | ||||||||
August 2020 |
Ono, our alliance partner for Opdivo in Japan, announced top-line results from the Phase III clinical study TASUKI-52 evaluating Opdivo in combination with bevacizumab and chemotherapy versus placebo in combination with bevacizumab and chemotherapy in chemotherapy-naive patients with stage IIIB/IV or recurrent non-squamous NSCLC. The Opdivo combination group demonstrated a statistically significant improvement in the primary endpoint of progression-free survival in a pre-specified interim analysis.
|
||||||||||
February 2020 |
Ono, our alliance partner for Opdivo in Japan, announced the submission of a supplemental application in Japan for Opdivo to expand the use for the treatment of unresectable advanced or recurrent NSCLC, in combination treatment with platinum-doublet chemotherapy, for a partial change in approved items of the manufacturing and marketing approval.
|
||||||||||
RCC | January 2021 |
Announced FDA approval of Opdivo in combination with Cabometyx* for the first-line treatment of patients with advanced RCC. The approval is based on the Phase III CheckMate-9ER trial.
|
|||||||||
October 2020 |
Ono, our alliance partner for Opdivo in Japan, announced that the companies have submitted a supplemental application for combination therapy of Opdivo and Cabometyx* for development and commercialization in Japan, to expand the use for the combination therapy for the treatment of unresectable or metastatic RCC, for a partial change in approved items of the manufacturing and marketing approval.
|
||||||||||
April 2020 |
Announced with Exelixis, that CheckMate -9ER, a pivotal Phase III trial evaluating Opdivo in combination with Cabometyx* compared to sunitinib in previously untreated advanced or metastatic RCC, met its primary endpoint of progression-free survival at final analysis, as well as the secondary endpoints of overall survival at a pre-specified interim analysis, and objective response rate.
|
||||||||||
February 2020 |
Announced five-year follow-up results from the Phase III CheckMate-025 study, which continue to demonstrate that treatment with Opdivo delivers superior overall survival and objective response rates in patients with previously treated advanced or metastatic RCC compared to those treated with everolimus.
|
||||||||||
Gastric and Esophageal Cancers | January 2021 |
Announced that the FDA has accepted the sBLA for Opdivo for the treatment of patients with resected esophageal or gastroesophageal junction cancer in the adjuvant setting, after neoadjuvant chemoradiation therapy. The FDA granted the application Priority Review and assigned a PDUFA goal date of May 20, 2021. The application is based on results from the Phase III CheckMate-577 trial.
|
|||||||||
January 2021 |
Announced that the EMA validated its MAA for Opdivo as an adjuvant treatment for esophageal or gastroesophageal junction cancer in adult patients with residual pathologic disease after neoadjuvant chemoradiotherapy and resection. The application is based on results from the Phase III CheckMate-577 trial.
|
||||||||||
January 2021 |
Announced that the FDA has accepted the sBLA for Opdivo, in combination with fluoropyrimidine- and platinum-containing chemotherapy, for the treatment of patients with advanced or metastatic gastric cancer, gastroesophageal junction cancer or esophageal adenocarcinoma, based on results from the CheckMate -649 trial. The FDA granted the application Priority Review and assigned a PDUFA goal date of May 25, 2021. The application is based on results from the pivotal Phase III Checkmate-649 trial.
|
||||||||||
January 2021 |
Announced that the EMA validated the Type II Variation MAA for Opdivo in combination with fluoropyrimidine- and platinum-based combination chemotherapy for the first-line treatment of adult patients with advanced or metastatic gastric cancer, gastroesophageal junction cancer or esophageal adenocarcinoma. The application is based on results from the pivotal Phase III Checkmate-649 trial.
|
||||||||||
December 2020 |
Ono, our alliance partner for Opdivo in Japan, announced the submission of a supplemental application for Opdivo to expand the use for the treatment of unresectable advanced or recurrent gastric cancer, for a partial change in approved items of the manufacturing and marketing approval.
|
||||||||||
November 2020 |
Announced EC approval of Opdivo for the treatment of adults with unresectable advanced, recurrent or metastatic esophageal squamous cell carcinoma after prior fluoropyrimidine- and platinum-based combination chemotherapy.
|
||||||||||
September 2020 |
Ono, our alliance partner for Opdivo in Japan, announced that the results from Phase II/III clinical study evaluating Opdivo in combination with chemotherapy versus placebo in combination with chemotherapy in patients with unresectable advanced or recurrent gastric cancer who are negative for human epidermal growth factor receptor 2, and previously untreated with the first-line therapy in Japan, South Korea and Taiwan that the Opdivo combination group demonstrated a statistically significant improvement in one of the two primary endpoints of progression-free survival, but did not show a statistically significant improvement in overall survival, the other primary endpoint versus control combination group.
|
Product | Indication | Date | Developments |
Opdivo | Gastric and Esophageal Cancers | August 2020 |
Announced that CheckMate-649, a pivotal Phase III trial evaluating Opdivo plus chemotherapy compared to chemotherapy alone as a first-line treatment for metastatic gastric cancer, gastroesophageal junction cancer or esophageal adenocarcinoma, met both primary endpoints of overall survival at a pre-specified interim analysis and progression-free survival at final analysis in patients whose tumors express PD-L1 with a combined positive score ≥ 5. The overall survival benefit was also observed in the all-randomized population.
|
||||||||
August 2020 |
Announced that the Phase III CheckMate-577 trial evaluating Opdivo as an adjuvant therapy for patients with resected esophageal or gastroesophageal junction cancer met its primary endpoint of disease-free survival at a pre-specified interim analysis.
|
||||||||||
June 2020 |
Announced that Opdivo was approved by the FDA for the treatment of patients with unresectable advanced, recurrent or metastatic ESCC after prior fluoropyrimidine- and platinum-based chemotherapy. This application was granted Priority Review Designation by the FDA, and Opdivo is the first approved immunotherapy in this setting regardless of tumor PD-L1 expression level.
|
||||||||||
May 2020 |
Ono, our alliance partner for Opdivo in Japan, announced the submission of a supplemental application for Opdivo to expand the use for the treatment of patients with unresectable advanced or recurrent gastric cancer who have not been previously treated, for a partial change in approved items of the manufacturing and marketing approval.
|
||||||||||
March 2020 |
Received NMPA approval for Opdivo in 3L gastric cancer in China. The approval was supported by the ONO-4538-12 Phase III study.
|
||||||||||
February 2020 |
Ono, our alliance partner for Opdivo in Japan, announced that Japan’s MHLW approved Opdivo for the treatment of patients with unresectable advanced or recurrent ESCC that has progressed following chemotherapy. The approval was based on the Phase III ATTRACTION-3 trial conducted by Ono in collaboration with BMS, which evaluated Opdivo versus chemotherapy (docetaxel or paclitaxel) for the treatment of patients with unresectable advanced or recurrent ESCC refractory or intolerant to combination therapy with fluoropyrimidine and platinum-based drugs.
|
||||||||||
SCLC | December 2020 |
Announced that in consultation with the FDA, we withdrew the U.S. indication for Opdivo in SCLC following platinum-based chemotherapy and at least one other line of therapy. Opdivo was granted accelerated approval for SCLC in 2018 based on surrogate endpoints from the Phase I/II CheckMate-032 trial in advanced or metastatic solid tumors, which demonstrated encouraging response rates and duration of response in SCLC. However, subsequent confirmatory studies in different treatment settings, CheckMate-451 and CheckMate-331, did not meet their primary endpoints of overall survival.
|
|||||||||
CRC | February 2020 |
Ono, our alliance partner for Opdivo in Japan, announced that Japan's MHLW approved Opdivo for the treatment of patients with MSI-H unresectable advanced or recurrent CRC that has progressed following chemotherapy. The approval was based on the the result from Opdivo monotherapy cohort of a multi-center, open-label Phase II CheckMate-142 study conducted by BMS, evaluating Opdivo in patients with HSI-H or mismatch repair deficient recurrent or metastatic CRC that has progressed on or after, or been intolerant of prior treatment with chemotherapy including fluoropyrimidine anticancer drugs.
|
|||||||||
Glioblastoma | December 2020 |
Following a routine review by an independent data monitoring commitee (DMC), BMS was informed that the Phase III CheckMate-548 trial, evaluating Opdivo plus standard of care (temozolomide and radiation therapy) in newly diagnosed glioblastoma multiforme with O6-methylguanine-DNA methyltransferase promoter methylation following surgical resection of the tumor, will not meet its primary endpoint of overall survival in patients with no baseline corticosteroid use or in the overall randomized population. Based on the DMC recommendation, investigators will be unblinded to treatment assignments, and patients currently deriving benefit from Opdivo permitted to continue treatment if agreed to with their physician.
|
|||||||||
Bladder | February 2021 |
Announced results from the Phase III CheckMate-274 trial, which showed that Opdivo significantly improved disease-free survival as an adjuvant treatment across all randomized patients with surgically resected, high-risk muscle-invasive urothelial carcinoma and in the subgroup of patients whose tumors express PD-L1 ≥1%, meeting both of the study’s primary endpoints.
|
|||||||||
Ovarian Cancer | January 2020 |
Ono, our alliance partner for Opdivo in Japan, announced that Opdivo did not demonstrate a significant improvement in overall survival, a primary endpoint, versus chemotherapy in patients with platinum-refractory advanced or recurrent ovarian cancer in the final analysis of a multi-center, randomized, open-label Phase III clinical study (ONO-4538-23) conducted in Japan.
|
Product | Indication | Date | Developments |
Opdivo+Yervoy | NSCLC | November 2020 |
Announced EC approval of Opdivo plus Yervoy with two cycles of platinum-based chemotherapy for the first-line treatment of adult patients with metastatic NSCLC whose tumors have no sensitizing epidermal growth factor receptor mutation or anaplastic lymphoma kinase translocation.
|
||||||||
November 2020 |
Ono, our alliance partner for Opdivo in Japan, announced that the companies received approval in Japan for the following combination therapies of Opdivo and Yervoy for the first-line treatment of unresectable, advanced or recurrent NSCLC for a partial change in approved items of the manufacturing and marketing approval in Japan: (i) combination therapy with Opdivo and Yervoy, (ii) combination therapy with Opdivo, Yervoy plus chemotherapy and (iii) combination therapy with Opdivo and chemotherapy
|
||||||||||
May 2020 |
Announced FDA approval of Opdivo+Yervoy given with two cycles of platinum-doublet chemotherapy for the first-line treatment of adult patients with metastatic or recurrent NSCLC with no EGFR or ALK genomic tumor aberrations. The therapy is approved for patients with squamous or non-squamous disease and regardless of PD-L1 expression.
|
||||||||||
May 2020 |
Announced FDA approval of Opdivo+Yervoy for the first-line treatment of adult patients with metastatic NSCLC whose tumors express PD-L1 (≥1%) as determined by an FDA-approved test, with no EGFR or ALK genomic tumor aberrations.
|
||||||||||
May 2020 |
Announced three-year follow-up results from Part 1 of the Phase III CheckMate-227 trial in metastic NSCLC, demonstrating that Opdivo+Yervoy provided sustained improvements in overall survival and additional efficacy measures as a first-line treatment compared to chemotherapy among patients whose tumors expressed PD-L1 ≥1%.
|
||||||||||
January 2020 |
Announced voluntary withdrawal of the Company's application in the EU for the combination of Opdivo and Yervoy for the treatment of advanced NSCLC based on data from CheckMate-227. The application was originally filed in 2018 for patients with first-line NSCLC who have tumor mutational burden ≥10 mutations/megabase, based on the final analysis of progression-free survival, a co-primary endpoint in the trial. The application was subsequently amended to include the statistically significant result of overall survival, a co-primary endpoint, from CheckMate-227 Part 1a evaluating Opdivo+Yervoy versus chemotherapy in patients whose tumors expressed PD-L1 ≥1%.
Though the CHMP acknowledged the integrity of the patient level data, the CHMP determined a full assessment of the application was not possible following multiple protocol changes the company made in response to rapidly evolving science and data. The company has no plans to refile this application in the EU. |
||||||||||
Melanoma | October 2020 |
Announced results for the co-primary endpoint for CheckMate-915, a randomized Phase III study evaluating Opdivo plus Yervoy versus Opdivo for patients who have had a complete surgical removal of stage IIIb/c/d or stage IV melanoma. The addition of Yervoy to Opdivo in this trial did not result in a statistically significant improvement in recurrence-free survival in the all-comer (intent-to-treat) population.
|
|||||||||
MPM | October 2020 |
Announced FDA approval of Opdivo+Yervoy for the first-line treatment of adult patients with unresectable MPM. This approval is based on a pre-specified interim analysis from the Phase III CheckMate-743 trial in which Opdivo+Yervoy demonstrated superior overall survival versus the platinum-based standard of care chemotherapy.
|
|||||||||
October 2020 |
Ono, our alliance partner for Opdivo in Japan announced that the companies have submitted supplemental applications in Japan for Opdivo and Yervoy in combination treatment to expand the use for first-line treatment of unresectable advanced or recurrent MPM, for a partial change in aprpoved items of the manufacturing and marketing approval.
|
||||||||||
September 2020 |
Announced that the EMA validated the type II variation application for Opdivo plus Yervoy for treatment of patients with previously untreated, unresectable MPM.
|
||||||||||
April 2020 |
Announced that CheckMate-743, a pivotal Phase III trial evaluating Opdivo in combination with Yervoy in previously untreated MPM met its primary endpoint of overall survival. Based on a pre-specified interim analysis conducted by the independent data monitoring committee, Opdivo in combination with Yervoy resulted in a statistically significant and clinically meaningful improvement in overall survival compared to chemotherapy (pemetrexed and cisplatin or carboplatin).
|
Product | Indication | Date | Developments |
Opdivo+Yervoy | RCC | September 2020 |
Announced that more than half of advanced RCC patients treated with the Opdivo plus Yervoy combination were alive after four years across the entire study population of the Phase III CheckMate-214 clinical trial, with the combination continuing to show superior, long-term overall survival and durable responses compared to sunitinib.
|
||||||||
February 2020 |
Announced updated results from the Phase III CheckMate-214 study evaluating the combination of Opdivo+Yervoy versus sunitinib in patients with previously untreated advanced or metastatic RCC. With a minimum follow-up of 42 months, the combination of Opdivo+Yervoy continues to show superior overall survival, objective response rates, duration of response and complete response rates. The safety profile for Opdivo+Yervoy was consistent with prior findings and no new safety signals or drug-related death occurred with extended follow-up. The data were presented at the American Society of Clinical Oncology 2020 Genitourinary Cancers Symposium in San Francisco.
|
||||||||||
CRC | September 2020 |
Ono, our alliance partner for Opdivo in Japan announced that the companies received approval for combination therapy of Opdivo and Yervoy in Japan to expand the combination use for the treatment of microsatellite instability high unresectable advanced or recurrent CRC that has progressed following chemotherapy, for a partial change in approved items of the manufacturing and marketing approval.
|
|||||||||
HCC | March 2020 |
Announced that Opdivo 1mg/kg plus Yervoy 3 mg/kg (injections for intravenous use) was approved by the FDA to treat HCC in patients who have been previously treated with sorafenib. Approval for this indication has been granted under accelerated approval based on overall response rate and duration of response seen in the Opdivo+Yervoy cohort of the Phase I/II CheckMate-040 trial. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials.
|
Orencia | RA | June 2020 |
Announced results from the open-label switch period of Early AMPLE, a Phase IV exploratory biomarker study assessing the differences by which Orencia and adalimumab interfere with disease progression in moderate-to-severe early RA patients seropositive for certain autoantibodies. Early seropositive RA patients treated with Orencia demonstrated substantial clinical improvements at week 48, sustaining the level of responses achieved at week 24 compared to adalimumab. In seropositive patients switching from adalimumab to Orencia, the efficacy responses generally increased over the open-label period to week 48.
|
||||||||
February 2020 |
Ono, our alliance partner for Orencia in Japan, announced that the Companies have received an approval of “Orencia for Intravenous Infusion 250mg,” “Orencia for Subcutaneous Injection 125mg Syringe 1mL” and “Orencia for Subcutaneous Injection 125mg Auto-injector 1mL” (“Orencia”) to include the description of “prevention of the structural damage of the joints” in the currently approved indication of RA for a partial change in approved items of the manufacturing and marketing approval in Japan.
|
Pomalyst | Kaposi sarcoma | May 2020 |
Announced FDA approval of Pomalyst for patients with AIDS-related Kaposi sarcoma whose disease has become resistant to highly active antiretroviral therapy, or in patients with Kaposi sarcoma who are HIV-negative. Pomalyst was granted accelerated approval, Breakthrough Therapy designation and Orphan Drug designation in these indications.
|
Empliciti+
Revlimid |
Multiple Myeloma | March 2020 |
Announced topline results from the Phase III ELOQUENT-1 trial evaluating the combination of Empliciti plus Revlimid and dexamethasone, versus Revlimid and dexamethasone alone, in patients with newly diagnosed, previously untreated multiple myeloma who are transplant ineligible. At final analysis, the addition of Empliciti did not show a statistically significant improvement in progression-free survival, the study’s primary endpoint.
|
Reblozyl | MDS | June 2020 |
Announced EC approval of Reblozyl for the treatment of adult patients with transfusion-dependent anemia due to very low-, low- and intermediate-risk MDS with ring sideroblasts, who had an unsatisfactory response or are ineligible for erythropoietin-based therapy.
|
||||||||
April 2020 |
Announced FDA approval of Reblozyl for the treatment of anemia failing an erythropoiesis stimulating agent and requiring 2 or more red blood cell units over 8 weeks in adult patients with very low- to intermediate-risk MDS with ring sideroblasts or with myelodysplastic/myeloproliferative neoplasm with ring sideroblasts and thrombocytosis.
|
||||||||||
Beta Thalassemia | June 2020 |
Announced EC approval of Reblozyl for adult patients with transfusion-dependent anemia associated with beta thalassemia.
|
Product | Indication | Date | Developments |
Zeposia | UC | February 2021 |
Announced that the FDA has accepted the sNDA for Zeposia for the treatment of adults with moderately to severely active UC. The FDA granted the application Priority Review and assigned a PDUFA goal date of May 30, 2021.
|
||||||||
December 2020 |
Announced that the EMA validated the MAA for Zeposia for the treatment of adults with moderately to severely active UC.
|
||||||||||
June 2020 |
Announced that the pivotal Phase III trial True North, evaluating oral Zeposia as an induction and maintenance therapy for adult patients with moderate to severe UC, met both primary endpoints of induction of clinical remission at Week 10 and in maintenance at Week 52 (p-value < 0.0001). The study also met key secondary endpoints of clinical response and endoscopic improvement in induction at these timepoints, with a safety profile consistent with that observed in previously reported trials.
|
||||||||||
RMS | September 2020 |
Announced interim results from the Phase III open-label extension trial DAYBREAK, demonstrating the long-term efficacy and safety profile of Zeposia in patients with RMS. The trial included 2,494 patients who had previously completed a Phase I, II or III Zeposia clinical trial and who had an average treatment time of 35.4 months while in DAYBREAK and no new safety concerns emerged with long-term use of Zeposia.
|
|||||||||
May 2020 |
Announced EC approval of Zeposia for the treatment of adult patients with RRMS with active disease as defined by clinical or imaging features. With the EC marketing authorization, Zeposia, an oral medication taken once daily, becomes the only approved sphingosine-1-phosphate receptor modulator for RRMS patients with active disease.
|
||||||||||
March 2020 |
Announced that the FDA approved Zeposia (ozanimod) 0.92 mg for the treatment of adults with RMS, including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease. Zeposia, an oral medication taken once daily, is the only approved sphingosine-1-phosphate receptor modulator that offers RMS patients an initiation with no genetic test and no label-based first-dose observation required for patients. An up-titration scheme should be used to reach the maintenance dosage of Zeposia, as a transient decrease in heart rate and atrioventricular conduction delays may occur.
|
Inrebic | Myelofibrosis | February 2021 |
Announced EC approval for Inrebic for the treatment of disease-related splenomegaly (enlarged spleen) or symptoms in adult patients with primary myelofibrosis, post-polycythaemia vera myelofibrosis or post-essential thrombocythaemia myelofibrosis, who are JAK inhibitor naïve or have been treated with ruxolitinib.
|
Onureg | AML | September 2020 |
Announced FDA approval of Onureg (azacitidine) for the continued treatment of adult patients with AML who achieved first complete remission or complete remission with incomplete blood count recovery following intensive induction chemotherapy and who are not able to complete intensive curative therapy.
|
||||||||
May 2020 |
Announced that the EMA validated the MAA for CC-486 (Onureg) for the maintenance treatment of adult patients with AML, who achieved complete remission or complete remission with incomplete blood count recovery, following induction therapy with or without consolidation treatment, and who are not candidates for, or who choose not to proceed to, hematopoietic stem cell transplantation.
|
Breyanzi
(liso-cel)
|
Lymphoma | February 2021 |
Announced that the FDA approved Breyanzi (lisocabtagene maraleucel; liso-cel), for the treatment of adult patients with relapsed or refractory large B-cell lymphoma after two or more lines of systemic therapy, including diffuse large B-cell lymphoma not otherwise specified (including DLBCL arising from indolent lymphoma), high-grade B-cell lymphoma, primary mediastinal large B-cell lymphoma, and follicular lymphoma grade 3B.
|
||||||||
July 2020 | Announced that the EMA validated the MAA for liso-cel, an investigational CD19-directed CAR T cell therapy, for the treatment of adults with relapsed or refractory diffuse large B-cell lymphoma, primary mediastinal B-cell lymphoma and follicular lymphoma grade 3B after at least two prior therapies. |
ide-cel; bb2121 | Multiple Myeloma | September 2020 | Announced with bluebird bio that the FDA has accepted for Priority Review the BLA for ide-cel for the treatment of adult patients with multiple myeloma who have received at least three prior therapies, including an immunomodulatory agent, a proteasome inhibitor and an anti-CD38 antibody. The FDA has set a PDUFA goal date of March 27, 2021. | ||||||||
May 2020 | Announced that the EMA validated the MAA for ide-cel (bb2121) for the treatment of adult patients with multiple myeloma who have received at least three prior therapies, including an immunomodulatory agent, a proteasome inhibitor and an anti-CD38 antibody. Ide-cel was granted Accelerated Assessment status by the EMA in March 2020, reducing the maximum timeframe for review of the application to 150 days. | ||||||||||
May 2020 |
With bluebird, announced updated results from the pivotal, Phase II KarMMa study evaluating the efficacy and safety of ide-cel (bb2121) in RRMM. Patients with heavily pretreated RRMM who were exposed to at least three prior therapies and were refractory to their last regimen were treated with ide-cel across a range of target dose levels. ORR was 73% across all dose levels, including 33% of patients who had a complete remission or stringent complete remission. Clinically meaningful benefit was consistently observed across subgroups, and nearly all subgroups had an ORR of 50% or greater, including older and high-risk patients.
|
deucravacitinib
(BMS-986165)
|
Plaque Psoriasis | February 2021 | Announced positive results from POETYK PSO-2, the second pivotal Phase III trial evaluating deucravacitinib, a novel, oral, selective tyrosine kinase 2 inhibitor, for the treatment of patients with moderate to severe plaque psoriasis. POETYK PSO-2 evaluated deucravacitinib 6 mg once daily and met both co-primary endpoints versus placebo, with significantly more patients achieving Psoriasis Area and Severity Index (PASI 75), defined as at least a 75 percent improvement of baseline PASI, and a static Physician's Global Assessment (sPGA) score of clear or almost clear (sPGA 0/1) after 16 weeks of treatment with deucravacitinib. | ||||||||
November 2020 |
Announced results from the Phase III POETYK PSO-1 trial evaluating deucravacitinib (BMS-986165), a novel, oral, selective tyrosine kinase 2 inhibitor, for the treatment of patients with moderate to severe plaque psoriasis. POETYK PSO-1 met both co-primary endpoints versus placebo, with more patients achieving Psoriasis Area and Severity Index (PASI) 75, defined as at least a 75 percent improvement in PASI, and a static Physician’s Global Assessment (sPGA) score of clear or almost clear (sPGA 0/1) after 16 weeks of treatment. The trial also met multiple key secondary endpoints, including showing deucravacitinib was superior to Otezla* in the proportion of patients reaching a PASI 75 response and sPGA 0/1 at Week 16.
|
Idhifa | AML | August 2020 |
Announced that the Phase III IDHENTIFY study evaluating Idhifa plus best supportive care (BSC) versus conventional care regimens, which include BSC only, azacitidine plus BSC, low-dose cytarabine plus BSC or intermediate-dose cytarabine plus BSC, did not meet the primary endpoint of overall survival in patients with relapsed or refractory AML with an isocitrate dehydrogenase-2 mutation.
|
Item 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. |
Item 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. |
Year Ended December 31, | |||||||||||||||||
EARNINGS | 2020 | 2019 | 2018 | ||||||||||||||
Net product sales | $ | 41,321 | $ | 25,174 | $ | 21,581 | |||||||||||
Alliance and other revenues | 1,197 | 971 | 980 | ||||||||||||||
Total Revenues | 42,518 | 26,145 | 22,561 | ||||||||||||||
Cost of products sold(a)
|
11,773 | 8,078 | 6,467 | ||||||||||||||
Marketing, selling and administrative | 7,661 | 4,871 | 4,551 | ||||||||||||||
Research and development | 11,143 | 6,148 | 6,332 | ||||||||||||||
IPRD charge - MyoKardia acquisition | 11,438 | — | — | ||||||||||||||
Amortization of acquired intangible assets | 9,688 | 1,135 | 97 | ||||||||||||||
Other (income)/expense, net | (2,314) | 938 | (854) | ||||||||||||||
Total Expenses | 49,389 | 21,170 | 16,593 | ||||||||||||||
(Loss)/Earnings Before Income Taxes | (6,871) | 4,975 | 5,968 | ||||||||||||||
Provision for Income Taxes | 2,124 | 1,515 | 1,021 | ||||||||||||||
Net (Loss)/Earnings | (8,995) | 3,460 | 4,947 | ||||||||||||||
Noncontrolling Interest | 20 | 21 | 27 | ||||||||||||||
Net (Loss)/Earnings Attributable to BMS | $ | (9,015) | $ | 3,439 | $ | 4,920 | |||||||||||
(Loss)/Earnings per Common Share | |||||||||||||||||
Basic | $ | (3.99) | $ | 2.02 | $ | 3.01 | |||||||||||
Diluted | (3.99) | 2.01 | 3.01 |
Year Ended December 31, | |||||||||||||||||
COMPREHENSIVE (LOSS)/INCOME | 2020 | 2019 | 2018 | ||||||||||||||
Net (Loss)/Earnings | $ | (8,995) | $ | 3,460 | $ | 4,947 | |||||||||||
Other Comprehensive (Loss)/Income, net of taxes and reclassifications to earnings: | |||||||||||||||||
Derivatives qualifying as cash flow hedges | (256) | (32) | 70 | ||||||||||||||
Pension and postretirement benefits | (75) | 1,203 | 53 | ||||||||||||||
Available-for-sale securities | 5 | 36 | (25) | ||||||||||||||
Foreign currency translation | 7 | 35 | (254) | ||||||||||||||
Total Other Comprehensive (Loss)/Income | (319) | 1,242 | (156) | ||||||||||||||
Comprehensive (Loss)/Income | (9,314) | 4,702 | 4,791 | ||||||||||||||
Comprehensive Income Attributable to Noncontrolling Interest | 20 | 21 | 27 | ||||||||||||||
Comprehensive (Loss)/Income Attributable to BMS | $ | (9,334) | $ | 4,681 | $ | 4,764 |
December 31, | |||||||||||
ASSETS | 2020 | 2019 | |||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 14,546 | $ | 12,346 | |||||||
Marketable debt securities | 1,285 | 3,047 | |||||||||
Receivables | 8,501 | 7,685 | |||||||||
Inventories | 2,074 | 4,293 | |||||||||
Other current assets | 3,786 | 1,983 | |||||||||
Total Current Assets | 30,192 | 29,354 | |||||||||
Property, plant and equipment | 5,886 | 6,252 | |||||||||
Goodwill | 20,547 | 22,488 | |||||||||
Other intangible assets | 53,243 | 63,969 | |||||||||
Deferred income taxes | 1,161 | 510 | |||||||||
Marketable debt securities | 433 | 767 | |||||||||
Other non-current assets | 7,019 | 6,604 | |||||||||
Total Assets | $ | 118,481 | $ | 129,944 | |||||||
LIABILITIES | |||||||||||
Current Liabilities: | |||||||||||
Short-term debt obligations | $ | 2,340 | $ | 3,346 | |||||||
Accounts payable | 2,713 | 2,445 | |||||||||
Other current liabilities | 14,027 | 12,513 | |||||||||
Total Current Liabilities | 19,080 | 18,304 | |||||||||
Deferred income taxes | 5,407 | 6,454 | |||||||||
Long-term debt | 48,336 | 43,387 | |||||||||
Other non-current liabilities | 7,776 | 10,101 | |||||||||
Total Liabilities | 80,599 | 78,246 | |||||||||
Commitments and contingencies | |||||||||||
EQUITY | |||||||||||
Bristol-Myers Squibb Company Shareholders’ Equity: | |||||||||||
Preferred stock, $2 convertible series, par value $1 per share: Authorized 10 million shares; issued and outstanding 3,484 in 2020 and 3,568 in 2019, liquidation value of $50 per share
|
— | — | |||||||||
Common stock, par value of $0.10 per share: Authorized 4.5 billion shares; 2.9 billion issued in 2020 and 2019
|
292 | 292 | |||||||||
Capital in excess of par value of stock | 44,325 | 43,709 | |||||||||
Accumulated other comprehensive loss | (1,839) | (1,520) | |||||||||
Retained earnings | 21,281 | 34,474 | |||||||||
Less cost of treasury stock — 679 million common shares in 2020 and 672 million common shares in 2019
|
(26,237) | (25,357) | |||||||||
Total Bristol-Myers Squibb Company Shareholders’ Equity
|
37,822 | 51,598 | |||||||||
Noncontrolling interest | 60 | 100 | |||||||||
Total Equity | 37,882 | 51,698 | |||||||||
Total Liabilities and Equity | $ | 118,481 | $ | 129,944 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||
Net (loss)/earnings | $ | (8,995) | $ | 3,460 | $ | 4,947 | |||||||||||
Adjustments to reconcile net (loss)/earnings to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization, net | 10,380 | 1,746 | 637 | ||||||||||||||
Deferred income taxes | 983 | (924) | 45 | ||||||||||||||
Stock-based compensation | 779 | 441 | 221 | ||||||||||||||
Impairment charges | 1,203 | 199 | 126 | ||||||||||||||
Pension settlements and amortization | 43 | 1,688 | 186 | ||||||||||||||
Divestiture gains and royalties | (699) | (1,855) | (992) | ||||||||||||||
IPRD charge - MyoKardia acquisition | 11,438 | — | — | ||||||||||||||
Asset acquisition charges | 1,099 | 63 | 1,211 | ||||||||||||||
Equity investment (gains)/losses | (1,228) | (275) | 513 | ||||||||||||||
Contingent consideration fair value adjustments | (1,757) | 523 | — | ||||||||||||||
Other adjustments | (177) | (26) | (45) | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Receivables | (646) | 752 | (429) | ||||||||||||||
Inventories | 2,672 | 463 | (216) | ||||||||||||||
Accounts payable | 188 | 229 | (59) | ||||||||||||||
Income taxes payable | (2,305) | 907 | 203 | ||||||||||||||
Other | 1,074 | 819 | 718 | ||||||||||||||
Net Cash Provided by Operating Activities | 14,052 | 8,210 | 7,066 | ||||||||||||||
Cash Flows From Investing Activities: | |||||||||||||||||
Sale and maturities of marketable debt securities | 6,280 | 3,809 | 2,379 | ||||||||||||||
Purchase of marketable debt securities | (4,172) | (3,961) | (2,305) | ||||||||||||||
Capital expenditures | (753) | (836) | (951) | ||||||||||||||
Divestiture and other proceeds | 870 | 15,852 | 1,249 | ||||||||||||||
Acquisition and other payments, net of cash acquired | (13,084) | (24,777) | (2,372) | ||||||||||||||
Net Cash Used in Investing Activities | (10,859) | (9,913) | (2,000) | ||||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||
Short-term debt obligations, net | (267) | 131 | (543) | ||||||||||||||
Issuance of long-term debt | 6,945 | 26,778 | — | ||||||||||||||
Repayment of long-term debt | (2,750) | (9,256) | (5) | ||||||||||||||
Repurchase of common stock | (1,546) | (7,300) | (320) | ||||||||||||||
Dividends | (4,075) | (2,679) | (2,613) | ||||||||||||||
Other | 542 | (53) | (54) | ||||||||||||||
Net Cash (Used in)/Provided by Financing Activities | (1,151) | 7,621 | (3,535) | ||||||||||||||
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash | 111 | (9) | (41) | ||||||||||||||
Increase in Cash, Cash Equivalents and Restricted Cash | 2,153 | 5,909 | 1,490 | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 12,820 | 6,911 | 5,421 | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Year | $ | 14,973 | $ | 12,820 | $ | 6,911 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Net product sales | $ | 41,321 | $ | 25,174 | $ | 21,581 | |||||||||||
Alliance revenues | 615 | 597 | 647 | ||||||||||||||
Other revenues | 582 | 374 | 333 | ||||||||||||||
Total Revenues | $ | 42,518 | $ | 26,145 | $ | 22,561 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
McKesson Corporation | 31 | % | 26 | % | 25 | % | |||||||||||
AmerisourceBergen Corporation | 25 | % | 20 | % | 20 | % | |||||||||||
Cardinal Health, Inc. | 19 | % | 17 | % | 17 | % |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Gross product sales | $ | 60,016 | $ | 37,206 | $ | 30,174 | |||||||||||
GTN adjustments(a)
|
|||||||||||||||||
Charge-backs and cash discounts | (5,827) | (3,675) | (2,735) | ||||||||||||||
Medicaid and Medicare rebates | (7,595) | (4,941) | (3,225) | ||||||||||||||
Other rebates, returns, discounts and adjustments | (5,273) | (3,416) | (2,633) | ||||||||||||||
Total GTN adjustments | (18,695) | (12,032) | (8,593) | ||||||||||||||
Net product sales | $ | 41,321 | $ | 25,174 | $ | 21,581 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Prioritized Brands | |||||||||||||||||
Revlimid | $ | 12,106 | $ | 1,299 | $ | — | |||||||||||
Eliquis | 9,168 | 7,929 | 6,438 | ||||||||||||||
Opdivo | 6,992 | 7,204 | 6,735 | ||||||||||||||
Orencia | 3,157 | 2,977 | 2,710 | ||||||||||||||
Pomalyst/Imnovid | 3,070 | 322 | — | ||||||||||||||
Sprycel | 2,140 | 2,110 | 2,000 | ||||||||||||||
Yervoy | 1,682 | 1,489 | 1,330 | ||||||||||||||
Abraxane | 1,247 | 166 | — | ||||||||||||||
Empliciti | 381 | 357 | 247 | ||||||||||||||
Reblozyl | 274 | — | — | ||||||||||||||
Inrebic | 55 | 5 | — | ||||||||||||||
Onureg | 17 | — | — | ||||||||||||||
Zeposia | 12 | — | — | ||||||||||||||
Established Brands | |||||||||||||||||
Vidaza | 455 | 58 | — | ||||||||||||||
Baraclude | 447 | 555 | 744 | ||||||||||||||
Other Brands(a)
|
1,315 | 1,674 | 2,357 | ||||||||||||||
Total Revenues | $ | 42,518 | $ | 26,145 | $ | 22,561 | |||||||||||
United States | $ | 26,577 | $ | 15,342 | $ | 12,586 | |||||||||||
Europe | 9,853 | 6,266 | 5,658 | ||||||||||||||
Rest of World | 5,457 | 4,013 | 3,733 | ||||||||||||||
Other(b)
|
631 | 524 | 584 | ||||||||||||||
Total Revenues | $ | 42,518 | $ | 26,145 | $ | 22,561 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Revenues from alliances: | |||||||||||||||||
Net product sales | $ | 9,364 | $ | 9,944 | $ | 8,359 | |||||||||||
Alliance revenues | 615 | 597 | 647 | ||||||||||||||
Total Revenues | $ | 9,979 | $ | 10,541 | $ | 9,006 | |||||||||||
Payments to/(from) alliance partners: | |||||||||||||||||
Cost of products sold | $ | 4,485 | $ | 4,169 | $ | 3,439 | |||||||||||
Marketing, selling and administrative | (128) | (127) | (104) | ||||||||||||||
Research and development | 349 | 42 | 1,044 | ||||||||||||||
Other (income)/expense, net | (74) | (60) | (67) |
Selected Alliance Balance Sheet Information: | December 31, | ||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Receivables – from alliance partners | $ | 343 | $ | 347 | |||||||
Accounts payable – to alliance partners | 1,093 | 1,026 | |||||||||
Deferred income from alliances(a)
|
366 | 431 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Revenues from Pfizer alliance: | |||||||||||||||||
Net product sales | $ | 8,942 | $ | 7,711 | $ | 6,329 | |||||||||||
Alliance revenues | 226 | 218 | 109 | ||||||||||||||
Total Revenues | $ | 9,168 | $ | 7,929 | $ | 6,438 | |||||||||||
Payments to/(from) Pfizer: | |||||||||||||||||
Cost of products sold – Profit sharing | $ | 4,331 | $ | 3,745 | $ | 3,078 | |||||||||||
Other (income)/expense, net – Amortization of deferred income | (55) | (55) | (55) |
Selected Alliance Balance Sheet Information: | December 31, | ||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Receivables | $ | 253 | $ | 247 | |||||||
Accounts payable | 1,024 | 922 | |||||||||
Deferred income | 300 | 355 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Revenues from Ono alliances: | |||||||||||||||||
Net product sales | $ | 194 | $ | 194 | $ | 165 | |||||||||||
Alliance revenues | 382 | 305 | 294 | ||||||||||||||
Total Revenues | $ | 576 | $ | 499 | $ | 459 |
Amounts in Millions, Except Per Share Data | Total Consideration | ||||
Celgene shares outstanding at November 19, 2019 | 714.9 | ||||
Cash per share | $ | 50 | |||
Cash consideration for outstanding shares | 35,745 | ||||
Celgene shares outstanding at November 19, 2019 | 714.9 | ||||
Closing price of BMS common stock on November 19, 2019 | $ | 56.48 | |||
Estimated fair value of share consideration | 40,378 | ||||
Celgene shares outstanding at November 19, 2019 | 714.9 | ||||
Closing price of CVR(a)
|
$ | 2.30 | |||
Fair value of CVRs | 1,644 | ||||
Fair value of replacement options | 1,428 | ||||
Fair value of replacement restricted share awards | 987 | ||||
Fair value of CVRs issued to option and share award holders | 87 | ||||
Fair value of share-based compensation awards attributable to pre-combination service(b)
|
2,502 | ||||
Total consideration transferred | $ | 80,269 |
Dollars in Millions |
Amounts Recognized as of Acquisition Date
(as previously reported) |
Measurement Period Adjustments | Purchase Price Allocation | ||||||||||||||
Cash and cash equivalents | $ | 11,179 | $ | — | $ | 11,179 | |||||||||||
Receivables | 2,652 | — | 2,652 | ||||||||||||||
Inventories | 4,511 | — | 4,511 | ||||||||||||||
Property, plant and equipment | 1,342 | (277) | 1,065 | ||||||||||||||
Intangible assets(a)
|
64,027 | (100) | 63,927 | ||||||||||||||
Otezla* assets held-for-sale(b)
|
13,400 | — | 13,400 | ||||||||||||||
Other assets | 3,408 | 43 | 3,451 | ||||||||||||||
Accounts payable | (363) | — | (363) | ||||||||||||||
Income taxes payable | (2,718) | (38) | (2,756) | ||||||||||||||
Deferred income tax liabilities | (7,339) | 2,336 | (5,003) | ||||||||||||||
Debt | (21,782) | — | (21,782) | ||||||||||||||
Other liabilities | (4,017) | 15 | (4,002) | ||||||||||||||
Identifiable net assets acquired | 64,300 | 1,979 | 66,279 | ||||||||||||||
Goodwill(c)
|
15,969 | (1,979) | 13,990 | ||||||||||||||
Total consideration transferred | $ | 80,269 | $ | — | $ | 80,269 |
Year Ended December 31, | |||||||||||
Amounts in Million | 2019 | 2018 | |||||||||
Total Revenues | $ | 39,759 | $ | 36,243 | |||||||
Net Earnings/(Loss) | 3,369 | (4,083) | |||||||||
Amounts in Million | Amounts | ||||
Cash consideration for outstanding shares | $ | 12,030 | |||
Cash consideration for stock awards | 1,059 | ||||
Consideration paid | 13,089 | ||||
Less: Charge for unvested stock awards(a)
|
482 | ||||
Transaction costs | 53 | ||||
Consideration to be allocated | $ | 12,660 | |||
Other intangible assets(b)
|
$ | 11,553 | |||
Cash and cash equivalents | 861 | ||||
Deferred income taxes | 295 | ||||
Other assets | 177 | ||||
Other liabilities | (226) | ||||
Total assets acquired, net | $ | 12,660 |
Proceeds(a)
|
Divestiture Gains | Royalty Income | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Diabetes Business | $ | 558 | $ | 661 | $ | 579 | $ | — | $ | — | $ | — | $ | (567) | $ | (650) | $ | (661) | |||||||||||||||||||||||||||||||||||
Erbitux* Business
|
13 | 15 | 216 | — | — | — | — | (23) | (145) | ||||||||||||||||||||||||||||||||||||||||||||
Manufacturing Operations | 10 | 48 | 160 | (1) | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Plavix* and Avapro*/Avalide*
|
7 | — | 80 | (12) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Otezla* | — | 13,400 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
UPSA Business | — | 1,508 | — | — | (1,157) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Mature Brands and Other | 127 | 10 | 212 | (42) | (12) | (178) | (77) | (13) | (8) | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 715 | $ | 15,642 | $ | 1,247 | $ | (55) | $ | (1,168) | $ | (178) | $ | (644) | $ | (686) | $ | (814) |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Keytruda* royalties
|
$ | (681) | $ | (545) | $ | (343) | |||||||||||
Tecentriq* royalties
|
(19) | — | — | ||||||||||||||
Up-front licensing fees | (30) | (29) | (61) | ||||||||||||||
Contingent milestone income | (72) | (31) | (37) | ||||||||||||||
Amortization of deferred income | (58) | (58) | (57) | ||||||||||||||
Other royalties | (23) | (11) | (41) | ||||||||||||||
Total | $ | (883) | $ | (674) | $ | (539) |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Interest expense | $ | 1,420 | $ | 656 | $ | 183 | |||||||||||
Contingent consideration | (1,757) | 523 | — | ||||||||||||||
Royalties and licensing income | (1,527) | (1,360) | (1,353) | ||||||||||||||
Equity investment (gains)/losses | (1,228) | (275) | 419 | ||||||||||||||
Integration expenses | 717 | 415 | — | ||||||||||||||
Provision for restructuring | 530 | 301 | 131 | ||||||||||||||
Litigation and other settlements | (194) | 77 | 76 | ||||||||||||||
Transition and other service fees | (149) | (37) | (12) | ||||||||||||||
Investment income | (121) | (464) | (173) | ||||||||||||||
Reversion excise tax | 76 | — | — | ||||||||||||||
Divestiture gains | (55) | (1,168) | (178) | ||||||||||||||
Intangible asset impairment | 21 | 15 | 64 | ||||||||||||||
Pension and postretirement | (13) | 1,599 | (27) | ||||||||||||||
Acquisition expenses | — | 657 | — | ||||||||||||||
Other | (34) | (1) | 16 | ||||||||||||||
Other (income)/expense, net | $ | (2,314) | $ | 938 | $ | (854) |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Celgene Acquisition Plan | $ | 1,244 | $ | 674 | $ | — | |||||||||||
MyoKardia Acquisition Plan | 39 | — | — | ||||||||||||||
Company Transformation | 127 | 305 | 268 | ||||||||||||||
Total charges | $ | 1,410 | $ | 979 | $ | 268 | |||||||||||
Employee termination costs | $ | 457 | $ | 273 | $ | 87 | |||||||||||
Other termination costs | 73 | 28 | 44 | ||||||||||||||
Provision for restructuring | 530 | 301 | 131 | ||||||||||||||
Integration expenses | 717 | 415 | — | ||||||||||||||
Accelerated depreciation | 53 | 133 | 113 | ||||||||||||||
Asset impairments | 103 | 130 | 16 | ||||||||||||||
Other shutdown costs | 7 | — | 8 | ||||||||||||||
Total charges | $ | 1,410 | $ | 979 | $ | 268 | |||||||||||
Cost of products sold | $ | 32 | $ | 180 | $ | 57 | |||||||||||
Marketing, selling and administrative | 10 | 1 | 1 | ||||||||||||||
Research and development | 113 | 82 | 79 | ||||||||||||||
Other (income)/expense, net | 1,255 | 716 | 131 | ||||||||||||||
Total charges | $ | 1,410 | $ | 979 | $ | 268 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Liability at December 31 | $ | 100 | $ | 99 | $ | 186 | |||||||||||
Cease-use liability reclassification | — | (3) | — | ||||||||||||||
Liability at January 1 | 100 | 96 | 186 | ||||||||||||||
Provision for restructuring(a)
|
460 | 156 | 131 | ||||||||||||||
Foreign currency translation and other | 6 | (1) | 1 | ||||||||||||||
Payments | (418) | (151) | (219) | ||||||||||||||
Liability at December 31 | $ | 148 | $ | 100 | $ | 99 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Current: | |||||||||||||||||
U.S. | $ | 1,245 | $ | 1,002 | $ | 566 | |||||||||||
Non-U.S. | (104) | 1,437 | 410 | ||||||||||||||
Total Current | 1,141 | 2,439 | 976 | ||||||||||||||
Deferred: | |||||||||||||||||
U.S. | 229 | (113) | (51) | ||||||||||||||
Non-U.S. | 754 | (811) | 96 | ||||||||||||||
Total Deferred | 983 | (924) | 45 | ||||||||||||||
Total Provision | $ | 2,124 | $ | 1,515 | $ | 1,021 |
% of Earnings Before Income Taxes | |||||||||||||||||||||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
(Loss)/Earnings before income taxes: | |||||||||||||||||||||||||||||||||||
U.S. | $ | (10,106) | $ | 542 | $ | 2,338 | |||||||||||||||||||||||||||||
Non-U.S. | 3,235 | 4,433 | 3,630 | ||||||||||||||||||||||||||||||||
Total | (6,871) | 4,975 | 5,968 | ||||||||||||||||||||||||||||||||
U.S. statutory rate | (1,443) | 21.0 | % | 1,045 | 21.0 | % | 1,253 | 21.0 | % | ||||||||||||||||||||||||||
Deemed repatriation transition tax
|
— | — | — | — | (56) | (0.9) | % | ||||||||||||||||||||||||||||
Global intangible low taxed income (GILTI)
|
729 | (10.6) | % | 849 | 17.1 | % | 94 | 1.6 | % | ||||||||||||||||||||||||||
Foreign tax effect of certain operations in Ireland, Puerto Rico and Switzerland | (86) | 1.3 | % | (68) | (1.4) | % | (202) | (3.4) | % | ||||||||||||||||||||||||||
Internal transfer of intangible assets | 853 | (12.4) | % | — | — | — | — | ||||||||||||||||||||||||||||
U.S. Federal valuation allowance | 4 | (0.1) | % | 25 | 0.5 | % | 119 | 2.0 | % | ||||||||||||||||||||||||||
U.S. Federal, state and foreign contingent tax matters | 136 | (2.0) | % | (13) | (0.3) | % | (55) | (0.9) | % | ||||||||||||||||||||||||||
U.S. Federal research based credits | (165) | 2.4 | % | (138) | (2.8) | % | (138) | (2.3) | % | ||||||||||||||||||||||||||
Contingent value rights | (363) | 5.3 | % | 110 | 2.2 | % | — | — | |||||||||||||||||||||||||||
Non-deductible R&D charges | 2,461 | (35.8) | % | 5 | 0.1 | % | 17 | 0.3 | % | ||||||||||||||||||||||||||
Puerto Rico excise tax | (147) | 2.1 | % | (163) | (3.3) | % | (152) | (2.6) | % | ||||||||||||||||||||||||||
State and local taxes (net of valuation allowance) | 103 | (1.5) | % | (16) | (0.3) | % | 67 | 1.1 | % | ||||||||||||||||||||||||||
Foreign and other | 42 | (0.6) | % | (121) | (2.3) | % | 74 | 1.2 | % | ||||||||||||||||||||||||||
Total | $ | 2,124 | (30.9) | % | $ | 1,515 | 30.5 | % | $ | 1,021 | 17.1 | % |
December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Deferred tax assets | |||||||||||
Foreign net operating loss carryforwards | $ | 3,271 | $ | 2,480 | |||||||
State net operating loss and credit carryforwards | 325 | 263 | |||||||||
U.S. Federal net operating loss and credit carryforwards | 435 | 88 | |||||||||
Milestone payments and license fees | 643 | 558 | |||||||||
Other foreign deferred tax assets | 307 | 370 | |||||||||
Share-based compensation | 389 | 521 | |||||||||
Other | 981 | 650 | |||||||||
Total deferred tax assets | 6,351 | 4,930 | |||||||||
Valuation allowance | (2,809) | (2,844) | |||||||||
Deferred tax assets net of valuation allowance | $ | 3,542 | $ | 2,086 | |||||||
Deferred tax liabilities | |||||||||||
Acquired intangible assets | $ | (6,612) | $ | (7,387) | |||||||
Goodwill and other | (1,176) | (643) | |||||||||
Total deferred tax liabilities | $ | (7,788) | $ | (8,030) | |||||||
Deferred tax liabilities, net | $ | (4,246) | $ | (5,944) | |||||||
Recognized as: | |||||||||||
Deferred income taxes assets – non-current | $ | 1,161 | $ | 510 | |||||||
Deferred income taxes liabilities – non-current | (5,407) | (6,454) | |||||||||
Total | $ | (4,246) | $ | (5,944) |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Balance at beginning of year | $ | 2,844 | $ | 3,193 | $ | 2,827 | |||||||||||
Provision | 62 | 75 | 458 | ||||||||||||||
Utilization | (488) | (423) | (43) | ||||||||||||||
Foreign currency translation | 212 | (132) | (48) | ||||||||||||||
Acquisitions | 179 | 228 | — | ||||||||||||||
Non U.S. rate change | — | (97) | (1) | ||||||||||||||
Balance at end of year | $ | 2,809 | $ | 2,844 | $ | 3,193 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Balance at beginning of year | $ | 1,905 | $ | 995 | $ | 1,155 | |||||||||||
Gross additions to tax positions related to current year | 76 | 170 | 48 | ||||||||||||||
Gross additions to tax positions related to prior years | 325 | 19 | 21 | ||||||||||||||
Gross additions to tax positions assumed in acquisitions | 51 | 852 | — | ||||||||||||||
Gross reductions to tax positions related to prior years | (352) | (35) | (106) | ||||||||||||||
Settlements | (7) | (23) | 2 | ||||||||||||||
Reductions to tax positions related to lapse of statute | (5) | (72) | (119) | ||||||||||||||
Cumulative translation adjustment | 10 | (1) | (6) | ||||||||||||||
Balance at end of year | $ | 2,003 | $ | 1,905 | $ | 995 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Unrecognized tax benefits that if recognized would impact the effective tax rate | $ | 1,900 | $ | 1,809 | $ | 853 | |||||||||||
Accrued interest | 366 | 292 | 167 | ||||||||||||||
Accrued penalties | 20 | 10 | 11 | ||||||||||||||
U.S. | 2008 to 2020 | ||||
Canada | 2012 to 2020 | ||||
France | 2016 to 2020 | ||||
Germany | 2008 to 2020 | ||||
Italy | 2016 to 2020 | ||||
Japan | 2015 to 2020 | ||||
Switzerland | 2016 to 2020 | ||||
UK | 2012 to 2020 |
Year Ended December 31, | |||||||||||||||||
Amounts in Millions, Except Per Share Data | 2020 | 2019 | 2018 | ||||||||||||||
Net (Loss)/Earnings Attributable to BMS Used for Basic and Diluted EPS Calculation | $ | (9,015) | $ | 3,439 | $ | 4,920 | |||||||||||
Weighted-Average Common Shares Outstanding - Basic | 2,258 | 1,705 | 1,633 | ||||||||||||||
Incremental Shares Attributable to Share-Based Compensation Plans | — | 7 | 4 | ||||||||||||||
Weighted-Average Common Shares Outstanding - Diluted | 2,258 | 1,712 | 1,637 | ||||||||||||||
(Loss)/Earnings per Common Share | |||||||||||||||||
Basic | $ | (3.99) | $ | 2.02 | $ | 3.01 | |||||||||||
Diluted | (3.99) | 2.01 | 3.01 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
Dollars in Millions | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Cash and cash equivalents - money market and other securities | $ | — | $ | 12,361 | $ | — | $ | — | $ | 10,448 | $ | — | |||||||||||||||||||||||
Marketable debt securities: | |||||||||||||||||||||||||||||||||||
Certificates of deposit | — | 1,020 | — | — | 1,227 | — | |||||||||||||||||||||||||||||
Commercial paper | — | — | — | — | 1,093 | — | |||||||||||||||||||||||||||||
Corporate debt securities | — | 698 | — | — | 1,494 | — | |||||||||||||||||||||||||||||
Derivative assets | — | 42 | 27 | — | 140 | — | |||||||||||||||||||||||||||||
Equity investments | 3,314 | 138 | — | 2,020 | 175 | — | |||||||||||||||||||||||||||||
Derivative liabilities | — | (270) | — | — | (40) | — | |||||||||||||||||||||||||||||
Contingent consideration liability: | |||||||||||||||||||||||||||||||||||
Contingent value rights | 530 | — | — | 2,275 | — | — | |||||||||||||||||||||||||||||
Other acquisition related contingent consideration | — | — | 78 | — | — | 106 |
Ranges (weighted average) utilized as of: | |||||||||||
Inputs | December 31, 2020 | December 31, 2019 | |||||||||
Discount rate |
0.2% to 0.8% (0.5%)
|
2.2% to 3.2% (2.6%)
|
|||||||||
Probability of payment |
0% to 80% (2.7%)
|
0% to 68% (4.1%)
|
|||||||||
Projected year of payment for development and regulatory milestones |
2021 to 2025
|
2020 to 2029
|
Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||||||||||||||
Dollars in Millions | Asset | Liability | Asset | Liability | |||||||||||||||||||
Fair value as of January 1 | $ | — | $ | 106 | $ | — | $ | — | |||||||||||||||
Changes in estimated fair value | — | (33) | — | — | |||||||||||||||||||
Acquisitions | 27 | — | — | 106 | |||||||||||||||||||
Foreign exchange | — | 5 | — | — | |||||||||||||||||||
Fair value as of December 31 | $ | 27 | $ | 78 | $ | — | $ | 106 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Dollars in Millions |
Amortized
Cost |
Gross Unrealized | Fair Value |
Amortized
Cost |
Gross Unrealized | Fair Value | |||||||||||||||||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | $ | 1,020 | $ | — | $ | — | $ | 1,020 | $ | 1,227 | $ | — | $ | — | $ | 1,227 | |||||||||||||||||||||||||||||||
Commercial paper | — | — | — | — | 1,093 | — | — | 1,093 | |||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 684 | 14 | — | 698 | 1,487 | 8 | (1) | 1,494 | |||||||||||||||||||||||||||||||||||||||
Total available-for-sale debt securities(a)
|
$ | 1,704 | $ | 14 | $ | — | 1,718 | $ | 3,807 | $ | 8 | $ | (1) | 3,814 | |||||||||||||||||||||||||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||||||||||||||
Equity investments with readily determinable fair values | $ | 3,452 | $ | 2,195 | |||||||||||||||||||
Equity investments without readily determinable fair values | 694 | 781 | |||||||||||||||||||||
Equity method and other investment | 549 | 429 | |||||||||||||||||||||
Total equity investments | $ | 4,695 | $ | 3,405 |
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Net gain/(loss) recognized on equity investments with readily determinable fair values(a)
|
$ | 1,169 | $ | 170 | $ | (530) | |||||||||||
Realized (loss)/gain recognized on equity investments with readily determinable fair value sold | (12) | 14 | 7 | ||||||||||||||
Upward adjustments on equity investments without readily determinable fair value | 183 | 58 | 19 | ||||||||||||||
Impairments and downward adjustments on equity investments without readily determinable fair value | (204) | (27) | — | ||||||||||||||
Cumulative upward adjustments on equity investments without readily determinable fair value | 192 | ||||||||||||||||
Cumulative impairments and downward adjustments on equity investments without readily determinable fair value | (193) |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Dollars in Millions | Cost of products sold | Other (income)/expense, net | Cost of products sold | Other (income)/expense, net | Cost of products sold | Other (income)/expense, net | |||||||||||||||||||||||||||||
Interest rate swap contracts | $ | — | $ | (29) | $ | — | $ | (24) | $ | — | $ | (23) | |||||||||||||||||||||||
Cross-currency interest rate swap contracts | — | (10) | — | (9) | — | (8) | |||||||||||||||||||||||||||||
Foreign currency forward contracts | (18) | (23) | (103) | 11 | (4) | (14) | |||||||||||||||||||||||||||||
Forward starting interest rate swap option contracts | — | — | — | 35 | — | — | |||||||||||||||||||||||||||||
Deal contingent forward starting interest rate swap contracts | — | — | — | 240 | — | — | |||||||||||||||||||||||||||||
Foreign currency zero-cost collar contracts | — | — | — | 2 | — | — |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Derivatives qualifying as cash flow hedges | |||||||||||||||||
Foreign currency forward contracts gain/(loss): | |||||||||||||||||
Recognized in Other Comprehensive (Loss)/Income(a)
|
$ | (267) | $ | 65 | $ | 86 | |||||||||||
Reclassified to Cost of products sold | (54) | (103) | (4) | ||||||||||||||
Treasury lock hedge contracts gain:
|
|||||||||||||||||
Recognized in Other Comprehensive (Loss)/Income | 51 | — | — | ||||||||||||||
Derivatives qualifying as net investment hedges | |||||||||||||||||
Cross-currency interest rate swap contracts gain/(loss): | |||||||||||||||||
Recognized in Other Comprehensive (Loss)/Income | (11) | 6 | (5) | ||||||||||||||
Non-derivatives qualifying as net investment hedges | |||||||||||||||||
Non U.S. dollar borrowings gain/(loss): | |||||||||||||||||
Recognized in Other Comprehensive (Loss)/Income | (105) | 29 | 45 |
December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Non-U.S. short-term borrowings | $ | 176 | $ | 351 | |||||||
Current portion of long-term debt | 2,000 | 2,763 | |||||||||
Other | 164 | 232 | |||||||||
Total | $ | 2,340 | $ | 3,346 |
December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Principal Value: | |||||||||||
Floating Rate Notes due 2020 | $ | — | $ | 750 | |||||||
2.875% Notes due 2020 | — | 1,500 | |||||||||
3.950% Notes due 2020 | — | 500 | |||||||||
2.250% Notes due 2021 | 500 | 500 | |||||||||
2.550% Notes due 2021 | 1,000 | 1,000 | |||||||||
2.875% Notes due 2021 | 500 | 500 | |||||||||
Floating Rate Notes due 2022 | 500 | 500 | |||||||||
2.000% Notes due 2022 | 750 | 750 | |||||||||
2.600% Notes due 2022 | 1,500 | 1,500 | |||||||||
3.250% Notes due 2022 | 1,000 | 1,000 | |||||||||
3.550% Notes due 2022 | 1,000 | 1,000 | |||||||||
0.537% Notes due 2023 | 1,500 | — | |||||||||
2.750% Notes due 2023 | 750 | 750 | |||||||||
3.250% Notes due 2023 | 500 | 500 | |||||||||
3.250% Notes due 2023 | 1,000 | 1,000 | |||||||||
4.000% Notes due 2023 | 700 | 700 | |||||||||
7.150% Notes due 2023 | 302 | 302 | |||||||||
2.900% Notes due 2024 | 3,250 | 3,250 | |||||||||
3.625% Notes due 2024 | 1,000 | 1,000 | |||||||||
0.750% Notes due 2025 | 1,000 | — | |||||||||
1.000% Euro Notes due 2025 | 701 | 638 | |||||||||
3.875% Notes due 2025 | 2,500 | 2,500 | |||||||||
3.200% Notes due 2026 | 2,250 | 2,250 | |||||||||
6.800% Notes due 2026 | 256 | 256 | |||||||||
1.125% Notes due 2027 | 1,000 | — | |||||||||
3.250% Notes due 2027 | 750 | 750 | |||||||||
3.450% Notes due 2027 | 1,000 | 1,000 | |||||||||
3.900% Notes due 2028 | 1,500 | 1,500 | |||||||||
3.400% Notes due 2029 | 4,000 | 4,000 | |||||||||
1.450% Notes due 2030 | 1,250 | — | |||||||||
1.750% Euro Notes due 2035 | 701 | 638 | |||||||||
5.875% Notes due 2036 | 287 | 287 | |||||||||
6.125% Notes due 2038 | 226 | 226 | |||||||||
4.125% Notes due 2039 | 2,000 | 2,000 | |||||||||
2.350% Notes due 2040 | 750 | — | |||||||||
5.700% Notes due 2040 | 250 | 250 | |||||||||
3.250% Notes due 2042 | 500 | 500 | |||||||||
5.250% Notes due 2043 | 400 | 400 | |||||||||
4.500% Notes due 2044 | 500 | 500 | |||||||||
4.625% Notes due 2044 | 1,000 | 1,000 | |||||||||
5.000% Notes due 2045 | 2,000 | 2,000 | |||||||||
4.350% Notes due 2047 | 1,250 | 1,250 | |||||||||
4.550% Notes due 2048 | 1,500 | 1,500 | |||||||||
4.250% Notes due 2049 | 3,750 | 3,750 | |||||||||
2.550% Notes due 2050 | 1,500 | — | |||||||||
6.875% Notes due 2097 | 87 | 87 | |||||||||
0.13% - 5.75% Other - maturing through 2024 | 51 | 51 | |||||||||
Total | $ | 48,711 | $ | 44,335 | |||||||
December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Principal Value | $ | 48,711 | $ | 44,335 | |||||||
Adjustments to Principal Value: | |||||||||||
Fair value of interest rate swap contracts | 24 | 6 | |||||||||
Unamortized basis adjustment from swap terminations | 149 | 175 | |||||||||
Unamortized bond discounts and issuance costs | (303) | (280) | |||||||||
Unamortized purchase price adjustments of Celgene debt | 1,755 | 1,914 | |||||||||
Total | $ | 50,336 | $ | 46,150 | |||||||
Current portion of long-term debt | 2,000 | 2,763 | |||||||||
Long-term debt | 48,336 | 43,387 | |||||||||
Total | $ | 50,336 | $ | 46,150 |
December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Trade receivables | $ | 7,882 | $ | 6,888 | |||||||
Less charge-backs and cash discounts | (645) | (391) | |||||||||
Less allowance for expected credit loss | (18) | (21) | |||||||||
Net trade receivables | 7,219 | 6,476 | |||||||||
Alliance, Royalties, VAT and other | 1,282 | 1,209 | |||||||||
Receivables | $ | 8,501 | $ | 7,685 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Balance at beginning of year | $ | 412 | $ | 278 | $ | 252 | |||||||||||
Celgene acquisition | — | 116 | — | ||||||||||||||
Provision(a)
|
5,839 | 3,687 | 2,739 | ||||||||||||||
Utilization | (5,601) | (3,667) | (2,707) | ||||||||||||||
Other | 13 | (2) | (6) | ||||||||||||||
Balance at end of year | $ | 663 | $ | 412 | $ | 278 |
December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Finished goods | $ | 932 | $ | 2,227 | |||||||
Work in process | 2,015 | 3,267 | |||||||||
Raw and packaging materials | 207 | 172 | |||||||||
Total Inventories | $ | 3,154 | $ | 5,666 | |||||||
Inventories | $ | 2,074 | $ | 4,293 | |||||||
Other non-current assets | 1,080 | 1,373 |
December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Land | $ | 189 | $ | 187 | |||||||
Buildings | 5,732 | 6,336 | |||||||||
Machinery, equipment and fixtures | 3,063 | 3,157 | |||||||||
Construction in progress | 487 | 527 | |||||||||
Gross property, plant and equipment | 9,471 | 10,207 | |||||||||
Less accumulated depreciation | (3,585) | (3,955) | |||||||||
Property, plant and equipment(a)
|
$ | 5,886 | $ | 6,252 | |||||||
United States | $ | 4,501 | $ | 4,835 | |||||||
Europe | 1,243 | 1,291 | |||||||||
Rest of the World | 142 | 126 | |||||||||
Total | $ | 5,886 | $ | 6,252 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Operating lease cost | $ | 194 | $ | 115 | |||||||
Variable lease cost | 50 | 25 | |||||||||
Short-term lease cost | 19 | 20 | |||||||||
Sublease income | (4) | (4) | |||||||||
Total operating lease expense | $ | 259 | $ | 156 |
December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Other non-current assets | $ | 859 | $ | 704 | |||||||
Other current liabilities | 164 | 133 | |||||||||
Other non-current liabilities | 833 | 672 | |||||||||
Total liabilities | $ | 997 | $ | 805 |
Dollars in Millions | |||||
2021 | $ | 195 | |||
2022 | 169 | ||||
2023 | 142 | ||||
2024 | 106 | ||||
2025 | 84 | ||||
Thereafter | 468 | ||||
Total future lease payments | 1,164 | ||||
Less imputed interest | (167) | ||||
Total lease liability | $ | 997 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Weighted average remaining lease term | 9.0 years | 9.0 years | |||||||||
Weighted average discount rate | 3 | % | 4 | % |
Estimated
Useful Lives |
December 31, | ||||||||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||||||||
Goodwill(a)
|
$ | 20,547 | $ | 22,488 | |||||||||||||
Other intangible assets: | |||||||||||||||||
Licenses |
5 – 15 years
|
328 | 482 | ||||||||||||||
Acquired marketed product rights(a)
|
3 – 15 years
|
59,076 | 46,827 | ||||||||||||||
Capitalized software |
3 – 10 years
|
1,325 | 1,297 | ||||||||||||||
IPRD | 6,130 | 19,500 | |||||||||||||||
Gross other intangible assets | 66,859 | 68,106 | |||||||||||||||
Less accumulated amortization | (13,616) | (4,137) | |||||||||||||||
Other intangible assets | $ | 53,243 | $ | 63,969 |
December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Prepaid and refundable income taxes | $ | 1,799 | $ | 754 | |||||||
Research and development | 492 | 410 | |||||||||
Equity investments | 619 | — | |||||||||
Other(a)
|
876 | 819 | |||||||||
Other current assets | $ | 3,786 | $ | 1,983 |
December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Equity investments | $ | 4,076 | $ | 3,405 | |||||||
Inventories | 1,080 | 1,373 | |||||||||
Operating leases | 859 | 704 | |||||||||
Pension and postretirement | 208 | 456 | |||||||||
Restricted cash | 338 | 390 | |||||||||
Other | 458 | 276 | |||||||||
Other non-current assets | $ | 7,019 | $ | 6,604 |
December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Rebates and returns | $ | 5,688 | $ | 4,275 | |||||||
Income taxes payable | 647 | 1,517 | |||||||||
Employee compensation and benefits | 1,412 | 1,457 | |||||||||
Research and development | 1,423 | 1,324 | |||||||||
Dividends | 1,129 | 1,025 | |||||||||
Interest | 434 | 493 | |||||||||
Royalties | 461 | 418 | |||||||||
Operating leases | 164 | 133 | |||||||||
Contingent value rights | 515 | — | |||||||||
Other | 2,154 | 1,871 | |||||||||
Other current liabilities | $ | 14,027 | $ | 12,513 |
December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Income taxes payable | $ | 5,017 | $ | 5,368 | |||||||
Contingent value rights | 15 | 2,275 | |||||||||
Pension and postretirement | 899 | 725 | |||||||||
Operating leases | 833 | 672 | |||||||||
Deferred income | 357 | 424 | |||||||||
Deferred compensation | 344 | 287 | |||||||||
Other | 311 | 350 | |||||||||
Other non-current liabilities | $ | 7,776 | $ | 10,101 |
Common Stock |
Capital in Excess
of Par Value of Stock |
Accumulated Other Comprehensive Loss |
Retained
Earnings |
Treasury Stock |
Noncontrolling
Interest |
||||||||||||||||||||||||||||||||||||||||||
Dollars and Shares in Millions | Shares | Par Value | Shares | Cost | |||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018 | 2,208 | $ | 221 | $ | 1,898 | $ | (2,289) | $ | 31,160 | 575 | $ | (19,249) | $ | 106 | |||||||||||||||||||||||||||||||||
Accounting change - cumulative effect(a)
|
— | — | — | (34) | 332 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Adjusted balance at January 1, 2018 | 2,208 | 221 | 1,898 | (2,323) | 31,492 | 575 | (19,249) | 106 | |||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | — | 4,920 | — | — | 27 | |||||||||||||||||||||||||||||||||||||||
Other Comprehensive (Loss)Income | — | — | — | (156) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared(b)
|
— | — | — | — | (2,630) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share repurchase program | — | — | — | — | — | 5 | (313) | — | |||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | 183 | — | — | (4) | (12) | — | |||||||||||||||||||||||||||||||||||||||
Adoption of ASU 2018-02 | — | — | — | (283) | 283 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (37) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 2,208 | 221 | 2,081 | (2,762) | 34,065 | 576 | (19,574) | 96 | |||||||||||||||||||||||||||||||||||||||
Accounting change - cumulative effect(a)
|
— | — | — | — | 5 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Adjusted balance at January 1, 2019 | 2,208 | 221 | 2,081 | (2,762) | 34,070 | 576 | (19,574) | 96 | |||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | — | 3,439 | — | — | 21 | |||||||||||||||||||||||||||||||||||||||
Other Comprehensive (Loss)/Income | — | — | — | 1,242 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Celgene acquisition | 715 | 71 | 42,721 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared(b)
|
— | — | — | — | (3,035) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share repurchase program | — | — | (1,400) | — | — | 105 | (5,900) | — | |||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | 307 | — | — | (9) | 117 | — | |||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (17) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 2,923 | 292 | 43,709 | (1,520) | 34,474 | 672 | (25,357) | 100 | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | (9,015) | — | — | 20 | |||||||||||||||||||||||||||||||||||||||
Other Comprehensive (Loss)/Income | — | — | — | (319) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared(b)
|
— | — | — | — | (4,178) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share repurchase program | — | — | 1,400 | — | — | 43 | (2,993) | — | |||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | (784) | — | — | (36) | 2,113 | — | |||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (60) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 2,923 | $ | 292 | $ | 44,325 | $ | (1,839) | $ | 21,281 | 679 | $ | (26,237) | $ | 60 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in Millions | Pretax | Tax | After Tax | Pretax | Tax | After Tax | Pretax | Tax | After Tax | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives qualifying as cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (losses)/gains | $ | (216) | $ | 7 | $ | (209) | $ | 65 | $ | (7) | $ | 58 | $ | 86 | $ | (9) | $ | 77 | |||||||||||||||||||||||||||||||||||
Reclassified to net earnings(a)
|
(54) | 7 | (47) | (103) | 13 | (90) | (4) | (3) | (7) | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives qualifying as cash flow hedges | (270) | 14 | (256) | (38) | 6 | (32) | 82 | (12) | 70 | ||||||||||||||||||||||||||||||||||||||||||||
Pension and postretirement benefits: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial (losses)/gains | (134) | 25 | (109) | (143) | 28 | (115) | (89) | (3) | (92) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization(b)
|
33 | (6) | 27 | 55 | (11) | 44 | 65 | (13) | 52 | ||||||||||||||||||||||||||||||||||||||||||||
Settlements(b)
|
10 | (3) | 7 | 1,640 | (366) | 1,274 | 121 | (28) | 93 | ||||||||||||||||||||||||||||||||||||||||||||
Pension and postretirement benefits | (91) | 16 | (75) | 1,552 | (349) | 1,203 | 97 | (44) | 53 | ||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains/(losses) | 7 | (1) | 6 | 42 | (9) | 33 | (30) | 5 | (25) | ||||||||||||||||||||||||||||||||||||||||||||
Realized (gains)/losses(b)
|
(1) | — | (1) | 3 | — | 3 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | 6 | (1) | 5 | 45 | (9) | 36 | (30) | 5 | (25) | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | (19) | 26 | 7 | 43 | (8) | 35 | (245) | (9) | (254) | ||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive (Loss)/Income | $ | (374) | $ | 55 | $ | (319) | $ | 1,602 | $ | (360) | $ | 1,242 | $ | (96) | $ | (60) | $ | (156) |
December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Derivatives qualifying as cash flow hedges | $ | (237) | $ | 19 | |||||||
Pension and postretirement benefits | (974) | (899) | |||||||||
Available-for-sale securities | 11 | 6 | |||||||||
Foreign currency translation | (639) | (646) | |||||||||
Accumulated other comprehensive loss | $ | (1,839) | $ | (1,520) |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Service cost — benefits earned during the year | $ | 48 | $ | 26 | $ | 26 | |||||||||||
Interest cost on projected benefit obligation | 42 | 115 | 193 | ||||||||||||||
Expected return on plan assets | (98) | (200) | (386) | ||||||||||||||
Amortization of prior service credits | (4) | (4) | (4) | ||||||||||||||
Amortization of net actuarial loss | 44 | 59 | 74 | ||||||||||||||
Settlements and Curtailments | 10 | 1,640 | 121 | ||||||||||||||
Net periodic pension benefit cost/(credit) | $ | 42 | $ | 1,636 | $ | 24 |
Year Ended December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Benefit obligations at beginning of year | $ | 2,940 | $ | 5,966 | |||||||
Service cost—benefits earned during the year | 48 | 26 | |||||||||
Interest cost | 42 | 115 | |||||||||
Settlements and Curtailments | (145) | (4,105) | |||||||||
Actuarial losses | 233 | 777 | |||||||||
Benefits paid | (58) | (109) | |||||||||
Acquisition/Divestiture | — | 262 | |||||||||
Foreign currency and other | 182 | 8 | |||||||||
Benefit obligations at end of year | $ | 3,242 | $ | 2,940 | |||||||
Fair value of plan assets at beginning of year | $ | 2,536 | $ | 6,129 | |||||||
Actual return on plan assets | 196 | 804 | |||||||||
Employer contributions | 96 | 63 | |||||||||
Settlements | (126) | (4,104) | |||||||||
Benefits paid | (58) | (109) | |||||||||
Asset transfer | — | (424) | |||||||||
Acquisition/Divestiture | — | 164 | |||||||||
Foreign currency and other | 163 | 13 | |||||||||
Fair value of plan assets at end of year | $ | 2,807 | $ | 2,536 | |||||||
Unfunded status | $ | (435) | $ | (404) | |||||||
Assets/(Liabilities) recognized: | |||||||||||
Other non-current assets | $ | 208 | $ | 192 | |||||||
Other current liabilities | (26) | (27) | |||||||||
Other non-current liabilities | (617) | (569) | |||||||||
Funded status | $ | (435) | $ | (404) | |||||||
Recognized in Accumulated other comprehensive loss: | |||||||||||
Net actuarial losses | $ | 1,255 | $ | 1,192 | |||||||
Prior service credit | (22) | (26) | |||||||||
Total | $ | 1,233 | $ | 1,166 |
December 31, | |||||||||||
Dollars in Millions | 2020 | 2019 | |||||||||
Pension plans with projected benefit obligations in excess of plan assets: | |||||||||||
Projected benefit obligation | $ | 1,805 | $ | 1,652 | |||||||
Fair value of plan assets | 1,162 | 1,056 | |||||||||
Pension plans with accumulated benefit obligations in excess of plan assets:
|
|||||||||||
Accumulated benefit obligation | 1,579 | 1,417 | |||||||||
Fair value of plan assets | 952 | 875 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Discount rate | 1.2 | % | 1.6 | % | |||||||
Rate of compensation increase | 1.3 | % | 1.3 | % | |||||||
Interest crediting rate | 2.2 | % | 2.2 | % |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Discount rate | 1.6 | % | 3.2 | % | 3.1 | % | |||||||||||
Expected long-term return on plan assets | 4.1 | % | 4.5 | % | 6.2 | % | |||||||||||
Rate of compensation increase | 1.3 | % | 0.5 | % | 0.5 | % | |||||||||||
Interest crediting rate | 2.2 | % | 2.7 | % | 2.6 | % |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Dollars in Millions | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | 101 | $ | — | $ | — | $ | 101 | $ | 87 | $ | — | $ | — | $ | 87 | |||||||||||||||||||||||||||||||
Equity funds | — | 601 | — | 601 | 4 | 544 | — | 548 | |||||||||||||||||||||||||||||||||||||||
Fixed income funds | — | 783 | — | 783 | — | 769 | — | 769 | |||||||||||||||||||||||||||||||||||||||
Corporate debt securities | — | 533 | — | 533 | — | 764 | — | 764 | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury and agency securities | — | 70 | — | 70 | — | 168 | — | 168 | |||||||||||||||||||||||||||||||||||||||
Insurance contracts | — | — | 149 | 149 | — | — | 128 | 128 | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 96 | — | — | 96 | 24 | — | — | 24 | |||||||||||||||||||||||||||||||||||||||
Other | — | 112 | 40 | 152 | — | 111 | 33 | 144 | |||||||||||||||||||||||||||||||||||||||
Plan assets subject to leveling | $ | 197 | $ | 2,099 | $ | 189 | $ | 2,485 | $ | 115 | $ | 2,356 | $ | 161 | $ | 2,632 | |||||||||||||||||||||||||||||||
Plan assets measured at NAV as a practical expedient | 322 | 302 | |||||||||||||||||||||||||||||||||||||||||||||
Net plan assets | $ | 2,807 | $ | 2,934 |
Year Ended December 31, | |||||||||||||||||
Dollars in Millions | 2020 | 2019 | 2018 | ||||||||||||||
Cost of products sold | $ | 37 | $ | 19 | $ | 15 | |||||||||||
Marketing, selling and administrative | 332 | 162 | 122 | ||||||||||||||
Research and development | 339 | 115 | 84 | ||||||||||||||
Other (income)/expense, net | 71 | 145 | — | ||||||||||||||
Total stock-based compensation expense | $ | 779 | $ | 441 | $ | 221 | |||||||||||
Income tax benefit(a)
|
$ | 158 | $ | 87 | $ | 41 |
Year Ended December 31, 2019 | |||||
Weighted average risk-free interest rate | 1.59% | ||||
Expected volatility | 25.7% | ||||
Weighted average expected term (years) | 2.65 | ||||
Expected dividend yield | 2.89% |
Stock Options(a)
|
Restricted Stock Units | Market Share Units | Performance Share Units | ||||||||||||||||||||||||||||||||||||||||||||
Shares in Millions | Number of Options | Weighted-Average Exercise Price of Shares | Number of Nonvested Awards | Weighted-Average Grant-Date Fair Value | Number of Nonvested Awards | Weighted-Average Grant-Date Fair Value | Number of Nonvested Awards | Weighted-Average Grant-Date Fair Value | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | 101.2 | $ | 48.08 | 34.7 | $ | 55.58 | 1.6 | $ | 59.25 | 3.0 | $ | 57.46 | |||||||||||||||||||||||||||||||||||
Granted | — | — | 13.1 | 53.65 | 0.9 | 53.92 | 1.4 | 55.61 | |||||||||||||||||||||||||||||||||||||||
Released/Exercised | (23.8) | 39.21 | (16.1) | 56.00 | (0.6) | 60.20 | (1.0) | 57.87 | |||||||||||||||||||||||||||||||||||||||
Adjustments for actual payout | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Forfeited/Canceled | (4.0) | 61.57 | (4.0) | 54.37 | (0.2) | 56.88 | (0.3) | 55.28 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 73.4 | 50.25 | 27.7 | 54.58 | 1.7 | 56.01 | 3.1 | 56.72 | |||||||||||||||||||||||||||||||||||||||
Expected to vest | 23.7 | 54.58 | 1.5 | 56.19 | 3.2 | 57.92 |
Dollars in Millions | Stock Options | Restricted Stock Units | Market Share Units | Performance Share Units | |||||||||||||||||||
Unrecognized compensation cost | $ | 41 | $ | 828 | $ | 42 | $ | 75 | |||||||||||||||
Expected weighted-average period in years of compensation cost to be recognized | 1.3 | 2.4 | 2.8 | 1.7 |
Amounts in Millions, except per share data | 2020 | 2019 | 2018 | ||||||||||||||
Weighted-average grant date fair value (per share): | |||||||||||||||||
Stock options - replacement awards | $ | — | $ | 15.00 | $ | — | |||||||||||
Restricted stock units - replacement awards | — | 56.37 | — | ||||||||||||||
Restricted stock units | 53.65 | 47.16 | 61.40 | ||||||||||||||
Market share units | 53.92 | 51.52 | 72.33 | ||||||||||||||
Performance share units | 55.61 | 49.99 | 67.60 | ||||||||||||||
Fair value of awards that vested: | |||||||||||||||||
Restricted stock units - replacement awards | $ | 777 | $ | 233 | $ | — | |||||||||||
Restricted stock units | 122 | 105 | 98 | ||||||||||||||
Market share units | 37 | 30 | 40 | ||||||||||||||
Performance share units | 59 | 53 | 103 | ||||||||||||||
Total intrinsic value of stock options exercised | 556 | 148 | 89 |
Range of Exercise Prices | Number of Options (in millions) | Weighted-Average Remaining Contractual Life (in years) | Weighted-Average Exercise Price Per Share | Aggregate Intrinsic Value (in millions) | |||||||||||||||||||
$10 - $40 | 16.5 | 1.8 | $ | 26.62 | $ | 583 | |||||||||||||||||
$40 - $55 | 22.9 | 4.6 | 48.72 | 305 | |||||||||||||||||||
$55 - $65 | 23.6 | 3.9 | 59.53 | 64 | |||||||||||||||||||
$65+ | 10.4 | 4.3 | 69.90 | — | |||||||||||||||||||
Outstanding | 73.4 | 3.7 | 50.25 | $ | 952 | ||||||||||||||||||
Exercisable | 65.3 | 3.4 | 49.87 | $ | 872 |
Year Ended December 31, 2020
|
|||||||||||||||||||||||||||||
Dollars in Millions, except per share data | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||||||||||||
Total Revenues | $ | 10,781 | $ | 10,129 | $ | 10,540 | $ | 11,068 | $ | 42,518 | |||||||||||||||||||
Gross Margin | 7,119 | 7,430 | 8,038 | 8,158 | 30,745 | ||||||||||||||||||||||||
Net (Loss)/Earnings | (766) | (80) | 1,878 | (10,027) | (8,995) | ||||||||||||||||||||||||
Net (Loss)/Earnings Attributable to: | |||||||||||||||||||||||||||||
Noncontrolling Interest | 9 | 5 | 6 | — | 20 | ||||||||||||||||||||||||
BMS | (775) | (85) | 1,872 | (10,027) | (9,015) | ||||||||||||||||||||||||
(Loss)/Earnings per Common Share - Basic(a)
|
$ | (0.34) | $ | (0.04) | $ | 0.83 | $ | (4.45) | $ | (3.99) | |||||||||||||||||||
(Loss)/Earnings per Common Share - Diluted(a)
|
(0.34) | (0.04) | 0.82 | (4.45) | (3.99) | ||||||||||||||||||||||||
Cash dividends declared per common share | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.49 | $ | 1.84 | |||||||||||||||||||
Cash and cash equivalents | $ | 15,817 | $ | 19,934 | $ | 19,435 | $ | 14,546 | $ | 14,546 | |||||||||||||||||||
Marketable debt securities(b)
|
3,156 | 2,247 | 2,215 | 1,718 | 1,718 | ||||||||||||||||||||||||
Total Assets | 129,285 | 128,076 | 125,536 | 118,481 | 118,481 | ||||||||||||||||||||||||
Long-term debt(c)
|
46,105 | 46,106 | 44,614 | 50,336 | 50,336 | ||||||||||||||||||||||||
Equity | 49,977 | 49,160 | 50,230 | 37,882 | 37,882 | ||||||||||||||||||||||||
Year Ended December 31, 2019
|
|||||||||||||||||||||||||||||
Dollars in Millions, except per share data | First Quarter | Second Quarter | Third Quarter |
Fourth Quarter(d)
|
Year(d)
|
||||||||||||||||||||||||
Total Revenues | $ | 5,920 | $ | 6,273 | $ | 6,007 | $ | 7,945 | $ | 26,145 | |||||||||||||||||||
Gross Margin | 4,096 | 4,301 | 4,217 | 5,453 | 18,067 | ||||||||||||||||||||||||
Net Earnings/(Loss) | 1,715 | 1,439 | 1,366 | (1,060) | 3,460 | ||||||||||||||||||||||||
Net Earnings/(Loss) Attributable to: | |||||||||||||||||||||||||||||
Noncontrolling Interest | 5 | 7 | 13 | (4) | 21 | ||||||||||||||||||||||||
BMS | 1,710 | 1,432 | 1,353 | (1,056) | 3,439 | ||||||||||||||||||||||||
Earnings/(Loss) per Common Share - Basic(a)
|
$ | 1.05 | $ | 0.88 | $ | 0.83 | $ | (0.55) | $ | 2.02 | |||||||||||||||||||
Earnings/(Loss) per Common Share - Diluted(a)
|
1.04 | 0.87 | 0.83 | (0.55) | 2.01 | ||||||||||||||||||||||||
Cash dividends declared per common share | $ | 0.41 | $ | 0.41 | $ | 0.41 | $ | 0.45 | $ | 1.68 | |||||||||||||||||||
Cash and cash equivalents | $ | 7,335 | $ | 28,404 | $ | 30,489 | $ | 12,346 | $ | 12,346 | |||||||||||||||||||
Marketable debt securities(b)
|
2,662 | 1,947 | 2,978 | 3,814 | 3,814 | ||||||||||||||||||||||||
Total Assets | 34,834 | 55,163 | 57,433 | 129,944 | 129,944 | ||||||||||||||||||||||||
Long-term debt(c)
|
5,635 | 24,433 | 24,390 | 46,150 | 46,150 | ||||||||||||||||||||||||
Equity | 15,317 | 16,151 | 17,754 | 51,698 | 51,698 |
Year Ended December 31, 2020
|
|||||||||||||||||||||||||||||
Dollars in Millions | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||||||||||||
Inventory purchase price accounting adjustments | $ | 1,420 | $ | 714 | $ | 456 | $ | 98 | $ | 2,688 | |||||||||||||||||||
Intangible asset impairment | — | — | — | 575 | 575 | ||||||||||||||||||||||||
Employee compensation charges | 2 | 1 | — | 1 | 4 | ||||||||||||||||||||||||
Site exit and other costs | 16 | 13 | 3 | 1 | 33 | ||||||||||||||||||||||||
Cost of products sold | 1,438 | 728 | 459 | 675 | 3,300 | ||||||||||||||||||||||||
Employee compensation charges | 15 | 12 | 7 | 241 | 275 | ||||||||||||||||||||||||
Site exit and other costs | 6 | (1) | (1) | — | 4 | ||||||||||||||||||||||||
Marketing, selling and administrative | 21 | 11 | 6 | 241 | 279 | ||||||||||||||||||||||||
License and asset acquisition charges | 25 | 300 | 203 | 475 | 1,003 | ||||||||||||||||||||||||
IPRD impairments | — | — | — | 470 | 470 | ||||||||||||||||||||||||
Inventory purchase price accounting adjustments | 17 | — | 8 | 11 | 36 | ||||||||||||||||||||||||
Employee compensation charges | 18 | 15 | 8 | 241 | 282 | ||||||||||||||||||||||||
Site exit and other costs | 56 | 39 | 4 | 16 | 115 | ||||||||||||||||||||||||
Research and development | 116 | 354 | 223 | 1,213 | 1,906 | ||||||||||||||||||||||||
IPRD charge - MyoKardia acquisition | — | — | — | 11,438 | 11,438 | ||||||||||||||||||||||||
Amortization of acquired intangible assets | 2,282 | 2,389 | 2,491 | 2,526 | 9,688 | ||||||||||||||||||||||||
Interest expense(a)
|
(41) | (41) | (40) | (37) | (159) | ||||||||||||||||||||||||
Contingent consideration | 556 | (165) | (988) | (1,160) | (1,757) | ||||||||||||||||||||||||
Royalties and licensing income | (83) | (18) | (53) | (14) | (168) | ||||||||||||||||||||||||
Equity investment losses/(gains) | 339 | (818) | (214) | (463) | (1,156) | ||||||||||||||||||||||||
Integration expenses | 174 | 166 | 195 | 182 | 717 | ||||||||||||||||||||||||
Provision for restructuring | 160 | 115 | 176 | 79 | 530 | ||||||||||||||||||||||||
Litigation and other settlements | — | — | — | (239) | (239) | ||||||||||||||||||||||||
Reversion excise tax | 76 | — | — | — | 76 | ||||||||||||||||||||||||
Divestiture (gains)/losses | (16) | 9 | 1 | (49) | (55) | ||||||||||||||||||||||||
Other (income)/expense, net | 1,165 | (752) | (923) | (1,701) | (2,211) | ||||||||||||||||||||||||
Increase to pretax income | 5,022 | 2,730 | 2,256 | 14,392 | 24,400 | ||||||||||||||||||||||||
Income taxes on items above | (291) | (3) | (405) | (1,034) | (1,733) | ||||||||||||||||||||||||
Income taxes attributed to Otezla* divestiture
|
— | 255 | 11 | — | 266 | ||||||||||||||||||||||||
Income taxes attributed to internal transfer of intangible assets | — | 853 | — | — | 853 | ||||||||||||||||||||||||
Income taxes | (291) | 1,105 | (394) | (1,034) | (614) | ||||||||||||||||||||||||
Increase to net earnings | $ | 4,731 | $ | 3,835 | $ | 1,862 | $ | 13,358 | $ | 23,786 |
Year Ended December 31, 2019
|
|||||||||||||||||||||||||||||
Dollars in Millions | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||||||||||||
Inventory purchase price accounting adjustments | $ | — | $ | — | $ | — | $ | 660 | $ | 660 | |||||||||||||||||||
Employee compensation charges | — | — | — | 1 | 1 | ||||||||||||||||||||||||
Site exit and other costs | 12 | 139 | 22 | 24 | 197 | ||||||||||||||||||||||||
Cost of products sold | 12 | 139 | 22 | 685 | 858 | ||||||||||||||||||||||||
Employee compensation charges | — | — | — | 27 | 27 | ||||||||||||||||||||||||
Site exit and other costs | 1 | — | — | 8 | 9 | ||||||||||||||||||||||||
Marketing, selling and administrative | 1 | — | — | 35 | 36 | ||||||||||||||||||||||||
License and asset acquisition charges | — | 25 | — | — | 25 | ||||||||||||||||||||||||
IPRD impairments | 32 | — | — | — | 32 | ||||||||||||||||||||||||
Employee compensation charges | — | — | — | 33 | 33 | ||||||||||||||||||||||||
Site exit and other costs | 19 | 19 | 20 | 109 | 167 | ||||||||||||||||||||||||
Research and development | 51 | 44 | 20 | 142 | 257 | ||||||||||||||||||||||||
Amortization of acquired intangible assets | — | — | — | 1,062 | 1,062 | ||||||||||||||||||||||||
Interest expense(a)
|
— | 83 | 166 | 73 | 322 | ||||||||||||||||||||||||
Contingent consideration | — | — | — | 523 | 523 | ||||||||||||||||||||||||
Royalties and licensing income | — | — | (9) | (15) | (24) | ||||||||||||||||||||||||
Equity investment (gains)/losses | (175) | (71) | 261 | (294) | (279) | ||||||||||||||||||||||||
Integration expenses | 22 | 106 | 96 | 191 | 415 | ||||||||||||||||||||||||
Provision for restructuring | 12 | 10 | 10 | 269 | 301 | ||||||||||||||||||||||||
Litigation and other settlements | — | — | — | 75 | 75 | ||||||||||||||||||||||||
Investment income | — | (54) | (99) | (44) | (197) | ||||||||||||||||||||||||
Divestiture losses/(gains) | — | 8 | (1,179) | 3 | (1,168) | ||||||||||||||||||||||||
Pension and postretirement | 49 | 44 | 1,545 | (3) | 1,635 | ||||||||||||||||||||||||
Acquisition expenses | 165 | 303 | 7 | 182 | 657 | ||||||||||||||||||||||||
Other | — | — | — | 2 | 2 | ||||||||||||||||||||||||
Other (income)/expense, net | 73 | 429 | 798 | 962 | 2,262 | ||||||||||||||||||||||||
Increase to pretax income | 137 | 612 | 840 | 2,886 | 4,475 | ||||||||||||||||||||||||
Income taxes on items above | (43) | (105) | (275) | (264) | (687) | ||||||||||||||||||||||||
Income taxes attributed to Otezla* divestiture
|
— | — | — | 808 | 808 | ||||||||||||||||||||||||
Income taxes | (43) | (105) | (275) | 544 | 121 | ||||||||||||||||||||||||
Increase to net earnings | $ | 94 | $ | 507 | $ | 565 | $ | 3,430 | $ | 4,596 |
Item 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. |
Item 9A. | CONTROLS AND PROCEDURES. |
Item 9B. | OTHER INFORMATION. |
Item 10. | DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT. |
Item 11. | EXECUTIVE COMPENSATION. |
Item 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. |
Item 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. |
Item 14. | AUDITOR FEES. |
Item 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULE. |
Item 16. | FORM 10-K SUMMARY. |
BRISTOL-MYERS SQUIBB COMPANY
(Registrant) |
||||||||
By | /s/ GIOVANNI CAFORIO, M.D. | |||||||
Giovanni Caforio, M.D. | ||||||||
Chairman of the Board and Chief Executive Officer | ||||||||
Date: February 10, 2021
|
Signature | Title | Date | ||||||||||||
/s/ GIOVANNI CAFORIO, M.D. | Chairman of the Board and Chief Executive Officer | February 10, 2021 | ||||||||||||
(Giovanni Caforio, M.D.) | (Principal Executive Officer) | |||||||||||||
/s/ DAVID V. ELKINS | Chief Financial Officer | February 10, 2021 | ||||||||||||
(David V. Elkins) | (Principal Financial Officer) | |||||||||||||
/s/ KAREN SANTIAGO | Senior Vice President and Corporate Controller | February 10, 2021 | ||||||||||||
(Karen Santiago) | (Principal Accounting Officer) | |||||||||||||
/s/ PETER J. ARDUINI | Director | February 10, 2021 | ||||||||||||
(Peter J. Arduini) | ||||||||||||||
/s/ ROBERT BERTOLINI | Director | February 10, 2021 | ||||||||||||
(Robert Bertolini) | ||||||||||||||
/s/ MICHAEL W. BONNEY | Director | February 10, 2021 | ||||||||||||
(Michael W. Bonney) | ||||||||||||||
/s/ MATTHEW W. EMMENS | Director | February 10, 2021 | ||||||||||||
(Matthew W. Emmens) | ||||||||||||||
/s/ JULIA A. HALLER, M.D. | Director | February 10, 2021 | ||||||||||||
(Julia A. Haller, M.D.) | ||||||||||||||
/s/ DINESH C. PALIWAL | Director | February 10, 2021 | ||||||||||||
(Dinesh C. Paliwal) | ||||||||||||||
/s/ PAULA A. PRICE | Director | February 10, 2021 | ||||||||||||
(Paula A. Price) | ||||||||||||||
/s/ DERICA W. RICE | Director | February 10, 2021 | ||||||||||||
(Derica W. Rice) | ||||||||||||||
/s/ THEODORE R. SAMUELS | Director | February 10, 2021 | ||||||||||||
(Theodore R. Samuels) | ||||||||||||||
/s/ VICKI L. SATO, PH.D. | Director | February 10, 2021 | ||||||||||||
(Vicki L. Sato, Ph.D.) | ||||||||||||||
/s/ GERALD L. STORCH | Director | February 10, 2021 | ||||||||||||
(Gerald L. Storch) | ||||||||||||||
/s/ KAREN H. VOUSDEN, PH.D. | Director | February 10, 2021 | ||||||||||||
(Karen H. Vousden, Ph.D.) | ||||||||||||||
/s/ PHYLLIS R. YALE | Director | February 10, 2021 | ||||||||||||
(Phyllis R. Yale) |
2020 Form 10-K | Annual Report on Form 10-K for the fiscal year ended December 31, 2020 | MDL | multi-district litigation | ||||||||
AbbVie | AbbVie Inc. | MDS | myelodysplastic syndromes | ||||||||
ALL | acute lymphoblastic leukemia | Mead Johnson | Mead Johnson Nutrition Company | ||||||||
Amgen | Amgen Inc. | Merck | Merck & Co., Inc. | ||||||||
Amylin | Amylin Pharmaceuticals, Inc. | MF | myelofibrosis | ||||||||
aNDA | abbreviated New Drug Application | MPM | Malignant Pleural Mesothelioma | ||||||||
AstraZeneca | AstraZeneca PLC | MSI-H | high microsatellite instability | ||||||||
BCMA | B-cell maturation antigen | MyoKardia | MyoKardia, Inc. | ||||||||
Biogen | Biogen, Inc. | NASH | Non alcoholic steatohepatitis | ||||||||
BLA | Biologics License Application | NAV | net asset value | ||||||||
CERCLA | U.S. Comprehensive Environmental Response, Compensation and Liability Act | Nektar | Nektar Therapeutics | ||||||||
Celgene | Celgene Corporation | NDA | New Drug Application | ||||||||
cGMP | current Good Manufacturing Practices | NKT | natural killer T | ||||||||
CML | chronic myeloid leukemia | NLRP3 | NACHT, LRR and PYD domains-containing protein 3 | ||||||||
CPPIB | CPPIB Credit Europe S.A.R.L., a Luxembourg private limited liability company | Novartis | Novartis Pharmaceutical Corporation | ||||||||
CRC | colorectal cancer | NSCLC | non-small cell lung cancer | ||||||||
DSA | Distribution Services Agreement | NVAF | non-valvular atrial fibrillation | ||||||||
EC | European Commission | OIG | Office of Inspector General of the U.S. Department of Health and Human Services | ||||||||
EGFR | estimated glomerular filtration rate | Ono | Ono Pharmaceutical Co., Ltd. | ||||||||
EMA | European Medicines Agency | OTC | Over-the-counter | ||||||||
EPO | European Patent Office | Otsuka | Otsuka Pharmaceutical Co., Ltd. | ||||||||
EPS | earnings per share | PBMs | Pharmacy Benefit Managers | ||||||||
ERISA | Employee Retirement Income Security Act of 1974 | PD-1 | programmed death receptor-1 | ||||||||
ESA | erythoropoiesis-stimulating agent | PDMA | Prescription Drug Marketing Act | ||||||||
ESCC | esophageal squamous cell carcinoma | Pfizer | Pfizer, Inc. | ||||||||
EU | European Union | PhRMA Code | Pharmaceutical Research and Manufacturers of America’s Professional Practices Code | ||||||||
FASB | Financial Accounting Standards Board | PRP | potentially responsible party | ||||||||
FCPA | Foreign Corrupt Practices Act | PsA | psoriatic arthritis | ||||||||
FDA | U.S. Food and Drug Administration | R&D | research and development | ||||||||
FL | follicular lymphoma | RA | rheumatoid arthritis | ||||||||
GAAP | U.S. generally accepted accounting principles | RCC | renal cell carcinoma | ||||||||
GBM | glioblastoma multiforme | RDP | regulatory data protection | ||||||||
Gilead | Gilead Sciences, Inc. | REMS | Risk Evaluation and Mitigation Strategy | ||||||||
GILTI | global intangible low taxed income | Roche | Roche Holding AG | ||||||||
GlaxoSmithKline | GlaxoSmithKline PLC | RRMM | relapsed/refractory multiple myeloma | ||||||||
GTN | gross-to-net | RS | ring sideroblast | ||||||||
Halozyme | Halozyme Therapeutics, Inc. | Sanofi | Sanofi S.A. | ||||||||
HCC | Hepatocellular carcinoma | sBLA | supplemental Biologics License Application | ||||||||
HIV | human immunodeficiency virus | SCCHN | squamous cell carcinoma of the head and neck | ||||||||
HR 3590 | The Patient Protection and Affordable Care Act | SCLC | small cell lung cancer | ||||||||
ImClone | ImClone Systems Incorporated | SEC | U.S. Securities and Exchange Commission | ||||||||
IO | Immuno-Oncology | STING | stimulator of interferon genes | ||||||||
IPF | idiopathic pulmonary fibrosis | the 2012 Plan | The 2012 Stock Award and Incentive Plan | ||||||||
IPRD | in-process research and development | the Act | the Tax Cuts and Jobs Act of 2017 | ||||||||
JIA | Juvenile Idiopathic Arthritis | U.S. | United States | ||||||||
LOE | loss of exclusivity | UK | United Kingdom | ||||||||
MAA | Marketing Authorization Application | VAT | value added tax | ||||||||
LIBOR | London Interbank Offered Rate | VTE | venous thromboembolic | ||||||||
Lilly |
Eli Lilly and Company
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WTO | World Trade Organization | ||||||||
MCOs | Managed Care Organizations |
Exhibit No. | Description | Page No | ||||||||||||
2. | ‡ | |||||||||||||
3a. | ‡ | |||||||||||||
3b. | ‡ | |||||||||||||
3c. | ‡ | |||||||||||||
3d. | ‡ | |||||||||||||
3e. | ‡ | |||||||||||||
4a. | E-4-1 | |||||||||||||
4b. | Letter of Agreement dated March 28, 1984 (incorporated herein by reference to Exhibit 4 to the Form 10-K for the fiscal year ended December 31, 1983). | ‡ | ||||||||||||
4c. | ‡ | |||||||||||||
4d. | Form of 7.15% Debenture due 2023 of Bristol-Myers Squibb Company (incorporated herein by reference to Exhibit 4.2 to the Form 8-K dated May 27, 1993 and filed on June 3, 1993). | ‡ | ||||||||||||
4e. | ‡ | |||||||||||||
4f. | ‡ | |||||||||||||
4g. | ‡ | |||||||||||||
4h. | ‡ | |||||||||||||
4i. | ‡ | |||||||||||||
4j. | ‡ | |||||||||||||
4k. | ‡ | |||||||||||||
4l. | ‡ | |||||||||||||
4m. | ‡ | |||||||||||||
4n. | ‡ | |||||||||||||
4o. | ‡ | |||||||||||||
4p. | ‡ | |||||||||||||
4q. | ‡ | |||||||||||||
4r. | ‡ | |||||||||||||
4s. |
‡
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4t. |
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4u. |
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4v. |
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4w. |
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4x. |
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4y. |
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4z. |
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4aa. |
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4bb. |
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4cc. |
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4dd. |
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4ee. |
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4ff. |
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4gg. |
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4hh. |
‡
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4ii. |
‡
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4jj. |
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4kk. |
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4ll. |
‡
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4mm. |
‡
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4nn. |
‡
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4oo. |
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4pp. |
‡
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4qq. |
‡
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4rr. |
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4ss. |
‡
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4tt. |
‡
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4uu. |
‡
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4vv. |
‡
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4ww. |
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4xx. |
‡
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4yy. |
‡
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4zz. |
‡
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4aaa. |
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4bbb. |
‡
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4ccc. |
‡
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4ddd. | ‡ | |||||||||||||
4eee. | ‡ | |||||||||||||
4fff. | ‡ | |||||||||||||
4ggg. | ‡ | |||||||||||||
4hhh. | ‡ | |||||||||||||
4iii. | ‡ | |||||||||||||
4jjj. | ‡ | |||||||||||||
4kkk. |
‡
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10a. | ‡ | |||||||||||||
10b. | ‡ | |||||||||||||
10c. | ‡ | |||||||||||||
10d. | ‡ | |||||||||||||
10e. | ‡ | |||||||||||||
10f. | ‡ | |||||||||||||
10g. | ‡ | |||||||||||||
10h. | ‡ | |||||||||||||
10i. | ‡ | |||||||||||||
10j. | ‡ | |||||||||||||
10k. |
‡
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10l. |
‡
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10m. |
Amendment and Waiver, dated as of June 17, 2020, to the Five Year Competitive Advance and Revolving Credit Facility Agreement dated as of September 29, 2011 among Bristol-Myers Squibb Company, the several financial institutions from time to time party to the agreement, and JPMorgan Chase Bank, N.A. and Citibank N.A. as administrative agents (incorporated herein by reference to Exhibit 10a to the Form 10-Q for the quarterly period ended June 30, 2020).
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‡ | ||||||||||||
10n. | ‡ | |||||||||||||
10o. | E-10-1 | |||||||||||||
10p. | E-10-2 | |||||||||||||
10q. | E-10-3 | |||||||||||||
10r. | E-10-4 | |||||||||||||
10s. | ‡ | |||||||||||||
10t. | ‡ | |||||||||||||
10u. | ‡ | |||||||||||||
10v. | ‡ | |||||||||||||
‡‡10w. | ‡ | |||||||||||||
‡‡10x. | ‡ | |||||||||||||
‡‡10y. | ‡ | |||||||||||||
‡‡10z. |
‡
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‡‡10aa. | ‡ | |||||||||||||
‡‡10bb. | E-10-5 | |||||||||||||
‡‡10cc. | ‡ | |||||||||||||
‡‡10dd. | ‡ | |||||||||||||
‡‡10ee. | ‡ | |||||||||||||
‡‡10ff. | ‡ | |||||||||||||
‡‡10gg. | ‡ | |||||||||||||
‡‡10hh. | ‡ | |||||||||||||
‡‡10ii. | ‡ | |||||||||||||
‡‡10jj. | ‡ | |||||||||||||
‡‡10kk. | E-10-6 | |||||||||||||
‡‡10ll. | E-10-7 | |||||||||||||
‡‡10mm. | E-10-8 | |||||||||||||
‡‡10nn. | E-10-9 | |||||||||||||
‡‡10oo. | E-10-10 | |||||||||||||
‡‡10pp. | ‡ | |||||||||||||
‡‡10qq. | ‡ | |||||||||||||
‡‡10rr. | ‡ | |||||||||||||
‡‡10ss. | ‡ | |||||||||||||
‡‡10tt. | E-10-11 | |||||||||||||
‡‡10uu. | E-10-12 |
‡‡10vv. | ‡ | |||||||||||||
‡‡10ww. | E-10-13 | |||||||||||||
‡‡10xx. | ‡ | |||||||||||||
‡‡10yy. | ‡ | |||||||||||||
‡‡10zz. | ‡ | |||||||||||||
‡‡10aaa. | ‡ | |||||||||||||
‡‡10bbb. | ‡ | |||||||||||||
‡‡10ccc. | Squibb Corporation Deferral Plan for Fees of Outside Directors, as amended (as adopted, incorporated herein by reference to Exhibit 10e Squibb Corporation 1991 Form 10-K for the fiscal year ended December 31, 1987, File No. 1-5514; as amended effective December 31, 1991 incorporated herein by reference to Exhibit 10m to the Form 10-K for the fiscal year ended December 31, 1992). | ‡ | ||||||||||||
‡‡10ddd. |
‡
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‡‡10eee. |
‡
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‡‡10fff. | ‡ | |||||||||||||
‡‡10ggg. | ‡ | |||||||||||||
21 | E-21-1 | |||||||||||||
23 | E-23-1 | |||||||||||||
31a. | E-31-1 | |||||||||||||
31b. | E-31-2 | |||||||||||||
32a. | E-32-1 | |||||||||||||
32b. | E-32-2 | |||||||||||||
101 | The following financial statements from the Bristol-Myers Squibb Company Annual Report on Form 10-K for the years ended December 31, 2020, 2019 and 2018, formatted in Inline Extensible Business Reporting Language (XBRL): (i) consolidated statements of earnings, (ii) consolidated statements of comprehensive (loss)/income, (iii) consolidated balance sheets, (iv) consolidated statements of cash flows, and (v) the notes to the consolidated financial statements. | |||||||||||||
104. |
The cover page from the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL.
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† | Confidential treatment has been granted for certain portions which are omitted in the copy of the exhibit electronically filed with the Commission. |
* |
Indicates, in this 2020 Form 10-K, brand names of products, which are registered trademarks not solely owned by the Company or its subsidiaries. Abilify is a trademark of Otsuka Pharmaceutical Co., Ltd.; Atripla is a trademark of Gilead Sciences, Inc.; Avapro/Avalide (known in the EU as Aprovel/Karvea) and Plavix are trademarks of Sanofi; Byetta is a trademark of Amylin Pharmaceuticals, LLC; Cabometyx is a trademark of Exelixis, Inc.; ENHANZE is a trademark of Halozyme, Inc.; Erbitux is a trademark of ImClone LLC; Farxiga and Onglyza are trademarks of AstraZeneca AB; Gleevec is a trademark of Novartis AG; Keytruda is a trademark of Merck Sharp & Dohme Corp.; Otezla is a trademark of Amgen Inc.; and Yescarta is a trademark of Kite Pharma, Inc. Brand names of products that are in all italicized letters, without an asterisk, are registered trademarks of BMS and/or one of its subsidiaries.
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