CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
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Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
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Total Revenues | $ 10,129 | $ 6,273 | $ 20,910 | $ 12,193 | ||
Cost of products sold | [1] | 2,699 | 1,972 | 6,361 | 3,796 | |
Marketing, selling and administrative | 1,628 | 1,076 | 3,234 | 2,082 | ||
Research and development | 2,522 | 1,325 | 4,894 | 2,673 | ||
Amortization of acquired intangible assets | 2,389 | 24 | 4,671 | 48 | ||
Other (income)/expense, net | (736) | 100 | 427 | (161) | ||
Total Expenses | 8,502 | 4,497 | 19,587 | 8,438 | ||
Earnings Before Income Taxes | 1,627 | 1,776 | 1,323 | 3,755 | ||
Provision for Income Taxes | 1,707 | 337 | 2,169 | 601 | ||
Net (Loss)/Earnings | (80) | 1,439 | (846) | 3,154 | ||
Noncontrolling Interest | 5 | 7 | 14 | 12 | ||
Net (Loss)/Earnings Attributable to BMS | $ (85) | $ 1,432 | $ (860) | $ 3,142 | ||
Earnings Per Share, Basic | $ (0.04) | $ 0.88 | $ (0.38) | $ 1.92 | ||
Earnings Per Share, Diluted | $ (0.04) | $ 0.87 | $ (0.38) | $ 1.92 | ||
Net product sales [Member] | ||||||
Total Revenues | $ 9,817 | $ 6,031 | $ 20,358 | $ 11,744 | ||
Alliance and other revenues [Member] | ||||||
Total Revenues | $ 312 | $ 242 | $ 552 | $ 449 | ||
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Statement of Comprehensive Income [Abstract] | ||||
Net (Loss)/Earnings | $ (80) | $ 1,439 | $ (846) | $ 3,154 |
Derivatives qualifying as cash flow hedges | (59) | (28) | 11 | (14) |
Pension and postretirement benefits | (7) | 39 | 9 | 88 |
Available-for-sale debt securities | 8 | 13 | 9 | 39 |
Foreign currency translation | 51 | (1) | (65) | 28 |
Other Comprehensive (Loss)/Income | (7) | 23 | (36) | 141 |
Comprehensive (Loss)/Income | (87) | 1,462 | (882) | 3,295 |
Comprehensive Income Attributable to Noncontrolling Interest | 5 | 7 | 14 | 12 |
Comprehensive (Loss)/Income Attributable to BMS | $ (92) | $ 1,455 | $ (896) | $ 3,283 |
OTHER EXPENSE (INCOME), NET |
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Other Nonoperating Income (Expense) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (Income)/Expense [Text Block] | OTHER (INCOME)/EXPENSE, NET
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BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS (Notes) |
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BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS [Abstract] | |
Basis of Presentation and Recently Issued Accounting Standards [Text Block] | Basis of Consolidation Bristol-Myers Squibb Company prepared these unaudited consolidated financial statements following the requirements of the SEC and U.S. GAAP for interim reporting. Under those rules, certain footnotes and other financial information that are normally required for annual financial statements can be condensed or omitted. The Company is responsible for the consolidated financial statements included in this Quarterly Report on Form 10-Q, which include all adjustments necessary for a fair presentation of the financial position at June 30, 2020 and December 31, 2019, the results of operations for the three and six months ended June 30, 2020 and 2019, and cash flows for the six months ended June 30, 2020 and 2019. All intercompany balances and transactions have been eliminated. BMS's consolidated financial statements include the assets, liabilities, operating results and cash flows of Celgene from the date of acquisition on November 20, 2019. These financial statements and the related notes should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019 included in the 2019 Form 10-K. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for terms used throughout the document. Business Segment Information BMS operates in a single segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of innovative medicines that help patients prevail over serious diseases. A global research and development organization and supply chain organization are responsible for the discovery, development, manufacturing and supply of products. Regional commercial organizations market, distribute and sell the products. The business is also supported by global corporate staff functions. Consistent with BMS's operational structure, the Chief Executive Officer (“CEO”), as the chief operating decision maker, manages and allocates resources at the global corporate level. Managing and allocating resources at the global corporate level enables the CEO to assess both the overall level of resources available and how to best deploy these resources across functions, therapeutic areas, regional commercial organizations and research and development projects in line with our overarching long-term corporate-wide strategic goals, rather than on a product or franchise basis. The determination of a single segment is consistent with the financial information regularly reviewed by the CEO for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting future periods. For further information on product and regional revenue, see “—Note 2. Revenue.” Use of Estimates and Judgments Revenues, expenses, assets and liabilities can vary during each quarter of the year. Accordingly, the results and trends in these unaudited consolidated financial statements may not be indicative of full year operating results. The preparation of financial statements requires the use of management estimates, judgments and assumptions. The most significant assumptions are estimates used in determining accounting for business combinations; impairments of intangible assets; sales rebate and return accruals; legal contingencies; and income taxes. Actual results may differ from estimates. Reclassifications Certain reclassifications were made to conform the prior period interim consolidated financial statements to the current period presentation. Recently Adopted Accounting Standards Financial Instruments - Measurement of Credit Losses In June 2016, the FASB issued amended guidance for the measurement of credit losses on financial instruments. Entities will be required to use a forward-looking estimated loss model. Available-for-sale debt security credit losses will be recognized as allowances rather than a reduction in amortized cost. BMS adopted the amended guidance on a modified retrospective approach on January 1, 2020. The amended guidance did not impact BMS’s results of operations.
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REVENUE RECOGNITION Revenue Recognition (Notes) |
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Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | REVENUE The following table summarizes the disaggregation of revenue by nature:
The following table summarizes GTN adjustments:
(a) Includes adjustments for provisions for product sales made in prior periods resulting from changes in estimates of $44 million and $116 million for the three and six months ended June 30, 2020 and $49 million and $127 million for the three and six months ended June 30, 2019, respectively. The following table summarizes the disaggregation of revenue by product and region:
(a) Includes BMS and Celgene products in 2020. (b) Other revenues include royalties and alliance-related revenues for products not sold by BMS's regional commercial organizations. Revenue recognized from performance obligations satisfied in prior periods was $98 million and $228 million for the three and six months ended June 30, 2020 and $117 million and $264 million for the three and six months ended June 30, 2019, respectively, consisting primarily of royalties for out-licensing arrangements and revised estimates for GTN adjustments related to prior period sales. Contract assets were not material at June 30, 2020 and December 31, 2019.
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ALLIANCES |
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ALLIANCES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collaborative Arrangement Disclosure [Text Block] | ALLIANCES BMS enters into collaboration arrangements with third parties for the development and commercialization of certain products. Although each of these arrangements is unique in nature, both parties are active participants in the operating activities of the collaboration and exposed to significant risks and rewards depending on the commercial success of the activities. BMS may either in-license intellectual property owned by the other party or out-license its intellectual property to the other party. These arrangements also typically include research, development, manufacturing, and/or commercial activities and can cover a single investigational compound or commercial product or multiple compounds and/or products in various life cycle stages. The rights and obligations of the parties can be global or limited to geographic regions. BMS refers to these collaborations as alliances and its partners as alliance partners. Selected financial information pertaining to alliances was as follows, including net product sales when BMS is the principal in the third-party customer sale for products subject to the alliance. Expenses summarized below do not include all amounts attributed to the activities for the products in the alliance, but only the payments between the alliance partners or the related amortization if the payments were deferred or capitalized.
(a) Includes unamortized upfront and milestone payments. The nature, purpose, significant rights and obligations of the parties and specific accounting policy elections for each of the Company's significant alliances are discussed in the 2019 Form 10-K. Significant developments and updates related to alliances during the three and six months ended June 30, 2020 are set forth below. Otsuka Effective January 1, 2020, Otsuka is no longer co-promoting Sprycel in the U.S. and as a result, this arrangement is no longer considered a collaboration under ASC 808. Revenues earned and fees paid to Otsuka in the Oncology Territory in 2020 are not included in the table above. bluebird BMS and bluebird jointly develop and commercialize novel disease-altering gene therapy product candidates targeting BCMA. The collaboration arrangement began in 2013 and included (i) a right for BMS to license any anti-BCMA products resulting from the collaboration, (ii) a right for bluebird to participate in the development and commercialization of any licensed products resulting from the collaboration through a 50/50 co-development and profit share in the U.S. in exchange for a reduction of milestone payments, and (iii) sales based milestones and royalties payable to bluebird upon the commercialization of any licensed products resulting from the collaboration if bluebird declined to exercise their co-development and profit sharing rights. The options to license ide-cel (bb2121) and bb21217 were exercised in 2016 and 2017, respectively. BMS and bluebird share equally in all profits and losses relating to developing, commercializing and manufacturing ide-cel within the U.S. BMS is exclusively responsible for the development and commercialization of ide-cel outside the U.S. BMS is responsible for the worldwide development, including related funding after the substantial completion by bluebird of the ongoing Phase I clinical trial, and commercialization of bb21217. bluebird has an option to co-develop, co-promote and share equally in all profits and losses in the U.S. In the second quarter of 2020, BMS and bluebird amended their collaboration arrangement where, among other items, BMS is assuming the contract manufacturing agreements relating to ide-cel adherent lentiviral vector. Over time, BMS is assuming responsibility for manufacturing ide-cel suspension lentiviral vector outside of the U.S., with bluebird responsible for manufacturing ide-cel suspension lentiviral vector in the U.S. The parties were also released from future exclusivity related to BCMA-directed T cell therapies. In addition, BMS agreed to buy out its obligation to pay bluebird future ex-U.S. milestones and royalties on ide-cel and bb21217 for a payment of $200 million, which was included in Research and development expense.
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ACQUISITIONS, DIVESTITURES AND OTHER ARRANGEMENTS (Notes) |
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Acquisitions, Divestitures and Other Arrangements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS Acquisitions Business Combination Celgene On November 20, 2019, BMS completed the Celgene acquisition. The acquisition is expected to further position BMS as a leading biopharmaceutical company for sustained innovation and long-term growth and to address the needs of patients with cancer, inflammatory, immunologic or cardiovascular diseases through high-value innovative medicines and leading scientific capabilities. The transaction was accounted for as a business combination, which requires that assets acquired and liabilities assumed be recognized at their fair value as of the acquisition date. The purchase price allocation is preliminary and subject to change for income tax matters. The amounts recognized will be finalized as the information necessary to complete the analysis is obtained, but no later than one year after the acquisition date. The following table summarizes the provisional amounts recognized for assets acquired and liabilities assumed as of the acquisition date, as well as measurement period adjustments made year-to-date to the amounts initially recorded in 2019. The measurement period adjustments reflected in 2020 primarily resulted from completing valuations of real estate and personal property, revised future cash flow estimates for certain intangible assets, changes in the estimated tax basis of certain intangible assets based upon a tax ruling which reduced deferred income tax liabilities and other changes to certain equity investments, legal contingency and income tax liabilities. The related impact to net earnings that would have been recognized in previous periods if the adjustments were recognized as of the acquisition date is immaterial to the consolidated financial statements.
Asset Acquisitions In the second quarter of 2020, a $100 million development milestone was paid to Cormorant as additional contingent consideration. The additional consideration was included in Research and development expense as the Cormorant acquisition in 2016 was accounted for as an asset acquisition. Divestitures The following table summarizes the financial impact of divestitures including royalties, which are included in Other (income)/expense, net. Revenue and pretax earnings related to all divestitures and assets held-for-sale were not material in all periods presented (excluding divestiture gains or losses).
(a) Includes royalties received subsequent to the related sale of the asset or business. Manufacturing Operations In the second quarter of 2019, BMS agreed to sell its manufacturing and packaging facility in Anagni, Italy to Catalent, Inc. The transaction was accounted for as the sale of a business and the sale was completed in the fourth quarter of 2019. The assets were reduced to their relative fair value after considering the purchase price resulting in an impairment charge of $109 million for the six months ended June 30, 2019 that was included in Cost of products sold.
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RESTRUCTURING |
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Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING A restructuring and integration plan is being implemented as an initiative to realize $2.5 billion of sustainable run-rate synergies resulting from cost savings and avoidance from the Celgene acquisition. The synergies are expected to be realized in Cost of products sold (10%), Marketing, selling and administrative expenses (55%) and Research and development expenses (35%). The majority of charges are expected to be incurred through 2022, and range between $2.5 billion to $3.0 billion. Cumulative charges of approximately $1.3 billion have been recognized including integration planning and execution expenses, employee termination benefit costs and accelerated stock-based compensation, contract termination costs and other shutdown costs associated with site exits. Cash outlays in connection with these actions are expected to be approximately $2.5 billion. Employee workforce reductions were approximately 900 for the six months ended June 30, 2020. The following tables summarize the charges and activity related to the Celgene acquisition:
(a) Excludes $47 million of accelerated stock-based compensation. In October 2016, a restructuring plan was announced to evolve and streamline BMS's operating model. The majority of charges are expected to be incurred through 2020, range between $1.5 billion to $2.0 billion. Cumulative charges of approximately $1.5 billion have been recognized including employee termination benefit costs, contract termination costs, accelerated depreciation and impairment charges and other costs associated with manufacturing and R&D site exits. The remaining charges are expected to result from additional site exit costs. Cash outlays in connection with these actions are expected to be approximately 40% to 50% of the total charges. The following tables summarize the charges and activity related to the Company transformation:
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | INCOME TAXES
The tax impact attributed to specified items was primarily due to non-deductible contingent value rights charges and low jurisdictional tax rates attributed to inventory and intangible asset purchase price adjustments in the current periods. The second quarter 2020 includes an $853 million deferred tax charge resulting from an internal transfer of certain intangible assets to the U.S. and an additional $255 million GILTI tax charge upon finalization of the Otezla* divestiture tax consequences with tax authorities. The tax impact of these discrete items are reflected immediately and are not considered in estimating the annual effective tax rate. Additional changes to the effective tax rate may occur in future periods due to various reasons including pretax earnings mix, tax reserves, cash repatriations and revised interpretations of the relevant tax code. BMS is currently under examination by a number of tax authorities, which have proposed or are considering proposing material adjustments to tax positions for issues such as transfer pricing, certain tax credits and the deductibility of certain expenses. It is reasonably possible that new issues will be raised by tax authorities, which may require adjustments to the amount of unrecognized tax benefits; however, an estimate of such adjustments cannot reasonably be made at this time. It is also reasonably possible that the total amount of unrecognized tax benefits at June 30, 2020 could decrease in the range of approximately $350 million to $390 million in the next twelve months as a result of the settlement of certain tax audits and other events. The expected change in unrecognized tax benefits may result in the payment of additional taxes, adjustment of certain deferred taxes and/or recognition of tax benefits. It is reasonably possible that new issues will be raised by tax authorities that may increase unrecognized tax benefits; however, an estimate of such increases cannot reasonably be made at this time. BMS believes that it has adequately provided for all open tax years by tax jurisdiction.
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EARNINGS PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | EARNINGS PER SHARE
The total number of potential shares of common stock excluded from the diluted EPS computation because of the antidilutive impact was 127 million for both the three and six months ended June 30, 2020 and was not material for the three and six months ended June 30, 2019.
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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Financial assets and liabilities measured at fair value on a recurring basis are summarized below:
As further described in “Item 8. Financial Statements and Supplementary Data—Note 9. Financial Instruments and Fair Value Measurements” in the Company's 2019 Form 10-K, the Company's fair value estimates use inputs that are either (1) quoted prices for identical assets or liabilities in active markets (Level 1 inputs); (2) observable prices for similar assets or liabilities in active markets or for identical or similar assets or liabilities in markets that are not active (Level 2 inputs); or (3) unobservable inputs (Level 3 inputs). Contingent consideration obligations are recorded at their estimated fair values and these obligations are revalued each reporting period until the related contingencies are resolved. The contingent value rights are adjusted to fair value using the traded price of the securities at the end of each reporting period. The fair value measurements for other contingent consideration liabilities are estimated using probability-weighted discounted cash flow approaches that are based on significant unobservable inputs related to product candidates acquired in business combinations and are reviewed quarterly. These inputs include, as applicable, estimated probabilities and timing of achieving specified development and regulatory milestones, estimated annual sales and the discount rate used to calculate the present value of estimated future payments. Significant changes which increase or decrease the probabilities of achieving the related development and regulatory events, shorten or lengthen the time required to achieve such events, or increase or decrease estimated annual sales would result in corresponding increases or decreases in the fair values of these obligations. The fair value of our contingent consideration as of June 30, 2020 was calculated using the following significant unobservable inputs:
There were no transfers between levels 1, 2 and 3 during the six months ended June 30, 2020. The following table represents a roll-forward of the fair value of level 3 instruments:
Available-for-sale Debt Securities and Equity Investments Changes in fair value of equity investments are included in Other (income)/expense, net. The following table summarizes available-for-sale debt securities and equity investments:
(a) All marketable debt securities mature within five years as of June 30, 2020 and December 31, 2019. Equity investments not measured at fair value and excluded from the above fair value table were limited partnerships and other equity method investments of $449 million at June 30, 2020 and $429 million at December 31, 2019 and other equity investments without readily determinable fair values of $718 million at June 30, 2020 and $781 million at December 31, 2019. These amounts are included in Other non-current assets. Upward adjustments to equity investments without readily determinable fair values for the three and six months ended June 30, 2020 were $197 million and $272 million, respectively, resulting from observable price changes for similar securities for the same issuer and were recorded in Other (income)/expense, net. Downward adjustments to equity investments without readily determinable fair values for the three and six months ended June 30, 2020 were $13 million and $201 million, respectively. The following table summarizes the net gain recorded for equity investments with readily determinable fair values held as of June 30, 2020 and 2019:
Qualifying Hedges and Non-Qualifying Derivatives Cash Flow Hedges — Foreign currency forward contracts are used to hedge certain forecasted intercompany inventory purchases and sales transactions and certain foreign currency transactions. The fair value for contracts designated as cash flow hedges are temporarily reported in Accumulated other comprehensive loss and included in earnings when the hedged item affects earnings. The net gain or loss on foreign currency forward contracts is expected to be reclassified to net earnings (primarily included in Cost of products sold and Other (income)/expense, net) within the next 12 months. The notional amount of outstanding foreign currency forward contracts was primarily attributed to the euro of $2.2 billion and Japanese yen of $916 million at June 30, 2020. The earnings impact related to discontinued cash flow hedges and hedge ineffectiveness was not material during all periods presented. Cash flow hedge accounting is discontinued when the forecasted transaction is no longer probable of occurring within 60 days after the originally forecasted date or when the hedge is no longer effective. Assessments to determine whether derivatives designated as qualifying hedges are highly effective in offsetting changes in the cash flows of hedged items are performed at inception and on a quarterly basis. Foreign currency forward contracts not designated as hedging instruments are used to offset exposures in certain foreign currency denominated assets, liabilities and earnings. Changes in the fair value of these derivatives are recognized in earnings as they occur. BMS may hedge a portion of its future foreign currency exposure by utilizing a strategy that involves both a purchased local currency put option and a written local currency call option that are accounted for as hedges of future sales denominated in that local currency. Specifically, BMS sells (or writes) a local currency call option and purchases a local currency put option with the same expiration dates and local currency notional amounts but with different strike prices. The premium collected from the sale of the call option is equal to the premium paid for the purchased put option, resulting in no net premium being paid. This combination of transactions is generally referred to as a “zero-cost collar.” The expiration dates and notional amounts correspond to the amount and timing of forecasted foreign currency sales. The foreign currency zero-cost collar contracts outstanding as of June 30, 2020 had settlement dates within 12 months. If the U.S. Dollar weakens relative to the currency of the hedged anticipated sales, the purchased put option value reduces to zero and we benefit from the increase in the U.S. Dollar equivalent value of our anticipated foreign currency cash flows; however, this benefit would be capped at the strike level of the written call, which forms the upper end of the collar. Net Investment Hedges — Non-U.S. dollar borrowings of €950 million ($1.1 billion) at June 30, 2020 are designated as net investment hedges to hedge euro currency exposures of the net investment in certain foreign affiliates and are recognized in long-term debt. The effective portion of foreign exchange gain on the remeasurement of euro debt was included in the foreign currency translation component of Accumulated other comprehensive loss with the related offset in long-term debt. Contract fair value changes are recorded in the foreign currency translation component of Other Comprehensive (Loss)/Income with a related offset in Other non-current assets or Other non-current liabilities. Cross-currency interest rate swap contracts of $400 million at June 30, 2020 are designated to hedge Japanese yen currency exposure of BMS's net investment in its Japan subsidiaries. Contract fair value changes are recorded in the foreign currency translation component of Other Comprehensive (Loss)/Income with a related offset in Other non-current assets or Other non-current liabilities. Fair Value Hedges — Fixed to floating interest rate swap contracts are designated as fair value hedges and used as an interest rate risk management strategy to create an appropriate balance of fixed and floating rate debt. The contracts and underlying debt for the hedged benchmark risk are recorded at fair value. The effective interest rate for the contracts is one-month LIBOR (0.2% as of June 30, 2020) plus an interest rate spread of 4.6%. Gains or losses resulting from changes in fair value of the underlying debt attributable to the hedged benchmark interest rate risk are recorded in interest expense with an associated offset to the carrying value of debt. Since the specific terms and notional amount of the swap are intended to align with the debt being hedged, all changes in fair value of the swap are recorded in interest expense with an associated offset to the derivative asset or liability on the consolidated balance sheet. As a result, there was no net impact in earnings. When the underlying swap is terminated prior to maturity, the fair value adjustment to the underlying debt is amortized as a reduction to interest expense over the remaining term of the debt. In the second quarter of 2019, deal contingent forward starting interest rate swap contracts were entered into, with an aggregate notional principal amount of $10.4 billion to hedge interest rate risk associated with the anticipated issuance of long-term debt to fund the Celgene acquisition and the forward starting interest rate swap option contracts were terminated. The deal contingent forward starting interest rate swap contracts were terminated upon the completion of the Celgene acquisition. The following table summarizes the fair value of outstanding derivatives:
(a) Included in Other current assets and Other non-current assets. (b) Included in Other current liabilities and Other non-current liabilities. The following table summarizes the financial statement classification and amount of (gain)/loss recognized on hedging instruments:
The following table summarizes the effect of derivative and non-derivative instruments designated as hedging instruments in Other Comprehensive (Loss)/Income:
(a) The amount is expected to be reclassified into earnings in the next 12 months. Debt Obligations Short-term debt obligations include:
Long-term debt and the current portion of long-term debt include:
The fair value of long-term debt was $53.8 billion at June 30, 2020 and $50.7 billion at December 31, 2019 valued using Level 2 inputs, which are based upon the quoted market prices for the same or similar debt instruments. The fair value of short-term borrowings approximates the carrying value due to the short maturities of the debt instruments. Interest payments were $845 million and $110 million for the six months ended June 30, 2020 and 2019, respectively, net of amounts related to interest rate swap contracts. In the second quarter of 2019, BMS issued an aggregate principal amount of $19.0 billion of floating rate and fixed rate unsecured senior notes. The notes rank equally in right of payment with all of the Company's existing and future senior unsecured indebtedness and the fixed rate notes are redeemable at any time, in whole, or in part, at varying specified redemption prices plus accrued and unpaid interest. During the first quarter of 2019, the $750 million 1.600% Notes and the $500 million 1.750% Notes matured and were repaid. As of June 30, 2020, BMS had four separate revolving credit facilities totaling $6.0 billion, which consisted of a 364-day $2.0 billion facility expiring in January 2021, a $1.0 billion facility expiring in January 2022 and two five-year $1.5 billion facilities that were extended to September 2023 and July 2024, respectively. The facilities provide for customary terms and conditions with no financial covenants and may be used to provide backup liquidity for BMS's commercial paper borrowings. BMS's $1.0 billion facility and its two $1.5 billion revolving facilities are extendable annually by one year on the anniversary date with the consent of the lenders. No borrowings were outstanding under revolving credit facilities at June 30, 2020 or December 31, 2019.
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RECEIVABLES |
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Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Text Block] | RECEIVABLES
Non-U.S. receivables sold on a nonrecourse basis were $464 million and $341 million for the six months ended June 30, 2020 and 2019, respectively. Receivables from the three largest customers in the U.S. represented approximately 55% and 50% of total trade receivables at June 30, 2020 and December 31, 2019, respectively.
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INVENTORIES |
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Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Text Block] | INVENTORIES
Total inventories include fair value adjustments resulting from the Celgene acquisition of $1.3 billion at June 30, 2020 and $3.5 billion at December 31, 2019. Other non-current assets include inventory expected to remain on hand beyond one year in both periods.
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PROPERTY, PLANT AND EQUIPMENT |
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Property, Plant and Equipment [Text Block] | PROPERTY, PLANT AND EQUIPMENT
(a) Includes measurement period adjustments. Refer to “—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements” for more information. Depreciation expense was $145 million and $315 million for the three and six months ended June 30, 2020 and $133 million and $266 million for the three and six months ended June 30, 2019, respectively.
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GOODWILL AND OTHER INTANGIBLE ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS
(a) Includes measurement period adjustments. Refer to “—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements” for more information. In the six months ended June 30, 2020, $11.1 billion of IPRD was reclassified to acquired developed product rights upon approval in the U.S. for Reblozyl for the treatment of anemia in adults with lower-risk MDS and Zeposia. Amortization expense of other intangible assets was $2.5 billion and $4.8 billion for the three and six months ended June 30, 2020 and $51 million and $104 million for the three and six months ended June 30, 2019, respectively.
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SUPPLEMENTAL FINANCIAL INFORMATION |
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Additional Financial Information Disclosure [Text Block] | SUPPLEMENTAL FINANCIAL INFORMATION
(a) Includes restricted cash of $87 million at June 30, 2020.
(a) Restricted cash consists of escrow for litigation settlements and funds restricted for annual Company contributions to the defined contribution plan in the U.S. Restricted cash of $428 million was included in cash, cash equivalents and restricted cash at June 30, 2020 in the consolidated statements of cash flows.
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EQUITY |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | EQUITY The following table summarizes changes in equity for the six months ended June 30, 2020:
(a) Cash dividends declared per common share were $0.45 for the three months ended March 31, 2020 and June 30, 2020. The following table summarizes changes in equity for the six months ended June 30, 2019:
(a) Refer to “—Note 1. Accounting Policies and Recently Issued Accounting Standards” in the Company's 2019 Form 10-K for additional information. (b) Cash dividends declared per common share were $0.41 for the three months ended March 31, 2019 and June 30, 2019. BMS has a share repurchase program, authorized by its Board of Directors, allowing for repurchases of its shares. Treasury stock is recognized at the cost to reacquire the shares. Shares issued from treasury are recognized utilizing the first-in first-out method. The outstanding share repurchase authority authorization under the program was $1.0 billion as of December 31, 2019. In February 2020, the Board of Directors approved an increase of $5.0 billion to the share repurchase authorization for BMS common stock. BMS repurchased 1.4 million shares of its common stock for $81 million during the six months ended June 30, 2020. The remaining share repurchase capacity under the share repurchase program was approximately $5.9 billion as of June 30, 2020. In the fourth quarter of 2019, BMS executed accelerated share repurchase (“ASR”) agreements to repurchase an aggregate $7 billion of common stock. The ASR was funded with cash on-hand. In the fourth quarter of 2019, approximately 99 million shares of common stock (80% of the $7 billion aggregate repurchase price) were received by BMS and included in treasury stock. In the second quarter of 2020, the agreement was settled and approximately 16 million shares of common stock were received by BMS and transferred to treasury stock. The components of Other Comprehensive (Loss)/Income were as follows:
(a)Included in Cost of products sold. (b)Included in Other (income)/expense, net. The accumulated balances related to each component of Other Comprehensive (Loss)/Income, net of taxes, were as follows:
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PENSION AND POSTRETIREMENT BENEFIT PLANS |
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Pension and Other Postretirement Benefits [Text Block] | RETIREMENT BENEFITS The net periodic benefit cost of defined benefit pension plans includes:
Pension settlement charges were recognized after determining the annual lump sum payments will exceed the annual interest and service costs for certain pension plans. The charges included the acceleration of a portion of unrecognized actuarial losses. Non-current pension liabilities were $579 million at June 30, 2020 and $569 million at December 31, 2019. Defined contribution plan expense in the U.S. was approximately $65 million and $150 million for the three and six months ended June 30, 2020 and approximately $50 million and $90 million for the three and six months ended June 30, 2019, respectively. Comprehensive medical and group life benefits are provided for substantially all U.S. retirees electing to participate in comprehensive medical and group life plans and to a lesser extent certain benefits for non-U.S. employees. The net periodic benefit credits were not material in both periods. As a result of the Bristol-Myers Squibb Retirement Income Plan termination in 2019, $381 million of assets held in a separate account within the Pension Trust used to fund retiree medical plan payments was reverted back to the Company, resulting in an excise tax of $76 million in the first quarter of 2020.
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EMPLOYEE STOCK BENEFIT PLANS Employee Stock Benefit Plans (Notes) |
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Share-based Payment Arrangement [Text Block] | EMPLOYEE STOCK BENEFIT PLANS Stock-based compensation expense was as follows:
(a) Income tax benefit excludes excess tax benefits from share-based compensation awards that were vested or exercised of $5 million and $28 million for the three and six months ended June 30, 2020 and was not material for the three and six months ended June 30, 2019. The total stock-based compensation expense for the three and six months ended June 30, 2020 includes $98 million and $221 million, respectively, related to the Celgene post-combination service period for the replacement awards and $29 million and $47 million, respectively, of accelerated vesting of the replacement awards related to the Celgene acquisition. It also includes $9 million related to CVR obligation on unvested stock awards for the six months ended June 30, 2020. The number of units granted and the weighted-average fair value on the grant date for the six months ended June 30, 2020 were as follows:
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LEGAL PROCEEDINGS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Contingencies [Text Block] | LEGAL PROCEEDINGS AND CONTINGENCIES BMS and certain of its subsidiaries are involved in various lawsuits, claims, government investigations and other legal proceedings that arise in the ordinary course of business. These claims or proceedings can involve various types of parties, including governments, competitors, customers, suppliers, service providers, licensees, employees, or shareholders, among others. These matters may involve patent infringement, antitrust, securities, pricing, sales and marketing practices, environmental, commercial, contractual rights, licensing obligations, health and safety matters, consumer fraud, employment matters, product liability and insurance coverage, among others. The resolution of these matters often develops over a long period of time and expectations can change as a result of new findings, rulings, appeals or settlement arrangements. Legal proceedings that are significant or that BMS believes could become significant or material are described below. While BMS does not believe that any of these matters, except as otherwise specifically noted below, will have a material adverse effect on its financial position or liquidity as BMS believes it has substantial defenses in the matters, the outcomes of BMS’s legal proceedings and other contingencies are inherently unpredictable and subject to significant uncertainties. There can be no assurance that there will not be an increase in the scope of one or more of these pending matters or any other or future lawsuits, claims, government investigations or other legal proceedings will not be material to BMS’s financial position, results of operations or cash flows for a particular period. Furthermore, failure to enforce BMS’s patent rights would likely result in substantial decreases in the respective product revenues from generic competition. Unless otherwise noted, BMS is unable to assess the outcome of the respective matters nor is it able to estimate the possible loss or range of losses that could potentially result for such matters. Contingency accruals are recognized when it is probable that a liability will be incurred and the amount of the related loss can be reasonably estimated. Developments in legal proceedings and other matters that could cause changes in the amounts previously accrued are evaluated each reporting period. For a discussion of BMS’s tax contingencies, see “—Note 7. Income Taxes”. INTELLECTUAL PROPERTY Anti-PD-1 Antibody Litigation In September 2015, Dana-Farber Cancer Institute (“Dana-Farber”) filed a complaint in the U.S. District Court for the District of Massachusetts seeking to correct the inventorship on up to six related U.S. patents directed to methods of treating cancer using PD-1 and PD-L1 antibodies. Specifically, Dana-Farber is seeking to add two scientists as inventors to these patents. In October 2017, Pfizer was allowed to intervene in this case alleging that one of the scientists identified by Dana-Farber was employed by a company eventually acquired by Pfizer during the relevant period. In February 2019, BMS settled the lawsuit with Pfizer. A bench trial in the lawsuit with Dana-Farber took place in February 2019. In May 2019, the Court issued an opinion ruling that the two scientists should be added as inventors to the patents. The decision was appealed to the U.S. Court of Appeals for the Federal Circuit and the Federal Circuit affirmed the District Court opinion. BMS is considering its appeal options. In June 2019, Dana-Farber filed a new lawsuit in the District of Massachusetts against BMS seeking damages as a result of the Court’s decision adding the scientists as inventors. CAR T On October 18, 2017, the day on which the FDA approved Kite Pharma, Inc.’s (“Kite”) Yescarta* product, Juno, along with Sloan Kettering Institute for Cancer Research (“SKI”), filed a complaint against Kite in the U.S. District Court for the Central District of California. The complaint alleged that Yescarta* infringes certain claims of U.S. Patent No. 7,446,190 (“the ’190 Patent”) concerning CAR T cell technologies. Kite filed an answer and counterclaims asserting non-infringement and invalidity of the ’190 Patent. In December 2019, following an eight-day trial, the jury rejected Kite’s defenses, finding that Kite willfully infringed the ’190 Patent and awarding to Juno and SKI a reasonable royalty consisting of a $585 million upfront payment and a 27.6% running royalty on Kite’s sales of Yescarta* through the expiration of the ’190 Patent in August 2024. In January 2020, Kite renewed its previous motion for judgment as a matter of law and also moved for a new trial, and Juno filed a motion seeking enhanced damages, supplemental damages, ongoing royalties, and prejudgment interest. In March 2020, the Court denied both of Kite’s motions in their entirety. In April 2020, the Court granted in part Juno’s motion and entered a final judgment awarding to Juno and SKI approximately $1.2 billion in royalties, interest and enhanced damages and a 27.6% running royalty on Kite’s sales of Yescarta* from December 13, 2019 through the expiration of the ’190 Patent in August 2024. In April 2020, Kite appealed the final judgment to the U.S. Court of Appeals for the Federal Circuit. No date has been scheduled for an oral hearing on the appeal. Eliquis - U.S. In 2017, BMS received Notice Letters from twenty-five generic companies notifying BMS that they had filed aNDAs containing paragraph IV certifications seeking approval of generic versions of Eliquis. As a result, two Eliquis patents listed in the FDA Orange Book are being challenged: the composition of matter patent claiming apixaban specifically and a formulation patent. In response, BMS, along with its partner Pfizer, initiated patent infringement actions under the Hatch-Waxman Act against all generic filers in the U.S. District Court for the District of Delaware in April 2017. In August 2017, the U.S. Patent and Trademark Office granted patent term restoration to the composition of matter patent to November 2026, thereby restoring the term of the Eliquis composition of matter patent, which is BMS’s basis for projected LOE. BMS settled with a number of aNDA filers. These settlements do not affect BMS’s projected LOE for Eliquis. A trial with the remaining aNDA filers took place in late 2019. On August 5, 2020, the U.S. District Court issued a decision finding that the remaining aNDA filers’ products infringed the Eliquis composition of matter and formulation patents and that both Eliquis patents are not invalid. Plavix* - Australia Sanofi was notified that, in August 2007, GenRx Proprietary Limited (“GenRx”) obtained regulatory approval of an application for clopidogrel bisulfate 75mg tablets in Australia. GenRx, formerly a subsidiary of Apotex Inc., subsequently changed its name to Apotex (“GenRx-Apotex”). In August 2007, GenRx-Apotex filed an application in the Federal Court of Australia seeking revocation of Sanofi’s Australian Patent No. 597784 (Case No. NSD 1639 of 2007). Sanofi filed counterclaims of infringement and sought an injunction. On September 21, 2007, the Federal Court of Australia granted Sanofi’s injunction. A subsidiary of BMS was subsequently added as a party to the proceedings. In February 2008, a second company, Spirit Pharmaceuticals Pty. Ltd., also filed a revocation suit against the same patent. This case was consolidated with the GenRx-Apotex case. On August 12, 2008, the Federal Court of Australia held that claims of Patent No. 597784 covering clopidogrel bisulfate, hydrochloride, hydrobromide, and taurocholate salts were valid. The Federal Court also held that the process claims, pharmaceutical composition claims, and claim directed to clopidogrel and its pharmaceutically acceptable salts were invalid. BMS and Sanofi filed notices of appeal in the Full Court of the Federal Court of Australia (“Full Court”) appealing the holding of invalidity of the claim covering clopidogrel and its pharmaceutically acceptable salts, process claims, and pharmaceutical composition claims. GenRx-Apotex appealed the holding of validity of the clopidogrel bisulfate, hydrochloride, hydrobromide, and taurocholate claims. On September 29, 2009, the Full Court held all of the claims of Patent No. 597784 invalid. In March 2010, the High Court of Australia denied a request by BMS and Sanofi to hear an appeal of the Full Court decision. The case was remanded to the Federal Court for further proceedings related to damages sought by GenRx-Apotex. BMS and GenRx-Apotex settled, and the GenRx-Apotex case was dismissed. The Australian government intervened in this matter seeking maximum damages up to 449 million AUD ($309 million), plus interest, which would be split between BMS and Sanofi, for alleged losses experienced for paying a higher price for branded Plavix* during the period when the injunction was in place. BMS and Sanofi dispute that the Australian government is entitled to any damages. A trial was concluded in September 2017. In April 2020, the Federal Court issued a decision dismissing the Australian government's claim for damages. In May 2020, the Australian government appealed the Federal Court’s decision. Pomalyst - Canada Celgene received a Notice of Allegation in January 2020 from Natco Pharma (Canada) Inc. (“Natco Canada”) notifying Celgene that it had filed an Abbreviated New Drug Submission (“aNDS”) with Canada’s Minister of Health with respect to certain of Celgene’s Canadian patents. Natco Canada is seeking to market a generic version of Pomalyst in Canada. In response, Celgene initiated a patent infringement action in the Federal Court of Canada. Natco Canada alleges that the asserted patents are invalid and/or not infringed. A trial is scheduled to begin on November 15, 2021. Celgene received two Notices of Allegation in March 2020 from Dr. Reddy’s Laboratories Ltd. (“DRL Canada”) notifying Celgene that it had filed an aNDS with Canada’s Minister of Health with respect to certain of Celgene’s Canadian patents. DRL Canada is seeking to market a generic version of Pomalyst in Canada. In response, Celgene initiated two patent infringement actions in the Federal Court of Canada. DRL Canada alleges that the asserted patents are invalid and/or not infringed. A trial is scheduled to begin on January 17, 2022. Pomalyst - U.S. Beginning in 2017, Celgene received Notice letters on behalf of Teva Pharmaceuticals USA, Inc. (“Teva”); Apotex Inc. (“Apotex”) and Apotex Corp.; Hetero Labs Limited, Hetero Labs Limited Unit-V, Hetero Drugs Limited, Hetero USA, Inc. (together, “Hetero”); Eugia Pharma Specialities Limited and Aurobindo Pharma Ltd.; Mylan Pharmaceuticals Inc.; and Breckenridge Pharmaceutical, Inc. notifying Celgene that they had filed aNDAs containing paragraph IV certifications seeking approval to market generic versions of Pomalyst in the U.S. In response, Celgene filed patent infringement actions against the companies in the U.S. District Court for the District of New Jersey asserting certain FDA Orange Book-listed patents and the companies filed answers, counterclaims and declaratory judgment actions alleging that the asserted patents are invalid, unenforceable and not infringed. These litigations were subsequently consolidated. In March 2020, Celgene subsequently filed additional patent infringement actions in the U.S. District Court for the District of New Jersey against each of the companies asserting a newly-issued patent that is listed in the FDA Orange Book and that covers formulations comprising pomalidomide. The companies each filed responsive pleadings between April and June 2020, alleging that the patent is invalid and not infringed. The Court has consolidated these additional litigations with the previously-consolidated litigations. A trial is scheduled to begin on January 11, 2021. In February and March 2019, Celgene filed additional patent infringement actions in the U.S. District Court for the District of New Jersey against the companies asserting certain patents that are not listed in the FDA Orange Book and that cover polymorphic forms of pomalidomide, and the companies filed answer and/or counterclaims alleging that each of these patents is invalid and/or not infringed. In these actions, the Court has ordered that the parties be ready for trial by April 15, 2021. In June 2019, Celgene received a Notice Letter from Dr. Reddy’s Laboratories, Ltd. and Dr. Reddy’s Laboratories, Inc. (together, “DRL”) notifying Celgene that they had filed an aNDA containing paragraph IV certifications seeking approval to market a generic version of Pomalyst in the U.S. In response, Celgene initiated a patent infringement action against DRL in the U.S. District Court for the District of New Jersey asserting certain FDA Orange Book-listed patents, and DRL filed an answer and counterclaims alleging that each of the patents is invalid and/or not infringed. In March 2020, Celgene filed an additional patent infringement action in the U.S. District Court for the District of New Jersey against DRL asserting a newly-issued patent that is listed in the FDA Orange Book and that covers formulations comprising pomalidomide, which has been consolidated with the above DRL case. The Court has not set a trial date in this consolidated action. Revlimid - Canada Celgene received two Notices of Allegation in July 2018 from Natco Canada notifying Celgene of the filing of Natco Canada’s two separate aNDSs with Canada’s Minister of Health with respect to certain of Celgene’s Canadian patents. Natco Canada is seeking to market a generic version of Revlimid in Canada. In response, Celgene initiated patent infringement actions in the Federal Court of Canada and sought an injunction. Natco alleges that the asserted patents are invalid and/or not infringed. The trial, which was scheduled to start on March 30, 2020, has been postponed due to COVID-19. In July 2020, the parties entered into a confidential settlement agreement, which concluded the matter. Revlimid - U.S. Celgene has received Notice Letters on behalf of DRL; Zydus Pharmaceuticals (USA) Inc.; Cipla Ltd. (“Cipla”); Apotex; Sun Pharma Global FZE, Sun Pharma Global Inc., Sun Pharmaceutical Industries, Inc., and Sun Pharmaceutical Industries Limited; Hetero; Mylan Pharmaceuticals Inc., Mylan Inc., and Mylan N.V. (collectively, “Mylan”); and Aurobindo Pharma Limited, Eugia Pharma Specialities Limited, Aurobindo Pharma USA, Inc., and Aurolife Pharma LLC notifying Celgene that they had filed aNDAs containing paragraph IV certifications seeking approval to market generic versions of Revlimid in the U.S. In response, Celgene filed patent infringement actions against the companies in the U.S. District Court for the District of New Jersey asserting certain FDA Orange Book-listed patents as well as other litigations asserting other non-FDA Orange Book-listed patents against certain defendants, who have filed answers and/or counterclaims alleging that the asserted patents are invalid and/or not infringed. Mylan has filed a motion to dismiss the District of New Jersey action, and that motion remains pending. No trial date has been scheduled in any of these New Jersey actions. Celgene has received two additional Notice Letters on behalf of Cipla, notifying Celgene that Cipla had filed two additional aNDAs containing paragraph IV certifications seeking approval to market generic versions of Revlimid in the U.S. In response, Celgene filed two additional patent infringement actions against Cipla in the U.S. District Court for the District of New Jersey asserting certain FDA Orange Book-listed patents. Cipla has filed an answer and counterclaims alleging that the asserted patents are invalid and/or not infringed in the first of those two actions and has not yet filed a responsive pleading in the second of those two actions. No trial date has been scheduled in either of these two actions. Celgene also filed a patent infringement action against Mylan in the U.S. District Court for the Northern District of West Virginia (the “West Virginia action”) asserting certain FDA Orange Book-listed patents. In April 2020, in the West Virginia action, Mylan Pharmaceuticals Inc. filed its answer and counterclaims alleging that the patents are invalid, unenforceable and not infringed. Mylan Inc. and Mylan N.V. filed a motion to dismiss, which remains pending. A trial is scheduled to begin in the West Virginia action on October 4, 2021. In May 2020, Celgene received a Notice Letter from Lupin Limited (“Lupin”) notifying Celgene that it had filed an aNDA containing paragraph IV certifications seeking approval to market generic versions of Revlimid in the U.S. In response, Celgene filed a patent infringement action against Lupin in the U.S. District Court for the District of New Jersey asserting certain FDA Orange Book-listed patents. No trial date has been scheduled. Sprycel - U.S. In August 2019, BMS received a Notice Letter from Dr. Reddy’s Laboratories, Inc. notifying BMS that it had filed an aNDA containing paragraph IV certifications seeking approval of a generic version of Sprycel in the U.S. and challenging two FDA Orange Book-listed monohydrate form patents expiring in 2025 and 2026. In response, BMS filed a patent infringement action in the U.S. District Court for the District of New Jersey. No trial date has been scheduled. In March 2020, BMS received a Notice Letter from Teva notifying BMS that it had filed an aNDA containing paragraph IV certifications seeking approval of a generic version of Sprycel in the U.S. and challenging a FDA Orange Book-listed monohydrate form patent expiring in 2026. In response, BMS filed a patent infringement lawsuit in the U.S. District Court for the District of New Jersey. No trial date has been scheduled. In May 2020, BMS received a Notice Letter from Lupin notifying BMS that it had filed an aNDA containing paragraph IV certifications seeking approval of a generic version of Sprycel in the U.S. and challenging two FDA Orange Book-listed monohydrate form patents expiring in 2025 and 2026. In response, BMS filed patent infringement actions in the U.S. District Courts for the District of New Jersey and Delaware. No trial date has been scheduled. PRICING, SALES AND PROMOTIONAL PRACTICES LITIGATION Plavix* State Attorneys General Lawsuits BMS and certain Sanofi entities are defendants in consumer protection and/or false advertising actions brought by the attorneys general of Hawaii and New Mexico relating to the sales and promotion of Plavix*. The Hawaii matter is currently scheduled for trial in October 2020. PRODUCT LIABILITY LITIGATION BMS is a party to various product liability lawsuits. Plaintiffs in these cases seek damages and other relief on various grounds for alleged personal injury and economic loss. As previously disclosed, in addition to lawsuits, BMS also faces unfiled claims involving its products. Abilify* BMS and Otsuka are co-defendants in product liability litigation related to Abilify*. Plaintiffs allege Abilify* caused them to engage in compulsive gambling and other impulse control disorders. There have been over 2,500 cases filed in state and federal courts and additional cases are pending in Canada. The Judicial Panel on Multidistrict Litigation consolidated the federal court cases for pretrial purposes in the U.S. District Court for the Northern District of Florida. In February 2019, BMS and Otsuka entered into a master settlement agreement establishing a proposed settlement program to resolve all Abilify* compulsivity claims filed as of January 28, 2019 in the MDL as well as various state courts, including California and New Jersey. To date, approximately 2,700 cases, comprising approximately 3,900 plaintiffs, have been dismissed based on participation in the settlement program or failure to comply with settlement related court orders. In the U.S., approximately 138 cases remain pending on behalf of 218 plaintiffs, who either chose not to participate in the settlement program or filed their claims after the settlement cut-off date. There are ten cases pending in Canada (four class actions, six individual injury claims). Out of the ten cases, only three are active (the class actions in Quebec and Ontario and one individual injury claim). Both class actions have now been certified and will proceed separately. Byetta* Amylin, a former subsidiary of BMS, and Lilly are co-defendants in product liability litigation related to Byetta*. To date, there are approximately 590 separate lawsuits pending on behalf of approximately 2,245 active plaintiffs (including pending settlements), which include injury plaintiffs as well as claims by spouses and/or other beneficiaries, in various courts in the U.S. The majority of these cases have been brought by individuals who allege personal injury sustained after using Byetta*, primarily pancreatic cancer, and, in some cases, claiming alleged wrongful death. The majority of cases are pending in federal court in San Diego in an MDL or in a coordinated proceeding in California Superior Court in Los Angeles (“JCCP”). In November 2015, the defendants’ motion for summary judgment based on federal preemption was granted in both the MDL and the JCCP. In November 2017, the Ninth Circuit reversed the MDL summary judgment order and remanded the case to the MDL. In November 2018, the California Court of Appeal reversed the state court summary judgment order and remanded those cases to the JCCP for further proceedings. Amylin has filed a motion for summary judgment based on federal preemption and a motion for summary judgment based on the absence of general causation evidence, both set to be heard in October 2020. Amylin had product liability insurance covering a substantial number of claims involving Byetta* (which has been exhausted). As part of BMS’s global diabetes business divestiture, BMS sold Byetta* to AstraZeneca in February 2014 and any additional liability to Amylin with respect to Byetta* is expected to be shared with AstraZeneca. Onglyza* BMS and AstraZeneca are co-defendants in product liability litigation related to Onglyza*. Plaintiffs assert claims, including claims for wrongful death, as a result of heart failure or other cardiovascular injuries they allege were caused by their use of Onglyza*. As of June 2020, claims are pending in state and federal court on behalf of approximately 279 individuals who allege they ingested the product and suffered an injury. In February 2018, the Judicial Panel on Multidistrict Litigation ordered all federal cases to be transferred to an MDL in the U.S. District Court for the Eastern District of Kentucky. A significant majority of the claims are pending in the MDL. As part of BMS’s global diabetes business divestiture, BMS sold Onglyza* to AstraZeneca in February 2014 and any potential liability with respect to Onglyza* is expected to be shared with AstraZeneca. SECURITIES LITIGATION BMS Securities Class Action Since February 2018, two separate putative class action complaints were filed in the U.S. District for the Northern District of California and in the U.S. District Court for the Southern District of New York against BMS, BMS’s Chief Executive Officer, Giovanni Caforio, BMS’s Chief Financial Officer at the time, Charles A. Bancroft and certain former and current executives of BMS. The case in California has been voluntarily dismissed. The remaining complaint alleges violations of securities laws for BMS’s disclosures related to the CheckMate-026 clinical trial in lung cancer. In September 2019, the Court granted BMS’s motion to dismiss, but allowed the plaintiffs leave to file an amended complaint. In October 2019, the plaintiffs filed an amended complaint. BMS has moved to dismiss the amended complaint. In June 2020, an oral argument on BMS’s motion to dismiss was held. Celgene Securities Class Action Beginning in March 2018, two putative class actions were filed against Celgene and certain of its officers in the U.S. District Court for the District of New Jersey (the “Celgene Securities Class Action”). The complaints allege that the defendants violated federal securities laws by making misstatements and/or omissions concerning (1) trials of GED-0301, (2) Celgene’s 2020 outlook and projected sales of Otezla, and (3) the new drug application for Zeposia (ozanimod). The Court consolidated the two actions and appointed a lead plaintiff, lead counsel, and co-liaison counsel for the putative class. In February 2019, the defendants filed a motion to dismiss plaintiff’s amended complaint in full. In December 2019, the Court denied the motion to dismiss in part and granted the motion to dismiss in part (including all claims arising from alleged misstatements regarding GED-0301). Although the Court gave the plaintiff leave to re-plead the dismissed claims, it elected not to do so, and the dismissed claims are now dismissed with prejudice. No trial date has been scheduled for the claims that survived the Court’s order. In May 2020, the plaintiff filed a motion for class certification. In June 2020, the defendants filed their opposition to the plaintiff’s motion for class certification. In April 2020, certain Schwab management investment companies on behalf of certain Schwab funds filed an individual action in the U.S. District Court for the District of New Jersey asserting largely the same allegations as the Celgene Securities Class Action against the same remaining defendants in that action. In July 2020, the defendants filed a motion to dismiss the plaintiffs’ complaint in full. OTHER LITIGATION Average Manufacturer Price Litigation BMS is a defendant in a qui tam (whistleblower) lawsuit in the U.S. District Court for the Eastern District of Pennsylvania, in which the U.S. Government declined to intervene. The complaint alleges that BMS inaccurately reported its average manufacturer prices to the Centers for Medicare and Medicaid Services to lower what it owed. Similar claims have been filed against other companies. In January 2020, BMS reached an agreement in principle to resolve this matter subject to the negotiation of a definitive settlement agreement and other contingencies. BMS cannot provide assurances that its efforts to reach a final settlement will be successful. HIV Medication Antitrust Lawsuits BMS and several other manufacturers of HIV medications are defendants in related lawsuits pending in the Northern District of California. The lawsuits allege that the defendants’ agreements to develop and sell fixed-dose combination products for the treatment of HIV, including Atripla* and Evotaz, violate antitrust laws. The currently pending actions, which are asserted on behalf of indirect purchasers, were initiated in 2019 in the Northern District of California and in 2020 in the Southern District of Florida. The Florida matter was transferred to the Northern District of California. In July 2020, the Court granted in part defendants’ motion to dismiss, including dismissing with prejudice plaintiffs' claims as to an overarching conspiracy and plaintiffs' theories based on the alleged payment of royalties after patent expiration. Other claims, however, remain. A trial is scheduled for February 2022. In addition, an action on behalf of direct purchasers was filed in 2020 in the Northern District of California, but this action was voluntarily dismissed without prejudice in June 2020. Humana Litigations On May 16, 2018, Humana, Inc. (“Humana”) filed a lawsuit against Celgene in the Pike County Circuit Court of the Commonwealth of Kentucky. Humana’s complaint alleges Celgene engaged in unlawful off-label marketing in connection with sales of Thalomid and Revlimid and asserts claims against Celgene for fraud, breach of contract, negligent misrepresentation, unjust enrichment and violations of New Jersey’s Racketeer Influenced and Corrupt Organizations Act. The complaint seeks, among other things, treble and punitive damages, injunctive relief and attorneys’ fees and costs. In April 2019, Celgene filed a motion to dismiss Humana’s complaint, which the Court denied in January 2020. No trial date has been scheduled. In May 2020, Celgene filed suit against Humana Pharmacy, Inc. (“HPI”), a Humana subsidiary, in Delaware Superior Court. Celgene’s complaint alleges that HPI breached its contractual obligations to Celgene by assigning claims to Humana that Humana is now asserting. The complaint seeks damages for HPI’s breach as well as a declaratory judgment. On March 1, 2019, Humana filed a separate lawsuit against Celgene in the U.S. District Court for the District of New Jersey. Humana’s complaint alleges that Celgene violated various antitrust, consumer protection, and unfair competition laws to delay or prevent generic competition for Thalomid and Revlimid brand drugs, including (a) allegedly refusing to sell samples of products to generic manufacturers for purposes of bioequivalence testing intended to be included in aNDAs for approval to market generic versions of these products; (b) allegedly bringing unjustified patent infringement lawsuits, procuring invalid patents, and/or entering into anticompetitive patent settlements; (c) allegedly securing an exclusive supply contract for supply of thalidomide active pharmaceutical ingredient. The complaint purports to assert claims on behalf of Humana and its subsidiaries in several capacities, including as a direct purchaser and as an indirect purchaser, and seeks, among other things, treble and punitive damages, injunctive relief and attorneys’ fees and costs. Celgene filed a motion to dismiss Humana’s complaint, and the Court has stayed discovery pending adjudication of that motion. No trial date has been scheduled. Thalomid and Revlimid Antitrust Class Action Litigation Beginning in November 2014, certain putative class action lawsuits were filed against Celgene in the U.S. District Court for the District of New Jersey alleging that Celgene violated various antitrust, consumer protection, and unfair competition laws by (a) allegedly securing an exclusive supply contract for the alleged purpose of preventing a generic manufacturer from securing its own supply of thalidomide active pharmaceutical ingredient, (b) allegedly refusing to sell samples of Thalomid and Revlimid brand drugs to various generic manufacturers for the alleged purpose of bioequivalence testing necessary for aNDAs to be submitted to the FDA for approval to market generic versions of these products, (c) allegedly bringing unjustified patent infringement lawsuits in order to allegedly delay approval for proposed generic versions of Thalomid and Revlimid, and/or (d) allegedly entering into settlements of patent infringement lawsuits with certain generic manufacturers that allegedly have had anticompetitive effects. The plaintiffs, on behalf of themselves and putative classes of third-party payers, are seeking injunctive relief and damages. The various lawsuits were consolidated into a master action for all purposes. In October 2017, the plaintiffs filed a motion for certification of two damages classes under the laws of thirteen states and the District of Columbia and a nationwide injunction class. Celgene filed an opposition to the plaintiffs’ motion and a motion for judgment on the pleadings dismissing all state law claims where the plaintiffs no longer seek to represent a class. In October 2018, the Court denied the plaintiffs’ motion for class certification and Celgene’s motion for judgment on the pleadings. In December 2018, the plaintiffs filed a new motion for class certification, which Celgene opposed. In July 2019, the parties reached a settlement under which all the putative class plaintiff claims would be dismissed with prejudice. In December 2019, after certain third-party payors who were members of the settlement class refused to release their potential claims and participate in the settlement, Celgene exercised its right to terminate the settlement agreement. In March 2020, Celgene reached a revised settlement with the class plaintiffs. In May 2020, the Court preliminarily approved the settlement and a hearing on fairness and final approval is scheduled for September 30, 2020. That settlement does not resolve the claims of certain entities that opted out of the first settlement. In March 2020, United HealthCare Services, Inc. (“UHS”), affiliates of which opted out of the first settlement in the Thalomid and Revlimid Antitrust Class Action Litigation, filed a lawsuit against Celgene in the U.S. District Court for the District of Minnesota. UHS’s complaint makes largely the same claims and allegations as the class action litigation. The complaint purports to assert claims on behalf of UHS and its subsidiaries in several capacities, including as a direct purchaser and as an indirect purchaser, and seeks, among other things, treble and punitive damages, injunctive relief and attorneys’ fees and costs. Motions to transfer and dismiss this matter are pending. GOVERNMENT INVESTIGATIONS Like other pharmaceutical companies, BMS and certain of its subsidiaries are subject to extensive regulation by national, state and local authorities in the U.S. and other countries in which BMS operates. As a result, BMS, from time to time, is subject to various governmental and regulatory inquiries and investigations as well as threatened legal actions and proceedings. It is possible that criminal charges, substantial fines and/or civil penalties, could result from government or regulatory investigations. ENVIRONMENTAL PROCEEDINGS As previously reported, BMS is a party to several environmental proceedings and other matters, and is responsible under various state, federal and foreign laws, including CERCLA, for certain costs of investigating and/or remediating contamination resulting from past industrial activity at BMS’s current or former sites or at waste disposal or reprocessing facilities operated by third parties. CERCLA Matters With respect to CERCLA matters for which BMS is responsible under various state, federal and foreign laws, BMS typically estimates potential costs based on information obtained from the U.S. Environmental Protection Agency, or counterpart state or foreign agency and/or studies prepared by independent consultants, including the total estimated costs for the site and the expected cost-sharing, if any, with other “potentially responsible parties,” and BMS accrues liabilities when they are probable and reasonably estimable. BMS estimated its share of future costs for these sites to be $77.4 million at June 30, 2020, which represents the sum of best estimates or, where no best estimate can reasonably be made, estimates of the minimal probable amount among a range of such costs (without taking into account any potential recoveries from other parties). The amount includes the estimated costs for any additional probable loss associated with the previously disclosed North Brunswick Township High School Remediation Site.
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BASIS OF PRESENTATION (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation Bristol-Myers Squibb Company prepared these unaudited consolidated financial statements following the requirements of the SEC and U.S. GAAP for interim reporting. Under those rules, certain footnotes and other financial information that are normally required for annual financial statements can be condensed or omitted. The Company is responsible for the consolidated financial statements included in this Quarterly Report on Form 10-Q, which include all adjustments necessary for a fair presentation of the financial position at June 30, 2020 and December 31, 2019, the results of operations for the three and six months ended June 30, 2020 and 2019, and cash flows for the six months ended June 30, 2020 and 2019. All intercompany balances and transactions have been eliminated. BMS's consolidated financial statements include the assets, liabilities, operating results and cash flows of Celgene from the date of acquisition on November 20, 2019. These financial statements and the related notes should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019 included in the 2019 Form 10-K. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for terms used throughout the document.
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Segment Reporting, Policy [Policy Text Block] | Business Segment Information BMS operates in a single segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of innovative medicines that help patients prevail over serious diseases. A global research and development organization and supply chain organization are responsible for the discovery, development, manufacturing and supply of products. Regional commercial organizations market, distribute and sell the products. The business is also supported by global corporate staff functions. Consistent with BMS's operational structure, the Chief Executive Officer (“CEO”), as the chief operating decision maker, manages and allocates resources at the global corporate level. Managing and allocating resources at the global corporate level enables the CEO to assess both the overall level of resources available and how to best deploy these resources across functions, therapeutic areas, regional commercial organizations and research and development projects in line with our overarching long-term corporate-wide strategic goals, rather than on a product or franchise basis. The determination of a single segment is consistent with the financial information regularly reviewed by the CEO for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting future periods. For further information on product and regional revenue, see “—Note 2. Revenue.”
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Use of Estimates, Policy [Policy Text Block] | Use of Estimates and Judgments Revenues, expenses, assets and liabilities can vary during each quarter of the year. Accordingly, the results and trends in these unaudited consolidated financial statements may not be indicative of full year operating results. The preparation of financial statements requires the use of management estimates, judgments and assumptions. The most significant assumptions are estimates used in determining accounting for business combinations; impairments of intangible assets; sales rebate and return accruals; legal contingencies; and income taxes. Actual results may differ from estimates.
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Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications were made to conform the prior period interim consolidated financial statements to the current period presentation.
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New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards Financial Instruments - Measurement of Credit Losses In June 2016, the FASB issued amended guidance for the measurement of credit losses on financial instruments. Entities will be required to use a forward-looking estimated loss model. Available-for-sale debt security credit losses will be recognized as allowances rather than a reduction in amortized cost. BMS adopted the amended guidance on a modified retrospective approach on January 1, 2020. The amended guidance did not impact BMS’s results of operations.
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Revenue Recognition (Tables) |
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Disaggregation of Revenue [Table Text Block] | The following table summarizes the disaggregation of revenue by nature:
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Revenue Recognition Gross-To-Net Adjustments [Policy Text Block] | The following table summarizes GTN adjustments:
(a) Includes adjustments for provisions for product sales made in prior periods resulting from changes in estimates of $44 million and $116 million for the three and six months ended June 30, 2020 and $49 million and $127 million for the three and six months ended June 30, 2019, respectively.
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Revenue from External Customers by Products and Services [Table Text Block] | The following table summarizes the disaggregation of revenue by product and region:
(a) Includes BMS and Celgene products in 2020. (b) Other revenues include royalties and alliance-related revenues for products not sold by BMS's regional commercial organizations.
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ALLIANCES (Tables) |
6 Months Ended |
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Jun. 30, 2020 | |
ALLIANCES [Abstract] | |
Collaborative Arrangement, Accounting Policy [Policy Text Block] | BMS enters into collaboration arrangements with third parties for the development and commercialization of certain products. Although each of these arrangements is unique in nature, both parties are active participants in the operating activities of the collaboration and exposed to significant risks and rewards depending on the commercial success of the activities. BMS may either in-license intellectual property owned by the other party or out-license its intellectual property to the other party. These arrangements also typically include research, development, manufacturing, and/or commercial activities and can cover a single investigational compound or commercial product or multiple compounds and/or products in various life cycle stages. The rights and obligations of the parties can be global or limited to geographic regions. BMS refers to these collaborations as alliances and its partners as alliance partners. |
ACQUISITIONS, DIVESTITURES AND OTHER ARRANGEMENTS DIVESTITURES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
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Disposal Groups, Including Discontinued Operations | The following table summarizes the financial impact of divestitures including royalties, which are included in Other (income)/expense, net. Revenue and pretax earnings related to all divestitures and assets held-for-sale were not material in all periods presented (excluding divestiture gains or losses).
(a) Includes royalties received subsequent to the related sale of the asset or business.
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OTHER EXPENSE (INCOME), NET (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income (Expense) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Other Income Expense [Table Text Block] |
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RESTRUCTURING (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Celgene Integration [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | The following tables summarize the charges and activity related to the Celgene acquisition:
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Schedule of Restructuring Reserve by Type of Cost [Table Text Block] |
(a) Excludes $47 million of accelerated stock-based compensation.
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Operating Model 2020 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | The following tables summarize the charges and activity related to the Company transformation:
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Schedule of Restructuring Reserve by Type of Cost [Table Text Block] |
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INCOME TAXES (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Provision for Income Taxes [Table Text Block] |
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EARNINGS PER SHARE (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Financial assets and liabilities measured at fair value on a recurring basis are summarized below:
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Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | The fair value of our contingent consideration as of June 30, 2020 was calculated using the following significant unobservable inputs:
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table represents a roll-forward of the fair value of level 3 instruments:
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Available-for-sale Securities [Table Text Block] | Changes in fair value of equity investments are included in Other (income)/expense, net. The following table summarizes available-for-sale debt securities and equity investments:
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Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block] | The following table summarizes the net gain recorded for equity investments with readily determinable fair values held as of June 30, 2020 and 2019:
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Schedule of Derivatives and Fair Value [Table Text Block] | The following table summarizes the fair value of outstanding derivatives:
(a) Included in Other current assets and Other non-current assets. (b) Included in Other current liabilities and Other non-current liabilities.
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Derivative Instruments, Gain (Loss) [Table Text Block] | The following table summarizes the financial statement classification and amount of (gain)/loss recognized on hedging instruments:
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Gain/(Loss) on Hedging Activity [Table Text Block] | The following table summarizes the effect of derivative and non-derivative instruments designated as hedging instruments in Other Comprehensive (Loss)/Income:
(a) The amount is expected to be reclassified into earnings in the next 12 months.
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Schedule of Short-term Debt [Table Text Block] | Short-term debt obligations include:
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Schedule of Fair Value and Other Adjustments to Long Term Debt [Table Text Block] | Long-term debt and the current portion of long-term debt include:
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RECEIVABLES (Tables) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Receivables [Table Text Block] |
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INVENTORIES (Tables) |
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Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Table Text Block] |
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PROPERTY, PLANT AND EQUIPMENT (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] |
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GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Intangible Assets By Major Class [Table Text Block] |
(a) Includes measurement period adjustments. Refer to “—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements” for more information.
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Supplemental Financial Information (Tables) |
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Supplemental Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Assets [Table Text Block] |
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Schedule of Other Assets, Noncurrent [Table Text Block] |
(a) Restricted cash consists of escrow for litigation settlements and funds restricted for annual Company contributions to the defined contribution plan in the U.S. Restricted cash of $428 million was included in cash, cash equivalents and restricted cash at June 30, 2020 in the consolidated statements of cash flows.
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Schedule of Accrued Liabilities [Table Text Block] |
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Other Noncurrent Liabilities [Table Text Block] |
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EQUITY (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock by Class [Table Text Block] | The following table summarizes changes in equity for the six months ended June 30, 2020:
(a) Cash dividends declared per common share were $0.45 for the three months ended March 31, 2020 and June 30, 2020. The following table summarizes changes in equity for the six months ended June 30, 2019:
(a) Refer to “—Note 1. Accounting Policies and Recently Issued Accounting Standards” in the Company's 2019 Form 10-K for additional information. (b) Cash dividends declared per common share were $0.41 for the three months ended March 31, 2019 and June 30, 2019.
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Schedule of Comprehensive Income Loss [Table Text Block] | The components of Other Comprehensive (Loss)/Income were as follows:
(a)Included in Cost of products sold. (b)Included in Other (income)/expense, net.
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Schedule of Accumulated Other Comprehensive Income Loss [Table Text Block] | The accumulated balances related to each component of Other Comprehensive (Loss)/Income, net of taxes, were as follows:
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PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables) |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The net periodic benefit cost of defined benefit pension plans includes:
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EMPLOYEE STOCK BENEFIT PLANS Employee Stock Benefit Plans (Tables) |
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Share-based Payment Arrangement, Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Stock-based compensation expense was as follows:
(a) Income tax benefit excludes excess tax benefits from share-based compensation awards that were vested or exercised of $5 million and $28 million for the three and six months ended June 30, 2020 and was not material for the three and six months ended June 30, 2019.
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Schedule Of Share Based Compensation Additional Information [Table Text Block] | The number of units granted and the weighted-average fair value on the grant date for the six months ended June 30, 2020 were as follows:
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Share-based Payment Arrangement, Nonvested Award, Cost [Table Text Block] |
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REVENUE RECOGNITION Revenue by Nature (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 10,129 | $ 6,273 | $ 20,910 | $ 12,193 |
Net product sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 9,817 | 6,031 | 20,358 | 11,744 |
Other revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 149 | 96 | 284 | 174 |
Collaborative Arrangement [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 2,364 | 2,716 | 5,192 | 5,223 |
Collaborative Arrangement [Member] | Net product sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 2,201 | 2,570 | 4,924 | 4,948 |
Collaborative Arrangement [Member] | Collaborative Arrangement [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 163 | $ 146 | $ 268 | $ 275 |
REVENUE RECOGNITION Narratives (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Revenue, Performance Obligation [Abstract] | ||||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 98 | $ 117 | $ 228 | $ 264 |
ACQUISITIONS (Details) - USD ($) $ in Millions |
6 Months Ended | ||
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Jun. 30, 2020 |
Dec. 31, 2019 |
Nov. 20, 2019 |
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Business Acquisition [Line Items] | |||
Other assets | $ 3,465 | $ 3,408 | |
Goodwill | 20,578 | $ 22,488 | |
Cormorant [Member] | |||
Business Acquisition [Line Items] | |||
Contingent and Regulatory Milestone Payments | 100 | ||
Celgene [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 11,179 | 11,179 | |
Receivables | 2,652 | 2,652 | |
Inventories | 4,511 | 4,511 | |
Property, plant, and equipment | 1,065 | 1,342 | |
Measurement period adjustments - Property, plant, and equipment | (277) | ||
Intangible assets | 63,927 | 64,027 | |
Measurement period adjustments - Intangible assets | (100) | ||
Otezla assets held-for-sale | 13,400 | 13,400 | |
Measurement period adjustments - Other assets | 57 | ||
Accounts payable | (363) | (363) | |
Income taxes payable | (2,745) | (2,718) | |
Measurement period adjustments - Income taxes payable | (27) | ||
Deferred income tax liabilities | (5,097) | (7,339) | |
Measurement period adjustments - Deferred income tax liabilities | 2,242 | ||
Debt | (21,782) | (21,782) | |
Other liabilities | (4,002) | (4,017) | |
Measurement period adjustments - Other liabilities | 15 | ||
Identifiable net assets acquired | 66,210 | 64,300 | |
Measurement period adjustments - Identifiable net assets acquired | 1,910 | ||
Goodwill | 14,059 | 15,969 | |
Measurement period adjustments - Goodwill | (1,910) | ||
Total consideration transferred | $ 80,269 | $ 80,269 |
DIVESTITURES (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 141 | $ 170 | $ 336 | $ 341 |
Divestiture losses/(gains) | 9 | 8 | (7) | 8 |
Royalty Income, Nonoperating | (130) | (162) | (288) | (328) |
Anagni [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Tangible Asset Impairment Charges | 109 | |||
Diabetes business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 127 | 164 | 280 | 328 |
Divestiture losses/(gains) | 0 | 0 | 0 | 0 |
Royalty Income, Nonoperating | (129) | (161) | (256) | (326) |
Erbitux [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 3 | 3 | 7 | 8 |
Divestiture losses/(gains) | 0 | 0 | 0 | 0 |
Royalty Income, Nonoperating | 0 | 0 | 0 | 0 |
Manufacturing Facility [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 10 | 1 | 10 | 3 |
Divestiture losses/(gains) | 0 | 0 | (1) | 0 |
Royalty Income, Nonoperating | 0 | 0 | 0 | 0 |
Avapro, Avalide, and Plavix [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 7 | 0 | ||
Divestiture losses/(gains) | (12) | 0 | ||
Royalty Income, Nonoperating | 0 | 0 | ||
Other divestitures [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 1 | 2 | 32 | 2 |
Divestiture losses/(gains) | 9 | 8 | 6 | 8 |
Royalty Income, Nonoperating | $ (1) | $ (1) | $ (32) | $ (2) |
OTHER EXPENSE (INCOME), NET (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Other Nonoperating Income (Expense) [Abstract] | |||||
Interest expense | $ 357 | $ 123 | $ 719 | $ 168 | |
Pension and postretirement | (2) | 26 | (6) | 70 | |
Royalties and licensing income | (311) | (303) | (721) | (611) | |
Divestiture losses/(gains) | 9 | 8 | (7) | 8 | |
Acquisition expenses | 0 | 303 | 0 | 468 | |
Contingent consideration | (165) | 0 | 391 | 0 | |
Investment income | (25) | (119) | (86) | (175) | |
Integration expenses | 166 | 106 | 340 | 128 | |
Provision for restructuring | 115 | 10 | 275 | 22 | |
Equity investment gains | (818) | (71) | (479) | (246) | |
Litigation and other settlements | (1) | 0 | 31 | 1 | |
Transition and other service fees | (50) | (2) | (111) | (4) | |
Intangible asset impairment | 21 | 15 | 21 | 15 | |
Reversion excise tax | 0 | $ 76 | 0 | 76 | 0 |
Other | (32) | 4 | (16) | (5) | |
Other (income)/expense, net | $ (736) | $ 100 | $ 427 | $ (161) |
RESTRUCTURING NARRATIVE (Details) $ in Billions |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2020
USD ($)
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Jun. 30, 2020
USD ($)
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Operating Model 2020 [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | $ 1.5 | $ 1.5 |
Operating Model 2020 [Member] | Minimum [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 1.5 | $ 1.5 |
Cash outlays percentage | 40.00% | |
Operating Model 2020 [Member] | Maximum [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 2.0 | $ 2.0 |
Cash outlays percentage | 50.00% | |
Celgene Integration [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 1.3 | $ 1.3 |
Cash outlays | $ 2.5 | 2.5 |
Restructuring and Related Cost, Number of Positions Eliminated | 900 | |
Celgene Integration [Member] | Minimum [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Expected Cost | $ 2.5 | 2.5 |
Celgene Integration [Member] | Maximum [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Expected Cost | $ 3.0 | $ 3.0 |
RESTRUCTURING RESTRUCTURING AND RELATED COSTS TABLE (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Provision for restructuring | $ 115 | $ 10 | $ 275 | $ 22 |
Integration expenses | 166 | 106 | 340 | 128 |
Operating Model 2020 [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Employee termination costs | 0 | 3 | 3 | 7 |
Other termination costs | 6 | 7 | 13 | 15 |
Provision for restructuring | 6 | 10 | 16 | 22 |
Accelerated depreciation | 11 | 32 | 41 | 63 |
Asset impairment | 0 | 109 | 42 | 110 |
Other shutdown costs | 6 | 0 | 6 | 0 |
Total charges | 23 | 151 | 105 | 195 |
Operating Model 2020 [Member] | Cost of products sold [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total charges | 11 | 122 | 27 | 134 |
Operating Model 2020 [Member] | Marketing, selling and administrative [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total charges | 0 | 0 | 0 | 1 |
Operating Model 2020 [Member] | Research and development [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total charges | 0 | 19 | 56 | 38 |
Operating Model 2020 [Member] | Other (income)/expense,net [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total charges | 12 | $ 10 | 22 | $ 22 |
Celgene Integration [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Employee termination costs | 107 | 253 | ||
Other termination costs | 2 | 6 | ||
Provision for restructuring | 109 | 259 | ||
Integration expenses | 166 | 340 | ||
Asset impairment | 39 | 39 | ||
Other | 3 | 3 | ||
Total charges | 317 | 641 | ||
Celgene Integration [Member] | Marketing, selling and administrative [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total charges | 1 | 1 | ||
Celgene Integration [Member] | Research and development [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total charges | 39 | 39 | ||
Celgene Integration [Member] | Other (income)/expense,net [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total charges | $ 277 | $ 601 |
RESTRUCTURING SCHEDULE OF RESTRUCTURING RESERVE (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jan. 01, 2020 |
Jan. 01, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Provision for restructuring | $ 115 | $ 10 | $ 275 | $ 22 | ||||
Operating Model 2020 [Member] | ||||||||
Restructuring Liability | $ 23 | $ 96 | 8 | 44 | 8 | 44 | $ 23 | $ 99 |
Cease-use liability reclassification | 0 | $ (3) | ||||||
Charges | 15 | 27 | ||||||
Change in estimates | 1 | (5) | ||||||
Provision for restructuring | 6 | $ 10 | 16 | 22 | ||||
Payments | (31) | $ (74) | ||||||
Celgene Integration [Member] | ||||||||
Restructuring Liability | $ 77 | 133 | 133 | |||||
Charges | 219 | |||||||
Change in estimates | (7) | |||||||
Restructuring Charges Exclude Accelerated Stock-Based Compensation | 212 | |||||||
Provision for restructuring | $ 109 | 259 | ||||||
Foreign currency translation and other | 1 | |||||||
Payments | (157) | |||||||
Celgene Integration [Member] | Accelerated Stock Based Compensation [Member] | ||||||||
Provision for restructuring | $ 47 |
INCOME TAXES (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Income Tax Disclosure [Line Items] | ||||
Earnings Before Income Taxes | $ 1,627 | $ 1,776 | $ 1,323 | $ 3,755 |
Provision for Income Taxes | $ 1,707 | $ 337 | $ 2,169 | $ 601 |
Effective Tax Rate | 104.90% | 19.00% | 163.90% | 16.00% |
Deferred income taxes | $ 1,365 | $ (113) | ||
Otezla Divestiture [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Provision for Income Taxes | $ 255 | |||
Internal Transfer of Product Rights [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Deferred income taxes | 853 | |||
Minimum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 350 | 350 | ||
Maximum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 390 | $ 390 |
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
Net (Loss)/Earnings Attributable to BMS Used for Basic and Diluted EPS Calculation | $ (85) | $ 1,432 | $ (860) | $ 3,142 |
Weighted-average common shares outstanding - basic | 2,263 | 1,636 | 2,261 | 1,635 |
Incremental shares attributable to share-based compensation plans | 0 | 1 | 0 | 2 |
Weighted-average common shares outstanding - diluted | 2,263 | 1,637 | 2,261 | 1,637 |
Earnings Per Share, Basic | $ (0.04) | $ 0.88 | $ (0.38) | $ 1.92 |
Earnings Per Share, Diluted | $ (0.04) | $ 0.87 | $ (0.38) | $ 1.92 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 127 | 127 |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Fair Value Measurement) (Details) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020
USD ($)
percentage
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
percentage
|
Jun. 30, 2019
USD ($)
|
Jan. 01, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | $ 2,247 | $ 2,247 | $ 3,814 | |||
Equity Securities, FV-NI | 2,852 | 2,852 | 2,195 | |||
Contingent consideration fair value adjustments | (165) | $ 0 | 391 | $ 0 | ||
Debt Securities, Available-for-sale, Amortized Cost | 2,227 | 2,227 | 3,807 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 20 | 20 | 8 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | (1) | |||
Total securities | 5,099 | 5,099 | 6,009 | |||
Equity Securities without Readily Determinable Fair Value, Amount | 718 | 718 | 781 | |||
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Annual Amount | 197 | 272 | ||||
Equity Securities without Readily Determinable Fair Value, Downward Price Adjustment, Annual Amount | 13 | 201 | ||||
Equity Securities, FV-NI, Gain (Loss) | 635 | 59 | 407 | 154 | ||
Equity Securities, FV-NI, Realized Gain (Loss) | 0 | 0 | 0 | 14 | ||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 635 | $ 59 | 407 | $ 140 | ||
Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | 0 | |||
Derivative asset | 0 | 0 | 0 | |||
Derivative Liability | 0 | 0 | 0 | |||
Contingent consideration fair value | 0 | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and Cash Equivalents, Fair Value Disclosure | 17,680 | 17,680 | 10,448 | |||
Derivative asset | 121 | 121 | 140 | |||
Derivative Liability | (25) | (25) | (40) | |||
Contingent consideration fair value | 0 | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | 0 | |||
Derivative asset | 0 | 0 | 0 | |||
Derivative Liability | 0 | 0 | 0 | |||
Contingent consideration fair value | 71 | 71 | $ 106 | 106 | ||
Contingent consideration fair value adjustments | (36) | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Due to Foreign Exchange, Liability | 1 | |||||
Certificates of Deposit [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | 1,222 | 1,222 | 1,227 | |||
Debt Securities, Available-for-sale, Amortized Cost | 1,222 | 1,222 | 1,227 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | 0 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | 0 | |||
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | 0 | 0 | 0 | |||
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | 1,222 | 1,222 | 1,227 | |||
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | 0 | 0 | 0 | |||
Commercial Paper [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | 100 | 100 | 1,093 | |||
Debt Securities, Available-for-sale, Amortized Cost | 100 | 100 | 1,093 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | 0 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | 0 | |||
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | 0 | 0 | 0 | |||
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | 100 | 100 | 1,093 | |||
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | 0 | 0 | 0 | |||
Corporate Debt Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | 925 | 925 | 1,494 | |||
Debt Securities, Available-for-sale, Amortized Cost | 905 | 905 | 1,487 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 20 | 20 | 8 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | (1) | |||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | 0 | 0 | 0 | |||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | 925 | 925 | 1,494 | |||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | 0 | 0 | 0 | |||
Other Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity Securities, FV-NI | 2,665 | 2,665 | 2,020 | |||
Other Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity Securities, FV-NI | 187 | 187 | 175 | |||
Other Assets [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity Securities, FV-NI | 0 | 0 | 0 | |||
Portion at Other than Fair Value Measurement [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity Method Investments | 449 | 449 | 429 | |||
Contingent Value Rights [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent consideration fair value | 2,692 | 2,692 | 2,275 | |||
Contingent Value Rights [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent consideration fair value | 0 | 0 | 0 | |||
Contingent Value Rights [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent consideration fair value | $ 0 | $ 0 | $ 0 | |||
Probability of payment [Member] | Maximum [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Instrument, Measurement Input | percentage | 0.80 | 0.80 | ||||
Probability of payment [Member] | Weighted Average [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Instrument, Measurement Input | percentage | 0.026 | 0.026 | ||||
Probability of payment [Member] | Minimum [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Instrument, Measurement Input | percentage | 0 | 0 | ||||
Measurement Input, Discount Rate [Member] | Maximum [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Instrument, Measurement Input | percentage | 0.027 | 0.027 | ||||
Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Instrument, Measurement Input | percentage | 0.024 | 0.024 | ||||
Measurement Input, Discount Rate [Member] | Minimum [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Instrument, Measurement Input | percentage | 0.022 | 0.022 |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Derivatives and Hedging) (Details) € in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
EUR (€)
|
Dec. 31, 2019
USD ($)
|
|
Derivative [Line Items] | ||||||
Debt Instrument, Face Amount | $ 44,348.0 | $ 44,348.0 | $ 44,335.0 | |||
Derivative, Basis Spread on Variable Rate | 4.60% | 4.60% | 4.60% | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ (34.0) | $ (6.0) | $ 63.0 | $ 39.0 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (32.0) | (26.0) | (52.0) | (56.0) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 45.0 | (3.0) | (65.0) | 29.0 | ||
Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Face Amount | 1,100.0 | 1,100.0 | € 950 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (32.0) | (6.0) | (12.0) | 2.0 | ||
Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability | 28.0 | 28.0 | 6.0 | |||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative asset | 28.0 | 28.0 | 6.0 | |||
Derivative Liability | 0.0 | 0.0 | 0.0 | |||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 255.0 | 255.0 | 255.0 | |||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Liability [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 0.0 | 0.0 | 0.0 | |||
Cross Currency Interest Rate Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | 4.0 | (4.0) | 10.0 | 2.0 | ||
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative asset | 11.0 | 11.0 | 2.0 | |||
Derivative Liability | 0.0 | 0.0 | (1.0) | |||
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 400.0 | 400.0 | 175.0 | |||
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Liability [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 0.0 | 0.0 | 125.0 | |||
Foreign Exchange Forward [Member] | ||||||
Derivative [Line Items] | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (34.0) | (6.0) | 63.0 | 39.0 | ||
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative asset | 44.0 | 44.0 | 27.0 | |||
Derivative Liability | (22.0) | (22.0) | (20.0) | |||
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 2,038.0 | 2,038.0 | 766.0 | |||
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Liability [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 1,652.0 | 1,652.0 | 980.0 | |||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative asset | 37.0 | 37.0 | 91.0 | |||
Derivative Liability | (2.0) | (2.0) | (10.0) | |||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 1,170.0 | 1,170.0 | 2,342.0 | |||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Liability [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 284.0 | 284.0 | 1,173.0 | |||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative asset | 1.0 | 1.0 | 14.0 | |||
Derivative Liability | (1.0) | (1.0) | (9.0) | |||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 228.0 | 228.0 | 2,482.0 | |||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Liability [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 147.0 | 147.0 | $ 2,235.0 | |||
Forward Starting Interest Rate Swap Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 10,400.0 | 10,400.0 | ||||
Euro Member Countries, Euro | Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 2,200.0 | 2,200.0 | ||||
Japan, Yen | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 400.0 | 400.0 | ||||
Japan, Yen | Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 916.0 | 916.0 | ||||
Cost of products sold [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0.0 | 0.0 | 0.0 | 0.0 | ||
Cost of products sold [Member] | Cross Currency Interest Rate Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0.0 | 0.0 | 0.0 | 0.0 | ||
Cost of products sold [Member] | Foreign Exchange Forward [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | (35.0) | (26.0) | (58.0) | (56.0) | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (32.0) | (26.0) | (52.0) | (56.0) | ||
Cost of products sold [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0.0 | 0.0 | ||||
Cost of products sold [Member] | Forward Starting Interest Rate Swap Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0.0 | 0.0 | ||||
Cost of products sold [Member] | Deal Contingent Forward Starting Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0.0 | 0.0 | ||||
Other (Income)/expense, net [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | (7.0) | (7.0) | (14.0) | (12.0) | ||
Other (Income)/expense, net [Member] | Cross Currency Interest Rate Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | (3.0) | (2.0) | (5.0) | (4.0) | ||
Other (Income)/expense, net [Member] | Foreign Exchange Forward [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 21.0 | (11.0) | (55.0) | (2.0) | ||
Other (Income)/expense, net [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | $ 10.0 | $ 1.0 | ||||
Other (Income)/expense, net [Member] | Forward Starting Interest Rate Swap Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0.0 | 35.0 | ||||
Other (Income)/expense, net [Member] | Deal Contingent Forward Starting Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | $ 240.0 | $ 240.0 | ||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Variable Interest Rate | 0.20% | 0.20% | 0.20% |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Debt) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Debt Instrument [Line Items] | |||
Short-term Bank Loans and Notes Payable | $ 473 | $ 351 | |
Current portion of long-term debt | 4,253 | 2,763 | |
Other Short-term Borrowings | 93 | 232 | |
Bank drafts and short-term borrowings | 4,819 | 3,346 | |
Debt Instrument, Face Amount | 44,348 | 44,335 | |
Adjustments to Principal Value, Unamortized basis adjustment from swap terminations | 162 | 175 | |
Debt Instrument, Unamortized Discount | (264) | (280) | |
Debt Instrument, Unamortized Premium | 1,832 | 1,914 | |
Total Debt | 46,106 | 46,150 | |
Long-term debt | 41,853 | 43,387 | |
Long-term debt, fair value | 53,800 | 50,700 | |
Interest payments | 845 | $ 110 | |
Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Derivative Liability | 28 | $ 6 | |
1.600% Notes Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Notes Payable | $ 750 | ||
Interest rate on matured debt | 1.60% | ||
1.750% Notes Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Notes Payable | $ 500 | ||
Interest rate on matured debt | 1.75% | ||
$2.0 Billion Revolving Credit Facility Expiring in January 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000 | ||
$1.5 Billion Revolving Credit Facility Expiring in September 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | ||
$1.5 Billion Revolving Credit Facility Expiring in July 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | ||
19 Billion Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 19,000 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 6,000 | ||
Revolving Credit Facility [Member] | $1.0 Billion Revolving Credit Facility Expiring in January 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 |
RECEIVABLES (Details) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Account Receivables [Line Items] | |||
Trade receivables | $ 7,137 | $ 6,888 | |
Less charge-backs and cash discounts | (416) | (391) | |
Less allowances for expected credit loss | (22) | (21) | |
Net trade receivables | 6,699 | 6,476 | |
Alliance, royalties, VAT and other | 1,156 | 1,209 | |
Receivables | 7,855 | $ 7,685 | |
Non-U.S. receivables sold on a nonrecourse basis | $ 464 | $ 341 | |
Number Of Largest Pharmaceutical Wholesalers | 3 | ||
Customer Concentration Risk [Member] | |||
Account Receivables [Line Items] | |||
Percent of aggregate total trade receivables due from three pharmaceutical wholesalers | 55.00% | 50.00% |
INVENTORIES (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Finished goods | $ 1,516 | $ 2,227 |
Work in process | 1,858 | 3,267 |
Raw and packaging materials | 180 | 172 |
Total inventories | 3,554 | 5,666 |
Inventories | 2,384 | 4,293 |
Inventories - other assets | 1,170 | 1,373 |
Inventory purchase price fair value adjustment [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 1,300 | $ 3,500 |
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Property, Plant and Equipment [Abstract] | |||||
Land | $ 188 | $ 188 | $ 187 | ||
Buildings | 5,644 | 5,644 | 6,336 | ||
Machinery and equipment and fixtures | 3,059 | 3,059 | 3,157 | ||
Construction in progress | 422 | 422 | 527 | ||
Gross property, plant and equipment | 9,313 | 9,313 | 10,207 | ||
Less accumulated depreciation | (3,536) | (3,536) | (3,955) | ||
Property, plant and equipment | 5,777 | 5,777 | $ 6,252 | ||
Depreciation expense | $ 145 | $ 133 | $ 315 | $ 266 |
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 20,578 | $ 20,578 | $ 22,488 | ||
Gross other intangible assets | 68,009 | 68,009 | 68,106 | ||
Less: accumulated amortization | (8,838) | (8,838) | (4,137) | ||
Other intangible assets | 59,171 | 59,171 | 63,969 | ||
Acquired Developed Product Rights Reclassified From IPRD | 11,100 | ||||
Amortization expense | 2,500 | $ 51 | 4,800 | $ 104 | |
Licenses [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 461 | 461 | 482 | ||
Acquired developed product rights [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 57,852 | 57,852 | 46,827 | ||
Capitalized software [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 1,296 | 1,296 | 1,297 | ||
In Process Research and Development [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
In-process research and development | $ 8,400 | $ 8,400 | $ 19,500 | ||
Minimum [Member] | Licenses [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||
Minimum [Member] | Acquired developed product rights [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||
Minimum [Member] | Capitalized software [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||
Maximum [Member] | Licenses [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||
Maximum [Member] | Acquired developed product rights [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||
Maximum [Member] | Capitalized software [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years |
SUPPLEMENTAL FINANCIAL INFORMATION Other Current Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Other Current Assets [Abstract] | ||
Prepaid and refundable income taxes | $ 935 | $ 754 |
Research and Development | 460 | 410 |
Equity investments | 135 | 0 |
Other | 916 | 819 |
Other current assets | 2,446 | $ 1,983 |
Restricted Cash | 428 | |
Other Current Assets [Member] | ||
Restricted Cash | $ 87 |
SUPPLEMENTAL FINANCIAL INFORMATION Other Non-Current Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Other Non-Current Assets [Abstract] | ||
Equity investments | $ 3,884 | $ 3,405 |
Inventories | 1,170 | 1,373 |
Operating leases | 706 | 704 |
Pension and postretirement | 207 | 456 |
Restricted cash - non current | 341 | 390 |
Other | 288 | 276 |
Other non-current assets | 6,596 | $ 6,604 |
Restricted Cash | $ 428 |
SUPPLEMENTAL FINANCIAL INFORMATION Other Current Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Other Liabilities, Current [Abstract] | ||
Rebates and returns | $ 4,689 | $ 4,275 |
Income taxes payable | 2,273 | 1,517 |
Employee compensation and benefits | 869 | 1,457 |
Research and development | 1,298 | 1,324 |
Dividends | 1,036 | 1,025 |
Interest | 433 | 493 |
Royalties | 349 | 418 |
Operating leases | 135 | 133 |
Other | 1,995 | 1,871 |
Other current liabilities | 15,750 | 12,513 |
Other Current Liabilities [Member] | Contingent Value Rights [Member] | ||
Contingent value rights | $ 2,673 | $ 0 |
SUPPLEMENTAL FINANCIAL INFORMATION Other Non-Current Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Income taxes payable | $ 5,006 | $ 5,368 |
Pension and postretirement | 857 | 725 |
Operating leases | 703 | 672 |
Deferred Income | 377 | 424 |
Deferred compensation | 285 | 287 |
Other | 238 | 350 |
Other non-current liabilities | 7,485 | 10,101 |
Contingent Value Rights [Member] | Other Noncurrent Liabilities | ||
Contingent value rights | $ 19 | $ 2,275 |
EQUITY (Changes in Equity) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jan. 01, 2019 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Common Stock, Dividends, Per Share, Declared | $ 0.45 | $ 0.45 | $ 0.41 | $ 0.41 | $ 0.45 | $ 0.41 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 5,900.0 | $ 1,000.0 | $ 5,900.0 | |||||
Stock Repurchase Program, Authorized Amount | 5,000.0 | 5,000.0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock, Value, Issued, Balance at Beginning of Period | $ 292.0 | 292.0 | ||||||
Common Stock, Value, Issued, Balance at End of Period | 292.0 | 292.0 | 292.0 | |||||
Capital in Excess of Par Value of Stock, Balance at Beginning of Period | 43,709.0 | 43,709.0 | ||||||
Capital in Excess of Par Value of Stock, Balance at End of Period | 44,444.0 | 43,709.0 | 44,444.0 | |||||
Accumulated Other Comprehensive Loss, Balance at Beginning of Period | (1,520.0) | (1,520.0) | ||||||
Other Comprehensive (Loss)/Income | (7.0) | $ 23.0 | (36.0) | $ 141.0 | ||||
Accumulated Other Comprehensive Loss, Balance at End of Period | (1,556.0) | (1,520.0) | (1,556.0) | |||||
Retained Earnings, Balance at Beginning of Period | $ 34,474.0 | 34,474.0 | ||||||
Net (Loss)/Earnings Attributable to BMS | (85.0) | 1,432.0 | (860.0) | 3,142.0 | ||||
Retained Earnings, Balance at End of Period | $ 31,565.0 | 34,474.0 | $ 31,565.0 | |||||
Stock repurchase program, Shares | 16.0 | 1.0 | 1.4 | |||||
Cost of Treasury Stock, Balance at Beginning of Period | $ (25,357.0) | $ (25,357.0) | ||||||
Stock Repurchased During Period, Value | (81.0) | (81.0) | ||||||
Cost of Treasury Stock, Balance at End of Period | $ (25,651.0) | (25,357.0) | (25,651.0) | |||||
Noncontrolling interest | $ 100.0 | 100.0 | ||||||
Noncontrolling Interest | (5.0) | $ (7.0) | (14.0) | $ (12.0) | ||||
Noncontrolling interest | $ 66.0 | 100.0 | $ 66.0 | |||||
2019 ASR [Member] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 7,000.0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock repurchase program, Shares | 16.0 | 99.0 | ||||||
Stock Repurchased During Period, Value | $ (1,400.0) | |||||||
Common Stock [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock, Shares Issued, Balance at Beginning of Period | 2,208.0 | 2,923.0 | 2,923.0 | 2,208.0 | 2,208.0 | 2,923.0 | 2,208.0 | |
Common Stock, Shares Issued, Balance at End of Period | 2,923.0 | 2,923.0 | 2,923.0 | 2,208.0 | 2,208.0 | 2,923.0 | 2,208.0 | |
Common Stock, Value, Issued, Balance at Beginning of Period | $ 221.0 | $ 292.0 | $ 292.0 | $ 221.0 | $ 221.0 | $ 292.0 | $ 221.0 | |
Common Stock, Value, Issued, Balance at End of Period | 292.0 | 292.0 | $ 292.0 | 221.0 | 221.0 | 292.0 | 221.0 | |
Capital in Excess of Par Value of Stock [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Capital in Excess of Par Value of Stock, Balance at Beginning of Period | 2,081.0 | 43,254.0 | 43,709.0 | 2,103.0 | 2,081.0 | 43,709.0 | 2,081.0 | |
Treasury Stock, Value, Acquired, Cost Method | 1,400.0 | |||||||
Stock compensation | (210.0) | (455.0) | 47.0 | 22.0 | ||||
Capital in Excess of Par Value of Stock, Balance at End of Period | 44,444.0 | 43,254.0 | 43,709.0 | 2,150.0 | 2,103.0 | 44,444.0 | 2,150.0 | |
Accumulated Other Comprehensive Loss | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accumulated Other Comprehensive Loss, Balance at Beginning of Period | (2,762.0) | (1,549.0) | (1,520.0) | (2,644.0) | (2,762.0) | (1,520.0) | (2,762.0) | |
Other Comprehensive (Loss)/Income | (7.0) | (29.0) | 23.0 | 118.0 | ||||
Accumulated Other Comprehensive Loss, Balance at End of Period | (1,556.0) | (1,549.0) | (1,520.0) | (2,621.0) | (2,644.0) | (1,556.0) | (2,621.0) | |
Retained Earnings [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Retained Earnings, Balance at Beginning of Period | 34,065.0 | 32,671.0 | 34,474.0 | 35,109.0 | 34,065.0 | 34,474.0 | 34,065.0 | |
Net (Loss)/Earnings Attributable to BMS | (85.0) | (775.0) | 1,432.0 | 1,710.0 | ||||
Cash dividends declared | (1,021.0) | (1,028.0) | (671.0) | (671.0) | ||||
Retained Earnings, Balance at End of Period | $ 34,070.0 | $ 31,565.0 | $ 32,671.0 | $ 34,474.0 | $ 35,870.0 | $ 35,109.0 | $ 31,565.0 | $ 35,870.0 |
Treasury Stock [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Treasury Stock, Shares, Balance at Beginning of Period | 576.0 | 660.0 | 672.0 | 572.0 | 576.0 | 672.0 | 576.0 | |
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (7.0) | (13.0) | 0.0 | (4.0) | ||||
Treasury Stock, Shares, Balance at End of Period | 669.0 | 660.0 | 672.0 | 572.0 | 572.0 | 669.0 | 572.0 | |
Cost of Treasury Stock, Balance at Beginning of Period | $ (19,574.0) | $ (24,757.0) | $ (25,357.0) | $ (19,571.0) | $ (19,574.0) | $ (25,357.0) | $ (19,574.0) | |
Employee stock compensation plans, Cost | 506.0 | 681.0 | 0.0 | 3.0 | ||||
Cost of Treasury Stock, Balance at End of Period | (25,651.0) | (24,757.0) | $ (25,357.0) | (19,571.0) | (19,571.0) | (25,651.0) | (19,571.0) | |
Noncontrolling Interest [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Noncontrolling interest | 96.0 | 66.0 | 100.0 | 99.0 | 96.0 | 100.0 | 96.0 | |
Noncontrolling Interest | 5.0 | 9.0 | 7.0 | 5.0 | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (5.0) | (43.0) | (4.0) | (2.0) | ||||
Noncontrolling interest | $ 66.0 | $ 66.0 | $ 100.0 | $ 102.0 | $ 99.0 | $ 66.0 | $ 102.0 | |
Accounting Standards Update 2016-02 [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of an accounting change on retained earnings | $ 5.0 |
EQUITY (Other Comprehensive Income/(Loss)) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Other Comprehensive Income (Loss), before Tax [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ (34) | $ (6) | $ 63 | $ 39 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (32) | (26) | (52) | (56) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | (66) | (32) | 11 | (17) | |
Pension and postretirement benefits - Actuarial gains/(losses), Pre-tax | (20) | (12) | (12) | (14) | |
Pension and postretirement benefits - Amortization, Pre-tax | 9 | 16 | 18 | 33 | |
Pension and postretirement benefits - Curtailments and settlements, Pre-Tax | 2 | 44 | 4 | 93 | |
Pension and postretirement benefits, Pre-tax | (9) | 48 | 10 | 112 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Reclassification Adjustments and Tax | 12 | 13 | 14 | 36 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | (1) | 0 | (1) | 3 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Tax | 11 | 13 | 13 | 39 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 45 | (3) | (65) | 29 | |
Other Comprehensive Income/(Loss), Pre-tax | (19) | 26 | (31) | 163 | |
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 4 | 1 | (6) | (4) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 3 | 3 | 6 | 7 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 7 | 4 | 0 | 3 | |
Pension and postretirement benefits - Actuarial gains/(losses), Tax | 5 | 3 | 3 | 3 | |
Pension and postretirement benefits - Amortization, Tax | (2) | (2) | (3) | (6) | |
Pension and postretirement benefits - Curtailments and settlements, Tax | (1) | (10) | (1) | (21) | |
Pension and postretirement benefits, Tax | 2 | (9) | (1) | (24) | |
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax | (3) | 0 | (4) | 0 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 0 | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | (3) | 0 | (4) | 0 | |
Foreign currency translation, Tax | 6 | 2 | 0 | (1) | |
Other comprehensive income/(loss), Tax | 12 | (3) | (5) | (22) | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (30) | (5) | 57 | 35 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (29) | (23) | (46) | (49) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (59) | (28) | 11 | (14) | |
Pension and postretirement benefits - Actuarial gains/(losses), After tax | (15) | (9) | (9) | (11) | |
Pension and postretirement benefits - Amortization, After tax | 7 | 14 | 15 | 27 | |
Pension and postretirement benefits - Curtailments and settlements, After tax | 1 | 34 | 3 | 72 | |
Pension and postretirement benefits, After tax | (7) | 39 | 9 | 88 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Reclassification Adjustments, after Tax | 9 | 13 | 10 | 36 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (1) | 0 | (1) | 3 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | 8 | 13 | 9 | 39 | |
Foreign currency translation | 51 | (1) | (65) | 28 | |
Other Comprehensive (Loss)/Income | (7) | $ 23 | (36) | $ 141 | |
Derivatives qualifying as cash flow hedges | 30 | 30 | $ 19 | ||
Pension and postretirement benefits | (890) | (890) | (899) | ||
Available-for-sale securities | 15 | 15 | 6 | ||
Foreign currency translation | (711) | (711) | (646) | ||
Accumulated other comprehensive loss | $ (1,556) | $ (1,556) | $ (1,520) |
PENSION AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | ||||||
Net periodic benefit cost/(credit) | $ (2) | $ 26 | $ (6) | $ 70 | ||
Pension and postretirement | 857 | 857 | $ 725 | |||
Defined contribution plan expense | 65 | 50 | 150 | 90 | ||
Pension Assets Transfer | $ 381 | |||||
Reversion excise tax | 0 | $ 76 | 0 | 76 | 0 | |
Pension Benefits [Member] | ||||||
Pension, Postretirement And Postemployment Liabilities Statement [Line Items] | ||||||
Service cost - benefits earned during the period | 12 | 5 | 24 | 12 | ||
Interest cost on projected benefit obligation | 11 | 37 | 19 | 81 | ||
Expected return on plan assets | (24) | (70) | (47) | (134) | ||
Amortization of prior service credits | (1) | (1) | (2) | (2) | ||
Amortization of net actuarial (gain)/loss | 10 | 17 | 21 | 35 | ||
Curtailment and settlements | 2 | 44 | 4 | 93 | ||
Net periodic benefit cost/(credit) | 10 | $ 32 | 19 | $ 85 | ||
Pension and postretirement | $ 579 | $ 579 | $ 569 |
EMPLOYEE STOCK BENEFIT PLANS Share-based Payment Arrangement, Cost by Plan (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Share-based Payment Arrangement, Expense | $ 213 | $ 48 | $ 423 | $ 101 |
Share-based Payment Arrangement, Expense, Tax Benefit | 40 | 9 | 86 | 19 |
Proceeds and Excess Tax Benefit from Share-based Compensation | 5 | 28 | ||
Cost of products sold [Member] | ||||
Share-based Payment Arrangement, Expense | 9 | 3 | 19 | 7 |
Marketing, selling and administrative [Member] | ||||
Share-based Payment Arrangement, Expense | 86 | 28 | 174 | 58 |
Research and development [Member] | ||||
Share-based Payment Arrangement, Expense | 89 | 17 | 183 | 36 |
Other (Income)/expense, net [Member] | ||||
Share-based Payment Arrangement, Expense | 29 | $ 0 | 47 | $ 0 |
Celgene [Member] | ||||
Share-based Payment Arrangement, Expense | 98 | 221 | ||
Share-based Payment Arrangement, Accelerated Cost | $ 29 | 47 | ||
Celgene [Member] | Celgene Contingent Value Rights [Member] | ||||
Share-based Payment Arrangement, Expense | $ 9 |
EMPLOYEE STOCK BENEFIT PLANS Schedule Of Share Based Compensation Additional Information (Details) shares in Millions |
3 Months Ended |
---|---|
Jun. 30, 2020
$ / shares
shares
| |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 12.8 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 53.60 |
Market share units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 0.9 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 53.92 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 1.4 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 55.61 |
EMPLOYEE STOCK BENEFIT PLANS Share-based Payment Arrangement, Nonvested Award, Cost (Details) $ in Millions |
3 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
| |
Share-based Payment Arrangement, Option [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 70 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days |
Restricted Stock Units (RSUs) [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,182 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 8 months 12 days |
Market share units [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 65 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 1 month 6 days |
Performance Shares [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 111 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years |
LEGAL PROCEEDINGS AND CONTINGENCIES (Details) |
3 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
lawsuits
| |
Anti-PD-1 Antibody Litigation [Member] | |
Legal Proceedings And Contingencies [Line Items] | |
Loss Contingency, Patents Allegedly Infringed, Number | 6 |
Eliquis Patent Litigation [Member] | |
Legal Proceedings And Contingencies [Line Items] | |
Loss Contingency, Patents Allegedly Infringed, Number | 2 |
Loss Contingency, Number of Plaintiffs | 25 |
Plavix Australia Intellectual Property [Member] | Australia, Dollars | |
Legal Proceedings And Contingencies [Line Items] | |
Loss contingency, Estimate of possible loss | $ 449,000,000 |
Plavix Australia Intellectual Property [Member] | United States of America, Dollars | |
Legal Proceedings And Contingencies [Line Items] | |
Loss contingency, Estimate of possible loss | $ 309,000,000 |
Abilify Product Liability [Member] | |
Legal Proceedings And Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | lawsuits | 138 |
Byetta Product Liability Litigation [Member] | |
Legal Proceedings And Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | lawsuits | 590 |
Securities Litigation [Member] | |
Legal Proceedings And Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | lawsuits | 2 |
Cercla Matters [Member] | |
Legal Proceedings And Contingencies [Line Items] | |
Loss contingency, Estimate of possible loss | $ 77,400,000 |
Upfront, milestone and other licensing receipts [Member] | CAR T Kite Litigation [Member] | |
Legal Proceedings And Contingencies [Line Items] | |
Loss contingency, Estimate of possible loss | 585,000,000 |
Royalty [Member] | CAR T Kite Litigation [Member] | |
Legal Proceedings And Contingencies [Line Items] | |
Loss contingency, Estimate of possible loss | $ 0.276 |