BRISTOL MYERS SQUIBB CO, 10-Q filed on 4/27/2023
Quarterly Report
v3.23.1
Cover Page - shares
3 Months Ended
Mar. 31, 2023
Apr. 20, 2023
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2023  
Document Transition Report false  
Entity File Number 001-01136  
Entity Registrant Name BRISTOL-MYERS SQUIBB COMPANY  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 22-0790350  
Entity Address, Address Line One 430 E. 29th Street, 14FL  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10016  
City Area Code 212  
Local Phone Number 546-4200  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   2,100,847,138
Entity Central Index Key 0000014272  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Small Business false  
Common Stock $0.10 Par Value    
Title of 12(b) Security Common Stock, $0.10 Par Value  
Trading Symbol BMY  
Security Exchange Name NYSE  
1.000% Notes due 2025    
Title of 12(b) Security 1.000% Notes due 2025  
Trading Symbol BMY25  
Security Exchange Name NYSE  
1.750% Notes due 2035    
Title of 12(b) Security 1.750% Notes due 2035  
Trading Symbol BMY35  
Security Exchange Name NYSE  
Celgene Contingent Value Rights    
Title of 12(b) Security Celgene Contingent Value Rights  
Trading Symbol CELG RT  
Security Exchange Name NYSE  
v3.23.1
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Total revenues $ 11,337 $ 11,648
Cost of products sold [1] 2,566 2,471
Marketing, selling and administrative 1,762 1,831
Research and development 2,321 2,260
Acquired IPRD 75 333
Amortization of acquired intangible assets 2,256 2,417
Other (income)/expense, net (413) 649
Total Expenses 8,567 9,961
Earnings before income taxes 2,770 1,687
Provision for income taxes 503 404
Net earnings 2,267 1,283
Noncontrolling interest 5 5
Net earnings attributable to BMS $ 2,262 $ 1,278
Earnings per common share attributable to BMS, basic (in usd per share) $ 1.08 $ 0.60
Earnings per common share attributable to BMS, diluted (in usd per share) $ 1.07 $ 0.59
Net product sales    
Total revenues $ 11,048 $ 11,308
Alliance and other revenues    
Total revenues $ 289 $ 340
[1] Excludes amortization of acquired intangible assets
v3.23.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Comprehensive Income [Abstract]    
Net earnings $ 2,267 $ 1,283
Other comprehensive income, net of taxes and reclassifications to earnings:    
Derivatives qualifying as cash flow hedges (124) 31
Pension and postretirement benefits 0 21
Marketable debt securities 0 (1)
Foreign currency translation 37 (12)
Total Other comprehensive (loss)/income (87) 39
Comprehensive income 2,180 1,322
Comprehensive income attributable to noncontrolling interest 5 5
Comprehensive income attributable to BMS $ 2,175 $ 1,317
v3.23.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 8,995 $ 9,123
Marketable debt securities 274 130
Receivables 10,054 9,886
Inventories 2,605 2,339
Other current assets 5,158 5,795
Total Current assets 27,086 27,273
Property, plant and equipment 6,279 6,255
Goodwill 21,162 21,149
Other intangible assets 33,569 35,859
Deferred income taxes 1,317 1,344
Other non-current assets 4,868 4,940
Total Assets 94,281 96,820
Current liabilities:    
Short-term debt obligations 2,752 4,264
Accounts payable 3,194 3,040
Other current liabilities 13,139 14,586
Total Current liabilities 19,085 21,890
Deferred income taxes 1,568 2,166
Long-term debt 35,078 35,056
Other non-current liabilities 6,664 6,590
Total Liabilities 62,395 65,702
Commitments and Contingencies
BMS Shareholders’ equity:    
Preferred stock 0 0
Common stock 292 292
Capital in excess of par value of stock 45,140 45,165
Accumulated other comprehensive loss (1,368) (1,281)
Retained earnings 26,568 25,503
Less cost of treasury stock (38,808) (38,618)
Total BMS Shareholders’ equity 31,824 31,061
Noncontrolling interest 62 57
Total Equity 31,886 31,118
Total Liabilities and Equity $ 94,281 $ 96,820
v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows From Operating Activities:    
Net earnings $ 2,267 $ 1,283
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization, net 2,429 2,584
Deferred income taxes (548) (687)
Stock-based compensation 122 107
Impairment charges 20 41
Divestiture gains and royalties (194) (387)
Acquired IPRD 75 333
Equity investment losses 155 644
Other adjustments 4 256
Changes in operating assets and liabilities:    
Receivables (175) 786
Inventories (282) 1
Accounts payable 187 23
Rebates and discounts (910) (930)
Income taxes payable 884 831
Other (1,064) (1,073)
Net cash provided by operating activities 2,970 3,812
Cash Flows From Investing Activities:    
Sale and maturities of marketable debt securities 57 2,100
Purchase of marketable debt securities (200) (1,714)
Proceeds from sales of equity investment securities 62 2
Capital expenditures (278) (253)
Divestiture and other proceeds 227 402
Acquisition and other payments, net of cash acquired (78) (442)
Net cash (used in)/provided by investing activities (210) 95
Cash Flows From Financing Activities:    
Short-term debt obligations, net 128 42
Issuance of long-term debt 0 5,926
Repayment of long-term debt (1,640) (5,769)
Repurchase of common stock (250) (5,000)
Dividends (1,196) (1,185)
Stock option proceeds and other, net (92) 333
Net cash used in financing activities (3,050) (5,653)
Effect of exchange rates on cash, cash equivalents and restricted cash 13 9
Decrease in cash, cash equivalents and restricted cash (277) (1,737)
Cash, cash equivalents and restricted cash at beginning of period 9,325 14,316
Cash, cash equivalents and restricted cash at end of period $ 9,048 $ 12,579
v3.23.1
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS
3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Basis of Presentation and Recently Issued Accounting Standards BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS
Basis of Consolidation

Bristol-Myers Squibb Company ("BMS", "we", "our", "us" or "the 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 of the Company as of March 31, 2023 and December 31, 2022, the results of operations and cash flows for the three months ended March 31, 2023 and 2022. All intercompany balances and transactions have been eliminated. These consolidated financial statements and the related footnotes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2022 included in the 2022 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 acquisitions; impairments of intangible assets; charge-backs, cash discounts, sales rebates, returns and other adjustments; legal contingencies; and income taxes. Actual results may differ from estimates.

Reclassifications

Certain reclassifications were made to conform the prior period consolidated financial statements to the current period presentation.

Recently Adopted Accounting Standards

Fair Value Measurements

In June 2022, the FASB issued amended guidance on measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security. The guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The guidance also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendment requires the following disclosures for equity securities subject to contractual sale restrictions: the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; the nature and remaining duration of the restriction(s); and the circumstances that could cause a lapse in the restriction(s). The amended guidance is effective January 1, 2024 on a prospective basis. Early adoption is permitted. The guidance was adopted on January 1, 2023 and the adoption did not have an impact on our consolidated financial statements.
Business Combinations

In October 2021, the FASB issued amended guidance on accounting for contract assets and contract liabilities from contracts with customers in a business combination. The guidance is intended to address inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized. At the acquisition date, an entity should account for the related revenue contracts in accordance with existing revenue recognition guidance generally by assessing how the acquiree applied recognition and measurement in their financial statements. The guidance was adopted on January 1, 2023 and the adoption did not have an impact on our consolidated financial statements.
v3.23.1
REVENUE
3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
The following table summarizes the disaggregation of revenue by nature:
Three Months Ended March 31,
Dollars in millions20232022
Net product sales$11,048 $11,308 
Alliance revenues144 188 
Other revenues145 152 
Total Revenues$11,337 $11,648 

The following table summarizes GTN adjustments:
Three Months Ended March 31,
Dollars in millions20232022
Gross product sales$17,288 $16,650 
GTN adjustments (a)
Charge-backs and cash discounts(2,091)(1,763)
Medicaid and Medicare rebates(2,482)(2,084)
Other rebates, returns, discounts and adjustments(1,667)(1,495)
Total GTN adjustments(6,240)(5,342)
Net product sales$11,048 $11,308 
(a)    Includes adjustments for provisions for product sales made in prior periods resulting from changes in estimates of $87 million and $74 million for the three months ended March 31, 2023, and 2022, respectively.
The following table summarizes the disaggregation of revenue by product and region:
Three Months Ended March 31,
Dollars in millions20232022
In-Line Products
Eliquis$3,423 $3,211 
Opdivo2,202 1,923 
Pomalyst/Imnovid832 826 
Orencia764 792 
Sprycel429 483 
Yervoy508 515 
Mature and other products467 537 
Total In-Line Products 8,625 8,287 
New Product Portfolio
Reblozyl206 156 
Abecma147 67 
Opdualag117 
Zeposia78 36 
Breyanzi71 44 
Onureg34 23 
Inrebic25 18 
Camzyos29 — 
Sotyktu16  
Total New Product Portfolio723 350 
Total In-Line Products and New Product Portfolio9,348 8,637 
Recent LOE Products(a)
Revlimid1,750 2,797 
Abraxane239 214 
Total Recent LOE Products1,989 3,011 
Total revenues$11,337 $11,648 
United States$8,033 $7,694 
International3,149 3,727 
Other(b)
155 227 
Total revenues$11,337 $11,648 
(a)    Recent LOE Products include products with significant decline in revenue from the prior reporting period as a result of a loss of exclusivity.
(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 $166 million and $147 million for the three months ended March 31, 2023 and 2022, respectively, consisting primarily of royalties for out-licensing arrangements and revised estimates for GTN adjustments related to prior period sales.
v3.23.1
ALLIANCES
3 Months Ended
Mar. 31, 2023
ALLIANCES [Abstract]  
Alliances 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 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.
Three Months Ended March 31,
Dollars in millions20232022
Revenues from alliances
Net product sales$3,532 $3,239 
Alliance revenues144 188 
Total alliance revenues$3,676 $3,427 
Payments to/(from) alliance partners
Cost of products sold$1,706 $1,556 
Marketing, selling and administrative(74)(54)
Research and development44 22 
Other (income)/expense, net(12)(12)

Dollars in millionsMarch 31,
2023
December 31,
2022
Selected alliance balance sheet information
Receivables – from alliance partners$274 $317 
Accounts payable – to alliance partners1,623 1,249 
Deferred income – from alliances(a)
314 289 
(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 2022 Form 10-K.
v3.23.1
DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS
3 Months Ended
Mar. 31, 2023
Acquisitions, Divestitures and Other Arrangements [Abstract]  
DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS
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 were not material in all periods presented (excluding divestiture gains or losses).
Three Months Ended March 31,
Net ProceedsDivestiture (Gains)/LossesRoyalty Income
Dollars in millions202320222023202220232022
Diabetes business (a)
$216 $172 $— $— $(188)$(170)
Mature products and other225 — (211)— (1)
Total$220 $397 $— $(211)$(188)$(171)
(a)    Net proceeds for diabetes business relates to net proceeds from royalties received subsequent to the sale of the diabetes business.

Mature Products and Other

During the first quarter of 2022, product rights to several mature products were sold to Cheplapharm, resulting in cash proceeds of $221 million and a divestiture gain of $211 million.
Licensing and Other Arrangements

The following table summarizes the financial impact of Keytruda* royalties, Tecentriq* royalties, upfront licensing fees and milestones for products that have not obtained commercial approval, which are included in Other (income)/expense, net.

Three Months Ended March 31,
Dollars in millions20232022
Keytruda* royalties
$(279)$(221)
Tecentriq* royalties
(30)(25)
Contingent milestone income(31)(41)
Amortization of deferred income(12)(12)
Other royalties and licensing income (11)(7)
Total$(363)$(306)

Immatics

During the first quarter of 2022, BMS obtained a global exclusive license to Immatics' TCR bispecific IMA401 program. which is being studied in oncology. The trial commenced in May 2022. BMS and Immatics collaborate on the development and BMS will be responsible for the commercialization of IMA401 worldwide, including strategic decisions, regulatory responsibilities, funding and manufacturing. Immatics has the option to co-fund U.S. development in exchange for enhanced U.S. royalty payments and/or to co-promote IMA401 in the U.S. The transaction included an upfront payment of $150 million which was expensed to Acquired IPRD in the first quarter of 2022. Immatics is eligible to receive contingent development, regulatory and sales-based milestones of up to $770 million as well as royalties on global net sales.

Dragonfly

During the first quarter of 2022, a Phase I development milestone for interleukin-12 ("IL-12") was achieved resulting in a $175 million payment to Dragonfly and an Acquired IPRD charge. The parties also amended the terms of three future milestones by requiring the achievement of certain criteria by specified dates unless BMS notifies Dragonfly that it will discontinue development of IL-12.

During the first quarter of 2023, BMS notified Dragonfly that it was terminating the global exclusive license that relates to Dragonfly’s IL-12. All rights to IL-12 were reverted back to Dragonfly effective April 18, 2023.

Other

Nimbus Change of Control Income

During the first quarter of 2022, BMS and Nimbus Therapeutics entered into a settlement resolving all legal claims and business interests pertaining to Nimbus' TYK2 inhibitor resulting in $40 million of income included in Other (income)/expense. The settlement also provides for BMS to receive additional amounts for contingent development, regulatory approval and sales-based milestones and 10% of any change in control proceeds received by Nimbus Therapeutics related to its TYK2 inhibitor. In February 2023, Takeda acquired 100% ownership of Nimbus Therapeutics' TYK2 inhibitor for approximately $4.0 billion in upfront proceeds plus contingent sales-based milestones aggregating up to $2.0 billion. As a result, $400 million of income related to the change of control provision is included in Other (income)/expense during the first quarter of 2023 and is expected to be received in the second quarter of 2023.
v3.23.1
OTHER (INCOME)/EXPENSE, NET
3 Months Ended
Mar. 31, 2023
Other Nonoperating Income (Expense) [Abstract]  
Other (Income)/Expense, Net OTHER (INCOME)/EXPENSE, NET
Three Months Ended March 31,
Dollars in millions20232022
Interest expense (Note 10)$288 $326 
Royalty and licensing income (Note 4)(363)(306)
Royalty income - divestiture (Note 4)(188)(171)
Equity investment losses (Note 9)155 644 
Integration expenses (Note 6)67 105 
Loss on debt redemption (Note 10)— 275 
Divestiture gains (Note 4)— (211)
Litigation and other settlements (a)
(325)(37)
Investment income(102)(10)
Provision for restructuring (Note 6)67 23 
Other(12)11 
Other (income)/expense, net$(413)$649 
(a)    Includes $400 million of income recorded in connection with Nimbus' TYK2 program change of control provision for the three months ended March 31, 2023. Refer to "—Note 4. Divestitures, Licensing and Other Arrangements" for further information.
v3.23.1
RESTRUCTURING
3 Months Ended
Mar. 31, 2023
Restructuring Charges [Abstract]  
Restructuring RESTRUCTURING
Celgene Acquisition Plan

As part of the Celgene Acquisition Plan, the Company expects to incur charges of approximately $3.5 billion, including cash outlays of approximately $3.1 billion. Cumulative charges of approximately $3.1 billion have been recognized to date 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. The remaining charges are primarily related to IT system integration which are expected to be incurred through 2024.

Other Restructuring

Restructuring and integration plans were initiated to realize expected cost synergies resulting from cost savings and avoidance from the Turning Point acquisition in 2022 and the MyoKardia acquisition in 2020. Charges of approximately $250 million are expected to be incurred through the end of 2023 and consist of integration planning and execution expenses, employee termination benefit costs and other costs. Cumulative charges of approximately $180 million have been recognized for these actions to date. In the first quarter of 2023, certain restructuring activities occurred resulting in employee termination costs of $61 million, which are primarily attributed to changes in our operating model to accelerate the delivery of medicines to patients.

The following provides the charges related to restructuring initiatives by type of cost:
Three Months Ended March 31,
Dollars in millions20232022
Celgene Acquisition Plan$57 $127 
Other Restructuring 78 
Total charges$135 $130 
Employee termination costs$65 $22 
Other termination costs
Provision for restructuring67 23 
Integration expenses67 105 
Accelerated depreciation
Total charges$135 $130 
Cost of products sold$$— 
Marketing, selling and administrative— 
Other (income)/expense, net134 128 
Total charges$135 $130 
The following summarizes the charges and spending related to restructuring plan activities:
Three Months Ended March 31,
Dollars in millions20232022
Beginning balance $47 $101 
Provision for restructuring(a)
67 23 
Foreign currency translation and other(1)
Payments(17)(21)
Ending balance$99 $102 
(a)    Includes a reduction of the liability resulting from changes in estimates of $3 million and $9 million for the three months ended March 31, 2023 and 2022, respectively.
v3.23.1
INCOME TAXES
3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Three Months Ended March 31,
Dollars in millions20232022
Earnings before income taxes$2,770 $1,687 
Provision for income taxes503 404 
Effective tax rate18.2 %23.9 %

Income taxes in interim periods are determined based on the estimated annual effective tax rates and the tax impact of discrete items that are reflected immediately. The 5.7% decrease in our effective tax rate is primarily due to jurisdictional earnings mix resulting from amortization of acquired intangible assets, equity investment losses, litigation and other settlements, as well as releases of income tax reserves of $89 million related to the resolution of Celgene's 2009-2011 IRS audits, partially offset by the impact of changes in our Puerto Rico tax decree that eliminated a previously creditable excise tax. Additional changes to the effective tax rate may occur in future periods due to various reasons, including changes to the estimated pretax earnings mix and tax reserves and revised interpretations or changes to the relevant tax code. Income tax payments were $149 million and $255 million for the three months ended March 31, 2023 and 2022, respectively.

BMS is currently under examination by a number of tax authorities that 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. As previously disclosed, BMS received several notices of proposed adjustments from the IRS related to transfer pricing and other tax issues for the 2008 to 2012 tax years. BMS disagrees with the IRS's positions and continues to work cooperatively with the IRS to resolve these issues. In the fourth quarter of 2022, BMS entered the IRS administrative appeals process to resolve these matters. Timing of the final resolution of these complex matters is uncertain and could have a material impact on BMS's consolidated financial statements.

It is reasonably possible that the amount of unrecognized tax benefits as of March 31, 2023 could decrease in the range of approximately $40 million to $60 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 jurisdiction.
v3.23.1
EARNINGS PER SHARE
3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
Three Months Ended March 31,
Dollars in millions, except per share data20232022
Net earnings attributable to BMS $2,262 $1,278 
Weighted-average common shares outstanding – basic2,099 2,146 
Incremental shares attributable to share-based compensation plans14 18 
Weighted-average common shares outstanding – diluted2,113 2,164 
Earnings per common share
Basic$1.08 $0.60 
Diluted1.07 0.59 
The total number of potential shares of common stock excluded from the diluted earnings per common share computation because of the antidilutive impact was not material for the three months ended March 31, 2023 and 2022, respectively.
v3.23.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Measurements FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Financial assets and liabilities measured at fair value on a recurring basis are summarized below:
March 31, 2023December 31, 2022
Dollars in millionsLevel 1Level 2Level 3Level 1Level 2Level 3
Cash and cash equivalents
Money market and other securities$— $7,737 $— $— $7,770 $— 
Marketable debt securities
Certificates of deposit— 201 — — 32 — 
Commercial paper— 73 — — 98 — 
Derivative assets— 255 — — 305 — 
Equity investments293 614 — 424 680 — 
Derivative liabilities— 207 — — 213 — 
Contingent consideration liability
Contingent value rights— — — — 
Other acquisition related contingent consideration— — 18 — — 24 

As further described in "Item 8. Financial Statements and Supplementary Data—Note 9. Financial Instruments and Fair Value Measurements" in the Company's 2022 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). The fair value of equity investments is adjusted for characteristics specific to the security and is not adjusted for contractual sale restrictions. Equity investments subject to contractual sale restrictions were not material as of March 31, 2023 and December 31, 2022.

Marketable Debt Securities

The following table summarizes marketable debt securities:
March 31, 2023December 31, 2022
Dollars in millionsAmortized CostGross UnrealizedAmortized CostGross Unrealized
GainsLossesFair ValueGainsLossesFair Value
Certificates of deposit$201 $— $— $201 $32 $— $— $32 
Commercial paper73 — — 73 98 — — 98 
Total marketable debt securities(a)
$274 $— $— $274 $130 $— $— $130 
(a)    All marketable debt securities mature within one year as of March 31, 2023, and December 31, 2022.
Equity Investments

The following summarizes the carrying amount of equity investments:
Dollars in millionsMarch 31,
2023
December 31,
2022
Equity investments with readily determinable fair values$907 $1,104 
Equity investments without readily determinable fair values574 537 
Limited partnerships and other equity method investments524 546 
Total equity investments$2,005 $2,187 

The following summarizes the activity related to equity investments. Changes in fair value of equity investments are included in Other (income)/expense, net.
Three Months Ended March 31,
Dollars in millions20232022
Equity investments with readily determinable fair values
Net loss recognized$141 $598 
Net gain recognized on investments sold(1)— 
Net unrealized loss recognized on investments still held140 598 
Equity investments without readily determinable fair values
Upward adjustments(5)(6)
Impairments and downward adjustments— 
Equity in net loss of affiliates20 50 
Total Equity investment losses$155 $644 

Cumulative upwards adjustments and cumulative impairments and downward adjustments based on observable price changes in equity investments without readily determinable fair values still held as of March 31, 2023 were $186 million and $61 million, respectively.

Qualifying Hedges and Non-Qualifying Derivatives
Cash Flow Hedges

BMS enters into foreign currency forward and purchased local currency put option contracts (foreign exchange contracts) to hedge certain forecasted intercompany inventory sales and certain other foreign currency transactions. The objective of these foreign exchange contracts is to reduce variability caused by changes in foreign exchange rates that would affect the U.S. dollar value of future cash flows derived from foreign currency denominated sales, primarily the euro and Japanese yen. The fair values of these derivative contracts are recorded as either assets (gain positions) or liabilities (loss positions) in the consolidated balance sheet. Changes in fair value for these foreign exchange contracts, which are designated as cash flow hedges, is temporarily recorded in Accumulated other comprehensive loss ("AOCL") and reclassified to net earnings when the hedged item affects earnings (typically within the next 24 months). As of March 31, 2023, assuming market rates remain constant through contract maturities, we expect to reclassify pre-tax gains of $156 million into cost of products sold for our foreign exchange contracts out of AOCL during the next 12 months. The notional amount of outstanding foreign currency exchange contracts was primarily $4.9 billion for the euro contracts and $1.3 billion for Japanese yen contracts as of March 31, 2023.
BMS also enters into cross-currency swap contracts to hedge exposure to foreign currency exchange rate risk associated with its long-term debt denominated in euros. These contracts convert interest payments and principal repayment of the long-term debt to U.S. dollars from euros and are designated as cash flow hedges. The unrealized gains and losses on these contracts are reported in AOCL and reclassified to Other (income)/expense, net, in the same periods during which the hedged debt affects earnings. The notional amount of cross-currency swap contracts associated with long-term debt denominated in euros was $1.2 billion as of March 31, 2023.

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. The earnings impact related to discontinued cash flow hedges and hedge ineffectiveness was not material during all periods presented. Foreign currency exchange contracts not designated as a cash flow hedge 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.

Net Investment Hedges

Cross-currency swap contracts of $1.3 billion as of March 31, 2023 are designated to hedge currency exposure of BMS's net investment in its foreign subsidiaries. Contract fair value changes are recorded in the foreign currency translation component of AOCL with a related offset in derivative asset or liability on the consolidated balance sheet. The notional amount of outstanding cross-currency swap contracts was primarily attributed to the Japanese yen of $509 million and euro of $584 million as of March 31, 2023.

During the first quarter 2023, the Company de-designated its remaining net investment hedge in debt denominated in euros of €375 million. The related net investment hedge was entered into to hedge euro currency exposures of the net investment in certain foreign affiliates and was recognized in long-term debt. The effective portion of foreign exchange gain or loss on the remeasurement of debt denominated in euros was included in the foreign currency translation component of AOCL with the related offset in Long-term debt.

During the three months ended March 31, 2023, the amortization of gains related to the portion of our net investment hedges that was excluded from the assessment of effectiveness was not material.

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 (4.86% as of March 31, 2023) 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. If the underlying swap is terminated prior to maturity, then the fair value adjustment to the underlying debt is amortized as a reduction to interest expense over the remaining term of the debt.

Derivative cash flows, with the exception of net investment hedges, are principally classified in the operating section of the consolidated statements of cash flows, consistent with the underlying hedged item. Cash flows related to net investment hedges are classified in investing activities.

The following table summarizes the fair value and the notional values of outstanding derivatives:
 March 31, 2023December 31, 2022
Asset(a)
Liability(b)
Asset(a)
Liability(b)
Dollars in millionsNotionalFair ValueNotionalFair ValueNotionalFair ValueNotionalFair Value
Designated as cash flow hedges
Foreign currency exchange contracts
$5,289 $208 $2,036 $(81)$5,771 $271 $2,281 $(80)
Cross-currency swap contracts— — 1,210 (13)— — 584 (7)
Designated as net investment hedges
Cross-currency swap contracts165 1,182 (79)72 1,157 (78)
Designated as fair value hedges
Interest rate swap contracts— — 255 (14)— — 255 (18)
Not designated as hedges
Foreign currency exchange contracts2,101 37 1,467 (20)1,564 33 1,703 (19)
Total return swap contracts (c)
360 — — — — 322 (11)
(a)    Included in Other current assets and Other non-current assets.
(b)    Included in Other current liabilities and Other non-current liabilities.
(c)    Total return swap contracts hedge changes in fair value of certain deferred compensation liabilities.

The following table summarizes the financial statement classification and amount of (gain)/loss recognized on hedges:
Three Months Ended March 31, 2023Three Months Ended March 31, 2022
Dollars in millionsCost of products soldOther (income)/expense, netCost of products soldOther (income)/expense, net
Foreign currency exchange contracts$(120)$(16)$(82)$(57)
Cross-currency swap contracts— (23)— (4)
Interest rate swap contracts— (3)— (11)

The following table summarizes the effect of derivative and non-derivative instruments designated as hedges in Other comprehensive income:
Three Months Ended March 31,
Dollars in millions20232022
Derivatives designated as cash flow hedges
Foreign exchange contracts gain/(loss):
Recognized in Other comprehensive income$(7)$120 
Reclassified to Cost of products sold(120)(82)
Cross-currency swap contracts gain/(loss):
Recognized in Other comprehensive income(6)— 
Reclassified to Other (income)/expense, net(13)— 
Forward starting interest rate swap contract loss:
Reclassified to Other (income)/expense, net— (3)
Derivatives designated as net investment hedges
Cross-currency swap contracts gain/(loss):
Recognized in Other comprehensive income13 
Non-derivatives designated as net investment hedges
Non U.S. dollar borrowings gain/(loss):
Recognized in Other comprehensive income(10)15 
v3.23.1
FINANCING ARRANGEMENTS
3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS FINANCING ARRANGEMENTS
Short-term debt obligations include:
Dollars in millionsMarch 31,
2023
December 31,
2022
Non-U.S. short-term borrowings$155 $176 
Current portion of Long-term debt2,254 3,897 
Other343 191 
Total$2,752 $4,264 

Long-term debt and the current portion of Long-term debt include:
Dollars in millionsMarch 31,
2023
December 31,
2022
Principal value$36,622 $38,234 
Adjustments to principal value:
Fair value of interest rate swap contracts(14)(18)
Unamortized basis adjustment from swap terminations92 97 
Unamortized bond discounts and issuance costs(278)(284)
Unamortized purchase price adjustments of Celgene debt910 924 
Total$37,332 $38,953 
Current portion of Long-term debt$2,254 $3,897 
Long-term debt35,078 35,056 
Total$37,332 $38,953 

The fair value of Long-term debt was $34.5 billion as of March 31, 2023 and $34.9 billion as of December 31, 2022 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.

During the first quarter of 2023, $1.6 billion of debt matured and was repaid including $750 million 2.750% Notes and $890 million 3.250% Notes.

During the first quarter of 2022, BMS issued an aggregate principal amount of $6.0 billion of debt, with maturity dates ranging from 2032 to 2062, with net proceeds of $5.9 billion. The notes rank equally in right of payment with all of BMS's existing and future senior unsecured indebtedness and are redeemable at any time, in whole, or in part, at varying specified redemption prices plus accrued and unpaid interest. In addition, BMS purchased an aggregate principal amount of $5.2 billion of certain of its debt securities for $5.8 billion of cash in tender offers. In connection with this transaction, a $275 million net loss on debt redemption was recognized based on the carrying value of the debt and included in Other (income)/expense, net.

Interest payments were $324 million and $377 million for the three months ended March 31, 2023 and 2022, respectively, net of amounts related to interest rate swap contracts.

Credit Facilities

As of March 31, 2023, BMS had a five-year $5.0 billion revolving credit facility expiring in January 2028, which is extendable annually by one year with the consent of the lenders. This facility provides for customary terms and conditions with no financial covenants and may be used to provide backup liquidity for our commercial paper borrowings. No borrowings were outstanding under the revolving credit facility as of March 31, 2023 and December 31, 2022.
v3.23.1
RECEIVABLES
3 Months Ended
Mar. 31, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Receivables RECEIVABLES
Dollars in millionsMarch 31,
2023
December 31,
2022
Trade receivables$8,486 $8,848 
Less: charge-backs and cash discounts(609)(675)
Less: allowance for expected credit loss(23)(22)
Net trade receivables7,854 8,151 
Alliance, royalties, VAT and other2,200 1,735 
Receivables$10,054 $9,886 

Non-U.S. receivables sold on a nonrecourse basis were $239 million and $423 million for the three months ended March 31, 2023 and 2022, respectively. Receivables from the three largest customers in the U.S. represented 69% and 66% of total trade receivables as of March 31, 2023 and December 31, 2022, respectively.
v3.23.1
INVENTORIES
3 Months Ended
Mar. 31, 2023
Inventory, Net [Abstract]  
Inventories INVENTORIES
Dollars in millionsMarch 31,
2023
December 31,
2022
Finished goods$594 $509 
Work in process1,940 1,850 
Raw and packaging materials594 464 
Total inventories$3,128 $2,823 
Inventories$2,605 $2,339 
Other non-current assets523 484 

The fair value adjustments related to the Celgene acquisition were $32 million and $84 million as of March 31, 2023 and December 31, 2022, respectively.
v3.23.1
PROPERTY, PLANT AND EQUIPMENT
3 Months Ended
Mar. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment PROPERTY, PLANT AND EQUIPMENT
Dollars in millionsMarch 31,
2023
December 31,
2022
Land$162 $162 
Buildings5,990 5,920 
Machinery, equipment and fixtures3,295 3,284 
Construction in progress1,074 1,053 
Gross property, plant and equipment10,521 10,419 
Less accumulated depreciation(4,242)(4,164)
Property, plant and equipment$6,279 $6,255 
Depreciation expense was $146 million and $145 million for the three months ended March 31, 2023 and 2022, respectively.
v3.23.1
GOODWILL AND OTHER INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill

The changes in the carrying amounts in Goodwill were as follows:
Dollars in millions
Balance at December 31, 2022$21,149 
Currency translation and other adjustments13 
Balance at March 31, 2023$21,162 

Other Intangible Assets

Other intangible assets consisted of the following:

Estimated
Useful Lives
March 31, 2023December 31, 2022
Dollars in MillionsGross carrying amountsAccumulated amortizationOther intangible assets, net Gross carrying amountsAccumulated amortizationOther intangible assets, net
Licenses
5 – 15 years
$400 $(136)$264 $400 $(128)$272 
Acquired marketed product rights
3 – 15 years
59,576 (33,297)26,279 60,477 (31,949)28,528 
Capitalized software
3 – 10 years
1,583 (1,097)486 1,555 (1,056)499 
IPRD6,540 — 6,540 6,560 — 6,560 
Total$68,099 $(34,530)$33,569 $68,992 $(33,133)$35,859 

Amortization expense of Other intangible assets was $2.3 billion and $2.5 billion for the three months ended March 31, 2023 and 2022, respectively.

IPRD impairment charges were $20 million in the first quarter of 2023 and $40 million in the first quarter of 2022 and were included in Research and development expense. The charges represented full write-downs.
v3.23.1
SUPPLEMENTAL FINANCIAL INFORMATION
3 Months Ended
Mar. 31, 2023
Supplemental Financial Information [Abstract]  
Supplemental Financial Information SUPPLEMENTAL FINANCIAL INFORMATION
Dollars in millionsMarch 31,
2023
December 31, 2022
Income taxes$2,846 $3,547 
Research and development704 579 
Contract assets505 504 
Restricted cash(a)
53 148 
Other1,050 1,017 
Other current assets$5,158 $5,795 

Dollars in millionsMarch 31,
2023
December 31, 2022
Equity investments$2,005 $2,187 
Inventories523 484 
Operating leases1,326 1,220 
Pension and postretirement299 285 
Research and development485 496 
Restricted cash(a)
— 54 
Other230 214 
Other non-current assets$4,868 $4,940 
(a)    Restricted cash primarily consists of funds restricted for annual Company contributions to the defined contribution plan in the U.S. and escrow for litigation settlements. Cash is restricted when withdrawal or general use is contractually or legally restricted. As of March 31, 2022 restricted cash was $210 million.
Dollars in millionsMarch 31,
2023
December 31, 2022
Rebates and discounts$5,824 $6,702 
Income taxes1,209 942 
Employee compensation and benefits589 1,425 
Research and development1,277 1,359 
Dividends1,197 1,196 
Interest319 321 
Royalties409 431 
Operating leases171 136 
Other2,144 2,074 
Other current liabilities$13,139 $14,586 

Dollars in millionsMarch 31,
2023
December 31, 2022
Income taxes $3,907 $3,992 
Pension and postretirement399 402 
Operating leases1,370 1,261 
Deferred income308 283 
Deferred compensation387 349 
Other293 303 
Other non-current liabilities$6,664 $6,590 
v3.23.1
EQUITY
3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Equity EQUITY
The following table summarizes changes in equity for the three months ended March 31, 2023:
Common StockCapital in Excess of Par Value of StockAccumulated Other Comprehensive LossRetained EarningsTreasury StockNoncontrolling Interest
Dollars and shares in millionsSharesPar ValueSharesCost
Balance at December 31, 20222,923 $292 $45,165 $(1,281)$25,503 825 $(38,618)$57 
Net earnings— — — — 2,262 — — 
Other comprehensive loss— — — (87)— — — — 
Cash dividends declared $0.57 per share
— — — — (1,197)— — — 
Share repurchase program— — — — — (250)— 
Stock compensation— — (25)— — (6)60 — 
Balance at March 31, 20232,923 $292 $45,140 $(1,368)$26,568 823 $(38,808)$62 

The following table summarizes changes in equity for the three months ended March 31, 2022:
Common StockCapital in Excess of Par Value of StockAccumulated Other Comprehensive LossRetained EarningsTreasury StockNoncontrolling Interest
Dollars and shares in millionsSharesPar ValueSharesCost
Balance at December 31, 20212,923 $292 $44,361 $(1,268)$23,820 747 $(31,259)$60 
Net earnings— — — — 1,278 — — 
Other comprehensive income— — — 39 — — — — 
Cash dividends declared $0.54 per share
— — — — (1,150)— — — 
Share repurchase program— — (750)— — 65 (4,250)— 
Stock compensation— — 145 — — (18)322 — 
Balance at March 31, 20222,923 $292 $43,756 $(1,229)$23,948 794 $(35,187)$65 

BMS repurchased 3.7 million shares of its common stock for $250 million in the first quarter of 2023. The remaining share repurchase capacity under the BMS share repurchase program was approximately $6.9 billion as of March 31, 2023.

During the first quarter of 2022, BMS entered into accelerated share repurchase ("ASR") agreements to repurchase an aggregate amount of $5.0 billion of the Company's common stock. The ASR agreements were funded with cash on-hand and 65 million shares of common stock (85% of the $5.0 billion aggregate repurchase price) were received by BMS and included in treasury stock.
The following table summarizes the changes in Other comprehensive income by component:
Three Months Ended March 31, 2023Three Months Ended March 31, 2022
Dollars in millionsPretaxTaxAfter TaxPretaxTaxAfter Tax
Derivatives qualifying as cash flow hedges
Recognized in Other comprehensive income $(13)$$(10)$120 $(16)$104 
Reclassified to net earnings(a)
(133)19 (114)(85)12 (73)
Derivatives qualifying as cash flow hedges(146)22 (124)35 (4)31 
Pension and postretirement benefits
Actuarial gains/(losses)— — — 20 (4)16 
Amortization(b)
— — — (2)
Settlements(b)
— — — — 
Pension and postretirement benefits— — — 27 (6)21 
Marketable debt securities
Unrealized (losses)/gains— — — (2)(1)
Foreign currency translation35 37 (6)(6)(12)
Other comprehensive income$(111)$24 $(87)$54 $(15)$39 
(a)Included in Cost of products sold and Other (income)/expense, net. Refer to "—Note 9. Financial Instruments and Fair Value Measurements" for further information.
(b)Included in Other (income)/expense, net.

The accumulated balances related to each component of Other comprehensive income, net of taxes, were as follows:
Dollars in millionsMarch 31,
2023
December 31,
2022
Derivatives qualifying as cash flow hedges$108 $232 
Pension and postretirement benefits(623)(623)
Foreign currency translation(a)
(853)(890)
Accumulated other comprehensive loss$(1,368)$(1,281)
(a)Included in Foreign currency translation are net investment hedge gains of $118 million and $125 million as of March 31, 2023 and December 31, 2022, respectively.
v3.23.1
EMPLOYEE STOCK BENEFIT PLANS
3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Employee Stock Benefit Plans EMPLOYEE STOCK BENEFIT PLANS
Stock-based compensation expense was as follows:
 Three Months Ended March 31,
Dollars in millions20232022
Cost of products sold$11 $
Marketing, selling and administrative51 48 
Research and development60 51 
Total Stock-based compensation expense$122 $107 
Income tax benefit(a)
$25 $22 
(a)    Income tax benefit excludes excess tax benefits from share-based compensation awards that were vested or exercised of $18 million and $40 million for the three months ended March 31, 2023 and 2022, respectively.

The number of units granted and the weighted-average fair value on the grant date for the three months ended March 31, 2023 were as follows:
Units in millionsUnitsWeighted-Average Fair Value
Restricted stock units8.4 $60.28 
Market share units1.0 58.15 
Performance share units1.5 64.18 
Dollars in millionsRestricted Stock UnitsMarket Share UnitsPerformance Share Units
Unrecognized compensation cost$1,125 $93 $165 
Expected weighted-average period in years of compensation cost to be recognized3.23.32.2
v3.23.1
LEGAL PROCEEDINGS AND CONTINGENCIES
3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Legal Proceedings and Contingencies 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, partners, suppliers, service providers, licensees, licensors, 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 claims and/or 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 successfully 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 and Anti-PD-L1 — U.S.
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 sought to add two scientists as inventors to these patents. In October 2017, Pfizer was allowed to intervene in the 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 May 2019, the District Court issued a decision ruling that the two scientists should be added as inventors to the patents, which decision was affirmed on appeal. In June 2019, Dana-Farber filed a new lawsuit in the District of Massachusetts against BMS seeking damages as a result of the decision adding the scientists as inventors. In February 2021, BMS filed a motion to dismiss that complaint. In August 2021, the Court denied the motion to dismiss, but ruled that Dana-Farber's claims for damages before May 17, 2019—the date of the District Court's ruling that Dana-Farber was a co-inventor of the patents—are preempted by federal patent law. On January 25, 2023, the Court held a hearing on a motion filed by BMS requesting that the Court enter summary judgment in BMS' favor. In April 2023, BMS and Dana-Farber entered into a settlement agreement and these litigations were dismissed.

On March 17, 2022, BMS filed a lawsuit in U.S. District Court for the District of Delaware against AstraZeneca Pharmaceuticals LP and AstraZeneca UK Ltd (collectively, "AZ") alleging that AZ's marketing of the PD-L1 antibody Imfinzi infringes certain claims of U.S. Patent Nos. 9,580,505, 9,580,507, 10,138,299, 10,308,714, 10,266,594, 10,266,595, 10,266,596 and 10,323,092. A trial has been scheduled to begin on April 22, 2024. On April 26, 2023, BMS filed an additional lawsuit against AZ in U.S. District Court for the District of Delaware alleging that AZ's marketing of the PD-L1 antibody Imfinzi infringes U.S. Patent No. 9,402,899.
CAR-T — U.S.
In October 2017, Juno and Sloan Kettering Institute for Cancer Research ("SKI") filed a complaint for patent infringement against Kite Pharma, Inc. ("Kite") in the U.S. District Court for the Central District of California. The complaint alleged that Kite's Yescarta* product 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 and the Court held an oral hearing on July 6, 2021. In August 2021, a Federal Circuit panel reversed the jury verdict and district court decision and found the '190 Patent to be invalid. In October 2021, Juno and SKI filed a petition with the Federal Circuit for panel and en banc rehearing, which the Federal Circuit denied on January 14, 2022. On June 13, 2022, Juno and SKI filed a petition for a writ of certiorari with the U.S. Supreme Court, which the Court denied on November 7, 2022. On November 23, 2022, Juno and SKI filed a petition for rehearing with the Court, which the Court denied on January 9, 2023.

CTLA-4 — U.S.
On January 23, 2023, BMS filed a lawsuit in U.S. District Court for the District of Delaware against AstraZeneca Pharmaceuticals LP and AstraZeneca AB (collectively, "AZ AB") alleging that AZ AB's marketing of the CTLA-4 antibody Imjudo infringes certain claims of U.S. Patent Nos. 9,320,811 and 9,273,135. No trial date has been scheduled.

Eliquis - Europe
In November 2020 and January 2021, Sandoz Limited ("Sandoz") and Teva Pharmaceutical Industries Ltd. ("Teva Limited"), respectively, filed lawsuits in the United Kingdom seeking revocation of the UK apixaban composition of matter patent and related Supplementary Protection Certificate ("SPC"). BMS subsequently filed counterclaims for infringement in both actions. A trial took place in February 2022 and in a judgment issued on April 7, 2022, the judge found the UK apixaban composition of matter patent and related SPC invalid. On November 2, 2022, BMS was granted permission from the Court of Appeal to appeal the judgment and a hearing took place on April 19-20, 2023.

Similar lawsuits have been filed in various other countries in Europe seeking revocation of our composition of matter patents and SPCs relating to Eliquis, and trials have been held in certain of those cases, including in Norway and France. In May 2022, a Dutch court issued a decision denying a request by BMS for a preliminary injunction that would have prevented an at-risk generic launch in the Netherlands by Sandoz prior to a full trial on the validity of the Dutch composition of matter patent and SPC. In April 2023, BMS again requested that a preliminary injunction be issued against Sandoz in the Netherlands. In addition, BMS requested that a preliminary injunction be issued against Stada in the Netherlands. On April 26, 2023, a combined preliminary injunction hearing was held.

Following the above decisions in the UK and the Netherlands, generic manufacturers have begun marketing generic versions of Eliquis in the UK and the Netherlands, and may seek to market generic versions of Eliquis in additional countries in Europe, prior to the expiration of our patents, which may lead to additional infringement and invalidity actions involving Eliquis patents being filed in various countries in Europe.

In September 2022, a trial was held in Sweden regarding Teva's challenge to the validity of the Swedish apixaban composition of matter patent and related SPC, and a decision was issued on November 2, 2022, confirming their validity and rejecting Teva's claims. In September 2022, BMS filed a request for a preliminary injunction against Teva in Denmark, but the request was denied in December 2022, based on the finding that there is no imminent threat of a launch by Teva in Denmark. In January 2023, the court in Finland granted BMS's request that a preliminary injunction be entered against Teva, prohibiting Teva from offering, storing or selling generic Eliquis products in Finland that have obtained price and reimbursement. On February 17, 2023, the court in Ireland also granted BMS's request that a preliminary injunction be entered against Teva in Ireland.

Eliquis - U.S.
On February 24, 2023 and March 4, 2023, BMS received Notice Letters from Biocon and ScieGen, respectively, notifying BMS that they had filed ANDAs containing paragraph IV certifications seeking approval of generic versions of Eliquis in the U.S. In response, in April 2023, BMS filed patent infringement actions against Biocon and ScieGen in the U.S. District Court for the District of Delaware. On April 25, 2023, BMS entered into a confidential settlement agreement with ScieGen, settling all outstanding claims in the litigation with ScieGen. The settlement with ScieGen does not affect BMS's projected exclusivity period for Eliquis.
Onureg – U.S.
In November 2021, BMS received a Notice Letter from Accord notifying BMS that Accord had filed an ANDA containing a paragraph IV certification seeking approval of a generic version of Onureg in the U.S. and challenging U.S. Patent No. 8,846,628 (the "'628 Patent"), an FDA Orange Book-listed formulation patent covering Onureg, which expires in 2030. In response, BMS filed a patent infringement action against Accord in the U.S. District Court for the District of Delaware. A trial has been scheduled to begin on March 18, 2024. In February 2023, Apotex Inc. filed a request for inter partes review of the '628 Patent. BMS's response to the request is due on May 15, 2023.

In March 2023, BMS received an additional Notice Letter from Accord notifying BMS that Accord had filed an ANDA containing a paragraph IV certification challenging U.S. Patent No. 11,571,436 (the "'436 patent"), a newly-listed FDA Orange-Book formulation patent covering Onureg, which expires in 2029. In response, BMS filed an additional patent infringement action against Accord in the U.S. District Court for the District of Delaware.

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. 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 ($301 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 and an appeal hearing concluded in February 2021.

Sprycel - U.S.
In January 2022, BMS received a Notice Letter from Xspray Pharma AB ("Xspray"), Nanocopoeia, LLC ("Nanocopoeia") and Handa Oncology, LLC ("Handa"), respectively, notifying BMS that each had filed a 505(b)(2) NDA application containing paragraph IV certifications seeking approval of a dasatinib product in the U.S. and challenging two FDA Orange Book-listed monohydrate form patents expiring in 2025 and 2026. In February 2022, BMS filed a patent infringement action against Xspray in the U.S. District Court for the District of New Jersey. In May 2022, BMS filed a patent infringement action against Nanocopoeia in the U.S. District Court for the District of Minnesota. In November 2022, BMS filed a patent infringement action against Handa in the U.S. District Court for the Northern District of California. No trial dates have been scheduled in any of these actions. Both Xspray and Nanocopoeia filed motions for a judgment based on the pleadings. On March 24, 2023, the Minnesota court denied Nanocopoeia's motion. On April 25, 2023, the New Jersey court denied Xspray's motion.

Zeposia - U.S.
On October 15, 2021, Actelion Pharmaceuticals LTD and Actelion Pharmaceuticals US, INC ("Actelion") filed a complaint for patent infringement in the United States District Court for the District of New Jersey against BMS and Celgene for alleged infringement of U.S. Patent No. 10,251,867 (the "'867 Patent"). The Complaint alleges that the sale of Zeposia infringes certain claims of the '867 Patent and Actelion is seeking damages and injunctive relief. 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 a consumer protection action brought by the attorney general of Hawaii relating to the labeling, sales and/or promotion of Plavix*. In February 2021, a Hawaii state court judge issued a decision against Sanofi and BMS, imposing penalties in the total amount of $834 million, with $417 million attributed to BMS. Sanofi and BMS appealed the decision. On March 15, 2023, the Hawaii Supreme Court issued its decision, reversing in part and affirming in part the trial court decision, vacating the penalty award and remanding the case for a new trial and penalty determination.

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. Cases have been 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, the vast majority of cases have been dismissed based on participation in the settlement program or failure to comply with settlement related court orders and all remaining cases in the U.S. MDL litigation have since been resolved. Three inactive cases remain in New Jersey State court. There are eleven cases pending in Canada (four class actions, seven individual injury claims). Out of the eleven cases, only two are active (the class actions in Quebec and Ontario), both of which class actions have now been certified.

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*. In February 2018, the Judicial Panel on Multidistrict Litigation ordered all the federal Onglyza* 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, with others pending in a coordinated proceeding in California Superior Court in San Francisco ("JCCP"). On September 24, 2021, the JCCP court granted defendants' motion to exclude plaintiffs' only general causation expert and on January 5, 2022, the MDL court likewise granted defendants' motion to exclude plaintiffs' expert. On March 30, 2022, the JCCP court granted summary judgment to defendants, thus effectively dismissing the 18 claims previously pending in California state court. Plaintiffs have filed an appeal, on which a California Court of Appeal heard arguments on March 28, 2023. On April 19, 2023, the Court denied plaintiffs' appeal. Defendants filed a summary judgment motion in the MDL as well, which the MDL court granted on August 2, 2022. Plaintiffs in the MDL then moved to alter or amend the MDL court's order, and defendants opposed. On November 3, 2022, the MDL court denied plaintiffs motion to alter or amend its summary judgment order. Plaintiffs filed their Notice of Appeal on December 2, 2022. 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

Celgene Securities Litigations
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. 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. In November 2020, the Court granted class certification with respect to the remaining claims. In March 2023, the Court granted the defendants leave to file a motion for summary judgment in the Celgene Securities Class Action, with briefing expected to be completed in or around July 2023.
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 (the "Schwab Action"). In July 2020, the defendants filed a motion to dismiss the plaintiffs' complaint in full. In March 2021, the Court granted in part and denied in part defendants' motion to dismiss consistent with its decision in the Celgene Securities Class Action.

The California Public Employees' Retirement System in April 2021 (the "CalPERS Action"); DFA Investment Dimensions Group Inc., on behalf of certain of its funds; and American Century Mutual Funds, Inc., on behalf of certain of its funds, in July 2021 (respectively the "DFA Action" and the "American Century Action"), and GIC Private Limited in September 2021 (the "GIC Action"), filed separate individual actions in the U.S. District Court for the District of New Jersey asserting largely the same allegations as the Celgene Securities Class Action and the Schwab individual action against the same remaining defendants in those actions. In October 2021, these actions were consolidated for pre-trial proceedings with the Schwab Action. The Court also consolidated any future direct actions raising common questions of law and fact with the Schwab Action.

No trial dates have been scheduled in any of the above Celgene Securities Litigations.

Contingent Value Rights Litigations
In June 2021, an action was filed against BMS in the U.S. District Court for the Southern District of New York asserting claims of alleged breaches of a Contingent Value Rights Agreement ("CVR Agreement") entered into in connection with the closing of BMS's acquisition of Celgene Corporation in November 2019. The successor trustee under the CVR Agreement alleges that BMS breached the CVR Agreement by allegedly failing to use "diligent efforts" to obtain FDA approval of liso-cel (Breyanzi) before a contractual milestone date, thereby avoiding a $6.4 billion potential obligation to holders of the contingent value rights governed by the CVR Agreement and by allegedly failing to permit inspection of records in response to a request by the successor trustee. The successor trustee seeks damages in an amount to be determined at trial and other relief, including interest and attorneys' fees. BMS disputes the successor trustee's allegations and filed a motion to dismiss on July 23, 2021. On June 24, 2022, the Court denied BMS's motion to dismiss.

In October 2021, alleged former Celgene stockholders filed a complaint in the U.S. District Court for the Southern District of New York asserting claims on behalf of a putative class of Celgene stockholders who received CVRs in the BMS merger with Celgene for violations of sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") relating to the joint proxy statement. That action later was consolidated with another action filed in the same court, and a consolidated complaint thereafter was filed asserting claims on behalf of a class of CVR acquirers, whether in the BMS merger with Celgene or otherwise, for violations of sections 11, 12(a)(2), and 15 of the Securities Act of 1933 (the "Securities Act") and sections 10(b), 14(a) and 20(2) of the Exchange Act. The complaint alleges that the February 22, 2019 joint proxy statement was materially false or misleading because it failed to disclose that BMS allegedly had no intention to obtain FDA approval for liso-cel (Breyanzi) by the applicable milestone date in the CVR Agreement and that certain statements made by BMS or certain BMS officers in periodic SEC filings, earnings calls, press releases, and investor presentations between December 2019 and November 2020 were materially false or misleading for the same reason. Defendants moved to dismiss the complaint. On March 1, 2023, the Court entered an opinion and order granting defendants' motion and dismissed the complaint in its entirety. The claims under Sections 11, 12(a)(2), and 15 of the Securities Act and Section 14(a) of the Exchange Act were dismissed with prejudice. The claims under Sections 10(a) and 20(a) of the Exchange Act were dismissed with leave to file a further amended complaint which plaintiffs filed on April 14, 2023.

In November 2021, an alleged purchaser of CVRs filed a complaint in the Supreme Court of the State of New York for New York County asserting claims on behalf of a putative class of CVR acquirers for violations of sections 11(a) and 12(a)(2) of the Securities Act of 1933. The complaint alleges that the registration statement filed in connection with the proposed merger transaction between Celgene and BMS was materially false or misleading because it failed to disclose that allegedly BMS had no intention at the time to obtain FDA approval for liso-cel (Breyanzi) by the contractual milestone date. The complaint asserts claims against BMS, the members of its board of directors at the time of the joint proxy statement, and certain BMS officers who signed the registration statement. BMS removed the action to the U.S. District Court for the Southern District of New York. The plaintiff filed a motion to remand the action to the state court, which the Court granted on September 19, 2022. Defendants have moved to stay the action pending resolution of the federal action or, in the alternative, to dismiss the complaint.
In November 2021, an alleged Celgene stockholder filed a complaint in the Superior Court of New Jersey, Union County asserting claims on behalf of two separate putative classes, one of acquirers of CVRs and one of acquirers of BMS common stock, for violations of sections 11(a), 12(a)(2), and 15 of the Securities Act. The complaint alleges that the registration statement filed in connection with the proposed merger transaction between Celgene and BMS was materially false or misleading because it failed to disclose that allegedly BMS had no intention at the time to obtain FDA approval for liso-cel (Breyanzi) by the contractual milestone date. The complaint asserts claims against BMS, the members of its board of directors at the time of the joint proxy statement, certain BMS officers who signed the registration statement and Celgene's former chairman and chief executive officer. BMS removed the action to the U.S. District Court for the District of New Jersey and filed a motion to transfer the action to the U.S. District Court for the Southern District of New York. The plaintiff filed a motion to remand the action to the state court, which the Court granted on September 22, 2022. Defendants moved to stay the action pending resolution of the federal action and, in the alternative, to dismiss the complaint. On February 17, 2023, the Court granted defendants' motion to stay and declined to reach the merits of defendants' motion to dismiss. The Court deemed the action stayed pending resolution of the federal action, subject to plaintiff's right to seek to vacate the stay should changed circumstances warrant such relief, and filed a written order staying the case for 200 days.

No trial dates have been scheduled in any of the above CVR Litigations.

OTHER LITIGATION

Thalomid and Revlimid Litigations
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, sought injunctive relief and damages. The various lawsuits were consolidated into a master action for all purposes. In March 2020, Celgene reached a settlement with the class plaintiffs. In October 2020, the Court entered a final order approving the settlement and dismissed the matter. That settlement did not resolve the claims of certain entities that opted out of the settlement, and who have since filed new suits advancing related theories. As described below, those suits, together with a suit by certain specialty pharmacies and a new putative class action suit, are pending.

In March 2019, Humana Inc. ("Humana"), which opted out of the above settlement, filed a lawsuit against Celgene in the U.S. District Court for the District of New Jersey. Humana's complaint makes largely the same claims and allegations as were made in the now settled Thalomid and Revlimid antitrust class action litigation. 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. In May 2019, Celgene filed a motion to dismiss Humana's complaint. In April 2022, the Court issued an order denying Celgene's motion to dismiss. That order addressed only Celgene's argument that certain of Humana's claims were barred by the statute of limitations. The Court's order did not address Celgene's other grounds for dismissal and instead directed Celgene to present those arguments in a renewed motion to dismiss following the filing of amended complaints. In May 2022, Humana filed an amended complaint against Celgene and BMS asserting the same claims based on additional factual allegations. Celgene and BMS have filed a motion to dismiss Humana's amended complaint, which was fully briefed in November 2022. No trial date has been scheduled.

United HealthCare Services, Inc. ("UHS"), Blue Cross Blue Shield Association ("BCBSA"), BCBSM Inc., Health Care Service Corporation ("HCSC"), Blue Cross and Blue Shield of Florida Inc., Cigna Corporation ("Cigna"), Molina Healthcare, Inc. ("Molina") and several MSP related entities (MSP Recovery Claims, Series LLC; MSPA Claims 1, LLC; MAO-MSO Recovery II, LLC, Series PMPI, a segregated series of MAO-MSO Recovery II, LLC; MSP Recovery Claims Series 44, LLC; MSP Recovery Claims PROV, Series LLC; and MSP Recovery Claims CAID, Series LLC (together, "MSP")) filed lawsuits making largely the same claims and allegations as were made in the now settled class action litigation and in the Humana opt-out action. Certain of the matters have made additional claims related to copay assistance for Thalomid and Revlimid. These cases are now pending in the U.S. District Court for the District of New Jersey. Celgene and BMS's motion to dismiss the Humana amended complaint applies to these other opt‑out actions as well, and these other opt‑out actions will proceed as described above with respect to that Humana opt-out action. No trial dates have been scheduled.

In May 2021, Molina sued Celgene and BMS in San Francisco Superior Court. Molina's complaint makes largely the same claims and allegations as were made in the now settled class action litigation. In June 2022, the San Francisco Superior Court dismissed 63 of Molina’s claims, which Molina later reasserted in the District of New Jersey as described above, and stayed the remaining 4 claims. No activity is expected in this case until disposition of the New Jersey actions.
Certain other entities that opted out of the now‑settled class action have also filed summonses related to two actions in the Philadelphia County Court of Common Pleas in connection with the allegations made by Humana and other opt‑out entities. Those actions have been placed in deferred status pending further developments in the above opt‑out cases.

In November 2022, certain specialty pharmacies filed an action as direct purchasers against Celgene, BMS, and certain generic manufacturers in the U.S. District Court for the District of New Jersey. The action makes largely the same claims and allegations against Celgene and BMS as were made with respect to Revlimid in the now settled class action litigation, and seek injunctive relief and damages under the Sherman Antitrust Act. Also in November 2022, a putative class of end-payor plaintiffs filed an action against Celgene, BMS, and certain generic manufacturers in the U.S. District Court for the District of New Jersey. The class complaint brings claims based on Celgene's allegedly anticompetitive settlements of Revlimid patent litigation, seeking damages under state antitrust and consumer protection laws and injunctive relief under federal antitrust law. In March 2023, Celgene, BMS, and the generic defendants served consolidated motions to dismiss these two actions. No trial dates have been scheduled.

In May 2018, 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 ("NJ RICO"). The complaint seeks, among other things, treble and punitive damages, injunctive relief and attorneys' fees and costs. Humana subsequently dismissed its claims for breach of contract voluntarily. A trial for this matter began on January 31, 2023. On January 25, 2023, the Court granted Celgene's summary judgment motion on Humana's claims for violations of NJ RICO and dismissed those claims. On March 2, 2023, following a multi-week trial, the jury returned a full defense verdict in Celgene's favor on Humana's claims of fraud and negligent misrepresentation. The parties are awaiting the judge's decision on the remaining equitable claim of unjust enrichment, which is to be decided by the judge pursuant to Kentucky law.

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 February 14, 2023, the Court granted summary judgment in favor of Celgene on its breach of contract claims. A trial limited to damages has been scheduled for July 31, 2023.

BeiGene Arbitration Matter
On July 5, 2017, Celgene Logistics Sàrl ("Celgene Logistics") and BeiGene, Ltd. (together with its assignees, "BeiGene"), entered into a License and Supply Agreement (the "LSA") pursuant to which BeiGene was granted, among other things, an exclusive license to distribute and commercialize Revlimid, Vidaza and Abraxane in China.

BeiGene initiated an arbitration proceeding against Celgene Logistics and BMS at the International Chamber of Commerce in June 2020, asserting various claims, including breach of contract under the LSA. In October 2021, Celgene Logistics delivered notice to BeiGene terminating the LSA with respect to Abraxane. A final hearing on the merits was held in June 2022, and the parties have completed post-hearing briefing and closing arguments.

MSK Contract Litigation
On April 1, 2022, Memorial Sloan Kettering Cancer Center and Eureka Therapeutics, Inc. (collectively, "Plaintiffs") filed a complaint against BMS, Celgene and Juno (collectively, "Defendants"). In June 2022, Plaintiffs filed an amended complaint. Plaintiffs allege that Defendants breached a license agreement by allegedly failing to use commercially reasonable efforts to develop, manufacture, and commercialize a certain chimeric antigen receptor product and by failing to pay Plaintiffs a running royalty of at least 1.5% of worldwide sales of Abecma allegedly owed to Plaintiffs under the license agreement. Defendants disagree with plaintiffs' claims, and filed a motion to dismiss the amended complaint in July 2022. No trial date has been scheduled.

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 and Other Remediation Matters

With respect to CERCLA and other remediation matters for which BMS is responsible under various state, federal and international 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 $89 million as of March 31, 2023, 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 AND RECENTLY ISSUED ACCOUNTING STANDARDS (Policies)
3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Basis of Consolidation
Basis of Consolidation

Bristol-Myers Squibb Company ("BMS", "we", "our", "us" or "the 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 of the Company as of March 31, 2023 and December 31, 2022, the results of operations and cash flows for the three months ended March 31, 2023 and 2022. All intercompany balances and transactions have been eliminated. These consolidated financial statements and the related footnotes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2022 included in the 2022 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
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 Judgements
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 acquisitions; impairments of intangible assets; charge-backs, cash discounts, sales rebates, returns and other adjustments; legal contingencies; and income taxes. Actual results may differ from estimates.
Reclassifications
Reclassifications

Certain reclassifications were made to conform the prior period consolidated financial statements to the current period presentation.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted
Recently Adopted Accounting Standards

Fair Value Measurements

In June 2022, the FASB issued amended guidance on measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security. The guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The guidance also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendment requires the following disclosures for equity securities subject to contractual sale restrictions: the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; the nature and remaining duration of the restriction(s); and the circumstances that could cause a lapse in the restriction(s). The amended guidance is effective January 1, 2024 on a prospective basis. Early adoption is permitted. The guidance was adopted on January 1, 2023 and the adoption did not have an impact on our consolidated financial statements.
Business Combinations

In October 2021, the FASB issued amended guidance on accounting for contract assets and contract liabilities from contracts with customers in a business combination. The guidance is intended to address inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized. At the acquisition date, an entity should account for the related revenue contracts in accordance with existing revenue recognition guidance generally by assessing how the acquiree applied recognition and measurement in their financial statements. The guidance was adopted on January 1, 2023 and the adoption did not have an impact on our consolidated financial statements.
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REVENUE (Tables)
3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table summarizes the disaggregation of revenue by nature:
Three Months Ended March 31,
Dollars in millions20232022
Net product sales$11,048 $11,308 
Alliance revenues144 188 
Other revenues145 152 
Total Revenues$11,337 $11,648 
Revenue Recognition Gross-To-Net Adjustments
The following table summarizes GTN adjustments:
Three Months Ended March 31,
Dollars in millions20232022
Gross product sales$17,288 $16,650 
GTN adjustments (a)
Charge-backs and cash discounts(2,091)(1,763)
Medicaid and Medicare rebates(2,482)(2,084)
Other rebates, returns, discounts and adjustments(1,667)(1,495)
Total GTN adjustments(6,240)(5,342)
Net product sales$11,048 $11,308 
(a)    Includes adjustments for provisions for product sales made in prior periods resulting from changes in estimates of $87 million and $74 million for the three months ended March 31, 2023, and 2022, respectively.
Revenue from External Customers by Products and Services
The following table summarizes the disaggregation of revenue by product and region:
Three Months Ended March 31,
Dollars in millions20232022
In-Line Products
Eliquis$3,423 $3,211 
Opdivo2,202 1,923 
Pomalyst/Imnovid832 826 
Orencia764 792 
Sprycel429 483 
Yervoy508 515 
Mature and other products467 537 
Total In-Line Products 8,625 8,287 
New Product Portfolio
Reblozyl206 156 
Abecma147 67 
Opdualag117 
Zeposia78 36 
Breyanzi71 44 
Onureg34 23 
Inrebic25 18 
Camzyos29 — 
Sotyktu16  
Total New Product Portfolio723 350 
Total In-Line Products and New Product Portfolio9,348 8,637 
Recent LOE Products(a)
Revlimid1,750 2,797 
Abraxane239 214 
Total Recent LOE Products1,989 3,011 
Total revenues$11,337 $11,648 
United States$8,033 $7,694 
International3,149 3,727 
Other(b)
155 227 
Total revenues$11,337 $11,648 
(a)    Recent LOE Products include products with significant decline in revenue from the prior reporting period as a result of a loss of exclusivity.
(b)    Other revenues include royalties and alliance-related revenues for products not sold by BMS's regional commercial organizations.
v3.23.1
ALLIANCES (Tables)
3 Months Ended
Mar. 31, 2023
ALLIANCES [Abstract]  
Collaborative Arrangement and Arrangement Other than Collaborative 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.
Three Months Ended March 31,
Dollars in millions20232022
Revenues from alliances
Net product sales$3,532 $3,239 
Alliance revenues144 188 
Total alliance revenues$3,676 $3,427 
Payments to/(from) alliance partners
Cost of products sold$1,706 $1,556 
Marketing, selling and administrative(74)(54)
Research and development44 22 
Other (income)/expense, net(12)(12)
Dollars in millionsMarch 31,
2023
December 31,
2022
Selected alliance balance sheet information
Receivables – from alliance partners$274 $317 
Accounts payable – to alliance partners1,623 1,249 
Deferred income – from alliances(a)
314 289 
(a) Includes unamortized upfront and milestone payments.
v3.23.1
DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS (Tables)
3 Months Ended
Mar. 31, 2023
Acquisitions, Divestitures and Other Arrangements [Abstract]  
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 were not material in all periods presented (excluding divestiture gains or losses).
Three Months Ended March 31,
Net ProceedsDivestiture (Gains)/LossesRoyalty Income
Dollars in millions202320222023202220232022
Diabetes business (a)
$216 $172 $— $— $(188)$(170)
Mature products and other225 — (211)— (1)
Total$220 $397 $— $(211)$(188)$(171)
(a)    Net proceeds for diabetes business relates to net proceeds from royalties received subsequent to the sale of the diabetes business.
Licensing and Other Arrangements
The following table summarizes the financial impact of Keytruda* royalties, Tecentriq* royalties, upfront licensing fees and milestones for products that have not obtained commercial approval, which are included in Other (income)/expense, net.

Three Months Ended March 31,
Dollars in millions20232022
Keytruda* royalties
$(279)$(221)
Tecentriq* royalties
(30)(25)
Contingent milestone income(31)(41)
Amortization of deferred income(12)(12)
Other royalties and licensing income (11)(7)
Total$(363)$(306)
v3.23.1
OTHER (INCOME)/EXPENSE, NET (Tables)
3 Months Ended
Mar. 31, 2023
Other Nonoperating Income (Expense) [Abstract]  
Schedule Of Other Income Expense
Three Months Ended March 31,
Dollars in millions20232022
Interest expense (Note 10)$288 $326 
Royalty and licensing income (Note 4)(363)(306)
Royalty income - divestiture (Note 4)(188)(171)
Equity investment losses (Note 9)155 644 
Integration expenses (Note 6)67 105 
Loss on debt redemption (Note 10)— 275 
Divestiture gains (Note 4)— (211)
Litigation and other settlements (a)
(325)(37)
Investment income(102)(10)
Provision for restructuring (Note 6)67 23 
Other(12)11 
Other (income)/expense, net$(413)$649 
(a)    Includes $400 million of income recorded in connection with Nimbus' TYK2 program change of control provision for the three months ended March 31, 2023. Refer to "—Note 4. Divestitures, Licensing and Other Arrangements" for further information.
v3.23.1
RESTRUCTURING (Tables)
3 Months Ended
Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]  
Restructuring and Related Costs
The following provides the charges related to restructuring initiatives by type of cost:
Three Months Ended March 31,
Dollars in millions20232022
Celgene Acquisition Plan$57 $127 
Other Restructuring 78 
Total charges$135 $130 
Employee termination costs$65 $22 
Other termination costs
Provision for restructuring67 23 
Integration expenses67 105 
Accelerated depreciation
Total charges$135 $130 
Cost of products sold$$— 
Marketing, selling and administrative— 
Other (income)/expense, net134 128 
Total charges$135 $130 
Schedule of Restructuring Reserve by Type of Cost
The following summarizes the charges and spending related to restructuring plan activities:
Three Months Ended March 31,
Dollars in millions20232022
Beginning balance $47 $101 
Provision for restructuring(a)
67 23 
Foreign currency translation and other(1)
Payments(17)(21)
Ending balance$99 $102 
(a)    Includes a reduction of the liability resulting from changes in estimates of $3 million and $9 million for the three months ended March 31, 2023 and 2022, respectively.
v3.23.1
INCOME TAXES (Tables)
3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
Three Months Ended March 31,
Dollars in millions20232022
Earnings before income taxes$2,770 $1,687 
Provision for income taxes503 404 
Effective tax rate18.2 %23.9 %
v3.23.1
EARNINGS PER SHARE (Tables)
3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings/(Loss) Per Share, Basic and Diluted
Three Months Ended March 31,
Dollars in millions, except per share data20232022
Net earnings attributable to BMS $2,262 $1,278 
Weighted-average common shares outstanding – basic2,099 2,146 
Incremental shares attributable to share-based compensation plans14 18 
Weighted-average common shares outstanding – diluted2,113 2,164 
Earnings per common share
Basic$1.08 $0.60 
Diluted1.07 0.59 
v3.23.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Financial assets and liabilities measured at fair value on a recurring basis are summarized below:
March 31, 2023December 31, 2022
Dollars in millionsLevel 1Level 2Level 3Level 1Level 2Level 3
Cash and cash equivalents
Money market and other securities$— $7,737 $— $— $7,770 $— 
Marketable debt securities
Certificates of deposit— 201 — — 32 — 
Commercial paper— 73 — — 98 — 
Derivative assets— 255 — — 305 — 
Equity investments293 614 — 424 680 — 
Derivative liabilities— 207 — — 213 — 
Contingent consideration liability
Contingent value rights— — — — 
Other acquisition related contingent consideration— — 18 — — 24 
Marketable Securities
The following table summarizes marketable debt securities:
March 31, 2023December 31, 2022
Dollars in millionsAmortized CostGross UnrealizedAmortized CostGross Unrealized
GainsLossesFair ValueGainsLossesFair Value
Certificates of deposit$201 $— $— $201 $32 $— $— $32 
Commercial paper73 — — 73 98 — — 98 
Total marketable debt securities(a)
$274 $— $— $274 $130 $— $— $130 
(a)    All marketable debt securities mature within one year as of March 31, 2023, and December 31, 2022.
Schedule of Equity Investments
The following summarizes the carrying amount of equity investments:
Dollars in millionsMarch 31,
2023
December 31,
2022
Equity investments with readily determinable fair values$907 $1,104 
Equity investments without readily determinable fair values574 537 
Limited partnerships and other equity method investments524 546 
Total equity investments$2,005 $2,187 
Debt Securities, Trading, and Equity Securities, FV-NI
The following summarizes the activity related to equity investments. Changes in fair value of equity investments are included in Other (income)/expense, net.
Three Months Ended March 31,
Dollars in millions20232022
Equity investments with readily determinable fair values
Net loss recognized$141 $598 
Net gain recognized on investments sold(1)— 
Net unrealized loss recognized on investments still held140 598 
Equity investments without readily determinable fair values
Upward adjustments(5)(6)
Impairments and downward adjustments— 
Equity in net loss of affiliates20 50 
Total Equity investment losses$155 $644 
Schedule of Derivatives and Fair Value The following table summarizes the fair value and the notional values of outstanding derivatives:
 March 31, 2023December 31, 2022
Asset(a)
Liability(b)
Asset(a)
Liability(b)
Dollars in millionsNotionalFair ValueNotionalFair ValueNotionalFair ValueNotionalFair Value
Designated as cash flow hedges
Foreign currency exchange contracts
$5,289 $208 $2,036 $(81)$5,771 $271 $2,281 $(80)
Cross-currency swap contracts— — 1,210 (13)— — 584 (7)
Designated as net investment hedges
Cross-currency swap contracts165 1,182 (79)72 1,157 (78)
Designated as fair value hedges
Interest rate swap contracts— — 255 (14)— — 255 (18)
Not designated as hedges
Foreign currency exchange contracts2,101 37 1,467 (20)1,564 33 1,703 (19)
Total return swap contracts (c)
360 — — — — 322 (11)
(a)    Included in Other current assets and Other non-current assets.
(b)    Included in Other current liabilities and Other non-current liabilities.
(c)    Total return swap contracts hedge changes in fair value of certain deferred compensation liabilities.
Derivative Instruments, Gain (Loss)
The following table summarizes the financial statement classification and amount of (gain)/loss recognized on hedges:
Three Months Ended March 31, 2023Three Months Ended March 31, 2022
Dollars in millionsCost of products soldOther (income)/expense, netCost of products soldOther (income)/expense, net
Foreign currency exchange contracts$(120)$(16)$(82)$(57)
Cross-currency swap contracts— (23)— (4)
Interest rate swap contracts— (3)— (11)

The following table summarizes the effect of derivative and non-derivative instruments designated as hedges in Other comprehensive income:
Three Months Ended March 31,
Dollars in millions20232022
Derivatives designated as cash flow hedges
Foreign exchange contracts gain/(loss):
Recognized in Other comprehensive income$(7)$120 
Reclassified to Cost of products sold(120)(82)
Cross-currency swap contracts gain/(loss):
Recognized in Other comprehensive income(6)— 
Reclassified to Other (income)/expense, net(13)— 
Forward starting interest rate swap contract loss:
Reclassified to Other (income)/expense, net— (3)
Derivatives designated as net investment hedges
Cross-currency swap contracts gain/(loss):
Recognized in Other comprehensive income13 
Non-derivatives designated as net investment hedges
Non U.S. dollar borrowings gain/(loss):
Recognized in Other comprehensive income(10)15 
v3.23.1
FINANCING ARRANGEMENTS (Tables)
3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
Short-term debt obligations include:
Dollars in millionsMarch 31,
2023
December 31,
2022
Non-U.S. short-term borrowings$155 $176 
Current portion of Long-term debt2,254 3,897 
Other343 191 
Total$2,752 $4,264 
Schedule of Long-term Debt and Current Portion of Long-term Debt
Long-term debt and the current portion of Long-term debt include:
Dollars in millionsMarch 31,
2023
December 31,
2022
Principal value$36,622 $38,234 
Adjustments to principal value:
Fair value of interest rate swap contracts(14)(18)
Unamortized basis adjustment from swap terminations92 97 
Unamortized bond discounts and issuance costs(278)(284)
Unamortized purchase price adjustments of Celgene debt910 924 
Total$37,332 $38,953 
Current portion of Long-term debt$2,254 $3,897 
Long-term debt35,078 35,056 
Total$37,332 $38,953 
v3.23.1
RECEIVABLES (Tables)
3 Months Ended
Mar. 31, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Schedule of Receivables
Dollars in millionsMarch 31,
2023
December 31,
2022
Trade receivables$8,486 $8,848 
Less: charge-backs and cash discounts(609)(675)
Less: allowance for expected credit loss(23)(22)
Net trade receivables7,854 8,151 
Alliance, royalties, VAT and other2,200 1,735 
Receivables$10,054 $9,886 
v3.23.1
INVENTORIES (Tables)
3 Months Ended
Mar. 31, 2023
Inventory, Net [Abstract]  
Inventories
Dollars in millionsMarch 31,
2023
December 31,
2022
Finished goods$594 $509 
Work in process1,940 1,850 
Raw and packaging materials594 464 
Total inventories$3,128 $2,823 
Inventories$2,605 $2,339 
Other non-current assets523 484 
v3.23.1
PROPERTY, PLANT AND EQUIPMENT (Tables)
3 Months Ended
Mar. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Dollars in millionsMarch 31,
2023
December 31,
2022
Land$162 $162 
Buildings5,990 5,920 
Machinery, equipment and fixtures3,295 3,284 
Construction in progress1,074 1,053 
Gross property, plant and equipment10,521 10,419 
Less accumulated depreciation(4,242)(4,164)
Property, plant and equipment$6,279 $6,255 
v3.23.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amounts in Goodwill were as follows:
Dollars in millions
Balance at December 31, 2022$21,149 
Currency translation and other adjustments13 
Balance at March 31, 2023$21,162 
Schedule of Other Intangible Assets
Other intangible assets consisted of the following:

Estimated
Useful Lives
March 31, 2023December 31, 2022
Dollars in MillionsGross carrying amountsAccumulated amortizationOther intangible assets, net Gross carrying amountsAccumulated amortizationOther intangible assets, net
Licenses
5 – 15 years
$400 $(136)$264 $400 $(128)$272 
Acquired marketed product rights
3 – 15 years
59,576 (33,297)26,279 60,477 (31,949)28,528 
Capitalized software
3 – 10 years
1,583 (1,097)486 1,555 (1,056)499 
IPRD6,540 — 6,540 6,560 — 6,560 
Total$68,099 $(34,530)$33,569 $68,992 $(33,133)$35,859 
v3.23.1
Supplemental Financial Information (Tables)
3 Months Ended
Mar. 31, 2023
Supplemental Financial Information [Abstract]  
Schedule of Other Current Assets
Dollars in millionsMarch 31,
2023
December 31, 2022
Income taxes$2,846 $3,547 
Research and development704 579 
Contract assets505 504 
Restricted cash(a)
53 148 
Other1,050 1,017 
Other current assets$5,158 $5,795 
Schedule of Other Assets, Noncurrent
Dollars in millionsMarch 31,
2023
December 31, 2022
Equity investments$2,005 $2,187 
Inventories523 484 
Operating leases1,326 1,220 
Pension and postretirement299 285 
Research and development485 496 
Restricted cash(a)
— 54 
Other230 214 
Other non-current assets$4,868 $4,940 
(a)    Restricted cash primarily consists of funds restricted for annual Company contributions to the defined contribution plan in the U.S. and escrow for litigation settlements. Cash is restricted when withdrawal or general use is contractually or legally restricted. As of March 31, 2022 restricted cash was $210 million.
Schedule of Other Current Liabilities
Dollars in millionsMarch 31,
2023
December 31, 2022
Rebates and discounts$5,824 $6,702 
Income taxes1,209 942 
Employee compensation and benefits589 1,425 
Research and development1,277 1,359 
Dividends1,197 1,196 
Interest319 321 
Royalties409 431 
Operating leases171 136 
Other2,144 2,074 
Other current liabilities$13,139 $14,586 
Other Noncurrent Liabilities
Dollars in millionsMarch 31,
2023
December 31, 2022
Income taxes $3,907 $3,992 
Pension and postretirement399 402 
Operating leases1,370 1,261 
Deferred income308 283 
Deferred compensation387 349 
Other293 303 
Other non-current liabilities$6,664 $6,590 
v3.23.1
EQUITY (Tables)
3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Schedule of Stock by Class
The following table summarizes changes in equity for the three months ended March 31, 2023:
Common StockCapital in Excess of Par Value of StockAccumulated Other Comprehensive LossRetained EarningsTreasury StockNoncontrolling Interest
Dollars and shares in millionsSharesPar ValueSharesCost
Balance at December 31, 20222,923 $292 $45,165 $(1,281)$25,503 825 $(38,618)$57 
Net earnings— — — — 2,262 — — 
Other comprehensive loss— — — (87)— — — — 
Cash dividends declared $0.57 per share
— — — — (1,197)— — — 
Share repurchase program— — — — — (250)— 
Stock compensation— — (25)— — (6)60 — 
Balance at March 31, 20232,923 $292 $45,140 $(1,368)$26,568 823 $(38,808)$62 

The following table summarizes changes in equity for the three months ended March 31, 2022:
Common StockCapital in Excess of Par Value of StockAccumulated Other Comprehensive LossRetained EarningsTreasury StockNoncontrolling Interest
Dollars and shares in millionsSharesPar ValueSharesCost
Balance at December 31, 20212,923 $292 $44,361 $(1,268)$23,820 747 $(31,259)$60 
Net earnings— — — — 1,278 — — 
Other comprehensive income— — — 39 — — — — 
Cash dividends declared $0.54 per share
— — — — (1,150)— — — 
Share repurchase program— — (750)— — 65 (4,250)— 
Stock compensation— — 145 — — (18)322 — 
Balance at March 31, 20222,923 $292 $43,756 $(1,229)$23,948 794 $(35,187)$65 
Schedule of Comprehensive Income Loss
The following table summarizes the changes in Other comprehensive income by component:
Three Months Ended March 31, 2023Three Months Ended March 31, 2022
Dollars in millionsPretaxTaxAfter TaxPretaxTaxAfter Tax
Derivatives qualifying as cash flow hedges
Recognized in Other comprehensive income $(13)$$(10)$120 $(16)$104 
Reclassified to net earnings(a)
(133)19 (114)(85)12 (73)
Derivatives qualifying as cash flow hedges(146)22 (124)35 (4)31 
Pension and postretirement benefits
Actuarial gains/(losses)— — — 20 (4)16 
Amortization(b)
— — — (2)
Settlements(b)
— — — — 
Pension and postretirement benefits— — — 27 (6)21 
Marketable debt securities
Unrealized (losses)/gains— — — (2)(1)
Foreign currency translation35 37 (6)(6)(12)
Other comprehensive income$(111)$24 $(87)$54 $(15)$39 
(a)Included in Cost of products sold and Other (income)/expense, net. Refer to "—Note 9. Financial Instruments and Fair Value Measurements" for further information.
(b)Included in Other (income)/expense, net.
Schedule of Accumulated Other Comprehensive Income Loss
The accumulated balances related to each component of Other comprehensive income, net of taxes, were as follows:
Dollars in millionsMarch 31,
2023
December 31,
2022
Derivatives qualifying as cash flow hedges$108 $232 
Pension and postretirement benefits(623)(623)
Foreign currency translation(a)
(853)(890)
Accumulated other comprehensive loss$(1,368)$(1,281)
(a)Included in Foreign currency translation are net investment hedge gains of $118 million and $125 million as of March 31, 2023 and December 31, 2022, respectively.
v3.23.1
EMPLOYEE STOCK BENEFIT PLANS (Tables)
3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Cost by Plan
Stock-based compensation expense was as follows:
 Three Months Ended March 31,
Dollars in millions20232022
Cost of products sold$11 $
Marketing, selling and administrative51 48 
Research and development60 51 
Total Stock-based compensation expense$122 $107 
Income tax benefit(a)
$25 $22 
(a)    Income tax benefit excludes excess tax benefits from share-based compensation awards that were vested or exercised of $18 million and $40 million for the three months ended March 31, 2023 and 2022, respectively.
Schedule Of Share Based Compensation Additional Information
The number of units granted and the weighted-average fair value on the grant date for the three months ended March 31, 2023 were as follows:
Units in millionsUnitsWeighted-Average Fair Value
Restricted stock units8.4 $60.28 
Market share units1.0 58.15 
Performance share units1.5 64.18 
Share-based Payment Arrangement, Nonvested Award, Cost
Dollars in millionsRestricted Stock UnitsMarket Share UnitsPerformance Share Units
Unrecognized compensation cost$1,125 $93 $165 
Expected weighted-average period in years of compensation cost to be recognized3.23.32.2
v3.23.1
REVENUE - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Disaggregation of Revenue [Line Items]    
Total revenues $ 11,337 $ 11,648
Net product sales    
Disaggregation of Revenue [Line Items]    
Total revenues 11,048 11,308
Alliance revenues    
Disaggregation of Revenue [Line Items]    
Total revenues 144 188
Other revenues    
Disaggregation of Revenue [Line Items]    
Total revenues $ 145 $ 152
v3.23.1
REVENUE - Reconciliation of Gross Product Sales to Net Product Sales (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Gross to Net Adjustments [Line Items]    
Total revenues $ 11,337 $ 11,648
Total GTN adjustments (6,240) (5,342)
Prior period gross to net adjustment impacted by new accounting pronouncement 87 74
Gross product sales    
Gross to Net Adjustments [Line Items]    
Total revenues 17,288 16,650
Net product sales    
Gross to Net Adjustments [Line Items]    
Total revenues 11,048 11,308
Charge-backs and cash discounts    
Gross to Net Adjustments [Line Items]    
Total GTN adjustments (2,091) (1,763)
Medicaid and Medicare rebates    
Gross to Net Adjustments [Line Items]    
Total GTN adjustments (2,482) (2,084)
Other rebates, returns, discounts and adjustments    
Gross to Net Adjustments [Line Items]    
Total GTN adjustments $ (1,667) $ (1,495)
v3.23.1
REVENUE - Disaggregation of Revenue by Product and Region (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenue from External Customer [Line Items]    
Total revenues $ 11,337 $ 11,648
Performance obligation satisfied in previous period 166 147
United States    
Revenue from External Customer [Line Items]    
Total revenues 8,033 7,694
International    
Revenue from External Customer [Line Items]    
Total revenues 3,149 3,727
Other    
Revenue from External Customer [Line Items]    
Total revenues 155 227
In-Line Products    
Revenue from External Customer [Line Items]    
Total revenues 8,625 8,287
Eliquis    
Revenue from External Customer [Line Items]    
Total revenues 3,423 3,211
Opdivo    
Revenue from External Customer [Line Items]    
Total revenues 2,202 1,923
Pomalyst/Imnovid    
Revenue from External Customer [Line Items]    
Total revenues 832 826
Orencia    
Revenue from External Customer [Line Items]    
Total revenues 764 792
Sprycel    
Revenue from External Customer [Line Items]    
Total revenues 429 483
Yervoy    
Revenue from External Customer [Line Items]    
Total revenues 508 515
Mature and other products    
Revenue from External Customer [Line Items]    
Total revenues 467 537
New Product Portfolio    
Revenue from External Customer [Line Items]    
Total revenues 723 350
Reblozyl    
Revenue from External Customer [Line Items]    
Total revenues 206 156
Abecma    
Revenue from External Customer [Line Items]    
Total revenues 147 67
Opdualag    
Revenue from External Customer [Line Items]    
Total revenues 117 6
Zeposia    
Revenue from External Customer [Line Items]    
Total revenues 78 36
Breyanzi    
Revenue from External Customer [Line Items]    
Total revenues 71 44
Onureg    
Revenue from External Customer [Line Items]    
Total revenues 34 23
Inrebic    
Revenue from External Customer [Line Items]    
Total revenues 25 18
Camzyos    
Revenue from External Customer [Line Items]    
Total revenues 29 0
Sotyktu    
Revenue from External Customer [Line Items]    
Total revenues 16 0
Total In-Line Products and New Product Portfolio    
Revenue from External Customer [Line Items]    
Total revenues 9,348 8,637
Recent LOE Products    
Revenue from External Customer [Line Items]    
Total revenues 1,989 3,011
Revlimid    
Revenue from External Customer [Line Items]    
Total revenues 1,750 2,797
Abraxane    
Revenue from External Customer [Line Items]    
Total revenues $ 239 $ 214
v3.23.1
ALLIANCES (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Alliance Statement [Line Items]      
Total revenues $ 11,337 $ 11,648  
Cost of products sold [1] 2,566 2,471  
Marketing, selling and administrative (1,762) (1,831)  
Other (income)/expense, net (413) 649  
Receivables – from alliance partners 10,054   $ 9,886
Accounts payable – to alliance partners 3,194   3,040
Net product sales      
Alliance Statement [Line Items]      
Total revenues 11,048 11,308  
Alliance revenues      
Alliance Statement [Line Items]      
Total revenues 144 188  
Alliance revenues      
Alliance Statement [Line Items]      
Total revenues 3,676 3,427  
Cost of products sold 1,706 1,556  
Marketing, selling and administrative (74) (54)  
Research and development 44 22  
Other (income)/expense, net (12) (12)  
Receivables – from alliance partners 274   317
Accounts payable – to alliance partners 1,623   1,249
Deferred income from - alliances 314   $ 289
Alliance revenues | Net product sales      
Alliance Statement [Line Items]      
Total revenues $ 3,532 $ 3,239  
[1] Excludes amortization of acquired intangible assets
v3.23.1
DIVESTITURES, LICENSING AND OTHER ACQUISITIONS - Divestitures (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Business Acquisition [Line Items]    
Net Proceeds $ 220 $ 397
Divestiture (Gains)/Losses 0 (211)
Royalty Income (188) (171)
Diabetes business    
Business Acquisition [Line Items]    
Net Proceeds 216 172
Divestiture (Gains)/Losses 0 0
Royalty Income (188) (170)
Mature products and other    
Business Acquisition [Line Items]    
Net Proceeds 4 225
Divestiture (Gains)/Losses 0 (211)
Royalty Income $ 0 $ (1)
v3.23.1
DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS - Licensing and Other Arrangements (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Royalty income, nonoperating $ (188) $ (171)
Contingent milestone income (31) (41)
Amortization of deferred income (12) (12)
Total (363) (306)
Keytruda Royalties    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Royalty income, nonoperating (279) (221)
Tecentriq royalties    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Royalty income, nonoperating (30) (25)
Other Royalties    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Royalty income, nonoperating $ (11) $ (7)
v3.23.1
DIVENSTITURES, LICENSING AND OTHER ARRANGEMENTS - Additional Information (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 12 Months Ended
Feb. 28, 2023
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Licensing Arrangements [Line Items]        
Proceeds from divestiture of businesses, net of cash divested   $ 220 $ 397  
Divestiture gain   0 211  
Nimbus Therapuetics TYK2 Inhibitor        
Licensing Arrangements [Line Items]        
Proceeds from legal settlements   400   $ 40
Contingent sales-based milestones $ 2,000      
Other (income)/expense   400    
Immatics        
Licensing Arrangements [Line Items]        
Upfront payments     150  
Contingent and regulatory milestone payments     770  
Dragonfly        
Licensing Arrangements [Line Items]        
Upfront payments     175  
Nimbus Therapeutics        
Licensing Arrangements [Line Items]        
Upfront payments $ 4,000      
Nimbus Therapeutics | Nimbus Therapuetics TYK2 Inhibitor        
Licensing Arrangements [Line Items]        
Change in control proceeds       10.00%
Percentage of ownership acquired 100.00%      
Mature products and other        
Licensing Arrangements [Line Items]        
Proceeds from divestiture of businesses, net of cash divested   4 225  
Divestiture gain   $ 0 211  
Mature products and other | Cheplapharm        
Licensing Arrangements [Line Items]        
Proceeds from divestiture of businesses, net of cash divested     $ 221  
v3.23.1
OTHER (INCOME)/EXPENSE, NET - Schedule Of Other Income Expense (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Other Nonoperating Income (Expense) [Abstract]    
Interest expense (Note 10) $ 288 $ 326
Royalty and licensing income (Note 4) (363) (306)
Royalty income - divestiture (Note 4) (188) (171)
Equity investment losses (Note 9) 155 644
Integration expenses (Note 6) 67 105
Loss on debt redemption (Note 10) 0 275
Divestiture gains (Note 4) 0 (211)
Litigation and other settlements (a) (325) (37)
Investment income (102) (10)
Provision for restructuring (Note 6) 67 23
Other (12) 11
Other (income)/expense, net $ (413) $ 649
v3.23.1
RESTRUCTURING - Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]    
Employee termination costs $ 65 $ 22
Celgene Acquisition Plan    
Restructuring Cost and Reserve [Line Items]    
Expected restructuring and related charges 3,500  
Cash outlays 3,100  
Restructuring and related charges incurred to date 3,100  
Other Restructuring    
Restructuring Cost and Reserve [Line Items]    
Expected restructuring and related charges 250  
Restructuring and related charges incurred to date 180  
Employee termination costs $ 61  
v3.23.1
RESTRUCTURING - Schedule of Restructuring and Related Costs (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]    
Total charges $ 135 $ 130
Employee termination costs 65 22
Other termination costs 2 1
Provision for restructuring 67 23
Integration expenses (Note 6) 67 105
Accelerated depreciation 1 2
Cost of products sold    
Restructuring Cost and Reserve [Line Items]    
Total charges 1 0
Marketing, selling and administrative    
Restructuring Cost and Reserve [Line Items]    
Total charges 0 2
Other (income)/expense, net    
Restructuring Cost and Reserve [Line Items]    
Total charges 134 128
Celgene Acquisition Plan    
Restructuring Cost and Reserve [Line Items]    
Total charges 57 127
Other Restructuring    
Restructuring Cost and Reserve [Line Items]    
Total charges 78 $ 3
Employee termination costs $ 61  
v3.23.1
RESTRUCTURING - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning of period $ 47 $ 101
Restructuring charges 67 23
Foreign currency translation and other 2 (1)
Payments (17) (21)
Restructuring reserve, end of period 99 102
Change in estimates $ 3 $ 9
v3.23.1
INCOME TAXES - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Income Tax Disclosure [Abstract]    
Earnings before income taxes $ 2,770 $ 1,687
Provision for income taxes $ 503 $ 404
Effective tax rate 18.20% 23.90%
v3.23.1
INCOME TAXES - Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Decrease in effective tax rate 5.70%  
Income tax reserves $ 89  
Income tax payments 149 $ 255
Minimum    
Reasonably possible decrease in unrecognized tax benefits 40  
Maximum    
Reasonably possible decrease in unrecognized tax benefits $ 60  
v3.23.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Earnings Per Share [Abstract]    
Net earnings attributable to BMS $ 2,262 $ 1,278
Weighted-average common shares outstanding - basic (in shares) 2,099 2,146
Incremental shares attributable to share-based compensation plans (in shares) 14 18
Weighted-average common shares outstanding - diluted (in shares) 2,113 2,164
Earnings per common share    
Earnings per common share, basic (in usd per share) $ 1.08 $ 0.60
Earnings per common share, diluted (in usd per share) $ 1.07 $ 0.59
v3.23.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities $ 274 $ 130
Equity investments 907 1,104
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 201 32
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 73 98
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market and other securities 0 0
Derivative assets 0 0
Derivative liabilities 0 0
Contingent consideration liability 0 0
Level 1 | Other Assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity investments 293 424
Level 1 | Contingent value rights    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration liability 6 5
Level 1 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 0 0
Level 1 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market and other securities 7,737 7,770
Derivative assets 255 305
Derivative liabilities 207 213
Contingent consideration liability 0 0
Level 2 | Other Assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity investments 614 680
Level 2 | Contingent value rights    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration liability 0 0
Level 2 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 201 32
Level 2 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 73 98
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market and other securities 0 0
Derivative assets 0 0
Derivative liabilities 0 0
Contingent consideration liability 18 24
Level 3 | Other Assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity investments 0 0
Level 3 | Contingent value rights    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration liability 0 0
Level 3 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 0 0
Level 3 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities $ 0 $ 0
v3.23.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Available-for-sale Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amortized Cost $ 274 $ 130
Gross unrealized gains 0 0
Gross unrealized losses 0 0
Marketable debt securities, fair value 274 130
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amortized Cost 201 32
Gross unrealized gains 0 0
Gross unrealized losses 0 0
Marketable debt securities, fair value 201 32
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amortized Cost 73 98
Gross unrealized gains 0 0
Gross unrealized losses 0 0
Marketable debt securities, fair value $ 73 $ 98
v3.23.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Summary of Equity Investments Carrying Amount (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Fair Value Disclosures [Abstract]    
Equity investments with readily determinable fair values $ 907 $ 1,104
Equity investments without readily determinable fair values 574 537
Limited partnerships and other equity method investments 524 546
Total equity investments $ 2,005 $ 2,187
v3.23.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS -Schedule of Equity Investments (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Equity investments with readily determined fair values    
Net loss recognized $ 141 $ 598
Net gain recognized on investments sold (1) 0
Net unrealized loss recognized on investments still held 140 598
Equity investments without readily determinable fair values    
Upward adjustments (5) (6)
Impairments and downward adjustments 0 2
Equity in net loss of affiliates 20 50
Total Equity investment losses $ 155 $ 644
v3.23.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Additional Information (Details)
€ in Millions, $ in Millions
3 Months Ended
Mar. 31, 2023
USD ($)
Mar. 31, 2023
EUR (€)
Dec. 31, 2022
USD ($)
Mar. 31, 2022
USD ($)
Derivative [Line Items]        
Cumulative upward adjustments $ 186      
Cumulative impairment amount       $ 61
Pre-tax gains 156      
Principal value $ 36,622   $ 38,234  
Variable rate debt, lower range of basis point spread 4.60% 4.60%    
London Interbank Offered Rate (LIBOR)        
Derivative [Line Items]        
LIBOR rate 4.86%      
Designated as Hedging Instrument        
Derivative [Line Items]        
Principal value | €   € 375    
Designated as Hedging Instrument | Cross-currency swap contracts        
Derivative [Line Items]        
Derivative, notional amount $ 1,300      
Euro Member Countries, Euro | Designated as Hedging Instrument | Cross-currency swap contracts | Net Investment Hedging        
Derivative [Line Items]        
Derivative, notional amount 584      
Euro Member Countries, Euro | Designated as Hedging Instrument | Cross-currency swap contracts | Cash Flow Hedging        
Derivative [Line Items]        
Derivative, notional amount 1,200      
Euro Member Countries, Euro | Designated as Hedging Instrument | Foreign Exchange Contract        
Derivative [Line Items]        
Derivative, notional amount 4,900      
Japan, Yen | Designated as Hedging Instrument | Cross-currency swap contracts        
Derivative [Line Items]        
Derivative, notional amount 509      
Japan, Yen | Designated as Hedging Instrument | Foreign Exchange Contract        
Derivative [Line Items]        
Derivative, notional amount $ 1,300      
v3.23.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Derivatives and Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Interest rate swap contracts    
Derivatives, Fair Value [Line Items]    
Derivative liabilities $ (14) $ (18)
Designated as Hedging Instrument | Interest rate swap contracts    
Derivatives, Fair Value [Line Items]    
Derivative assets 0 0
Derivative liabilities (14) (18)
Designated as Hedging Instrument | Interest rate swap contracts | Assets    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 0 0
Designated as Hedging Instrument | Interest rate swap contracts | Liability    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 255 255
Designated as Hedging Instrument | Cross-currency swap contracts    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 1,300  
Designated as Hedging Instrument | Cross-currency swap contracts | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Derivative assets 1 1
Derivative liabilities (79) (78)
Designated as Hedging Instrument | Cross-currency swap contracts | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative assets 0 0
Derivative liabilities (13) (7)
Designated as Hedging Instrument | Cross-currency swap contracts | Assets | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 165 72
Designated as Hedging Instrument | Cross-currency swap contracts | Assets | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 0 0
Designated as Hedging Instrument | Cross-currency swap contracts | Liability | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 1,182 1,157
Designated as Hedging Instrument | Cross-currency swap contracts | Liability | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 1,210 584
Designated as Hedging Instrument | Foreign currency exchange contracts    
Derivatives, Fair Value [Line Items]    
Derivative assets 208 271
Derivative liabilities (81) (80)
Designated as Hedging Instrument | Foreign currency exchange contracts | Assets    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 5,289 5,771
Designated as Hedging Instrument | Foreign currency exchange contracts | Liability    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 2,036 2,281
Not Designated as Hedging Instrument | Foreign currency exchange contracts    
Derivatives, Fair Value [Line Items]    
Derivative assets 37 33
Derivative liabilities (20) (19)
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Assets    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 2,101 1,564
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Liability    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 1,467 1,703
Not Designated as Hedging Instrument | Total return swap contracts    
Derivatives, Fair Value [Line Items]    
Derivative assets 9 0
Derivative liabilities 0 (11)
Not Designated as Hedging Instrument | Total return swap contracts | Assets    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 360 0
Not Designated as Hedging Instrument | Total return swap contracts | Liability    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount $ 0 $ 322
v3.23.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Derivative Instruments, Gain (Loss) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest rate swap contracts | Cost of products sold    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative, net $ 0 $ 0
Interest rate swap contracts | Other (income)/expense, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative, net (3) (11)
Cross-currency swap contracts | Cost of products sold    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative, net 0 0
Cross-currency swap contracts | Other (income)/expense, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative, net (23) (4)
Foreign currency exchange contracts | Cost of products sold    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative, net (120) (82)
Foreign currency exchange contracts | Other (income)/expense, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative, net $ (16) $ (57)
v3.23.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Gain/(Loss) on Hedging Activity (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Foreign exchange contracts gain/(loss):    
Recognized in Other comprehensive income $ (13) $ 120
Reclassified to net earnings, pretax (133) (85)
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax [Abstract]    
Non-derivatives designated as net investment hedges 35 (6)
Designated as Hedging Instrument    
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax [Abstract]    
Non-derivatives designated as net investment hedges (10) 15
Foreign currency exchange contracts    
Foreign exchange contracts gain/(loss):    
Recognized in Other comprehensive income (7) 120
Foreign currency exchange contracts | Cost of products sold    
Foreign exchange contracts gain/(loss):    
Reclassified to net earnings, pretax (120) (82)
Interest rate swap contracts | Reclassified to Other (income)/expense, net    
Foreign exchange contracts gain/(loss):    
Reclassified to net earnings, pretax 0 (3)
Cross-currency swap contracts    
Foreign exchange contracts gain/(loss):    
Recognized in Other comprehensive income (6) 0
Foreign Currency Transaction [Abstract]    
Derivatives designated as net investment hedges 1 13
Cross-currency swap contracts | Other (income)/expense, net    
Foreign exchange contracts gain/(loss):    
Reclassified to net earnings, pretax $ (13) $ 0
v3.23.1
FINANCING ARRANGEMENTS - Short-Term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
Non-U.S. short-term borrowings $ 155 $ 176
Current portion of Long-term debt 2,254 3,897
Other 343 191
Short-term debt, total $ 2,752 $ 4,264
v3.23.1
FINANCING ARRANGEMENTS - Schedule of Long-term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Principal value $ 36,622 $ 38,234
Unamortized basis adjustment from swap terminations 92 97
Unamortized bond discounts and issuance costs (278) (284)
Unamortized purchase price adjustments of Celgene debt 910 924
Total 37,332 38,953
Current portion of Long-term debt 2,254 3,897
Long-term debt 35,078 35,056
Interest rate swap contracts    
Debt Instrument [Line Items]    
Fair value of interest rate swap contracts $ (14) $ (18)
v3.23.1
FINANCING ARRANGEMENTS - Additional Information (Details) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Debt Instrument [Line Items]      
Long-term debt, fair value $ 34,500,000,000   $ 34,900,000,000
Debt matured and repaid 1,600,000,000    
Long-term debt   $ 6,000,000,000  
Net proceeds of debt   5,900,000,000  
Extinguishment of debt   5,200,000,000  
Payment for debt extinguishment   5,800,000,000  
Loss on debt redemption (Note 10) 0 275,000,000  
Interest payments 324,000,000 $ 377,000,000  
2.750% Notes      
Debt Instrument [Line Items]      
Debt matured and repaid $ 750,000,000    
Interest rates 2.75%    
3.250% Notes      
Debt Instrument [Line Items]      
Debt matured and repaid $ 890,000,000    
Interest rates 3.25%    
Revolving Credit Facility | Line of Credit      
Debt Instrument [Line Items]      
Borrowings outstanding $ 0   $ 0
$5 Billion Maximum Borrowing Capacity      
Debt Instrument [Line Items]      
Long-term debt, term (in years) 5 years    
Line of credit facility, maximum borrowing capacity $ 5,000,000,000    
Renewal period (in years) 1 year    
v3.23.1
RECEIVABLES - Schedule of Receivables (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Trade receivables $ 8,486 $ 8,848
Less: charge-backs and cash discounts (609) (675)
Less: allowance for expected credit loss (23) (22)
Net trade receivables 7,854 8,151
Alliance, royalties, VAT and other 2,200 1,735
Receivables $ 10,054 $ 9,886
v3.23.1
RECEIVABLES (Details)
$ in Millions
3 Months Ended
Mar. 31, 2023
USD ($)
customer
Mar. 31, 2022
USD ($)
Dec. 31, 2022
Account Receivables [Line Items]      
Non-U.S. receivables sold on a nonrecourse basis | $ $ 239 $ 423  
Number of largest pharmaceutical wholesalers | customer 3    
Customer Concentration Risk      
Account Receivables [Line Items]      
Percent of aggregate total trade receivables due from three pharmaceutical wholesalers 69.00%   66.00%
v3.23.1
INVENTORIES (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Finished goods $ 594 $ 509
Work in process 1,940 1,850
Raw and packaging materials 594 464
Total inventories 3,128 2,823
Inventories 2,605 2,339
Other non-current assets 523 484
Inventory Purchase Price Fair Value Adjustment    
Inventories, fair value adjustment $ 32 $ 84
v3.23.1
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Land $ 162   $ 162
Buildings 5,990   5,920
Machinery, equipment and fixtures 3,295   3,284
Construction in progress 1,074   1,053
Gross property, plant and equipment 10,521   10,419
Less accumulated depreciation (4,242)   (4,164)
Property, plant and equipment 6,279   $ 6,255
Depreciation expense $ 146 $ 145  
v3.23.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details)
$ in Millions
3 Months Ended
Mar. 31, 2023
USD ($)
Goodwill [Roll Forward]  
Balance at December 31, 2022 $ 21,149
Currency translation and other adjustments 13
Balance at March 31, 2023 $ 21,162
v3.23.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Other Intangible Assets (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Other intangible assets    
Accumulated amortization $ (34,530) $ (33,133)
Other intangible assets 33,569 35,859
Total 68,099 68,992
IPRD    
Other intangible assets    
Other intangible assets 6,540 6,560
IPRD 6,540 6,560
Licenses    
Other intangible assets    
Gross carrying amounts 400 400
Accumulated amortization (136) (128)
Other intangible assets $ 264 272
Licenses | Minimum    
Other intangible assets    
Estimated useful lives (in years) 5 years  
Licenses | Maximum    
Other intangible assets    
Estimated useful lives (in years) 15 years  
Acquired marketed product rights    
Other intangible assets    
Gross carrying amounts $ 59,576 60,477
Accumulated amortization (33,297) (31,949)
Other intangible assets $ 26,279 28,528
Acquired marketed product rights | Minimum    
Other intangible assets    
Estimated useful lives (in years) 3 years  
Acquired marketed product rights | Maximum    
Other intangible assets    
Estimated useful lives (in years) 15 years  
Capitalized software    
Other intangible assets    
Gross carrying amounts $ 1,583 1,555
Accumulated amortization (1,097) (1,056)
Other intangible assets $ 486 $ 499
Capitalized software | Minimum    
Other intangible assets    
Estimated useful lives (in years) 3 years  
Capitalized software | Maximum    
Other intangible assets    
Estimated useful lives (in years) 10 years  
v3.23.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization of intangible assets $ 2,300 $ 2,500
Impairment of other intangible assets $ 20 $ 40
v3.23.1
SUPPLEMENTAL FINANCIAL INFORMATION - Other Current Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Supplemental Financial Information [Abstract]    
Income taxes $ 2,846 $ 3,547
Research and development 704 579
Contract assets 505 504
Restricted cash 53 148
Other 1,050 1,017
Other current assets $ 5,158 $ 5,795
v3.23.1
SUPPLEMENTAL FINANCIAL INFORMATION - Other Non-Current Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Supplemental Financial Information [Abstract]      
Equity investments $ 2,005 $ 2,187  
Inventories 523 484  
Operating leases 1,326 1,220  
Pension and postretirement 299 285  
Research and development 485 496  
Restricted cash 0 54  
Other 230 214  
Other non-current assets $ 4,868 $ 4,940  
Restricted cash for contributions and settlements     $ 210
v3.23.1
SUPPLEMENTAL FINANCIAL INFORMATION - Other Current Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Supplemental Financial Information [Abstract]    
Rebates and discounts $ 5,824 $ 6,702
Income taxes 1,209 942
Employee compensation and benefits 589 1,425
Research and development 1,277 1,359
Dividends 1,197 1,196
Interest 319 321
Royalties 409 431
Operating leases 171 136
Other 2,144 2,074
Other current liabilities $ 13,139 $ 14,586
v3.23.1
SUPPLEMENTAL FINANCIAL INFORMATION - Other Non-Current Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Supplemental Financial Information [Abstract]    
Income taxes $ 3,907 $ 3,992
Pension and postretirement 399 402
Operating leases 1,370 1,261
Deferred income 308 283
Deferred compensation 387 349
Other 293 303
Other non-current liabilities $ 6,664 $ 6,590
v3.23.1
EQUITY - Schedule of Stockholders Equity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance $ 31,061  
Net earnings 2,267 $ 1,283
Other comprehensive loss (87) $ 39
Ending balance $ 31,824  
Dividends declared (in usd per share) $ 0.57 $ 0.54
Common Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (in shares) 2,923 2,923
Beginning balance $ 292 $ 292
Ending balance (in shares) 2,923 2,923
Ending balance $ 292 $ 292
Capital in Excess of Par Value of Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 45,165 44,361
Share repurchase program   (750)
Stock compensation (25) 145
Ending balance 45,140 43,756
Accumulated Other Comprehensive Loss    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (1,281) (1,268)
Other comprehensive loss (87) 39
Ending balance (1,368) (1,229)
Retained Earnings    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 25,503 23,820
Net earnings 2,262 1,278
Cash dividends declared (1,197) (1,150)
Ending balance 26,568 23,948
Treasury Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance $ (38,618) $ (31,259)
Treasury stock, beginning balance (in shares) 825 747
Share repurchase program (in shares) 4 65
Share repurchase program $ (250) $ (4,250)
Stock compensation $ 60 $ 322
Stock compensation (in shares) (6) (18)
Ending balance $ (38,808) $ (35,187)
Treasury stock, ending balance (in shares) 823 794
Noncontrolling Interest    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance $ 57 $ 60
Net earnings 5 5
Ending balance $ 62 $ 65
v3.23.1
EQUITY - Additional Information (Details) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Equity [Line Items]    
Stock repurchase program, authorized amount $ 250  
Stock repurchase program (in shares) 3.7  
Stock repurchase program, remaining authorized repurchase amount $ 6,900  
2022 ASR    
Equity [Line Items]    
Stock repurchase program, authorized amount   $ 5,000
Stock repurchase program (in shares)   65.0
v3.23.1
EQUITY - Schedule of Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Equity [Abstract]    
Unrealized (losses)/gains, pretax $ (13) $ 120
Unrealized (losses)/gains, tax 3 (16)
Unrealized (losses)/gains, after tax (10) 104
Reclassified to net earnings, pretax (133) (85)
Reclassified to net earnings, tax 19 12
Reclassified to net earnings, after tax (114) (73)
Derivatives qualifying as cash flow hedges, pretax (146) 35
Derivatives qualifying as cash flow hedges, tax 22 (4)
Derivatives qualifying as cash flow hedges, after tax (124) 31
Actuarial gains/(losses), pretax 0 20
Actuarial gains/(losses), tax 0 (4)
Actuarial gains/(losses), after tax 0 16
Amortization, pretax 0 6
Amortization, tax 0 (2)
Amortization, after tax 0 4
Settlements, pretax 0 1
Settlements, tax 0 0
Settlements, after tax 0 1
Pension and postretirement benefits, pre-tax 0 27
Pension and postretirement benefits, tax 0 (6)
Pension and postretirement benefits, after tax 0 21
Unrealized (losses)/gains, pretax 0 (2)
Unrealized (losses)/gains, tax 0 1
Unrealized (losses)/gains, after tax 0 (1)
Foreign currency translation, pretax 35 (6)
Foreign currency translation, tax 2 (6)
Foreign currency translation, after tax 37 (12)
Other comprehensive income, pre-tax (111) 54
Other comprehensive income, tax 24 (15)
Other comprehensive income, after tax $ (87) $ 39
v3.23.1
EQUITY - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Equity [Abstract]    
Derivatives qualifying as cash flow hedges $ 108 $ 232
Pension and postretirement benefits (623) (623)
Foreign currency translation(a) (853) (890)
Accumulated other comprehensive loss (1,368) (1,281)
Net investment hedge gains $ 118 $ 125
v3.23.1
EMPLOYEE STOCK BENEFIT PLANS - Stock Based Compensation Expense (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Total Stock-based compensation expense $ 122 $ 107
Income tax benefit 25 22
Excess tax benefits from share-based compensation awards 18 40
Cost of products sold    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Total Stock-based compensation expense 11 8
Marketing, selling and administrative    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Total Stock-based compensation expense 51 48
Research and development    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Total Stock-based compensation expense $ 60 $ 51
v3.23.1
EMPLOYEE STOCK BENEFIT PLANS - Schedule of Share-based Compensation Additional Information (Details)
shares in Millions
3 Months Ended
Mar. 31, 2023
$ / shares
shares
Restricted stock units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Number of units granted (in shares) | shares 8.4
Weighted-average fair value (in usd per share) | $ / shares $ 60.28
Market share units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Number of units granted (in shares) | shares 1.0
Weighted-average fair value (in usd per share) | $ / shares $ 58.15
Performance share units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Number of units granted (in shares) | shares 1.5
Weighted-average fair value (in usd per share) | $ / shares $ 64.18
v3.23.1
EMPLOYEE STOCK BENEFIT PLANS - Share-based Payment Arrangement, Nonvested Award, Cost (Details)
$ in Millions
3 Months Ended
Mar. 31, 2023
USD ($)
Restricted stock units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized compensation cost $ 1,125
Expected weighted-average period in years of compensation cost to be recognized 3 years 2 months 12 days
Market share units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized compensation cost $ 93
Expected weighted-average period in years of compensation cost to be recognized 3 years 3 months 18 days
Performance share units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized compensation cost $ 165
Expected weighted-average period in years of compensation cost to be recognized 2 years 2 months 12 days
v3.23.1
LEGAL PROCEEDINGS AND CONTINGENCIES (Details)
$ in Millions, $ in Millions
1 Months Ended
Feb. 28, 2021
USD ($)
Apr. 30, 2020
USD ($)
Dec. 31, 2019
USD ($)
Sep. 30, 2015
patent
Mar. 31, 2010
USD ($)
Mar. 31, 2010
AUD ($)
Mar. 31, 2023
USD ($)
lawsuit
Jun. 30, 2022
claim
Apr. 01, 2022
Mar. 30, 2022
lawsuit
Jun. 30, 2021
USD ($)
Legal Proceedings And Contingencies [Line Items]                      
Running royalty                 0.015    
Damages sought $ 834                    
Obligation to holders of the contingent value rights                     $ 6,400
Accrued liabilities for CERCLA matters             $ 89        
Bristol-Myers Squibb                      
Legal Proceedings And Contingencies [Line Items]                      
Damages sought $ 417                    
Anti-PD-1 Antibody Litigation                      
Legal Proceedings And Contingencies [Line Items]                      
Number of patents | patent       6              
CAR T Kite Litigation                      
Legal Proceedings And Contingencies [Line Items]                      
Payments for royalties   $ 1,200 $ 585                
Running royalty   0.276 0.276                
Plavix Australia Intellectual Property | Australia, Dollars                      
Legal Proceedings And Contingencies [Line Items]                      
Damages paid           $ 449          
Plavix Australia Intellectual Property | United States of America, Dollars                      
Legal Proceedings And Contingencies [Line Items]                      
Damages paid         $ 301            
Abilify Product Liability | CANADA                      
Legal Proceedings And Contingencies [Line Items]                      
Pending claims | lawsuit             11        
Class action claims | lawsuit             4        
Individual injury claims | lawsuit             7        
Pending claims, active | lawsuit             2        
Onglyza Product Liability Litigation                      
Legal Proceedings And Contingencies [Line Items]                      
Pending claims | lawsuit                   18  
Molina Litigation                      
Legal Proceedings And Contingencies [Line Items]                      
Dismissed cases | claim               4      
Class action claims | claim               63      
Opt-Out Entities                      
Legal Proceedings And Contingencies [Line Items]                      
Class action claims | lawsuit             2