BRISTOL MYERS SQUIBB CO, 10-Q filed on 7/31/2025
Quarterly Report
v3.25.2
COVER - shares
 6 Months Ended
Jun. 30, 2025
Jul. 24, 2025
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Current Fiscal Year End Date --12-31  
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 Route 206 & Province Line Road  
Entity Address, City or Town Princeton  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 08543  
City Area Code 609  
Local Phone Number 252-4621  
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   2,035,435,838
Entity Central Index Key 0000014272  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Entity Small Business false  
Common Stock $0.10 Par Value    
Title of 12(b) Security Common Stock, $0.10 Par Value  
Trading Symbol BMY  
Security Exchange Name NYSE  
1.750% Notes due 2035    
Title of 12(b) Security 1.750% Notes due 2035  
Trading Symbol BMY35  
Security Exchange Name NYSE  
Celgene Contingent Value Rights    
Title of 12(b) Security Celgene Contingent Value Rights  
Trading Symbol CELG RT  
Security Exchange Name NYSE  
v3.25.2
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Total Revenues $ 12,269 $ 12,201 $ 23,470 $ 24,066
Cost of products sold [1] 3,372 3,267 6,404 6,199
Selling, general and administrative 1,713 1,928 3,297 4,295
Research and development 2,580 2,899 4,837 5,594
Acquired IPRD 1,508 132 1,695 13,081
Amortization of acquired intangible assets 830 2,416 1,660 4,773
Other (income)/expense, net 494 273 833 354
Total Expenses 10,496 10,915 18,726 34,296
Earnings/(Loss) before income taxes 1,773 1,286 4,744 (10,230)
Income tax provision/(benefit) 460 (398) 969 (6)
Net earnings/(loss) 1,313 1,684 3,775 (10,224)
Noncontrolling interest 2 4 9 7
Net earnings/(loss) attributable to BMS $ 1,310 $ 1,680 $ 3,766 $ (10,231)
Earnings/(Loss) per common share:        
Basic (usd per share) $ 0.64 $ 0.83 $ 1.85 $ (5.05)
Diluted (usd per share) $ 0.64 $ 0.83 $ 1.85 $ (5.05)
Net product sales        
Total Revenues $ 11,909 $ 11,925 $ 22,794 $ 23,484
Alliance and other revenues        
Total Revenues $ 360 $ 276 $ 676 $ 582
[1] Excludes amortization of acquired intangible assets
v3.25.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net earnings/(loss) $ 1,313 $ 1,684 $ 3,775 $ (10,224)
Other comprehensive income/(loss), net of taxes and reclassifications to earnings:        
Derivatives qualifying as cash flow hedges (228) 54 (443) 245
Pension and postretirement benefits 2 (64) 3 (51)
Marketable debt securities 1 0 1 (2)
Foreign currency translation 95 (46) 122 (102)
Total other comprehensive income/(loss) (130) (56) (316) 90
Comprehensive income/(loss) 1,183 1,628 3,459 (10,134)
Comprehensive income attributable to noncontrolling interest 2 4 9 7
Comprehensive income/(loss) attributable to BMS $ 1,181 $ 1,624 $ 3,450 $ (10,141)
v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 12,599 $ 10,346
Marketable debt securities 1,004 513
Receivables 11,415 10,747
Inventories 2,737 2,557
Other current assets 5,466 5,617
Total Current assets 33,222 29,780
Property, plant and equipment 7,373 7,136
Goodwill 21,776 21,719
Other intangible assets 21,378 23,307
Deferred income taxes 4,647 4,236
Marketable debt securities 346 320
Other non-current assets 5,936 6,105
Total Assets 94,676 92,603
Current liabilities:    
Short-term debt obligations 4,715 2,046
Accounts payable 5,427 3,602
Other current liabilities 17,386 18,126
Total Current liabilities 27,528 23,774
Deferred income taxes 247 369
Long-term debt 44,470 47,603
Other non-current liabilities 4,942 4,469
Total Liabilities 77,187 76,215
Commitments and Contingencies
BMS Shareholders’ equity:    
Preferred stock 0 0
Common stock 292 292
Capital in excess of par value of stock 46,134 46,024
Accumulated other comprehensive loss (1,554) (1,238)
Retained earnings 16,154 14,912
Less cost of treasury stock (43,590) (43,655)
Total BMS Shareholders’ equity 17,435 16,335
Noncontrolling interest 54 53
Total Equity 17,489 16,388
Total Liabilities and Equity $ 94,676 $ 92,603
v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows From Operating Activities:    
Net earnings/(loss) $ 3,775 $ (10,224)
Adjustments to reconcile net earnings/(loss) to net cash provided by operating activities:    
Depreciation and amortization, net 2,023 5,128
Deferred income taxes (214) (1,042)
Stock-based compensation 281 258
Impairment charges 318 871
Divestiture gains and royalties (585) (550)
Acquired IPRD 1,695 13,081
Equity investment (gains)/losses, net 100 (209)
Contingent consideration fair value adjustments 336 0
Other adjustments (2) 20
Changes in operating assets and liabilities:    
Receivables (469) (540)
Inventories (165) (443)
Accounts payable (72) 41
Rebates and discounts 254 70
Income taxes payable (567) (1,033)
Other (837) (268)
Net cash provided by operating activities 5,871 5,160
Cash Flows From Investing Activities:    
Sale and maturities of marketable debt securities 744 822
Purchase of marketable debt securities (1,257) (358)
Proceeds from sales of equity investments 12 60
Capital expenditures (621) (546)
Divestiture and other proceeds 513 511
Acquisition and other payments, net of cash acquired (363) (21,426)
Net cash used in investing activities (972) (20,937)
Cash Flows From Financing Activities:    
Proceeds from issuance of short-term debt obligations 0 2,987
Repayments of short-term debt obligations 0 (2,731)
Other short-term financing obligations, net 426 409
Proceeds from issuance of long-term debt 0 12,883
Repayments of long-term debt (643) (395)
Dividends (2,520) (2,429)
Stock option proceeds and other, net (92) (103)
Net cash (used in)/provided by financing activities (2,829) 10,621
Effect of exchange rates on cash, cash equivalents and restricted cash 194 (67)
Increase/(decrease) in cash, cash equivalents and restricted cash 2,264 (5,223)
Cash, cash equivalents and restricted cash at beginning of period 10,347 11,519
Cash, cash equivalents and restricted cash at end of period $ 12,611 $ 6,296
v3.25.2
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025 and December 31, 2024 and the results of operations for the three and six months ended June 30, 2025 and 2024, and cash flows for the six months ended June 30, 2025 and 2024. 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, 2024 included in the 2024 Form 10-K. Beginning in the first quarter of 2025, the financial statement line item "Marketing, Selling and Administrative" included in the 2024 Form 10-K was changed to "Selling, General and Administrative", and such nomenclature continues to be used throughout this Quarterly Report. No changes were made to the corresponding definition. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for terms used throughout the document.

Certain amounts in this Quarterly Report on Form 10-Q may not sum due to rounding. Percentages have been calculated using unrounded amounts.

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, uses consolidated net income or loss as reported on the income statement when managing and allocating resources at the 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.”

The following table represents the significant segment expenses regularly provided to the CEO:
Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Research(a)
$291 $336 $605 $720 
Drug Development(b)
1,095 1,096 2,176 2,180 
Other(c)
1,195 1,467 2,057 2,695 
Research and development
$2,580 $2,899 $4,837 $5,594 
(a)    Includes costs to support the discovery and development of new molecular entities through pre-clinical studies.
(b)    Includes costs to support clinical development of potential new products, including expansion of indications for existing products through Phase I, Phase II and Phase III clinical studies.
(c)    Includes costs to support manufacturing development of pre-approved products, medical support of marketed products, IPRD impairment charges, acquisition-related charges and proportionate allocations of enterprise-wide costs including facilities, information technology, and other appropriate costs.

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.
Recently Issued Accounting Standards Not Yet Adopted

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued guidance on income statement disclosures. The guidance aims to provide enhanced disclosures of income statement expenses to improve transparency and provide financial statement users with more detailed information about the nature, amount and timing of expenses impacting financial performance. The new guidance is effective for annual periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted.

Income Taxes

In December 2023, the FASB issued amended guidance on income tax disclosures. The guidance is intended to provide additional disaggregation to the effective income tax rate reconciliation and income tax payment disclosures. The amended guidance is effective for annual periods beginning after December 15, 2024.
v3.25.2
REVENUE
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The following table summarizes the disaggregation of revenue by nature:
Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Net product sales$11,909 $11,925 $22,794 $23,484 
Alliance revenues119 116 208 250 
Other revenues
241 160 468 332 
Total Revenues$12,269 $12,201 $23,470 $24,066 

The following table summarizes GTN adjustments:
Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Gross product sales$22,181 $20,780 $42,054 $40,075 
GTN adjustments(a)
Charge-backs and cash discounts(3,407)(2,843)(6,365)(5,399)
Medicaid and Medicare rebates(4,516)(3,864)(8,356)(6,948)
Other rebates, returns, discounts and adjustments(2,348)(2,148)(4,538)(4,244)
Total GTN adjustments(b)
(10,272)(8,855)(19,260)(16,591)
Net product sales$11,909 $11,925 $22,794 $23,484 
(a)    Includes reductions/(increases) to GTN adjustments for product sales made in prior periods resulting from changes in estimates of $42 million and $331 million for the three and six months ended June 30, 2025 and ($19 million) and $61 million for the three and six months ended June 30, 2024, respectively.
(b)    Includes U.S. GTN adjustments of $9.5 billion and $17.6 billion for the three and six months ended June 30, 2025 and $8.0 billion and $14.9 billion for the three and six months ended June 30, 2024, respectively.
The following table summarizes the disaggregation of revenue by product and region:
Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Growth Portfolio
Opdivo$2,560 $2,387 4,824 $4,465 
Opdivo Qvantig
30 — 38 — 
Orencia963 948 1,733 1,746 
Yervoy728 630 1,351 1,213 
Reblozyl568 425 1,046 779 
Opdualag284 235 537 441 
Breyanzi344 153 607 260 
Camzyos
260 139 419 223 
Zeposia150 151 257 261 
Abecma
87 95 190 177 
Sotyktu70 53 126 97 
Krazati
48 32 96 53 
Cobenfy
35 — 62 — 
Other Growth products(a)
470 348 874 673 
Total Growth Portfolio
6,596 5,596 12,159 10,388 
Legacy Portfolio
Eliquis3,680 3,416 7,245 7,136 
Revlimid838 1,353 1,774 3,022 
Pomalyst/Imnovid708 959 1,366 1,824 
Sprycel120 424 295 798 
Abraxane105 231 210 448 
Other Legacy products(b)
223 222 421 450 
Total Legacy Portfolio
5,673 6,605 11,311 13,678 
Total Revenues$12,269 $12,201 $23,470 $24,066 
United States$8,519 $8,801 $16,392 $17,277 
International(c)
3,481 3,224 6,590 6,414 
Other(d)
270 176 488 375 
Total Revenues$12,269 $12,201 $23,470 $24,066 
(a)    Includes Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues.
(b)    Includes other mature brands.
(c)     Includes Puerto Rico.    
(d)    Other revenues include alliance-related revenues for products not sold by BMS's regional commercial organizations.

Revenue recognized from performance obligations satisfied in prior periods was $230 million and $674 million for the three and six months ended June 30, 2025 and $76 million and $258 million for the three and six months ended June 30, 2024, respectively, consisting primarily of royalties for out-licensing arrangements and revised estimates for GTN adjustments related to prior period sales.
v3.25.2
ALLIANCES
 6 Months Ended
Jun. 30, 2025
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 June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Revenues from alliances:
Net product sales$3,720 $3,470 $7,355 $7,232 
Alliance revenues119 116 208 250 
Total alliance revenues$3,840 $3,586 $7,563 $7,482 
Payments to/(from) alliance partners:
Cost of products sold$1,827 $1,692 $3,615 $3,517 
Selling, general and administrative
(68)(65)(133)(144)
Research and development75 46 151 100 
Acquired IPRD 1,500 80 1,500 880 
Other (income)/expense, net(10)(102)(22)(114)

Dollars in millionsJune 30,
2025		December 31,
2024
Selected alliance balance sheet information:
Receivables – from alliance partners$218 $221 
Accounts payable – to alliance partners3,306 1,578 
Deferred income – from alliances(a)
203 222 
(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 2024 Form 10-K. Significant developments and updates related to alliances during the six months ended June 30, 2025 and 2024 are set forth below.

BioNTech

In June 2025, BMS and BioNTech entered into a global strategic collaboration for the co-development and co-commercialization of BNT327, a bispecific antibody targeting PD-L1 and VEGF-A, which is currently being evaluated in a Phase III clinical trial for ES-SCLC, a Phase II/III clinical trial for NSCLC and a Phase II clinical trial for TNBC. The companies will jointly develop and commercialize BNT327 as monotherapy and in combination with other assets. Both companies also have the right to independently develop BNT327 in further indications and combinations, including combinations of BNT327 with proprietary pipeline assets. Subject to certain exceptions, BMS and BioNTech will share equally in global profits and losses.

BMS will make an upfront payment to BioNTech of $1.5 billion, which was recorded as Acquired IPRD expense during the three months ended June 30, 2025 and is expected to be paid in the third quarter of 2025. BioNTech will also receive $2.0 billion in aggregate of anniversary payments, which will be payable beginning in 2026 through 2028, provided that there is no prior termination of the agreement by BMS, and up to $7.6 billion of contingent development, regulatory and sales-based milestones.

SystImmune

BMS and SystImmune are parties to a global strategic collaboration for the co-development and co-commercialization of izalontamab brengitecan (iza-bren or BL-B01D1), a bispecific topoisomerase inhibitor-based antibody drug conjugate, which is currently being evaluated in Phase I clinical trials for metastatic or unresectable NSCLC and other tumor types as well as a Phase II/III clinical trial for TNBC. BMS paid an upfront fee of $800 million, which was included in Acquired IPRD during the six months ended June 30, 2024. BMS is also obligated to pay up to $7.6 billion upon the achievement of contingent development, regulatory and sales-based milestones.

The parties will jointly develop and commercialize iza-bren in the U.S. and share in the profits and losses. SystImmune will be responsible for the development, commercialization, and manufacturing in Mainland China and will be responsible for manufacturing certain drug supplies for outside of Mainland China, where BMS will receive a royalty on net sales. BMS will be responsible for the development and commercialization in the rest of the world, where SystImmune will receive a royalty on net sales.
Eisai

In June 2024, BMS and Eisai agreed to end the global strategic collaboration for the co-development and co-commercialization of MORAb-202 due to portfolio prioritization efforts within BMS. All rights and obligations for MORAb-202 were transferred to Eisai and BMS received $90 million as part of the termination, which was included in Other (income)/expense, net during the three months ended June 30, 2024.
v3.25.2
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS
 6 Months Ended
Jun. 30, 2025
Acquisitions, Divestitures and Other Arrangements [Abstract]  
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS
Asset Acquisition

2seventy bio

On May 13, 2025, BMS completed the acquisition of 2seventy bio, which provides BMS with full U.S. rights to Abecma, a cell therapy for the treatment of adult patients with relapsed or refractory multiple myeloma. BMS acquired all of the issued and outstanding shares of 2seventy bio’s common stock for $5.00 per share in an all-cash transaction for total consideration of $287 million, or $114 million net of cash acquired. The transaction was accounted for as an asset acquisition as 2seventy bio did not meet the definition of a business, which requires inputs and processes that significantly contribute to the ability to create outputs. Net assets acquired primarily consisted of cash, right-of-use lease assets and liabilities, deferred tax assets and acquired marketed product rights for Abecma.

Karuna

On March 18, 2024, BMS acquired Karuna, a clinical-stage biopharmaceutical company driven to discover, develop, and deliver transformative medicines for people living with psychiatric and neurological conditions. The acquisition provided BMS with rights to Cobenfy (xanomeline and trospium chloride), formerly KarXT. Cobenfy is an antipsychotic with a novel mechanism of action and differentiated efficacy and safety, which was approved by the FDA on September 26, 2024 for the treatment of schizophrenia in adults. Cobenfy is being studied across multiple neuropsychiatric conditions.

BMS acquired all of the issued and outstanding shares of Karuna's common stock for $330.00 per share in an all-cash transaction for total consideration of $14.0 billion, or $12.9 billion net of cash acquired. The acquisition was funded primarily with debt proceeds (see "—Note 10. Financing Arrangements" for further detail). The transaction was accounted for as an asset acquisition since Cobenfy represented substantially all of the fair value of the gross assets acquired. As a result, $12.1 billion was expensed to Acquired IPRD during the six months ended June 30, 2024.

The following summarizes the total consideration transferred and allocated:

Dollars in millions
Cash consideration for outstanding shares $12,606 
Cash consideration for equity awards 1,421 
  Consideration paid
14,027 
Less: Charge for unvested stock awards(a)
(289)
Transaction costs 55 
Total consideration allocated$13,793 
(a)        Includes cash-settled unvested equity awards of $130 million expensed in Selling, general and administrative and $159 million expensed in Research and development during the six months ended June 30, 2024.
Business Combinations

RayzeBio

On February 26, 2024, BMS acquired RayzeBio, a clinical-stage RPT company with actinium-based RPTs for solid tumors. The acquisition provided BMS with rights to RayzeBio’s actinium-based radiopharmaceutical platform and lead asset, RYZ101, which is in Phase III development for treatment of gastroenteropancreatic neuroendocrine tumors.

BMS acquired all of the issued and outstanding shares of RayzeBio's common stock for $62.50 per share in an all-cash transaction for total consideration of $4.1 billion, or $3.6 billion net of cash acquired. The acquisition was funded through a combination of cash on hand and debt proceeds (see "—Note 10. Financing Arrangements" for further detail).

Total consideration for the acquisition consisted of the following:
Dollars in millions
Cash consideration for outstanding shares $3,851 
Cash consideration for equity awards 296 
  Consideration paid4,147 
Less: Unvested stock awards(a)
(274)
Total consideration allocated$3,873 
(a)    Includes cash settlement for unvested equity awards of $159 million expensed in Selling, general and administrative and $115 million expensed in Research and development during the six months ended June 30, 2024.

The transaction was accounted for as a business combination requiring all assets acquired and liabilities assumed to be recognized at fair value as of the acquisition date. The majority of the purchase price was allocated to indefinite-lived IPRD and R&D technology.

Mirati

On January 23, 2024, BMS acquired Mirati, a commercial stage targeted oncology company, obtaining the rights to commercialize lung cancer medicine Krazati, and to further develop several clinical assets, including a PRMT5 Inhibitor. Krazati, a KRASG12Cinhibitor, is FDA and EMA approved for second-line NSCLC and in clinical development with a PD-1 inhibitor for first-line NSCLC. It is also FDA approved for advanced or metastatic KRASG12C mutated colorectal cancer with cetuximab. In addition, the PRMT5 Inhibitor is a potential first-in-class MTA-cooperative PRMT5 inhibitor, which is advancing to the next stage of development.

BMS acquired all of the issued and outstanding shares of Mirati's common stock for $58.00 per share in an all-cash transaction for total consideration of $4.8 billion, or $4.1 billion net of cash acquired. Mirati stockholders also received one non-tradeable CVR for each share of Mirati common stock held, potentially worth $12.00 per share in cash for a total value of approximately $1.0 billion. The payout of the CVR is subject to the FDA acceptance of an NDA for PRMT5 Inhibitor for the treatment of specific indications within seven years of the closing of the transaction. The acquisition was funded through a combination of cash on hand and debt proceeds (see "—Note 10. Financing Arrangements" for further detail).

Total consideration for the acquisition consisted of the following:
Dollars in millions
Cash consideration for outstanding shares $4,596 
Cash consideration for equity awards 205 
  Consideration paid4,801 
Plus: Fair value of CVRs248 
Less: unvested stock awards(a)
(114)
Total consideration allocated$4,935 
(a)    Includes cash settlement of unvested equity awards of $60 million expensed in Selling, general and administrative and $54 million expensed in Research and development during the six months ended June 30, 2024.

The transaction was accounted for as a business combination requiring all assets acquired and liabilities assumed to be recognized at fair value as of the acquisition date. The majority of the purchase price was allocated to a definite-lived Acquired marketed product right (Krazati) and indefinite-lived IPRD assets.

The results of operations and cash flows for 2seventy bio, Karuna, RayzeBio and Mirati were included in the consolidated financial statements commencing on their respective acquisition dates and were not material. Historical financial results of the acquired entities were not significant.
Divestitures

The following table summarizes the financial impact of divestitures including royalties, which is 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 June 30,
Net ProceedsDivestiture (Gains)/LossesRoyalty Income
Dollars in millions202520242025202420252024
Diabetes business - royalties
$276 $265 $— $— $(286)$(265)
Mature products and other1 — 1 — — — 
Total$277 $265 $1 $— $(286)$(265)
Six Months Ended June 30,
Net ProceedsDivestiture (Gains)/LossesRoyalty Income
Dollars in Millions202520242025202420252024
Diabetes business - royalties$552 $496 $— $— $(558)$(536)
Mature products and other
11 — (7)— — — 
Total$563 $496 $(7)$— $(558)$(536)

Diabetes Business

As part of the BMS diabetes termination agreement with AstraZeneca, BMS receives royalty payments based on net sales, which amounts to 14% in 2025 and 15% in 2024. Payments will be received on net sales through December 31, 2025.
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 June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Keytruda* royalties
$(132)$(137)$(284)$(270)
Tecentriq* royalties
(11)(11)(23)(23)
Contingent milestone income— (25)(40)(25)
Amortization of deferred income(12)(12)(24)(24)
Other royalties and licensing income (7)(6)(51)(10)
Royalty and licensing income$(162)$(191)$(421)$(352)

Keytruda* Patent License Agreement

BMS and Ono are parties to a global patent license agreement with Merck related to Merck's PD-1 antibody Keytruda*. Under the agreement, Merck paid ongoing royalties on global sales of Keytruda* of 6.5% through December 31, 2023 and is obligated to pay 2.5% from January 1, 2024 through December 31, 2026. The companies also granted certain rights to each other under their respective patent portfolios pertaining to PD-1. Payments and royalties are shared between BMS and Ono on a 75/25 percent allocation, respectively, after adjusting for each party's legal fees.

Tecentriq* Patent License Agreement

BMS and Ono are parties to a global patent license agreement with Roche related to Tecentriq*, Roche’s anti-PD-L1 antibody. Under the agreement, Roche is obligated to pay single-digit royalties on worldwide net sales of Tecentriq* through December 31, 2026. The royalties are shared between BMS and Ono consistent with existing agreements.
In-license and other arrangements

Philochem

In June 2025, BMS and Philochem entered into a global exclusive license agreement for OncoACP3, a radiopharmaceutical therapeutic and diagnostic agent targeting prostate cancer. The diagnostic agent is currently being evaluated in a Phase I clinical trial. BMS will be responsible for the research, development, manufacturing and commercialization of OncoACP3 following the completion of specific agreed-upon development activities by Philochem.

The transaction includes an upfront payment of $350 million, which is expected to be expensed to Acquired IPRD in the third quarter of 2025. Philochem will be eligible to receive contingent development, regulatory and sales-based milestones up to $1.0 billion and royalties on global net sales. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions.

BioArctic

In February 2025, BMS obtained a global exclusive license from BioArctic for its PyroGlutamate-amyloid-beta antibody program, including BAN1503 and BAN2803, of which the latter includes BioArctic’s BrainTransporterTM technology and is being studied for the treatment of Alzheimer's Disease. BMS is responsible for development and commercialization worldwide, including strategic decisions, regulatory responsibilities, funding and manufacturing. BioArctic has the option to co-commercialize in Denmark, Finland, Iceland, Norway, and Sweden. The transaction included an upfront payment of $100 million, which was included in Acquired IPRD during the six months ended June 30, 2025. BioArctic is eligible to receive contingent development, regulatory and sales-based milestones of up to $1.3 billion, as well as royalties on global net sales.
v3.25.2
OTHER (INCOME)/EXPENSE, NET
 6 Months Ended
Jun. 30, 2025
Other Nonoperating Income (Expense) [Abstract]  
OTHER (INCOME)/EXPENSE, NET OTHER (INCOME)/EXPENSE, NET
Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Interest expense
$485 $521 $979 $946 
Royalty income - divestitures (Note 4)
(286)(265)(558)(536)
Royalty and licensing income (Note 4)(162)(191)(421)(352)
Provision for restructuring (Note 6)223 260 356 480 
Investment income(139)(87)(277)(270)
Integration expenses (Note 6)32 74 74 145 
Litigation and other settlements
1 69 259 71 
Acquisition expense
3 1 5 50 
Equity investment (gain)/losses, net (Note 9)
22 (107)100 (209)
Contingent consideration (Note 9)
336 — 336 — 
Other
(21)(2)(19)29 
Other (income)/expense, net
$494 $273 $833 $354 
v3.25.2
RESTRUCTURING
 6 Months Ended
Jun. 30, 2025
Restructuring Charges [Abstract]  
RESTRUCTURING RESTRUCTURING
2023 Restructuring Plan

In 2023, BMS commenced a restructuring plan to accelerate the delivery of medicines to patients by evolving and streamlining its enterprise operating model in key areas, such as R&D, manufacturing, commercial and other functions, to ensure its operating model supports and is appropriately aligned with the Company’s strategy to invest in key priorities. These changes primarily include (i) transforming R&D operations to accelerate pipeline delivery, (ii) enhancing our commercial operating model, and (iii) establishing a more responsive manufacturing network. In 2025, BMS expanded the scope of activities supporting these key priorities. As a result, total charges for the 2023 Restructuring Plan are expected to be approximately $2.5 billion through 2027, with $1.4 billion incurred to date. The remaining charges consist primarily of employee termination costs and site exit costs, including impairment and accelerated depreciation of property, plant and equipment.
Celgene and Other Acquisition Plans

Restructuring and integration plans were initiated to realize expected cost synergies resulting from cost savings and avoidance from the acquisitions of Celgene (2019), Mirati (2024), RayzeBio (2024), Karuna (2024) and 2seventy bio (2025). For these plans, the remaining charges of approximately $150 million consist primarily of IT system integration costs, employee termination costs, and to a lesser extent, site exit costs, including impairment and accelerated depreciation of property, plant and equipment.

The following provides the charges related to restructuring initiatives by type of cost:
Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
2023 Restructuring Plan$231 $264 $374 $332 
Celgene and Other Acquisition Plans48 93 95 337 
Total charges$279 $357 $469 $669 
Employee termination costs$220 $260 $352 $477 
Other termination costs3 — 4 3 
Provision for restructuring223 260 356 480 
Integration expenses32 74 74 145 
Accelerated depreciation12 20 27 34 
Asset impairments
10 — 18 2 
Other shutdown costs, net
2 3 (5)8 
Total charges$279 $357 $469 $669 
Cost of products sold$3 $3 $5 $17 
Selling, general and administrative
3 6 5 12 
Research and development18 14 39 15 
Other (income)/expense, net255 334 421 625 
Total charges$279 $357 $469 $669 

The following summarizes the charges and spending related to restructuring plan activities:
Six Months Ended June 30,
Dollars in millions20252024
Beginning balance $297 $188 
Provision for restructuring356 480 
Payments(310)(234)
Foreign currency translation and other10 (3)
Ending balance$353 $431 
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Earnings/(Loss) before income taxes
$1,773 $1,286 $4,744 $(10,230)
Income tax provision/(benefit)460 (398)969 (6)
Effective tax rate25.9 %(30.9)%20.4 %0.1 %

Provision for income taxes in interim periods is determined based on the estimated annual effective tax rates and the tax impact of discrete items that are reflected immediately. The change in the effective tax rate for the second quarter of 2025 was primarily driven by the release of income tax reserves related to the resolution of Celgene's 2017-2019 IRS audit in 2024 and jurisdictional earnings mix.

The year-to-date 2025 effective tax rate was primarily impacted by jurisdictional earnings mix and the impact of certain discrete adjustments.

The year-to-date 2024 effective tax rate was primarily impacted by a $12.1 billion one-time, non-tax deductible charge for the acquisition of Karuna and $644 million related to the resolution of Celgene's 2017-2019 IRS audits. In addition, the effective tax rate was impacted by jurisdictional earnings mix.
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 tax legislation code.

During the six months ended June 30, 2025 and 2024, income tax payments were $1.8 billion and $2.1 billion, including $991 million and $799 million, respectively, for the transition tax following the TCJA enactment.

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 June 30, 2025 could decrease in the range of approximately $250 million to $290 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.
v3.25.2
EARNINGS/(LOSS) PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS/(LOSS) PER SHARE EARNINGS/(LOSS) PER SHARE
Three Months Ended June 30,Six Months Ended June 30,
Amounts in millions, except per share data2025202420252024
Net earnings/(loss) attributable to BMS
$1,310 $1,680 $3,766 $(10,231)
Weighted-average common shares outstanding – basic2,035 2,027 2,033 2,025 
Incremental shares attributable to share-based compensation plans3 2 6 — 
Weighted-average common shares outstanding – diluted2,038 2,029 2,039 2,025 
Earnings/(Loss) per common share
Basic$0.64 $0.83 $1.85 $(5.05)
Diluted0.64 0.83 1.85 (5.05)

The total number of potential shares of common stock excluded from the diluted earnings/(loss) per common share computation because of the antidilutive impact was 23 million and 19 million for the three and six months ended June 30, 2025 and was 39 million and 44 million for the three and six months ended June 30, 2024, respectively.
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
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:
June 30, 2025December 31, 2024
Dollars in millionsLevel 1Level 2Level 3Level 1Level 2Level 3
Cash and cash equivalents
Money market and other securities$— $8,189 $— $— $6,559 $— 
Marketable debt securities
Certificates of deposit— 800 — — 308 — 
Corporate debt securities— 514 — — 486 — 
U.S. Treasury securities— 36 — — 39 — 
Derivative assets— 282 — — 750 — 
Equity investments238 39 — 247 42 — 
Derivative liabilities— 301 — — 247 — 
Contingent consideration liability
Contingent value rights(a)
2 — 592 2 — 256 
(a)    Includes the fair value of contingent value rights associated with the Mirati acquisition as further described in "—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements." The fair value of contingent value rights was estimated using a probability-weighted expected return method and was based on significant unobservable inputs, including the discount rate and the estimated probability and timing of achieving a specified regulatory milestone. During the three months ended June 30, 2025, the change in fair value of $336 million reflected revised assumptions primarily related to the probability of achieving the specified regulatory milestone and was recorded within Other (income)/expense, net.

As further described in "Item 8. Financial Statements and Supplementary Data—Note 9. Financial Instruments and Fair Value Measurements" in the Company's 2024 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 Level 2 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 June 30, 2025 and December 31, 2024.

Marketable Debt Securities

The amortized cost for marketable debt securities approximates its fair value and these securities mature within five years as of June 30, 2025 and December 31, 2024.
Equity Investments

The following summarizes the carrying amount of equity investments:
Dollars in millionsJune 30,
2025		December 31,
2024
Equity investments with RDFV
$277 $289 
Equity investments without RDFV
848 863 
Limited partnerships and other equity method investments581 598 
Total equity investments$1,706 $1,750 
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 June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Equity investments with RDFV
Net (gain)/loss recognized
$(4)$(36)$1 $(122)
Less: net (gain)/loss recognized on investments sold
2 — 5 1 
Net unrealized (gain)/loss recognized on investments still held
(6)(36)(4)(123)
Equity investments without RDFV
Upward adjustments
(11)(11)(11)(21)
Net realized (gain)/loss recognized on investments sold
— (36)19 (36)
Impairments and downward adjustments
— 4 45 29 
Limited partnerships and other equity method investments
Equity in net (income)/loss of affiliates
37 (28)46 (59)
Total equity investment (gains)/losses
$22 $(107)$100 $(209)

Cumulative upwards adjustments and cumulative impairments and downward adjustments based on observable price changes in equity investments without RDFV still held as of June 30, 2025 were $229 million and $140 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, third party 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 sheets. Changes in fair value for these foreign exchange contracts, which are designated as cash flow hedges, are temporarily recorded in AOCL and reclassified to net earnings when the hedged item affects earnings (typically within the next 24 months). As of June 30, 2025, assuming market rates remain constant through contract maturities, BMS expects to reclassify pre-tax losses 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 $4.5 billion for the euro contracts and $1.2 billion for the Japanese yen contracts as of June 30, 2025.

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 $584 million as of June 30, 2025.

In January 2024, BMS entered into forward interest rate contracts of a total notional value of $5.0 billion to hedge future interest rate risk associated with the unsecured senior notes issued in February 2024. The forward interest rate contracts were designated as cash flow hedges and terminated upon the issuance of the unsecured senior notes. The $131 million gain on the transaction was included in Other Comprehensive Income/(Loss) and is amortized as a reduction to interest expense over the term of the related debt. Amounts expected to be recognized during the subsequent 12 months on forward interest rate contracts are not material.

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 $707 million as of June 30, 2025 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 in the consolidated balance sheets. The notional amount of outstanding cross-currency swap contracts was primarily attributed to the Japanese yen of $362 million and the euro of $345 million as of June 30, 2025. Foreign currency forward contracts and zero-cost collar contracts are also designated to hedge currency exposure of BMS's net investment in its foreign subsidiaries. As of June 30, 2025, the notional amounts for both of these contracts were zero.

During the three and six months ended June 30, 2025, 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. 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 in the consolidated balance sheets. 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 an adjustment 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:
 June 30, 2025December 31, 2024
Asset(a)
Liability(b)
Asset(a)
Liability(b)
Dollars in millionsNotionalFair ValueNotionalFair ValueNotionalFair ValueNotionalFair Value
Designated as cash flow hedges
Foreign currency exchange contracts
$4,626 $68 $2,296 $(151)$6,428 $424 $43 $— 
Cross-currency swap contracts584 74 — — 584 26 626 (30)
Designated as net investment hedges
Foreign currency exchange contracts
— — — — 185 17 — — 
Cross-currency swap contracts308 5 398 (53)361 23 346 (7)
Designated as fair value hedges
Interest rate swap contracts3,300 49 1,255 (7)1,500 10 1,955 (20)
Not designated as hedges
Foreign currency exchange contracts2,855 69 3,077 (90)5,749 250 5,243 (173)
Total return swap contracts(c)
452 17 — — — — 443 (17)
(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 June 30, 2025Six Months Ended June 30, 2025
Dollars in millionsCost of products soldOther (income)/expense, netCost of products soldOther (income)/expense, net
Foreign exchange contracts
$13 $8 $(13)$24 
Cross-currency swap contracts— (76)— (126)
Interest rate swap contracts— — — (1)
Forward interest rate contracts
— (2)— (3)
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Dollars in millionsCost of products soldOther (income)/expense, netCost of products soldOther (income)/expense, net
Foreign currency exchange contracts$(29)$(40)$(74)$(53)
Cross-currency swap contracts— 7 — 36 
Interest rate swap contracts— 4 — 7 
Forward interest rate contracts
— (1)— (2)
The following table summarizes the effect of derivative and non-derivative instruments designated as hedges in Other comprehensive income/(loss):
Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Derivatives designated as cash flow hedges
Foreign exchange contracts gain/(loss):
Recognized in Other comprehensive income/(loss)$(299)$102 $(515)$241 
Reclassified to Cost of products sold13 (29)(13)(74)
Cross-currency swap contracts gain/(loss):
Recognized in Other comprehensive income/(loss)70 (18)94 (34)
Reclassified to Other (income)/expense, net(73)10 (121)41 
Forward interest rate contract gain/(loss):
Recognized in Other comprehensive income/(loss)
— — — 131 
Reclassified to Other (income)/expense, net(2)(1)(3)(2)
Derivatives designated as net investment hedges
Cross-currency swap contracts gain/(loss):
Recognized in Other comprehensive income/(loss)(45)23 (63)50
Foreign exchange contracts gain/(loss):
Recognized in Other comprehensive income/(loss)(15)18 (78)41 
v3.25.2
FINANCING ARRANGEMENTS
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS FINANCING ARRANGEMENTS
Short-term debt obligations include:
Dollars in millionsJune 30,
2025		December 31,
2024
Non-U.S. short-term financing obligations
$240 $218 
Current portion of Long-term debt4,475 1,828 
Short-term debt obligations
$4,715 $2,046 
Under its commercial paper program, BMS may issue a maximum of $5.0 billion of unsecured notes with maturities of not more than 365 days from the date of issuance. The maximum issuance amount was reduced in January 2025 from $7.0 billion as of December 31, 2024 to $5.0 billion.
Long-term debt and the current portion of Long-term debt include:
Dollars in millionsJune 30,
2025		December 31,
2024
Principal value$48,415 $48,937 
Adjustments to principal value:
Fair value of interest rate swap contracts41 (10)
Unamortized basis adjustment from swap terminations66 71 
Unamortized bond discounts and issuance costs(375)(390)
Unamortized purchase price adjustments of Celgene debt798 823 
Total$48,945 $49,431 
Current portion of Long-term debt$4,475 $1,828 
Long-term debt44,470 47,603 
Total$48,945 $49,431 

The fair value of Long-term debt, including the current portion, was $45.5 billion as of June 30, 2025 and $45.3 billion as of December 31, 2024 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 debt obligations approximates the carrying value due to the short maturities of the debt instruments.

During the six months ended June 30, 2025, the €575 million 1.000% Euro Notes matured and were repaid.

During the six months ended June 30, 2024, BMS issued an aggregate principal amount of $13.0 billion of senior unsecured notes ("2024 Senior Unsecured Notes"), with proceeds, net of discount and loan issuance costs, of $12.9 billion. The Company used the net proceeds from this offering to partially fund the acquisitions of RayzeBio and Karuna (see "—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements" for further information) and used the remaining net proceeds for general corporate purposes. Additionally, $395 million 3.625% Notes matured and were repaid.

Interest payments were $1.0 billion and $735 million for the six months ended June 30, 2025 and 2024, respectively, net of amounts related to interest rate swap contracts.

Credit Facilities

As of June 30, 2025, BMS had a five-year $5.0 billion revolving credit facility expiring in January 2030, extendable annually by one year with the consent of the lenders. In February 2024, we entered into a $2.0 billion 364-day revolving credit facility, which expired in January 2025. The facilities provide for customary terms and conditions with no financial covenants and are used to provide backup liquidity for our commercial paper borrowings. No borrowings were outstanding under the revolving credit facilities as of June 30, 2025 and December 31, 2024.
v3.25.2
RECEIVABLES
 6 Months Ended
Jun. 30, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
RECEIVABLES RECEIVABLES
Dollars in millionsJune 30,
2025		December 31,
2024
Trade receivables$10,714 $9,957 
Less charge-backs and cash discounts
(949)(900)
Less allowance for expected credit loss
(54)(45)
Net trade receivables9,711 9,012 
Alliance, royalties, VAT and other1,703 1,735 
Receivables$11,415 $10,747 

Non-U.S. receivables sold on a nonrecourse basis were $147 million and $304 million for the six months ended June 30, 2025 and 2024, respectively. Receivables from the three largest customers in the U.S. represented 72% and 74% of total trade receivables as of June 30, 2025 and December 31, 2024, respectively.
v3.25.2
INVENTORIES
 6 Months Ended
Jun. 30, 2025
Inventory, Net [Abstract]  
INVENTORIES INVENTORIES
Dollars in millionsJune 30,
2025		December 31,
2024
Finished goods$1,157 $1,257 
Work in process2,916 2,549 
Raw and packaging materials339 320 
Total inventories$4,412 $4,126 
Inventories$2,737 $2,557 
Other non-current assets1,675 1,569 
v3.25.2
PROPERTY, PLANT AND EQUIPMENT
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
Dollars in millionsJune 30,
2025		December 31,
2024
Land$161 $161 
Buildings6,855 6,581 
Machinery, equipment and fixtures3,905 3,818 
Construction in progress1,761 1,525 
Gross property, plant and equipment12,682 12,085 
Less accumulated depreciation(5,309)(4,949)
Property, plant and equipment$7,373 $7,136 
Depreciation expense was $165 million and $330 million for the three and six months ended June 30, 2025 and $161 million and $316 million for the three and six months ended June 30, 2024, respectively.
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2025
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, 2024
$21,719 
Currency translation and other adjustments57 
Balance at June 30, 2025
$21,776 

Other Intangible Assets

Other intangible assets consisted of the following:

Estimated
Useful Lives		June 30, 2025December 31, 2024
Dollars in millions
Gross carrying amountsAccumulated amortizationOther intangible assets, net Gross carrying amountsAccumulated amortizationOther intangible assets, net
R&D technology
6 years
$1,980 $(440)$1,540 $1,980 $(275)$1,705 
Acquired marketed product rights
3 – 17 years
61,927 (50,154)11,773 61,876 (48,659)13,217 
Capitalized software
3 – 10 years
1,554 (1,174)380 1,499 (1,099)400 
IPRD7,685 — 7,685 7,985 — 7,985 
Total$73,146 $(51,768)$21,378 $73,340 $(50,033)$23,307 

Amortization expense of Other intangible assets was $864 million and $1.7 billion during the three and six months ended June 30, 2025 and $2.4 billion and $4.8 billion during the three and six months ended June 30, 2024, respectively.

During the three months ended June 30, 2025, $300 million of IPRD impairment charges were recorded in Research and development expense for two oncology assets. The charges represented a partial write-down of each asset driven by revised cash flow projections and updated clinical development timelines.
During the three months ended June 30, 2024, a $280 million impairment charge was recorded in Cost of products sold resulting from lower revised cash flow projections for Inrebic. The charge represented a partial impairment based on the excess of the asset’s carrying value over its estimated fair value using discounted cash flow projections. Additionally, a $590 million IPRD impairment charge for alnuctamab was recorded in Research and development expense in connection with portfolio prioritization. Alnuctamab was being studied as a potential treatment for hematologic diseases and was obtained in the acquisition of Celgene. The charge represented a full write-down of the asset.
v3.25.2
SUPPLEMENTAL FINANCIAL INFORMATION
 6 Months Ended
Jun. 30, 2025
Supplemental Financial Information [Abstract]  
SUPPLEMENTAL FINANCIAL INFORMATION SUPPLEMENTAL FINANCIAL INFORMATION
Dollars in millionsJune 30,
2025		December 31, 2024
Income taxes$3,439 $3,292 
Research and development847 754 
Contract assets248 385 
Restricted cash
12 — 
Other920 1,186 
Other current assets$5,466 $5,617 

Dollars in millionsJune 30,
2025		December 31, 2024
Equity investments (Note 9)$1,706 $1,736 
Operating leases1,276 1,224 
Inventories (Note 12)
1,675 1,569 
Pension and postretirement270 234 
Research and development285 336 
Receivables and convertible notes
200 452 
Other524 554 
Other non-current assets$5,936 $6,105 

Dollars in millionsJune 30,
2025		December 31, 2024
Rebates and discounts$9,539 $9,021 
Income taxes918 1,514 
Employee compensation and benefits897 1,694 
Research and development1,384 1,366 
Dividends1,262 1,258 
Interest575 572 
Royalties495 477 
Operating leases194 181 
Other2,122 2,043 
Other current liabilities$17,386 $18,126 

Dollars in millionsJune 30,
2025		December 31, 2024
Income taxes $1,438 $1,491 
Pension and postretirement415 400 
Operating leases1,550 1,370 
Deferred income197 230 
Deferred compensation463 456 
Contingent value rights (Note 9)
592 256 
Other287 266 
Other non-current liabilities$4,942 $4,469 
v3.25.2
EQUITY
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
EQUITY EQUITY
The following table summarizes changes in equity during the six months ended June 30, 2025:
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, 20242,923 $292 $46,024 $(1,238)$14,912 894 $(43,655)$53 
Net earnings/(loss)— — — — 2,456 — — 6 
Other comprehensive income/(loss)
— — — (185)— — — — 
Cash dividends declared $0.62 per share
— — — — (1,262)— — — 
Stock compensation— — (13)— — (6)59 — 
Balance at March 31, 20252,923 $292 $46,011 $(1,424)$16,106 888 $(43,597)$59 
Net earnings/(loss)— — — — 1,310 — — 2 
Other comprehensive income/(loss)
— — — (130)— — — — 
Cash dividends declared $0.62 per share
— — — — (1,262)— — — 
Stock compensation— — 123 — — — 6 — 
Distributions— — — — — — — (8)
Balance at June 30, 20252,923 $292 $46,134 $(1,554)$16,154 888 $(43,590)$54 

The following table summarizes changes in equity during the six months ended June 30, 2024:
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, 20232,923 $292 $45,684 $(1,546)$28,766 902 $(43,766)$55 
Net earnings/(loss)— — — — (11,911)— — 3 
Other comprehensive income/(loss)
— — — 146 — — — — 
Cash dividends declared $0.60 per share
— — — — (1,215)— — — 
Stock compensation— — (29)— — (6)69 — 
Balance at March 31, 20242,923 $292 $45,655 $(1,400)$15,640 896 $(43,697)$58 
Net earnings— — — — 1,680 — — 4 
Other comprehensive income/(loss)
— — — (56)— — — — 
Cash dividends declared $0.60 per share
— — — — (1,217)— — — 
Stock compensation— — 111 — — — 7 — 
Distributions— — — — — — — (8)
Balance at June 30, 20242,923 $292 $45,766 $(1,456)$16,103 896 $(43,690)$54 
The components of Other comprehensive income/(loss) were as follows:
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Dollars in millionsPretaxTaxAfter TaxPretaxTaxAfter Tax
Derivatives qualifying as cash flow hedges:
Recognized in other comprehensive income/(loss)
$(229)$48 $(181)$(420)$85 $(335)
Reclassified to net earnings(a)
(59)12 (47)(136)28 (108)
Derivatives qualifying as cash flow hedges(288)60 (228)(556)113 (443)
Pension and postretirement benefits
Amortization(b)
2 — 2 4 (1)3 
Marketable debt securities
Unrealized gains/(losses)1 — 1 1 — 1 
Foreign currency translation81 14 95 90 32 122 
Other comprehensive income/(loss)$(204)$74 $(130)$(461)$144 $(316)

Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Dollars in millionsPretaxTaxAfter TaxPretaxTaxAfter Tax
Derivatives qualifying as cash flow hedges:
Recognized in other comprehensive income/(loss)
$84 $(12)$72 $338 $(59)$279 
Reclassified to net earnings(a)
(20)2 (18)(35)1 (34)
Derivatives qualifying as cash flow hedges64 (10)54 303 (58)245 
Pension and postretirement benefits
Actuarial gains/(losses)(87)21 (66)(93)22 (71)
Amortization(b)
1 — 1 3 — 3 
Settlements(b)
— 1 1 19 (2)17 
Pension and postretirement benefits(86)22 (64)(71)20 (51)
Marketable debt securities
Unrealized gains/(losses)(1)1 — (3)1 (2)
Foreign currency translation(37)(9)(46)(81)(21)(102)
Other comprehensive income/(loss)$(60)$4 $(56)$148 $(58)$90 
(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/(loss), net of taxes, were as follows:
Dollars in millionsJune 30,
2025		December 31,
2024
Derivatives qualifying as cash flow hedges$(67)$376 
Pension and postretirement benefits(645)(648)
Marketable debt securities3 2 
Foreign currency translation(a)
(846)(968)
Accumulated other comprehensive loss$(1,554)$(1,238)
(a)Includes net investment hedge gains of $102 million and $210 million as of June 30, 2025 and December 31, 2024, respectively.
v3.25.2
EMPLOYEE STOCK BENEFIT PLANS
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
EMPLOYEE STOCK BENEFIT PLANS EMPLOYEE STOCK BENEFIT PLANS
Stock-based compensation expense was as follows:
 Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Cost of products sold$16 $14 $31 $28 
Selling, general and administrative
56 48 112 101 
Research and development66 63 138 129 
Total stock-based compensation expense
$138 $125 $281 $258 
Income tax benefit(a)
$29 $27 $59 $55 
(a)    Income tax benefit excludes excess tax (deficiencies)/benefits from share-based compensation awards that were vested or exercised of $(2) million and $2 million for the three and six months ended June 30, 2025 and ($3) million and ($20) million for the three and six months ended June 30, 2024, respectively.

The number of units granted and the weighted-average fair value on the grant date for the six months ended June 30, 2025 were as follows:
Units in millionsUnitsWeighted-Average Fair Value
Restricted stock units12.0 $56.74 
Market share units1.1 $71.38 
Performance share units0.5 $62.72 
Dollars in millionsRestricted Stock UnitsMarket Share UnitsPerformance Share Units
Unrecognized compensation cost$1,123 $107 $73 
Expected weighted-average period in years of compensation cost to be recognized2.82.31.8
v3.25.2
LEGAL PROCEEDINGS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
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.

We are vigorously defending against the legal proceedings in which we are named as defendants and we believe we have substantial claims and/or defenses in each matter. While the outcomes of these proceedings and other contingencies BMS is subject to are inherently unpredictable and uncertain, we do not believe that any of these matters will have a material adverse effect on BMS’ financial position or liquidity, though they could possibly be material to our consolidated results of operations in any one accounting period. There can be no assurance that there will not be an increase in the scope of one or more of the matters described below or that 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.

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. If BMS is unable to assess the outcome of a matter or estimate the possible loss or range of losses that could potentially result from such matter, a liability is not recorded. 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

Eliquis - Europe
BMS is involved in litigations throughout Europe against companies seeking to launch generic apixaban products prior to the expiration of the composition-of-matter patent for Eliquis and its associated SPCs. Litigations are pending or have been concluded in: Belgium, Bulgaria, Croatia, Czech Republic, France, Denmark, Finland, Greece, Hungary, Ireland, Italy, Lithuania, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Spain, Sweden, Switzerland, and the UK.

Trials or preliminary proceedings on the merits have been held in: Belgium, Czech Republic, Finland, France, Greece, Italy, Ireland, Netherlands, Norway, Portugal, Romania, Slovakia, Spain, Sweden, Switzerland, and the UK. To date BMS has obtained decisions in the following countries:
•BMS obtained a final negative decision in the UK, and generics are now on the market in this country.
•BMS obtained final positive decisions in Norway, Spain, Sweden, and Switzerland.
•BMS obtained initial negative decisions in Finland, Ireland, and Slovakia. In Finland and Slovakia, appeals are pending. In Ireland, the appeals court remanded the case to the lower court for rehearing.
•BMS obtained initial positive decisions in the Czech Republic, Belgium, France, Greece and Netherlands, and appeals are pending in France and Netherlands. In the Czech Republic, the appeal court remanded the case to the lower court.
•In Finland, Denmark and Poland, generics have entered the market while proceedings are pending. In Portugal, BMS obtained preliminary injunctions against two generic companies, but one generic company remains on the market while proceedings are pending.

Generic manufacturers 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.

Pomalyst - U.S.
In December 2024, Celgene received a Notice Letter from Cipla USA, Inc. (“Cipla”) notifying Celgene that Cipla had filed an ANDA containing paragraph IV certifications seeking approval to market generic pomalidomide products in the U.S. In response, Celgene initiated a patent infringement action against Cipla in the U.S. District Court for the District of New Jersey, asserting certain FDA Orange Book-listed patents. No trial date has been scheduled.

In April 2025, Celgene received a Notice Letter from USV Private Limited (“USV”) notifying Celgene that USV had filed an ANDA containing paragraph IV certifications seeking approval to market generic pomalidomide products in the U.S. In response, Celgene initiated a patent infringement action against USV in the U.S. District Court for the District of New Jersey, asserting certain FDA Orange Book-listed patents. No trial date has been scheduled.

In June 2025, Celgene received a Notice Letter from Deva Holding A/S (“Deva”) notifying Celgene that Deva had filed an ANDA containing paragraph IV certifications seeking approval to market generic pomalidomide products in the U.S. In response, Celgene initiated a patent infringement action against Deva in the U.S. District Court for the District of New Jersey, asserting certain FDA Orange Book-listed patents. No trial date has been scheduled.

Zeposia - U.S.
In May and June 2024, BMS received Notice Letters from Synthon BV (“Synthon”) and Apotex Inc. (“Apotex”), respectively, each notifying BMS that it has filed an ANDA containing a paragraph IV certification seeking approval of a generic version of Zeposia in the U.S. and challenging a polymorph patent listed in the Orange Book for Zeposia but not the composition of matter patent. In response, BMS filed patent infringement actions against Synthon and Apotex in the U.S. District Court for the District of Delaware. In September 2024, the district court consolidated the Synthon and Apotex actions and trial is scheduled for February 2027.

PRICING, SALES AND PROMOTIONAL PRACTICES LITIGATION

Plavix* - Hawaii
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. In March 2023, the Hawaii Supreme Court reversed in part and affirmed in part the trial court decision, vacating the penalty award and remanding the case for a new trial and penalty determination. Following a new trial, in May 2024, the trial court issued a new decision against Sanofi and BMS, imposing penalties in the total amount of $916 million, with $458 million attributed to BMS. Sanofi and BMS appealed the decision. In May 2025, BMS and Sanofi executed a settlement agreement with the State of Hawaii to resolve the case for a total amount of $700 million, with $350 million attributable to and paid by BMS in the second quarter of 2025.
SECURITIES LITIGATION

Celgene Securities Litigations
Beginning in March 2018, two putative class actions were filed against Celgene and certain of its officers and employees in the U.S. District Court for the District of New Jersey (the “Celgene Securities Class Action”). The complaints alleged that the defendants violated federal securities laws. The district court consolidated the two actions. In December 2019, the district court denied in part and granted in part defendants’ motion to dismiss. In November 2020, the district court certified a class of Celgene common stock purchasers between April 27, 2017 through April 28, 2018. Following discovery, defendants moved for summary judgment, which the district court granted in part and denied in part.

Certain entities filed 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. These actions have been consolidated for pre-trial proceedings. Defendants have moved for partial summary judgment in these consolidated actions.

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 in November 2019. An entity claiming to be the successor trustee under the CVR Agreement alleged 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 allegedly 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 alleged successor trustee. The plaintiff sought damages in an amount to be determined at trial and other relief, including interest and attorneys’ fees. BMS disputes the allegations. BMS filed a motion to dismiss the alleged successor trustee’s complaint for failure to state a claim upon which relief can be granted, which was denied in June 2022. In February 2024, BMS filed a motion to dismiss the complaint for lack of subject matter jurisdiction. In September 2024, the court granted BMS’s motion and dismissed the lawsuit for lack of subject matter jurisdiction without prejudice to the refiling of a new lawsuit by a properly appointed trustee. The plaintiff has appealed, and BMS has cross-appealed from the denial of its first motion to dismiss.

In November 2024, the same entity claiming to be successor trustee filed a new lawsuit against BMS making similar allegations to the previously dismissed case and attempting to remedy its jurisdictional deficiency. The plaintiff’s new complaint also names the current CVR Agreement Trustee and seeks a judgment that plaintiff is Trustee. In January 2025, BMS filed a motion to dismiss the complaint for lack of subject matter jurisdiction and failure to state a claim. In February 2025, plaintiff filed an amended complaint. In March 2025, BMS filed a motion to dismiss the amended complaint for lack of subject matter jurisdiction and failure to state a claim.

Former Celgene stockholders have filed complaints 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 the securities laws relating to the joint proxy statement. Those cases were consolidated into a single case. In March 2023, the Court granted BMS’s motion to dismiss the complaint in its entirety. Certain of the claims were dismissed with prejudice. The remaining claims were dismissed with leave to file a further amended complaint, which plaintiffs filed in April 2023. In February 2024, the Court granted BMS’s motion to dismiss the amended complaint in its entirety and dismissed the remaining claims with prejudice. Plaintiffs appealed to the United States Court of Appeals for the Second Circuit, which affirmed the dismissal.

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 securities laws. In June 2024, the Court granted defendants’ motion to dismiss the complaint in its entirety without prejudice to file an amended complaint. The plaintiff filed an amended complaint which was dismissed with prejudice in February 2025. The plaintiff has appealed the dismissal.

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

OTHER LITIGATION

IRA Litigation
On June 16, 2023, BMS filed a lawsuit against HHS and the Centers for Medicare & Medicaid Services, et al., challenging the constitutionality of the drug-pricing program in the IRA. That program requires pharmaceutical companies, like BMS, under the threat of significant penalties, to sell certain of their medicines at government-dictated prices. In April 2024, the court denied BMS’s motion for summary judgment and granted the government’s cross-motion for summary judgment. BMS appealed to the United States Court of Appeals for the Third Circuit.
340B Litigation
On November 26, 2024, BMS filed a lawsuit against Carole Johnson, Administrator of Health Resources & Services Administration (“HRSA”) and Xavier Becerra, U.S. Secretary of HHS, challenging HRSA’s determination that BMS could not implement a cash rebate model for the 340B drug pricing program. BMS is seeking a determination that HRSA’s actions violate the Administrative Procedure Act and the United States Constitution. In May 2025, the U.S. District Court for the District of Columbia granted HRSA summary judgment on BMS’s claims. BMS has appealed to the U.S. Court of Appeals for the District of Columbia Circuit.

Thalomid and Revlimid Litigations
Beginning in November 2014, 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 in connection with, among other things, activities related to obtaining and litigating certain Revlimid patents. In October 2020, the district court entered a final order approving a class settlement and dismissed the matter. Certain entities—including entities that opted out of the settlement class and others who claim that their suits are not covered by that settlement—have since filed additional suits against Celgene and BMS pursuing similar claims based on related theories, and a subset of plaintiffs brought additional claims related to copay assistance for Thalomid and Revlimid. Those new suits are principally being litigated in the U.S. District Court for the District of New Jersey. The Court dismissed certain of those complaints with leave to amend in June 2024. All plaintiffs filed amended complaints in August 2024. BMS and Celgene have filed motions to dismiss those complaints, which are currently pending.

Related actions are also pending in San Francisco Superior Court and the Philadelphia County Court of Common Pleas. No activity is expected in these cases until disposition of the New Jersey actions. No trial dates have been scheduled.

Pomalyst Antitrust Class Action
Beginning in September 2023, certain entities filed putative class actions against Celgene, BMS, and certain individuals in the U.S. District Court for the Southern District of New York asserting claims under various antitrust, consumer protection, and unjust enrichment laws in connection with activities related to obtaining and litigating certain Pomalyst patents. In March 2025, the court dismissed the complaints against Celgene, BMS and the named individuals. Plaintiffs have sought leave to amend their complaints. In June 2025, an additional plaintiff filed a suit that is substantively identical to the proposed amended complaint.

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 $62 million as of June 30, 2025, which represents the sum of best estimates or, where no best estimate can reasonably be made, estimates of the minimal probable amount among a range of such costs (without taking into account any potential recoveries from other parties).
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 1,310 $ 1,680 $ 3,766 $ (10,231)
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
David V. Elkins [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On June 3, 2025, David V. Elkins, Chief Financial Officer, adopted a "Rule 10b5-1 trading arrangement" that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to 86,000 shares of the Company's common stock, subject to certain conditions. The expiration date for the trading arrangement is May 1, 2026, or such earlier date upon which all transactions are completed. No other director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K during the period covered by this Quarterly Report on Form 10-Q.
Name David V. Elkins
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 3, 2025
Expiration Date May 1, 2026
Arrangement Duration 332 days
Aggregate Available 86,000
v3.25.2
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS (Policies)
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025 and December 31, 2024 and the results of operations for the three and six months ended June 30, 2025 and 2024, and cash flows for the six months ended June 30, 2025 and 2024. 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, 2024 included in the 2024 Form 10-K. Beginning in the first quarter of 2025, the financial statement line item "Marketing, Selling and Administrative" included in the 2024 Form 10-K was changed to "Selling, General and Administrative", and such nomenclature continues to be used throughout this Quarterly Report. No changes were made to the corresponding definition. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for terms used throughout the document.

Certain amounts in this Quarterly Report on Form 10-Q may not sum due to rounding. Percentages have been calculated using unrounded amounts.
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, uses consolidated net income or loss as reported on the income statement when managing and allocating resources at the 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.
Use of Estimates and Judgments
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.
Recently Issued Accounting Standards Not Yet Adopted
Recently Issued Accounting Standards Not Yet Adopted

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued guidance on income statement disclosures. The guidance aims to provide enhanced disclosures of income statement expenses to improve transparency and provide financial statement users with more detailed information about the nature, amount and timing of expenses impacting financial performance. The new guidance is effective for annual periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted.

Income Taxes

In December 2023, the FASB issued amended guidance on income tax disclosures. The guidance is intended to provide additional disaggregation to the effective income tax rate reconciliation and income tax payment disclosures. The amended guidance is effective for annual periods beginning after December 15, 2024.
v3.25.2
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Research and Development
The following table represents the significant segment expenses regularly provided to the CEO:
Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Research(a)
$291 $336 $605 $720 
Drug Development(b)
1,095 1,096 2,176 2,180 
Other(c)
1,195 1,467 2,057 2,695 
Research and development
$2,580 $2,899 $4,837 $5,594 
(a)    Includes costs to support the discovery and development of new molecular entities through pre-clinical studies.
(b)    Includes costs to support clinical development of potential new products, including expansion of indications for existing products through Phase I, Phase II and Phase III clinical studies.
(c)    Includes costs to support manufacturing development of pre-approved products, medical support of marketed products, IPRD impairment charges, acquisition-related charges and proportionate allocations of enterprise-wide costs including facilities, information technology, and other appropriate costs.
v3.25.2
REVENUE (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table summarizes the disaggregation of revenue by nature:
Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Net product sales$11,909 $11,925 $22,794 $23,484 
Alliance revenues119 116 208 250 
Other revenues
241 160 468 332 
Total Revenues$12,269 $12,201 $23,470 $24,066 
Revenue Recognition Gross-To-Net Adjustments
The following table summarizes GTN adjustments:
Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Gross product sales$22,181 $20,780 $42,054 $40,075 
GTN adjustments(a)
Charge-backs and cash discounts(3,407)(2,843)(6,365)(5,399)
Medicaid and Medicare rebates(4,516)(3,864)(8,356)(6,948)
Other rebates, returns, discounts and adjustments(2,348)(2,148)(4,538)(4,244)
Total GTN adjustments(b)
(10,272)(8,855)(19,260)(16,591)
Net product sales$11,909 $11,925 $22,794 $23,484 
(a)    Includes reductions/(increases) to GTN adjustments for product sales made in prior periods resulting from changes in estimates of $42 million and $331 million for the three and six months ended June 30, 2025 and ($19 million) and $61 million for the three and six months ended June 30, 2024, respectively.
(b)    Includes U.S. GTN adjustments of $9.5 billion and $17.6 billion for the three and six months ended June 30, 2025 and $8.0 billion and $14.9 billion for the three and six months ended June 30, 2024, respectively.
Revenue from External Customers by Products and Services
The following table summarizes the disaggregation of revenue by product and region:
Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Growth Portfolio
Opdivo$2,560 $2,387 4,824 $4,465 
Opdivo Qvantig
30 — 38 — 
Orencia963 948 1,733 1,746 
Yervoy728 630 1,351 1,213 
Reblozyl568 425 1,046 779 
Opdualag284 235 537 441 
Breyanzi344 153 607 260 
Camzyos
260 139 419 223 
Zeposia150 151 257 261 
Abecma
87 95 190 177 
Sotyktu70 53 126 97 
Krazati
48 32 96 53 
Cobenfy
35 — 62 — 
Other Growth products(a)
470 348 874 673 
Total Growth Portfolio
6,596 5,596 12,159 10,388 
Legacy Portfolio
Eliquis3,680 3,416 7,245 7,136 
Revlimid838 1,353 1,774 3,022 
Pomalyst/Imnovid708 959 1,366 1,824 
Sprycel120 424 295 798 
Abraxane105 231 210 448 
Other Legacy products(b)
223 222 421 450 
Total Legacy Portfolio
5,673 6,605 11,311 13,678 
Total Revenues$12,269 $12,201 $23,470 $24,066 
United States$8,519 $8,801 $16,392 $17,277 
International(c)
3,481 3,224 6,590 6,414 
Other(d)
270 176 488 375 
Total Revenues$12,269 $12,201 $23,470 $24,066 
(a)    Includes Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues.
(b)    Includes other mature brands.
(c)     Includes Puerto Rico.    
(d)    Other revenues include alliance-related revenues for products not sold by BMS's regional commercial organizations.
v3.25.2
ALLIANCES (Tables)
 6 Months Ended
Jun. 30, 2025
ALLIANCES [Abstract]  
Selected Financial Information For Alliances
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 June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Revenues from alliances:
Net product sales$3,720 $3,470 $7,355 $7,232 
Alliance revenues119 116 208 250 
Total alliance revenues$3,840 $3,586 $7,563 $7,482 
Payments to/(from) alliance partners:
Cost of products sold$1,827 $1,692 $3,615 $3,517 
Selling, general and administrative
(68)(65)(133)(144)
Research and development75 46 151 100 
Acquired IPRD 1,500 80 1,500 880 
Other (income)/expense, net(10)(102)(22)(114)
Dollars in millionsJune 30,
2025		December 31,
2024
Selected alliance balance sheet information:
Receivables – from alliance partners$218 $221 
Accounts payable – to alliance partners3,306 1,578 
Deferred income – from alliances(a)
203 222 
(a) Includes unamortized upfront and milestone payments.
v3.25.2
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Acquisitions, Divestitures and Other Arrangements [Abstract]  
Business Combination, Recognized Asset Acquired and Liability Assumed
The following summarizes the total consideration transferred and allocated:

Dollars in millions
Cash consideration for outstanding shares $12,606 
Cash consideration for equity awards 1,421 
  Consideration paid
14,027 
Less: Charge for unvested stock awards(a)
(289)
Transaction costs 55 
Total consideration allocated$13,793 
(a)        Includes cash-settled unvested equity awards of $130 million expensed in Selling, general and administrative and $159 million expensed in Research and development during the six months ended June 30, 2024.
Business Combination
Total consideration for the acquisition consisted of the following:
Dollars in millions
Cash consideration for outstanding shares $3,851 
Cash consideration for equity awards 296 
  Consideration paid4,147 
Less: Unvested stock awards(a)
(274)
Total consideration allocated$3,873 
(a)    Includes cash settlement for unvested equity awards of $159 million expensed in Selling, general and administrative and $115 million expensed in Research and development during the six months ended June 30, 2024.
Total consideration for the acquisition consisted of the following:
Dollars in millions
Cash consideration for outstanding shares $4,596 
Cash consideration for equity awards 205 
  Consideration paid4,801 
Plus: Fair value of CVRs248 
Less: unvested stock awards(a)
(114)
Total consideration allocated$4,935 
(a)    Includes cash settlement of unvested equity awards of $60 million expensed in Selling, general and administrative and $54 million expensed in Research and development during the six months ended June 30, 2024.
Divestitures
The following table summarizes the financial impact of divestitures including royalties, which is 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 June 30,
Net ProceedsDivestiture (Gains)/LossesRoyalty Income
Dollars in millions202520242025202420252024
Diabetes business - royalties
$276 $265 $— $— $(286)$(265)
Mature products and other1 — 1 — — — 
Total$277 $265 $1 $— $(286)$(265)
Six Months Ended June 30,
Net ProceedsDivestiture (Gains)/LossesRoyalty Income
Dollars in Millions202520242025202420252024
Diabetes business - royalties$552 $496 $— $— $(558)$(536)
Mature products and other
11 — (7)— — — 
Total$563 $496 $(7)$— $(558)$(536)
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 June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Keytruda* royalties
$(132)$(137)$(284)$(270)
Tecentriq* royalties
(11)(11)(23)(23)
Contingent milestone income— (25)(40)(25)
Amortization of deferred income(12)(12)(24)(24)
Other royalties and licensing income (7)(6)(51)(10)
Royalty and licensing income$(162)$(191)$(421)$(352)
v3.25.2
OTHER (INCOME)/EXPENSE, NET (Tables)
 6 Months Ended
Jun. 30, 2025
Other Nonoperating Income (Expense) [Abstract]  
Schedule Of Other Income Expense
Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Interest expense
$485 $521 $979 $946 
Royalty income - divestitures (Note 4)
(286)(265)(558)(536)
Royalty and licensing income (Note 4)(162)(191)(421)(352)
Provision for restructuring (Note 6)223 260 356 480 
Investment income(139)(87)(277)(270)
Integration expenses (Note 6)32 74 74 145 
Litigation and other settlements
1 69 259 71 
Acquisition expense
3 1 5 50 
Equity investment (gain)/losses, net (Note 9)
22 (107)100 (209)
Contingent consideration (Note 9)
336 — 336 — 
Other
(21)(2)(19)29 
Other (income)/expense, net
$494 $273 $833 $354 
v3.25.2
RESTRUCTURING (Tables)
 6 Months Ended
Jun. 30, 2025
Restructuring Charges [Abstract]  
Restructuring and Related Costs
The following provides the charges related to restructuring initiatives by type of cost:
Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
2023 Restructuring Plan$231 $264 $374 $332 
Celgene and Other Acquisition Plans48 93 95 337 
Total charges$279 $357 $469 $669 
Employee termination costs$220 $260 $352 $477 
Other termination costs3 — 4 3 
Provision for restructuring223 260 356 480 
Integration expenses32 74 74 145 
Accelerated depreciation12 20 27 34 
Asset impairments
10 — 18 2 
Other shutdown costs, net
2 3 (5)8 
Total charges$279 $357 $469 $669 
Cost of products sold$3 $3 $5 $17 
Selling, general and administrative
3 6 5 12 
Research and development18 14 39 15 
Other (income)/expense, net255 334 421 625 
Total charges$279 $357 $469 $669 
Schedule of Restructuring Reserve by Type of Cost
The following summarizes the charges and spending related to restructuring plan activities:
Six Months Ended June 30,
Dollars in millions20252024
Beginning balance $297 $188 
Provision for restructuring356 480 
Payments(310)(234)
Foreign currency translation and other10 (3)
Ending balance$353 $431 
v3.25.2
INCOME TAXES (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Earnings/(Loss) before income taxes
$1,773 $1,286 $4,744 $(10,230)
Income tax provision/(benefit)460 (398)969 (6)
Effective tax rate25.9 %(30.9)%20.4 %0.1 %
v3.25.2
EARNINGS/(LOSS) PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings/(Loss) Per Share, Basic and Diluted
Three Months Ended June 30,Six Months Ended June 30,
Amounts in millions, except per share data2025202420252024
Net earnings/(loss) attributable to BMS
$1,310 $1,680 $3,766 $(10,231)
Weighted-average common shares outstanding – basic2,035 2,027 2,033 2,025 
Incremental shares attributable to share-based compensation plans3 2 6 — 
Weighted-average common shares outstanding – diluted2,038 2,029 2,039 2,025 
Earnings/(Loss) per common share
Basic$0.64 $0.83 $1.85 $(5.05)
Diluted0.64 0.83 1.85 (5.05)
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Financial assets and liabilities measured at fair value on a recurring basis are summarized below:
June 30, 2025December 31, 2024
Dollars in millionsLevel 1Level 2Level 3Level 1Level 2Level 3
Cash and cash equivalents
Money market and other securities$— $8,189 $— $— $6,559 $— 
Marketable debt securities
Certificates of deposit— 800 — — 308 — 
Corporate debt securities— 514 — — 486 — 
U.S. Treasury securities— 36 — — 39 — 
Derivative assets— 282 — — 750 — 
Equity investments238 39 — 247 42 — 
Derivative liabilities— 301 — — 247 — 
Contingent consideration liability
Contingent value rights(a)
2 — 592 2 — 256 
(a)    Includes the fair value of contingent value rights associated with the Mirati acquisition as further described in "—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements." The fair value of contingent value rights was estimated using a probability-weighted expected return method and was based on significant unobservable inputs, including the discount rate and the estimated probability and timing of achieving a specified regulatory milestone. During the three months ended June 30, 2025, the change in fair value of $336 million reflected revised assumptions primarily related to the probability of achieving the specified regulatory milestone and was recorded within Other (income)/expense, net.
Schedule of Equity Investments
The following summarizes the carrying amount of equity investments:
Dollars in millionsJune 30,
2025		December 31,
2024
Equity investments with RDFV
$277 $289 
Equity investments without RDFV
848 863 
Limited partnerships and other equity method investments581 598 
Total equity investments$1,706 $1,750 
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 June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Equity investments with RDFV
Net (gain)/loss recognized
$(4)$(36)$1 $(122)
Less: net (gain)/loss recognized on investments sold
2 — 5 1 
Net unrealized (gain)/loss recognized on investments still held
(6)(36)(4)(123)
Equity investments without RDFV
Upward adjustments
(11)(11)(11)(21)
Net realized (gain)/loss recognized on investments sold
— (36)19 (36)
Impairments and downward adjustments
— 4 45 29 
Limited partnerships and other equity method investments
Equity in net (income)/loss of affiliates
37 (28)46 (59)
Total equity investment (gains)/losses
$22 $(107)$100 $(209)
Schedule of Derivatives and Fair Value
The following table summarizes the fair value and the notional values of outstanding derivatives:
 June 30, 2025December 31, 2024
Asset(a)
Liability(b)
Asset(a)
Liability(b)
Dollars in millionsNotionalFair ValueNotionalFair ValueNotionalFair ValueNotionalFair Value
Designated as cash flow hedges
Foreign currency exchange contracts
$4,626 $68 $2,296 $(151)$6,428 $424 $43 $— 
Cross-currency swap contracts584 74 — — 584 26 626 (30)
Designated as net investment hedges
Foreign currency exchange contracts
— — — — 185 17 — — 
Cross-currency swap contracts308 5 398 (53)361 23 346 (7)
Designated as fair value hedges
Interest rate swap contracts3,300 49 1,255 (7)1,500 10 1,955 (20)
Not designated as hedges
Foreign currency exchange contracts2,855 69 3,077 (90)5,749 250 5,243 (173)
Total return swap contracts(c)
452 17 — — — — 443 (17)
(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 June 30, 2025Six Months Ended June 30, 2025
Dollars in millionsCost of products soldOther (income)/expense, netCost of products soldOther (income)/expense, net
Foreign exchange contracts
$13 $8 $(13)$24 
Cross-currency swap contracts— (76)— (126)
Interest rate swap contracts— — — (1)
Forward interest rate contracts
— (2)— (3)
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Dollars in millionsCost of products soldOther (income)/expense, netCost of products soldOther (income)/expense, net
Foreign currency exchange contracts$(29)$(40)$(74)$(53)
Cross-currency swap contracts— 7 — 36 
Interest rate swap contracts— 4 — 7 
Forward interest rate contracts
— (1)— (2)
The following table summarizes the effect of derivative and non-derivative instruments designated as hedges in Other comprehensive income/(loss):
Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Derivatives designated as cash flow hedges
Foreign exchange contracts gain/(loss):
Recognized in Other comprehensive income/(loss)$(299)$102 $(515)$241 
Reclassified to Cost of products sold13 (29)(13)(74)
Cross-currency swap contracts gain/(loss):
Recognized in Other comprehensive income/(loss)70 (18)94 (34)
Reclassified to Other (income)/expense, net(73)10 (121)41 
Forward interest rate contract gain/(loss):
Recognized in Other comprehensive income/(loss)
— — — 131 
Reclassified to Other (income)/expense, net(2)(1)(3)(2)
Derivatives designated as net investment hedges
Cross-currency swap contracts gain/(loss):
Recognized in Other comprehensive income/(loss)(45)23 (63)50
Foreign exchange contracts gain/(loss):
Recognized in Other comprehensive income/(loss)(15)18 (78)41 
v3.25.2
FINANCING ARRANGEMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
Short-term debt obligations include:
Dollars in millionsJune 30,
2025		December 31,
2024
Non-U.S. short-term financing obligations
$240 $218 
Current portion of Long-term debt4,475 1,828 
Short-term debt obligations
$4,715 $2,046 
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 millionsJune 30,
2025		December 31,
2024
Principal value$48,415 $48,937 
Adjustments to principal value:
Fair value of interest rate swap contracts41 (10)
Unamortized basis adjustment from swap terminations66 71 
Unamortized bond discounts and issuance costs(375)(390)
Unamortized purchase price adjustments of Celgene debt798 823 
Total$48,945 $49,431 
Current portion of Long-term debt$4,475 $1,828 
Long-term debt44,470 47,603 
Total$48,945 $49,431 
v3.25.2
RECEIVABLES (Tables)
 6 Months Ended
Jun. 30, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Schedule of Receivables
Dollars in millionsJune 30,
2025		December 31,
2024
Trade receivables$10,714 $9,957 
Less charge-backs and cash discounts
(949)(900)
Less allowance for expected credit loss
(54)(45)
Net trade receivables9,711 9,012 
Alliance, royalties, VAT and other1,703 1,735 
Receivables$11,415 $10,747 
v3.25.2
INVENTORIES (Tables)
 6 Months Ended
Jun. 30, 2025
Inventory, Net [Abstract]  
Inventories
Dollars in millionsJune 30,
2025		December 31,
2024
Finished goods$1,157 $1,257 
Work in process2,916 2,549 
Raw and packaging materials339 320 
Total inventories$4,412 $4,126 
Inventories$2,737 $2,557 
Other non-current assets1,675 1,569 
v3.25.2
PROPERTY, PLANT AND EQUIPMENT (Tables)
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Dollars in millionsJune 30,
2025		December 31,
2024
Land$161 $161 
Buildings6,855 6,581 
Machinery, equipment and fixtures3,905 3,818 
Construction in progress1,761 1,525 
Gross property, plant and equipment12,682 12,085 
Less accumulated depreciation(5,309)(4,949)
Property, plant and equipment$7,373 $7,136 
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2025
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, 2024
$21,719 
Currency translation and other adjustments57 
Balance at June 30, 2025
$21,776 
Schedule of Other Intangible Assets
Other intangible assets consisted of the following:

Estimated
Useful Lives		June 30, 2025December 31, 2024
Dollars in millions
Gross carrying amountsAccumulated amortizationOther intangible assets, net Gross carrying amountsAccumulated amortizationOther intangible assets, net
R&D technology
6 years
$1,980 $(440)$1,540 $1,980 $(275)$1,705 
Acquired marketed product rights
3 – 17 years
61,927 (50,154)11,773 61,876 (48,659)13,217 
Capitalized software
3 – 10 years
1,554 (1,174)380 1,499 (1,099)400 
IPRD7,685 — 7,685 7,985 — 7,985 
Total$73,146 $(51,768)$21,378 $73,340 $(50,033)$23,307 
v3.25.2
SUPPLEMENTAL FINANCIAL INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
Supplemental Financial Information [Abstract]  
Schedule of Other Current Assets
Dollars in millionsJune 30,
2025		December 31, 2024
Income taxes$3,439 $3,292 
Research and development847 754 
Contract assets248 385 
Restricted cash
12 — 
Other920 1,186 
Other current assets$5,466 $5,617 
Schedule of Other Assets, Noncurrent
Dollars in millionsJune 30,
2025		December 31, 2024
Equity investments (Note 9)$1,706 $1,736 
Operating leases1,276 1,224 
Inventories (Note 12)
1,675 1,569 
Pension and postretirement270 234 
Research and development285 336 
Receivables and convertible notes
200 452 
Other524 554 
Other non-current assets$5,936 $6,105 
Schedule of Other Current Liabilities
Dollars in millionsJune 30,
2025		December 31, 2024
Rebates and discounts$9,539 $9,021 
Income taxes918 1,514 
Employee compensation and benefits897 1,694 
Research and development1,384 1,366 
Dividends1,262 1,258 
Interest575 572 
Royalties495 477 
Operating leases194 181 
Other2,122 2,043 
Other current liabilities$17,386 $18,126 
Other Noncurrent Liabilities
Dollars in millionsJune 30,
2025		December 31, 2024
Income taxes $1,438 $1,491 
Pension and postretirement415 400 
Operating leases1,550 1,370 
Deferred income197 230 
Deferred compensation463 456 
Contingent value rights (Note 9)
592 256 
Other287 266 
Other non-current liabilities$4,942 $4,469 
v3.25.2
EQUITY (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Stock by Class
The following table summarizes changes in equity during the six months ended June 30, 2025:
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, 20242,923 $292 $46,024 $(1,238)$14,912 894 $(43,655)$53 
Net earnings/(loss)— — — — 2,456 — — 6 
Other comprehensive income/(loss)
— — — (185)— — — — 
Cash dividends declared $0.62 per share
— — — — (1,262)— — — 
Stock compensation— — (13)— — (6)59 — 
Balance at March 31, 20252,923 $292 $46,011 $(1,424)$16,106 888 $(43,597)$59 
Net earnings/(loss)— — — — 1,310 — — 2 
Other comprehensive income/(loss)
— — — (130)— — — — 
Cash dividends declared $0.62 per share
— — — — (1,262)— — — 
Stock compensation— — 123 — — — 6 — 
Distributions— — — — — — — (8)
Balance at June 30, 20252,923 $292 $46,134 $(1,554)$16,154 888 $(43,590)$54 

The following table summarizes changes in equity during the six months ended June 30, 2024:
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, 20232,923 $292 $45,684 $(1,546)$28,766 902 $(43,766)$55 
Net earnings/(loss)— — — — (11,911)— — 3 
Other comprehensive income/(loss)
— — — 146 — — — — 
Cash dividends declared $0.60 per share
— — — — (1,215)— — — 
Stock compensation— — (29)— — (6)69 — 
Balance at March 31, 20242,923 $292 $45,655 $(1,400)$15,640 896 $(43,697)$58 
Net earnings— — — — 1,680 — — 4 
Other comprehensive income/(loss)
— — — (56)— — — — 
Cash dividends declared $0.60 per share
— — — — (1,217)— — — 
Stock compensation— — 111 — — — 7 — 
Distributions— — — — — — — (8)
Balance at June 30, 20242,923 $292 $45,766 $(1,456)$16,103 896 $(43,690)$54 
Schedule of Comprehensive Income Loss
The components of Other comprehensive income/(loss) were as follows:
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Dollars in millionsPretaxTaxAfter TaxPretaxTaxAfter Tax
Derivatives qualifying as cash flow hedges:
Recognized in other comprehensive income/(loss)
$(229)$48 $(181)$(420)$85 $(335)
Reclassified to net earnings(a)
(59)12 (47)(136)28 (108)
Derivatives qualifying as cash flow hedges(288)60 (228)(556)113 (443)
Pension and postretirement benefits
Amortization(b)
2 — 2 4 (1)3 
Marketable debt securities
Unrealized gains/(losses)1 — 1 1 — 1 
Foreign currency translation81 14 95 90 32 122 
Other comprehensive income/(loss)$(204)$74 $(130)$(461)$144 $(316)

Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Dollars in millionsPretaxTaxAfter TaxPretaxTaxAfter Tax
Derivatives qualifying as cash flow hedges:
Recognized in other comprehensive income/(loss)
$84 $(12)$72 $338 $(59)$279 
Reclassified to net earnings(a)
(20)2 (18)(35)1 (34)
Derivatives qualifying as cash flow hedges64 (10)54 303 (58)245 
Pension and postretirement benefits
Actuarial gains/(losses)(87)21 (66)(93)22 (71)
Amortization(b)
1 — 1 3 — 3 
Settlements(b)
— 1 1 19 (2)17 
Pension and postretirement benefits(86)22 (64)(71)20 (51)
Marketable debt securities
Unrealized gains/(losses)(1)1 — (3)1 (2)
Foreign currency translation(37)(9)(46)(81)(21)(102)
Other comprehensive income/(loss)$(60)$4 $(56)$148 $(58)$90 
(a)Included in Cost of products sold and Other (income)/expense, net. Refer to "—Note 9. Financial Instruments and Fair Value Measurements" for further information.
(b)Included in Other (income)/expense, net.
Schedule of Accumulated Other Comprehensive Income Loss
The accumulated balances related to each component of Other comprehensive income/(loss), net of taxes, were as follows:
Dollars in millionsJune 30,
2025		December 31,
2024
Derivatives qualifying as cash flow hedges$(67)$376 
Pension and postretirement benefits(645)(648)
Marketable debt securities3 2 
Foreign currency translation(a)
(846)(968)
Accumulated other comprehensive loss$(1,554)$(1,238)
(a)Includes net investment hedge gains of $102 million and $210 million as of June 30, 2025 and December 31, 2024, respectively.
v3.25.2
EMPLOYEE STOCK BENEFIT PLANS (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Cost by Plan
Stock-based compensation expense was as follows:
 Three Months Ended June 30,Six Months Ended June 30,
Dollars in millions2025202420252024
Cost of products sold$16 $14 $31 $28 
Selling, general and administrative
56 48 112 101 
Research and development66 63 138 129 
Total stock-based compensation expense
$138 $125 $281 $258 
Income tax benefit(a)
$29 $27 $59 $55 
(a)    Income tax benefit excludes excess tax (deficiencies)/benefits from share-based compensation awards that were vested or exercised of $(2) million and $2 million for the three and six months ended June 30, 2025 and ($3) million and ($20) million for the three and six months ended June 30, 2024, 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 six months ended June 30, 2025 were as follows:
Units in millionsUnitsWeighted-Average Fair Value
Restricted stock units12.0 $56.74 
Market share units1.1 $71.38 
Performance share units0.5 $62.72 
Share-based Payment Arrangement, Nonvested Award, Cost
Dollars in millionsRestricted Stock UnitsMarket Share UnitsPerformance Share Units
Unrecognized compensation cost$1,123 $107 $73 
Expected weighted-average period in years of compensation cost to be recognized2.82.31.8
v3.25.2
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Schedule of Research and Development Expense [Line Items]        
Research and development $ 2,580 $ 2,899 $ 4,837 $ 5,594
Research        
Schedule of Research and Development Expense [Line Items]        
Research and development 291 336 605 720
Drug Development        
Schedule of Research and Development Expense [Line Items]        
Research and development 1,095 1,096 2,176 2,180
Other        
Schedule of Research and Development Expense [Line Items]        
Research and development $ 1,195 $ 1,467 $ 2,057 $ 2,695
v3.25.2
REVENUE - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Total Revenues $ 12,269 $ 12,201 $ 23,470 $ 24,066
Net product sales        
Disaggregation of Revenue [Line Items]        
Total Revenues 11,909 11,925 22,794 23,484
Alliance revenues        
Disaggregation of Revenue [Line Items]        
Total Revenues 119 116 208 250
Other revenues        
Disaggregation of Revenue [Line Items]        
Total Revenues $ 241 $ 160 $ 468 $ 332
v3.25.2
REVENUE - Reconciliation of Gross Product Sales to Net Product Sales (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Gross to Net Adjustments [Line Items]        
Total Revenues $ 12,269 $ 12,201 $ 23,470 $ 24,066
Total GTN adjustments (10,272) (8,855) (19,260) (16,591)
Prior period gross to net adjustment impacted by new accounting pronouncement 42 (19) 331 61
United States        
Gross to Net Adjustments [Line Items]        
Total Revenues 8,519 8,801 16,392 17,277
Total GTN adjustments (9,500) (8,000) (17,600) (14,900)
Gross product sales        
Gross to Net Adjustments [Line Items]        
Total Revenues 22,181 20,780 42,054 40,075
Net product sales        
Gross to Net Adjustments [Line Items]        
Total Revenues 11,909 11,925 22,794 23,484
Charge-backs and cash discounts        
Gross to Net Adjustments [Line Items]        
Total GTN adjustments (3,407) (2,843) (6,365) (5,399)
Medicaid and Medicare rebates        
Gross to Net Adjustments [Line Items]        
Total GTN adjustments (4,516) (3,864) (8,356) (6,948)
Other rebates, returns, discounts and adjustments        
Gross to Net Adjustments [Line Items]        
Total GTN adjustments $ (2,348) $ (2,148) $ (4,538) $ (4,244)
v3.25.2
REVENUE - Disaggregation of Revenue by Product and Region (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue from External Customer [Line Items]        
Total Revenues $ 12,269 $ 12,201 $ 23,470 $ 24,066
Performance obligation satisfied in previous period 230 76 674 258
United States        
Revenue from External Customer [Line Items]        
Total Revenues 8,519 8,801 16,392 17,277
International        
Revenue from External Customer [Line Items]        
Total Revenues 3,481 3,224 6,590 6,414
Other        
Revenue from External Customer [Line Items]        
Total Revenues 270 176 488 375
Growth Portfolio        
Revenue from External Customer [Line Items]        
Total Revenues 6,596 5,596 12,159 10,388
Opdivo        
Revenue from External Customer [Line Items]        
Total Revenues 2,560 2,387 4,824 4,465
Opdivo Qvantig        
Revenue from External Customer [Line Items]        
Total Revenues 30 0 38 0
Orencia        
Revenue from External Customer [Line Items]        
Total Revenues 963 948 1,733 1,746
Yervoy        
Revenue from External Customer [Line Items]        
Total Revenues 728 630 1,351 1,213
Reblozyl        
Revenue from External Customer [Line Items]        
Total Revenues 568 425 1,046 779
Opdualag        
Revenue from External Customer [Line Items]        
Total Revenues 284 235 537 441
Breyanzi        
Revenue from External Customer [Line Items]        
Total Revenues 344 153 607 260
Camzyos        
Revenue from External Customer [Line Items]        
Total Revenues 260 139 419 223
Zeposia        
Revenue from External Customer [Line Items]        
Total Revenues 150 151 257 261
Abecma        
Revenue from External Customer [Line Items]        
Total Revenues 87 95 190 177
Sotyktu        
Revenue from External Customer [Line Items]        
Total Revenues 70 53 126 97
Krazati        
Revenue from External Customer [Line Items]        
Total Revenues 48 32 96 53
Cobenfy        
Revenue from External Customer [Line Items]        
Total Revenues 35 0 62 0
Other Growth products        
Revenue from External Customer [Line Items]        
Total Revenues 470 348 874 673
Legacy Portfolio        
Revenue from External Customer [Line Items]        
Total Revenues 5,673 6,605 11,311 13,678
Eliquis        
Revenue from External Customer [Line Items]        
Total Revenues 3,680 3,416 7,245 7,136
Revlimid        
Revenue from External Customer [Line Items]        
Total Revenues 838 1,353 1,774 3,022
Pomalyst/Imnovid        
Revenue from External Customer [Line Items]        
Total Revenues 708 959 1,366 1,824
Sprycel        
Revenue from External Customer [Line Items]        
Total Revenues 120 424 295 798
Abraxane        
Revenue from External Customer [Line Items]        
Total Revenues 105 231 210 448
Other Legacy products        
Revenue from External Customer [Line Items]        
Total Revenues $ 223 $ 222 $ 421 $ 450
v3.25.2
ALLIANCES - Selected Financial Information For Alliances (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Alliance Statement [Line Items]          
Total alliance revenues $ 12,269 $ 12,201 $ 23,470 $ 24,066  
Cost of products sold [1] 3,372 3,267 6,404 6,199  
Selling, general and administrative (1,713) (1,928) (3,297) (4,295)  
Other (income)/expense, net 494 273 833 354  
Receivables – from alliance partners 11,415   11,415   $ 10,747
Accounts payable – to alliance partners 5,427   5,427   3,602
Net product sales          
Alliance Statement [Line Items]          
Total alliance revenues 11,909 11,925 22,794 23,484  
Alliance revenues          
Alliance Statement [Line Items]          
Total alliance revenues 119 116 208 250  
Collaborative Arrangement          
Alliance Statement [Line Items]          
Total alliance revenues 3,840 3,586 7,563 7,482  
Cost of products sold 1,827 1,692 3,615 3,517  
Selling, general and administrative (68) (65) (133) (144)  
Research and development 75 46 151 100  
Acquired IPRD 1,500 80 1,500 880  
Other (income)/expense, net (10) (102) (22) (114)  
Receivables – from alliance partners 218   218   221
Accounts payable – to alliance partners 3,306   3,306   1,578
Deferred income – from alliances 203   203   $ 222
Collaborative Arrangement | Net product sales          
Alliance Statement [Line Items]          
Total alliance revenues 3,720 3,470 7,355 7,232  
Collaborative Arrangement | Alliance revenues          
Alliance Statement [Line Items]          
Total alliance revenues $ 119 $ 116 $ 208 $ 250  
[1] Excludes amortization of acquired intangible assets
v3.25.2
ALLIANCES - Financial Information Pertaining to Alliances (BioNTech) (Details)
$ in Billions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Alliance Statement [Line Items]    
Consideration for anniversary payments $ 2.0 $ 2.0
BioNTech    
Alliance Statement [Line Items]    
Upfront payments made to collaborative partner $ 1.5  
Consideration for contingent development and regulatory approval   $ 7.6
v3.25.2
ALLIANCES - Financial Information Pertaining to Alliances (SystImmune) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
SystImmune      
Alliance Statement [Line Items]      
Upfront payments made to collaborative partner     $ 800
Consideration for contingent development and regulatory approval   $ 7,600  
BioNTech      
Alliance Statement [Line Items]      
Upfront payments made to collaborative partner $ 1,500    
Consideration for contingent development and regulatory approval   $ 7,600  
v3.25.2
ALLIANCES - Financial Information Pertaining to Alliances (Eisai) (Details)
$ in Millions
 3 Months Ended
Jun. 30, 2024
USD ($)
Eisai  
Alliance Statement [Line Items]  
Income related to collaboration termination $ 90
v3.25.2
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS - Narrative (Details)
$ / shares in Units, $ in Millions
 6 Months Ended 12 Months Ended 36 Months Ended
May 13, 2025
USD ($)
$ / shares
Mar. 18, 2024
USD ($)
$ / shares
Feb. 26, 2024
USD ($)
$ / shares
Jan. 23, 2024
USD ($)
right
$ / shares
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2026
Feb. 28, 2025
USD ($)
Licensing Arrangements [Line Items]                    
Business combination, contingent value, number of rights received | right       1            
Diabetes business - royalties                    
Licensing Arrangements [Line Items]                    
Percentage of net sales payable to alliance partner         14.00%   15.00%      
Philochem                    
Licensing Arrangements [Line Items]                    
License and other arrangements upfront payments         $ 350          
Maximum aggregate contingent and regulatory milestone payments         1,000          
BioArctic                    
Licensing Arrangements [Line Items]                    
License and other arrangements upfront payments         100          
Maximum aggregate contingent and regulatory milestone payments                   $ 1,300
Keytruda royalties                    
Licensing Arrangements [Line Items]                    
Percentage of net sales payable to alliance partner               6.50%    
Keytruda royalties | Forecast                    
Licensing Arrangements [Line Items]                    
Percentage of net sales payable to alliance partner                 2.50%  
Keytruda royalties | Forecast | Bristol-Myers Squibb                    
Licensing Arrangements [Line Items]                    
Payment and royalty allocation                 75.00%  
Keytruda royalties | Forecast | Ono                    
Licensing Arrangements [Line Items]                    
Payment and royalty allocation                 25.00%  
RayzeBio                    
Licensing Arrangements [Line Items]                    
Share price (in usd per share) | $ / shares     $ 62.50              
Total consideration     $ 4,147              
Business combination, consideration transferred     3,600              
RayzeBio | Unvested Equity Awards                    
Licensing Arrangements [Line Items]                    
Total consideration     $ 274              
Mirati Therapeutics                    
Licensing Arrangements [Line Items]                    
Share price (in usd per share) | $ / shares       $ 58.00            
Total consideration       $ 4,801            
Business combination, consideration transferred       $ 4,100            
Business combination, contingent value, share price (in dollars per share) | $ / shares       $ 12.00            
Continent consideration liability       $ 1,000            
Business combination, contingent value payout, period       7 years            
2seventy bio                    
Licensing Arrangements [Line Items]                    
Asset acquisition, share price (in dollars per share) | $ / shares $ 5.00                  
Payments to acquire assets $ 287                  
Payments for asset acquisitions, net of cash acquired $ 114                  
Karuna                    
Licensing Arrangements [Line Items]                    
Asset acquisition, share price (in dollars per share) | $ / shares   $ 330.00                
Payments to acquire assets   $ 14,027                
Payments for asset acquisitions, net of cash acquired   $ 12,900                
Karuna | Acquired IPRD                    
Licensing Arrangements [Line Items]                    
Payments to acquire assets         $ 12,100 $ 12,100        
v3.25.2
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS - Schedule of Assets Acquired and Liabilities Assumed in Karuna Acquisition (Details) - Karuna - USD ($)
$ in Millions
 6 Months Ended
Mar. 18, 2024
Jun. 30, 2024
Asset Acquisition, Contingent Consideration [Line Items]    
Payments to acquire assets $ 14,027  
Transaction costs 55  
Total consideration allocated 13,793  
Common Stock    
Asset Acquisition, Contingent Consideration [Line Items]    
Payments to acquire assets 12,606  
Equity    
Asset Acquisition, Contingent Consideration [Line Items]    
Payments to acquire assets 1,421  
Unvested Equity Awards    
Asset Acquisition, Contingent Consideration [Line Items]    
Less: Charge for unvested stock awards $ (289)  
Unvested Equity Awards | Selling, general and administrative    
Asset Acquisition, Contingent Consideration [Line Items]    
Payments to acquire assets   $ 130
Unvested Equity Awards | Research and development    
Asset Acquisition, Contingent Consideration [Line Items]    
Payments to acquire assets   $ 159
v3.25.2
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS - Schedule of Consideration for RayzeBio Acquisition (Details) - RayzeBio - USD ($)
$ in Millions
 6 Months Ended
Feb. 26, 2024
Jun. 30, 2024
Business Combination [Line Items]    
Total consideration $ 4,147  
Total consideration allocated 3,873  
Common Stock    
Business Combination [Line Items]    
Total consideration 3,851  
Equity    
Business Combination [Line Items]    
Total consideration 296  
Unvested Equity Awards    
Business Combination [Line Items]    
Total consideration $ 274  
Unvested Equity Awards | Selling, general and administrative    
Business Combination [Line Items]    
Total consideration   $ 159
Unvested Equity Awards | Research and development    
Business Combination [Line Items]    
Total consideration   $ 115
v3.25.2
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS - Schedule of Consideration for Mirati Acquisition (Details) - Mirati Therapeutics - USD ($)
$ in Millions
 6 Months Ended
Jan. 23, 2024
Jun. 30, 2024
Business Combination [Line Items]    
Total consideration $ 4,801  
Plus: Fair value of CVRs 248  
Total consideration allocated 4,935  
Common Stock    
Business Combination [Line Items]    
Total consideration 4,596  
Equity    
Business Combination [Line Items]    
Total consideration 205  
Unvested Equity Awards    
Business Combination [Line Items]    
Less: unvested stock awards $ (114)  
Unvested Equity Awards | Selling, general and administrative    
Business Combination [Line Items]    
Total consideration   $ 60
Unvested Equity Awards | Research and development    
Business Combination [Line Items]    
Total consideration   $ 54
v3.25.2
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS - Schedule of Divestitures (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Net Proceeds $ 277 $ 265 $ 563 $ 496
Divestiture (Gains)/Losses 1 0 (7) 0
Royalty Income (286) (265) (558) (536)
Diabetes business - royalties        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Net Proceeds 276 265 552 496
Divestiture (Gains)/Losses 0 0 0 0
Royalty Income (286) (265) (558) (536)
Mature products and other        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Net Proceeds 1 0 11 0
Divestiture (Gains)/Losses 1 0 (7) 0
Royalty Income $ 0 $ 0 $ 0 $ 0
v3.25.2
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS - Licensing and Other Arrangements (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Contingent milestone income $ 0 $ (25) $ (40) $ (25)
Amortization of deferred income (12) (12) (24) (24)
Royalty and licensing income (162) (191) (421) (352)
Keytruda royalties        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Royalty income, nonoperating (132) (137) (284) (270)
Tecentriq royalties        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Royalty income, nonoperating (11) (11) (23) (23)
Other royalties and licensing income        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Royalty income, nonoperating $ (7) $ (6) $ (51) $ (10)
v3.25.2
OTHER (INCOME)/EXPENSE, NET - Schedule of Other (Income) Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Alliance Statement [Line Items]        
Interest expense $ 485 $ 521 $ 979 $ 946
Royalty income - divestitures (Note 4) (286) (265) (558) (536)
Royalty and licensing income (Note 4) (162) (191) (421) (352)
Provision for restructuring (Note 6) 223 260 356 480
Investment income (139) (87) (277) (270)
Integration expenses (Note 6) 32 74 74 145
Litigation and other settlements 1 69 259 71
Acquisition expense 3 1 5 50
Equity investment (gain)/losses, net (Note 9) 22 (107) 100 (209)
Contingent consideration (Note 9) 336 0 336 0
Other (21) (2) (19) 29
Other (income)/expense, net $ 494 $ 273 $ 833 $ 354
v3.25.2
RESTRUCTURING - Narrative (Details)
$ in Millions
Jun. 30, 2025
USD ($)
2023 Restructuring Plan  
Restructuring Cost and Reserve [Line Items]  
Expected restructuring and related charges $ 2,500
Restructuring and related cost, cost incurred to date 1,400
Celgene and Other Acquisition Plans  
Restructuring Cost and Reserve [Line Items]  
Restructuring and related cost, expected cost remaining $ 150
v3.25.2
RESTRUCTURING - Schedule of Restructuring and Related Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]        
Total charges $ 279 $ 357 $ 469 $ 669
Employee termination costs 220 260 352 477
Provision for restructuring 223 260 356 480
Integration expenses 32 74 74 145
Accelerated depreciation 12 20 27 34
Asset impairments 10 0 18 2
Cost of products sold        
Restructuring Cost and Reserve [Line Items]        
Total charges 3 3 5 17
Selling, general and administrative        
Restructuring Cost and Reserve [Line Items]        
Total charges 3 6 5 12
Research and development        
Restructuring Cost and Reserve [Line Items]        
Total charges 18 14 39 15
Other (income)/expense, net        
Restructuring Cost and Reserve [Line Items]        
Total charges 255 334 421 625
Other termination costs        
Restructuring Cost and Reserve [Line Items]        
Other termination costs 3 0 4 3
Other shutdown costs, net        
Restructuring Cost and Reserve [Line Items]        
Other termination costs 2 3 (5) 8
2023 Restructuring Plan        
Restructuring Cost and Reserve [Line Items]        
Total charges 231 264 374 332
Celgene and Other Acquisition Plans        
Restructuring Cost and Reserve [Line Items]        
Total charges $ 48 $ 93 $ 95 $ 337
v3.25.2
RESTRUCTURING - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Restructuring Reserve [Roll Forward]    
Beginning balance $ 297 $ 188
Provision for restructuring 356 480
Payments (310) (234)
Foreign currency translation and other 10 (3)
Ending balance $ 353 $ 431
v3.25.2
INCOME TAXES - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Earnings/(Loss) before income taxes $ 1,773 $ 1,286 $ 4,744 $ (10,230)
Income tax provision/(benefit) $ 460 $ (398) $ 969 $ (6)
Effective tax rate 25.90% (30.90%) 20.40% 0.10%
v3.25.2
INCOME TAXES - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Mar. 18, 2024
Jun. 30, 2025
Jun. 30, 2024
Effective Income Tax Rate Reconciliation [Line Items]      
Income tax reserves   $ 644  
Income tax payments   1,800 $ 2,100
Transition taxes paid   991 799
Minimum      
Effective Income Tax Rate Reconciliation [Line Items]      
Reasonably possible decrease in unrecognized tax benefits   250  
Maximum      
Effective Income Tax Rate Reconciliation [Line Items]      
Reasonably possible decrease in unrecognized tax benefits   290  
Karuna      
Effective Income Tax Rate Reconciliation [Line Items]      
Payments to acquire assets $ 14,027    
Karuna | Acquired IPRD      
Effective Income Tax Rate Reconciliation [Line Items]      
Payments to acquire assets   $ 12,100 $ 12,100
v3.25.2
EARNINGS/(LOSS) PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Net earnings/(loss) attributable to BMS $ 1,310 $ 1,680 $ 3,766 $ (10,231)
Weighted-average common shares outstanding – basic (in shares) 2,035,000,000 2,027,000,000 2,033,000,000 2,025,000,000
Incremental shares attributable to share-based compensation plans (in shares) 3,000,000 2,000,000 6,000,000 0
Weighted-average common shares outstanding – diluted (in shares) 2,038,000,000 2,029,000,000 2,039,000,000 2,025,000,000
Earnings/(Loss) per common share        
Basic (usd per share) $ 0.64 $ 0.83 $ 1.85 $ (5.05)
Diluted (usd per share) $ 0.64 $ 0.83 $ 1.85 $ (5.05)
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 23,000,000 39,000,000 19,000,000 44,000,000
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Equity investments $ 277   $ 277   $ 289
Contingent consideration fair value adjustments 336 $ 0 336 $ 0  
Contingent value rights          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Contingent consideration fair value adjustments 336        
Level 1          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Money market and other securities 0   0   0
Derivative assets 0   0   0
Derivative liabilities 0   0   0
Level 1 | Contingent value rights          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Contingent value rights 2   2   2
Level 1 | Equity investments          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Equity investments 238   238   247
Level 1 | Certificates of deposit          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Marketable debt securities 0   0   0
Level 1 | Corporate debt securities          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Marketable debt securities 0   0   0
Level 1 | U.S. Treasury securities          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Marketable debt securities 0   0   0
Level 2          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Money market and other securities 8,189   8,189   6,559
Derivative assets 282   282   750
Derivative liabilities 301   301   247
Level 2 | Contingent value rights          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Contingent value rights 0   0   0
Level 2 | Equity investments          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Equity investments 39   39   42
Level 2 | Certificates of deposit          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Marketable debt securities 800   800   308
Level 2 | Corporate debt securities          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Marketable debt securities 514   514   486
Level 2 | U.S. Treasury securities          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Marketable debt securities 36   36   39
Level 3          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Money market and other securities 0   0   0
Derivative assets 0   0   0
Derivative liabilities 0   0   0
Level 3 | Contingent value rights          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Contingent value rights 592   592   256
Level 3 | Equity investments          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Equity investments 0   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   0
Level 3 | Corporate debt securities          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Marketable debt securities 0   0   0
Level 3 | U.S. Treasury securities          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Marketable debt securities $ 0   $ 0   $ 0
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Summary of Equity Investments Carrying Amount (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Equity investments with RDFV $ 277 $ 289
Equity investments without RDFV 848 863
Limited partnerships and other equity method investments 581 598
Total equity investments $ 1,706 $ 1,750
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Equity Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Equity investments with RDFV        
Net (gain)/loss recognized $ (4) $ (36) $ 1 $ (122)
Less: net (gain)/loss recognized on investments sold 2 0 5 1
Net unrealized (gain)/loss recognized on investments still held (6) (36) (4) (123)
Equity investments without RDFV        
Upward adjustments (11) (11) (11) (21)
Net realized (gain)/loss recognized on investments sold 0 (36) 19 (36)
Impairments and downward adjustments 0 4 45 29
Limited partnerships and other equity method investments        
Equity in net (income)/loss of affiliates 37 (28) 46 (59)
Total equity investment (gains)/losses $ 22 $ (107) $ 100 $ (209)
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jan. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Derivative [Line Items]            
Debt securities, available-for-sale, term   5 years   5 years   5 years
Cumulative upward adjustments   $ 229   $ 229    
Cumulative impairment amount   140   140    
Pre-tax gains       156    
Cross-currency swap contracts            
Derivative [Line Items]            
Recognized in Other comprehensive income/(loss)   70 $ (18) 94 $ (34)  
Forward interest rate contracts | Cash Flow Hedging            
Derivative [Line Items]            
Derivative, notional amount $ 5,000          
Recognized in Other comprehensive income/(loss) $ 131          
Designated as cash flow hedges | Cross-currency swap contracts | Cash Flow Hedging            
Derivative [Line Items]            
Derivative, notional amount   584   584    
Designated as cash flow hedges | Cross-currency swap contracts | Net Investment Hedging            
Derivative [Line Items]            
Derivative, notional amount   707   707    
Designated as cash flow hedges | Euro Member Countries, Euro | Foreign currency exchange contracts            
Derivative [Line Items]            
Derivative, notional amount   4,500   4,500    
Designated as cash flow hedges | Euro Member Countries, Euro | Cross-currency swap contracts | Net Investment Hedging            
Derivative [Line Items]            
Derivative, notional amount   345   345    
Designated as cash flow hedges | Japan, Yen | Foreign currency exchange contracts            
Derivative [Line Items]            
Derivative, notional amount   1,200   1,200    
Designated as cash flow hedges | Japan, Yen | Cross-currency swap contracts | Net Investment Hedging            
Derivative [Line Items]            
Derivative, notional amount   $ 362   $ 362    
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Derivatives and Fair Value (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Interest rate swap contracts    
Derivatives, Fair Value [Line Items]    
Derivative liabilities $ 41 $ (10)
Designated as cash flow hedges | Foreign currency exchange contracts | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative assets 68 424
Derivative liabilities (151) 0
Designated as cash flow hedges | Foreign currency exchange contracts | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Derivative assets 0 17
Derivative liabilities 0 0
Designated as cash flow hedges | Foreign currency exchange contracts | Assets | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 4,626 6,428
Designated as cash flow hedges | Foreign currency exchange contracts | Assets | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 0 185
Designated as cash flow hedges | Foreign currency exchange contracts | Liability | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 2,296 43
Designated as cash flow hedges | Foreign currency exchange contracts | Liability | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 0 0
Designated as cash flow hedges | Cross-currency swap contracts | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 584  
Derivative assets 74 26
Derivative liabilities 0 (30)
Designated as cash flow hedges | Cross-currency swap contracts | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Derivative assets 5 23
Derivative liabilities (53) (7)
Designated as cash flow hedges | Cross-currency swap contracts | Assets | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 584 584
Designated as cash flow hedges | Cross-currency swap contracts | Assets | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 308 361
Designated as cash flow hedges | Cross-currency swap contracts | Liability | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 0 626
Designated as cash flow hedges | Cross-currency swap contracts | Liability | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 398 346
Designated as cash flow hedges | Interest rate swap contracts    
Derivatives, Fair Value [Line Items]    
Derivative assets 49 10
Derivative liabilities (7) (20)
Designated as cash flow hedges | Interest rate swap contracts | Assets    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 3,300 1,500
Designated as cash flow hedges | Interest rate swap contracts | Liability    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 1,255 1,955
Not designated as hedges | Foreign currency exchange contracts    
Derivatives, Fair Value [Line Items]    
Derivative assets 69 250
Derivative liabilities (90) (173)
Not designated as hedges | Foreign currency exchange contracts | Assets    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 2,855 5,749
Not designated as hedges | Foreign currency exchange contracts | Liability    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 3,077 5,243
Not designated as hedges | Total return swap contracts    
Derivatives, Fair Value [Line Items]    
Derivative assets 17 0
Derivative liabilities 0 (17)
Not designated as hedges | Total return swap contracts | Assets    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 452 0
Not designated as hedges | Total return swap contracts | Liability    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount $ 0 $ 443
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Derivative Instruments, Gain (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Foreign currency exchange contracts | Cost of products sold        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative, net $ 13 $ (29) $ (13) $ (74)
Foreign currency exchange contracts | Other (income)/expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative, net 8 (40) 24 (53)
Cross-currency swap contracts | Cost of products sold        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative, net 0 0 0 0
Cross-currency swap contracts | Other (income)/expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative, net (76) 7 (126) 36
Interest rate swap contracts | Cost of products sold        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative, net 0 0 0 0
Interest rate swap contracts | Other (income)/expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative, net 0 4 (1) 7
Forward interest rate contracts | Cost of products sold        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative, net 0 0 0 0
Forward interest rate contracts | Other (income)/expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative, net $ (2) $ (1) $ (3) $ (2)
v3.25.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Gain/(Loss) on Hedging Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Foreign currency exchange contracts        
Foreign exchange contracts gain/(loss):        
Recognized in Other comprehensive income/(loss) $ (299) $ 102 $ (515) $ 241
Derivatives designated as net investment hedges        
Recognized in Other comprehensive income/(loss) (15) 18 (78) 41
Foreign currency exchange contracts | Cost of products sold        
Foreign exchange contracts gain/(loss):        
Reclassified to net earnings, pretax 13 (29) (13) (74)
Cross-currency swap contracts        
Foreign exchange contracts gain/(loss):        
Recognized in Other comprehensive income/(loss) 70 (18) 94 (34)
Derivatives designated as net investment hedges        
Recognized in Other comprehensive income/(loss) (45) 23 (63) 50
Cross-currency swap contracts | Other (income)/expense, net        
Foreign exchange contracts gain/(loss):        
Reclassified to net earnings, pretax (73) 10 (121) 41
Interest rate swap contracts        
Foreign exchange contracts gain/(loss):        
Recognized in Other comprehensive income/(loss) 0 0 0 131
Interest rate swap contracts | Other (income)/expense, net        
Foreign exchange contracts gain/(loss):        
Reclassified to net earnings, pretax $ (2) $ (1) $ (3) $ (2)
v3.25.2
FINANCING ARRANGEMENTS - Short-Term Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
Non-U.S. short-term financing obligations $ 240 $ 218
Current portion of Long-term debt 4,475 1,828
Short-term debt obligations $ 4,715 $ 2,046
v3.25.2
FINANCING ARRANGEMENTS - Narrative (Details)
€ in Millions
 6 Months Ended
Feb. 13, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2025
EUR (€)
Jun. 30, 2024
USD ($)
Jan. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]            
Long-term debt, fair value   $ 45,500,000,000       $ 45,300,000,000
Principal value   48,415,000,000       48,937,000,000
Interest payments   1,000,000,000.0   $ 735,000,000    
Revolving Credit Facility | Line of Credit            
Debt Instrument [Line Items]            
Borrowings outstanding   $ 0       0
$5 Billion Maximum Borrowing Capacity            
Debt Instrument [Line Items]            
Renewal period (in years)   1 year        
Commercial Paper Program | Commercial paper            
Debt Instrument [Line Items]            
Debt instrument, maximum amount authorized for issuance         $ 5,000,000,000.0 $ 7,000,000,000
Debt instrument, term   365 days 365 days      
2024 Senior Unsecured Notes            
Debt Instrument [Line Items]            
Principal value       13,000,000,000    
Proceeds from debt, net of issuance costs       12,900,000,000    
1.000% Notes due 2025            
Debt Instrument [Line Items]            
Debt repaid, principal | €     € 575      
Interest rates   1.00%        
3.625% Notes            
Debt Instrument [Line Items]            
Debt repaid, principal       $ 395,000,000    
Interest rates       3.625%    
$5.0 Billion Maximum Borrowing Capacity | Revolving Credit Facility            
Debt Instrument [Line Items]            
Long-term debt, term (in years)   5 years        
Line of credit facility, maximum borrowing capacity   $ 5,000,000,000        
$2.0 Billion Maximum Borrowing Capacity | Revolving Credit Facility | Line of Credit            
Debt Instrument [Line Items]            
Debt instrument, term 364 days          
Line of credit facility, maximum borrowing capacity $ 2,000,000,000          
v3.25.2
FINANCING ARRANGEMENTS - Schedule of Long-term Debt (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Principal value $ 48,415,000,000 $ 48,937,000,000
Unamortized basis adjustment from swap terminations 66,000,000 71,000,000
Unamortized bond discounts and issuance costs (375,000,000) (390,000,000)
Unamortized purchase price adjustments of Celgene debt 798,000,000 823,000,000
Total 48,945,000,000 49,431,000,000
Current portion of Long-term debt 4,475,000,000 1,828,000,000
Long-term debt 44,470,000,000 47,603,000,000
Interest rate swap contracts    
Debt Instrument [Line Items]    
Fair value of interest rate swap contracts $ 41,000,000 $ (10,000,000)
v3.25.2
RECEIVABLES - Schedule of Receivables (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Trade receivables $ 10,714 $ 9,957
Less charge-backs and cash discounts (949) (900)
Less allowance for expected credit loss (54) (45)
Net trade receivables 9,711 9,012
Alliance, royalties, VAT and other 1,703 1,735
Receivables $ 11,415 $ 10,747
v3.25.2
RECEIVABLES - Additional Information (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
customer
Jun. 30, 2024
USD ($)
Dec. 31, 2024
customer
Account Receivables [Line Items]      
Non-U.S. receivables sold on a nonrecourse basis | $ $ 147 $ 304  
Number of largest pharmaceutical wholesalers | customer 3   3
Customer Concentration Risk      
Account Receivables [Line Items]      
Percent of aggregate total trade receivables due from three pharmaceutical wholesalers 72.00%   74.00%
v3.25.2
INVENTORIES (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Inventory, Net [Abstract]    
Finished goods $ 1,157 $ 1,257
Work in process 2,916 2,549
Raw and packaging materials 339 320
Total inventories 4,412 4,126
Inventories 2,737 2,557
Other non-current assets $ 1,675 $ 1,569
v3.25.2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Property, Plant and Equipment [Abstract]          
Land $ 161   $ 161   $ 161
Buildings 6,855   6,855   6,581
Machinery, equipment and fixtures 3,905   3,905   3,818
Construction in progress 1,761   1,761   1,525
Gross property, plant and equipment 12,682   12,682   12,085
Less accumulated depreciation (5,309)   (5,309)   (4,949)
Property, plant and equipment 7,373   7,373   $ 7,136
Depreciation expense $ 165 $ 161 $ 330 $ 316  
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Goodwill [Roll Forward]  
Balance at December 31, 2024 $ 21,719
Currency translation and other adjustments 57
Balance at June 30, 2025 $ 21,776
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Other Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Other intangible assets    
Total $ 73,146 $ 73,340
Accumulated amortization (51,768) (50,033)
Other intangible assets 21,378 23,307
IPRD    
Other intangible assets    
IPRD 7,685 7,985
Other intangible assets 7,685 7,985
R&D technology    
Other intangible assets    
Gross carrying amounts 1,980 1,980
Accumulated amortization (440) (275)
Other intangible assets $ 1,540 1,705
R&D technology | Minimum    
Other intangible assets    
Estimated useful lives (in years) 6 years  
Acquired marketed product rights    
Other intangible assets    
Gross carrying amounts $ 61,927 61,876
Accumulated amortization (50,154) (48,659)
Other intangible assets $ 11,773 13,217
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) 17 years  
Capitalized software    
Other intangible assets    
Gross carrying amounts $ 1,554 1,499
Accumulated amortization (1,174) (1,099)
Other intangible assets $ 380 $ 400
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  
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
oncology_asset
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Other intangible assets        
Amortization of intangible assets $ 864 $ 2,400 $ 1,700 $ 4,800
IPRD impairment charge $ 300      
Number of oncology assets | oncology_asset 2      
Lower Revised Cash Flow Projections for Inrebic | Inrebic        
Other intangible assets        
Impairment charge   280    
Investigational Compound for Hematologic Diseases | Celgene        
Other intangible assets        
IPRD impairment charge   $ 590    
v3.25.2
SUPPLEMENTAL FINANCIAL INFORMATION - Other Current Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Supplemental Financial Information [Abstract]    
Income taxes $ 3,439 $ 3,292
Research and development 847 754
Contract assets 248 385
Restricted cash 12 0
Other 920 1,186
Other current assets $ 5,466 $ 5,617
v3.25.2
SUPPLEMENTAL FINANCIAL INFORMATION - Other Non-Current Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Supplemental Financial Information [Abstract]    
Equity investments (Note 9) $ 1,706 $ 1,736
Operating leases 1,276 1,224
Inventories (Note 12) 1,675 1,569
Pension and postretirement 270 234
Research and development 285 336
Receivables and convertible notes 200 452
Other 524 554
Other non-current assets $ 5,936 $ 6,105
v3.25.2
SUPPLEMENTAL FINANCIAL INFORMATION - Other Current Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Supplemental Financial Information [Abstract]    
Rebates and discounts $ 9,539 $ 9,021
Income taxes 918 1,514
Employee compensation and benefits 897 1,694
Research and development 1,384 1,366
Dividends 1,262 1,258
Interest 575 572
Royalties 495 477
Operating leases 194 181
Other 2,122 2,043
Other current liabilities $ 17,386 $ 18,126
v3.25.2
SUPPLEMENTAL FINANCIAL INFORMATION - Other Non-Current Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Supplemental Financial Information [Abstract]    
Income taxes $ 1,438 $ 1,491
Pension and postretirement 415 400
Operating leases 1,550 1,370
Deferred income 197 230
Deferred compensation 463 456
Contingent value rights (Note 9) 592 256
Other 287 266
Other non-current liabilities $ 4,942 $ 4,469
v3.25.2
EQUITY - Schedule of Stockholders Equity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance $ 17,489       $ 17,489   $ 16,388  
Net earnings/(loss) 1,313   $ 1,684   3,775 $ (10,224)    
Other comprehensive income/(loss) (130)   $ (56)   (316) $ 90    
Ending balance $ 17,489       $ 17,489      
Dividends declared (in usd per share) $ 0.62 $ 0.62 $ 0.60 $ 0.60        
Common Stock                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance (in shares) 2,923 2,923 2,923 2,923 2,923 2,923    
Beginning balance $ 292 $ 292 $ 292 $ 292 $ 292 $ 292 292 $ 292
Ending balance (in shares) 2,923 2,923 2,923 2,923 2,923 2,923    
Ending balance $ 292 $ 292 $ 292 $ 292 $ 292 $ 292    
Capital in Excess of Par Value of Stock                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance 46,134 46,011 45,766 45,655 46,134 45,766 46,024 45,684
Stock compensation 123 (13) 111 (29)        
Ending balance 46,134 46,011 45,766 45,655 46,134 45,766    
Accumulated Other Comprehensive Loss                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance (1,554) (1,424) (1,456) (1,400) (1,554) (1,456) (1,238) (1,546)
Other comprehensive income/(loss) (130) (185) (56) 146 (316) 90    
Ending balance (1,554) (1,424) (1,456) (1,400) (1,554) (1,456)    
Retained Earnings                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance 16,154 16,106 16,103 15,640 16,154 16,103 14,912 28,766
Net earnings/(loss) 1,310 2,456 1,680 (11,911)        
Cash dividends declared (1,262) (1,262) (1,217) (1,215)        
Ending balance 16,154 16,106 16,103 15,640 16,154 16,103    
Treasury Stock                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance $ (43,590) $ (43,597) $ (43,690) $ (43,697) $ (43,590) $ (43,690) (43,655) (43,766)
Treasury stock, beginning balance (in shares) 888 894 896 902 894 902    
Stock compensation $ 6 $ 59 $ 7 $ 69        
Stock compensation (in shares) 0 (6) 0 (6)        
Ending balance $ (43,590) $ (43,597) $ (43,690) $ (43,697) $ (43,590) $ (43,690)    
Treasury stock, ending balance (in shares) 888 888 896 896 888 896    
Noncontrolling Interest                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance $ 54 $ 59 $ 54 $ 58 $ 54 $ 54 $ 53 $ 55
Net earnings/(loss) 2 6 4 3        
Distributions (8)   (8)          
Ending balance $ 54 $ 59 $ 54 $ 58 $ 54 $ 54    
v3.25.2
EQUITY - Schedule of Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivatives qualifying as cash flow hedges:            
Derivatives qualifying as cash flow hedges, after tax $ (228)   $ 54   $ (443) $ 245
Pension and postretirement benefits            
Pension and postretirement benefits, after tax 2   (64)   3 (51)
Marketable debt securities            
Unrealized (losses)/gains on marketable debt securities, after tax 1   0   1 (2)
Foreign currency translation            
Foreign currency translation, after tax 95   (46)   122 (102)
Total other comprehensive income/(loss) (130)   (56)   (316) 90
Accumulated Other Comprehensive Loss            
Derivatives qualifying as cash flow hedges:            
Recognized in other comprehensive income/(loss), pretax (229)   84   (420) 338
Recognized in other comprehensive income/(loss), tax 48   (12)   85 (59)
Recognized in other comprehensive income/(loss), after tax (181)   72   (335) 279
Reclassified to net earnings, pretax (59)   (20)   (136) (35)
Reclassified to net earnings, tax 12   2   28 1
Reclassified to net earnings, after tax (47)   (18)   (108) (34)
Derivatives qualifying as cash flow hedges, pretax (288)   64   (556) 303
Derivatives qualifying as cash flow hedges, tax 60   (10)   113 (58)
Derivatives qualifying as cash flow hedges, after tax (228)   54   (443) 245
Pension and postretirement benefits            
Actuarial gains/(losses), pretax     (87)     (93)
Actuarial gains/(losses), tax     21     22
Actuarial gains/(losses), after tax     (66)     (71)
Amortization, pretax 2   1   4 3
Amortization, tax 0   0   (1) 0
Amortization, after tax 2   1   3 3
Settlements, pretax     0     19
Settlements, tax     1     (2)
Settlements, after tax     1     17
Pension and postretirement benefits, pre-tax     (86)     (71)
Pension and postretirement benefits, tax     22     20
Pension and postretirement benefits, after tax     (64)     (51)
Marketable debt securities            
Unrealized (losses)/gains on marketable debt securities, pretax 1   (1)   1 (3)
Unrealized (losses)/gains on marketable debt securities, tax 0   1   0 1
Unrealized (losses)/gains on marketable debt securities, after tax 1   0   1 (2)
Foreign currency translation            
Foreign currency translation, pretax 81   (37)   90 (81)
Foreign currency translation, tax 14   (9)   32 (21)
Foreign currency translation, after tax 95   (46)   122 (102)
Other comprehensive income, pre-tax (204)   (60)   (461) 148
Other comprehensive income, tax 74   4   144 (58)
Total other comprehensive income/(loss) $ (130) $ (185) $ (56) $ 146 $ (316) $ 90
v3.25.2
EQUITY - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Equity [Abstract]    
Derivatives qualifying as cash flow hedges $ (67) $ 376
Pension and postretirement benefits (645) (648)
Marketable debt securities 3 2
Foreign currency translation (846) (968)
Accumulated other comprehensive loss (1,554) (1,238)
Net investment hedge gains $ 102 $ 210
v3.25.2
EMPLOYEE STOCK BENEFIT PLANS - Stock Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total stock-based compensation expense $ 138 $ 125 $ 281 $ 258
Income tax benefit 29 27 59 55
Excess tax benefits from share-based compensation awards (2) 3 2 20
Cost of products sold        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total stock-based compensation expense 16 14 31 28
Selling, general and administrative        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total stock-based compensation expense 56 48 112 101
Research and development        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total stock-based compensation expense $ 66 $ 63 $ 138 $ 129
v3.25.2
EMPLOYEE STOCK BENEFIT PLANS - Schedule of Share-based Compensation Additional Information (Details)
shares in Millions
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Restricted stock units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Number of units granted (in shares) | shares 12.0
Weighted-average fair value (in usd per share) | $ / shares $ 56.74
Market share units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Number of units granted (in shares) | shares 1.1
Weighted-average fair value (in usd per share) | $ / shares $ 71.38
Performance share units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Number of units granted (in shares) | shares 0.5
Weighted-average fair value (in usd per share) | $ / shares $ 62.72
v3.25.2
EMPLOYEE STOCK BENEFIT PLANS - Share-based Payment Arrangement, Nonvested Award, Cost (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Restricted stock units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized compensation cost $ 1,123
Expected weighted-average period in years of compensation cost to be recognized 2 years 9 months 18 days
Market share units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized compensation cost $ 107
Expected weighted-average period in years of compensation cost to be recognized 2 years 3 months 18 days
Performance share units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized compensation cost $ 73
Expected weighted-average period in years of compensation cost to be recognized 1 year 9 months 18 days
v3.25.2
LEGAL PROCEEDINGS AND CONTINGENCIES (Details)
$ in Millions
 1 Months Ended
May 31, 2025
USD ($)
May 31, 2024
USD ($)
Feb. 28, 2021
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2021
USD ($)
Mar. 31, 2018
lawsuit
Legal Proceedings and Contingencies [Line Items]            
Obligation to holders of the contingent value rights         $ 6,400  
Accrued liabilities for CERCLA matters       $ 62    
Attorney General of Hawaii v. Bristol-Myers Squibb and Sanofi            
Legal Proceedings and Contingencies [Line Items]            
Litigation settlement, amount awarded to other party $ 350 $ 458 $ 417      
Attorney General of Hawaii v. Bristol-Myers Squibb and Sanofi | BMS and Sanofi            
Legal Proceedings and Contingencies [Line Items]            
Litigation settlement, amount awarded to other party $ 700 $ 916 $ 834      
Celgene Securities Class Action            
Legal Proceedings and Contingencies [Line Items]            
Putative claims | lawsuit           2