BRISTOL MYERS SQUIBB CO, 10-Q filed on 10/26/2022
Quarterly Report
v3.22.2.2
Cover Page - shares
 9 Months Ended
Sep. 30, 2022
Oct. 14, 2022
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2022  
Document Transition Report false  
Entity File Number 001-01136  
Entity Registrant Name BRISTOL-MYERS SQUIBB COMPANY  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 22-0790350  
Entity Address, Address Line One 430 E. 29th Street, 14FL  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10016  
City Area Code 212  
Local Phone Number 546-4200  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   2,126,160,347
Entity Central Index Key 0000014272  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Small Business false  
Common Stock $0.10 Par Value    
Title of 12(b) Security Common Stock, $0.10 Par Value  
Trading Symbol BMY  
Security Exchange Name NYSE  
1.000% Notes due 2025    
Title of 12(b) Security 1.000% Notes due 2025  
Trading Symbol BMY25  
Security Exchange Name NYSE  
1.750% Notes due 2035    
Title of 12(b) Security 1.750% Notes due 2035  
Trading Symbol BMY35  
Security Exchange Name NYSE  
Celgene Contingent Value Rights    
Title of 12(b) Security Celgene Contingent Value Rights  
Trading Symbol CELG RT  
Security Exchange Name NYSE  
v3.22.2.2
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Total Revenues $ 11,218 $ 11,624 $ 34,753 $ 34,400
Cost of products sold [1] 2,353 2,291 7,544 7,584
Marketing, selling and administrative 1,930 1,788 5,548 5,336
Research and development 2,418 2,980 6,999 7,677
Acquired IPRD 30 271 763 1,070
Amortization of acquired intangible assets 2,418 2,546 7,252 7,606
Other (income)/expense, net (140) (409) 793 (1,113)
Total Expenses 9,009 9,467 28,899 28,160
Earnings Before Income Taxes 2,209 2,157 5,854 6,240
Provision for Income Taxes 601 605 1,534 1,598
Net Earnings 1,608 1,552 4,320 4,642
Noncontrolling Interest 2 6 15 20
Net Earnings Attributable to BMS $ 1,606 $ 1,546 $ 4,305 $ 4,622
Earnings per common share attributable to BMS, basic (in usd per share) $ 0.75 $ 0.70 $ 2.01 $ 2.08
Earnings per common share attributable to BMS, diluted (in usd per share) $ 0.75 $ 0.69 $ 2.00 $ 2.05
Net product sales        
Total Revenues $ 10,813 $ 11,243 $ 33,606 $ 33,446
Alliance and other revenues        
Total Revenues $ 405 $ 381 $ 1,147 $ 954
[1] Excludes amortization of acquired intangible assets
v3.22.2.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Statement of Comprehensive Income [Abstract]        
Net Earnings $ 1,608 $ 1,552 $ 4,320 $ 4,642
Other Comprehensive Income, net of taxes and reclassifications to earnings:        
Derivatives qualifying as cash flow hedges 286 113 618 399
Pension and postretirement benefits 18 7 64 45
Marketable debt securities 0 (3) (2) (7)
Foreign currency translation (153) (23) (253) (22)
Total Other Comprehensive Income 151 94 427 415
Comprehensive Income 1,759 1,646 4,747 5,057
Comprehensive Income Attributable to Noncontrolling Interest 2 6 15 20
Comprehensive Income Attributable to BMS $ 1,757 $ 1,640 $ 4,732 $ 5,037
v3.22.2.2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Current Assets:    
Cash and cash equivalents $ 7,734 $ 13,979
Marketable debt securities 1,293 2,987
Receivables 9,613 9,369
Inventories 2,074 2,095
Other current assets 6,082 4,832
Total Current Assets 26,796 33,262
Property, plant and equipment 6,035 6,049
Goodwill 21,112 20,502
Other intangible assets 38,179 42,527
Deferred income taxes 1,329 1,439
Other non-current assets 4,745 5,535
Total Assets 98,196 109,314
Current Liabilities:    
Short-term debt obligations 2,132 4,948
Accounts payable 2,595 2,949
Other current liabilities 14,203 13,971
Total Current Liabilities 18,930 21,868
Deferred income taxes 2,881 4,501
Long-term debt 36,966 39,605
Other non-current liabilities 6,685 7,334
Total Liabilities 65,462 73,308
Commitments and contingencies
Bristol-Myers Squibb Company Shareholders’ Equity:    
Preferred stock 0 0
Common stock 292 292
Capital in excess of par value of stock 44,956 44,361
Accumulated other comprehensive loss (841) (1,268)
Retained earnings 24,675 23,820
Less cost of treasury stock (36,411) (31,259)
Total Bristol-Myers Squibb Company Shareholders’ Equity 32,671 35,946
Noncontrolling interest 63 60
Total Equity 32,734 36,006
Total Liabilities and Equity $ 98,196 $ 109,314
v3.22.2.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows From Operating Activities:    
Net Earnings $ 4,320 $ 4,642
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization, net 7,755 8,107
Deferred income taxes (2,114) (127)
Stock-based compensation 338 450
Impairment charges 144 1,192
Divestiture gains and royalties (820) (462)
Acquired IPRD 763 1,070
Equity investment losses/(income) 966 (1,214)
Contingent consideration fair value adjustments 1 (510)
Other adjustments 178 204
Changes in operating assets and liabilities:    
Receivables (557) (886)
Inventories (28) 141
Accounts payable (296) 19
Rebates and discounts 730 902
Income taxes payable (310) (841)
Other (1,310) (537)
Net Cash Provided by Operating Activities 9,760 12,150
Cash Flows From Investing Activities:    
Sale and maturities of marketable debt securities 5,205 2,952
Purchase of marketable debt securities (3,566) (3,408)
Proceeds from sales of equity investment securities 213 1,058
Capital expenditures (772) (653)
Divestiture and other proceeds 815 570
Acquisition and other payments, net of cash acquired (4,170) (1,458)
Net Cash Used in Investing Activities (2,275) (939)
Cash Flows From Financing Activities:    
Short-term debt obligations, net 58 (46)
Issuance of long-term debt 5,926 0
Repayment of long-term debt (11,431) (6,022)
Repurchase of common stock (5,585) (3,536)
Dividends (3,489) (3,297)
Other 805 644
Net Cash Used in Financing Activities (13,716) (12,257)
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash (128) (48)
Decrease in Cash, Cash Equivalents and Restricted Cash (6,359) (1,094)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 14,316 14,973
Cash, Cash Equivalents and Restricted Cash at End of Period $ 7,957 $ 13,879
v3.22.2.2
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS
 9 Months Ended
Sep. 30, 2022
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" 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 as of September 30, 2022 and December 31, 2021, the results of operations for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine months ended September 30, 2022 and 2021. All intercompany balances and transactions have been eliminated. These financial statements and the related notes should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021 included in the 2021 Form 10-K. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for terms used throughout the document.

Business Segment Information

BMS operates in a single segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of innovative medicines that help patients prevail over serious diseases. A global research and development organization and supply chain organization are responsible for the discovery, development, manufacturing and supply of products. Regional commercial organizations market, distribute and sell the products. The business is also supported by global corporate staff functions. Consistent with BMS’s operational structure, the Chief Executive Officer (“CEO”), as the chief operating decision maker, manages and allocates resources at the global corporate level. Managing and allocating resources at the global corporate level enables the CEO to assess both the overall level of resources available and how to best deploy these resources across functions, therapeutic areas, regional commercial organizations and research and development projects in line with our overarching long-term corporate-wide strategic goals, rather than on a product or franchise basis. The determination of a single segment is consistent with the financial information regularly reviewed by the CEO for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting future periods. For further information on product and regional revenue, see “—Note 2. Revenue”.

Use of Estimates and Judgments

Revenues, expenses, assets and liabilities can vary during each quarter of the year. Accordingly, the results and trends in these unaudited consolidated financial statements may not be indicative of full year operating results. The preparation of financial statements requires the use of management estimates, judgments and assumptions. The most significant assumptions are estimates used in determining accounting for acquisitions; impairments of intangible assets; charge-backs, cash discounts, sales rebates, returns and other adjustments; legal contingencies; and income taxes. Actual results may differ from estimates.

Reclassifications

Certain reclassifications were made to conform the prior period consolidated financial statements to the current period presentation. Upfront and contingent milestone charges in connection with asset acquisitions or licensing of third-party intellectual property rights previously presented in Research and development are now presented in Acquired IPRD in the consolidated statements of earnings. Additionally, Rebates and discounts previously presented in Other changes in operating assets and liabilities in the consolidated statements of cash flows are now presented separately in Rebates and discounts.

Recently Issued Accounting Standards

Business Combinations

In October 2021, the FASB issued amended guidance on accounting for contract assets and contract liabilities from contracts with customers in a business combination. The guidance is intended to address inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized. At the acquisition date, an entity should account for the related revenue contracts in accordance with existing revenue recognition guidance generally by assessing how the acquiree applied recognition and measurement in their financial statements. The amended guidance is effective January 1, 2023 on a prospective basis. Early adoption is permitted.
Fair Value Measurements

In June 2022, the FASB issued amended guidance on measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security. The guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The guidance also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendment requires the following disclosures for equity securities subject to contractual sale restrictions: the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; the nature and remaining duration of the restriction(s); and the circumstances that could cause a lapse in the restriction(s). The amended guidance is effective January 1, 2024 on a prospective basis. Early adoption is permitted.
v3.22.2.2
REVENUE
 9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
The following table summarizes the disaggregation of revenue by nature:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Net product sales$10,813 $11,243 $33,606 $33,446 
Alliance revenues173 194 560 495 
Other revenues232 187 587 459 
Total Revenues$11,218 $11,624 $34,753 $34,400 

The following table summarizes GTN adjustments:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Gross product sales$17,606 $17,335 $51,555 $49,676 
GTN adjustments(a)
Charge-backs and cash discounts(1,907)(1,908)(5,420)(5,214)
Medicaid and Medicare rebates(3,295)(2,625)(8,003)(6,482)
Other rebates, returns, discounts and adjustments(1,591)(1,559)(4,526)(4,534)
Total GTN adjustments(6,793)(6,092)(17,949)(16,230)
Net product sales$10,813 $11,243 $33,606 $33,446 
(a)    Includes adjustments for provisions for product sales made in prior periods resulting from changes in estimates of $10 million and $207 million for the three and nine months ended September 30, 2022, and $10 million and $282 million for the three and nine months ended September 30, 2021, respectively.
The following table summarizes the disaggregation of revenue by product and region:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
In-Line Products
Eliquis$2,655 $2,413 9,101 8,091 
Opdivo2,047 1,905 6,033 5,535 
Pomalyst/Imnovid886 851 2,620 2,478 
Orencia883 870 2,551 2,442 
Sprycel560 551 1,587 1,562 
Yervoy523 515 1,563 1,481 
Empliciti73 82 225 253 
Mature and other products441 480 1,338 1,459 
Total In-Line Products 8,068 7,667 25,018 23,301 
New Product Portfolio
Reblozyl190 160 518 400 
Abecma107 71 263 95 
Zeposia69 40 171 86 
Breyanzi44 30 127 47 
Inrebic21 22 62 54 
Onureg32 21 87 48 
Opdualag84 — 148 — 
Camzyos5 — 8 — 
Sotyktu1 — 1 — 
Total New Product Portfolio553 344 1,385 730 
Total In-Line Products and New Product Portfolio8,621 8,011 26,403 24,031 
Recent LOE Products(a)
Revlimid2,420 3,347 7,718 9,493 
Abraxane177 266 632 876 
Total Recent LOE Products2,597 3,613 8,350 10,369 
Total Revenues$11,218 $11,624 $34,753 $34,400 
United States$7,941 $7,296 $23,903 $21,694 
International3,062 4,052 10,216 12,075 
Other(b)
215 276 634 631 
Total Revenues$11,218 $11,624 $34,753 $34,400 
(a)    Recent LOE Products include products with significant decline in revenue from the prior reporting period as a result of a loss of exclusivity.
(b)    Other revenues include royalties and alliance-related revenues for products not sold by BMS’s regional commercial organizations.

Revenue recognized from performance obligations satisfied in prior periods was $119 million and $450 million for the three and nine months ended September 30, 2022 and $73 million and $463 million for the three and nine months ended September 30, 2021, respectively, consisting primarily of revised estimates for GTN adjustments related to prior period sales and royalties for out-licensing arrangements.
v3.22.2.2
ALLIANCES
 9 Months Ended
Sep. 30, 2022
ALLIANCES [Abstract]  
Alliances ALLIANCESBMS enters into collaboration arrangements with third parties for the development and commercialization of certain products. Although each of these arrangements is unique in nature, both parties are active participants in the operating activities of the collaboration and exposed to significant risks and rewards depending on the commercial success of the activities. BMS may either in-license intellectual property owned by the other party or out-license its intellectual property to the other party. These arrangements also typically include research, development, manufacturing, and/or commercial activities and can cover a single investigational compound or commercial product or multiple compounds and/or products in various life cycle stages. The rights and obligations of the parties can be global or limited to geographic regions. BMS refers to these collaborations as alliances and its partners as alliance partners.
Selected financial information pertaining to alliances was as follows, including net product sales when BMS is the principal in the third-party customer sale for products subject to the alliance. Expenses summarized below do not include all amounts attributed to the activities for the products in the alliance, but only the payments between the alliance partners or the related amortization if the payments were deferred or capitalized.
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Revenues from alliances:
Net product sales$2,722 $2,452 $9,234 $8,139 
Alliance revenues173 194 560 495 
Total Revenues$2,895 $2,646 $9,794 $8,634 
Payments to/(from) alliance partners:
Cost of products sold$1,328 $1,181 $4,456 $3,924 
Marketing, selling and administrative(53)(43)(160)(140)
Research and development6 10 40 17 
Acquired IPRD — — 100 736 
Other (income)/expense, net(18)1 (41)(18)

Dollars in MillionsSeptember 30,
2022		December 31,
2021
Selected Alliance Balance Sheet information:
Receivables – from alliance partners$281 $320 
Accounts payable – to alliance partners1,242 1,229 
Deferred income – from alliances(a)
304 330 
(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 2021 Form 10-K. Significant developments and updates related to alliances during the nine months ended September 30, 2022, and 2021 are set forth below.

BridgeBio

In May 2022, BMS and BridgeBio commenced an exclusive global collaboration to develop and commercialize BBP-398, a SHP2 inhibitor, in oncology. The transaction included an upfront payment of $90 million, which was expensed to Acquired IPRD during the second quarter of 2022. BridgeBio is eligible to receive contingent development, regulatory and sales-based milestones up to $815 million, as well as royalties on global net sales, excluding certain markets. BridgeBio is responsible for funding and completing ongoing BBP-398 Phase I monotherapy and combination therapy trials. BMS will lead and fund all other development and commercial activities. BridgeBio has an option to co-develop BBP-398 and receive higher royalties in the U.S.

Nektar

In April 2022, BMS and Nektar announced that the companies have jointly decided to end the global clinical development program for bempegaldesleukin in combination with Opdivo based on results from pre-planned analyses of two late-stage clinical studies in RCC and bladder cancer. These studies and all other ongoing studies in the program are being discontinued.

Eisai

In the second quarter of 2021, BMS and Eisai commenced an exclusive global strategic collaboration for the co-development and co-commercialization of MORAb-202, a selective folate receptor alpha antibody-drug conjugate being investigated in endometrial, ovarian, lung and breast cancers. MORAb-202 is currently in Phase I/II clinical trials for solid tumors.

BMS and Eisai will jointly develop and commercialize MORAb-202 in the U.S., Canada, Europe, Japan, China and certain other countries in the Asia-Pacific region (the “collaboration territory”). Eisai is responsible for the global manufacturing and supply. Profits, research and development and commercialization costs are shared in the collaboration territories. BMS is responsible for development and commercialization outside of the collaboration territory and will pay a royalty on those sales.
A $650 million up-front collaboration fee was expensed to Acquired IPRD during the second quarter of 2021. BMS is also obligated to pay up to $2.5 billion upon the achievement of contingent development, regulatory and sales-based milestones.
v3.22.2.2
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS
 9 Months Ended
Sep. 30, 2022
Acquisitions, Divestitures and Other Arrangements [Abstract]  
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS
Acquisitions

Turning Point

On August 17, 2022, BMS acquired Turning Point for $4.1 billion of cash (or $3.3 billion net of cash acquired). Turning Point is a clinical-stage precision oncology company with a pipeline of investigational medicines designed to target the common mutations and alterations that drive cancer growth. The acquisition provides BMS rights to Turning Point's lead asset, repotrectinib, and other clinical and pre-clinical stage assets. The transaction was accounted for as a business combination requiring all assets acquired and liabilities assumed to be recognized at their fair value as of the acquisition date.

The total consideration for the acquisition consisted of the following:
Dollars in MillionsTotal Consideration
Cash consideration for outstanding shares $3,811 
Cash consideration for equity awards 302 
  Consideration paid4,113 
Less: Unvested stock awards (a)
153 
Total consideration to be allocated$3,960 
(a)    Includes unvested equity awards of $73 million expensed in Marketing, selling, and administrative and $80 million expensed in Research and development during the three months ended September 30, 2022.

The purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed as of the acquisition date based upon their respective fair values summarized below:
Dollars in MillionsPurchase Price Allocation
Cash and cash equivalents$795 
Other current assets 14 
Intangible assets (a)
2,971 
Deferred income tax assets 229 
Other non-current assets10 
Deferred income tax liabilities(643)
Other current liabilities(111)
Identifiable net assets acquired$3,265 
Goodwill (b)
695 
Total consideration allocated$3,960 
(a)    Intangible assets primarily consist of IPRD allocated to repotrectinib ($2.8 billion), a potential best-in-class tyrosine kinase inhibitor targeting the ROS1 and NTRK oncogenic drivers in NSCLC and other advanced solid tumors. Repotrectinib is currently in registrational Phase II study in adults and a Phase I/II study in pediatric patients. The estimated fair value of IPRD assets was determined using an income approach valuation method.
(b)    Goodwill resulted primarily from the recognition of deferred tax liabilities and is not deductible for tax purposes.

The results of Turning Point's operations were included in the consolidated financial statements commencing August 18, 2022, and were not material. Historical financial results of the acquired entity were not significant.

Divestitures

The following table summarizes the financial impact of divestitures including royalties, which are included in Other (income)/expense, net. Revenue and pretax earnings related to all divestitures were not material in all periods presented (excluding divestiture gains or losses).
Three Months Ended September 30,
Net Proceeds(a)
Divestiture (Gains)/LossesRoyalty Income
Dollars in Millions202220212022202120222021
Diabetes Business$205 $153 $— $— $(205)$(159)
Mature Products and Other1 35 — 2 — (1)
Total$206 $188 $— $2 $(205)$(160)
Nine Months Ended September 30,
Net Proceeds(a)
Divestiture (Gains)/LossesRoyalty Income
Dollars in Millions202220212022202120222021
Diabetes Business$562 $449 $— $— $(595)$(445)
Mature Products and Other229 121 (211)(9)(2)(2)
Total$791 $570 $(211)$(9)$(597)$(447)
(a)    Includes royalties received subsequent to the related sale of the asset or business.

Mature Products and Other

Manufacturing Operations

In May 2022, BMS agreed to sell its manufacturing facility in Syracuse, New York to LOTTE Corporation for approximately $170 million. The transaction is expected to close during the first quarter of 2023, subject to certain regulatory approvals and other closing conditions and will be accounted for as a sale of a business. The business was accounted for as held-for-sale and its assets were reduced to the estimated relative fair value resulting in a $43 million impairment charge recorded to Cost of products sold during the second quarter of 2022. Assets and liabilities reclassified to held-for-sale and included within Other current assets and Other current liabilities were $155 million and $6 million, respectively, as of September 30, 2022.

Other

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

Licensing and Other Arrangements

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

Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Keytruda* royalties
$(268)$(215)$(732)$(611)
Tecentriq* royalties
(24)(22)(68)(67)
Contingent milestone income— (10)(46)(12)
Amortization of deferred income(18)3 (41)(27)
Biohaven sublicense income (55)— (55)— 
Other royalties and licensing income (9)(21)(25)(33)
Total$(374)$(265)$(967)$(750)

In-license Arrangements

Immatics

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

During the first quarter of 2022, a Phase I development milestone for interlukin-12 (“IL-12”) was achieved resulting in a $175 million payment to Dragonfly and an Acquired IPRD charge. The parties also amended the terms of three future milestones by requiring the achievement of certain criteria by specified dates unless BMS notifies Dragonfly that it will discontinue development of IL-12. These milestones continue to be considered substantive and contingent because the decision to proceed will be based on an assessment of clinical data prior to the specified dates.

Agenus

During the third quarter of 2021, BMS obtained a global exclusive license to Agenus’ proprietary AGEN1777 bispecific antibody program that blocks TIGIT and an additional target. AGEN1777 is being studied in oncology and a Phase I clinical trial was initiated in October 2021. BMS will be responsible for the development and any subsequent commercialization of AGEN1777 and its related products worldwide, including strategic decisions, regulatory responsibilities, funding and manufacturing. The transaction included an upfront payment of $200 million expensed to Acquired IPRD for the third quarter of 2021. Agenus is eligible to receive contingent development, regulatory and sales-based milestones up to $1.4 billion as well as royalties on global net sales.

Other

Royalty Extinguishment
In April 2022, BMS amended the terms of a license arrangement and paid a third party $295 million to extinguish a future royalty obligation related to mavacamten, prior to its FDA approval in April 2022, resulting in an Acquired IPRD charge during the second quarter of 2022.
v3.22.2.2
OTHER (INCOME)/EXPENSE, NET
 9 Months Ended
Sep. 30, 2022
Other Nonoperating Income (Expense) [Abstract]  
Other (Income)/Expense, Net OTHER (INCOME)/EXPENSE, NET
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Interest expense$299 $328 $938 $1,011 
Royalties and licensing income(579)(425)(1,564)(1,197)
Equity investment losses/(income)14 (465)966 (1,214)
Integration expenses114 141 343 434 
Contingent consideration— — 1 (510)
Loss on debt redemption— — 266 281 
Provision for restructuring17 27 60 150 
Litigation and other settlements44 13 32 49 
Divestiture losses/(gains)— 2 (211)(9)
Other(49)(30)(38)(108)
Other (income)/expense, net$(140)$(409)$793 $(1,113)
v3.22.2.2
RESTRUCTURING
 9 Months Ended
Sep. 30, 2022
Restructuring Charges [Abstract]  
Restructuring RESTRUCTURING
Celgene Acquisition Plan

In 2019, a restructuring and integration plan was implemented as an initiative to realize sustainable run rate synergies resulting from cost savings and avoidance from the Celgene acquisition that are currently expected to be approximately $3.0 billion. The synergies are expected to be realized in Cost of products sold (5%), Marketing, selling and administrative expenses (65%) and Research and development expenses (30%). Charges of approximately $3.5 billion are expected to be incurred including cash outlays of approximately $3.1 billion. Cumulative charges of approximately $3.0 billion have been recognized to date including integration planning and execution expenses, employee termination benefit costs and accelerated stock-based compensation, contract termination costs and other shutdown costs associated with site exits. The remaining charges are primarily related to IT system integration which are expected to be incurred through 2024. Employee workforce reductions were approximately 150 and 320 for the nine months ended September 30, 2022 and 2021, respectively.
Other Restructuring

Restructuring and integration plans were initiated to realize expected cost synergies resulting from cost savings and avoidance from the Turning Point acquisition on August 17, 2022, and the MyoKardia acquisition in 2020. Charges of approximately $250 million are expected to be incurred through the end of 2023, and consist of integration planning and execution expenses, employee termination benefit costs and other costs. Cumulative charges of $151 million have been recognized for these actions to date.

The following provides the charges related to restructuring initiatives by type of cost:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Celgene Acquisition Plan$102 $153 $375 $526 
Other Restructuring 29 18 34 74 
Total charges$131 $171 $409 $600 
Employee termination costs$16 $24 $57 $143 
Other termination costs1 3 3 7 
Provision for restructuring17 27 60 150 
Integration expenses114 141 343 434 
Accelerated depreciation— — 6 — 
Asset impairments— — — 24 
Other shutdown costs, net— 3 — (8)
Total charges$131 $171 $409 $600 
Cost of products sold$— $— $— $24 
Marketing, selling and administrative— 1 6 1 
Other (income)/expense, net131 170 403 575 
Total charges$131 $171 $409 $600 

The following summarizes the charges and spending related to restructuring plan activities:
Nine Months Ended September 30,
Dollars in Millions20222021
Beginning balance $101 $148 
Provision for restructuring(a)
60 138 
Foreign currency translation and other(10)(4)
Payments(106)(170)
Ending Balance$45 $112 
(a)    Includes a reduction of the liability resulting from changes in estimates of $6 million and $17 million for the nine months ended September 30, 2022 and 2021, respectively. Excludes $12 million for the nine months ended September 30, 2021 of accelerated stock-based compensation relating to the Celgene Acquisition Plan.
v3.22.2.2
INCOME TAXES
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Earnings Before Income Taxes$2,209 $2,157 $5,854 $6,240 
Provision for Income Taxes601 605 1,534 1,598 
Effective Tax Rate27.2 %28.0 %26.2 %25.6 %

Income taxes in interim periods are determined based on the estimated annual effective tax rates and the tax impact of discrete items that are reflected immediately. The effective tax rates in 2022 and 2021 were impacted by low jurisdictional tax rates attributed to the unwinding of inventory fair value adjustments, intangible asset amortization, and contingent value rights fair value adjustments that were not taxable in 2021. Additional changes to the effective tax rate may occur in future periods due to various reasons, including changes to the estimated pretax earnings mix and tax reserves and revised interpretations or changes to the relevant tax code.
It is reasonably possible that the amount of unrecognized tax benefits as of September 30, 2022 could decrease in the range of approximately $480 million to $530 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.

BMS is currently under examination by a number of tax authorities, which have proposed or are considering proposing material adjustments to tax positions for issues such as transfer pricing, certain tax credits and the deductibility of certain expenses. As previously disclosed, BMS received several notices of proposed adjustments from the IRS related to transfer pricing and other tax positions 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 open tax audits. It is reasonably possible that new issues will be raised by tax authorities that may increase unrecognized tax benefits; however, an estimate of such increases cannot reasonably be made at this time. BMS believes that it has adequately provided for all open tax years by tax jurisdiction.
v3.22.2.2
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions, Except Per Share Data2022202120222021
Net Earnings Attributable to BMS Used for Basic and Diluted EPS Calculation$1,606 $1,546 $4,305 $4,622 
Weighted-Average Common Shares Outstanding – Basic2,133 2,219 2,137 2,227 
Incremental Shares Attributable to Share-Based Compensation Plans15 24 17 26 
Weighted-Average Common Shares Outstanding – Diluted2,148 2,243 2,154 2,253 
Earnings per Common Share
Basic$0.75 $0.70 $2.01 $2.08 
Diluted0.75 0.69 2.00 2.05 

The total number of potential shares of common stock excluded from the diluted earnings per common share computation because of the antidilutive impact was not material for the three and nine months ended September 30, 2022 and 2021.
v3.22.2.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
 9 Months Ended
Sep. 30, 2022
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:
September 30, 2022December 31, 2021
Dollars in MillionsLevel 1Level 2Level 3Level 1Level 2Level 3
Cash and cash equivalents - money market and other securities$— $4,667 $— $— $12,225 $— 
Marketable debt securities:
Certificates of deposit— 1,080 — — 2,264 — 
Commercial paper— 168 — — 320 — 
Corporate debt securities— 45 — — 403 — 
Derivative assets— 1,058 8 — 206 12 
Equity investments426 493 — 1,910 109 — 
Derivative liabilities— 81 — — 25 — 
Contingent consideration liability:
Contingent value rights6 — — 8 — — 
Other acquisition related contingent consideration— — 32 — — 35 

As further described in “Item 8. Financial Statements and Supplementary Data—Note 9. Financial Instruments and Fair Value Measurements” in the Company’s 2021 Form 10-K, the Company’s fair value estimates use inputs that are either (1) quoted prices for identical assets or liabilities in active markets (Level 1 inputs); (2) observable prices for similar assets or liabilities in active markets or for identical or similar assets or liabilities in markets that are not active (Level 2 inputs); or (3) unobservable inputs (Level 3 inputs). The fair value of equity investments is adjusted for characteristics specific to the security and is not adjusted for contractual sale restrictions. Equity investments subject to contractual sale restrictions were not material as of September 30, 2022 and December 31, 2021. The restrictions will expire by April 2023.
Contingent consideration obligations are recorded at their estimated fair values and these obligations are revalued each reporting period until the related contingencies are resolved. The contingent value rights are adjusted to fair value using the traded price of the securities at the end of each reporting period. The fair value measurements for other contingent consideration liabilities are estimated using probability-weighted discounted cash flow approaches that are based on significant unobservable inputs related to product candidates acquired in business combinations and are reviewed quarterly. These inputs include, as applicable, estimated probabilities and timing of achieving specified development and regulatory milestones and the discount rate used to calculate the present value of estimated future payments. Significant changes which increase or decrease the probabilities of achieving the related development and regulatory events or shorten or lengthen the time required to achieve such events would result in corresponding increases or decreases in the fair values of these obligations.

Marketable Debt Securities and Equity Investments

The following table summarizes marketable debt securities:
September 30, 2022December 31, 2021
Dollars in MillionsAmortized CostGross UnrealizedAmortized CostGross Unrealized
GainsLossesFair ValueGainsLossesFair Value
Certificates of deposit$1,080 $— $— $1,080 $2,264 $— $— $2,264 
Commercial paper168 — — 168 320 — — 320 
Corporate debt securities45 — — 45 401 2 — 403 
Total marketable debt securities(a)
$1,293 $— $— $1,293 $2,985 $2 $— $2,987 
(a)    All marketable debt securities mature within one year as of September 30, 2022, and December 31, 2021.

The following summarizes the carrying amount of equity investments:
Dollars in MillionsSeptember 30,
2022		December 31,
2021
Equity investments with readily determinable fair values$919 $2,019 
Equity investments without readily determinable fair values505 283 
Limited partnerships and other equity method investments535 666 
Total equity investments$1,959 $2,968 

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 September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Equity investments with readily determined fair values(a)
Net loss/(gain) recognized$75 $22 $927 $(93)
Net (gain)/loss recognized on investments sold(1)3 (17)5 
Net unrealized loss/(gain) recognized on investments still held76 19 944 (98)
Equity investments without readily determinable fair values
Upward adjustments(64)(447)(70)(908)
Impairments and downward adjustments— — 2 1 
Cumulative upward adjustments(173)
Cumulative impairments and downward adjustments52 
Equity in net loss/(income) of affiliates3 (40)107 (214)
(a)    Certain prior year amounts have been reclassified to conform to the current year's presentation.

Qualifying Hedges and Non-Qualifying Derivatives

Cash Flow Hedges — Foreign currency forward contracts are used to hedge certain forecasted intercompany inventory purchases and sales transactions and certain foreign currency transactions. The fair value for contracts designated as cash flow hedges is temporarily reported in Accumulated other comprehensive loss and included in earnings when the hedged item affects earnings. The net gain or loss on foreign currency forward contracts is expected to be reclassified to net earnings (primarily included in Cost of products sold) within the next 24 months. The notional amount of outstanding foreign currency forward contracts was primarily attributed to the euro of $5.1 billion and Japanese yen of $1.4 billion as of September 30, 2022.
During the three months ended September 30, 2022, BMS entered into cross-currency interest rate 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 Accumulated other comprehensive loss and reclassified to Other (income)/expense, net, in the same periods during which the hedged debt affects earnings. The notional amount of cross-currency interest rate swap contracts was €575 million ($584 million) as of September 30, 2022.

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 forward contracts not designated as hedging instruments are used to offset exposures in certain foreign currency denominated assets, liabilities and earnings. Changes in the fair value of these derivatives are recognized in earnings as they occur.

Net Investment Hedges — Non-U.S. dollar borrowings of €375 million ($368 million) as of September 30, 2022, are designated as net investment hedges to hedge euro currency exposures of the net investment in certain foreign affiliates and are recognized in long-term debt. The effective portion of foreign exchange gain on the remeasurement of euro debt was included in the foreign currency translation component of Accumulated other comprehensive loss with the related offset in long-term debt.

Cross-currency interest rate swap contracts of $1.4 billion as of September 30, 2022, are designated to hedge certain currency exposures of BMS’s net investment in its foreign subsidiaries. Contract fair value changes are recorded in the foreign currency translation component of Accumulated other comprehensive loss with a related offset in Other current and Other non-current assets or Other current and Other non-current liabilities. The notional amount of outstanding cross-currency interest rate swaps was primarily attributed to the Japanese yen of $686 million and euro of $584 million as of September 30, 2022.

Fair Value Hedges — Fixed to floating interest rate swap contracts are designated as fair value hedges and used as an interest rate risk management strategy to create an appropriate balance of fixed and floating rate debt. The contracts and underlying debt for the hedged benchmark risk are recorded at fair value. The effective interest rate for the contracts is one-month LIBOR (3.14% as of September 30, 2022) plus an interest rate spread of 4.6%. Gains or losses resulting from changes in fair value of the underlying debt attributable to the hedged benchmark interest rate risk are recorded in interest expense with an associated offset to the carrying value of debt. Since the specific terms and notional amount of the swap are intended to align with the debt being hedged, all changes in fair value of the swap are recorded in interest expense with an associated offset to the derivative asset or liability on the consolidated balance sheet. As a result, there was no net impact in earnings. If the underlying swap is terminated prior to maturity, then the fair value adjustment to the underlying debt is amortized as a reduction to interest expense over the remaining term of the debt.

The following table summarizes the fair value of outstanding derivatives:
 September 30, 2022December 31, 2021
Asset(a)
Liability(b)
Asset(a)
Liability(b)
Dollars in MillionsNotionalFair ValueNotionalFair ValueNotionalFair ValueNotionalFair Value
Derivatives designated as hedging instruments:
Interest rate swap contracts$— $— $255 $(19)$255 $10 $— $— 
Cross-currency interest rate swap contracts1,411 136 584 (43)600 26 — — 
Foreign currency forward contracts7,978 882 145 (8)3,587 161 1,814 (20)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts1,628 40 561 (11)883 9 568 (5)
Other— 8 — — — 12 — — 
(a)    Included in Other current assets and Other non-current assets.
(b)    Included in Other current liabilities and Other non-current liabilities.
The following table summarizes the financial statement classification and amount of (gain)/loss recognized on hedging instruments:
Three Months Ended September 30, 2022Nine Months Ended September 30, 2022
Dollars in MillionsCost of products soldOther (income)/expense, netCost of products soldOther (income)/expense, net
Interest rate swap contracts$— $(5)$— $(23)
Cross-currency interest rate swap contracts— 13 — 5 
Foreign currency forward contracts(195)(61)(408)(136)
Three Months Ended September 30, 2021Nine Months Ended September 30, 2021
Dollars in MillionsCost of products soldOther (income)/expense, netCost of products soldOther (income)/expense, net
Interest rate swap contracts$— $(7)$— $(22)
Cross-currency interest rate swap contracts— (2)— (8)
Foreign currency forward contracts19 2 145 (14)

The following table summarizes the effect of derivative and non-derivative instruments designated as hedging instruments in Other Comprehensive Income:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Derivatives qualifying as cash flow hedges
Foreign currency forward contracts gain/(loss):
Recognized in Other Comprehensive Income(a)
$548 $93 $1,149 $314 
Reclassified to Cost of products sold(195)37 (408)126 
Cross-currency interest rate swap contracts gain/(loss):
Recognized in Other Comprehensive Income(43)— (43)— 
Reclassified to Other (income)/expense, net20 — 20 — 
Forward starting interest rate swap contract loss:
Reclassified to Other (income)/expense, net— — (3)— 
Derivatives qualifying as net investment hedges
Cross-currency interest rate swap contracts gain:
Recognized in Other Comprehensive Income71 — 135 26 
Non-derivatives qualifying as net investment hedges
Non-U.S. dollar borrowings gain:
Recognized in Other Comprehensive Income40 20 123 45 
(a)    The majority is expected to be reclassified into earnings in the next 24 months.

Debt Obligations

Short-term debt obligations include:
Dollars in MillionsSeptember 30,
2022		December 31,
2021
Non-U.S. short-term borrowings$107 $105 
Current portion of long-term debt1,903 4,764 
Other122 79 
Total$2,132 $4,948 
Long-term debt and the current portion of long-term debt include:
Dollars in MillionsSeptember 30,
2022		December 31,
2021
Principal Value$38,137 $43,095 
Adjustments to Principal Value:
Fair value of interest rate swap contracts(19)10 
Unamortized basis adjustment from swap terminations101 119 
Unamortized bond discounts and issuance costs(290)(263)
Unamortized purchase price adjustments of Celgene debt940 1,408 
Total$38,869 $44,369 
Current portion of long-term debt$1,903 $4,764 
Long-term debt36,966 39,605 
Total$38,869 $44,369 

The fair value of long-term debt was $34.3 billion as of September 30, 2022 and $49.1 billion at December 31, 2021 valued using Level 2 inputs, which are based upon the quoted market prices for the same or similar debt instruments. The fair value of short-term borrowings approximates the carrying value due to the short maturities of the debt instruments.

During the nine months ended September 30 2022, BMS purchased an aggregate principal amount of $6.0 billion of certain of its debt securities for $6.6 billion of cash in tender offers and “make whole” redemptions. In connection with these transactions, a $266 million net loss on debt redemption was recognized based on the carrying value of the debt and included in Other (income)/expense, net.

During the nine months ended September 30, 2022, $4.75 billion of debt matured and was repaid including $1.5 billion 2.600% Notes, $500 million Floating Rate Notes, $750 million 2.000% Notes, $1.0 billion 3.250% Notes and $1.0 billion 3.550% Notes.

During the nine months ended September 30, 2022, we issued an aggregate principal amount of $6.0 billion of debt with net proceeds of $5.9 billion. The table below summarizes the issuances:

Dollars in Millions
Principal Value:
2.950% Notes due 2032
$1,750 
3.550% Notes due 2042
1,250 
3.700% Notes due 2052
2,000 
3.900% Notes due 2062
1,000 
Total$6,000 

The notes rank equally in right of payment with all of BMS's existing and future senior unsecured indebtedness and are redeemable at any time, in whole, or in part, at varying specified redemption prices plus accrued and unpaid interest.

During the nine months ended September 30, 2021, BMS purchased an aggregate principal amount of $3.5 billion of certain of its debt securities for approximately $4.0 billion of cash in a series of tender offers and “make whole” redemptions. In connection with these transactions, a $281 million loss on debt redemption was recognized based on the carrying value of the debt and included in Other (income)/expense, net.

During the nine months ended September 30, 2021, $2.0 billion of debt matured and was repaid including $500 million 2.875% Notes, $1.0 billion 2.550% Notes and $500 million 2.250% Notes.

Interest payments were $1.1 billion and $1.2 billion for the nine months ended September 30, 2022 and 2021, respectively, net of amounts related to interest rate swap contracts.

Credit Facilities

As of December 31, 2021, BMS had four separate revolving credit facilities totaling $6.0 billion, which consisted of a 364-day $2.0 billion facility which expired in January 2022, a three-year $1.0 billion facility which expired in January 2022 and two five-year $1.5 billion facilities that were extended to September 2025 and July 2026, respectively.
In January 2022, BMS entered into a five-year $5.0 billion facility expiring in January 2027, which is extendable annually by one year with the consent of the lenders. This facility provides for customary terms and conditions with no financial covenants and may be used to provide backup liquidity for our commercial paper borrowings. Concurrently with the entry into this facility, the commitments under our existing five-year $1.5 billion facilities were terminated and the three-year $1.0 billion facility and 364-day $2.0 billion facility expired in accordance with their terms in January 2022. No borrowings were outstanding under any revolving credit facility as of September 30, 2022 or December 31, 2021.
v3.22.2.2
RECEIVABLES
 9 Months Ended
Sep. 30, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Receivables RECEIVABLES
Dollars in MillionsSeptember 30,
2022		December 31,
2021
Trade receivables$8,644 $8,723 
Less: Charge-backs and cash discounts(599)(723)
Less: Allowance for expected credit loss(24)(21)
Net trade receivables8,021 7,979 
Alliance, Royalties, VAT and other1,592 1,390 
Receivables$9,613 $9,369 

Non-U.S. receivables sold on a nonrecourse basis were $809 million and $1.1 billion for the nine months ended September 30, 2022 and 2021, respectively. Receivables from the three largest customers in the U.S. represented approximately 67% and 59% of total trade receivables as of September 30, 2022 and December 31, 2021, respectively.
v3.22.2.2
INVENTORIES
 9 Months Ended
Sep. 30, 2022
Inventory, Net [Abstract]  
Inventories INVENTORIES
Dollars in MillionsSeptember 30,
2022		December 31,
2021
Finished goods$357 $543 
Work in process1,870 2,111 
Raw and packaging materials446 350 
Total inventories$2,673 $3,004 
Inventories$2,074 $2,095 
Other non-current assets599 909 

The fair value adjustments related to the Celgene acquisition were $137 million as of September 30, 2022 and $508 million at December 31, 2021. Other non-current assets include inventory expected to remain on hand beyond 12 months in both periods.
v3.22.2.2
PROPERTY, PLANT AND EQUIPMENT
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment PROPERTY, PLANT AND EQUIPMENT
Dollars in MillionsSeptember 30,
2022		December 31,
2021
Land$162 $169 
Buildings5,749 5,897 
Machinery, equipment and fixtures3,290 3,252 
Construction in progress973 764 
Gross property, plant and equipment10,174 10,082 
Less accumulated depreciation(4,139)(4,033)
Property, plant and equipment$6,035 $6,049 
Depreciation expense was $148 million and $434 million for the three and nine months ended September 30, 2022 and $144 million and $422 million for the three and nine months ended September 30, 2021, respectively.
v3.22.2.2
GOODWILL AND OTHER INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS
Dollars in MillionsEstimated Useful LivesSeptember 30,
2022		December 31,
2021
Goodwill(a)
$21,112 $20,502 
Other intangible assets(a):
Licenses
5 – 15 years
370 307 
Acquired marketed product rights
3 – 15 years
60,477 60,454 
Capitalized software
3 – 10 years
1,613 1,499 
IPRD 6,560 3,750 
Gross other intangible assets69,020 66,010 
Less accumulated amortization(30,841)(23,483)
Other intangible assets$38,179 $42,527 
(a)    Includes goodwill and other intangible assets recognized as part of the Turning Point acquisition in 2022. Refer to “—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements” for further information related to the Turning Point acquisition.

Amortization expense of other intangible assets was $2.5 billion and $7.4 billion for the three and nine months ended September 30, 2022 and $2.6 billion and $7.7 billion for the three and nine months ended September 30, 2021, respectively.

In the third quarter of 2022, a $58 million IPRD impairment charge was recorded in Research and development expense resulting from a decision to discontinue development of an investigational compound in connection with the prioritization of current pipeline opportunities. The compound was obtained in the acquisition of Turning Point and was being studied as a potential treatment of advanced or metastatic solid tumors in adults. The charge represented a full write-down.

In the first quarter of 2022, a $40 million IPRD impairment charge was recorded in Research and development expense resulting from a decision to discontinue development of an investigational compound in connection with the prioritization of current pipeline opportunities. The compound was obtained in the acquisition of Celgene and was being studied as a potential treatment for autoimmune diseases. The charge represented a full write-down.

In the third quarter of 2021, a $610 million IPRD impairment charge for an investigational compound was recorded in Research and development expense primarily resulting from changes in clinical timelines, expected launch dates and competitive landscape. The compound was being studied as a potential treatment for hematologic diseases and was acquired in the acquisition of Celgene. The charge represented a partial write-down of its carrying value based on the estimated fair value determined using discounted cash flow projections.

In the second quarter of 2021, a $230 million IPRD impairment charge was recorded in Research and development expense resulting from a decision to discontinue development of an investigational compound in connection with the prioritization of current pipeline opportunities. The compound was being studied as a potential treatment for fibrotic diseases and was acquired in the acquisition of Celgene. The charge represented a full write-down based on the estimated fair value determined using discounted cash flow projections.

In the first of quarter of 2021, Inrebic EU regulatory approval milestones of $300 million were achieved resulting in a $385 million increase to the acquired marketed product rights intangible asset, after establishing the applicable deferred tax liability. An impairment charge of $315 million was recognized in Cost of products sold as the carrying value of this asset exceeded the projected undiscounted cash flows of the asset. The charge was equal to the excess of the asset's carrying value over its estimated fair value using discounted cash flow projections.
v3.22.2.2
SUPPLEMENTAL FINANCIAL INFORMATION
 9 Months Ended
Sep. 30, 2022
Supplemental Financial Information [Abstract]  
Supplemental Financial Information SUPPLEMENTAL FINANCIAL INFORMATION
Dollars in MillionsSeptember 30,
2022		December 31, 2021
Income taxes$3,181 $2,786 
Research and development627 514 
Contract assets446 361 
Equity investments— 255 
Restricted cash(a)
164 140 
Other1,664 776 
Other current assets$6,082 $4,832 
Dollars in MillionsSeptember 30,
2022		December 31, 2021
Equity investments$1,959 $2,713 
Inventories599 909 
Operating leases883 919 
Pension and postretirement301 317 
Research and development547 248 
Restricted cash(a)
59 197 
Other397 232 
Other non-current assets$4,745 $5,535 
(a)    Restricted cash primarily consists of funds restricted for annual Company contributions to the defined contribution plan in the U.S. and escrow for litigation settlements. Cash is restricted when withdrawal or general use is contractually or legally restricted. Restricted cash of $339 million as of September 30, 2021, was included in cash, cash equivalents and restricted cash in the consolidated statements of cash flows.

Dollars in MillionsSeptember 30,
2022		December 31, 2021
Rebates and discounts$6,839 $6,399 
Income taxes1,287 754 
Employee compensation and benefits1,008 1,375 
Research and development1,296 1,373 
Dividends1,148 1,186 
Interest311 378 
Royalties385 410 
Operating leases167 169 
Other1,762 1,927 
Other current liabilities$14,203 $13,971 

Dollars in MillionsSeptember 30,
2022		December 31, 2021
Income taxes $4,398 $4,835 
Pension and postretirement553 654 
Operating leases845 874 
Deferred income296 326 
Deferred compensation337 427 
Other256 218 
Other non-current liabilities$6,685 $7,334 
v3.22.2.2
EQUITY
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Equity EQUITY
The following table summarizes changes in equity for the nine months ended September 30, 2022:
Common StockCapital in Excess of Par Value of StockAccumulated Other Comprehensive LossRetained EarningsTreasury StockNoncontrolling Interest
Dollars and Shares in MillionsSharesPar ValueSharesCost
Balance at December 31, 20212,923 $292 $44,361 $(1,268)$23,820 747 $(31,259)$60 
Net Earnings— — — — 1,278 — — 5 
Other Comprehensive Income— — — 39 — — — — 
Cash dividends declared(a)
— — — — (1,150)— — — 
Share repurchase program— — (750)— — 65 (4,250)— 
Stock compensation— — 145 — — (18)322 — 
Balance at March 31, 20222,923 $292 $43,756 $(1,229)$23,948 794 $(35,187)$65 
Net Earnings— — — — 1,421 — — 8 
Other Comprehensive Income— — — 237 — — — — 
Cash dividends declared(a)
— — — — (1,152)— — — 
Share repurchase program— — 300 — — 2 (300)— 
Stock compensation— — 319 — — (8)195 — 
Distributions— — — — — — — (12)
Balance at June 30, 20222,923 292 44,375 (992)24,217 788 (35,292)61 
Net Earnings— — — — 1,606 — — 2 
Other Comprehensive Income— — — 151 — — — — 
Cash dividends declared(a)
— — — — (1,148)— — — 
Stock repurchase program— — 450 — — 12 (1,151)— 
Stock compensation— — 131 — — (1)32 — 
Balance at September 30, 20222,923 $292 $44,956 $(841)$24,675 799 $(36,411)$63 
(a)    Cash dividends declared per common share were $0.54 for the three months ended March 31, 2022, June 30, 2022 and September 30, 2022, respectively.

The following table summarizes changes in equity for the nine months ended September 30, 2021:
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, 20202,923 $292 $44,325 $(1,839)$21,281 679 $(26,237)$60 
Net Earnings— — — — 2,021 — — 8 
Other Comprehensive Income— — — 295 — — — — 
Cash dividends declared(a)
— — — — (1,098)— — — 
Share repurchase program— — — — — 28 (1,768)— 
Stock compensation— — (473)— — (15)806 — 
Balance at March 31, 20212,923 $292 $43,852 $(1,544)$22,204 692 $(27,199)$68 
Net Earnings— — — — 1,055 — — 6 
Other Comprehensive Loss— — — 26 — — — — 
Cash dividends declared(a)
— — — — (1,091)— — — 
Stock repurchase program— — — — — 19 (1,235)— 
Stock compensation— — 212 — — (10)236 — 
Distributions— — — — — — — (8)
Balance at June 30, 20212,923 292 44,064 (1,518)22,168 701 (28,198)66 
Net Earnings— — — — 1,546 — — 5 
Other Comprehensive Loss— — — 94 — — — — 
Cash dividends declared(a)
— — — — (1,089)— — — 
Stock repurchase program— — — — — 7 (487)— 
Stock compensation— — 228 — — (5)113 — 
Balance at September 30, 20212,923 $292 $44,292 $(1,424)$22,625 703 $(28,572)$71 
(a)    Cash dividends declared per common share were $0.49 for the three months ended March 31, 2021, June 30, 2021 and September 30, 2021, respectively.
BMS has a share repurchase program, authorized by its Board of Directors, allowing for repurchases of its shares. The share repurchase program does not obligate us to repurchase any specific number of shares, does not have a specific expiration date and may be suspended or discontinued at any time. Treasury stock is recognized at the cost to reacquire the shares. Shares issued from treasury are recognized utilizing the first-in first-out method. The outstanding share repurchase authorization under the program was approximately $15.2 billion as of December 31, 2021.

During the first quarter of 2022, BMS entered into accelerated share repurchase ("ASR") agreements to repurchase an aggregate amount of $5.0 billion of the Company's common stock. The ASR agreements were funded with cash on-hand. In the first quarter of 2022 approximately 65 million shares of common stock (85% of the $5.0 billion aggregate repurchase price) were received by BMS and included in treasury stock. The remaining amounts in the ASR agreements were settled in two tranches during the second and third quarters and 4 million shares of common stock were received by BMS and transferred to treasury stock. The total number of shares repurchased under the ASR agreements was based on volume-weighted average prices of BMS's common stock during the terms of the ASR transactions less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreements. In addition, as part of its share repurchase program, BMS repurchased approximately 10 million shares of its common stock for $701 million during the three months ended September 30, 2022. The outstanding share repurchase authorization under the program was approximately $9.5 billion as of September 30, 2022.
The components of Other Comprehensive Income were as follows:
20222021
Dollars in MillionsPretaxTaxAfter TaxPretaxTaxAfter Tax
Three Months Ended September 30,
Derivatives qualifying as cash flow hedges:
Unrealized gains/(losses)$505 $(66)$439 $93 $(13)$80 
Reclassified to net earnings(a)
(175)22 (153)37 (4)33 
Derivatives qualifying as cash flow hedges330 (44)286 130 (17)113 
Pension and postretirement benefits:
Actuarial gains/(losses)14 (4)10 (4)1 (3)
Amortization(b)
7 (1)6 10 (2)8 
Settlements(b)
2 — 2 2 — 2 
Pension and postretirement benefits23 (5)18 8 (1)7 
Marketable debt securities:
Unrealized (losses)/gains— — — (3)— (3)
Foreign currency translation(131)(22)(153)(18)(5)(23)
Other Comprehensive Income$222 $(71)$151 $117 $(23)$94 
(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.

20222021
Dollars in MillionsPretaxTaxAfter TaxPretaxTaxAfter Tax
Nine Months Ended September 30,
Derivatives qualifying as cash flow hedges:
Unrealized (losses)/gains$1,106 $(147)$959 $314 $(27)$287 
Reclassified to net earnings(a)
(391)50 (341)126 (14)112 
Derivatives qualifying as cash flow hedges715 (97)618 440 (41)399 
Pension and postretirement benefits:
Actuarial gains/(losses)54 (11)43 18 (2)16 
Amortization(b)
19 (4)15 29 (7)22 
Settlements(b)
7 (1)6 8 (1)7 
Pension and postretirement benefits80 (16)64 55 (10)45 
Marketable debt securities:
Unrealized (losses)/gains(2)— (2)(9)2 (7)
Foreign currency translation(201)(52)(253)(6)(16)(22)
Other Comprehensive Income$592 $(165)$427 $480 $(65)$415 
(a)Included in Cost of products sold and Other (income)/expense, net. Refer to “—Note 9.Financial Instruments and Fair Value Measurements“ for further information.
(b)Included in Other (income)/expense, net.

The accumulated balances related to each component of Other Comprehensive Income, net of taxes, were as follows:
Dollars in MillionsSeptember 30,
2022		December 31,
2021
Derivatives qualifying as cash flow hedges$796 $178 
Pension and postretirement benefits(704)(768)
Marketable debt securities— 2 
Foreign currency translation(933)(680)
Accumulated other comprehensive loss$(841)$(1,268)
v3.22.2.2
EMPLOYEE STOCK BENEFIT PLANS
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Employee Stock Benefit Plans EMPLOYEE STOCK BENEFIT PLANS
Stock-based compensation expense was as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Cost of products sold$11 $14 $30 $44 
Marketing, selling and administrative48 59 144 184 
Research and development56 66 164 210 
Other (income)/expense, net— 3 — 12 
Total stock-based compensation expense$115 $142 $338 $450 
Income tax benefit(a)
$23 $29 $67 $93 
(a)    Income tax benefit excludes excess tax benefits from share-based compensation awards that were vested or exercised of $4 million and $63 million for the three and nine months ended September 30, 2022 and $7 million and $36 million for the three and nine months ended September 30, 2021, respectively.

The number of units granted and the weighted-average fair value on the grant date for the nine months ended September 30, 2022 were as follows:
Units in MillionsUnitsWeighted-Average Fair Value
Restricted stock units8.1 $63.86 
Market share units1.0 60.74 
Performance share units1.4 66.76 
Dollars in MillionsRestricted Stock UnitsMarket Share UnitsPerformance Share Units
Unrecognized compensation cost$810 $62 $111 
Expected weighted-average period in years of compensation cost to be recognized2.93.01.8
v3.22.2.2
LEGAL PROCEEDINGS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2022
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, suppliers, service providers, licensees, employees, or shareholders, among others. These matters may involve patent infringement, antitrust, securities, pricing, sales and marketing practices, environmental, commercial, contractual rights, licensing obligations, health and safety matters, consumer fraud, employment matters, product liability and insurance coverage, among others. The resolution of these matters often develops over a long period of time and expectations can change as a result of new findings, rulings, appeals or settlement arrangements. Legal proceedings that are significant or that BMS believes could become significant or material are described below.

While BMS does not believe that any of these matters, except as otherwise specifically noted below, will have a material adverse effect on its financial position or liquidity as BMS believes it has substantial defenses in the matters, the outcomes of BMS’s legal proceedings and other contingencies are inherently unpredictable and subject to significant uncertainties. There can be no assurance that there will not be an increase in the scope of one or more of these pending matters or any other or future lawsuits, claims, government investigations or other legal proceedings will not be material to BMS’s financial position, results of operations or cash flows for a particular period. Furthermore, failure to successfully enforce BMS’s patent rights would likely result in substantial decreases in the respective product revenues from generic competition.

Unless otherwise noted, BMS is unable to assess the outcome of the respective matters nor is it able to estimate the possible loss or range of losses that could potentially result for such matters. Contingency accruals are recognized when it is probable that a liability will be incurred and the amount of the related loss can be reasonably estimated. Developments in legal proceedings and other matters that could cause changes in the amounts previously accrued are evaluated each reporting period. For a discussion of BMS’s tax contingencies, see “—Note 7. Income Taxes”.
INTELLECTUAL PROPERTY

Anti-PD-1 and Anti-PD-L1 Antibody Litigation

In September 2015, Dana-Farber Cancer Institute (“Dana-Farber”) filed a complaint in the U.S. District Court for the District of Massachusetts seeking to correct the inventorship on up to six related U.S. patents directed to methods of treating cancer using PD-1 and PD-L1 antibodies. Specifically, Dana-Farber sought to add two scientists as inventors to these patents. In October 2017, Pfizer was allowed to intervene in the case alleging that one of the scientists identified by Dana-Farber was employed by a company eventually acquired by Pfizer during the relevant period. In May 2019, the District Court issued a decision ruling that the two scientists should be added as inventors to the patents, which decision was affirmed on appeal. In June 2019, Dana-Farber filed a new lawsuit in the District of Massachusetts against BMS seeking damages as a result of the decision adding the scientists as inventors. In February 2021, BMS filed a motion to dismiss that complaint. In August 2021, the Court denied the motion to dismiss, but ruled that Dana-Farber’s claims for damages before May 17, 2019—the date of the District Court’s ruling that Dana-Farber was a co-inventor of the patents—are preempted by federal patent law. A trial has been scheduled for May 2023.

On March 17, 2022, BMS filed a lawsuit in U.S. District Court for the District of Delaware against AstraZeneca Pharmaceuticals LP and AstraZeneca UK Ltd ("AZ") alleging that AZ's marketing of the PD-L1 antibody Imfinzi infringes certain claims of U.S. Patent Nos. 9,580,505, 9,580,507, 10,138,299, 10,308,714, 10,266,594, 10,266,595, 10,266,596 and 10,323,092. A trial has been scheduled to begin on April 22, 2024.

CAR T

In October 2017, Juno and Sloan Kettering Institute for Cancer Research (“SKI”) filed a complaint for patent infringement against Kite Pharma, Inc. (“Kite”) in the U.S. District Court for the Central District of California. The complaint alleged that Kite’s Yescarta* product infringes certain claims of U.S. Patent No. 7,446,190 (the “’190 Patent”) concerning CAR T cell technologies. Kite filed an answer and counterclaims asserting non-infringement and invalidity of the ’190 Patent. In December 2019, following an eight-day trial, the jury rejected Kite’s defenses, finding that Kite willfully infringed the ’190 Patent and awarding to Juno and SKI a reasonable royalty consisting of a $585 million upfront payment and a 27.6% running royalty on Kite’s sales of Yescarta* through the expiration of the ’190 Patent in August 2024. In January 2020, Kite renewed its previous motion for judgment as a matter of law and also moved for a new trial, and Juno filed a motion seeking enhanced damages, supplemental damages, ongoing royalties, and prejudgment interest. In March 2020, the Court denied both of Kite’s motions in their entirety. In April 2020, the Court granted in part Juno’s motion and entered a final judgment awarding to Juno and SKI approximately $1.2 billion in royalties, interest and enhanced damages and a 27.6% running royalty on Kite’s sales of Yescarta* from December 13, 2019 through the expiration of the ’190 Patent in August 2024. In April 2020, Kite appealed the final judgment to the U.S. Court of Appeals for the Federal Circuit and the Court held an oral hearing on July 6, 2021. In August 2021, a Federal Circuit panel reversed the jury verdict and district court decision and found the ’190 Patent to be invalid. In October 2021, Juno and SKI filed a petition with the Federal Circuit for panel and en banc rehearing, which the Federal Circuit denied on January 14, 2022. On June 13, 2022, Juno and SKI filed a petition for a writ of certiorari with the U.S. Supreme Court.

Eliquis - Europe

In November 2020 and January 2021, Sandoz Limited (“Sandoz”) and Teva Pharmaceutical Industries Ltd. (“Teva Limited”), respectively, filed lawsuits in the United Kingdom seeking revocation of the UK apixaban composition of matter patent and related Supplementary Protection Certificate (“SPC”). BMS subsequently filed counterclaims for infringement in both actions. A trial took place in February 2022 and in a judgement issued on April 7, 2022, the judge found the UK apixaban composition of matter patent and related SPC invalid. The Company is seeking permission to appeal from the Court of Appeal.

Similar lawsuits have been filed in various other countries in Europe seeking revocation of our composition of matter patents and SPCs relating to Eliquis, and trials have been scheduled in certain of those cases. In May 2022, a Dutch court issued a decision denying a request by the Company for a preliminary injunction that would have prevented an at-risk generic launch in the Netherlands by Sandoz prior to a full trial on the validity of the Dutch composition of matter patent and SPC. In September 2022, a trial was held in Sweden regarding Teva’s challenge to the validity of the Swedish apixaban composition of matter patent and related SPC, and a decision is expected on November 2, 2022.

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

In November 2021, BMS received a Notice Letter from Accord notifying BMS that Accord had filed an aNDA containing a paragraph IV certification seeking approval of a generic version of Onureg in the U.S. and challenging the one FDA Orange Book-listed formulation patent expiring in 2030. In response, BMS filed a patent infringement action against Accord in the U.S. District Court for the District of Delaware. A trial has been scheduled to begin on March 18, 2024.

Plavix* - Australia

Sanofi was notified that, in August 2007, GenRx Proprietary Limited (“GenRx”) obtained regulatory approval of an application for clopidogrel bisulfate 75mg tablets in Australia. GenRx, formerly a subsidiary of Apotex Inc., subsequently changed its name to Apotex (“GenRx-Apotex”). In August 2007, GenRx-Apotex filed an application in the Federal Court of Australia seeking revocation of Sanofi’s Australian Patent No. 597784 (Case No. NSD 1639 of 2007). Sanofi filed counterclaims of infringement and sought an injunction. On September 21, 2007, the Federal Court of Australia granted Sanofi’s injunction. A subsidiary of BMS was subsequently added as a party to the proceedings. In February 2008, a second company, Spirit Pharmaceuticals Pty. Ltd., also filed a revocation suit against the same patent. This case was consolidated with the GenRx-Apotex case. On August 12, 2008, the Federal Court of Australia held that claims of Patent No. 597784 covering clopidogrel bisulfate, hydrochloride, hydrobromide, and taurocholate salts were valid. The Federal Court also held that the process claims, pharmaceutical composition claims, and claim directed to clopidogrel and its pharmaceutically acceptable salts were invalid. BMS and Sanofi filed notices of appeal in the Full Court of the Federal Court of Australia (“Full Court”) appealing the holding of invalidity of the claim covering clopidogrel and its pharmaceutically acceptable salts, process claims, and pharmaceutical composition claims. GenRx-Apotex appealed. On September 29, 2009, the Full Court held all of the claims of Patent No. 597784 invalid. In March 2010, the High Court of Australia denied a request by BMS and Sanofi to hear an appeal of the Full Court decision. The case was remanded to the Federal Court for further proceedings related to damages sought by GenRx-Apotex. BMS and GenRx-Apotex settled, and the GenRx-Apotex case was dismissed. The Australian government intervened in this matter seeking maximum damages up to 449 million AUD ($292 million), plus interest, which would be split between BMS and Sanofi, for alleged losses experienced for paying a higher price for branded Plavix* during the period when the injunction was in place. BMS and Sanofi dispute that the Australian government is entitled to any damages. A trial was concluded in September 2017. In April 2020, the Federal Court issued a decision dismissing the Australian government’s claim for damages. In May 2020, the Australian government appealed the Federal Court’s decision and an appeal hearing concluded in February 2021.

Revlimid - U.S.

In May 2022, Celgene received a Notice Letter from Qilu Pharmaceutical Co. Ltd. (“Qilu”) notifying Celgene that Qilu has filed an aNDA containing paragraph IV certifications seeking approval to market a generic version of Revlimid in the U.S. In response, Celgene initiated a patent infringement action against Qilu in the U.S. District Court for the District of New Jersey asserting certain FDA Orange Book-listed patents. In October 2022, Celgene entered into a confidential settlement agreement with Qilu, settling all outstanding claims in the litigation.

Sprycel - U.S.

In January 2022, BMS received a Notice Letter from Xspray Pharma AB ("Xspray") notifying BMS that Xspray had filed a 505(b)(2) NDA application containing paragraph IV certifications seeking approval of a dasatinib product in the U.S. and challenging two FDA Orange Book-listed monohydrate form patents expiring in 2025 and 2026. In February 2022, BMS filed a patent infringement action against Xspray in the U.S. District Court for the District of New Jersey. Subsequently, the Company also received paragraph IV certification letters from Accord, Biocon, and Nanocopoeia challenging the same patents, and the Company filed patent infringement actions against all three companies. In July and September 2022, BMS entered into settlement agreements with Accord and Biocon, respectively. No trial dates have been scheduled in the two remaining actions against Xspray and Nanocopoeia. Both Xspray and Nanocopoeia have filed motions for a judgment based on the pleadings.

Zeposia - U.S.

On October 15, 2021, Actelion Pharmaceuticals LTD and Actelion Pharmaceuticals US, INC (“Actelion”) filed a complaint for patent infringement in the United States District Court for the District of New Jersey against BMS and Celgene for alleged infringement of U.S. Patent No. 10,251,867 (the “’867 Patent”). The Complaint alleges that the sale of Zeposia infringes certain claims of the ’867 Patent and Actelion is seeking damages and injunctive relief. No trial date has been scheduled.
PRICING, SALES AND PROMOTIONAL PRACTICES LITIGATION

Plavix* State Attorneys General Lawsuits

BMS and certain Sanofi entities are defendants in consumer protection actions brought by the attorneys general of Hawaii and New Mexico relating to the labeling, sales and/or promotion of Plavix*. A trial in the Hawaii matter occurred in 2020. In February 2021, the Court issued a decision against Sanofi and BMS, imposing penalties in the total amount of $834 million, with $417 million attributed to BMS. Sanofi and BMS disagree with the decision and are appealing it. An oral argument before the Hawaii Supreme Court is scheduled to occur in December 2022. BMS remains confident in the merits of its case and its likelihood of success on appeal and BMS does not believe establishing a reserve is warranted for this matter. In September 2022, the parties settled the New Mexico matter.

PRODUCT LIABILITY LITIGATION

BMS is a party to various product liability lawsuits. Plaintiffs in these cases seek damages and other relief on various grounds for alleged personal injury and economic loss. As previously disclosed, in addition to lawsuits, BMS also faces unfiled claims involving its products.

Abilify*

BMS and Otsuka are co-defendants in product liability litigation related to Abilify*. Plaintiffs allege Abilify* caused them to engage in compulsive gambling and other impulse control disorders. Cases have been filed in state and federal courts and additional cases are pending in Canada. The Judicial Panel on Multidistrict Litigation consolidated the federal court cases for pretrial purposes in the U.S. District Court for the Northern District of Florida. In February 2019, BMS and Otsuka entered into a master settlement agreement establishing a proposed settlement program to resolve all Abilify* compulsivity claims filed as of January 28, 2019 in the MDL as well as various state courts, including California and New Jersey. To date, approximately 2,700 cases, comprising approximately 3,900 plaintiffs, have been dismissed based on participation in the settlement program or failure to comply with settlement related court orders and all remaining cases in the U.S. MDL litigation have since been resolved. Three inactive cases remain in New Jersey State court. There are eleven cases pending in Canada (four class actions, seven individual injury claims). Out of the eleven cases, only two are active (the class actions in Quebec and Ontario), both of which class actions have now been certified.

Byetta*

Amylin, a former subsidiary of BMS, and Lilly are co-defendants in product liability litigation related to Byetta*. This litigation involved lawsuits on behalf of plaintiffs, which include injury plaintiffs as well as claims by spouses and/or other beneficiaries, in various courts in the U.S. The majority of these cases have been brought by individuals who allege personal injury sustained after using Byetta*, primarily pancreatic cancer, and, in some cases, claiming alleged wrongful death. The majority of cases were pending in Federal Court in San Diego in an MDL or in a coordinated proceeding in California Superior Court in Los Angeles (“JCCP”). In April 2020 the defendants filed a motion for summary judgment based on federal preemption and a motion for summary judgment based on the absence of general causation evidence in the MDL and JCCP. Both motions were granted in March 2021 and April 2021, respectively. The MDL decision is final as to Amylin and Lilly and all MDL claims have been dismissed. As of September 2022, all of the plaintiffs in the JCCP (including injury plaintiffs and spouse/beneficiary plaintiffs) alleging claims against Amylin and Lilly have dismissed their claims with prejudice. In October 2022, all thyroid cancer claims that were pending in federal court were dismissed as well. BMS sold Byetta* to AstraZeneca in February 2014 as part of BMS’s global diabetes business divestiture and any additional liability to Amylin with respect to Byetta* is expected to be shared with AstraZeneca.
Onglyza*

BMS and AstraZeneca are co-defendants in product liability litigation related to Onglyza*. Plaintiffs assert claims, including claims for wrongful death, as a result of heart failure or other cardiovascular injuries they allege were caused by their use of Onglyza*. In February 2018, the Judicial Panel on Multidistrict Litigation ordered all the federal Onglyza* cases to be transferred to an MDL in the U.S. District Court for the Eastern District of Kentucky. A significant majority of the claims are pending in the MDL, with others pending in a coordinated proceeding in California Superior Court in San Francisco (“JCCP”). On September 24, 2021, the JCCP court granted defendants’ motion to exclude plaintiffs’ only general causation expert and on January 5, 2022, the MDL court likewise granted defendants’ motion to exclude plaintiffs’ expert. On March 30, 2022, the JCCP court granted summary judgment to defendants, thus effectively dismissing the 18 claims previously pending in California state court. Plaintiffs have filed an appeal. Defendants filed a summary judgment motion in the MDL as well, which the MDL court granted on August 2, 2022. Plaintiffs in the MDL have moved to alter or amend the MDL court’s order, and defendants have opposed. As part of BMS’s global diabetes business divestiture, BMS sold Onglyza* to AstraZeneca in February 2014 and any potential liability with respect to Onglyza* is expected to be shared with AstraZeneca.

SECURITIES LITIGATION

Celgene Securities Litigations

Beginning in March 2018, two putative class actions were filed against Celgene and certain of its officers in the U.S. District Court for the District of New Jersey (the “Celgene Securities Class Action”). The complaints allege that the defendants violated federal securities laws by making misstatements and/or omissions concerning (1) trials of GED-0301, (2) Celgene’s 2020 outlook and projected sales of Otezla*, and (3) the new drug application for Zeposia. The Court consolidated the two actions and appointed a lead plaintiff, lead counsel, and co-liaison counsel for the putative class. In February 2019, the defendants filed a motion to dismiss plaintiff’s amended complaint in full. In December 2019, the Court denied the motion to dismiss in part and granted the motion to dismiss in part (including all claims arising from alleged misstatements regarding GED-0301). Although the Court gave the plaintiff leave to re-plead the dismissed claims, it elected not to do so, and the dismissed claims are now dismissed with prejudice. In November 2020, the Court granted class certification with respect to the remaining claims.

In April 2020, certain Schwab management investment companies on behalf of certain Schwab funds filed an individual action in the U.S. District Court for the District of New Jersey asserting largely the same allegations as the Celgene Securities Class Action against the same remaining defendants in that action (the “Schwab Action”). In July 2020, the defendants filed a motion to dismiss the plaintiffs’ complaint in full. In March 2021, the Court granted in part and denied in part defendants’ motion to dismiss consistent with its decision in the Celgene Securities Class Action.

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

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

Contingent Value Rights Litigations

In June 2021, an action was filed against BMS in the U.S. District Court for the Southern District of New York asserting claims of alleged breaches of a Contingent Value Rights Agreement (“CVR Agreement”) entered into in connection with the closing of BMS’s acquisition of Celgene Corporation in November 2019. The successor trustee under the CVR Agreement alleges that BMS breached the CVR Agreement by allegedly failing to use “diligent efforts” to obtain FDA approval of liso-cel (Breyanzi) before a contractual milestone date, thereby avoiding a $6.4 billion potential obligation to holders of the contingent value rights governed by the CVR Agreement and by allegedly failing to permit inspection of records in response to a request by the successor trustee. The successor trustee seeks damages in an amount to be determined at trial and other relief, including interest and attorneys’ fees. BMS disputes the successor trustee’s allegations and filed a motion to dismiss on July 23, 2021. On June 24, 2022, the court denied BMS’s motion to dismiss.
In October 2021, alleged former Celgene stockholders filed a complaint in the U.S. District Court for the Southern District of New York asserting claims on behalf of a putative class of Celgene stockholders who received CVRs in the BMS merger with Celgene for violations of sections 14(a) and 20(a) of the Securities Exchange Act of 1934 relating to the joint proxy statement. That action later was consolidated with another action filed in the same court, and a consolidated complaint thereafter was filed asserting claims on behalf of a class of CVR acquirers, whether in the BMS merger with Celgene or otherwise, for violations of sections 11, 12(a)(2), and 15 of the Securities Act of 1933 and sections 10(b), 14(a) and 20(2) of the Securities Exchange Act of 1934. The complaint alleges that the February 22, 2019 joint proxy statement was materially false or misleading because it failed to disclose that BMS allegedly had no intention to obtain FDA approval for liso-cel (Breyanzi) by the applicable milestone date in the CVR Agreement and that certain statements made by BMS or certain BMS officers in periodic SEC filings, earnings calls, press releases, and investor presentations between December 2019 and November 2020 were materially false or misleading for the same reason. Defendants have moved to dismiss the complaint.

In November 2021, an alleged purchaser of CVRs filed a complaint in the Supreme Court of the State of New York for New York County asserting claims on behalf of a putative class of CVR acquirers for violations of sections 11(a) and 12(a)(2) of the Securities Act of 1933. The complaint alleges that the registration statement filed in connection with the proposed merger transaction between Celgene and BMS was materially false or misleading because it failed to disclose that allegedly BMS had no intention at the time to obtain FDA approval for liso-cel (Breyanzi) by the contractual milestone date. The complaint asserts claims against BMS, the members of its board of directors at the time of the joint proxy statement, and certain BMS officers who signed the registration statement. BMS removed the action to the U.S. District Court for the Southern District of New York. The plaintiff filed a motion to remand the action to the state court, which the court granted on September 19, 2022.

In November 2021, an alleged Celgene stockholder filed a complaint in the Superior Court of New Jersey, Union County asserting claims on behalf of two separate putative classes, one of acquirers of CVRs and one of acquirers of BMS common stock, for violations of sections 11(a), 12(a)(2), and 15 of the Securities Act of 1933. The complaint alleges that the registration statement filed in connection with the proposed merger transaction between Celgene and BMS was materially false or misleading because it failed to disclose that allegedly BMS had no intention at the time to obtain FDA approval for liso-cel (Breyanzi) by the contractual milestone date. The complaint asserts claims against BMS, the members of its board of directors at the time of the joint proxy statement, certain BMS officers who signed the registration statement and Celgene’s former chairman and chief executive officer. BMS removed the action to the U.S. District Court for the District of New Jersey and filed a motion to transfer the action to the U.S. District Court for the Southern District of New York. The plaintiff filed a motion to remand the action to the state court, which the court granted on September 22, 2022.

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

OTHER LITIGATION

HIV Medication Antitrust Litigations
BMS was sued with three other manufacturers of HIV medications in related lawsuits in the Northern District of California. The initial lawsuits, filed on behalf of indirect purchasers, alleged that the defendants’ agreements to develop and sell fixed-dose combination products for the treatment of HIV, including Atripla* and Evotaz, violate antitrust laws. In July 2020, the Court granted in part defendants’ motion to dismiss, including dismissing with prejudice plaintiffs’ claims as to an overarching conspiracy and plaintiffs’ theories based on the alleged payment of royalties after patent expiration. Other claims, however, remained. In October 2021, BMS entered a settlement agreement with the indirect purchasers. On May 6, 2022, the Court granted final approval of that settlement.

In September and October 2020, two purported class actions were also filed asserting similar claims on behalf of direct purchasers. In March 2021, the Court dismissed one of the direct purchaser cases and limited the claims of the remaining direct purchaser case to those arising in 2016 or later. However, the Court gave plaintiffs leave to amend their complaints, and one plaintiff filed an amended complaint on March 16, 2021. In March 2022, BMS entered into a settlement agreement with the direct purchasers (excluding the retailers discussed below). In June 2022, the Court granted preliminary approval of that settlement.

On September 22, 2021, two additional non-class action direct purchaser complaints were filed by a number of retail pharmacy and grocery store chains against BMS and two other manufacturers of HIV medications. Those complaints made allegations similar to those raised in the other federal court cases and the New Mexico state court case described below. In January 2022, BMS entered into an agreement to settle the cases filed against it by the retail pharmacy and grocery store chains, and those cases were dismissed.

In February 2021, BMS and two other manufacturers of HIV medications were sued in State Court in New Mexico by the Attorney General of the State of New Mexico in a case alleging that the defendants’ agreements to develop and sell various fixed-dose combination products for the treatment of HIV, including Atripla*, and agreements to settle certain patent litigation violate the antitrust laws of the State of New Mexico.
In December 2021, five additional non-class-action indirect purchaser cases were filed in the Northern District of California, and one additional non-class-action indirect purchaser case was filed in California state court naming BMS and two other manufacturers as defendants. Those complaints made allegations similar to those in the other federal court cases. In February 2022, BMS reached a settlement agreement with one of the non-class-action indirect purchaser plaintiffs and that case was dismissed. In April 2022, two additional indirect purchaser plaintiffs filed non-class suits against BMS and other defendants. In July 2022, BMS entered into a settlement agreement resolving these seven remaining indirect purchaser cases.

Thalomid and Revlimid Litigations
Beginning in November 2014, certain putative class action lawsuits were filed against Celgene in the U.S. District Court for the District of New Jersey alleging that Celgene violated various antitrust, consumer protection, and unfair competition laws by (a) allegedly securing an exclusive supply contract for the alleged purpose of preventing a generic manufacturer from securing its own supply of thalidomide active pharmaceutical ingredient, (b) allegedly refusing to sell samples of Thalomid and Revlimid brand drugs to various generic manufacturers for the alleged purpose of bioequivalence testing necessary for aNDAs to be submitted to the FDA for approval to market generic versions of these products, (c) allegedly bringing unjustified patent infringement lawsuits in order to allegedly delay approval for proposed generic versions of Thalomid and Revlimid, and/or (d) allegedly entering into settlements of patent infringement lawsuits with certain generic manufacturers that allegedly have had anticompetitive effects. The plaintiffs, on behalf of themselves and putative classes of third-party payers, sought injunctive relief and damages. The various lawsuits were consolidated into a master action for all purposes. In March 2020, Celgene reached a settlement with the class plaintiffs. In October 2020, the Court entered a final order approving the settlement and dismissed the matter. That settlement did not resolve the claims of certain entities that opted out of the settlement.

In March 2019, Humana Inc. (“Humana”), which opted out of the above settlement, filed a lawsuit against Celgene in the U.S. District Court for the District of New Jersey. Humana’s complaint makes largely the same claims and allegations as were made in the Thalomid and Revlimid antitrust class action litigation. The complaint purports to assert claims on behalf of Humana and its subsidiaries in several capacities, including as a direct purchaser and as an indirect purchaser, and seeks, among other things, treble and punitive damages, injunctive relief and attorneys’ fees and costs. In May 2019, Celgene filed a motion to dismiss Humana’s complaint. In April 2022, the Court issued an order denying Celgene’s motion to dismiss. That order addressed only Celgene’s argument that certain of Humana’s claims were barred by the statute of limitations. The Court’s order did not address Celgene’s other grounds for dismissal and instead directed Celgene to present those arguments in a renewed motion to dismiss following the filing of amended complaints. In May 2022, Humana filed an amended complaint against Celgene and BMS asserting the same claims based on additional factual allegations. Celgene and BMS have served a renewed motion to dismiss. No trial date has been scheduled.

United HealthCare Services, Inc. (“UHS”), Blue Cross Blue Shield Association (“BCBSA”), BCBSM Inc., Health Care Service Corporation (“HCSC”), Blue Cross and Blue Shield of Florida Inc., Cigna Corporation (“Cigna”), Molina Healthcare, Inc. (“Molina”) and several MSP related entities (MSP Recovery Claims, Series LLC; MSPA Claims 1, LLC; MAO-MSO Recovery II, LLC, Series PMPI, a segregated series of MAO-MSO Recovery II, LLC; MSP Recovery Claims Series 44, LLC; MSP Recovery Claims PROV, Series LLC; and MSP Recovery Claims CAID, Series LLC (together, “MSP”)) filed lawsuits making largely the same claims and allegations as were made in the class action litigation and in the Humana opt-out action. Certain of the matters have made additional claims related to copay assistance for Thalomid and Revlimid. These cases are now pending in the U.S. District Court for the District of New Jersey and will proceed as described above with respect to the Humana opt-out action filed in March 2019. No trial dates have been scheduled.

In May 2021, Molina sued Celgene and BMS in San Francisco Superior Court. Molina’s complaint makes largely the same claims and allegations as were made in the class action litigation. In July 2021, Celgene and BMS removed the action to the U.S. District Court for the Northern District of California, and in January 2022, that court granted Molina’s motion to remand to San Francisco Superior Court. In June 2022, the San Francisco Superior Court dismissed 63 of Molina’s claims and stayed the remaining 4 claims. No activity is expected in this case until disposition of the New Jersey actions.

In May 2018, Humana filed a lawsuit against Celgene in the Pike County Circuit Court of the Commonwealth of Kentucky. Humana’s complaint alleges Celgene engaged in unlawful off-label marketing in connection with sales of Thalomid and Revlimid and asserts claims against Celgene for fraud, breach of contract, negligent misrepresentation, unjust enrichment and violations of New Jersey’s Racketeer Influenced and Corrupt Organizations Act. Humana subsequently dismissed its claims for breach of contract voluntarily. The complaint seeks, among other things, treble and punitive damages, injunctive relief and attorneys’ fees and costs. A trial has been scheduled for January 2023.

In May 2020, Celgene filed suit against Humana Pharmacy, Inc. (“HPI”), a Humana subsidiary, in Delaware Superior Court. Celgene’s complaint alleges that HPI breached its contractual obligations to Celgene by assigning claims to Humana that Humana is now asserting. The complaint seeks damages for HPI’s breach as well as a declaratory judgment. A trial has been scheduled for March 2023.
BeiGene Arbitration Matter
On July 5, 2017,Celgene Logistics Sàrl (“Celgene Logistics”) and BeiGene, Ltd. (together with its assignees, “BeiGene”), entered into a License and Supply Agreement (the “LSA”) pursuant to which BeiGene was granted, among other things, an exclusive license to distribute and commercialize Revlimid, Vidaza and Abraxane in China.

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

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

GOVERNMENT INVESTIGATIONS

Like other pharmaceutical companies, BMS and certain of its subsidiaries are subject to extensive regulation by national, state and local authorities in the U.S. and other countries in which BMS operates. As a result, BMS, from time to time, is subject to various governmental and regulatory inquiries and investigations as well as threatened legal actions and proceedings. It is possible that criminal charges, substantial fines and/or civil penalties, could result from government or regulatory investigations.

ENVIRONMENTAL PROCEEDINGS

As previously reported, BMS is a party to several environmental proceedings and other matters, and is responsible under various state, federal and foreign laws, including CERCLA, for certain costs of investigating and/or remediating contamination resulting from past industrial activity at BMS’s current or former sites or at waste disposal or reprocessing facilities operated by third parties.

CERCLA and Other Remediation Matters

With respect to CERCLA and other remediation matters for which BMS is responsible under various state, federal and international laws, BMS typically estimates potential costs based on information obtained from the U.S. Environmental Protection Agency, or counterpart state or foreign agency and/or studies prepared by independent consultants, including the total estimated costs for the site and the expected cost-sharing, if any, with other “potentially responsible parties,” and BMS accrues liabilities when they are probable and reasonably estimable. BMS estimated its share of future costs for these sites to be $87 million as of September 30, 2022, which represents the sum of best estimates or, where no best estimate can reasonably be made, estimates of the minimal probable amount among a range of such costs (without taking into account any potential recoveries from other parties). The amount includes the estimated costs for any additional probable loss associated with the previously disclosed North Brunswick Township High School Remediation Site.
v3.22.2.2
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS (Policies)
 9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Basis of Consolidation
Basis of Consolidation

Bristol-Myers Squibb Company (“BMS”, "we" 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 as of September 30, 2022 and December 31, 2021, the results of operations for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine months ended September 30, 2022 and 2021. All intercompany balances and transactions have been eliminated. These financial statements and the related notes should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021 included in the 2021 Form 10-K. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for terms used throughout the document.
Business Segment Information
Business Segment Information

BMS operates in a single segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of innovative medicines that help patients prevail over serious diseases. A global research and development organization and supply chain organization are responsible for the discovery, development, manufacturing and supply of products. Regional commercial organizations market, distribute and sell the products. The business is also supported by global corporate staff functions. Consistent with BMS’s operational structure, the Chief Executive Officer (“CEO”), as the chief operating decision maker, manages and allocates resources at the global corporate level. Managing and allocating resources at the global corporate level enables the CEO to assess both the overall level of resources available and how to best deploy these resources across functions, therapeutic areas, regional commercial organizations and research and development projects in line with our overarching long-term corporate-wide strategic goals, rather than on a product or franchise basis. The determination of a single segment is consistent with the financial information regularly reviewed by the CEO for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting future periods. For further information on product and regional revenue, see “—Note 2. Revenue”.
Use of Estimates and Judgements
Use of Estimates and Judgments

Revenues, expenses, assets and liabilities can vary during each quarter of the year. Accordingly, the results and trends in these unaudited consolidated financial statements may not be indicative of full year operating results. The preparation of financial statements requires the use of management estimates, judgments and assumptions. The most significant assumptions are estimates used in determining accounting for acquisitions; impairments of intangible assets; charge-backs, cash discounts, sales rebates, returns and other adjustments; legal contingencies; and income taxes. Actual results may differ from estimates.
Reclassifications
Reclassifications

Certain reclassifications were made to conform the prior period consolidated financial statements to the current period presentation. Upfront and contingent milestone charges in connection with asset acquisitions or licensing of third-party intellectual property rights previously presented in Research and development are now presented in Acquired IPRD in the consolidated statements of earnings. Additionally, Rebates and discounts previously presented in Other changes in operating assets and liabilities in the consolidated statements of cash flows are now presented separately in Rebates and discounts.
Recently Issued Accounting Standards
Recently Issued Accounting Standards

Business Combinations

In October 2021, the FASB issued amended guidance on accounting for contract assets and contract liabilities from contracts with customers in a business combination. The guidance is intended to address inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized. At the acquisition date, an entity should account for the related revenue contracts in accordance with existing revenue recognition guidance generally by assessing how the acquiree applied recognition and measurement in their financial statements. The amended guidance is effective January 1, 2023 on a prospective basis. Early adoption is permitted.
Fair Value Measurements

In June 2022, the FASB issued amended guidance on measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security. The guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The guidance also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendment requires the following disclosures for equity securities subject to contractual sale restrictions: the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; the nature and remaining duration of the restriction(s); and the circumstances that could cause a lapse in the restriction(s). The amended guidance is effective January 1, 2024 on a prospective basis. Early adoption is permitted.
Collaboration Arrangements BMS enters into collaboration arrangements with third parties for the development and commercialization of certain products. Although each of these arrangements is unique in nature, both parties are active participants in the operating activities of the collaboration and exposed to significant risks and rewards depending on the commercial success of the activities. BMS may either in-license intellectual property owned by the other party or out-license its intellectual property to the other party. These arrangements also typically include research, development, manufacturing, and/or commercial activities and can cover a single investigational compound or commercial product or multiple compounds and/or products in various life cycle stages. The rights and obligations of the parties can be global or limited to geographic regions. BMS refers to these collaborations as alliances and its partners as alliance partners.
v3.22.2.2
REVENUE (Tables)
 9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table summarizes the disaggregation of revenue by nature:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Net product sales$10,813 $11,243 $33,606 $33,446 
Alliance revenues173 194 560 495 
Other revenues232 187 587 459 
Total Revenues$11,218 $11,624 $34,753 $34,400 
Revenue Recognition Gross-To-Net Adjustments
The following table summarizes GTN adjustments:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Gross product sales$17,606 $17,335 $51,555 $49,676 
GTN adjustments(a)
Charge-backs and cash discounts(1,907)(1,908)(5,420)(5,214)
Medicaid and Medicare rebates(3,295)(2,625)(8,003)(6,482)
Other rebates, returns, discounts and adjustments(1,591)(1,559)(4,526)(4,534)
Total GTN adjustments(6,793)(6,092)(17,949)(16,230)
Net product sales$10,813 $11,243 $33,606 $33,446 
(a)    Includes adjustments for provisions for product sales made in prior periods resulting from changes in estimates of $10 million and $207 million for the three and nine months ended September 30, 2022, and $10 million and $282 million for the three and nine months ended September 30, 2021, respectively.
Revenue from External Customers by Products and Services
The following table summarizes the disaggregation of revenue by product and region:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
In-Line Products
Eliquis$2,655 $2,413 9,101 8,091 
Opdivo2,047 1,905 6,033 5,535 
Pomalyst/Imnovid886 851 2,620 2,478 
Orencia883 870 2,551 2,442 
Sprycel560 551 1,587 1,562 
Yervoy523 515 1,563 1,481 
Empliciti73 82 225 253 
Mature and other products441 480 1,338 1,459 
Total In-Line Products 8,068 7,667 25,018 23,301 
New Product Portfolio
Reblozyl190 160 518 400 
Abecma107 71 263 95 
Zeposia69 40 171 86 
Breyanzi44 30 127 47 
Inrebic21 22 62 54 
Onureg32 21 87 48 
Opdualag84 — 148 — 
Camzyos5 — 8 — 
Sotyktu1 — 1 — 
Total New Product Portfolio553 344 1,385 730 
Total In-Line Products and New Product Portfolio8,621 8,011 26,403 24,031 
Recent LOE Products(a)
Revlimid2,420 3,347 7,718 9,493 
Abraxane177 266 632 876 
Total Recent LOE Products2,597 3,613 8,350 10,369 
Total Revenues$11,218 $11,624 $34,753 $34,400 
United States$7,941 $7,296 $23,903 $21,694 
International3,062 4,052 10,216 12,075 
Other(b)
215 276 634 631 
Total Revenues$11,218 $11,624 $34,753 $34,400 
(a)    Recent LOE Products include products with significant decline in revenue from the prior reporting period as a result of a loss of exclusivity.
(b)    Other revenues include royalties and alliance-related revenues for products not sold by BMS’s regional commercial organizations.
v3.22.2.2
ALLIANCES (Tables)
 9 Months Ended
Sep. 30, 2022
ALLIANCES [Abstract]  
Collaborative Arrangement and Arrangement Other than Collaborative
Selected financial information pertaining to alliances was as follows, including net product sales when BMS is the principal in the third-party customer sale for products subject to the alliance. Expenses summarized below do not include all amounts attributed to the activities for the products in the alliance, but only the payments between the alliance partners or the related amortization if the payments were deferred or capitalized.
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Revenues from alliances:
Net product sales$2,722 $2,452 $9,234 $8,139 
Alliance revenues173 194 560 495 
Total Revenues$2,895 $2,646 $9,794 $8,634 
Payments to/(from) alliance partners:
Cost of products sold$1,328 $1,181 $4,456 $3,924 
Marketing, selling and administrative(53)(43)(160)(140)
Research and development6 10 40 17 
Acquired IPRD — — 100 736 
Other (income)/expense, net(18)1 (41)(18)

Dollars in MillionsSeptember 30,
2022		December 31,
2021
Selected Alliance Balance Sheet information:
Receivables – from alliance partners$281 $320 
Accounts payable – to alliance partners1,242 1,229 
Deferred income – from alliances(a)
304 330 
(a)    Includes unamortized upfront and milestone payments.
v3.22.2.2
DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS (Tables)
 9 Months Ended
Sep. 30, 2022
Acquisitions, Divestitures and Other Arrangements [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The total consideration for the acquisition consisted of the following:
Dollars in MillionsTotal Consideration
Cash consideration for outstanding shares $3,811 
Cash consideration for equity awards 302 
  Consideration paid4,113 
Less: Unvested stock awards (a)
153 
Total consideration to be allocated$3,960 
(a)    Includes unvested equity awards of $73 million expensed in Marketing, selling, and administrative and $80 million expensed in Research and development during the three months ended September 30, 2022.
Purchase Commitment, Excluding Long-Term Commitment
The purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed as of the acquisition date based upon their respective fair values summarized below:
Dollars in MillionsPurchase Price Allocation
Cash and cash equivalents$795 
Other current assets 14 
Intangible assets (a)
2,971 
Deferred income tax assets 229 
Other non-current assets10 
Deferred income tax liabilities(643)
Other current liabilities(111)
Identifiable net assets acquired$3,265 
Goodwill (b)
695 
Total consideration allocated$3,960 
(a)    Intangible assets primarily consist of IPRD allocated to repotrectinib ($2.8 billion), a potential best-in-class tyrosine kinase inhibitor targeting the ROS1 and NTRK oncogenic drivers in NSCLC and other advanced solid tumors. Repotrectinib is currently in registrational Phase II study in adults and a Phase I/II study in pediatric patients. The estimated fair value of IPRD assets was determined using an income approach valuation method.
(b)    Goodwill resulted primarily from the recognition of deferred tax liabilities and is not deductible for tax purposes.
Disposal Groups, Including Discontinued Operations
The following table summarizes the financial impact of divestitures including royalties, which are included in Other (income)/expense, net. Revenue and pretax earnings related to all divestitures were not material in all periods presented (excluding divestiture gains or losses).
Three Months Ended September 30,
Net Proceeds(a)
Divestiture (Gains)/LossesRoyalty Income
Dollars in Millions202220212022202120222021
Diabetes Business$205 $153 $— $— $(205)$(159)
Mature Products and Other1 35 — 2 — (1)
Total$206 $188 $— $2 $(205)$(160)
Nine Months Ended September 30,
Net Proceeds(a)
Divestiture (Gains)/LossesRoyalty Income
Dollars in Millions202220212022202120222021
Diabetes Business$562 $449 $— $— $(595)$(445)
Mature Products and Other229 121 (211)(9)(2)(2)
Total$791 $570 $(211)$(9)$(597)$(447)
(a)    Includes royalties received subsequent to the related sale of the asset or business.
Licensing and Other Arrangements
The following table summarizes the financial impact of Keytruda* royalties, Tecentriq* royalties and milestones for products that have not obtained commercial approval, which are included in Other (income)/expense, net.

Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Keytruda* royalties
$(268)$(215)$(732)$(611)
Tecentriq* royalties
(24)(22)(68)(67)
Contingent milestone income— (10)(46)(12)
Amortization of deferred income(18)3 (41)(27)
Biohaven sublicense income (55)— (55)— 
Other royalties and licensing income (9)(21)(25)(33)
Total$(374)$(265)$(967)$(750)
v3.22.2.2
OTHER (INCOME)/EXPENSE, NET (Tables)
 9 Months Ended
Sep. 30, 2022
Other Nonoperating Income (Expense) [Abstract]  
Schedule Of Other Income Expense
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Interest expense$299 $328 $938 $1,011 
Royalties and licensing income(579)(425)(1,564)(1,197)
Equity investment losses/(income)14 (465)966 (1,214)
Integration expenses114 141 343 434 
Contingent consideration— — 1 (510)
Loss on debt redemption— — 266 281 
Provision for restructuring17 27 60 150 
Litigation and other settlements44 13 32 49 
Divestiture losses/(gains)— 2 (211)(9)
Other(49)(30)(38)(108)
Other (income)/expense, net$(140)$(409)$793 $(1,113)
v3.22.2.2
RESTRUCTURING (Tables)
 9 Months Ended
Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]  
Restructuring and Related Costs
The following provides the charges related to restructuring initiatives by type of cost:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Celgene Acquisition Plan$102 $153 $375 $526 
Other Restructuring 29 18 34 74 
Total charges$131 $171 $409 $600 
Employee termination costs$16 $24 $57 $143 
Other termination costs1 3 3 7 
Provision for restructuring17 27 60 150 
Integration expenses114 141 343 434 
Accelerated depreciation— — 6 — 
Asset impairments— — — 24 
Other shutdown costs, net— 3 — (8)
Total charges$131 $171 $409 $600 
Cost of products sold$— $— $— $24 
Marketing, selling and administrative— 1 6 1 
Other (income)/expense, net131 170 403 575 
Total charges$131 $171 $409 $600 
Schedule of Restructuring Reserve by Type of Cost
The following summarizes the charges and spending related to restructuring plan activities:
Nine Months Ended September 30,
Dollars in Millions20222021
Beginning balance $101 $148 
Provision for restructuring(a)
60 138 
Foreign currency translation and other(10)(4)
Payments(106)(170)
Ending Balance$45 $112 
(a)    Includes a reduction of the liability resulting from changes in estimates of $6 million and $17 million for the nine months ended September 30, 2022 and 2021, respectively. Excludes $12 million for the nine months ended September 30, 2021 of accelerated stock-based compensation relating to the Celgene Acquisition Plan.
v3.22.2.2
INCOME TAXES (Tables)
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Earnings Before Income Taxes$2,209 $2,157 $5,854 $6,240 
Provision for Income Taxes601 605 1,534 1,598 
Effective Tax Rate27.2 %28.0 %26.2 %25.6 %
v3.22.2.2
EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Schedule of Earnings/(Loss) Per Share, Basic and Diluted
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions, Except Per Share Data2022202120222021
Net Earnings Attributable to BMS Used for Basic and Diluted EPS Calculation$1,606 $1,546 $4,305 $4,622 
Weighted-Average Common Shares Outstanding – Basic2,133 2,219 2,137 2,227 
Incremental Shares Attributable to Share-Based Compensation Plans15 24 17 26 
Weighted-Average Common Shares Outstanding – Diluted2,148 2,243 2,154 2,253 
Earnings per Common Share
Basic$0.75 $0.70 $2.01 $2.08 
Diluted0.75 0.69 2.00 2.05 
v3.22.2.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Financial assets and liabilities measured at fair value on a recurring basis are summarized below:
September 30, 2022December 31, 2021
Dollars in MillionsLevel 1Level 2Level 3Level 1Level 2Level 3
Cash and cash equivalents - money market and other securities$— $4,667 $— $— $12,225 $— 
Marketable debt securities:
Certificates of deposit— 1,080 — — 2,264 — 
Commercial paper— 168 — — 320 — 
Corporate debt securities— 45 — — 403 — 
Derivative assets— 1,058 8 — 206 12 
Equity investments426 493 — 1,910 109 — 
Derivative liabilities— 81 — — 25 — 
Contingent consideration liability:
Contingent value rights6 — — 8 — — 
Other acquisition related contingent consideration— — 32 — — 35 
Marketable Securities
The following table summarizes marketable debt securities:
September 30, 2022December 31, 2021
Dollars in MillionsAmortized CostGross UnrealizedAmortized CostGross Unrealized
GainsLossesFair ValueGainsLossesFair Value
Certificates of deposit$1,080 $— $— $1,080 $2,264 $— $— $2,264 
Commercial paper168 — — 168 320 — — 320 
Corporate debt securities45 — — 45 401 2 — 403 
Total marketable debt securities(a)
$1,293 $— $— $1,293 $2,985 $2 $— $2,987 
(a)    All marketable debt securities mature within one year as of September 30, 2022, and December 31, 2021.
Schedule of Equity Investments
The following summarizes the carrying amount of equity investments:
Dollars in MillionsSeptember 30,
2022		December 31,
2021
Equity investments with readily determinable fair values$919 $2,019 
Equity investments without readily determinable fair values505 283 
Limited partnerships and other equity method investments535 666 
Total equity investments$1,959 $2,968 
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 September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Equity investments with readily determined fair values(a)
Net loss/(gain) recognized$75 $22 $927 $(93)
Net (gain)/loss recognized on investments sold(1)3 (17)5 
Net unrealized loss/(gain) recognized on investments still held76 19 944 (98)
Equity investments without readily determinable fair values
Upward adjustments(64)(447)(70)(908)
Impairments and downward adjustments— — 2 1 
Cumulative upward adjustments(173)
Cumulative impairments and downward adjustments52 
Equity in net loss/(income) of affiliates3 (40)107 (214)
(a)    Certain prior year amounts have been reclassified to conform to the current year's presentation.
Schedule of Derivatives and Fair Value
The following table summarizes the fair value of outstanding derivatives:
 September 30, 2022December 31, 2021
Asset(a)
Liability(b)
Asset(a)
Liability(b)
Dollars in MillionsNotionalFair ValueNotionalFair ValueNotionalFair ValueNotionalFair Value
Derivatives designated as hedging instruments:
Interest rate swap contracts$— $— $255 $(19)$255 $10 $— $— 
Cross-currency interest rate swap contracts1,411 136 584 (43)600 26 — — 
Foreign currency forward contracts7,978 882 145 (8)3,587 161 1,814 (20)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts1,628 40 561 (11)883 9 568 (5)
Other— 8 — — — 12 — — 
(a)    Included in Other current assets and Other non-current assets.
(b)    Included in Other current liabilities and Other non-current liabilities.
Derivative Instruments, Gain (Loss)
The following table summarizes the financial statement classification and amount of (gain)/loss recognized on hedging instruments:
Three Months Ended September 30, 2022Nine Months Ended September 30, 2022
Dollars in MillionsCost of products soldOther (income)/expense, netCost of products soldOther (income)/expense, net
Interest rate swap contracts$— $(5)$— $(23)
Cross-currency interest rate swap contracts— 13 — 5 
Foreign currency forward contracts(195)(61)(408)(136)
Three Months Ended September 30, 2021Nine Months Ended September 30, 2021
Dollars in MillionsCost of products soldOther (income)/expense, netCost of products soldOther (income)/expense, net
Interest rate swap contracts$— $(7)$— $(22)
Cross-currency interest rate swap contracts— (2)— (8)
Foreign currency forward contracts19 2 145 (14)

The following table summarizes the effect of derivative and non-derivative instruments designated as hedging instruments in Other Comprehensive Income:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Derivatives qualifying as cash flow hedges
Foreign currency forward contracts gain/(loss):
Recognized in Other Comprehensive Income(a)
$548 $93 $1,149 $314 
Reclassified to Cost of products sold(195)37 (408)126 
Cross-currency interest rate swap contracts gain/(loss):
Recognized in Other Comprehensive Income(43)— (43)— 
Reclassified to Other (income)/expense, net20 — 20 — 
Forward starting interest rate swap contract loss:
Reclassified to Other (income)/expense, net— — (3)— 
Derivatives qualifying as net investment hedges
Cross-currency interest rate swap contracts gain:
Recognized in Other Comprehensive Income71 — 135 26 
Non-derivatives qualifying as net investment hedges
Non-U.S. dollar borrowings gain:
Recognized in Other Comprehensive Income40 20 123 45 
(a)    The majority is expected to be reclassified into earnings in the next 24 months.
Schedule of Short-term Debt
Short-term debt obligations include:
Dollars in MillionsSeptember 30,
2022		December 31,
2021
Non-U.S. short-term borrowings$107 $105 
Current portion of long-term debt1,903 4,764 
Other122 79 
Total$2,132 $4,948 
Schedule of Fair Value and Other Adjustments to Long Term Debt
Long-term debt and the current portion of long-term debt include:
Dollars in MillionsSeptember 30,
2022		December 31,
2021
Principal Value$38,137 $43,095 
Adjustments to Principal Value:
Fair value of interest rate swap contracts(19)10 
Unamortized basis adjustment from swap terminations101 119 
Unamortized bond discounts and issuance costs(290)(263)
Unamortized purchase price adjustments of Celgene debt940 1,408 
Total$38,869 $44,369 
Current portion of long-term debt$1,903 $4,764 
Long-term debt36,966 39,605 
Total$38,869 $44,369 
The table below summarizes the issuances:
Dollars in Millions
Principal Value:
2.950% Notes due 2032
$1,750 
3.550% Notes due 2042
1,250 
3.700% Notes due 2052
2,000 
3.900% Notes due 2062
1,000 
Total$6,000 
v3.22.2.2
RECEIVABLES (Tables)
 9 Months Ended
Sep. 30, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Schedule Of Receivables
Dollars in MillionsSeptember 30,
2022		December 31,
2021
Trade receivables$8,644 $8,723 
Less: Charge-backs and cash discounts(599)(723)
Less: Allowance for expected credit loss(24)(21)
Net trade receivables8,021 7,979 
Alliance, Royalties, VAT and other1,592 1,390 
Receivables$9,613 $9,369 
v3.22.2.2
INVENTORIES (Tables)
 9 Months Ended
Sep. 30, 2022
Inventory, Net [Abstract]  
Inventories
Dollars in MillionsSeptember 30,
2022		December 31,
2021
Finished goods$357 $543 
Work in process1,870 2,111 
Raw and packaging materials446 350 
Total inventories$2,673 $3,004 
Inventories$2,074 $2,095 
Other non-current assets599 909 
v3.22.2.2
PROPERTY, PLANT AND EQUIPMENT (Tables)
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Dollars in MillionsSeptember 30,
2022		December 31,
2021
Land$162 $169 
Buildings5,749 5,897 
Machinery, equipment and fixtures3,290 3,252 
Construction in progress973 764 
Gross property, plant and equipment10,174 10,082 
Less accumulated depreciation(4,139)(4,033)
Property, plant and equipment$6,035 $6,049 
v3.22.2.2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule Of Intangible Assets By Major Class
Dollars in MillionsEstimated Useful LivesSeptember 30,
2022		December 31,
2021
Goodwill(a)
$21,112 $20,502 
Other intangible assets(a):
Licenses
5 – 15 years
370 307 
Acquired marketed product rights
3 – 15 years
60,477 60,454 
Capitalized software
3 – 10 years
1,613 1,499 
IPRD 6,560 3,750 
Gross other intangible assets69,020 66,010 
Less accumulated amortization(30,841)(23,483)
Other intangible assets$38,179 $42,527 
(a)    Includes goodwill and other intangible assets recognized as part of the Turning Point acquisition in 2022. Refer to “—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements” for further information related to the Turning Point acquisition.
v3.22.2.2
Supplemental Financial Information (Tables)
 9 Months Ended
Sep. 30, 2022
Supplemental Financial Information [Abstract]  
Schedule of Other Current Assets
Dollars in MillionsSeptember 30,
2022		December 31, 2021
Income taxes$3,181 $2,786 
Research and development627 514 
Contract assets446 361 
Equity investments— 255 
Restricted cash(a)
164 140 
Other1,664 776 
Other current assets$6,082 $4,832 
Schedule of Other Assets, Noncurrent
Dollars in MillionsSeptember 30,
2022		December 31, 2021
Equity investments$1,959 $2,713 
Inventories599 909 
Operating leases883 919 
Pension and postretirement301 317 
Research and development547 248 
Restricted cash(a)
59 197 
Other397 232 
Other non-current assets$4,745 $5,535 
(a)    Restricted cash primarily consists of funds restricted for annual Company contributions to the defined contribution plan in the U.S. and escrow for litigation settlements. Cash is restricted when withdrawal or general use is contractually or legally restricted. Restricted cash of $339 million as of September 30, 2021, was included in cash, cash equivalents and restricted cash in the consolidated statements of cash flows.
Schedule of Other Current Liabilities
Dollars in MillionsSeptember 30,
2022		December 31, 2021
Rebates and discounts$6,839 $6,399 
Income taxes1,287 754 
Employee compensation and benefits1,008 1,375 
Research and development1,296 1,373 
Dividends1,148 1,186 
Interest311 378 
Royalties385 410 
Operating leases167 169 
Other1,762 1,927 
Other current liabilities$14,203 $13,971 
Other Noncurrent Liabilities
Dollars in MillionsSeptember 30,
2022		December 31, 2021
Income taxes $4,398 $4,835 
Pension and postretirement553 654 
Operating leases845 874 
Deferred income296 326 
Deferred compensation337 427 
Other256 218 
Other non-current liabilities$6,685 $7,334 
v3.22.2.2
EQUITY (Tables)
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Schedule of Stock by Class
The following table summarizes changes in equity for the nine months ended September 30, 2022:
Common StockCapital in Excess of Par Value of StockAccumulated Other Comprehensive LossRetained EarningsTreasury StockNoncontrolling Interest
Dollars and Shares in MillionsSharesPar ValueSharesCost
Balance at December 31, 20212,923 $292 $44,361 $(1,268)$23,820 747 $(31,259)$60 
Net Earnings— — — — 1,278 — — 5 
Other Comprehensive Income— — — 39 — — — — 
Cash dividends declared(a)
— — — — (1,150)— — — 
Share repurchase program— — (750)— — 65 (4,250)— 
Stock compensation— — 145 — — (18)322 — 
Balance at March 31, 20222,923 $292 $43,756 $(1,229)$23,948 794 $(35,187)$65 
Net Earnings— — — — 1,421 — — 8 
Other Comprehensive Income— — — 237 — — — — 
Cash dividends declared(a)
— — — — (1,152)— — — 
Share repurchase program— — 300 — — 2 (300)— 
Stock compensation— — 319 — — (8)195 — 
Distributions— — — — — — — (12)
Balance at June 30, 20222,923 292 44,375 (992)24,217 788 (35,292)61 
Net Earnings— — — — 1,606 — — 2 
Other Comprehensive Income— — — 151 — — — — 
Cash dividends declared(a)
— — — — (1,148)— — — 
Stock repurchase program— — 450 — — 12 (1,151)— 
Stock compensation— — 131 — — (1)32 — 
Balance at September 30, 20222,923 $292 $44,956 $(841)$24,675 799 $(36,411)$63 
(a)    Cash dividends declared per common share were $0.54 for the three months ended March 31, 2022, June 30, 2022 and September 30, 2022, respectively.

The following table summarizes changes in equity for the nine months ended September 30, 2021:
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, 20202,923 $292 $44,325 $(1,839)$21,281 679 $(26,237)$60 
Net Earnings— — — — 2,021 — — 8 
Other Comprehensive Income— — — 295 — — — — 
Cash dividends declared(a)
— — — — (1,098)— — — 
Share repurchase program— — — — — 28 (1,768)— 
Stock compensation— — (473)— — (15)806 — 
Balance at March 31, 20212,923 $292 $43,852 $(1,544)$22,204 692 $(27,199)$68 
Net Earnings— — — — 1,055 — — 6 
Other Comprehensive Loss— — — 26 — — — — 
Cash dividends declared(a)
— — — — (1,091)— — — 
Stock repurchase program— — — — — 19 (1,235)— 
Stock compensation— — 212 — — (10)236 — 
Distributions— — — — — — — (8)
Balance at June 30, 20212,923 292 44,064 (1,518)22,168 701 (28,198)66 
Net Earnings— — — — 1,546 — — 5 
Other Comprehensive Loss— — — 94 — — — — 
Cash dividends declared(a)
— — — — (1,089)— — — 
Stock repurchase program— — — — — 7 (487)— 
Stock compensation— — 228 — — (5)113 — 
Balance at September 30, 20212,923 $292 $44,292 $(1,424)$22,625 703 $(28,572)$71 
(a)    Cash dividends declared per common share were $0.49 for the three months ended March 31, 2021, June 30, 2021 and September 30, 2021, respectively.
Schedule of Comprehensive Income Loss
The components of Other Comprehensive Income were as follows:
20222021
Dollars in MillionsPretaxTaxAfter TaxPretaxTaxAfter Tax
Three Months Ended September 30,
Derivatives qualifying as cash flow hedges:
Unrealized gains/(losses)$505 $(66)$439 $93 $(13)$80 
Reclassified to net earnings(a)
(175)22 (153)37 (4)33 
Derivatives qualifying as cash flow hedges330 (44)286 130 (17)113 
Pension and postretirement benefits:
Actuarial gains/(losses)14 (4)10 (4)1 (3)
Amortization(b)
7 (1)6 10 (2)8 
Settlements(b)
2 — 2 2 — 2 
Pension and postretirement benefits23 (5)18 8 (1)7 
Marketable debt securities:
Unrealized (losses)/gains— — — (3)— (3)
Foreign currency translation(131)(22)(153)(18)(5)(23)
Other Comprehensive Income$222 $(71)$151 $117 $(23)$94 
(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.

20222021
Dollars in MillionsPretaxTaxAfter TaxPretaxTaxAfter Tax
Nine Months Ended September 30,
Derivatives qualifying as cash flow hedges:
Unrealized (losses)/gains$1,106 $(147)$959 $314 $(27)$287 
Reclassified to net earnings(a)
(391)50 (341)126 (14)112 
Derivatives qualifying as cash flow hedges715 (97)618 440 (41)399 
Pension and postretirement benefits:
Actuarial gains/(losses)54 (11)43 18 (2)16 
Amortization(b)
19 (4)15 29 (7)22 
Settlements(b)
7 (1)6 8 (1)7 
Pension and postretirement benefits80 (16)64 55 (10)45 
Marketable debt securities:
Unrealized (losses)/gains(2)— (2)(9)2 (7)
Foreign currency translation(201)(52)(253)(6)(16)(22)
Other Comprehensive Income$592 $(165)$427 $480 $(65)$415 
(a)Included in Cost of products sold and Other (income)/expense, net. Refer to “—Note 9.Financial Instruments and Fair Value Measurements“ for further information.
(b)Included in Other (income)/expense, net.
Schedule of Accumulated Other Comprehensive Income Loss
The accumulated balances related to each component of Other Comprehensive Income, net of taxes, were as follows:
Dollars in MillionsSeptember 30,
2022		December 31,
2021
Derivatives qualifying as cash flow hedges$796 $178 
Pension and postretirement benefits(704)(768)
Marketable debt securities— 2 
Foreign currency translation(933)(680)
Accumulated other comprehensive loss$(841)$(1,268)
v3.22.2.2
EMPLOYEE STOCK BENEFIT PLANS (Tables)
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Cost by Plan
Stock-based compensation expense was as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2022202120222021
Cost of products sold$11 $14 $30 $44 
Marketing, selling and administrative48 59 144 184 
Research and development56 66 164 210 
Other (income)/expense, net— 3 — 12 
Total stock-based compensation expense$115 $142 $338 $450 
Income tax benefit(a)
$23 $29 $67 $93 
(a)    Income tax benefit excludes excess tax benefits from share-based compensation awards that were vested or exercised of $4 million and $63 million for the three and nine months ended September 30, 2022 and $7 million and $36 million for the three and nine months ended September 30, 2021, 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 nine months ended September 30, 2022 were as follows:
Units in MillionsUnitsWeighted-Average Fair Value
Restricted stock units8.1 $63.86 
Market share units1.0 60.74 
Performance share units1.4 66.76 
Share-based Payment Arrangement, Nonvested Award, Cost
Dollars in MillionsRestricted Stock UnitsMarket Share UnitsPerformance Share Units
Unrecognized compensation cost$810 $62 $111 
Expected weighted-average period in years of compensation cost to be recognized2.93.01.8
v3.22.2.2
REVENUE - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Disaggregation of Revenue [Line Items]        
Total Revenues $ 11,218 $ 11,624 $ 34,753 $ 34,400
Net product sales        
Disaggregation of Revenue [Line Items]        
Total Revenues 10,813 11,243 33,606 33,446
Other revenues        
Disaggregation of Revenue [Line Items]        
Total Revenues 232 187 587 459
Alliance revenues        
Disaggregation of Revenue [Line Items]        
Total Revenues 2,895 2,646 9,794 8,634
Alliance revenues | Net product sales        
Disaggregation of Revenue [Line Items]        
Total Revenues 2,722 2,452 9,234 8,139
Alliance revenues | Alliance revenues        
Disaggregation of Revenue [Line Items]        
Total Revenues $ 173 $ 194 $ 560 $ 495
v3.22.2.2
REVENUE - Reconciliation of Gross Product Sales to Net Product Sales (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Gross to Net Adjustments [Line Items]        
Total Revenues $ 11,218 $ 11,624 $ 34,753 $ 34,400
Gross to Net Adjustments (6,793) (6,092) (17,949) (16,230)
Adjustments for provisions for product sales made in prior periods 10 10 207 282
Gross product sales        
Gross to Net Adjustments [Line Items]        
Total Revenues 17,606 17,335 51,555 49,676
Net product sales        
Gross to Net Adjustments [Line Items]        
Total Revenues 10,813 11,243 33,606 33,446
Charge-backs and cash discounts        
Gross to Net Adjustments [Line Items]        
Gross to Net Adjustments (1,907) (1,908) (5,420) (5,214)
Medicaid and Medicare rebates        
Gross to Net Adjustments [Line Items]        
Gross to Net Adjustments (3,295) (2,625) (8,003) (6,482)
Other rebates, returns, discounts and adjustments        
Gross to Net Adjustments [Line Items]        
Gross to Net Adjustments $ (1,591) $ (1,559) $ (4,526) $ (4,534)
v3.22.2.2
REVENUE - Disaggregation of Revenue by Product and Region (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue from External Customer [Line Items]        
Total Revenues $ 11,218 $ 11,624 $ 34,753 $ 34,400
Performance obligation satisfied in previous period 119 73 450 463
United States        
Revenue from External Customer [Line Items]        
Total Revenues 7,941 7,296 23,903 21,694
International        
Revenue from External Customer [Line Items]        
Total Revenues 3,062 4,052 10,216 12,075
Other Region        
Revenue from External Customer [Line Items]        
Total Revenues 215 276 634 631
Total In-Line Products and New Product Portfolio        
Revenue from External Customer [Line Items]        
Total Revenues 8,621 8,011 26,403 24,031
Total In-Line Products        
Revenue from External Customer [Line Items]        
Total Revenues 8,068 7,667 25,018 23,301
Eliquis        
Revenue from External Customer [Line Items]        
Total Revenues 2,655 2,413 9,101 8,091
Opdivo        
Revenue from External Customer [Line Items]        
Total Revenues 2,047 1,905 6,033 5,535
Pomalyst/Imnovid        
Revenue from External Customer [Line Items]        
Total Revenues 886 851 2,620 2,478
Orencia        
Revenue from External Customer [Line Items]        
Total Revenues 883 870 2,551 2,442
Sprycel        
Revenue from External Customer [Line Items]        
Total Revenues 560 551 1,587 1,562
Yervoy        
Revenue from External Customer [Line Items]        
Total Revenues 523 515 1,563 1,481
Empliciti        
Revenue from External Customer [Line Items]        
Total Revenues 73 82 225 253
Mature and other products        
Revenue from External Customer [Line Items]        
Total Revenues 441 480 1,338 1,459
Total New Product Portfolio        
Revenue from External Customer [Line Items]        
Total Revenues 553 344 1,385 730
Reblozyl        
Revenue from External Customer [Line Items]        
Total Revenues 190 160 518 400
Abecma        
Revenue from External Customer [Line Items]        
Total Revenues 107 71 263 95
Zeposia        
Revenue from External Customer [Line Items]        
Total Revenues 69 40 171 86
Breyanzi        
Revenue from External Customer [Line Items]        
Total Revenues 44 30 127 47
Inrebic        
Revenue from External Customer [Line Items]        
Total Revenues 21 22 62 54
Onureg        
Revenue from External Customer [Line Items]        
Total Revenues 32 21 87 48
Opdualag        
Revenue from External Customer [Line Items]        
Total Revenues 84 0 148 0
Camzyos        
Revenue from External Customer [Line Items]        
Total Revenues 5 0 8 0
Sotyktu        
Revenue from External Customer [Line Items]        
Total Revenues 1 0 1 0
Total Recent LOE Products        
Revenue from External Customer [Line Items]        
Total Revenues 2,597 3,613 8,350 10,369
Revlimid        
Revenue from External Customer [Line Items]        
Total Revenues 2,420 3,347 7,718 9,493
Abraxane        
Revenue from External Customer [Line Items]        
Total Revenues $ 177 $ 266 $ 632 $ 876
v3.22.2.2
ALLIANCES (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Sep. 30, 2021
Jun. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Alliance Statement [Line Items]              
Total Revenues $ 11,218   $ 11,624   $ 34,753 $ 34,400  
Cost of products sold [1] 2,353   2,291   7,544 7,584  
Research and development 2,418   2,980   6,999 7,677  
Acquired IPRD 30   271   763 1,070  
Other (income)/expense, net (140)   (409)   793 (1,113)  
Receivables – from alliance partners 9,613       9,613   $ 9,369
Accounts payable – to alliance partners 2,595       2,595   2,949
BridgeBio              
Alliance Statement [Line Items]              
Upfront payments made to collaborative partner   $ 90          
Consideration for contingent development and regulatory approval   $ 815          
Alliance revenues              
Alliance Statement [Line Items]              
Total Revenues 2,895   2,646   9,794 8,634  
Cost of products sold 1,328   1,181   4,456 3,924  
Marketing, selling and administrative (53)   (43)   (160) (140)  
Research and development 6   10   40 17  
Acquired IPRD 0   0   100 736  
Other (income)/expense, net (18)   1   (41) (18)  
Receivables – from alliance partners 281       281   320
Accounts payable – to alliance partners 1,242       1,242   1,229
Deferred income from alliances 304       304   $ 330
Alliance revenues | Eisai              
Alliance Statement [Line Items]              
Upfront payments made to collaborative partner       $ 650      
Consideration for contingent development and regulatory approval     2,500        
Net product sales              
Alliance Statement [Line Items]              
Total Revenues 10,813   11,243   33,606 33,446  
Net product sales | Alliance revenues              
Alliance Statement [Line Items]              
Total Revenues 2,722   2,452   9,234 8,139  
Alliance revenues | Alliance revenues              
Alliance Statement [Line Items]              
Total Revenues $ 173   $ 194   $ 560 $ 495  
[1] Excludes amortization of acquired intangible assets
v3.22.2.2
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS - Acquisitions Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Aug. 17, 2022
Sep. 30, 2022
Sep. 30, 2021
Asset Acquisition, Contingent Consideration [Line Items]      
Payments to acquire businesses, net of cash acquired   $ 4,170 $ 1,458
Turning Point      
Asset Acquisition, Contingent Consideration [Line Items]      
Total consideration $ 4,113    
Payments to acquire businesses, net of cash acquired   $ 3,300  
v3.22.2.2
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS - Consideration for the Acquisition (Details) - Turning Point - USD ($)
$ in Millions
 3 Months Ended
Aug. 17, 2022
Sep. 30, 2022
Business Acquisition [Line Items]    
Total consideration $ 4,113  
Unvested Stock Awards 153  
Total consideration to be allocated 3,960  
Marketing, selling and administrative    
Business Acquisition [Line Items]    
Unvested Stock Awards   $ 73
Research and development    
Business Acquisition [Line Items]    
Unvested Stock Awards   $ 80
Equity Awards    
Business Acquisition [Line Items]    
Total consideration 302  
Common Stock    
Business Acquisition [Line Items]    
Total consideration $ 3,811  
v3.22.2.2
ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS - Schedule of Purchase Price Allocation (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 17, 2022
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Business Acquisition [Line Items]            
Goodwill   $ 21,112   $ 21,112   $ 20,502
Acquired IPRD   $ 30 $ 271 $ 763 $ 1,070  
Turning Point            
Business Acquisition [Line Items]            
Cash and cash equivalents $ 795          
Other current assets 14          
Intangible assets 2,971          
Deferred income tax assets 229          
Other non-current assets 10          
Deferred income tax liabilities (643)          
Other current liabilities (111)          
Identifiable net assets acquired 3,265          
Goodwill 695          
Total consideration allocated 3,960          
Acquired IPRD $ 2,800          
v3.22.2.2
DIVESTITURES, LICENSING AND OTHER ACQUISITIONS - Divestitures (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Business Acquisition [Line Items]          
Net proceeds $ 206   $ 188 $ 791 $ 570
Divestiture (Gains)/Losses 0   2 (211) (9)
Royalty Income (205)   (160) (597) (447)
Diabetes Business          
Business Acquisition [Line Items]          
Net proceeds 205   153 562 449
Divestiture (Gains)/Losses 0   0 0 0
Royalty Income (205)   (159) (595) (445)
Mature Products and Other          
Business Acquisition [Line Items]          
Net proceeds 1   35 229 121
Divestiture (Gains)/Losses 0 $ (211) 2 (211) (9)
Royalty Income $ 0   $ (1) $ (2) $ (2)
v3.22.2.2
DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS - Licensing and Other Arrangements (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Royalty income, nonoperating $ (205) $ (160) $ (597) $ (447)
Contingent milestone income 0 (10) (46) (12)
Amortization of deferred income (18) 3 (41) (27)
Total (374) (265) (967) (750)
Keytruda Royalties        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Royalty income, nonoperating (268) (215) (732) (611)
Tecentriq royalties        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Royalty income, nonoperating (24) (22) (68) (67)
Biohaven        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Biohaven sublicense income (55) 0 (55) 0
Other Royalties        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Royalty income, nonoperating $ (9) $ (21) $ (25) $ (33)
v3.22.2.2
DIVENSTITURES, LICENSING AND OTHER ARRANGEMENTS - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Apr. 30, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
May 31, 2022
Licensing Arrangements [Line Items]                
Proceeds from divestiture of businesses, net of cash divested   $ 206     $ 188 $ 791 $ 570  
Divestiture gain   0     (2) 211 9  
Payment to extinguish future royalty obligation $ 295              
Immatics                
Licensing Arrangements [Line Items]                
Upfront payments   150       150    
Contingent and regulatory milestone payments   770       770    
Dragonfly                
Licensing Arrangements [Line Items]                
Upfront payments   175       175    
Agenus                
Licensing Arrangements [Line Items]                
Upfront payments   200       200    
Contingent and regulatory milestone payments   1,400       1,400    
Mature Products and Other                
Licensing Arrangements [Line Items]                
Proceeds from divestiture of businesses, net of cash divested   1     35 229 121  
Divestiture gain   0   $ 211 $ (2) 211 $ 9  
Mature Products and Other | Discontinued Operations, Held-for-sale                
Licensing Arrangements [Line Items]                
Assets held for sale   155       155    
Liabilities held for sale   $ 6       $ 6    
Mature Products and Other | Cost of products sold                
Licensing Arrangements [Line Items]                
Asset impairment charges     $ 43          
Mature Products and Other | LOTTE Corporation                
Licensing Arrangements [Line Items]                
Sales price               $ 170
Mature Products and Other | Cheplapharm                
Licensing Arrangements [Line Items]                
Proceeds from divestiture of businesses, net of cash divested       $ 221        
v3.22.2.2
OTHER (INCOME)/EXPENSE, NET - Schedule Of Other Income Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Other Nonoperating Income (Expense) [Abstract]        
Interest expense $ 299 $ 328 $ 938 $ 1,011
Royalties and licensing income (579) (425) (1,564) (1,197)
Equity investment losses/(income) 14 (465) 966 (1,214)
Integration expenses 114 141 343 434
Contingent consideration 0 0 1 (510)
Loss on debt redemption 0 0 266 281
Provision for restructuring 17 27 60 150
Litigation and other settlements 44 13 32 49
Divestiture losses/(gains) 0 2 (211) (9)
Other (49) (30) (38) (108)
Other (income)/expense, net $ (140) $ (409) $ 793 $ (1,113)
v3.22.2.2
RESTRUCTURING - Additional Information (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2022
USD ($)
employee
Sep. 30, 2021
USD ($)
employee
Restructuring Cost and Reserve [Line Items]    
Change in estimates $ 6 $ 17
Cost of products sold    
Restructuring Cost and Reserve [Line Items]    
Expected synergies, percentage 0.05  
Marketing, selling and administrative    
Restructuring Cost and Reserve [Line Items]    
Expected synergies, percentage 0.65  
Research and development    
Restructuring Cost and Reserve [Line Items]    
Expected synergies, percentage 0.30  
Celgene Acquisition Plan    
Restructuring Cost and Reserve [Line Items]    
Expected cost savings and avoidance $ 3,000  
Expected restructuring and related charges 3,500  
Restructuring and related charges incurred to date 3,000  
Cash outlays $ 3,100  
Workforce reduction of manufacturing, selling, administrative, and research and development personnel | employee 150 320
Other Restructuring    
Restructuring Cost and Reserve [Line Items]    
Expected restructuring and related charges $ 250  
Restructuring and related charges incurred to date $ 151  
v3.22.2.2
RESTRUCTURING - Schedule of Restructuring and Related Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]        
Total charges $ 131 $ 171 $ 409 $ 600
Employee termination costs 16 24 57 143
Other termination costs 1 3 3 7
Provision for restructuring 17 27 60 150
Integration expenses 114 141 343 434
Accelerated depreciation 0 0 6 0
Asset impairments 0 0 0 24
Other shutdown costs, net 0 3 0 (8)
Cost of products sold        
Restructuring Cost and Reserve [Line Items]        
Total charges 0 0 0 24
Marketing, selling and administrative        
Restructuring Cost and Reserve [Line Items]        
Total charges 0 1 6 1
Other (income)/expense, net        
Restructuring Cost and Reserve [Line Items]        
Total charges 131 170 403 575
Celgene Acquisition Plan        
Restructuring Cost and Reserve [Line Items]        
Total charges 102 153 375 526
Other Restructuring        
Restructuring Cost and Reserve [Line Items]        
Total charges $ 29 $ 18 $ 34 $ 74
v3.22.2.2
RESTRUCTURING - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Restructuring Reserve [Roll Forward]        
Restructuring reserve, beginning of period     $ 101 $ 148
Restructuring charges     60 138
Foreign currency translation and other     (10) (4)
Payments     (106) (170)
Restructuring reserve, end of period $ 45 $ 112 45 112
Change in estimates     6 17
Provision for restructuring $ 17 $ 27 $ 60 150
Celgene Acquisition Plan | Accelerated Stock Based Compensation        
Restructuring Reserve [Roll Forward]        
Provision for restructuring       $ 12
v3.22.2.2
INCOME TAXES - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Income Tax Disclosure [Abstract]        
Earnings Before Income Taxes $ 2,209 $ 2,157 $ 5,854 $ 6,240
Provision for Income Taxes $ 601 $ 605 $ 1,534 $ 1,598
Effective Tax Rate 27.20% 28.00% 26.20% 25.60%
v3.22.2.2
INCOME TAXES - Additional Information (Details)
$ in Millions
Sep. 30, 2022
USD ($)
Minimum  
Reasonably possible decrease in unrecognized tax benefits $ 480
Maximum  
Reasonably possible decrease in unrecognized tax benefits $ 530
v3.22.2.2
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Earnings Per Share [Abstract]        
Net Earnings Attributable to BMS Used for Basic and Diluted EPS Calculation $ 1,606 $ 1,546 $ 4,305 $ 4,622
Weighted-Average Common Shares Outstanding - Basic (in shares) 2,133 2,219 2,137 2,227
Incremental Shares Attributable to Share-Based Compensation Plans (in shares) 15 24 17 26
Weighted-Average Common Shares Outstanding - Diluted (in shares) 2,148 2,243 2,154 2,253
Earnings per Common Share        
Earnings per common share attributable to BMS, basic (in usd per share) $ 0.75 $ 0.70 $ 2.01 $ 2.08
Earnings per common share attributable to BMS, diluted (in usd per share) $ 0.75 $ 0.69 $ 2.00 $ 2.05
v3.22.2.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities $ 1,293 $ 2,987
Equity investments 919 2,019
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 1,080 2,264
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 168 320
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 45 403
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents - money market and other securities 0 0
Derivative assets 0 0
Derivative liabilities 0 0
Contingent consideration liability 0 0
Level 1 | Other Assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity investments 426 1,910
Level 1 | Contingent value rights    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration liability 6 8
Level 1 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 0 0
Level 1 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 0 0
Level 1 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents - money market and other securities 4,667 12,225
Derivative assets 1,058 206
Derivative liabilities 81 25
Contingent consideration liability 0 0
Level 2 | Other Assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity investments 493 109
Level 2 | Contingent value rights    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration liability 0 0
Level 2 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 1,080 2,264
Level 2 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 168 320
Level 2 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 45 403
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents - money market and other securities 0 0
Derivative assets 8 12
Derivative liabilities 0 0
Contingent consideration liability 32 35
Level 3 | Other Assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity investments 0 0
Level 3 | Contingent value rights    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration liability 0 0
Level 3 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 0 0
Level 3 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities 0 0
Level 3 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable debt securities $ 0 $ 0
v3.22.2.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Available-for-sale Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amortized Cost $ 1,293 $ 2,985
Gross unrealized gains 0 2
Gross unrealized losses 0 0
Marketable debt securities, fair value 1,293 2,987
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amortized Cost 1,080 2,264
Gross unrealized gains 0 0
Gross unrealized losses 0 0
Marketable debt securities, fair value 1,080 2,264
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amortized Cost 168 320
Gross unrealized gains 0 0
Gross unrealized losses 0 0
Marketable debt securities, fair value 168 320
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amortized Cost 45 401
Gross unrealized gains 0 2
Gross unrealized losses 0 0
Marketable debt securities, fair value $ 45 $ 403
v3.22.2.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Summary of Equity Investments Carrying Amount (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Fair Value Disclosures [Abstract]    
Equity investments with readily determinable fair values $ 919 $ 2,019
Equity investments without readily determinable fair values 505 283
Limited partnerships and other equity method investments 535 666
Total equity investments $ 1,959 $ 2,968
v3.22.2.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS -Schedule of Equity Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Equity investments with readily determined fair values        
Net loss/(gain) recognized $ 75 $ 22 $ 927 $ (93)
Net (gain)/loss recognized on investments sold (1) 3 (17) 5
Net unrealized loss/(gain) recognized on investments still held 76 19 944 (98)
Equity investments without readily determinable fair values        
Upward adjustments (64) (447) (70) (908)
Impairments and downward adjustments 0 0 2 1
Cumulative upward adjustments (173)   (173)  
Cumulative impairments and downward adjustments 52   52  
Equity in net loss/(income) of affiliates $ 3 $ (40) $ 107 $ (214)
v3.22.2.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Additional Information (Details)
€ in Millions, $ in Millions, ¥ in Billions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2022
EUR (€)
Sep. 30, 2022
JPY (¥)
Jan. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
creditFacility
Derivative [Line Items]                
Principal value $ 38,137   $ 38,137         $ 43,095
Variable rate debt, lower range of basis point spread 4.60%   4.60%   4.60% 4.60%    
Long-term debt, fair value $ 34,300   $ 34,300         $ 49,100
Extinguishment of debt     6,000 $ 3,500        
Payment for debt extinguishment     6,600 4,000        
Loss on debt redemption 0 $ 0 266 281        
Repayments of Debt     4,750 2,000        
Net proceeds of debt     5,900          
Interest payments     1,100 1,200        
Number of revolving credit facilities | creditFacility               4
Line of credit facility, maximum borrowing capacity               $ 6,000
$2 Billion Maximum Borrowing Capacity                
Derivative [Line Items]                
Line of credit facility, maximum borrowing capacity             $ 2,000 2,000
$1 Billion Maximum Borrowing Capacity                
Derivative [Line Items]                
Line of credit facility, maximum borrowing capacity             1,000 1,000
$1.5 Billion Maximum Borrowing Capacity                
Derivative [Line Items]                
Line of credit facility, maximum borrowing capacity             $ 1,500 $ 1,500
Long-term debt, term (in years)             5 years  
$5 Billion Maximum Borrowing Capacity                
Derivative [Line Items]                
Line of credit facility, maximum borrowing capacity             $ 5,000  
Long-term debt, term (in years)             5 years  
Renewal period             1 year  
2.600% Notes due 2022                
Derivative [Line Items]                
Principal value $ 1,500   $ 1,500          
Interest rates 2.60%   2.60%   2.60% 2.60%    
Floating Rate Notes due 2022                
Derivative [Line Items]                
Principal value $ 500   $ 500          
2.875% Senior Notes due 2021                
Derivative [Line Items]                
Principal value   $ 500   $ 500        
Interest rates   2.875%   2.875%        
2.550% Senior Notes due 2021                
Derivative [Line Items]                
Principal value   $ 1,000   $ 1,000        
Interest rates   2.55%   2.55%        
2.000% Notes due 2022                
Derivative [Line Items]                
Principal value $ 750   $ 750          
Interest rates 2.00%   2.00%   2.00% 2.00%    
3.250% Bonds due 2022                
Derivative [Line Items]                
Principal value $ 1,000   $ 1,000          
Interest rates 3.25%   3.25%   3.25% 3.25%    
3.550% Bonds due 2022                
Derivative [Line Items]                
Principal value $ 1,000   $ 1,000          
Interest rates 3.55%   3.55%   3.55% 3.55%    
London Interbank Offered Rate (LIBOR)                
Derivative [Line Items]                
LIBOR 3.14%   3.14%   3.14% 3.14%    
Designated as Hedging Instrument                
Derivative [Line Items]                
Principal value $ 368   $ 368   € 375      
Designated as Hedging Instrument | Cross-currency interest rate swap contracts                
Derivative [Line Items]                
Derivative, notional amount 1,400   1,400          
Euro Member Countries, Euro | Designated as Hedging Instrument | Foreign currency forward contracts                
Derivative [Line Items]                
Derivative, notional amount | €         5,100      
Euro Member Countries, Euro | Designated as Hedging Instrument | Cross-currency interest rate swap contracts                
Derivative [Line Items]                
Derivative, notional amount 584   584   € 575      
Japan, Yen | Designated as Hedging Instrument | Foreign currency forward contracts                
Derivative [Line Items]                
Derivative, notional amount | ¥           ¥ 1.4    
Japan, Yen | Designated as Hedging Instrument | Cross-currency interest rate swap contracts                
Derivative [Line Items]                
Derivative, notional amount $ 686   $ 686          
v3.22.2.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Derivatives and Fair Value (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Interest rate swap contracts    
Derivatives, Fair Value [Line Items]    
Derivative liabilities $ (19) $ 10
Designated as Hedging Instrument | Interest rate swap contracts    
Derivatives, Fair Value [Line Items]    
Derivative assets 0 10
Derivative liabilities (19) 0
Designated as Hedging Instrument | Interest rate swap contracts | Assets    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 0 255
Designated as Hedging Instrument | Interest rate swap contracts | Liability    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 255 0
Designated as Hedging Instrument | Cross-currency interest rate swap contracts    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 1,400  
Derivative assets 136 26
Derivative liabilities (43) 0
Designated as Hedging Instrument | Cross-currency interest rate swap contracts | Assets    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 1,411 600
Designated as Hedging Instrument | Cross-currency interest rate swap contracts | Liability    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 584 0
Designated as Hedging Instrument | Foreign currency forward contracts    
Derivatives, Fair Value [Line Items]    
Derivative assets 882 161
Derivative liabilities (8) (20)
Designated as Hedging Instrument | Foreign currency forward contracts | Assets    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 7,978 3,587
Designated as Hedging Instrument | Foreign currency forward contracts | Liability    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 145 1,814
Not Designated as Hedging Instrument | Foreign currency forward contracts    
Derivatives, Fair Value [Line Items]    
Derivative assets 40 9
Derivative liabilities (11) (5)
Not Designated as Hedging Instrument | Foreign currency forward contracts | Assets    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 1,628 883
Not Designated as Hedging Instrument | Foreign currency forward contracts | Liability    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 561 568
Not Designated as Hedging Instrument | Other    
Derivatives, Fair Value [Line Items]    
Derivative assets 8 12
Derivative liabilities 0 0
Not Designated as Hedging Instrument | Other | Assets    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount 0 0
Not Designated as Hedging Instrument | Other | Liability    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount $ 0 $ 0
v3.22.2.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Derivative Instruments, Gain (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
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 (5) (7) (23) (22)
Cross-currency interest rate swap contracts | Cost of products sold        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative, net 0 0 0 0
Cross-currency interest rate swap contracts | Other (income)/expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative, net 13 (2) 5 (8)
Foreign currency forward contracts | Cost of products sold        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative, net (195) 19 (408) 145
Foreign currency forward contracts | Other (income)/expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivative, net $ (61) $ 2 $ (136) $ (14)
v3.22.2.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Gain/(Loss) on Hedging Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Foreign currency forward contracts gain/(loss):        
Recognized in other comprehensive income $ 505 $ 93 $ 1,106 $ 314
Reclassified to net earnings, pretax (175) 37 (391) 126
Non-U.S. dollar borrowings gain:        
Recognized in Other Comprehensive Income (131) (18) (201) (6)
Designated as Hedging Instrument        
Non-U.S. dollar borrowings gain:        
Recognized in Other Comprehensive Income 40 20 123 45
Foreign currency forward contracts        
Foreign currency forward contracts gain/(loss):        
Recognized in other comprehensive income 548 93 1,149 314
Foreign currency forward contracts | Cost of products sold        
Foreign currency forward contracts gain/(loss):        
Reclassified to net earnings, pretax (195) 37 (408) 126
Interest rate swap contracts | Reclassified to Other (income)/expense, net        
Foreign currency forward contracts gain/(loss):        
Reclassified to net earnings, pretax 0 0 (3) 0
Cross-currency interest rate swap contracts        
Foreign currency forward contracts gain/(loss):        
Recognized in other comprehensive income (43) 0 (43) 0
Cross-currency interest rate swap contracts gain:        
Recognized in Other Comprehensive Income 71 0 135 26
Cross-currency interest rate swap contracts | Other (income)/expense, net        
Foreign currency forward contracts gain/(loss):        
Reclassified to net earnings, pretax $ 20 $ 0 $ 20 $ 0
v3.22.2.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Short-term Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Fair Value Disclosures [Abstract]    
Non-U.S. short-term borrowings $ 107 $ 105
Current portion of long-term debt 1,903 4,764
Other 122 79
Short-term debt, total $ 2,132 $ 4,948
v3.22.2.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Long-term and Current Debt Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Principal Value $ 38,137 $ 43,095
Unamortized basis adjustment from swap terminations 101 119
Unamortized bond discounts and issuance costs (290) (263)
Unamortized purchase price adjustments of Celgene debt 940 1,408
Total long-term debt 38,869 44,369
Current portion of long-term debt 1,903 4,764
Long-term debt 36,966 39,605
Interest rate swap contracts    
Debt Instrument [Line Items]    
Fair value of interest rate swap contracts $ (19) $ 10
v3.22.2.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Issuance of Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Sep. 30, 2021
Debt Instrument [Line Items]      
Principal Value $ 38,137 $ 43,095  
Long-term debt $ 6,000    
Note Due 2032      
Debt Instrument [Line Items]      
Interest rates 2.95%    
Long-term debt $ 1,750    
Note Due 2042      
Debt Instrument [Line Items]      
Interest rates 3.55%    
Long-term debt $ 1,250    
Note Due 2052      
Debt Instrument [Line Items]      
Interest rates 3.70%    
Long-term debt $ 2,000    
Note Due 2062      
Debt Instrument [Line Items]      
Interest rates 3.90%    
Long-term debt $ 1,000    
2.875% Senior Notes due 2021      
Debt Instrument [Line Items]      
Principal Value     $ 500
Interest rates     2.875%
2.550% Senior Notes due 2021      
Debt Instrument [Line Items]      
Principal Value     $ 1,000
Interest rates     2.55%
2.250% Senior Notes due 2021      
Debt Instrument [Line Items]      
Principal Value     $ 500
Interest rates     2.25%
v3.22.2.2
RECEIVABLES - Schedule of Receivables (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Trade receivables $ 8,644 $ 8,723
Less: Charge-backs and cash discounts (599) (723)
Less: Allowance for expected credit loss (24) (21)
Net trade receivables 8,021 7,979
Alliance, Royalties, VAT and other 1,592 1,390
Receivables $ 9,613 $ 9,369
v3.22.2.2
RECEIVABLES (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2022
USD ($)
customer
Sep. 30, 2021
USD ($)
Dec. 31, 2021
Account Receivables [Line Items]      
Non-U.S. receivables sold on a nonrecourse basis | $ $ 809 $ 1,100  
Number of largest pharmaceutical wholesalers | customer 3    
Customer Concentration Risk      
Account Receivables [Line Items]      
Percent of aggregate total trade receivables due from three pharmaceutical wholesalers 67.00%   59.00%
v3.22.2.2
INVENTORIES (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Finished goods $ 357   $ 357   $ 543
Work in process 1,870   1,870   2,111
Raw and packaging materials 446   446   350
Total inventories 2,673   2,673   3,004
Inventories 2,074   2,074   2,095
Other non-current assets 599   599   909
Cost of products sold [1] 2,353 $ 2,291 7,544 $ 7,584  
Research and development 2,418 $ 2,980 6,999 $ 7,677  
Inventory Purchase Price Fair Value Adjustment          
Inventories, fair value adjustment $ 137   $ 137   $ 508
[1] Excludes amortization of acquired intangible assets
v3.22.2.2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Property, Plant and Equipment [Abstract]          
Land $ 162   $ 162   $ 169
Buildings 5,749   5,749   5,897
Machinery, equipment and fixtures 3,290   3,290   3,252
Construction in progress 973   973   764
Gross property, plant and equipment 10,174   10,174   10,082
Less accumulated depreciation (4,139)   (4,139)   (4,033)
Property, plant and equipment 6,035   6,035   $ 6,049
Depreciation expense $ 148 $ 144 $ 434 $ 422  
v3.22.2.2
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Intangible Assets By Major Class (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Goodwill $ 21,112 $ 20,502
Gross other intangible assets 69,020 66,010
Less accumulated amortization (30,841) (23,483)
Other intangible assets 38,179 42,527
IPRD    
Finite-Lived Intangible Assets [Line Items]    
IPRD 6,560 3,750
Licenses    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, net 370 307
Acquired marketed product rights    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, net 60,477 60,454
Capitalized software    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, net $ 1,613 $ 1,499
Minimum | Licenses    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 5 years  
Minimum | Acquired marketed product rights    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 3 years  
Minimum | Capitalized software    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 3 years  
Maximum | Licenses    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 15 years  
Maximum | Acquired marketed product rights    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 15 years  
Maximum | Capitalized software    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 10 years  
v3.22.2.2
GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Sep. 30, 2022
Sep. 30, 2021
Finite-Lived Intangible Assets [Line Items]              
Amortization of intangible assets $ 2,500   $ 2,600     $ 7,400 $ 7,700
Impairment of other intangible assets $ 58 $ 40 $ 610 $ 230      
Inrebic              
Finite-Lived Intangible Assets [Line Items]              
Impairment of other intangible assets         $ 315    
Contingent and regulatory milestone         300    
Finite-lived intangible assets, net         $ 385    
v3.22.2.2
SUPPLEMENTAL FINANCIAL INFORMATION - Other Current Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Supplemental Financial Information [Abstract]    
Income taxes $ 3,181 $ 2,786
Research and development 627 514
Contract assets 446 361
Equity investments 0 255
Restricted cash 164 140
Other 1,664 776
Other current assets $ 6,082 $ 4,832
v3.22.2.2
SUPPLEMENTAL FINANCIAL INFORMATION - Other Non-Current Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Sep. 30, 2021
Supplemental Financial Information [Abstract]      
Equity investments $ 1,959 $ 2,713  
Inventories 599 909  
Operating leases 883 919  
Pension and postretirement 301 317  
Research and development 547 248  
Restricted cash 59 197  
Other 397 232  
Other non-current assets $ 4,745 $ 5,535  
Restricted cash for contributions and settlements     $ 339
v3.22.2.2
SUPPLEMENTAL FINANCIAL INFORMATION - Other Current Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Supplemental Financial Information [Abstract]    
Rebates and discounts $ 6,839 $ 6,399
Income taxes 1,287 754
Employee compensation and benefits 1,008 1,375
Research and development 1,296 1,373
Dividends 1,148 1,186
Interest 311 378
Royalties 385 410
Operating leases 167 169
Other 1,762 1,927
Other current liabilities $ 14,203 $ 13,971
v3.22.2.2
SUPPLEMENTAL FINANCIAL INFORMATION - Other Non-Current Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Supplemental Financial Information [Abstract]    
Income taxes $ 4,398 $ 4,835
Pension and postretirement 553 654
Operating leases 845 874
Deferred income 296 326
Deferred compensation 337 427
Other 256 218
Other non-current liabilities $ 6,685 $ 7,334
v3.22.2.2
EQUITY - Schedule of Stockholders Equity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Sep. 30, 2022
Sep. 30, 2021
Equity [Line Items]                
Dividends declared (in usd per share) $ 0.54 $ 0.54 $ 0.54 $ 0.49 $ 0.49 $ 0.49    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance     $ 35,946       $ 35,946  
Net Earnings $ 1,608     $ 1,552     4,320 $ 4,642
Other Comprehensive Income 151     $ 94     427 $ 415
Distributions   $ (12)     $ (8)      
Ending balance $ 32,671           $ 32,671  
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 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 2,923 2,923
Ending balance $ 292 $ 292 $ 292 $ 292 $ 292 $ 292 $ 292 $ 292
Capital in Excess of Par Value of Stock                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance 44,375 43,756 44,361 44,064 43,852 44,325 44,361 44,325
Share repurchase program 450 300 (750)          
Stock compensation 131 319 145 228 212 (473)    
Ending balance 44,956 44,375 43,756 44,292 44,064 43,852 44,956 44,292
Accumulated Other Comprehensive Loss                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance (992) (1,229) (1,268) (1,518) (1,544) (1,839) (1,268) (1,839)
Other Comprehensive Income 151 237 39 94 26 295    
Ending balance (841) (992) (1,229) (1,424) (1,518) (1,544) (841) (1,424)
Retained Earnings                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance 24,217 23,948 23,820 22,168 22,204 21,281 23,820 21,281
Net Earnings 1,606 1,421 1,278 1,546 1,055 2,021    
Cash dividends declared (1,148) (1,152) (1,150) (1,089) (1,091) (1,098)    
Ending balance $ 24,675 $ 24,217 $ 23,948 $ 22,625 $ 22,168 $ 22,204 $ 24,675 $ 22,625
Treasury Stock                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance (in shares) 788 794 747 701 692 679 747 679
Beginning balance $ (35,292) $ (35,187) $ (31,259) $ (28,198) $ (27,199) $ (26,237) $ (31,259) $ (26,237)
Share repurchase program $ (1,151) $ (300) $ (4,250) $ (487) $ (1,235) $ (1,768)    
Share repurchase program (in shares) 12 2 65 7 19 28    
Stock compensation $ 32 $ 195 $ 322 $ 113 $ 236 $ 806    
Stock compensation (in shares) (1) (8) (18) (5) (10) (15)    
Ending balance (in shares) 799 788 794 703 701 692 799 703
Ending balance $ (36,411) $ (35,292) $ (35,187) $ (28,572) $ (28,198) $ (27,199) $ (36,411) $ (28,572)
Noncontrolling Interest                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Beginning balance 61 65 60 66 68 60 60 60
Net Earnings (2) (8) (5) (5) (6) (8)    
Ending balance $ 63 $ 61 $ 65 $ 71 $ 66 $ 68 $ 63 $ 71
v3.22.2.2
EQUITY - Additional Information (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Equity [Line Items]          
Stock repurchase program, remaining authorized repurchase amount $ 9,500   $ 9,500   $ 15,200
Stock repurchase program (in shares) 10        
Stock repurchase program, value $ 701   5,585 $ 3,536  
2022 ASR          
Equity [Line Items]          
Stock repurchase program, authorized amount $ 5,000 $ 5,000 $ 5,000    
Stock repurchase program (in shares)   65      
2019 ASR          
Equity [Line Items]          
Stock repurchase program (in shares)     4    
v3.22.2.2
EQUITY - Schedule of Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Equity [Abstract]        
Unrealized (losses)/gains, pretax $ 505 $ 93 $ 1,106 $ 314
Unrealized (losses)/gains, tax (66) (13) (147) (27)
Unrealized (losses)/gains, after tax 439 80 959 287
Reclassified to net earnings, pretax (175) 37 (391) 126
Reclassified to net earnings, tax 22 (4) 50 (14)
Reclassified to net earnings, after tax (153) 33 (341) 112
Derivatives qualifying as cash flow hedges, pretax 330 130 715 440
Derivatives qualifying as cash flow hedges, tax (44) (17) (97) (41)
Derivatives qualifying as cash flow hedges, after tax 286 113 618 399
Actuarial gains/(losses), pretax 14 (4) 54 18
Actuarial gains/(losses), tax (4) 1 (11) (2)
Actuarial gains/(losses), after tax 10 (3) 43 16
Amortization, pretax 7 10 19 29
Amortization, tax (1) (2) (4) (7)
Amortization, after tax 6 8 15 22
Settlements, pretax 2 2 7 8
Settlements, tax 0 0 (1) (1)
Settlements, after tax 2 2 6 7
Pension and postretirement benefits, pre-tax 23 8 80 55
Pension and postretirement benefits, tax (5) (1) (16) (10)
Pension and postretirement benefits, after tax 18 7 64 45
Unrealized (losses)/gains, pretax 0 (3) (2) (9)
Unrealized (losses)/gains, tax 0 0 0 2
Unrealized (losses)/gains, after tax 0 (3) (2) (7)
Foreign currency translation, pretax (131) (18) (201) (6)
Foreign currency translation, tax (22) (5) (52) (16)
Foreign currency translation, after tax (153) (23) (253) (22)
Other comprehensive income, pre-tax 222 117 592 480
Other comprehensive income, tax (71) (23) (165) (65)
Other comprehensive income, after tax $ 151 $ 94 $ 427 $ 415
v3.22.2.2
EQUITY - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Equity [Abstract]    
Derivatives qualifying as cash flow hedges $ 796 $ 178
Pension and postretirement benefits (704) (768)
Marketable debt securities 0 2
Foreign currency translation (933) (680)
Accumulated other comprehensive loss $ (841) $ (1,268)
v3.22.2.2
EMPLOYEE STOCK BENEFIT PLANS - Stock Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Total stock-based compensation expense $ 115 $ 142 $ 338 $ 450
Income tax benefit 23 29 67 93
Excess tax benefits from share-based compensation awards 4 7 63 36
Cost of products sold        
Total stock-based compensation expense 11 14 30 44
Marketing, selling and administrative        
Total stock-based compensation expense 48 59 144 184
Research and development        
Total stock-based compensation expense 56 66 164 210
Other (income)/expense, net        
Total stock-based compensation expense $ 0 $ 3 $ 0 $ 12
v3.22.2.2
EMPLOYEE STOCK BENEFIT PLANS - Schedule of Share-based Compensation Additional Information (Details)
shares in Millions
 9 Months Ended
Sep. 30, 2022
$ / shares
shares
Restricted stock units  
Number of units granted (in shares) | shares 8.1
Weighted-average fair value (in usd per share) | $ / shares $ 63.86
Market share units  
Number of units granted (in shares) | shares 1.0
Weighted-average fair value (in usd per share) | $ / shares $ 60.74
Performance share units  
Number of units granted (in shares) | shares 1.4
Weighted-average fair value (in usd per share) | $ / shares $ 66.76
v3.22.2.2
EMPLOYEE STOCK BENEFIT PLANS - Share-based Payment Arrangement, Nonvested Award, Cost (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2022
USD ($)
Restricted stock units  
Unrecognized compensation cost $ 810
Expected weighted-average period in years of compensation cost to be recognized 2 years 10 months 24 days
Market share units  
Unrecognized compensation cost $ 62
Expected weighted-average period in years of compensation cost to be recognized 3 years
Performance share units  
Unrecognized compensation cost $ 111
Expected weighted-average period in years of compensation cost to be recognized 1 year 9 months 18 days
v3.22.2.2
LEGAL PROCEEDINGS AND CONTINGENCIES (Details)
$ in Millions, $ in Millions
 1 Months Ended 9 Months Ended
Feb. 28, 2021
USD ($)
Apr. 30, 2020
USD ($)
Dec. 31, 2019
USD ($)
Sep. 30, 2015
patent
Mar. 31, 2010
AUD ($)
Sep. 30, 2022
USD ($)
plaintiff
lawsuit
Apr. 01, 2022
Mar. 30, 2022
lawsuit
Jun. 30, 2021
USD ($)
Legal Proceedings And Contingencies [Line Items]                  
Running royalty             0.015    
Damages sought $ 834                
Obligation to holders of the contingent value rights                 $ 6,400
Accrued liabilities for CERCLA matters           $ 87      
Bristol-Myers Squibb                  
Legal Proceedings And Contingencies [Line Items]                  
Damages sought $ 417                
Anti-PD-1 Antibody Litigation                  
Legal Proceedings And Contingencies [Line Items]                  
Number of patents | patent       6          
CAR T Kite Litigation                  
Legal Proceedings And Contingencies [Line Items]                  
Payments for royalties   $ 1,200 $ 585            
Running royalty   0.276 0.276            
Plavix Australia Intellectual Property | Australia, Dollars                  
Legal Proceedings And Contingencies [Line Items]                  
Damages paid         $ 449        
Plavix Australia Intellectual Property | United States of America, Dollars                  
Legal Proceedings And Contingencies [Line Items]                  
Damages paid           $ 292      
Abilify Product Liability | CANADA                  
Legal Proceedings And Contingencies [Line Items]                  
Pending claims | lawsuit           11      
Class action claims | lawsuit           4      
Individual injury claims | lawsuit           7      
Pending claims, active | lawsuit           2      
Abilify Product Liability Litigation                  
Legal Proceedings And Contingencies [Line Items]                  
Dismissed cases | lawsuit           2,700      
Number of plaintiffs, dismissed cases | plaintiff           3,900      
Onglyza Product Liability Litigation                  
Legal Proceedings And Contingencies [Line Items]                  
Pending claims | lawsuit               18