Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Bristol-Myers Squibb Co., balance sheet: goodwill and intangible assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Goodwill	21,169)	21,149)	20,502)	20,547)	22,488)
Licenses	218)	400)	307)	328)	482)
Acquired marketed product rights	62,858)	60,477)	60,454)	59,076)	46,827)
Capitalized software	1,497)	1,555)	1,499)	1,325)	1,297)
IPRD	3,710)	6,560)	3,750)	6,130)	19,500)
Other intangible assets, gross carrying amounts	68,283)	68,992)	66,010)	66,859)	68,106)
Accumulated amortization	(41,211)	(33,133)	(23,483)	(13,616)	(4,137)
Other intangible assets, net	27,072)	35,859)	42,527)	53,243)	63,969)
Goodwill and other intangible assets	48,241)	57,008)	63,029)	73,790)	86,457)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	Bristol-Myers Squibb Co. goodwill increased from 2021 to 2022 and from 2022 to 2023.
Other intangible assets, net	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Bristol-Myers Squibb Co. other intangible assets, net decreased from 2021 to 2022 and from 2022 to 2023.
Goodwill and other intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Bristol-Myers Squibb Co. goodwill and other intangible assets decreased from 2021 to 2022 and from 2022 to 2023.

Bristol-Myers Squibb Co., adjustments to financial statements

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported)	95,159)	96,820)	109,314)	118,481)	129,944)
Less: Goodwill	21,169)	21,149)	20,502)	20,547)	22,488)
Total assets (adjusted)	73,990)	75,671)	88,812)	97,934)	107,456)
Adjustment to Total BMS Shareholders’ Equity
Total BMS shareholders’ equity (as reported)	29,430)	31,061)	35,946)	37,822)	51,598)
Less: Goodwill	21,169)	21,149)	20,502)	20,547)	22,488)
Total BMS shareholders’ equity (adjusted)	8,261)	9,912)	15,444)	17,275)	29,110)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Bristol-Myers Squibb Co., Financial Data: Reported vs. Adjusted

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Bristol-Myers Squibb Co., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Total Asset Turnover
Reported total asset turnover	0.47	0.48	0.42	0.36	0.20
Adjusted total asset turnover	0.61	0.61	0.52	0.43	0.24
Financial Leverage
Reported financial leverage	3.23	3.12	3.04	3.13	2.52
Adjusted financial leverage	8.96	7.63	5.75	5.67	3.69
Return on Equity (ROE)
Reported ROE	27.27%	20.37%	19.46%	-23.84%	6.66%
Adjusted ROE	97.14%	63.83%	45.29%	-52.19%	11.81%
Return on Assets (ROA)
Reported ROA	8.43%	6.53%	6.40%	-7.61%	2.65%
Adjusted ROA	10.85%	8.36%	7.88%	-9.21%	3.20%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Bristol-Myers Squibb Co. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Bristol-Myers Squibb Co. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Bristol-Myers Squibb Co. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Bristol-Myers Squibb Co. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Bristol-Myers Squibb Co., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Revenues	45,006)	46,159)	46,385)	42,518)	26,145)
Total assets	95,159)	96,820)	109,314)	118,481)	129,944)
Activity Ratio
Total asset turnover¹	0.47	0.48	0.42	0.36	0.20
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenues	45,006)	46,159)	46,385)	42,518)	26,145)
Adjusted total assets	73,990)	75,671)	88,812)	97,934)	107,456)
Activity Ratio
Adjusted total asset turnover²	0.61	0.61	0.52	0.43	0.24

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Total asset turnover = Revenues ÷ Total assets
= 45,006 ÷ 95,159 = 0.47

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 45,006 ÷ 73,990 = 0.61

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Bristol-Myers Squibb Co. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	95,159)	96,820)	109,314)	118,481)	129,944)
Total BMS shareholders’ equity	29,430)	31,061)	35,946)	37,822)	51,598)
Solvency Ratio
Financial leverage¹	3.23	3.12	3.04	3.13	2.52
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	73,990)	75,671)	88,812)	97,934)	107,456)
Adjusted total BMS shareholders’ equity	8,261)	9,912)	15,444)	17,275)	29,110)
Solvency Ratio
Adjusted financial leverage²	8.96	7.63	5.75	5.67	3.69

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Total BMS shareholders’ equity
= 95,159 ÷ 29,430 = 3.23

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total BMS shareholders’ equity
= 73,990 ÷ 8,261 = 8.96

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Bristol-Myers Squibb Co. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to BMS	8,025)	6,327)	6,994)	(9,015)	3,439)
Total BMS shareholders’ equity	29,430)	31,061)	35,946)	37,822)	51,598)
Profitability Ratio
ROE¹	27.27%	20.37%	19.46%	-23.84%	6.66%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to BMS	8,025)	6,327)	6,994)	(9,015)	3,439)
Adjusted total BMS shareholders’ equity	8,261)	9,912)	15,444)	17,275)	29,110)
Profitability Ratio
Adjusted ROE²	97.14%	63.83%	45.29%	-52.19%	11.81%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROE = 100 × Net earnings (loss) attributable to BMS ÷ Total BMS shareholders’ equity
= 100 × 8,025 ÷ 29,430 = 27.27%

² Adjusted ROE = 100 × Net earnings (loss) attributable to BMS ÷ Adjusted total BMS shareholders’ equity
= 100 × 8,025 ÷ 8,261 = 97.14%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Bristol-Myers Squibb Co. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to BMS	8,025)	6,327)	6,994)	(9,015)	3,439)
Total assets	95,159)	96,820)	109,314)	118,481)	129,944)
Profitability Ratio
ROA¹	8.43%	6.53%	6.40%	-7.61%	2.65%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to BMS	8,025)	6,327)	6,994)	(9,015)	3,439)
Adjusted total assets	73,990)	75,671)	88,812)	97,934)	107,456)
Profitability Ratio
Adjusted ROA²	10.85%	8.36%	7.88%	-9.21%	3.20%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROA = 100 × Net earnings (loss) attributable to BMS ÷ Total assets
= 100 × 8,025 ÷ 95,159 = 8.43%

² Adjusted ROA = 100 × Net earnings (loss) attributable to BMS ÷ Adjusted total assets
= 100 × 8,025 ÷ 73,990 = 10.85%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Bristol-Myers Squibb Co. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Bristol-Myers Squibb Co. (NYSE:BMY)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Bristol-Myers Squibb Co., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Bristol-Myers Squibb Co., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)