Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Bristol-Myers Squibb Co., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
U.S.	2,745)	3,017)	1,879)	1,245)	1,002)
Non-U.S.	943)	1,089)	598)	(104)	1,437)
Current	3,688)	4,106)	2,477)	1,141)	2,439)
U.S.	(2,339)	(2,889)	(1,255)	229)	(113)
Non-U.S.	(949)	151)	(138)	754)	(811)
Deferred	(3,288)	(2,738)	(1,393)	983)	(924)
Provision for income taxes	400)	1,368)	1,084)	2,124)	1,515)

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
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Bristol-Myers Squibb Co. current increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Bristol-Myers Squibb Co. deferred decreased from 2021 to 2022 and from 2022 to 2023.
Provision for income taxes	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Bristol-Myers Squibb Co. provision for income taxes increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Bristol-Myers Squibb Co., effective income tax rate (EITR) reconciliation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
U.S. statutory Federal income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
GILTI, net of foreign derived intangible income deduction	2.60%	8.20%	8.00%	-10.00%	17.10%
Foreign tax effect of certain operations in Ireland, Puerto Rico and Switzerland	-10.10%	-5.40%	-1.80%	1.30%	-1.40%
Non-U.S. tax ruling	-7.80%	0.00%	0.00%	0.00%	0.00%
Internal transfers of intangible and other assets	0.00%	-1.20%	-12.10%	-12.40%	0.00%
U.S. Federal valuation allowance	-2.00%	0.80%	0.10%	0.00%	0.00%
U.S. Federal, state and foreign contingent tax matters	1.70%	-3.90%	1.90%	-2.00%	-0.30%
U.S. Federal research-based credits	-2.90%	-1.80%	-2.00%	2.40%	-2.80%
Charitable contributions of inventory	-0.90%	-1.20%	-0.50%	0.50%	0.00%
Contingent value rights	0.00%	0.00%	-1.30%	5.30%	2.20%
Non-deductible R&D charges	0.00%	0.00%	0.00%	-35.80%	0.10%
Puerto Rico excise tax credit	0.00%	-1.90%	-1.90%	2.10%	-3.30%
State and local taxes, net of valuation allowance	1.10%	1.30%	0.40%	-1.50%	-0.30%
Foreign and other	2.00%	1.80%	1.60%	-1.80%	-1.80%
Effective tax rate	4.70%	17.70%	13.40%	-30.90%	30.50%

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
Effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Bristol-Myers Squibb Co. effective tax rate increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Bristol-Myers Squibb Co., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Foreign net operating loss and other carryforwards	2,017)	566)	945)	3,271)	2,480)
State net operating loss and credit carryforwards	349)	329)	304)	325)	263)
U.S. Federal capital loss, net operating loss and tax credit	249)	236)	226)	435)	88)
Milestone payments and license fees	918)	1,030)	887)	643)	558)
Capitalized research expenditures	2,682)	1,573)	—)	—)	—)
Other	1,883)	1,284)	1,390)	1,677)	1,541)
Deferred tax assets	8,098)	5,018)	3,752)	6,351)	4,930)
Valuation allowance	(764)	(873)	(1,056)	(2,809)	(2,844)
Deferred tax assets net of valuation allowance	7,334)	4,145)	2,696)	3,542)	2,086)
Acquired intangible assets	(4,052)	(4,362)	(4,867)	(6,612)	(7,387)
Goodwill and other	(852)	(605)	(891)	(1,176)	(643)
Deferred tax liabilities	(4,904)	(4,967)	(5,758)	(7,788)	(8,030)
Deferred tax assets (liabilities), net	2,430)	(822)	(3,062)	(4,246)	(5,944)

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
Deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Bristol-Myers Squibb Co. deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax assets net of valuation allowance	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Bristol-Myers Squibb Co. deferred tax assets net of valuation allowance increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax assets (liabilities), net	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Bristol-Myers Squibb Co. deferred tax assets (liabilities), net increased from 2021 to 2022 and from 2022 to 2023.

Bristol-Myers Squibb Co., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
	Deferred income taxes assets, non-current	2,768)	1,344)	1,439)	1,161)	510)
	Deferred income taxes liabilities, non-current	338)	2,166)	4,501)	5,407)	6,454)

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
Deferred income taxes assets, non-current	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Bristol-Myers Squibb Co. deferred income taxes assets, non-current decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Deferred income taxes liabilities, non-current	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Bristol-Myers Squibb Co. deferred income taxes liabilities, non-current 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: Noncurrent deferred tax assets, net	2,768)	1,344)	1,439)	1,161)	510)
Total assets (adjusted)	92,391)	95,476)	107,875)	117,320)	129,434)
Adjustment to Total Liabilities
Total liabilities (as reported)	65,674)	65,702)	73,308)	80,599)	78,246)
Less: Noncurrent deferred tax liabilities, net	338)	2,166)	4,501)	5,407)	6,454)
Total liabilities (adjusted)	65,336)	63,536)	68,807)	75,192)	71,792)
Adjustment to Total BMS Shareholders’ Equity
Total BMS shareholders’ equity (as reported)	29,430)	31,061)	35,946)	37,822)	51,598)
Less: Net deferred tax assets (liabilities)	2,430)	(822)	(3,062)	(4,246)	(5,944)
Total BMS shareholders’ equity (adjusted)	27,000)	31,883)	39,008)	42,068)	57,542)
Adjustment to Net Earnings (loss) Attributable To BMS
Net earnings (loss) attributable to BMS (as reported)	8,025)	6,327)	6,994)	(9,015)	3,439)
Add: Deferred income tax expense (benefit)	(3,288)	(2,738)	(1,393)	983)	(924)
Net earnings (loss) attributable to BMS (adjusted)	4,737)	3,589)	5,601)	(8,032)	2,515)

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
Net Profit Margin
Reported net profit margin	17.83%	13.71%	15.08%	-21.20%	13.15%
Adjusted net profit margin	10.53%	7.78%	12.08%	-18.89%	9.62%
Total Asset Turnover
Reported total asset turnover	0.47	0.48	0.42	0.36	0.20
Adjusted total asset turnover	0.49	0.48	0.43	0.36	0.20
Financial Leverage
Reported financial leverage	3.23	3.12	3.04	3.13	2.52
Adjusted financial leverage	3.42	2.99	2.77	2.79	2.25
Return on Equity (ROE)
Reported ROE	27.27%	20.37%	19.46%	-23.84%	6.66%
Adjusted ROE	17.54%	11.26%	14.36%	-19.09%	4.37%
Return on Assets (ROA)
Reported ROA	8.43%	6.53%	6.40%	-7.61%	2.65%
Adjusted ROA	5.13%	3.76%	5.19%	-6.85%	1.94%

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 net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Bristol-Myers Squibb Co. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
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 and 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 adjusted net income divided by adjusted shareholders’ equity.	Bristol-Myers Squibb Co. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Bristol-Myers Squibb Co. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

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)
Net earnings (loss) attributable to BMS	8,025)	6,327)	6,994)	(9,015)	3,439)
Revenues	45,006)	46,159)	46,385)	42,518)	26,145)
Profitability Ratio
Net profit margin¹	17.83%	13.71%	15.08%	-21.20%	13.15%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to BMS	4,737)	3,589)	5,601)	(8,032)	2,515)
Revenues	45,006)	46,159)	46,385)	42,518)	26,145)
Profitability Ratio
Adjusted net profit margin²	10.53%	7.78%	12.08%	-18.89%	9.62%

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 Net profit margin = 100 × Net earnings (loss) attributable to BMS ÷ Revenues
= 100 × 8,025 ÷ 45,006 = 17.83%

² Adjusted net profit margin = 100 × Adjusted net earnings (loss) attributable to BMS ÷ Revenues
= 100 × 4,737 ÷ 45,006 = 10.53%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Bristol-Myers Squibb Co. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

	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 Deferred Taxes
Selected Financial Data (US$ in millions)
Revenues	45,006)	46,159)	46,385)	42,518)	26,145)
Adjusted total assets	92,391)	95,476)	107,875)	117,320)	129,434)
Activity Ratio
Adjusted total asset turnover²	0.49	0.48	0.43	0.36	0.20

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

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 45,006 ÷ 92,391 = 0.49

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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 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)
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 Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	92,391)	95,476)	107,875)	117,320)	129,434)
Adjusted total BMS shareholders’ equity	27,000)	31,883)	39,008)	42,068)	57,542)
Solvency Ratio
Adjusted financial leverage²	3.42	2.99	2.77	2.79	2.25

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
= 92,391 ÷ 27,000 = 3.42

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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 Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to BMS	4,737)	3,589)	5,601)	(8,032)	2,515)
Adjusted total BMS shareholders’ equity	27,000)	31,883)	39,008)	42,068)	57,542)
Profitability Ratio
Adjusted ROE²	17.54%	11.26%	14.36%	-19.09%	4.37%

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 × Adjusted net earnings (loss) attributable to BMS ÷ Adjusted total BMS shareholders’ equity
= 100 × 4,737 ÷ 27,000 = 17.54%

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

	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 Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to BMS	4,737)	3,589)	5,601)	(8,032)	2,515)
Adjusted total assets	92,391)	95,476)	107,875)	117,320)	129,434)
Profitability Ratio
Adjusted ROA²	5.13%	3.76%	5.19%	-6.85%	1.94%

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 × Adjusted net earnings (loss) attributable to BMS ÷ Adjusted total assets
= 100 × 4,737 ÷ 92,391 = 5.13%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Bristol-Myers Squibb Co. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Bristol-Myers Squibb Co. (NYSE:BMY)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

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

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

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

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)