The company said revenues for 2023 decreased 2%, primarily due to lower Revlimid sales from generic erosion and higher free drug product provided to Revlimid and, to a lesser extent, Pomalyst patients through the Bristol Myers Squibb Patient Assistance Foundation. It cited higher sales of the New Product Portfolio and In-Line Products (primarily Opdivo) as partially offsetting the decline.

1. 01

   The company said revenues for 2023 decreased 2%, primarily due to lower Revlimid sales from generic erosion and higher free drug product provided to Revlimid and, to a lesser extent, Pomalyst patients through the Bristol Myers Squibb Patient Assistance Foundation. It cited higher sales of the New Product Portfolio and In-Line Products (primarily Opdivo) as partially offsetting the decline.

2. 02

   Bristol Myers Squibb said GAAP EPS rose $0.91 in 2023, and non-GAAP EPS fell $0.19 after adjusting for specified items. It cited specified items, including a deferred income tax benefit related to a non-U.S. tax ruling, as factors behind the GAAP increase.

3. 03

   The company said its net debt position decreased by $2.9 billion as of 2023. It said cash provided by operations of $13.9 billion was partially offset by $9.9 billion of dividend payments and common stock repurchases and $1.2 billion of capital expenditures.

4. 04

   Bristol-Myers Squibb said it acquired Mirati in January 2024, and entered into definitive merger agreements to acquire Karuna and RayzeBio in Q4 2023. It also said that in February 2024 it entered into a $10.0 billion 364-day senior unsecured delayed draw term loan facility to provide bridge financing for the Karuna and RayzeBio acquisitions.

Key figures

Fiscal year ended December 31, 2023

Revenue

$45.0B

Net income

$8.0B

EPS

$3.86

Operating cash flow

$13.9B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.