Bristol-Myers Squibb (BMY) 10-K Summary — Year Ended Dec 31, 2023
Bristol-Myers Squibb focuses on discovering, developing, and delivering innovative medicines for serious diseases. In the most recent annual period, the company reported a decrease in revenue compared to the prior year, while net income and operating cash flow remained substantial.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Bristol-Myers Squibb focuses on discovering, developing, and delivering innovative medicines for serious diseases. In the most recent annual period, the company reported a decrease in revenue compared to the prior year, while net income and operating cash flow remained substantial.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$45B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$8B
Net income reported for the year.
Operating cash flow
$13.9B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $46.4B | n/a |
| Dec 31, 2022 | $46.2B | -0.5% |
| Dec 31, 2023 | $45B | -2.5% |
Business overview
The company operates in the biopharmaceutical industry, with business segments covering acquisitions, divestitures, licensing, products, intellectual property, research and development, alliances, marketing, distribution, and manufacturing. It faces competition and is subject to government regulation, pricing constraints, and environmental rules.
Financial performance
Revenue declined from the prior year, while net income and operating cash flow were reported at positive levels. The trend shows a modest decrease in revenue over the past two annual periods.
Material risks
The filing identifies risk factors related to the company's business, including regulatory changes, pricing pressures, intellectual property challenges, and competition. These are discussed in the Risk Factors section of the filing and are not elaborated further in the supplied context.
Liquidity and capital
The company reported a net debt position and regularly assesses its capital structure, including debt, dividends, share repurchases, and potential acquisitions. It believes existing cash, equivalents, and operating cash flows will meet anticipated needs including dividends, capital expenditures, and working capital.
What to watch
Readers should monitor whether the company's revenue decline reverses or continues in the next filing.