Bristol-Myers Squibb Company stock research
FY2023 Q3
Bristol-Myers Squibb (BMY) Gross Margin — Quarter Ended Sep 30, 2023
Revenue was slightly lower than the prior quarter and the same quarter last year, while gross profit was slightly higher than the prior quarter but lower than a year ago. Cost of revenue decreased compared to the prior quarter but increased versus the same quarter last year, resulting in a gross margin that improved from the prior quarter but weakened from a year ago.
Gross margin takeaway
Quarter ended Sep 30, 2023 · FY2023 Q3
Revenue was slightly lower than the prior quarter and the same quarter last year, while gross profit was slightly higher than the prior quarter but lower than a year ago. Cost of revenue decreased compared to the prior quarter but increased versus the same quarter last year, resulting in a gross margin that improved from the prior quarter but weakened from a year ago.
- The gross margin improved from the prior quarter, driven by a larger relative decrease in cost of revenue compared to the decline in revenue. The margin weakened from the same quarter last year, as cost of revenue increased while revenue decreased.
- Compared to the prior quarter, revenue was slightly lower and cost of revenue was lower, leading to a higher gross profit and an improved gross margin. Compared to the same quarter last year, revenue was slightly lower and cost of revenue was higher, resulting in a lower gross profit and a weakened gross margin.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
77.1%
Gross profit
$8.5B
Revenue
$11.0B
Cost of revenue
$2.5B
Quarter-over-quarter change
+2.8 pts
Year-over-year change
-1.9 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $11.3B | $8.8B | $2.6B | 77.4% |
| Jun 30, 2023 | $11.2B | $8.3B | $2.9B | 74.4% |
| Sep 30, 2023 | $11.0B | $8.5B | $2.5B | 77.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2023
+2.8 pts
Year-over-year change
Sep 30, 2022
-1.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin improved from the prior quarter, driven by a larger relative decrease in cost of revenue compared to the decline in revenue. The margin weakened from the same quarter last year, as cost of revenue increased while revenue decreased.
Compared to the prior quarter, revenue was slightly lower and cost of revenue was lower, leading to a higher gross profit and an improved gross margin. Compared to the same quarter last year, revenue was slightly lower and cost of revenue was higher, resulting in a lower gross profit and a weakened gross margin.
Monitor the trajectory of cost of revenue, which increased year-over-year despite a decline in revenue.