Bristol-Myers Squibb Company stock research
FY2023 Q4
Bristol-Myers Squibb (BMY) Gross Margin — Quarter Ended Dec 31, 2023
Revenue and gross profit both increased compared to the prior quarter, while cost of revenue also rose. Gross margin weakened slightly versus both the prior quarter and the same quarter a year ago.
Gross margin takeaway
Quarter ended Dec 31, 2023 · FY2023 Q4
Revenue and gross profit both increased compared to the prior quarter, while cost of revenue also rose. Gross margin weakened slightly versus both the prior quarter and the same quarter a year ago.
- The relationship between revenue and cost of revenue drove the gross margin change. Revenue grew more than cost of revenue in absolute terms, but the proportion of cost to revenue increased, leading to a slightly lower margin.
- Compared to the prior quarter, revenue and gross profit were higher, but gross margin was lower. Versus the same quarter one year earlier, revenue was slightly higher, gross profit was slightly lower, and gross margin was lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
76.1%
Gross profit
$8.7B
Revenue
$11.5B
Cost of revenue
$2.7B
Quarter-over-quarter change
-1.1 pts
Year-over-year change
-1.2 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% |
| Dec 31, 2023 | $11.5B | $8.7B | $2.7B | 76.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2023
-1.1 pts
Year-over-year change
Dec 31, 2022
-1.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The relationship between revenue and cost of revenue drove the gross margin change. Revenue grew more than cost of revenue in absolute terms, but the proportion of cost to revenue increased, leading to a slightly lower margin.
Compared to the prior quarter, revenue and gross profit were higher, but gross margin was lower. Versus the same quarter one year earlier, revenue was slightly higher, gross profit was slightly lower, and gross margin was lower.
Monitor the trend in cost of revenue relative to revenue, as its increasing share contributed to the margin decline.