Financial Analysis

"FINANCING ARRANGEMENTS Short-term debt obligations include: December 31, Dollars in millions 2025 2024 Non-U.S. short-term financing obligations $ 284 $ 218 Current portion of Long-term debt 1,977 1,828 Short-term debt obligations $ 2,261 $ 2,046 Under its commercial paper program, BMS may issue a maximum of $5.0 billion of unsecured notes with maturities of not more than 365 days from the date of issuance. The maximum issuance amount was reduced from $7.0 billion as of December 31, 2024 to $5.0 billion in January 2025. During 2024, the Company issued and repaid $3.0 billion of commercial paper under the program. Long-term debt and the current portion of long-term debt includes: December 31, Dollars in millions 2025 2024 Principal Value: 0.750% Notes due 2025 $ $ 1,000 1.000% Euro Notes due 2025 598 3.875% Notes due 2025 229 3.200% Notes due 2026 1,220 1,750 Floating Rate Notes due 2026 (a) 500 500 4.950% Notes due 2026 1,000 6.800% Notes due 2026 256 256 1.125% Notes due 2027 1,000 1,000 3.250% Notes due 2027 512 512 3.450% Notes due 2027 534 534 4.900% Notes due 2027 1,000 3.900% Notes due 2028 544 1,500 3.400% Notes due 2029 1,427 2,400 4.900% Notes due 2029 727 1,750 1.450% Notes due 2030 1,250 1,250 2.973% Euro Notes due 2030 881 5.100% Notes due 2031 1,250 1,250 5.750% Notes due 2031 1,000 1,000 2.950% Notes due 2032 1,750 1,750 3.363% Euro Notes due 2033 1,351 5.900% Notes due 2033 750 1,000 5.200% Notes due 2034 2,500 2,500 1.750% Euro Notes due 2035 676 598 5.875% N …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table summarizes the disaggregation of revenue by nature: Year Ended December 31, Dollars in millions 2025 2024 2023 Net product sales $ 46,756 $ 46,778 $ 43,778 Alliance revenues 447 479 608 Other revenues 992 1,043 620 Total Revenues $ 48,194 $ 48,300 $ 45,006

DisaggregationOfRevenueTableTextBlock

"EMPLOYEE STOCK BENEFIT PLANS BMS' 2021 Plan authorizes awards in the form of incentive stock options, nonqualified stock options, stock appreciation rights (""SARs""), restricted stock, restricted stock units (""RSUs""), dividend equivalents, performance share units (""PSUs""), market share units (""MSUs"") and other stock-based awards. As of December 31, 2025, the 2021 Plan was the only plan under which we were authorized to grant equity awards. The 2021 Plan provides for 85 million shares to be authorized for grants plus shares recaptured upon forfeitures or other terminations of awards under our previous equity awards plans, subject to adjustments in accordance with the terms of the 2021 Plan. As of December 31, 2025, 58 million shares were available for award and 34 million equity awards were outstanding (consisting of stock options, RSUs, MSUs and PSUs). Shares generally are issued from treasury stock to satisfy BMSs obligations under the 2021 Plan and our prior equity award plans. Under the 2021 Plan, executive officers and other employees may be granted options to purchase common stock at no less than the market price on the date the option is granted. Options generally become exercisable ratably over four years and have a maximum term of 10 years. The 2021 Plan provides for the granting of SARs whereby the grantee may surrender exercisable rights and receive common stock and/or cash measured by the excess of the market price of the common stock over the award's exerc …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The changes in the carrying amounts in Goodwill were as follows: December 31, Dollars in millions 2025 2024 Beginning balance $ 21,719 $ 21,169 Acquisitions (Note 4) 580 Currency translation and other adjustments 36 (30) Ending balance $ 21,754 $ 21,719 Other Intangible Assets Other intangible assets consisted of the following: December 31, Estimated Useful Lives 2025 2024 Dollars in millions Gross carrying amounts Accumulated amortization Other intangible assets, net Gross carrying amounts Accumulated amortization Other intangible assets, net R&D technology 6 years $ 1,980 $ (605) $ 1,375 $ 1,980 $ (275) $ 1,705 Acquired marketed product rights 3 17 years 61,385 (51,646) 9,739 61,876 (48,659) 13,217 Capitalized software 3 10 years 1,453 (1,064) 389 1,499 (1,099) 400 IPRD 7,600 7,600 7,985 7,985 Total $ 72,418 $ (53,315) $ 19,103 $ 73,340 $ (50,033) $ 23,307 In 2023, BMS agreed to pay $400 million to the former shareholders of Impact Biomedicines to extinguish all remaining contingent milestone obligations, which was recorded to Acquired marketed product rights for Inrebic in the amount of $511 million (after establishing the applicable deferred tax liability). The $400 million was paid in January 2024. Amortization expense of Other intangible assets was $3.5 billion in 2025, $9.0 billion in 2024 and $9.2 billion in 2023. Future annual amortization expense of Other intangible assets is expected to be approximately $1.9 billion …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES The provision/(benefit) for income taxes consisted of: Year Ended December 31, Dollars in millions 2025 2024 2023 Current: U.S. (a) $ 1,699 $ 1,279 $ 2,745 Non-U.S. 1,538 1,364 943 Total current 3,237 2,643 3,688 Deferred: U.S. (a) (1,107) (2,185) (2,339) Non-U.S. 142 96 (949) Total deferred (965) (2,089) (3,288) Income tax provision $ 2,272 $ 554 $ 400 (a) The Company's 2025 U.S. income tax provision reflects federal current tax expense of $1.5 billion and federal deferred tax benefit of $1.0 billion as well as the impact of U.S. state taxes. Effective Tax Rate The reconciliation of the effective tax rate to the U.S. statutory Federal income tax rate in 2025 was as follows: % of Earnings Before Income Taxes Dollars in millions 2025 Earnings/(Loss) before income taxes: U.S. $ (19) Non-U.S. 9,347 Total 9,328 U.S. Federal statutory rate 1,959 21.0 % Effects of cross-border tax laws: GILTI 228 2.4 % FDII deduction (170) (1.8) % Foreign tax effects: Switzerland Statutory tax rate difference between Switzerland and the U.S. (565) (6.1) % Canton 284 3.0 % Pillar Two 24 0.3 % Withholding Tax 87 0.9 % Other (11) (0.1) % Ireland Statutory tax rate difference between Ireland and the U.S. (390) (4.2) % Pillar Two 37 0.4 % Other 2 % Other foreign jurisdictions 129 1.4 % U.S. Federal research-based credits (152) (1.6) % Changes in valuation allowances 84 0.9 % Nondeductible R&D charges 290 3.1 % Changes in unrecognized tax benefits 146 1.6 % State and local taxes 43 0.5 % …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"LEGAL PROCEEDINGS AND CONTINGENCIES BMS and certain of its subsidiaries are involved in various lawsuits, claims, government investigations, and other legal proceedings that arise in the ordinary course of business. These claims or proceedings can involve various types of parties, including governments, competitors, customers, partners, suppliers, service providers, licensees, licensors, employees, or shareholders, among others. These matters may involve patent infringement, antitrust, securities, pricing, sales and marketing practices, environmental, commercial, contractual rights, licensing obligations, health and safety matters, consumer fraud, employment matters, product liability, and insurance coverage, among others. The resolution of these matters often develops over a long period of time and expectations can change as a result of new findings, rulings, appeals or settlement arrangements. Legal proceedings that are significant or that BMS believes could become significant or material are described below. BMS is vigorously defending against the legal proceedings in which it is named as a defendant and believes it has substantial claims and/or defenses in each matter. While the outcomes of these proceedings and other contingencies BMS is subject to are inherently unpredictable and uncertain, BMS does not believe that any of these matters will have a material adverse effect on BMS financial position or liquidity, though they could possibly be material to the Company's co …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

LEASES Leased facilities for office, research and development, storage and distribution purposes comprise approximately 95% of the total lease obligation. Lease terms vary based on the nature of operations and the market dynamics in each country; however, all leased facilities are classified as operating leases with remaining lease terms between one year and 14 years. Most leases contain specific renewal options for periods ranging between one year and 10 years where notice to renew must be provided in advance of lease expiration or automatic renewals where no advance notice is required. Periods covered by an option to extend the lease were included in the non-cancellable lease term when exercise of the option was determined to be reasonably certain. Certain leases also contain termination options that provide the flexibility to terminate the lease ahead of its expiration with sufficient advance notice. Periods covered by an option to terminate the lease were included in the non-cancellable lease term when exercise of the option was determined not to be reasonably certain. Judgment is required in assessing whether renewal and termination options are reasonably certain to be exercised. Factors are considered such as contractual terms compared to current market rates, leasehold improvements expected to have significant value, costs to terminate a lease and the importance of the facility to operations. Costs determined to be variable and not based on an index or rate were not in …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recently Adopted Accounting Standards Income Taxes In December 2023, the FASB issued amended guidance on income tax disclosures. The guidance is intended to provide additional disaggregation to the effective income tax rate reconciliation and income tax payment disclosures. The amended guidance is effective for annual periods beginning after December 15, 2024. BMS adopted the new guidance prospectively, beginning with the annual period ending December 31, 2025. Refer to "" Note 7. Income Taxes"". Recently Issued Accounting Standards Not Yet Adopted Derivatives, Hedging and Revenue from Contracts with Customers In September 2025, the FASB issued amended guidance to refine the scope of derivative accounting and clarify the accounting for share-based noncash consideration from a customer in a revenue contract. Among other provisions, the amendment excludes from derivative accounting non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties in the contract. The amended guidance is effective for annual periods beginning after December 15, 2026 and interim periods within those annual periods. Early adoption is permitted. The Company is assessing the potential impact of the amended standard. Internal-Use Software In September 2025, the FASB issued amended guidance on internal-use software. The guidance clarifies disclosure requirements and establishes new capitalization criteria based on management's authorization and f …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RETIREMENT BENEFITS BMS sponsors defined benefit pension plans, defined contribution plans and termination indemnity plans for certain employees. Defined Benefit Pension Plans The net periodic benefit cost of defined benefit pension plans was $28 million, $15 million, and $11 million during the years ended December 31, 2025, 2024 and 2023, respectively. In addition, pension settlement charges of $119 million were recorded in 2024 in connection with the termination of the Bristol-Myers Squibb Puerto Rico, Inc. Retirement Income Plan. Changes in defined benefit pension plan obligations, assets, funded status and amounts recognized in the consolidated balance sheets were as follows: Year Ended December 31, Dollars in millions 2025 2024 Benefit obligations at beginning of year $ 1,945 $ 2,238 Service costbenefits earned during the year 37 33 Interest cost 66 74 Settlements and curtailments (64) (247) Actuarial (gains)/losses (67) (10) Benefits paid (73) (58) Foreign currency and other 192 (85) Benefit obligations at end of year $ 2,036 $ 1,945 Fair value of plan assets at beginning of year $ 1,927 $ 2,212 Actual return on plan assets 72 31 Employer contributions 51 71 Settlements (54) (247) Benefits paid (73) (58) Foreign currency and other 213 (82) Fair value of plan assets at end of year $ 2,136 $ 1,927 Funded status $ 100 $ (18) Assets/(liabilities) recognized: Other non-current assets $ 330 $ 234 Other current liabilities (24) (21) Other non-current liabilities (206) (231) Fu …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

RESTRUCTURING 2023 Restructuring Plan In 2023, BMS commenced a restructuring plan to accelerate the delivery of medicines to patients by evolving and streamlining its enterprise operating model in key areas, such as R&D, manufacturing, commercial and other functions, to ensure its operating model supports and is appropriately aligned with the Companys strategy to invest in key priorities. These changes primarily include (i) transforming R&D operations to accelerate pipeline delivery, (ii) enhancing our commercial operating model, and (iii) establishing a more responsive manufacturing network. In 2025, BMS expanded the scope of activities supporting these key priorities. As a result, total charges for the 2023 Restructuring Plan are expected to be approximately $2.5 billion through 2027, with $1.8 billion incurred to date. The remaining charges consist primarily of site exit costs, including impairment and accelerated depreciation of property, plant and equipment, and employee termination costs. Other Acquisition Plans Restructuring and integration plans were initiated to realize expected cost synergies resulting from cost savings and avoidance from acquisitions. For these plans, the remaining charges of approximately $90 million consist primarily of IT system integration costs, employee termination costs, and to a lesser extent, site exit costs, including impairment and accelerated depreciation of property, plant and equipment. The following provides the charges relat …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

"REVENUE The following table summarizes the disaggregation of revenue by nature: Year Ended December 31, Dollars in millions 2025 2024 2023 Net product sales $ 46,756 $ 46,778 $ 43,778 Alliance revenues 447 479 608 Other revenues 992 1,043 620 Total Revenues $ 48,194 $ 48,300 $ 45,006 Net product sales represent more than 95% of total revenues for all periods presented. Products are sold principally to wholesalers, distributors, specialty pharmacies, and to a lesser extent, directly to retailers, hospitals, clinics, government agencies and patients. Customer orders are generally fulfilled within a few days of receipt resulting in minimal order backlog. Contractual performance obligations are usually limited to transfer of control of the product to the customer. The transfer occurs either upon shipment, upon receipt of the product after considering when the customer obtains legal title to the product, or upon infusion for cell therapies and when BMS obtains a right of payment. At these points, customers are able to direct the use of and obtain substantially all of the remaining benefits of the product. Gross revenue to the three largest pharmaceutical wholesalers in the U.S. as a percentage of U.S. gross revenues was as follows: Year Ended December 31, 2025 2024 2023 McKesson Corporation 36 % 34 % 33 % Cencora, Inc. 29 % 29 % 29 % Cardinal Health, Inc. 22 % 22 % 23 % Wholesalers are initially invoiced at contractual list prices. Payment terms are typically 30 to 90 days based …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"EQUITY The following table summarizes changes in equity during 2025, 2024 and 2023: Common Stock Capital in Excess of Par Value of Stock Accumulated Other Comprehensive Income/(Loss) Retained Earnings Treasury Stock Noncontrolling Interest Dollars and shares in millions Shares Par Value Shares Cost Balance at December 31, 2022 2,923 $ 292 $ 45,165 $ (1,281) $ 25,503 825 $ (38,618) $ 57 Net earnings/(loss) 8,025 14 Other comprehensive income/(loss) (265) Cash dividends declared (a) (4,762) Share repurchases 105 87 (5,306) Stock compensation 410 (10) 147 Convertible debt 4 11 Distributions (16) Balance at December 31, 2023 2,923 292 45,684 (1,546) 28,766 902 (43,766) 55 Net earnings/(loss) (8,948) 15 Other comprehensive income/(loss) 308 Cash dividends declared (a) (4,906) Stock compensation 340 (8) 111 Distributions (17) Balance at December 31, 2024 2,923 292 46,024 (1,238) 14,912 894 (43,655) 53 Net earnings/(loss) 7,054 2 Other comprehensive income/(loss) (286) Cash dividends declared (a) (5,070) Stock compensation 363 (8) 76 Distributions (22) Balance at December 31, 2025 2,923 $ 292 $ 46,387 $ (1,524) $ 16,896 887 $ (43,579) $ 33 (a) Cash dividends declared per common share were $2.49 in 2025, $2.42 in 2024 and $2.31 in 2023. BMS has a share repurchase program, authorized by its Board of Directors, allowing for repurchases of its shares, effected in the open market or through privately negotiated transactions in compliance with Rule 10b-18 under the Exchange Act, includin …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

FINANCING ARRANGEMENTS Short-term debt obligations include: Dollars in millions June 30, 2026 December 31, 2025 Non-U.S. short-term financing obligations $ 259 $ 284 Current portion of Long-term debt 768 1,977 Short-term debt obligations $ 1,027 $ 2,261 Under its commercial paper program, BMS may issue a maximum of $5.0 billion of unsecured notes with maturities of not more than 365 days from the date of issuance. Long-term debt and the current portion of Long-term debt include: Dollars in millions June 30, 2026 December 31, 2025 Principal value $ 42,421 $ 44,323 Adjustments to principal value: Fair value of interest rate swap contracts (12) 41 Unamortized basis adjustment from swap terminations 54 60 Unamortized bond discounts and issuance costs (335) (347) Unamortized purchase price adjustments of Celgene debt 734 751 Total $ 42,861 $ 44,827 Current portion of Long-term debt $ 768 $ 1,977 Long-term debt 42,093 42,850 Total $ 42,861 $ 44,827 The fair value of Long-term debt, including the current portion, was $39.2 billion as of June 30, 2026 and $41.5 billion as of December 31, 2025 valued using Level 2 inputs, which are based upon the quoted market prices for the same or similar debt instruments. The fair value of Short-term debt obligations approximates the carrying value due to the short maturities of the debt instruments. During the six months ended June 30, 2026, $1.7 billion of debt matured and was repaid, including the $1.2 billion 3.20% Notes and $500 million of flo …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table summarizes the disaggregation of revenue by nature: Three Months Ended June 30, Six Months Ended June 30, Dollars in millions 2026 2025 2026 2025 Net product sales $ 12,588 $ 11,909 $ 23,756 $ 22,794 Alliance revenues 104 119 198 208 Other revenues 281 241 508 468 Total Revenues $ 12,973 $ 12,269 $ 24,462 $ 23,470

DisaggregationOfRevenueTableTextBlock

EMPLOYEE STOCK BENEFIT PLANS Stock-based compensation expense was as follows: Three Months Ended June 30, Six Months Ended June 30, Dollars in millions 2026 2025 2026 2025 Cost of products sold $ 15 $ 16 $ 31 $ 31 Selling, general and administrative 56 56 113 112 Research and development 64 66 137 138 Total stock-based compensation expense $ 135 $ 138 $ 281 $ 281 Income tax benefit $ 28 $ 29 $ 58 $ 59 The number of units granted and the weighted-average fair value on the grant date for the six months ended June 30, 2026 were as follows: Units in millions Units Weighted-Average Fair Value Restricted stock units 10.8 $ 54.13 Market share units 1.0 $ 62.54 Performance share units 0.5 $ 58.43 Dollars in millions Restricted Stock Units Market Share Units Performance Share Units Unrecognized compensation cost $ 1,085 $ 104 $ 57 Expected weighted-average period in years of compensation cost to be recognized 2.7 2.1 1.8

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock

GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The changes in the carrying amounts in Goodwill were as follows: Dollars in millions Balance at December 31, 2025 $ 21,754 Currency translation and other adjustments (14) Balance at June 30, 2026 $ 21,740 Other Intangible Assets Other intangible assets consisted of the following: Estimated Useful Lives June 30, 2026 December 31, 2025 Dollars in millions Gross carrying amounts Accumulated amortization Other intangible assets, net Gross carrying amounts Accumulated amortization Other intangible assets, net R&D technology 6 years $ 1,980 $ (770) $ 1,210 $ 1,980 $ (605) $ 1,375 Acquired marketed product rights 3 17 years 61,353 (52,323) 9,030 61,385 (51,646) 9,739 Capitalized software 3 10 years 1,509 (1,133) 376 1,453 (1,064) 389 IPRD 6,770 6,770 7,600 7,600 Total $ 71,612 $ (54,226) $ 17,387 $ 72,418 $ (53,315) $ 19,103 Amortization expense of Other intangible assets was $471 million and $943 million during the three and six months ended June 30, 2026 and $864 million and $1.7 billion for the three and six months ended June 30, 2025, respectively. During the three and six months ended June 30, 2026, IPRD impairment charges of $420 million and $830 million, respectively, were recorded in Research and development expense. The charges primarily reflect a partial write-down of an oncology asset based on recent clinical results and development plan changes. The six months ended June 30, 2026 also includes a partial write-down of a ra …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES Three Months Ended June 30, Six Months Ended June 30, Dollars in millions 2026 2025 2026 2025 Earnings/(Loss) before income taxes $ 4,086 $ 1,773 $ 7,326 $ 4,744 Income tax provision 770 460 1,331 969 Effective tax rate 18.8 % 25.9 % 18.2 % 20.4 % Provision for income taxes in interim periods is determined based on the estimated annual effective tax rates and the tax impact of discrete items that are reflected immediately. The decreases in the effective tax rates for the second quarter of 2026 and year-to-date were primarily driven by jurisdictional earnings mix, including the impact of amortization of acquired intangible assets, partially offset by the income tax impact of the BioNTech collaboration in 2025. Additional changes to the effective tax rate may occur in future periods due to various reasons, including changes to the estimated pretax earnings mix and tax reserves and revised interpretations or changes to the tax code. BMS is currently under examination by a number of tax authorities that proposed or are considering proposing material adjustments to tax positions for issues such as transfer pricing, certain tax credits and the deductibility of certain expenses. As previously disclosed, BMS received several notices of proposed adjustments from the IRS related to transfer pricing and other tax issues for the 2008 to 2012 tax years. BMS disagrees with the IRS's positions and continues to work cooperatively with the IRS to resolve these issues. In 2022, BM …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"LEGAL PROCEEDINGS AND CONTINGENCIES BMS and certain of its subsidiaries are involved in various lawsuits, claims, government investigations, and other legal proceedings that arise in the ordinary course of business. These claims or proceedings can involve various types of parties, including governments, competitors, customers, partners, suppliers, service providers, licensees, licensors, employees, or shareholders, among others. These matters may involve patent infringement, antitrust, securities, pricing, sales and marketing practices, environmental, commercial, contractual rights, licensing obligations, health and safety matters, consumer fraud, employment matters, product liability, and insurance coverage, among others. The resolution of these matters often develops over a long period of time and expectations can change as a result of new findings, rulings, appeals or settlement arrangements. Legal proceedings that are significant or that BMS believes could become significant or material are described below. BMS is vigorously defending against the legal proceedings in which it is named as a defendant and believes it has substantial claims and/or defenses in each matter. While the outcomes of these proceedings and other contingencies BMS is subject to are inherently unpredictable and uncertain, BMS does not believe that any of these matters will have a material adverse effect on BMS financial position or liquidity, though they could possibly be material to the Company's co …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Standards Derivatives, Hedging and Revenue from Contracts with Customers In September 2025, the FASB issued amended guidance to refine the scope of derivative accounting and clarify the accounting for share-based noncash consideration from a customer in a revenue contract. Among other provisions, the amendment excludes from derivative accounting non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties in the contract. BMS adopted the new guidance prospectively, beginning on January 1, 2026. The adoption of this guidance did not have an impact on the Company's consolidated financial statements for prior transactions; however, the impact in subsequent periods will be dependent upon the nature of future business development activities. Recently Issued Accounting Standards Not Yet Adopted Internal-Use Software In September 2025, the FASB issued amended guidance on internal-use software. The guidance clarifies disclosure requirements and establishes new capitalization criteria based on management's authorization and funding commitment as well as the probability that a project will be completed and used for its intended function. The amended guidance is effective for annual periods beginning after December 15, 2027 and interim periods within those annual periods. Early adoption is permitted. The Company is assessing the potential impact of the amended standard. Disaggregation of Income State …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RESTRUCTURING 2023 Restructuring Plan In 2023, BMS commenced a restructuring plan to accelerate the delivery of medicines to patients by evolving and streamlining its enterprise operating model in key areas, such as R&D, manufacturing, commercial and other functions, to ensure its operating model supports and is appropriately aligned with the Companys strategy to invest in key priorities. These changes primarily include (i) transforming R&D operations to accelerate pipeline delivery, (ii) enhancing BMS's commercial operating model, and (iii) establishing a more responsive manufacturing network. Total charges for the 2023 Restructuring Plan are expected to be approximately $2.5 billion through 2027, with $1.8 billion incurred to date. The remaining charges consist primarily of site exit costs, including impairment and accelerated depreciation of property, plant and equipment, and employee termination costs. Other Acquisition Plans Restructuring and integration plans were initiated to realize expected cost synergies resulting from cost savings and avoidance from acquisitions. For these plans, the remaining charges of approximately $45 million consist primarily of IT system integration costs, employee termination costs, and to a lesser extent, site exit costs, including impairment and accelerated depreciation of property, plant and equipment. The following provides the charges related to restructuring initiatives by type of cost: Three Months Ended June 30, Six Months En …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

REVENUE The following table summarizes the disaggregation of revenue by nature: Three Months Ended June 30, Six Months Ended June 30, Dollars in millions 2026 2025 2026 2025 Net product sales $ 12,588 $ 11,909 $ 23,756 $ 22,794 Alliance revenues 104 119 198 208 Other revenues 281 241 508 468 Total Revenues $ 12,973 $ 12,269 $ 24,462 $ 23,470 The following table summarizes GTN adjustments: Three Months Ended June 30, Six Months Ended June 30, Dollars in millions 2026 2025 2026 2025 Gross product sales $ 18,179 $ 22,181 $ 35,105 $ 42,054 GTN adjustments (a) Charge-backs and cash discounts (2,372) (3,407) (4,839) (6,365) Medicaid and Medicare rebates (1,759) (4,516) (3,634) (8,356) Other rebates, returns, discounts and adjustments (1,460) (2,348) (2,876) (4,538) Total GTN adjustments (b) (5,592) (10,272) (11,349) (19,260) Net product sales $ 12,588 $ 11,909 $ 23,756 $ 22,794 (a) Includes reductions/(increases) to GTN adjustments for product sales made in prior periods resulting from changes in estimates of $88 million and $67 million for the three and six months ended June 30, 2026 and $42 million and $331 million for the three and six months ended June 30, 2025, respectively. (b) Includes U.S. GTN adjustments of $4.7 billion and $9.5 billion for the three and six months ended June 30, 2026 and $9.5 billion and $17.6 billion for the three and six months ended June 30, 2025, respectively. The following table summarizes the disaggregation of revenue by product and region: Three Mo …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"EQUITY The following table summarizes changes in equity during the six months ended June 30, 2026: Common Stock Capital in Excess of Par Value of Stock Accumulated Other Comprehensive Loss Retained Earnings Treasury Stock Noncontrolling Interest Dollars and shares in millions Shares Par Value Shares Cost Balance at December 31, 2025 2,923 $ 292 $ 46,387 $ (1,524) $ 16,896 887 $ (43,579) $ 33 Net earnings/(loss) 2,677 1 Other comprehensive income/(loss) 155 Cash dividends declared $0.63 per share (1,286) Stock compensation (13) (6) 64 Balance at March 31, 2026 2,923 $ 292 $ 46,374 $ (1,370) $ 18,287 881 $ (43,515) $ 34 Net earnings/(loss) 3,317 (1) Other comprehensive income/(loss) 79 Cash dividends declared $0.63 per share (1,288) Stock compensation 130 (1) 11 Distributions and other (33) Balance at June 30, 2026 2,923 $ 292 $ 46,504 $ (1,290) $ 20,316 880 $ (43,504) $ The following table summarizes changes in equity during the six months ended June 30, 2025: Common Stock Capital in Excess of Par Value of Stock Accumulated Other Comprehensive Loss Retained Earnings Treasury Stock Noncontrolling Interest Dollars and shares in millions Shares Par Value Shares Cost Balance at December 31, 2024 2,923 $ 292 $ 46,024 $ (1,238) $ 14,912 894 $ (43,655) $ 53 Net earnings/(loss) 2,456 6 Other comprehensive income/(loss) (185) Cash dividends declared $0.62 per share (1,262) Stock compensation (13) (6) 59 Balance at March 31, 2025 2,923 $ 292 $ 46,011 $ (1,424) $ 16,106 888 $ (43,597) $ …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing