Bristol-Myers Squibb (BMY) FY2024 results: revenue $48.3 billion, up 7.3% on the year

Bristol-Myers Squibb Co. (BMY) reported revenue of $48.3 billion for fiscal 2024, the year ended 31 December 2024, up 7.3% on the year before. Net income was -$8.9 billion, and diluted earnings per share $-4.41. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2025.

Revenue

$48.3 billion

+7.3% on the year

FY2017FY2024

Operating margin

-17.3%

18.8% a year earlier

FY2017FY2024

Net income

-$8.9 billion

FY2017FY2024

Diluted EPS

-$4.41

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	48,300	45,006	46,159	+7.3%
Cost of revenue	13,968	10,693	10,137	+30.6%
Gross profit	34,332	34,313	36,022	+0.1%
Gross margin	71.1%	76.2%	78.0%
Research and development	11,159	9,299	9,509	+20.0%
Selling, general and administrative	8,414	7,772	7,814	+8.3%
Operating income	-8,379	8,440	7,713
Operating margin	-17.3%	18.8%	16.7%
Interest expense	1,947	1,166	1,232	+67.0%
Pre-tax income	-8,379	8,440	7,713
Income tax	554	400	1,368	+38.5%
Effective tax rate	n/a	4.7%	17.7%
Net income	-8,948	8,025	6,327
Net margin	-18.5%	17.8%	13.7%
Diluted EPS	-$4.41	$3.86	$2.95

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	15,190	13,860	13,066	+9.6%
Capital expenditure	1,248	1,209	1,118	+3.2%
Free cash flow	13,942	12,651	11,948	+10.2%
Free cash flow margin	28.9%	28.1%	25.9%
Cash from investing	-21,352	-2,295	-1,062
Cash from financing	5,127	-9,416	-16,962
Depreciation and amortisation	9,600	9,760	10,276	-1.6%
Share-based compensation	507	518	457	-2.1%
Buybacks	0.0	5,155	8,001
Dividends paid	4,863	4,744	4,634	+2.5%
Dividend per share	$2.42	$2.31	$2.19	+4.8%
Diluted shares, weighted	2,027m	2,078m	2,146m	-2.5%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	16,335	29,430	31,061	-44.5%
Non-controlling interest	53.0	55.0	57.0	-3.6%
Short-term borrowings	2,046	n/a	n/a
Debt	49,431	39,772	39,320	+24.3%
Operating lease liabilities	1,370	1,530	1,261	-10.5%
Other liabilities	23,368	24,372	25,121	-4.1%
Total liabilities and equity	92,603	95,159	96,820	-2.7%
Fixed assets	7,136	6,646	6,255	+7.4%
Goodwill	21,719	21,169	21,149	+2.6%
Intangible assets	23,307	27,072	35,859	-13.9%
Investments	833	1,180	130	-29.4%
Cash and equivalents	10,346	11,464	9,123	-9.8%
Receivables	9,012	8,882	8,151	+1.5%
Inventory	2,557	2,662	2,339	-3.9%
Other assets	17,693	16,084	13,814	+10.0%
Total assets	92,603	95,159	96,820	-2.7%

10-K for the year ended 31 December 2024, filed 12 February 2025: the filing.