10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2017

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM             TO             

Commission file number:              1-1136

BRISTOL-MYERS SQUIBB COMPANY

(Exact name of registrant as specified in its charter)

Delaware	22-0790350
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

345 Park Avenue, New York, N.Y. 10154

(Address of principal executive offices) (Zip Code)

(212) 546-4000

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days.    Yes  x   No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “accelerated filer”, “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  x   Accelerated filer  ¨   Non-accelerated filer  ¨   Smaller reporting company  ¨   Emerging growth company  ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ¨ No x

APPLICABLE ONLY TO CORPORATE ISSUERS:

At March 31, 2017, there were 1,647,434,458 shares outstanding of the Registrant’s $0.10 par value common stock.

BRISTOL-MYERS SQUIBB COMPANY

INDEX TO FORM 10-Q

MARCH 31, 2017

PART I—FINANCIAL INFORMATION
Item 1.
Financial Statements:
Consolidated Statements of Earnings and Comprehensive Income	3
Consolidated Balance Sheets	4
Consolidated Statements of Cash Flows	5
Notes to Consolidated Financial Statements	6
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.
Quantitative and Qualitative Disclosure About Market Risk	30
Item 4.
Controls and Procedures	30
PART II—OTHER INFORMATION
Item 1.
Legal Proceedings	30
Item 1A.
Risk Factors	30
Item 2.
Issuer Purchases of Equity Securities	31
Item 6.
Exhibits	31
Summary of Abbreviated Terms	32
Signatures	33

PART I—FINANCIAL INFORMATION

Item  1. FINANCIAL STATEMENTS

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

Dollars in Millions, Except Per Share Data

(UNAUDITED)

	Three Months Ended March 31,
EARNINGS	2017			2016
Net product sales	$	4,580		$	3,964
Alliance and other revenues	349			427
Total Revenues	4,929			4,391
Cost of products sold	1,259			1,052
Marketing, selling and administrative	1,074			1,068
Research and development	1,288			1,136
Other (income)/expense	(647		)	(520		)
Total Expenses	2,974			2,736
Earnings Before Income Taxes	1,955			1,655
Provision for Income Taxes	429			449
Net Earnings	1,526			1,206
Net Earnings/(Loss) Attributable to Noncontrolling Interest	(48		)	11
Net Earnings Attributable to BMS	$	1,574		$	1,195
Earnings per Common Share
Basic	$	0.95		$	0.72
Diluted	$	0.94		$	0.71
Cash dividends declared per common share	$	0.39		$	0.38

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Dollars in Millions

(UNAUDITED)

	Three Months Ended March 31,
COMPREHENSIVE INCOME	2017			2016
Net Earnings	$	1,526		$	1,206
Other Comprehensive Income/(Loss), net of taxes and reclassifications to earnings:
Derivatives qualifying as cash flow hedges	(29		)	(86		)
Pension and postretirement benefits	83			(161		)
Available-for-sale securities	6			13
Foreign currency translation	29			9
Other Comprehensive Income/(Loss)	89			(225		)
Comprehensive Income	1,615			981
Comprehensive Income/(Loss) Attributable to Noncontrolling Interest	(48		)	11
Comprehensive Income Attributable to BMS	$	1,663		$	970

The accompanying notes are an integral part of these consolidated financial statements.

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BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED BALANCE SHEETS

Dollars in Millions, Except Share and Per Share Data(UNAUDITED)

ASSETS	March 31, 2017			December 31, 2016
Current Assets:
Cash and cash equivalents	$	3,910		$	4,237
Marketable securities	2,199			2,113
Receivables	5,494			5,543
Inventories	1,384			1,241
Prepaid expenses and other	628			570
Total Current Assets	13,615			13,704
Property, plant and equipment	5,020			4,980
Goodwill	6,875			6,875
Other intangible assets	1,276			1,385
Deferred income taxes	2,618			2,996
Marketable securities	2,685			2,719
Other assets	848			1,048
Total Assets	$	32,937		$	33,707
LIABILITIES
Current Liabilities:
Short-term debt obligations	$	1,197		$	992
Accounts payable	1,503			1,664
Accrued liabilities	4,777			5,271
Deferred income	837			762
Income taxes payable	180			152
Total Current Liabilities	8,494			8,841
Deferred income	528			547
Income taxes payable	948			973
Pension and other liabilities	1,195			1,283
Long-term debt	7,237			5,716
Total Liabilities	18,402			17,360
Commitments and contingencies (Note 17)
EQUITY
Bristol-Myers Squibb Company Shareholders’ Equity:
Preferred stock	—			—
Common stock	221			221
Capital in excess of par value of stock	1,337			1,725
Accumulated other comprehensive loss	(2,414		)	(2,503		)
Retained earnings	33,658			33,513
Less cost of treasury stock	(18,386		)	(16,779		)
Total Bristol-Myers Squibb Company Shareholders’ Equity	14,416			16,177
Noncontrolling interest	119			170
Total Equity	14,535			16,347
Total Liabilities and Equity	$	32,937		$	33,707

The accompanying notes are an integral part of these consolidated financial statements.

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BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

Dollars in Millions

(UNAUDITED)

	Three Months Ended March 31,
	2017			2016
Cash Flows From Operating Activities:
Net earnings	$	1,526		$	1,206
Adjustments to reconcile net earnings to net cash provided by/(used in) operating activities:
Depreciation and amortization, net	193			65
Deferred income taxes	(70		)	(246		)
Stock-based compensation	45			47
Impairment charges	78			19
Pension settlements and amortization	52			39
Divestiture gains and royalties	(276		)	(507		)
Asset acquisition charges	—			100
Other adjustments	33			(10		)
Changes in operating assets and liabilities:
Receivables	(246		)	(424		)
Inventories	(71		)	(44		)
Accounts payable	(114		)	(77		)
Deferred income	74			235
Income taxes payable	414			52
Other	(777		)	(683		)
Net Cash Provided by/(Used in) Operating Activities	861			(228		)
Cash Flows From Investing Activities:
Sale and maturities of marketable securities	1,163			1,760
Purchase of marketable securities	(1,204		)	(523		)
Capital expenditures	(291		)	(242		)
Divestiture and other proceeds	241			439
Acquisition and other payments	(112		)	(8		)
Net Cash Provided by/(Used in) Investing Activities	(203		)	1,426
Cash Flows From Financing Activities:
Short-term borrowings, net	192			(33		)
Issuance of long-term debt	1,488			—
Repurchase of common stock	(2,000		)	(231		)
Dividends	(655		)	(641		)
Other	(38		)	(45		)
Net Cash Used in Financing Activities	(1,013		)	(950		)
Effect of Exchange Rates on Cash and Cash Equivalents	28			11
Increase/(Decrease) in Cash and Cash Equivalents	(327		)	259
Cash and Cash Equivalents at Beginning of Period	4,237			2,385
Cash and Cash Equivalents at End of Period	$	3,910		$	2,644

The accompanying notes are an integral part of these consolidated financial statements.

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Note 1. BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS

Bristol-Myers Squibb Company prepared these unaudited consolidated financial statements following the requirements of the SEC and U.S. GAAP for interim reporting. Under those rules, certain footnotes and other financial information that are normally required for annual financial statements can be condensed or omitted. The Company is responsible for the consolidated financial statements included in this Quarterly Report on Form 10-Q, which include all adjustments necessary for a fair presentation of the financial position at March 31, 2017 and December 31, 2016 and the results of operations and cash flows for the three months ended March 31, 2017 and 2016. All intercompany balances and transactions have been eliminated. These financial statements and the related notes should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2016 included in the 2016 Form 10-K. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for terms used throughout the document.

Revenues, expenses, assets and liabilities can vary during each quarter of the year. Accordingly, the results and trends in these unaudited consolidated financial statements may not be indicative of full year operating results. The preparation of financial statements requires the use of management estimates, judgments and assumptions. The most significant assumptions are estimates used in determining sales rebate and return accruals; legal contingencies; income taxes; determining if an acquisition or divestiture is a business or an asset; and pension and postretirement benefits. Actual results may differ from estimates.

Certain prior period amounts were reclassified to conform to the current period presentation. The consolidated statements of cash flows previously presented interest rate swap contract terminations and issuance of common stock as separate line items within cash flows from financing activities which are now presented as components of other financing activities. The reclassifications provide a more concise financial statement presentation and additional information is disclosed in the notes if material.

Recently Adopted Accounting Standards

Share-based Payment Transactions

Amended guidance for share-based payment transactions was adopted in the first quarter of 2017. Net excess tax benefits of approximately $20 million were recognized prospectively as a reduction of tax expense rather than capital in excess of par value of stock. Net excess tax benefits are also presented as an operating cash flow rather than a financing cash flow and cash payments to tax authorities in connection with shares withheld for statutory tax withholding requirements are presented as a financing cash flow rather than an operating cash flow. The changes in cash flow presentation were applied retrospectively and increased operating cash flows and decreased financing cash flows by $99 million in the first quarter of 2017 and $158 million in the first quarter of 2016.

Income Tax Accounting for Intra-entity Transfers of Assets Other Than Inventory

Amended guidance on income tax accounting for intra-entity transfers of assets other than inventory was early adopted in the first quarter of 2017 on a modified retrospective approach. The amended guidance requires tax consequences of these transfers be recognized in the period the transfer takes place. Net reductions to prepaid and deferred tax assets pertaining to pre-2017 internal transfers of intellectual property of $787 million were adjusted through retained earnings as a cumulative effect of an accounting change which will reduce the annual tax expense by $86 million beginning in 2017. In addition, the tax consequences of additional internal transfers of intellectual property that may occur in the future will be included in income tax expense upon transfer and not amortized in subsequent periods.

Recently Issued Accounting Standards

Presentation of Net Periodic Pension and Postretirement Benefits

In March 2017, the FASB issued amended guidance requiring all net periodic benefit components for defined benefit pension and other postretirement plans other than service costs to be recorded outside of income from operations (other income). The guidance is effective in 2018 on a retrospective basis with early adoption permitted. The Company expects that annual cost of products sold; marketing selling and administrative; and research and development expenses will increase by approximately $150 million in the aggregate with a corresponding offset in other income.

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In addition, the following recently issued accounting standards have not been adopted. Refer to the 2016 Form 10-K for additional information and their potential impacts.

Accounting Standard Update	Effective Date
Revenue from Contracts with Customers	January 1, 2018
Recognition and Measurement of Financial Assets and Liabilities	January 1, 2018
Definition of a Business	January 1, 2018
Leases	January 1, 2019
Financial Instruments - Measurement of Credit Losses	January 1, 2020
Goodwill Impairment Testing	January 1, 2020

Note 2. BUSINESS SEGMENT INFORMATION

BMS operates in a single segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of innovative medicines that help patients prevail over serious diseases. A global research and development organization and supply chain organization are responsible for the discovery, development, manufacturing and supply of products. Regional commercial organizations market, distribute and sell the products. The business is also supported by global corporate staff functions. Segment information is consistent with the financial information regularly reviewed by the chief executive officer for purposes of evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting future periods.

Product revenues and the composition of total revenues were as follows:

	Three Months Ended March 31,
Dollars in Millions	2017		2016
Prioritized Brands
Opdivo	$	1,127	$	704
Eliquis	1,101		734
Orencia	535		475
Sprycel	463		407
Yervoy	330		263
Empliciti	53		28
Established Brands
Hepatitis C Franchise	162		427
Baraclude	282		291
Sustiva Franchise	184		273
Reyataz Franchise	193		221
Other Brands	499		568
Total Revenues	$	4,929	$	4,391
Net product sales	$	4,580	$	3,964
Alliance revenues	297		409
Other revenues	52		18
Total Revenues	$	4,929	$	4,391

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Note 3. ALLIANCES

BMS enters into collaboration arrangements with third parties for the development and commercialization of certain products. Although each of these arrangements is unique in nature, both parties are active participants in the operating activities of the collaboration and are exposed to significant risks and rewards depending on the commercial success of the activities. BMS may either in-license intellectual property owned by the other party or out-license its intellectual property to the other party. These arrangements also typically include research, development, manufacturing and/or commercial activities and can cover a single investigational compound or commercial product or multiple compounds and/or products in various life cycle stages. The rights and obligations of the parties can be global or limited to geographic regions. We refer to these collaborations as alliances and our partners as alliance partners. Products sold through alliance arrangements in certain markets include Opdivo, Eliquis, Orencia, Sprycel, Yervoy, Empliciti, Sustiva (Atripla*) and certain other brands.

Selected financial information pertaining to our alliances was as follows, including net product sales when BMS is the principal in the third-party customer sale for products subject to the alliance. Expenses summarized below do not include all amounts attributed to the activities for the products in the alliance, but only the payments between the alliance partners or the related amortization if the payments were deferred or capitalized.

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Revenues from alliances:
Net product sales	$	1,576		$	1,231
Alliance revenues	297			409
Total Revenues	$	1,873		$	1,640
Payments to/(from) alliance partners:
Cost of products sold	$	624		$	476
Marketing, selling and administrative	(9		)	1
Research and development	—			33
Other (income)/expense	(246		)	(253		)
Noncontrolling interest, pretax	2			2

Selected Alliance Balance Sheet information:
Dollars in Millions	March 31, 2017		December 31, 2016
Receivables - from alliance partners	$	897	$	903
Accounts payable - to alliance partners	600		555
Deferred income from alliances(a)	1,251		1,194

(a) Includes unamortized upfront, milestone and other licensing proceeds, revenue deferrals attributed to Atripla* and undelivered elements of diabetes business divestiture proceeds. Amortization of deferred income (primarily related to alliances) was $20 million and $82 million for the three months ended March 31, 2017 and 2016, respectively.

Specific information pertaining to each of our significant alliances is discussed in our 2016 Form 10-K, including their nature and purpose, the significant rights and obligations of the parties and specific accounting policy elections. Significant developments and updates related to alliances during the three months ended March 31, 2017 are set forth below.

AstraZeneca

BMS received $100 million from AstraZeneca as additional contingent consideration for the diabetes business divestiture upon achievement of a regulatory approval milestone in the first quarter of 2017 (included in other income).

F-Star Alpha

In the first quarter of 2017, BMS discontinued development of FS102 (an anti-HER2 antibody fragment) which was in Phase I development for the treatment of breast and gastric cancer. BMS will not exercise its option to purchase F-Star Alpha which was previously consolidated by BMS as a variable interest entity. As a result, an IPRD charge of $75 million was included in R&D expense and attributed to noncontrolling interest.

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Note 4. LICENSING ARRANGEMENTS

CytomX

In April 2017, BMS added up to eight additional targets to its strategic collaboration with CytomX to discover novel therapies using CytomX’s proprietary Probody platform. As part of the original May 2014 collaboration to discover, develop and commercialize Probody therapeutics, BMS selected four oncology targets, including CTLA-4. Pursuant to the expanded agreement, CytomX will grant BMS exclusive worldwide rights to develop and commercialize Probody therapeutics for up to eight additional targets. BMS paid CytomX $75 million for the rights to the initial four targets which was expensed as R&D prior to 2017. BMS will pay $200 million to CytomX for access to the eight additional targets in May 2017 which will be included in R&D expense in the second quarter of 2017. BMS will also reimburse CytomX for certain research costs over the collaboration period, pay up to $448 million upon achievement of contingent development, regulatory and sales milestone events for each collaboration target and future royalties if a product is approved and commercialized.

Biogen

In April 2017, BMS agreed to out-license to Biogen exclusive rights to develop and commercialize BMS-986168, an anti-eTau compound in development for Progressive Supranuclear Palsy. Upon closing, Biogen will pay $300 million to BMS which will be included in other income. BMS will also be entitled to contingent development, regulatory and sales based milestone payments of up to $410 million if achieved as well as future royalties if the product is ultimately approved and commercialized. BMS originally acquired the rights to this compound in 2014 through its acquisition of iPierian. Biogen will assume all of BMS’s remaining obligations to the former stockholders of iPierian. The transaction is expected to close in the second quarter of 2017 upon obtaining customary regulatory approvals.

Roche

In April 2017, BMS agreed to out-license to Roche exclusive rights to develop and commercialize BMS-986089, an anti-myostatin adnectin in development for Duchenne Muscular Dystrophy. Upon closing, Roche will pay $170 million to BMS which will be included in other income. BMS will also be entitled to contingent development and regulatory milestone payments of up to $205 million if achieved and future royalties if the product is ultimately approved and commercialized. The transaction is expected to close in the second quarter of 2017 upon obtaining customary regulatory approvals.

Note 5. OTHER (INCOME)/EXPENSE

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Interest expense	$	45		$	43
Investment income	(33		)	(24		)
Provision for restructuring	164			4
Litigation and other settlements(a)	(484		)	43
Equity in net income of affiliates	(18		)	(26		)
Divestiture gains	(127		)	(270		)
Royalties and licensing income	(199		)	(254		)
Transition and other service fees	(7		)	(53		)
Pension charges	33			22
Intangible asset impairments	—			15
Other	(21		)	(20		)
Other (income)/expense	$	(647	)	$	(520	)

(a) Includes BMS's share of a patent-infringement litigation settlement of $481 million related to Merck's PD-1 antibody Keytruda*.

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Note 6. RESTRUCTURING

In October 2016, the Company announced a restructuring plan to evolve and streamline its operating model and expects to incur charges in connection with employee workforce reductions and early site exits. The charges are expected to be incurred through 2020, range between $1.5 billion to $2.0 billion and consist of employee termination benefit costs, contract termination costs, plant and equipment accelerated depreciation and impairment charges and other site shutdown costs. Cash outlays in connection with these actions are expected to be approximately 40% to 50% of the total charges. Charges of approximately $310 million have been recognized for these actions since the announcement (approximately $220 million for the three months ended March 31, 2017), primarily resulting from employee workforce reductions and accelerated depreciation from expected early site exits. Restructuring charges are recognized upon meeting certain criteria, including finalization of committed plans, reliable estimates and discussions with local works councils in certain markets.

Other restructuring charges recognized prior to the above actions were primarily related to specialty care transformation initiatives designed to create a more simplified organization across all functions and geographic markets. In addition, accelerated depreciation and other charges were incurred in connection with early exits of a manufacturing site in Ireland and R&D site in the U.S.

Employee workforce reductions were approximately 900 and 100 for the three months ended March 31, 2017 and 2016, respectively, across all geographic regions for manufacturing, selling, administrative and R&D personnel.

The following tables summarize the charges and activity related to the restructuring actions:

	Three Months Ended March 31,
Dollars in Millions	2017		2016
Employee termination costs	$	161	$	4
Other termination costs	3		—
Provision for restructuring	164		4
Accelerated depreciation	70		14
Asset impairments	2		—
Other shutdown costs	—		3
Total charges	$	236	$	21

	Three Months Ended March 31,
Dollars in Millions	2017		2016
Cost of products sold	$	—	$	4
Research and development	72		13
Other (income)/expense	164		4
Total charges	$	236	$	21

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Liability at January 1	$	114		$	125
Charges	170			8
Change in estimates	(6		)	(4		)
Provision for restructuring	164			4
Foreign currency translation	1			—
Spending	(44		)	(33		)
Liability at March 31	$	235		$	96

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Note 7. INCOME TAXES

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Earnings Before Income Taxes	$	1,955		$	1,655
Provision for Income Taxes	429			449
Effective tax rate	21.9		%	27.1		%

The effective tax rate is lower than the U.S. statutory rate of 35% primarily attributable to undistributed earnings of certain foreign subsidiaries in low tax jurisdictions that have been considered or are expected to be indefinitely reinvested offshore. These undistributed earnings primarily relate to operations in Switzerland, Ireland and Puerto Rico. If these undistributed earnings are repatriated to the U.S. in the future, or if it were determined that such earnings are to be remitted in the foreseeable future, additional tax provisions would be required. Due to complexities in the tax laws and assumptions that would have to be made, it is not practicable to estimate the amounts of income taxes that would have to be provided. Reforms to U.S. tax laws related to foreign earnings have been proposed and if adopted, may increase taxes, which could reduce the results of operations and cash flows. BMS operates under a favorable tax grant in Puerto Rico not scheduled to expire prior to 2023.

Jurisdictional tax rates and other tax impacts attributed to R&D charges, divestiture transactions and other discrete pretax items increased the effective tax rate by 1.7% and 4.4% in the three months ended March 31, 2017 and 2016, respectively, including non-deductible R&D asset acquisition charges and goodwill allocated to business divestitures. The tax impact for discrete items are reflected immediately and are not considered in estimating the annual effective tax rate.

The adoption of the amended guidance for intra-entity transfers of assets other than inventory and share-based payment transactions reduced the effective tax rate by 2.1% in the three months ended March 31, 2017. Refer to "—Note 1. Basis of Presentation and Recently Issued Accounting Standards" for additional information.

BMS is currently under examination by a number of tax authorities which have 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. It is reasonably possible that the total amount of unrecognized tax benefits at March 31, 2017 could decrease in the range of approximately $255 million to $315 million in the next twelve months as a result of the settlement of certain tax audits and other events. The expected change in unrecognized tax benefits may result in the payment of additional taxes, adjustment of certain deferred taxes and/or recognition of tax benefits. It is also reasonably possible that new issues will be raised by tax authorities which may require adjustments to the amount of unrecognized tax benefits; however, an estimate of such adjustments cannot reasonably be made at this time.

Note 8. EARNINGS PER SHARE

	Three Months Ended March 31,
Amounts in Millions, Except Per Share Data	2017		2016
Net Earnings Attributable to BMS used for Basic and Diluted EPS Calculation	$	1,574	$	1,195
Weighted-average common shares outstanding – basic	1,662		1,669
Incremental shares attributable to share-based compensation plans	9		11
Weighted-average common shares outstanding – diluted	1,671		1,680
Earnings per Common Share:
Basic	$	0.95	$	0.72
Diluted	$	0.94	$	0.71

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Note 9. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Financial assets and liabilities measured at fair value on a recurring basis are summarized below:

	March 31, 2017					December 31, 2016
Dollars in Millions	Level 1		Level 2			Level 1		Level 2
Cash and cash equivalents - Money market and other securities	$	—	$	3,256		$	—	$	3,532
Marketable securities:
Certificates of deposit	—		419			—		27
Commercial paper	—		480			—		750
Corporate debt securities	—		3,869			—		3,947
Equity funds	—		109			—		101
Fixed income funds	—		7			—		7
Derivative assets	—		29			—		75
Equity investments	30		—			24		—
Derivative liabilities	—		(24		)	—		(30		)

As further described in "Note 9. Financial Instruments and Fair Value Measurements" in our 2016 Form 10-K, our fair value estimates use inputs that are either (1) quoted prices for identical assets or liabilities in active markets (Level 1 inputs), (2) observable prices for similar assets or liabilities in active markets or for identical or similar assets or liabilities in markets that are not active (Level 2 inputs) or (3) unobservable inputs (Level 3 inputs). There were no Level 3 financial assets or liabilities as of March 31, 2017 and December 31, 2016.

Available-for-sale Securities

The following table summarizes available-for-sale securities:

	March 31, 2017									December 31, 2016
Dollars in Millions	Amortized Cost		Gross Unrealized							Amortized Cost		Gross Unrealized
			Gains		Losses			Fair Value				Gains		Losses			Fair Value
Certificates of deposit	$	419	$	—	$	—		$	419	$	27	$	—	$	—		$	27
Commercial paper	480		—		—			480		750		—		—			750
Corporate debt securities	3,864		11		(6		)	3,869		3,945		10		(8		)	3,947
Equity investments	31		4		(5		)	30		31		—		(7		)	24
Total	$	4,794	$	15	$	(11	)	$	4,798	$	4,753	$	10	$	(15	)	$	4,748

Dollars in Millions	March 31, 2017		December 31, 2016
Current marketable securities(a)	$	2,199	$	2,113
Non-current marketable securities(b)	2,685		2,719
Other assets	30		24
Total	$	4,914	$	4,856

(a) The fair value option for financial assets was elected for investments in equity and fixed income funds. The fair value of these investments were $116 million at March 31, 2017 and $108 million at December 31, 2016 and included in current marketable securities.

(b) All non-current marketable securities mature within five years as of March 31, 2017 and December 31, 2016.

12

Qualifying Hedges and Non-Qualifying Derivatives

The following table summarizes the fair value of outstanding derivatives:

	March 31, 2017									December 31, 2016
	Asset(a)				Liability(b)					Asset(a)				Liability(b)
Dollars in Millions	Notional		Fair Value		Notional		Fair Value			Notional		Fair Value		Notional		Fair Value
Derivatives designated as hedging instruments:
Interest rate swap contracts	$	—	$	—	$	1,505	$	(5	)	$	750	$	1	$	755	$	(3	)
Forward starting interest rate swap contracts	—		—		—		—			500		8		250		(11		)
Foreign currency forward contracts	507		29		536		(17		)	967		66		198		(9		)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	71		—		137		(2		)	106		—		360		(7		)

(a) Included in prepaid expenses and other and other assets.

(b) Included in accrued liabilities and pension and other liabilities.

Cash Flow Hedges — The notional amount of outstanding foreign currency forward contracts was primarily attributed to the euro ($584 million) and Japanese yen ($252 million) at March 31, 2017. BMS terminated forward starting interest rate swap contracts in the first quarter of 2017 with an aggregate notional value of $750 million. The proceeds and related gain were not material.

Net Investment Hedges — Non-U.S. dollar borrowings of €950 million ($1,026 million) are designated to hedge euro currency exposures of the net investment in certain foreign affiliates.

Fair Value Hedges — The notional amount of fixed-to-floating interest rate swap contracts terminated was $500 million in 2016 generating proceeds of $43 million (including accrued interest).

Debt Obligations

Short-term debt obligations includes:

Dollars in Millions	March 31, 2017		December 31, 2016
Bank drafts and short-term borrowings	$	448	$	243
Current portion of long-term debt	749		749
Total	$	1,197	$	992

Long-term debt and the current portion of long-term debt includes:

Dollars in Millions	March 31, 2017			December 31, 2016
Principal Value	$	7,800		$	6,261
Adjustments to Principal Value:
Fair value of interest rate swap contracts	(5		)	(2		)
Unamortized basis adjustment from swap terminations	280			287
Unamortized bond discounts and issuance costs	(89		)	(81		)
Total	$	7,986		$	6,465
Current portion of long-term debt	$	749		$	749
Long-term debt	7,237			5,716

The fair value of debt was $8,411 million at March 31, 2017 and $6,932 million at December 31, 2016 valued using Level 2 inputs. Interest payments were $43 million and $33 million for the three months ended March 31, 2017 and 2016, respectively, net of amounts related to interest rate swap contracts.

13

On February 27, 2017, BMS issued senior unsecured notes in a registered public offering. The notes rank equally in right of payment with all of BMS's existing and future senior unsecured indebtedness. BMS may redeem the notes, in whole or in part, at any time prior to maturity at a predetermined redemption price. The following table summarizes the note issuances:

Amounts in Millions	2017
Principal Value:
1.600% Notes due 2019	$	750
3.250% Notes due 2027	750
Total	$	1,500
Proceeds net of discount and deferred loan issuance costs	$	1,488

Note 10. RECEIVABLES

Dollars in Millions	March 31, 2017			December 31, 2016
Trade receivables	$	4,247		$	3,948
Less charge-backs and cash discounts	(123		)	(126		)
Less bad debt allowances	(41		)	(48		)
Net trade receivables	4,083			3,774
Alliance receivables	897			903
Prepaid and refundable income taxes	243			627
Other	271			239
Receivables	$	5,494		$	5,543

Non-U.S. receivables sold on a nonrecourse basis were $120 million and $159 million for the three months ended March 31, 2017 and 2016, respectively. Receivables from our three largest pharmaceutical wholesalers in the U.S. represented 65% and 66% of total trade receivables at March 31, 2017 and December 31, 2016, respectively.

Note 11. INVENTORIES

Dollars in Millions	March 31, 2017		December 31, 2016
Finished goods	$	415	$	310
Work in process	1,038		988
Raw and packaging materials	230		264
Total inventories	$	1,683	$	1,562
Inventories	$	1,384	$	1,241
Other assets	299		321

Other assets include inventory pending regulatory approval of $58 million at March 31, 2017 and $54 million at December 31, 2016 and other amounts expected to remain on-hand beyond one year.

Note 12. PROPERTY, PLANT AND EQUIPMENT

Dollars in Millions	March 31, 2017			December 31, 2016
Land	$	107		$	107
Buildings	4,952			4,930
Machinery, equipment and fixtures	3,324			3,287
Construction in progress	938			849
Gross property, plant and equipment	9,321			9,173
Less accumulated depreciation	(4,301		)	(4,193		)
Property, plant and equipment	$	5,020		$	4,980

Depreciation expense was $166 million and $103 million for the three months ended March 31, 2017 and 2016, respectively.

14

Note 13. OTHER INTANGIBLE ASSETS

Dollars in Millions	March 31, 2017			December 31, 2016
Licenses	$	564		$	564
Developed technology rights	2,357			2,357
Capitalized software	1,344			1,441
IPRD	32			107
Gross other intangible assets	4,297			4,469
Less accumulated amortization	(3,021		)	(3,084		)
Other intangible assets	$	1,276		$	1,385

Amortization expense was $47 million and $44 million for the three months ended March 31, 2017 and 2016, respectively.

Note 14. ACCRUED LIABILITIES

Dollars in Millions	March 31, 2017		December 31, 2016
Rebates and returns	$	1,677	$	1,680
Dividends	646		660
Research and development	620		718
Employee compensation and benefits	361		818
Branded Prescription Drug Fee	257		234
Restructuring	182		90
Royalties	181		246
Pension and postretirement benefits	41		44
Litigation and other settlements	36		43
Other	776		738
Accrued liabilities	$	4,777	$	5,271

Note 15. EQUITY

	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 January 1, 2016	2,208	$	221	$	1,459		$	(2,468	)	$	31,613		539		$	(16,559	)	$	158
Net earnings	—	—		—			—			1,195			—		—			11
Other comprehensive loss	—	—		—			(225		)	—			—		—			—
Cash dividends	—	—		—			—			(632		)	—		—			—
Stock repurchase program	—	—		—			—			—			4		(231		)	—
Stock compensation	—	—		44			—			—			(4	)	(31		)	—
Distributions	—	—		—			—			—			—		—			(4		)
Balance at March 31, 2016	2,208	$	221	$	1,503		$	(2,693	)	$	32,176		539		$	(16,821	)	$	165
Balance at December 31, 2016	2,208	$	221	$	1,725		$	(2,503	)	$	33,513		536		$	(16,779	)	$	170
Accounting change - cumulative effect(a)	—	—		—			—			(787		)	—		—			—
Adjusted balance at January 1, 2017	2,208	$	221	$	1,725		$	(2,503	)	$	32,726		536		$	(16,779	)	$	170
Net earnings	—	—		—			—			1,574			—		—			11
Other comprehensive income	—	—		—			89			—			—		—			—
Cash dividends	—	—		—			—			(642		)	—		—			—
Stock repurchase program	—	—		(400		)	—			—			29		(1,600		)	—
Stock compensation	—	—		12			—			—			(4	)	(7		)	—
Variable interest entity	—	—		—			—			—			—		—			(59		)
Distributions	—	—		—			—			—			—		—			(3		)
Balance at March 31, 2017	2,208	$	221	$	1,337		$	(2,414	)	$	33,658		561		$	(18,386	)	$	119

(a) Refer to "—Note 1. Basis of Presentation and Recently Issued Accounting Standards" for additional information.

15

BMS has a stock repurchase program authorized by its Board of Directors allowing for repurchases in the open market or through private transactions, including plans established in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934. The stock repurchase program does not have an expiration date and may be suspended or discontinued at any time. Treasury stock is recognized at the cost to reacquire the shares. Shares issued from treasury are recognized utilizing the first-in first-out method.

In February 2017, BMS executed accelerated share repurchase agreements to repurchase an aggregate $2 billion of common stock as part of our existing share repurchase authorization. The agreements were funded through a combination of debt and cash. Approximately 29 million shares of BMS common stock, representing approximately 80% of the notional amount of the agreements, were delivered to BMS and included in treasury stock. The agreements are expected to settle during the second quarter of 2017, upon which additional shares of common stock may be delivered to BMS or, under certain circumstances, BMS may be required to make a cash payment or may elect to deliver shares of BMS common stock to the counterparties. The total number of shares to be delivered or the amount of such payment, as well as the final average price per share, will be based on the volume-weighted average price, less a discount, of BMS common stock during the term of the transaction. 

The components of other comprehensive income/(loss) were as follows:

	2017									2016
	Pretax			Tax			After tax			Pretax			Tax			After tax
Three Months Ended March 31,
Derivatives qualifying as cash flow hedges:
Unrealized losses	$	(18	)	$	7		$	(11	)	$	(126	)	$	42		$	(84	)
Reclassified to net earnings(a)	(22		)	4			(18		)	(4		)	2			(2		)
Derivatives qualifying as cash flow hedges	(40		)	11			(29		)	(130		)	44			(86		)
Pension and postretirement benefits:
Actuarial gains/(losses)	58			(18		)	40			(292		)	103			(189		)
Amortization(b)	19			3			22			17			(3		)	14
Curtailments and settlements(c)	33			(12		)	21			22			(8		)	14
Pension and postretirement benefits	110			(27		)	83			(253		)	92			(161		)
Available-for-sale securities	9			(3		)	6			27			(14		)	13
Foreign currency translation	21			8			29			2			7			9
	$	100		$	(11	)	$	89		$	(354	)	$	129		$	(225	)

(a) Included in cost of products sold

(b) Included in cost of products sold, research and development and marketing, selling and administrative expenses

(c) Included in other (income)/expense

The accumulated balances related to each component of other comprehensive loss, net of taxes, were as follows:

Dollars in Millions	March 31, 2017			December 31, 2016
Derivatives qualifying as cash flow hedges	$	9		$	38
Pension and other postretirement benefits	(2,014		)	(2,097		)
Available-for-sale securities	(1		)	(7		)
Foreign currency translation	(408		)	(437		)
Accumulated other comprehensive loss	$	(2,414	)	$	(2,503	)

Note 16. PENSION AND POSTRETIREMENT BENEFIT PLANS

The net periodic benefit cost/(credit) of defined benefit pension plans includes:

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Service cost – benefits earned during the year	$	6		$	6
Interest cost on projected benefit obligation	48			51
Expected return on plan assets	(103		)	(104		)
Amortization of prior service credits	(1		)	(1		)
Amortization of net actuarial loss	21			19
Curtailments and settlements	33			22
Special termination benefits	—			1
Net periodic benefit cost/(credit)	$	4		$	(6	)

16

Pension settlement charges were recognized after determining that the annual lump sum payments will likely exceed the annual interest and service costs for the primary and certain other U.S. pension plans. The charges included the acceleration of a portion of unrecognized actuarial losses. Non-current pension liabilities were $490 million at March 31, 2017 and $600 million at December 31, 2016. Defined contribution plan expense in the U.S. was $44 million and $42 million for the three months ended March 31, 2017 and 2016, respectively.

Note 17. LEGAL PROCEEDINGS AND CONTINGENCIES

The Company 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, suppliers, service providers, licensees, employees, or shareholders, 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. The Company recognizes accruals for such contingencies when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. These matters 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. Legal proceedings that are material or that the Company believes could become material are described below.

Although the Company believes it has substantial defenses in these matters, there can be no assurance that there will not be an increase in the scope of pending matters or that any future lawsuits, claims, government investigations or other legal proceedings will not be material. Unless otherwise noted, the Company is unable to assess the outcome of the respective litigation nor is it able to provide an estimated range of potential loss. Furthermore, failure to enforce our patent rights would likely result in substantial decreases in the respective product revenues from generic competition.

INTELLECTUAL PROPERTY

Plavix* — Australia

As previously disclosed, Sanofi was notified that, in August 2007, GenRx Proprietary Limited (GenRx) obtained regulatory approval of an application for clopidogrel bisulfate 75mg tablets in Australia. GenRx, formerly a subsidiary of Apotex Inc. (Apotex), has since changed its name to Apotex. In August 2007, Apotex filed an application in the Federal Court of Australia (the Federal Court) seeking revocation of Sanofi’s Australian Patent No. 597784 (Case No. NSD 1639 of 2007). Sanofi filed counterclaims of infringement and sought an injunction. On September 21, 2007, the Federal Court granted Sanofi’s injunction. A subsidiary of the Company was subsequently added as a party to the proceedings. In February 2008, a second company, Spirit Pharmaceuticals Pty. Ltd., also filed a revocation suit against the same patent. This case was consolidated with the Apotex case, and a trial occurred in April 2008. On August 12, 2008, the Federal Court of Australia held that claims of Patent No. 597784 covering clopidogrel bisulfate, hydrochloride, hydrobromide, and taurocholate salts were valid. The Federal Court also held that the process claims, pharmaceutical composition claims, and claim directed to clopidogrel and its pharmaceutically acceptable salts were invalid. The Company and Sanofi filed notices of appeal in the Full Court of the Federal Court of Australia (Full Court) appealing the holding of invalidity of the claim covering clopidogrel and its pharmaceutically acceptable salts, process claims, and pharmaceutical composition claims which have stayed the Federal Court’s ruling. Apotex filed a notice of appeal appealing the holding of validity of the clopidogrel bisulfate, hydrochloride, hydrobromide, and taurocholate claims. A hearing on the appeals occurred in February 2009. On September 29, 2009, the Full Court held all of the claims of Patent No. 597784 invalid. In November 2009, the Company and Sanofi applied to the High Court of Australia (High Court) for special leave to appeal the judgment of the Full Court. In March 2010, the High Court denied the Company and Sanofi’s request to hear the appeal of the Full Court decision. The case has been remanded to the Federal Court for further proceedings related to damages sought by Apotex. The Australian government has intervened in this matter and is also seeking damages for alleged losses experienced during the period when the injunction was in place. The Company and Apotex have settled the Apotex case, and the case has been dismissed. The Australian government's claim is still pending and a trial has been scheduled for August 2017. It is not possible at this time to predict the outcome of the Australian government’s claim or its impact on the Company.

Sprycel - European Union

In May 2013, Apotex, Actavis Group PTC ehf, Generics [UK] Limited (Mylan) and an unnamed company filed oppositions in the EPO seeking revocation of European Patent No. 1169038 (the ‘038 patent) covering dasatinib, the active ingredient in Sprycel. The ‘038 patent is scheduled to expire in April 2020 (excluding potential term extensions). On January 20, 2016, the Opposition Division of the EPO revoked the ‘038 patent. In May 2016, the Company appealed the EPO’s decision to the EPO Board of Appeal. In February 2017, the EPO Board of Appeal upheld the Opposition Division's decision, and revoked the ‘038 patent. Orphan drug exclusivity and data exclusivity for Sprycel in the EU expired in November 2016. The EPO Board of Appeal's decision does not affect the validity of our other Sprycel patents within and outside Europe, including different patents that cover the monohydrate form of dasatinib and the use of dasatinib to treat chronic myelogenous leukemia (CML). Additionally, in February 2017, the EPO Board of Appeal reversed and remanded an invalidity decision on European Patent No. 1610780 and its claim to the use of dasatinib to treat CML, which the EPO's Opposition Division had revoked in October 2012. The Company intends to take appropriate legal actions to protect Sprycel. We may experience a decline in European revenues in the event that generic dasatinib product enters the market.

17

Anti-PD-1 Antibody Patent Oppositions and Litigation

On January 20, 2017, BMS and Ono announced the companies have signed a global patent license agreement with Merck to settle all patent-infringement litigation related to Merck’s PD-1 antibody Keytruda* (pembrolizumab). The agreement resulted in the dismissal with prejudice of all patent litigation between the companies pertaining to Keytruda*. BMS and Ono had asserted in litigation that Merck’s sale of Keytruda* infringed the companies’ patents relating to the use of PD-1 antibodies to treat cancer in the U.S., Europe (UK, Netherlands, France, Germany, Ireland, Spain and Switzerland), Australia and Japan.

As part of the agreement, Merck made an initial payment of $625 million to BMS and Ono, of which BMS received $481 million. Merck is also obligated to pay ongoing royalties on global sales of Keytruda* of 6.5% from January 1, 2017 through December 31, 2023, and 2.5% from January 1, 2024 through December 31, 2026. Under the agreement, the companies have also granted certain rights to each other under their respective patent portfolios pertaining to PD-1. Payments and royalties are shared between BMS and Ono on a 75/25 percent allocation, respectively after adjusting for each parties' legal fees. 

In September 2015, Dana-Farber Cancer Institute (Dana-Farber) filed a complaint in Massachusetts federal court seeking to correct the inventorship of five related U.S. patents directed to methods of treating cancer using a PD-1 antibody. Specifically, Dana-Farber is seeking to add two scientists as inventors to these patents.

Eliquis Patent Litigation

In February, March and April 2017, twenty-five generic companies sent the Company Paragraph-IV certification letters informing the Company that they had filed abbreviated new drug applications (ANDAs) seeking approval of generic versions of Eliquis. As a result, the three Eliquis patents listed in the FDA Orange Book have now been challenged, including a composition of matter patent claiming apixaban specifically and a formulation patent. In April 2017, the Company, along with its partner Pfizer, initiated patent lawsuits under the Hatch-Waxman Act against all generic filers in federal district courts in Delaware and West Virginia.

PRICING, SALES AND PROMOTIONAL PRACTICES LITIGATION

Plavix* State Attorneys General Lawsuits

The Company and certain affiliates of Sanofi are defendants in consumer protection and/or false advertising actions brought by several states relating to the sales and promotion of Plavix*. It is not possible at this time to reasonably assess the outcome of these lawsuits or their potential impact on the Company.

PRODUCT LIABILITY LITIGATION

The Company is a party to various product liability lawsuits. Plaintiffs in these cases seek damages and other relief on various grounds for alleged personal injury and economic loss. As previously disclosed, in addition to lawsuits, the Company also faces unfiled claims involving its products.

Plavix*

As previously disclosed, the Company and certain affiliates of Sanofi are defendants in a number of individual lawsuits in various state and federal courts claiming personal injury damage allegedly sustained after using Plavix*. Currently, over 5,300 claims involving injury plaintiffs as well as claims by spouses and/or other beneficiaries, are filed in state and federal courts in various states including California, New Jersey, Delaware and New York. In February 2013, the Judicial Panel on Multidistrict Litigation granted the Company and Sanofi’s motion to establish a multi-district litigation (MDL) to coordinate Federal pretrial proceedings in Plavix* product liability and related cases in New Jersey Federal Court. It is not possible at this time to reasonably assess the outcome of these lawsuits or the potential impact on the Company.

Byetta*

Amylin, a former subsidiary of the Company, and Lilly are co-defendants in product liability litigation related to Byetta*. To date, there are over 500 separate lawsuits pending on behalf of approximately 2,000 active plaintiffs (including pending settlements), which include injury plaintiffs as well as claims by spouses and/or other beneficiaries, in various courts in the U.S. The Company has agreed in principle to resolve over 15 of these claims. The majority of these cases have been brought by individuals who allege personal injury sustained after using Byetta*, primarily pancreatic cancer and pancreatitis, and, in some cases, claiming alleged wrongful death. The majority of cases were pending in Federal Court in San Diego in an MDL or in a coordinated proceeding in California Superior Court in Los Angeles (JCCP). In November 2015, the defendants' motion for summary judgment based on federal preemption was granted in both the MDL and the JCCP. The plaintiffs in the MDL have appealed to the U.S. Court of Appeals for the Ninth Circuit and the JCCP plaintiffs have appealed to the California Court of Appeal. Amylin has product liability insurance covering a substantial number of claims involving Byetta* and any additional liability to Amylin with respect to Byetta* is expected to be shared between the Company and AstraZeneca. It is not possible to reasonably predict the outcome of any lawsuit, claim or proceeding or the potential impact on the Company.

18

Abilify*

The Company and Otsuka are co-defendants in product liability litigation related to Abilify. Plaintiffs allege Abilify caused them to engage in compulsive gambling and other impulse control disorders. There have been over 160 cases filed in state and federal courts and several additional cases are pending in Canada. The Judicial Panel on Multidistrict Litigation has consolidated the federal court cases for pretrial purposes in the United States District Court for the Northern District of Florida.

Eliquis

The Company and Pfizer are co-defendants in product liability litigation related to Eliquis. Plaintiffs assert claims, including claims for wrongful death, as a result of bleeding they allege was caused by their use of Eliquis. There have been over 130 cases filed in state and federal courts in the United States and two cases filed in Canada. The Judicial Panel on Multidistrict Litigation has consolidated the federal court cases for pretrial purposes in the United States District Court for the Southern District of New York.

SHAREHOLDER DERIVATIVE LITIGATION

Since December 2015, three shareholder derivative lawsuits were filed in New York state court against certain officers and directors of the Company. The plaintiffs allege, among other things, breaches of fiduciary duty surrounding the Company’s previously disclosed October 2015 civil settlement with the Securities and Exchange Commission of alleged Foreign Corrupt Practices Act violations in China in which the Company agreed to a payment of approximately $14.7 million in disgorgement, penalties and interest. Two of the lawsuits have been dismissed, and the Company has filed a motion to dismiss the remaining lawsuit.

GOVERNMENT INVESTIGATIONS

Like other pharmaceutical companies, the Company and certain of its subsidiaries are subject to extensive regulation by national, state and local government agencies in the U.S. and other countries in which BMS operates. As a result, the Company, from time to time, is subject to various governmental inquiries and investigations. It is possible that criminal charges, substantial fines and/or civil penalties, could result from government investigations. The most significant investigations conducted by government agencies, of which the Company is aware, are listed below.

Abilify*State Attorneys General Investigation

In March 2009, the Company received a letter from the Delaware Attorney General’s Office advising of a multi-state coalition (Coalition) investigating whether certain Abilify* marketing practices violated those respective states’ consumer protection statutes. The Company and the Executive Committee of the Coalition have reached a settlement in this matter, and all but one of the states (New Mexico) that are members of the Coalition are participating in the settlement. Consent decrees were entered into with all participating states in December 2016 and settlement payments have been issued to all participating states.

ENVIRONMENTAL PROCEEDINGS

As previously reported, the Company is a party to several environmental proceedings and other matters, and is responsible under various state, federal and foreign laws, including CERCLA, for certain costs of investigating and/or remediating contamination resulting from past industrial activity at the Company’s current or former sites or at waste disposal or reprocessing facilities operated by third parties.

CERCLA Matters

With respect to CERCLA matters for which the Company is responsible under various state, federal and foreign laws, the Company typically estimates potential costs based on information obtained from the U.S. Environmental Protection Agency, or counterpart state or foreign agency and/or studies prepared by independent consultants, including the total estimated costs for the site and the expected cost-sharing, if any, with other “potentially responsible parties,” and the Company accrues liabilities when they are probable and reasonably estimable. The Company estimated its share of future costs for these sites to be $63 million at December 31, 2016, which represents the sum of best estimates or, where no best estimate can reasonably be made, estimates of the minimal probable amount among a range of such costs (without taking into account any potential recoveries from other parties). The $63 million includes the estimated costs for any additional probable loss associated with the previously disclosed North Brunswick Township High School Remediation Site.

19

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

EXECUTIVE SUMMARY

Bristol-Myers Squibb Company is a global specialty biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. Our strategy is to combine the resources, scale and capability of a pharmaceutical company with the speed and focus on innovation of the biotech industry. Our four strategic priorities are to drive business performance, continue to build a strong franchise in IO, maintain a diversified portfolio both within and outside of IO, and continue our disciplined approach to capital allocation, including establishing partnerships and collaborations as an essential component of successfully delivering transformational medicines to patients. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for terms used throughout the document.

Our revenues increased by 12% for the three months ended March 31, 2017 as a result of higher demand for our prioritized brands including Opdivo and Eliquis partially offset by increased competition for established brands, primarily Daklinza. The increase in GAAP EPS from $0.71 in 2016 to $0.94 in 2017 was due to higher revenues and the patent-infringement litigation settlement related to Merck's PD-1 antibody Keytruda* partially offset by higher restructuring related charges and lower divestiture related income. After adjusting for litigation settlements, divestiture gains and other specified items, non-GAAP EPS increased from $0.74 in 2016 to $0.84 in 2017.

	Three Months Ended March 31,
Dollars in Millions, except per share data	2017		2016
Total Revenues	$	4,929	$	4,391
Diluted Earnings Per Share
GAAP	0.94		0.71
Non-GAAP	0.84		0.74

Our non-GAAP financial measures, including non-GAAP earnings and related EPS information, are adjusted to exclude specified items which represent certain costs, expenses, gains and losses and other items impacting the comparability of financial results. For a detailed listing of all specified items and further information and reconciliations of non-GAAP financial measures refer to “—Non-GAAP Financial Measures.”

Significant Product and Pipeline Approvals

The following is a summary of significant approvals received in 2017.

Product	Date	Approval
Opdivo	March 2017	Approval for the treatment of recurrent or metastatic HNC in Japan, received by our alliance partner, Ono.
	February 2017	FDA approval for the treatment of patients with previously treated locally advanced or metastatic urothelial carcinoma, a type of bladder cancer.

Refer to "—Product and Pipeline Developments" for all of the developments in our marketed products and late-stage pipeline in 2017.

Acquisition and Licensing Arrangements

Acquisition and licensing transactions allow us to focus our resources behind our growth opportunities that drive the greatest long-term value. We are focused on the following core therapeutic areas: oncology, including IO, immunoscience, cardiovascular and fibrosis. Significant transactions entered into in 2017 are summarized below:

CytomX

In April 2017, BMS and CytomX, a biopharmaceutical company developing investigational Probody therapeutics for the treatment of cancer, expanded their 2014 strategic collaboration to discover novel therapies that will include up to eight additional targets using CytomX’s proprietary Probody platform. As part of the original May 2014 collaboration to discover, develop and commercialize Probody therapeutics, BMS selected four oncology targets, including CTLA-4. In the collaboration to date, BMS has progressed the CTLA-4 Probody therapeutic to Investigational New Drug-enabling studies and the three other programs are in the lead discovery and optimization phase. Under the terms of the expanded agreement, CytomX will grant BMS exclusive worldwide rights to develop and commercialize Probody therapeutics for up to six additional oncology targets and two non-oncology targets.

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RESULTS OF OPERATIONS

Regional Revenues

	Three Months Ended March 31,
	Total Revenues				2017 vs. 2016
Dollars in Millions	2017		2016		Total Change		Foreign Exchange(b)
United States	$	2,738	$	2,537	8	%	—
Europe	1,146		870		32	%	(5	)%
Rest of the World	925		840		10	%	1	%
Other(a)	120		144		(17	)%	N/A
Total	$	4,929	$	4,391	12	%	(1	)%

(a) Other revenues include royalties and alliance-related revenues for products not sold by our regional commercial organizations.

(b) Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales.

U.S. revenues increased due to higher demand for Eliquis and Opdivo partially offset by lower demand for Daklinza and Sustiva due to increased competition. Average U.S. net selling prices increased by approximately 3% after charge-backs, rebates and discounts. Refer to “—Product Revenues” below for additional information.

Europe and Rest of the World revenues increased due to higher demand for Opdivo and Eliquis. No single country outside the U.S. contributed more than 10% of total revenues during the three months ended March 31, 2017 and 2016. Our business is typically not seasonal.

GTN Adjustments

The reconciliation of gross product sales to net product sales by each significant category of GTN adjustments was as follows (excluding alliance and other revenues such as Atripla*):

	Three Months Ended March 31,
Dollars in Millions	2017			2016			% Change
Gross product sales	$	5,862		$	4,966		18	%
GTN adjustments:
Charge-backs and cash discounts	(438		)	(352		)	24	%
Medicaid and Medicare rebates	(384		)	(260		)	48	%
Other rebates, returns, discounts and adjustments	(460		)	(390		)	18	%
Total GTN adjustments	(1,282		)	(1,002		)	28	%
Net product sales	$	4,580		$	3,964		16	%
GTN adjustments percentage	22		%	20		%	2	%
U.S.	28		%	25		%	3	%
Non-U.S.	12		%	12		%	—

Reductions to provisions for product sales made in prior periods resulting from changes in estimates were $49 million and $31 million in the three months ended March 31, 2017 and 2016, respectively. Changes to GTN adjustments are primarily a function of changes in product sales volume, regional and payer channel mix, contractual and legislative discounts and rebates (primarily Eliquis).

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Product Revenues

	Three Months Ended March 31,
Dollars in Millions	2017		2016		% Change
Prioritized Brands
Opdivo	$	1,127	$	704	60	%
U.S.	761		594		28	%
Non-U.S.	366		110		**
Eliquis	1,101		734		50	%
U.S.	699		468		49	%
Non-U.S.	402		266		51	%
Orencia	535		475		13	%
U.S.	362		321		13	%
Non-U.S.	173		154		12	%
Sprycel	463		407		14	%
U.S.	247		210		18	%
Non-U.S.	216		197		10	%
Yervoy	330		263		25	%
U.S.	243		199		22	%
Non-U.S.	87		64		36	%
Empliciti	53		28		89	%
U.S.	36		28		29	%
Non-U.S.	17		—		N/A
Established Brands
Hepatitis C Franchise	162		427		(62	)%
U.S.	42		259		(84	)%
Non-U.S.	120		168		(29	)%
Baraclude	282		291		(3	)%
U.S.	14		17		(18	)%
Non-U.S.	268		274		(2	)%
Sustiva Franchise	184		273		(33	)%
U.S.	153		228		(33	)%
Non-U.S.	31		45		(31	)%
Reyataz Franchise	193		221		(13	)%
U.S.	88		120		(27	)%
Non-U.S.	105		101		4	%
Other Brands	499		568		(12	)%
U.S.	93		93		—
Non-U.S.	406		475		(15	)%

**    Change in excess of 100%

22

Opdivo (nivolumab) — a fully human monoclonal antibody that binds to the PD-1 on T and NKT cells that has been approved for several anti-cancer indications including melanoma, head and neck, lung, kidney, bladder and blood and continues to be investigated across other tumor types and disease areas.

• U.S. revenues increased due to higher demand. We expect increased competition for Opdivo in 2017.

• International revenues increased due to higher demand as a result of launches of additional indications and approvals in new countries.

Eliquis(apixaban) — an oral Factor Xa inhibitor, targeted at stroke prevention in adult patients with non-valvular atrial fibrillation and the prevention and treatment of venous thromboembolic disorders.

• U.S. and international revenues increased due to higher demand resulting from increased commercial acceptance of novel oral anticoagulants and market share gains.

Orencia (abatacept) — a fusion protein indicated for adult patients with moderate to severe active RA and is also indicated for reducing signs and symptoms in certain pediatric patients with moderately to severely active polyarticular juvenile idiopathic arthritis.

• U.S. revenues increased due to higher average net selling prices and demand.

• International revenues increased due to higher demand.

Sprycel (dasatinib) — an oral inhibitor of multiple tyrosine kinase indicated for the first-line treatment of adults with Philadelphia chromosome-positive chronic myeloid leukemia in chronic phase and the treatment of adults with chronic, accelerated, or myeloid or lymphoid blast phase chronic myeloid leukemia with resistance or intolerance to prior therapy, including Gleevec* (imatinib meslylate).

• U.S. revenues increased due to higher demand and average net selling prices.

• International revenues increased due to higher demand.

Yervoy (ipilimumab) — a monoclonal antibody for the treatment of patients with unresectable or metastatic melanoma.

• U.S. revenues increased due to higher demand and average net selling prices.

• International revenues increased due to higher demand.

Empliciti (elotuzumab) — a humanized monoclonal antibody for the treatment of multiple myeloma.

• Empliciti was launched in the U.S. in December 2015, in the EU in May 2016 and in Japan in September 2016.

Hepatitis C Franchise — Daklinza (daclatasvir) - an NS5A replication complex inhibitor; Sunvepra (asunaprevir) - an NS3 protease inhibitor; and beclabuvir - an NS5B inhibitor.

• U.S. and international revenues decreased due to lower demand resulting from increased competition.

Baraclude (entecavir) — an oral antiviral agent for the treatment of chronic hepatitis B.

• International revenues remained relatively flat.

Sustiva (efavirenz)Franchise — a non-nucleoside reverse transcriptase inhibitor for the treatment of HIV, which includes Sustiva, an antiretroviral drug, and bulk efavirenz, which is also included in the combination therapy, Atripla*.

• U.S. revenues continued to decrease due to lower demand resulting from increased competition. The loss of exclusivity for Sustiva is expected in December 2017 which may result in the termination of the joint venture agreement with Gilead and may further reduce revenues beyond 2017.

• International revenues continued to decrease due to Sustiva's loss of exclusivity in Europe.

Reyataz (atazanavir sulfate) Franchise — Includes Reyataz - a protease inhibitor for the treatment of HIV and Evotaz (atazanavir 300 mg and cobicistat 150 mg) - a combination therapy containing Reyataz and Tybost* (cobicistat).

• U.S. revenues continued to decrease due to lower demand resulting from increased competition. The loss of exclusivity is expected in December 2017 and we may experience a higher decline in revenues in future periods due to generic competition.

• International revenues increased due to the timing of government purchases in certain countries partially offset by lower demand resulting from increased competition.

Other Brands — includes all other products, including those which have lost exclusivity in major markets, OTC brands and royalty revenue.

• International revenues decreased due to out-licensing and divestiture of certain other brands.

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Estimated End-User Demand

Pursuant to the SEC Consent Order described in our 2016 Annual Report on Form 10-K, we monitor inventory levels on hand in the U.S. wholesaler distribution channel and outside of the U.S. in the direct customer distribution channel. We are obligated to disclose products with levels of inventory in excess of one month on hand or expected demand, subject to a de minimis exception. Estimated levels of inventory in the distribution channel in excess of one month on hand for the following products were not material to our results of operations as of the dates indicated. No U.S. products had estimated levels of inventory in the distribution channel in excess of one month on hand at March 31, 2017. Below are international products that had estimated levels of inventory in the distribution channel in excess of one month at December 31, 2016.

Dafalgan, an analgesic product sold principally in Europe, had 1.1 months of inventory on hand internationally at direct customers compared to 1.2 months of inventory on hand at September 30, 2016. The level of inventory on hand was primarily due to the ordering patterns of pharmacists in France.

Fervex, a cold and flu product, had 2.6 months of inventory on hand at direct customers compared to 4.8 months of inventory on hand at September 30, 2016. The level of inventory on hand was attributable to France to support product seasonality.

Perfalgan, an analgesic product, had 3.0 months of inventory on hand internationally at direct customers compared to 2.4 months of inventory on hand at September 30, 2016. The level of inventory on hand was primarily in the Gulf Countries due to extended delivery lead time.

In the U.S., we generally determine our months on hand estimates using inventory levels of product on hand and the amount of out-movement provided by our three largest wholesalers and our distributors. Our three largest wholesalers account for approximately 95% of total gross sales of U.S. products. Factors that may influence our estimates include generic competition, wholesaler purchases in light of increases in wholesaler list prices, new product launches, new warehouse openings by wholesalers and new customer stockings by wholesalers. In addition, these estimates are calculated using third-party data, which may be impacted by their recordkeeping processes.

Our non-U.S. businesses have significantly more direct customers. Information on available direct customer product level inventory and corresponding out-movement information and the reliability of third-party demand information varies widely. We limit our direct customer sales channel inventory reporting to where we can influence demand. When this information does not exist or is otherwise not available, we have developed a variety of methodologies to estimate such data, including using historical sales made to direct customers and third-party market research data related to prescription trends and end-user demand. Given the difficulties inherent in estimating third-party demand information, we evaluate our methodologies to estimate direct customer product level inventory and to calculate months on hand on an ongoing basis and make changes as necessary. Factors that may affect our estimates include generic competition, seasonality of products, price increases, new product launches, new warehouse openings by direct customers, new customer stockings by direct customers and expected direct customer purchases for governmental bidding situations. As a result, all of the information required to estimate months on hand in the direct customer distribution channel for non-U.S. businesses for the quarter ended March 31, 2017 is not available prior to the filing of this quarterly report on Form 10-Q. We will disclose any product with inventory levels in excess of one month on hand or expected demand for the current quarter, subject to a de minimis exception, in the next quarterly report on Form 10-Q.

Expenses

	Three Months Ended March 31,
Dollars in Millions	2017			2016			% Change
Cost of products sold	$	1,259		$	1,052		20	%
Marketing, selling and administrative	1,074			1,068			1	%
Research and development	1,288			1,136			13	%
Other (income)/expense	(647		)	(520		)	24	%
Total Expenses	$	2,974		$	2,736		9	%

Cost of products sold increased due to higher Eliquis profit sharing of approximately $175 million.

Research and development expenses increased due to higher IPRD impairment charges, accelerated depreciation and expansion of Opdivo development programs and capabilities partially offset by lower license and asset acquisition charges.

• IPRD impairment charges were $75 million in 2017 for FS102 which was part of our alliance with F-Star Alpha.

• Accelerated depreciation was $70 million in 2017 and $13 million in 2016 as a result of the expected exit of additional R&D sites in the U.S. Accelerated depreciation results from the reduction in the estimated useful lives of the related assets for each site at various dates through 2020 and is expected to approximate $270 million in 2017.

• License and asset acquisition charges were $50 million in 2017 and $125 million in 2016 including a $100 million milestone payment to former shareowners of Flexus in 2016.

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Other income increased due to higher litigation and other settlements partially offset by higher restructuring charges and lower divestiture gains.

• Litigation and other settlements were income of $484 million in 2017 and expense of $43 million in 2016 including BMS's share of a patent-infringement litigation settlement related to Merck's PD-1 antibody Keytruda* in 2017.

• Restructuring charges were $164 million in 2017 and $4 million in 2016. In October 2016, the Company announced changes to its operating model to drive the Company’s continued success in the near- and long-term through a more focused investment in commercial opportunities for key brands and markets, a competitive and more agile R&D organization that can accelerate the pipeline, streamlined operations and realigned manufacturing capabilities that broaden biologics capabilities to reflect the current and future portfolio as well as streamline and simplify our small-molecule supply network. The new operating model will enable the Company to deliver the strategic, financial and operational flexibility necessary to invest in the highest priorities across the Company. Restructuring charges of approximately $300 million are expected to be incurred in 2017 for all actions in addition to accelerated depreciation impacts resulting from early site exits.

• Divestiture gains were $127 million in 2017 and $270 million in 2016 including additional contingent consideration for the diabetes business ($100 million) in 2017 and the investigational HIV medicines business ($269 million) in 2016.

Refer to "Item 1. Financial Statements—Note 3. Alliances, Note 5. Other (Income)/Expense, Note 6. Restructuring and Note 17. Legal Proceedings and Contingencies" and "—Non-GAAP Financial Measures - Specified Items" for further information.

Income Taxes

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Earnings Before Income Taxes	$	1,955		$	1,655
Provision for Income Taxes	429			449
Effective tax rate	21.9		%	27.1		%

The jurisdictional tax rates and other tax impacts attributed to R&D charges, divestiture transactions and other specified items increased the effective tax rate by 1.7% and 4.4% in the three months ended March 31, 2017 and 2016, respectively. In addition, the adoption of amended income tax accounting guidance reduced the effective tax rate by 2.1% in the first quarter of 2017. Refer to "Item 1. Financial Statements—Note 1. Basis of Presentation and Recently Issued Accounting Standards and Note 7. Income Taxes" for further discussion.

Comprehensive U.S. tax reform continues to be discussed and proposed, including among other items, changes to the corporate tax rate, a border adjustment tax and changes to how the U.S. taxes foreign earnings. It is currently uncertain whether any of these changes will be enacted, and if so, the effective dates. If comprehensive tax reform occurs, our financial condition, results of operations and cash flows could be significantly impacted, however, we are unable to determine the potential impact at this time.

Non-GAAP Financial Measures

Our non-GAAP financial measures, including non-GAAP earnings and related EPS information, are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis. These items are adjusted after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of future operating results. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods including restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, R&D charges in connection with the acquisition or licensing of third party intellectual property rights, divestiture and debt redemption gains or losses, pension charges and legal and other contractual settlements, among other items. Deferred and current income taxes attributed to these items are also adjusted for considering their individual impact to the overall tax expense, deductibility and jurisdictional tax rates.

Non-GAAP information is intended to portray the results of our baseline performance, supplement or enhance management, analysts and investors overall understanding of our underlying financial performance and facilitate comparisons among current, past and future periods. For example, non-GAAP earnings and EPS information is an indication of our baseline performance before items that are considered by us to not be reflective of our ongoing results. In addition, this information is among the primary indicators we use as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting for future periods. This information is not intended to be considered in isolation or as a substitute for net earnings or diluted EPS prepared in accordance with GAAP.

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Specified items were as follows:

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Cost of products sold(a)	$	—		$	4
License and asset acquisition charges	50			125
IPRD impairments	75			—
Accelerated depreciation and other	72			13
Research and development	197			138
Provision for restructuring	164			4
Litigation and other settlements	(481		)	43
Divestiture gains	(100		)	(269		)
Pension charges	33			22
Intangible asset impairments	—			15
Other (income)/expense	(384		)	(185		)
Decrease to pretax income	(187		)	(43		)
Income taxes on specified items	72			83
Increase/(decrease) to net earnings	(115		)	40
Noncontrolling interest	(59		)	—
Increase/(decrease) to net earnings used for diluted Non-GAAP EPS calculation	$	(174	)	$	40

(a) Specified items in cost of products sold are accelerated depreciation, asset impairment and other shutdown costs.

The reconciliations from GAAP to Non-GAAP were as follows:

	Three Months Ended March 31,
Dollars in Millions, except per share data	2017			2016
Net Earnings Attributable to BMS used for Diluted EPS Calculation – GAAP	$	1,574		$	1,195
Specified Items	(174		)	40
Net Earnings used for Diluted EPS Calculation – Non-GAAP	$	1,400		$	1,235
Average Common Shares Outstanding – Diluted	1,671			1,680
Diluted Earnings Per Share – GAAP	$	0.94		$	0.71
Diluted EPS Attributable to Specified Items	(0.10		)	0.03
Diluted Earnings Per Share – Non-GAAP	$	0.84		$	0.74

FINANCIAL POSITION, LIQUIDITY, AND CAPITAL RESOURCES

Our net cash position was as follows:

Dollars in Millions	March 31, 2017			December 31, 2016
Cash and cash equivalents	$	3,910		$	4,237
Marketable securities – current	2,199			2,113
Marketable securities – non-current	2,685			2,719
Cash, cash equivalents and marketable securities	8,794			9,069
Short-term debt obligations	(1,197		)	(992		)
Long-term debt	(7,237		)	(5,716		)
Net cash position	$	360		$	2,361

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Cash, cash equivalents and marketable securities held in the U.S. were approximately $400 million at March 31, 2017. Most of the remaining $8.4 billion is held primarily in low-tax jurisdictions attributable to earnings expected to be indefinitely reinvested offshore. Cash repatriations are subject to restrictions in certain jurisdictions and may be subject to withholding and additional U.S. income taxes. We believe that our existing cash, cash equivalents and marketable securities together with cash generated from operations and issuance of commercial paper in the U.S. will be sufficient to satisfy our normal cash requirements for at least the next few years, including dividends, capital expenditures, milestone payments, working capital and maturities of long-term debt. Long-term debt with a principal value of $750 million matures in August 2017.

Management continuously evaluates the Company’s capital structure to ensure the Company is financed efficiently, which may result in the repurchase of common stock and debt securities, termination of interest rate swap contracts prior to maturity and issuance of debt securities.

The Company agreed to repurchase $2.0 billion of common stock in February 2017 through accelerated share repurchase agreements, which were funded by $1.5 billion of new debt issuance and cash. Refer to “Item 1. Financial Statements—Note 9. Financial Instruments and Fair Value Measurements and Note 15. Equity" for further information.

Dividend payments were $655 million and $641 million in the three months ended March 31, 2017 and 2016, respectively. Dividends declared per common share were $0.39 and $0.38 in the three months ended March 31, 2017 and 2016, respectively. Dividend decisions are made on a quarterly basis by our Board of Directors. Annual capital expenditures were approximately $1.2 billion in 2016 and are expected to be approximately $1.0 billion in 2017 and $900 million in 2018. We continue to expand our biologics manufacturing capabilities and other facility-related activities. For example, we are constructing a new large-scale biologics manufacturing facility in Ireland that will produce multiple therapies for our growing biologics portfolio when completed in 2019.

Our investment portfolio includes non-current marketable securities, which are subject to changes in fair value as a result of interest rate fluctuations and other market factors. Our investment policy establishes limits on the amount and duration of investments with any institution. The policy also requires that investments are only entered into with corporate and financial institutions that meet high credit quality standards. Refer to “Item 1. Financial Statements—Note 9. Financial Instruments and Fair Value Measurements” for further information.

We currently have three separate revolving credit facilities totaling $5 billion from a syndicate of lenders. The facilities provide for customary terms and conditions with no financial covenants. Our 364 day $2.0 billion facility expires in March 2018 and our two $1.5 billion facilities were extended to October 2020 and July 2021. Our two $1.5 billion facilities are extendable annually by one year on the anniversary date with the consent of the lenders. No borrowings were outstanding under any revolving credit facility at March 31, 2017 and December 31, 2016.

Additional regulations in the U.S. could be passed in the future including additional healthcare reform initiatives, comprehensive tax reform, additional pricing laws and potential importation restrictions which may reduce our results of operations, operating cash flow, liquidity and financial flexibility. We continue to monitor the potential impact of the economic conditions in certain European and other countries and the related impact on prescription trends, pricing discounts and creditworthiness of our customers. We believe these economic conditions will not have a material impact on our liquidity, cash flow or financial flexibility.

Credit Ratings

BMS's long-term and short-term credit ratings assigned by Moody's Investors Service are A2 and Prime-1, respectively, with a negative long-term credit outlook. BMS's long-term and short-term credit ratings assigned by Standard & Poor's are A+ and A-1+, respectively, with a stable long-term credit outlook. BMS's long-term and short-term credit ratings assigned by Fitch are A- and F2, respectively, with a stable long-term credit outlook. Our long-term ratings reflect the agencies' opinion that we have a low default risk but are somewhat susceptible to adverse effects of changes in circumstances and economic conditions. Our short-term ratings reflect the agencies' opinion that we have good to extremely strong capacity for timely repayment. Any credit rating downgrade may affect the interest rate of any debt we may incur, the fair market value of existing debt and our ability to access the capital markets generally.

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Cash Flows

The following is a discussion of cash flow activities:

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Cash flow provided by/(used in):
Operating activities	$	861		$	(228	)
Investing activities	(203		)	1,426
Financing activities	(1,013		)	(950		)

Operating Activities

Cash flow from operating activities represents the cash receipts and disbursements from all of our activities other than investing and financing activities. Operating cash flow is derived by adjusting net earnings for noncontrolling interest, non-cash operating items, gains and losses attributed to investing and financing activities and changes in operating assets and liabilities resulting from timing differences between the receipts and payments of cash and when the transactions are recognized in our results of operations. As a result, changes in cash from operating activities reflect the timing of cash collections from customers and alliance partners; payments to suppliers, alliance partners and employees; customer discounts and rebates; and tax payments in the ordinary course of business. For example, annual employee bonuses are typically paid in the first quarter of the subsequent year. In addition, cash collections continue to be impacted by longer payment terms for certain biologic products in the U.S., primarily our newer oncology products including Opdivo, Yervoy and Empliciti (120 days to 150 days). The longer payment terms are used to more closely align with the insurance reimbursement timing for physicians and cancer centers following administration to the patients.

The $1.1 billion change in cash flow from operating activities compared to 2016 was primarily attributable to:

• Lower income tax payments of approximately $500 million; and

• BMS's share of litigation settlement proceeds of $481 million related to Merck's PD-1 antibody Keytruda*.

Investing Activities

Cash requirements from investing activities include cash used for acquisitions, manufacturing and facility-related capital expenditures and purchases of marketable securities with maturities greater than 90 days reduced by proceeds from business divestitures (including royalties) and the sale and maturity of marketable securities.

The $1.6 billion change in cash flow from investing activities compared to 2016 was primarily attributable to:

• Lower net proceeds from sales, purchases and maturities of marketable securities of $1.3 billion.

Financing Activities

Cash requirements from financing activities include cash used to pay dividends, repurchase common stock and repay long-term debt and other borrowings reduced by proceeds from the exercise of stock options and issuance of long-term debt and other borrowings.

The $63 million change in cash flow from financing activities compared to 2016 was primarily attributable to:

• Higher repurchase of common stock of $1.8 billion.

Partially offset by:

• Long-term debt proceeds of $1.5 billion in 2017; and

• Higher net short-term borrowings of approximately $200 million in 2017, consisting primarily of a short-term revolving line of credit.

Product and Pipeline Developments

We manage our R&D programs on a portfolio basis, investing resources in each stage from early discovery through late-stage development. We continually evaluate our portfolio of R&D assets to ensure that there is an appropriate balance of early- and late-stage programs to support future growth. We consider our R&D programs that have entered into Phase III development to be significant, as these programs constitute our late-stage development pipeline. These programs include both investigational compounds in Phase III development for initial indications and marketed products in Phase III development for additional indications or formulations. The following are the recent developments in our marketed products and our late-stage pipeline:

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Product	Indication	Date	Developments
Opdivo	Biliary Tract Cancer	April 2017	BMS and Ono announced Opdivo was designated for the treatment of biliary tract cancer under the Sakigake Designation System in Japan, which offers priority consultation and review.
	cHL	April 2017	FDA approval for an updated indication for Opdivo for the treatment of adult patients with cHL that have relapsed or progressed after auto-HSCT and brentuximab vedotin, or three or more lines of systemic therapy that includes auto-HSCT.
	CRC	April 2017	Announced FDA accepted for priority review a supplemental Biologics License Application that seeks to extend the use of Opdivo in previously treated mismatch repair deficient or microsatellite instability high metastatic CRC. The FDA action date is August 2, 2017.
	Gastric Cancer	January 2017	Announced results of ONO-4538-12, a Phase III trial evaluating Opdivo in patients with previously treated advanced gastric cancer refractory to or intolerant of standard therapy. Ono, our alliance partner, conducted the trial.
	GBM	April 2017	Announced CheckMate-143, a randomized Phase III trial evaluating the efficacy and safety of Opdivo in patients with first recurrence of GBM did not meet its primary endpoint of improved overall survival over bevacizumab monotherapy.
	HNC	April 2017	BMS and Incyte announced the companies will advance their clinical development program evaluating the combination of epacadostat, Incyte's investigational oral selective IDO1 enzyme inhibitor, with Opdivo into a Phase III registrational study in first-line HNC.
		March 2017	Approval for the treatment of recurrent or metastatic HNC in Japan, received by our alliance partner, Ono.
		March 2017	Announced the CHMP has recommended the approval of Opdivo as monotherapy for the treatment of SCCHN in adults progressing on or after platinum-based therapy.
	mUC	April 2017	Announced the CHMP has recommended the approval of Opdivo as monotherapy for the treatment of patients with previously treated locally advanced or metastatic urothelial carcinoma, a type of bladder cancer.
		February 2017	FDA approval for the treatment of patients with previously treated locally advanced or metastatic urothelial carcinoma, a type of bladder cancer.
	NSCLC	April 2017	Announced five-year overall survival data from study CA209-003, a Phase I study evaluating Opdivo in patients with previously treated advanced NSCLC.
		April 2017	BMS and Incyte announced the companies will advance their clinical development program evaluating the combination of epacadostat with Opdivo into a Phase III registrational study in first-line NSCLC across the spectrum of PD-L1 expression.
	RCC	February 2017	BMS and Exelixis announced a clinical development collaboration to evaluate Cabometyx* (cabozantinib), Exelixis's small molecule inhibitor of receptor tyrosine kinases, with Opdivo, either alone or in combination with Yervoy. The agreement is expected to include a Phase III trial in first-line RCC with additional trials planned in bladder cancer, HCC and potentially other tumor types.
Opdivo+Yervoy	Melanoma	April 2017	Announced overall survival data from CheckMate-067, a Phase III trial evaluating Opdivo alone or in combination with Yervoy in patients with previously untreated advanced melanoma.
Eliquis	Non-Valvular Atrial Fibrillation	March 2017	Announced findings from a real-world data analysis of the U.S. Medicare database comparing the risk of stroke or systemic embolism and rate of major bleeding among patients with non-valvular atrial fibrillation who were treated with direct oral anticoagulants versus warfarin.

CRITICAL ACCOUNTING POLICIES

The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenue and expenses. Our critical accounting policies are those that significantly impact our financial condition and results of operations and require the most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Because of this uncertainty, actual results may vary from these estimates. For a discussion of our critical accounting policies, refer to “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2016 Annual Report on Form 10-K. There have been no material changes to our critical accounting policies during the three months ended March 31, 2017.

29

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q (including documents incorporated by reference) and other written and oral statements we make from time to time contain certain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these forward-looking statements by the fact they use words such as “should”, “expect”, “anticipate”, “estimate”, “target”, “may”, “project”, “guidance”, “intend”, “plan”, “believe” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance. One can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes to differ materially from current expectations. These statements are likely to relate to, among other things, our goals, plans and projections regarding our financial position, results of operations, cash flows, market position, product development, product approvals, sales efforts, expenses, performance or results of current and anticipated products and the outcome of contingencies such as legal proceedings and financial results, which are based on current expectations that involve inherent risks and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years. We have included important factors in the cautionary statements included in this report and in the 2016 Annual Report on Form 10-K, particularly under “Item 1A. Risk Factors,” that we believe could cause actual results to differ materially from any forward-looking statement.

Although we believe we have been prudent in our plans and assumptions, no assurance can be given that any goal or plan set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements, which speak only as of the date made. We undertake no obligation to release publicly any revisions to forward-looking statements as a result of new information, future events or otherwise.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

For a discussion of our market risk, refer to “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our 2016 Annual Report on Form 10-K.

Item 4. CONTROLS AND PROCEDURES

Management, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures. Based on their evaluation, as of the end of the period covered by this Form 10-Q, the Chief Executive Officer and Chief Financial Officer have concluded that such disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are effective.

There were no changes in the Company’s internal control over financial reporting during the quarter ended March 31, 2017 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II—OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

Information pertaining to legal proceedings can be found in “Item 1. Financial Statements—Note 17. Legal Proceedings and Contingencies,” to the interim consolidated financial statements, and is incorporated by reference herein.

Item 1A. RISK FACTORS

There have been no material changes from the risk factors disclosed in the Company’s 2016 Annual Report on Form 10-K.

30

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table summarizes the surrenders of our equity securities during the three months endedMarch 31, 2017:

Period	Total Number of Shares Purchased(a)	Average  Price Paid per Share(a)		Total Number of     Shares Purchased as     Part of Publicly Announced Programs(b)	Approximate Dollar     Value of Shares that     May Yet Be Purchased Under the Programs(b)
Dollars in Millions, Except Per Share Data
January 1 to 31, 2017	27,223	$	58.45	—	$	4,137
February 1 to 28, 2017	28,700,454	$	55.77	28,689,260	$	2,137
March 1 to 31, 2017	1,338,495	$	58.27	—	$	2,137
Three months ended March 31, 2017	30,066,172			28,689,260

(a) Includes shares repurchased as part of publicly announced programs and shares of common stock surrendered to the Company to satisfy tax withholding obligations in connection with the vesting of awards under our long-term incentive program.

(b) In May 2010, the Board of Directors authorized the repurchase of up to $3.0 billion of common stock and in June 2012 increased its authorization for the repurchase of common stock by an additional $3.0 billion. In October 2016, the Board of Directors approved a new share repurchase program authorizing the repurchase of an additional $3.0 billion of common stock. The stock repurchase program does not have an expiration date. Refer to “Item 1. Financial Statements—Note 15. Equity" for information on the accelerated share repurchase agreements.

Item 6. EXHIBITS

Exhibits (listed by number corresponding to the Exhibit Table of Item 601 in Regulation S-K).

Exhibit No.	Description
12.	Computation of Earnings to Fixed Charges.
31a.	Section 302 Certification Letter.
31b.	Section 302 Certification Letter.
32a.	Section 906 Certification Letter.
32b.	Section 906 Certification Letter.
101.	The following financial statements from the Bristol-Myers Squibb Company Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, formatted in Extensible Business Reporting Language (XBRL): (i) consolidated statements of earnings, (ii) consolidated statements of comprehensive income, (iii) consolidated balance sheets, (iv) consolidated statements of cash flows, and (v) the notes to the consolidated financial statements.

*        Indicates, in this Form 10-Q, brand names of products, which are registered trademarks not solely owned by the Company or its subsidiaries. Abilify is a trademark of Otsuka Pharmaceutical Co., Ltd.; Atripla is a trademark of Bristol-Myers Squibb and Gilead Sciences, LLC; Byetta is a trademark of Amylin Pharmaceuticals, LLC; Cabometyx is a trademark of Exelixis, Inc.; Gleevec is a trademark of Novartis AG; Keytruda is a trademark of Merck Sharp & Dohme Corp.; Plavix is a trademark of Sanofi and Tybost is a trademark of Gilead Sciences Ireland UC. Brand names of products that are in all italicized letters, without an asterisk, are registered trademarks of BMS and/or one of its subsidiaries.

31

SUMMARY OF ABBREVIATED TERMS

Bristol-Myers Squibb Company may be referred to as Bristol-Myers Squibb, BMS, the Company, we, our or us in this Quarterly Report on Form 10-Q. Throughout this Quarterly Report on Form 10-Q we have used terms which are defined below:

2016 Form 10-K	Annual Report on Form 10-K for the fiscal year ended December 31, 2016
AstraZeneca	AstraZeneca PLC
auto-HSCT	autologous hematopoietic stem cell transplantation
Biogen	Biogen Inc.
Cardioxyl	Cardioxyl Pharmaceuticals, Inc.
cHL	classical Hodgkin lymphoma
CHMP	Committee for Medicinal Products for Human Use
CRC	colorectal cancer
CytomX	CytomX Therapeutics, Inc.
EPO	European Patent Office
EPS	earnings per share
EU	European Union
Exelixis	Exelixis, Inc.
FASB	Financial Accounting Standards Board
FDA	U.S. Food and Drug Administration
Flexus	Flexus Biosciences, Inc.
F-Star Alpha	F-Star Alpha Ltd.
GAAP	U.S. generally accepted accounting principles
GBM	glioblastoma multiforme
Gilead	Gilead Sciences, Inc.
GTN	Gross-to-Net
HCC	Hepatocellular carcinoma
HIV	human immunodeficiency virus
HNC	head and neck cancer
iPierian	iPerian, Inc.
Incyte	Incyte Corporation
IO	immuno-oncology
IPRD	In-process research and development
Merck	Merck & Co., Inc.
mUC	metastatic urothelial carcinoma
NKT	natural killer T cells
NSCLC	non-small cell lung cancer
PD-1	programmed death receptor-1
OCI	Other Comprehensive Income
Ono	Ono Pharmaceutical Co., Ltd.
Quarterly Report on Form 10-Q	Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017
R&D	Research and Development
RA	rheumatoid arthritis
RCC	renal cell carcinoma
Reckitt	Reckitt Benckiser Group plc
SCCHN	squamous cell carcinoma of the head and neck
SEC	Securities and Exchange Commission
UK	United Kingdom
U.S.	United States

32

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		BRISTOL-MYERS SQUIBB COMPANY (REGISTRANT)
Date:	April 27, 2017	By:	/s/ Giovanni Caforio
			Giovanni Caforio Chief Executive Officer
Date:	April 27, 2017	By:	/s/ Charles Bancroft
			Charles Bancroft Chief Financial Officer

33

EX-12

EXHIBIT 12.

Computation of Earnings to Fixed Charges

Ratio of Earnings to Fixed Charges:	Three Months Ended   March 31, 2017			Year Ended December 31,
				2016		2015		2014		2013
Dollars in Millions
Earnings
Earnings from continuing operations before income taxes	$	1,955		$	5,915	$	2,077	$	2,381	$	2,891
Less:
Noncontrolling interest in pre-tax income/(loss) of
subsidiaries that have not incurred fixed charges	(73		)	16		51		38		36
Equity in net income of affiliates	18			77		83		107		166
Capitalized interest	3			10		2		3		—
Adjusted Income	2,007			5,812		1,941		2,233		2,689
Add:
Fixed charges	58			226		231		254		255
Distributed income of equity investments	23			99		105		153		149
Total Earnings	$	2,088		$	6,137	$	2,277	$	2,640	$	3,093
Fixed Charges
Interest expense	$	45		$	167	$	184	$	203	$	199
Capitalized interest	3			10		2		3		—
One-third of rental expense(1)	10			49		45		48		56
Total Fixed Charges	$	58		$	226	$	231	$	254	$	255
Ratio of Earnings to Fixed Charges	36.00			27.15		9.86		10.39		12.13

⁽¹⁾Rents included in the computation consist of one-third of rental expense which the Company believes to be a reasonable estimate of an interest factor in its leases.

E-12-1

EX-31.A

EXHIBIT 31a.

CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Giovanni Caforio, certify that:

1. I have reviewed Bristol-Myers Squibb Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined by Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a. all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting, which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: April 27, 2017

/s/ Giovanni Caforio

Giovanni Caforio

Chief Executive Officer

E-31-1

EX-31.B

EXHIBIT 31b.

CERTIFICATION BY THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Charles Bancroft, certify that:

1. I have reviewed Bristol-Myers Squibb Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined by Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a. all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting, which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: April 27, 2017

/s/ Charles Bancroft

Charles Bancroft

Chief Financial Officer

E-31-2

EX-32.A

EXHIBIT 32a.

Certification by the Chief Executive Officer Pursuant to 18 U. S. C. Section 1350, as

Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. Section 1350, I, Giovanni Caforio, hereby certify that, to the best of my knowledge, Bristol-Myers Squibb Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 (the Report), as filed with the Securities and Exchange Commission on April 27, 2017, fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Bristol-Myers Squibb Company.

/s/ Giovanni Caforio

Giovanni Caforio

Chief Executive Officer

April 27, 2017

E-32-1

EX-32.B

EXHIBIT 32b.

Certification by the Chief Financial Officer Pursuant to 18 U. S. C. Section 1350, as

Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. Section 1350, I, Charles Bancroft, hereby certify that, to the best of my knowledge, Bristol-Myers Squibb Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 (the Report), as filed with the Securities and Exchange Commission on April 27, 2017, fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Bristol-Myers Squibb Company.

/s/ Charles Bancroft

Charles Bancroft

Chief Financial Officer

April 27, 2017

E-32-2

XML

Document and Entity Information	3 Months Ended
	Mar. 31, 2017 shares
Document and Entity Information [Abstract]
Entity Registrant Name	BRISTOL MYERS SQUIBB CO
Entity Central Index Key	0000014272
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	1,647,434,458
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Amendment Flag	false

XML

CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net product sales	$ 4,580	$ 3,964
Alliance and other revenues	349	427
Total revenues	4,929	4,391
Cost of products sold	1,259	1,052
Marketing, selling and administrative	1,074	1,068
Research and development	1,288	1,136
Other (income)/expense	(647)	(520)
Total Expenses	2,974	2,736
Earnings Before Income Taxes	1,955	1,655
Provision for Income Taxes	429	449
Net Earnings	1,526	1,206
Net Earnings/(Loss) Attributable to Noncontrolling Interest	(48)	11
Net Earnings Attributable to BMS	$ 1,574	$ 1,195
Earnings per Common Share
Basic	$ 0.95	$ 0.72
Diluted	0.94	0.71
Cash dividends declared per common share	$ 0.39	$ 0.38

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
COMPREHENSIVE INCOME
Net Earnings	$ 1,526	$ 1,206
Other Comprehensive Income/(Loss), net of taxes and reclassifications to earnings [Abstract]
Derivatives qualifying as cash flow hedges	(29)	(86)
Pension and postretirement benefits	83	(161)
Available-for-sale securities	6	13
Foreign currency translation	29	9
Other Comprehensive Income/(Loss)	89	(225)
Comprehensive Income	1,615	981
Comprehensive Income/(Loss) Attributable to Noncontrolling Interest	(48)	11
Comprehensive Income Attributable to BMS	$ 1,663	$ 970

XML

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current Assets:
Cash and cash equivalents	$ 3,910	$ 4,237
Marketable Securities, Current	2,199	2,113
Receivables	5,494	5,543
Inventories	1,384	1,241
Prepaid expenses and other	628	570
Total Current Assets	13,615	13,704
Property, plant and equipment	5,020	4,980
Goodwill	6,875	6,875
Other intangible assets	1,276	1,385
Deferred income taxes	2,618	2,996
Marketable Securities, Noncurrent	2,685	2,719
Other assets	848	1,048
Total Assets	32,937	33,707
Current Liabilities:
Short-term debt obligations	1,197	992
Accounts payable	1,503	1,664
Accrued liabilities	4,777	5,271
Deferred income	837	762
Income taxes payable	180	152
Total Current Liabilities	8,494	8,841
Deferred income	528	547
Income taxes payable	948	973
Pension and other liabilities	1,195	1,283
Long-term debt	7,237	5,716
Total Liabilities	18,402	17,360
Commitments and contingencies (Note 17)
Bristol-Myers Squibb Company Shareholders' Equity:
Preferred stock	0	0
Common stock	221	221
Capital in excess of par value of stock	1,337	1,725
Accumulated other comprehensive loss	(2,414)	(2,503)
Retained earnings	33,658	33,513
Less cost of treasury stock	(18,386)	(16,779)
Total Bristol-Myers Squibb Company Shareholders' Equity	14,416	16,177
Noncontrolling interest	119	170
Total Equity	14,535	16,347
Total Liabilities and Equity	$ 32,937	$ 33,707

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows From Operating Activities:
Net Earnings	$ 1,526	$ 1,206
Adjustments to reconcile net earnings to net cash provided by/(used in) operating activities:
Depreciation and amortization, net	193	65
Deferred income taxes	(70)	(246)
Stock-based compensation	45	47
Impairment charges	78	19
Pension settlements and amortization	52	39
Divestiture gains and royalties	(276)	(507)
Asset acquisition charges		100
Other adjustments	33	(10)
Changes in operating assets and liabilities:
Receivables	(246)	(424)
Inventories	(71)	(44)
Accounts payable	(114)	(77)
Deferred income	74	235
Income taxes payable	414	52
Other	(777)	(683)
Net Cash Provided by/(Used in) Operating Activities	861	(228)
Cash Flows From Investing Activities:
Sale and maturities of marketable securities	1,163	1,760
Purchase of marketable securities	(1,204)	(523)
Capital expenditures	(291)	(242)
Divestiture and other proceeds	241	439
Acquisition and other payments	(112)	(8)
Net Cash Provided by/(Used in) Investing Activities	(203)	1,426
Cash Flows From Financing Activities:
Short-term borrowings, net	192	(33)
Issuance of long-term debt	1,488
Repurchase of common stock	(2,000)	(231)
Dividends	(655)	(641)
Other	(38)	(45)
Net Cash Used in Financing Activities	(1,013)	(950)
Effect of Exchange Rates on Cash and Cash Equivalents	28	11
Increase/(Decrease) in Cash and Cash Equivalents	(327)	259
Cash and Cash Equivalents at Beginning of Period	4,237	2,385
Cash and Cash Equivalents at End of Period	$ 3,910	$ 2,644

XML

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis Of Presentation [Text Block]

BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS

Bristol-Myers Squibb Company prepared these unaudited consolidated financial statements following the requirements of the SEC and U.S. GAAP for interim reporting. Under those rules, certain footnotes and other financial information that are normally required for annual financial statements can be condensed or omitted. The Company is responsible for the consolidated financial statements included in this Quarterly Report on Form 10-Q, which include all adjustments necessary for a fair presentation of the financial position at March 31, 2017 and December 31, 2016 and the results of operations and cash flows for the three months ended March 31, 2017 and 2016. All intercompany balances and transactions have been eliminated. These financial statements and the related notes should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2016 included in the 2016 Form 10-K. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for terms used throughout the document.

Revenues, expenses, assets and liabilities can vary during each quarter of the year. Accordingly, the results and trends in these unaudited consolidated financial statements may not be indicative of full year operating results. The preparation of financial statements requires the use of management estimates, judgments and assumptions. The most significant assumptions are estimates used in determining sales rebate and return accruals; legal contingencies; income taxes; determining if an acquisition or divestiture is a business or an asset; and pension and postretirement benefits. Actual results may differ from estimates.

Certain prior period amounts were reclassified to conform to the current period presentation. The consolidated statements of cash flows previously presented interest rate swap contract terminations and issuance of common stock as separate line items within cash flows from financing activities which are now presented as components of other financing activities. The reclassifications provide a more concise financial statement presentation and additional information is disclosed in the notes if material.

Recently Adopted Accounting Standards

Share-based Payment Transactions

Amended guidance for share-based payment transactions was adopted in the first quarter of 2017. Net excess tax benefits of approximately $20 million were recognized prospectively as a reduction of tax expense rather than capital in excess of par value of stock. Net excess tax benefits are also presented as an operating cash flow rather than a financing cash flow and cash payments to tax authorities in connection with shares withheld for statutory tax withholding requirements are presented as a financing cash flow rather than an operating cash flow. The changes in cash flow presentation were applied retrospectively and increased operating cash flows and decreased financing cash flows by $99 million in the first quarter of 2017 and $158 million in the first quarter of 2016.

Income Tax Accounting for Intra-entity Transfers of Assets Other Than Inventory

Amended guidance on income tax accounting for intra-entity transfers of assets other than inventory was early adopted in the first quarter of 2017 on a modified retrospective approach. The amended guidance requires tax consequences of these transfers be recognized in the period the transfer takes place. Net reductions to prepaid and deferred tax assets pertaining to pre-2017 internal transfers of intellectual property of $787 million were adjusted through retained earnings as a cumulative effect of an accounting change which will reduce the annual tax expense by $86 million beginning in 2017. In addition, the tax consequences of additional internal transfers of intellectual property that may occur in the future will be included in income tax expense upon transfer and not amortized in subsequent periods.

Recently Issued Accounting Standards

Presentation of Net Periodic Pension and Postretirement Benefits

In March 2017, the FASB issued amended guidance requiring all net periodic benefit components for defined benefit pension and other postretirement plans other than service costs to be recorded outside of income from operations (other income). The guidance is effective in 2018 on a retrospective basis with early adoption permitted. The Company expects that annual cost of products sold; marketing selling and administrative; and research and development expenses will increase by approximately $150 million in the aggregate with a corresponding offset in other income.

In addition, the following recently issued accounting standards have not been adopted. Refer to the 2016 Form 10-K for additional information and their potential impacts.

Accounting Standard Update	Effective Date
Revenue from Contracts with Customers	January 1, 2018
Recognition and Measurement of Financial Assets and Liabilities	January 1, 2018
Definition of a Business	January 1, 2018
Leases	January 1, 2019
Financial Instruments - Measurement of Credit Losses	January 1, 2020
Goodwill Impairment Testing	January 1, 2020

XML

BUSINESS SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Business Segment Information [Text Block]

BUSINESS SEGMENT INFORMATION

BMS operates in a single segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of innovative medicines that help patients prevail over serious diseases. A global research and development organization and supply chain organization are responsible for the discovery, development, manufacturing and supply of products. Regional commercial organizations market, distribute and sell the products. The business is also supported by global corporate staff functions. Segment information is consistent with the financial information regularly reviewed by the chief executive officer for purposes of evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting future periods.

Product revenues and the composition of total revenues were as follows:

	Three Months Ended March 31,
Dollars in Millions	2017		2016
Prioritized Brands
Opdivo	$	1,127	$	704
Eliquis	1,101		734
Orencia	535		475
Sprycel	463		407
Yervoy	330		263
Empliciti	53		28
Established Brands
Hepatitis C Franchise	162		427
Baraclude	282		291
Sustiva Franchise	184		273
Reyataz Franchise	193		221
Other Brands	499		568
Total Revenues	$	4,929	$	4,391
Net product sales	$	4,580	$	3,964
Alliance revenues	297		409
Other revenues	52		18
Total Revenues	$	4,929	$	4,391

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ALLIANCES

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Alliances [Text Block]

ALLIANCES

BMS enters into collaboration arrangements with third parties for the development and commercialization of certain products. Although each of these arrangements is unique in nature, both parties are active participants in the operating activities of the collaboration and are exposed to significant risks and rewards depending on the commercial success of the activities. BMS may either in-license intellectual property owned by the other party or out-license its intellectual property to the other party. These arrangements also typically include research, development, manufacturing and/or commercial activities and can cover a single investigational compound or commercial product or multiple compounds and/or products in various life cycle stages. The rights and obligations of the parties can be global or limited to geographic regions. We refer to these collaborations as alliances and our partners as alliance partners. Products sold through alliance arrangements in certain markets include Opdivo, Eliquis, Orencia, Sprycel, Yervoy, Empliciti, Sustiva (Atripla*) and certain other brands.

Selected financial information pertaining to our alliances was as follows, including net product sales when BMS is the principal in the third-party customer sale for products subject to the alliance. Expenses summarized below do not include all amounts attributed to the activities for the products in the alliance, but only the payments between the alliance partners or the related amortization if the payments were deferred or capitalized.

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Revenues from alliances:
Net product sales	$	1,576		$	1,231
Alliance revenues	297			409
Total Revenues	$	1,873		$	1,640
Payments to/(from) alliance partners:
Cost of products sold	$	624		$	476
Marketing, selling and administrative	(9		)	1
Research and development	—			33
Other (income)/expense	(246		)	(253		)
Noncontrolling interest, pretax	2			2

Selected Alliance Balance Sheet information:
Dollars in Millions	March 31, 2017		December 31, 2016
Receivables - from alliance partners	$	897	$	903
Accounts payable - to alliance partners	600		555
Deferred income from alliances(a)	1,251		1,194

(a) Includes unamortized upfront, milestone and other licensing proceeds, revenue deferrals attributed to Atripla* and undelivered elements of diabetes business divestiture proceeds. Amortization of deferred income (primarily related to alliances) was $20 million and $82 million for the three months ended March 31, 2017 and 2016, respectively.

Specific information pertaining to each of our significant alliances is discussed in our 2016 Form 10-K, including their nature and purpose, the significant rights and obligations of the parties and specific accounting policy elections. Significant developments and updates related to alliances during the three months ended March 31, 2017 are set forth below.

AstraZeneca

BMS received $100 million from AstraZeneca as additional contingent consideration for the diabetes business divestiture upon achievement of a regulatory approval milestone in the first quarter of 2017 (included in other income).

F-Star Alpha

In the first quarter of 2017, BMS discontinued development of FS102 (an anti-HER2 antibody fragment) which was in Phase I development for the treatment of breast and gastric cancer. BMS will not exercise its option to purchase F-Star Alpha which was previously consolidated by BMS as a variable interest entity. As a result, an IPRD charge of $75 million was included in R&D expense and attributed to noncontrolling interest.

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LICENSING ARRANGEMENTS

3 Months Ended

Mar. 31, 2017

Acquisitions, Divestitures and Licensing Arrangements [Abstract]

Licensing Arrangements [Text Block]

LICENSING ARRANGEMENTS

CytomX

In April 2017, BMS added up to eight additional targets to its strategic collaboration with CytomX to discover novel therapies using CytomX’s proprietary Probody platform. As part of the original May 2014 collaboration to discover, develop and commercialize Probody therapeutics, BMS selected four oncology targets, including CTLA-4. Pursuant to the expanded agreement, CytomX will grant BMS exclusive worldwide rights to develop and commercialize Probody therapeutics for up to eight additional targets. BMS paid CytomX $75 million for the rights to the initial four targets which was expensed as R&D prior to 2017. BMS will pay $200 million to CytomX for access to the eight additional targets in May 2017 which will be included in R&D expense in the second quarter of 2017. BMS will also reimburse CytomX for certain research costs over the collaboration period, pay up to $448 million upon achievement of contingent development, regulatory and sales milestone events for each collaboration target and future royalties if a product is approved and commercialized.

Biogen

In April 2017, BMS agreed to out-license to Biogen exclusive rights to develop and commercialize BMS-986168, an anti-eTau compound in development for Progressive Supranuclear Palsy. Upon closing, Biogen will pay $300 million to BMS which will be included in other income. BMS will also be entitled to contingent development, regulatory and sales based milestone payments of up to $410 million if achieved as well as future royalties if the product is ultimately approved and commercialized. BMS originally acquired the rights to this compound in 2014 through its acquisition of iPierian. Biogen will assume all of BMS’s remaining obligations to the former stockholders of iPierian. The transaction is expected to close in the second quarter of 2017 upon obtaining customary regulatory approvals.

Roche

In April 2017, BMS agreed to out-license to Roche exclusive rights to develop and commercialize BMS-986089, an anti-myostatin adnectin in development for Duchenne Muscular Dystrophy. Upon closing, Roche will pay $170 million to BMS which will be included in other income. BMS will also be entitled to contingent development and regulatory milestone payments of up to $205 million if achieved and future royalties if the product is ultimately approved and commercialized. The transaction is expected to close in the second quarter of 2017 upon obtaining customary regulatory approvals.

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OTHER (INCOME)/EXPENSE

3 Months Ended

Mar. 31, 2017

Other Nonoperating Income (Expense) [Abstract]

Other (Income)/Expense [Text Block]

OTHER (INCOME)/EXPENSE

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Interest expense	$	45		$	43
Investment income	(33		)	(24		)
Provision for restructuring	164			4
Litigation and other settlements(a)	(484		)	43
Equity in net income of affiliates	(18		)	(26		)
Divestiture gains	(127		)	(270		)
Royalties and licensing income	(199		)	(254		)
Transition and other service fees	(7		)	(53		)
Pension charges	33			22
Intangible asset impairments	—			15
Other	(21		)	(20		)
Other (income)/expense	$	(647	)	$	(520	)

(a) Includes BMS's share of a patent-infringement litigation settlement of $481 million related to Merck's PD-1 antibody Keytruda*.

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RESTRUCTURING

3 Months Ended

Mar. 31, 2017

Restructuring Charges [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

RESTRUCTURING

In October 2016, the Company announced a restructuring plan to evolve and streamline its operating model and expects to incur charges in connection with employee workforce reductions and early site exits. The charges are expected to be incurred through 2020, range between $1.5 billion to $2.0 billion and consist of employee termination benefit costs, contract termination costs, plant and equipment accelerated depreciation and impairment charges and other site shutdown costs. Cash outlays in connection with these actions are expected to be approximately 40% to 50% of the total charges. Charges of approximately $310 million have been recognized for these actions since the announcement (approximately $220 million for the three months ended March 31, 2017), primarily resulting from employee workforce reductions and accelerated depreciation from expected early site exits. Restructuring charges are recognized upon meeting certain criteria, including finalization of committed plans, reliable estimates and discussions with local works councils in certain markets.

Other restructuring charges recognized prior to the above actions were primarily related to specialty care transformation initiatives designed to create a more simplified organization across all functions and geographic markets. In addition, accelerated depreciation and other charges were incurred in connection with early exits of a manufacturing site in Ireland and R&D site in the U.S.

Employee workforce reductions were approximately 900 and 100 for the three months ended March 31, 2017 and 2016, respectively, across all geographic regions for manufacturing, selling, administrative and R&D personnel.

The following tables summarize the charges and activity related to the restructuring actions:

	Three Months Ended March 31,
Dollars in Millions	2017		2016
Employee termination costs	$	161	$	4
Other termination costs	3		—
Provision for restructuring	164		4
Accelerated depreciation	70		14
Asset impairments	2		—
Other shutdown costs	—		3
Total charges	$	236	$	21

	Three Months Ended March 31,
Dollars in Millions	2017		2016
Cost of products sold	$	—	$	4
Research and development	72		13
Other (income)/expense	164		4
Total charges	$	236	$	21

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Liability at January 1	$	114		$	125
Charges	170			8
Change in estimates	(6		)	(4		)
Provision for restructuring	164			4
Foreign currency translation	1			—
Spending	(44		)	(33		)
Liability at March 31	$	235		$	96

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INCOME TAXES

3 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

INCOME TAXES

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Earnings Before Income Taxes	$	1,955		$	1,655
Provision for Income Taxes	429			449
Effective tax rate	21.9		%	27.1		%

The effective tax rate is lower than the U.S. statutory rate of 35% primarily attributable to undistributed earnings of certain foreign subsidiaries in low tax jurisdictions that have been considered or are expected to be indefinitely reinvested offshore. These undistributed earnings primarily relate to operations in Switzerland, Ireland and Puerto Rico. If these undistributed earnings are repatriated to the U.S. in the future, or if it were determined that such earnings are to be remitted in the foreseeable future, additional tax provisions would be required. Due to complexities in the tax laws and assumptions that would have to be made, it is not practicable to estimate the amounts of income taxes that would have to be provided. Reforms to U.S. tax laws related to foreign earnings have been proposed and if adopted, may increase taxes, which could reduce the results of operations and cash flows. BMS operates under a favorable tax grant in Puerto Rico not scheduled to expire prior to 2023.

Jurisdictional tax rates and other tax impacts attributed to R&D charges, divestiture transactions and other discrete pretax items increased the effective tax rate by 1.7% and 4.4% in the three months ended March 31, 2017 and 2016, respectively, including non-deductible R&D asset acquisition charges and goodwill allocated to business divestitures. The tax impact for discrete items are reflected immediately and are not considered in estimating the annual effective tax rate.

The adoption of the amended guidance for intra-entity transfers of assets other than inventory and share-based payment transactions reduced the effective tax rate by 2.1% in the three months ended March 31, 2017. Refer to "—Note 1. Basis of Presentation and Recently Issued Accounting Standards" for additional information.

BMS is currently under examination by a number of tax authorities which have 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. It is reasonably possible that the total amount of unrecognized tax benefits at March 31, 2017 could decrease in the range of approximately $255 million to $315 million in the next twelve months as a result of the settlement of certain tax audits and other events. The expected change in unrecognized tax benefits may result in the payment of additional taxes, adjustment of certain deferred taxes and/or recognition of tax benefits. It is also reasonably possible that new issues will be raised by tax authorities which may require adjustments to the amount of unrecognized tax benefits; however, an estimate of such adjustments cannot reasonably be made at this time.

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EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

EARNINGS PER SHARE

	Three Months Ended March 31,
Amounts in Millions, Except Per Share Data	2017		2016
Net Earnings Attributable to BMS used for Basic and Diluted EPS Calculation	$	1,574	$	1,195
Weighted-average common shares outstanding – basic	1,662		1,669
Incremental shares attributable to share-based compensation plans	9		11
Weighted-average common shares outstanding – diluted	1,671		1,680
Earnings per Common Share:
Basic	$	0.95	$	0.72
Diluted	$	0.94	$	0.71

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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Financial Instruments [Text Block]

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Financial assets and liabilities measured at fair value on a recurring basis are summarized below:

	March 31, 2017					December 31, 2016
Dollars in Millions	Level 1		Level 2			Level 1		Level 2
Cash and cash equivalents - Money market and other securities	$	—	$	3,256		$	—	$	3,532
Marketable securities:
Certificates of deposit	—		419			—		27
Commercial paper	—		480			—		750
Corporate debt securities	—		3,869			—		3,947
Equity funds	—		109			—		101
Fixed income funds	—		7			—		7
Derivative assets	—		29			—		75
Equity investments	30		—			24		—
Derivative liabilities	—		(24		)	—		(30		)

As further described in "Note 9. Financial Instruments and Fair Value Measurements" in our 2016 Form 10-K, our fair value estimates use inputs that are either (1) quoted prices for identical assets or liabilities in active markets (Level 1 inputs), (2) observable prices for similar assets or liabilities in active markets or for identical or similar assets or liabilities in markets that are not active (Level 2 inputs) or (3) unobservable inputs (Level 3 inputs). There were no Level 3 financial assets or liabilities as of March 31, 2017 and December 31, 2016.

Available-for-sale Securities

The following table summarizes available-for-sale securities:

	March 31, 2017									December 31, 2016
Dollars in Millions	Amortized Cost		Gross Unrealized							Amortized Cost		Gross Unrealized
			Gains		Losses			Fair Value				Gains		Losses			Fair Value
Certificates of deposit	$	419	$	—	$	—		$	419	$	27	$	—	$	—		$	27
Commercial paper	480		—		—			480		750		—		—			750
Corporate debt securities	3,864		11		(6		)	3,869		3,945		10		(8		)	3,947
Equity investments	31		4		(5		)	30		31		—		(7		)	24
Total	$	4,794	$	15	$	(11	)	$	4,798	$	4,753	$	10	$	(15	)	$	4,748

Dollars in Millions	March 31, 2017		December 31, 2016
Current marketable securities(a)	$	2,199	$	2,113
Non-current marketable securities(b)	2,685		2,719
Other assets	30		24
Total	$	4,914	$	4,856

(a) The fair value option for financial assets was elected for investments in equity and fixed income funds. The fair value of these investments were $116 million at March 31, 2017 and $108 million at December 31, 2016 and included in current marketable securities.

(b) All non-current marketable securities mature within five years as of March 31, 2017 and December 31, 2016.

Qualifying Hedges and Non-Qualifying Derivatives

The following table summarizes the fair value of outstanding derivatives:

	March 31, 2017									December 31, 2016
	Asset(a)				Liability(b)					Asset(a)				Liability(b)
Dollars in Millions	Notional		Fair Value		Notional		Fair Value			Notional		Fair Value		Notional		Fair Value
Derivatives designated as hedging instruments:
Interest rate swap contracts	$	—	$	—	$	1,505	$	(5	)	$	750	$	1	$	755	$	(3	)
Forward starting interest rate swap contracts	—		—		—		—			500		8		250		(11		)
Foreign currency forward contracts	507		29		536		(17		)	967		66		198		(9		)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	71		—		137		(2		)	106		—		360		(7		)

(a) Included in prepaid expenses and other and other assets.

(b) Included in accrued liabilities and pension and other liabilities.

Cash Flow Hedges — The notional amount of outstanding foreign currency forward contracts was primarily attributed to the euro ($584 million) and Japanese yen ($252 million) at March 31, 2017. BMS terminated forward starting interest rate swap contracts in the first quarter of 2017 with an aggregate notional value of $750 million. The proceeds and related gain were not material.

Net Investment Hedges — Non-U.S. dollar borrowings of €950 million ($1,026 million) are designated to hedge euro currency exposures of the net investment in certain foreign affiliates.

Fair Value Hedges — The notional amount of fixed-to-floating interest rate swap contracts terminated was $500 million in 2016 generating proceeds of $43 million (including accrued interest).

Debt Obligations

Short-term debt obligations includes:

Dollars in Millions	March 31, 2017		December 31, 2016
Bank drafts and short-term borrowings	$	448	$	243
Current portion of long-term debt	749		749
Total	$	1,197	$	992

Long-term debt and the current portion of long-term debt includes:

Dollars in Millions	March 31, 2017			December 31, 2016
Principal Value	$	7,800		$	6,261
Adjustments to Principal Value:
Fair value of interest rate swap contracts	(5		)	(2		)
Unamortized basis adjustment from swap terminations	280			287
Unamortized bond discounts and issuance costs	(89		)	(81		)
Total	$	7,986		$	6,465
Current portion of long-term debt	$	749		$	749
Long-term debt	7,237			5,716

The fair value of debt was $8,411 million at March 31, 2017 and $6,932 million at December 31, 2016 valued using Level 2 inputs. Interest payments were $43 million and $33 million for the three months ended March 31, 2017 and 2016, respectively, net of amounts related to interest rate swap contracts.

On February 27, 2017, BMS issued senior unsecured notes in a registered public offering. The notes rank equally in right of payment with all of BMS's existing and future senior unsecured indebtedness. BMS may redeem the notes, in whole or in part, at any time prior to maturity at a predetermined redemption price. The following table summarizes the note issuances:

Amounts in Millions	2017
Principal Value:
1.600% Notes due 2019	$	750
3.250% Notes due 2027	750
Total	$	1,500
Proceeds net of discount and deferred loan issuance costs	$	1,488

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RECEIVABLES

3 Months Ended

Mar. 31, 2017

Accounts Receivable, Net [Abstract]

Receivables [Text Block]

RECEIVABLES

Dollars in Millions	March 31, 2017			December 31, 2016
Trade receivables	$	4,247		$	3,948
Less charge-backs and cash discounts	(123		)	(126		)
Less bad debt allowances	(41		)	(48		)
Net trade receivables	4,083			3,774
Alliance receivables	897			903
Prepaid and refundable income taxes	243			627
Other	271			239
Receivables	$	5,494		$	5,543

Non-U.S. receivables sold on a nonrecourse basis were $120 million and $159 million for the three months ended March 31, 2017 and 2016, respectively. Receivables from our three largest pharmaceutical wholesalers in the U.S. represented 65% and 66% of total trade receivables at March 31, 2017 and December 31, 2016, respectively.

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INVENTORIES

3 Months Ended

Mar. 31, 2017

Inventory, Net [Abstract]

Inventories [Text Block]

INVENTORIES

Dollars in Millions	March 31, 2017		December 31, 2016
Finished goods	$	415	$	310
Work in process	1,038		988
Raw and packaging materials	230		264
Total inventories	$	1,683	$	1,562
Inventories	$	1,384	$	1,241
Other assets	299		321

Other assets include inventory pending regulatory approval of $58 million at March 31, 2017 and $54 million at December 31, 2016 and other amounts expected to remain on-hand beyond one year.

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PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Text Block]

PROPERTY, PLANT AND EQUIPMENT

Dollars in Millions	March 31, 2017			December 31, 2016
Land	$	107		$	107
Buildings	4,952			4,930
Machinery, equipment and fixtures	3,324			3,287
Construction in progress	938			849
Gross property, plant and equipment	9,321			9,173
Less accumulated depreciation	(4,301		)	(4,193		)
Property, plant and equipment	$	5,020		$	4,980

Depreciation expense was $166 million and $103 million for the three months ended March 31, 2017 and 2016, respectively.

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OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

OTHER INTANGIBLE ASSETS

Dollars in Millions	March 31, 2017			December 31, 2016
Licenses	$	564		$	564
Developed technology rights	2,357			2,357
Capitalized software	1,344			1,441
IPRD	32			107
Gross other intangible assets	4,297			4,469
Less accumulated amortization	(3,021		)	(3,084		)
Other intangible assets	$	1,276		$	1,385

Amortization expense was $47 million and $44 million for the three months ended March 31, 2017 and 2016, respectively.

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ACCRUED LIABILITIES

3 Months Ended

Mar. 31, 2017

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

ACCRUED LIABILITIES

Dollars in Millions	March 31, 2017		December 31, 2016
Rebates and returns	$	1,677	$	1,680
Dividends	646		660
Research and development	620		718
Employee compensation and benefits	361		818
Branded Prescription Drug Fee	257		234
Restructuring	182		90
Royalties	181		246
Pension and postretirement benefits	41		44
Litigation and other settlements	36		43
Other	776		738
Accrued liabilities	$	4,777	$	5,271

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EQUITY

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

EQUITY

	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 January 1, 2016	2,208	$	221	$	1,459		$	(2,468	)	$	31,613		539		$	(16,559	)	$	158
Net earnings	—	—		—			—			1,195			—		—			11
Other comprehensive loss	—	—		—			(225		)	—			—		—			—
Cash dividends	—	—		—			—			(632		)	—		—			—
Stock repurchase program	—	—		—			—			—			4		(231		)	—
Stock compensation	—	—		44			—			—			(4	)	(31		)	—
Distributions	—	—		—			—			—			—		—			(4		)
Balance at March 31, 2016	2,208	$	221	$	1,503		$	(2,693	)	$	32,176		539		$	(16,821	)	$	165
Balance at December 31, 2016	2,208	$	221	$	1,725		$	(2,503	)	$	33,513		536		$	(16,779	)	$	170
Accounting change - cumulative effect(a)	—	—		—			—			(787		)	—		—			—
Adjusted balance at January 1, 2017	2,208	$	221	$	1,725		$	(2,503	)	$	32,726		536		$	(16,779	)	$	170
Net earnings	—	—		—			—			1,574			—		—			11
Other comprehensive income	—	—		—			89			—			—		—			—
Cash dividends	—	—		—			—			(642		)	—		—			—
Stock repurchase program	—	—		(400		)	—			—			29		(1,600		)	—
Stock compensation	—	—		12			—			—			(4	)	(7		)	—
Variable interest entity	—	—		—			—			—			—		—			(59		)
Distributions	—	—		—			—			—			—		—			(3		)
Balance at March 31, 2017	2,208	$	221	$	1,337		$	(2,414	)	$	33,658		561		$	(18,386	)	$	119

(a) Refer to "—Note 1. Basis of Presentation and Recently Issued Accounting Standards" for additional information.

BMS has a stock repurchase program authorized by its Board of Directors allowing for repurchases in the open market or through private transactions, including plans established in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934. The stock repurchase program does not have an expiration date and may be suspended or discontinued at any time. Treasury stock is recognized at the cost to reacquire the shares. Shares issued from treasury are recognized utilizing the first-in first-out method.

In February 2017, BMS executed accelerated share repurchase agreements to repurchase an aggregate $2 billion of common stock as part of our existing share repurchase authorization. The agreements were funded through a combination of debt and cash. Approximately 29 million shares of BMS common stock, representing approximately 80% of the notional amount of the agreements, were delivered to BMS and included in treasury stock. The agreements are expected to settle during the second quarter of 2017, upon which additional shares of common stock may be delivered to BMS or, under certain circumstances, BMS may be required to make a cash payment or may elect to deliver shares of BMS common stock to the counterparties. The total number of shares to be delivered or the amount of such payment, as well as the final average price per share, will be based on the volume-weighted average price, less a discount, of BMS common stock during the term of the transaction. 

The components of other comprehensive income/(loss) were as follows:

	2017									2016
	Pretax			Tax			After tax			Pretax			Tax			After tax
Three Months Ended March 31,
Derivatives qualifying as cash flow hedges:
Unrealized losses	$	(18	)	$	7		$	(11	)	$	(126	)	$	42		$	(84	)
Reclassified to net earnings(a)	(22		)	4			(18		)	(4		)	2			(2		)
Derivatives qualifying as cash flow hedges	(40		)	11			(29		)	(130		)	44			(86		)
Pension and postretirement benefits:
Actuarial gains/(losses)	58			(18		)	40			(292		)	103			(189		)
Amortization(b)	19			3			22			17			(3		)	14
Curtailments and settlements(c)	33			(12		)	21			22			(8		)	14
Pension and postretirement benefits	110			(27		)	83			(253		)	92			(161		)
Available-for-sale securities	9			(3		)	6			27			(14		)	13
Foreign currency translation	21			8			29			2			7			9
	$	100		$	(11	)	$	89		$	(354	)	$	129		$	(225	)

(a) Included in cost of products sold

(b) Included in cost of products sold, research and development and marketing, selling and administrative expenses

(c) Included in other (income)/expense

The accumulated balances related to each component of other comprehensive loss, net of taxes, were as follows:

Dollars in Millions	March 31, 2017			December 31, 2016
Derivatives qualifying as cash flow hedges	$	9		$	38
Pension and other postretirement benefits	(2,014		)	(2,097		)
Available-for-sale securities	(1		)	(7		)
Foreign currency translation	(408		)	(437		)
Accumulated other comprehensive loss	$	(2,414	)	$	(2,503	)

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PENSION AND POSTRETIREMENT BENEFIT PLANS

3 Months Ended

Mar. 31, 2017

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits [Text Block]

PENSION AND POSTRETIREMENT BENEFIT PLANS

The net periodic benefit cost/(credit) of defined benefit pension plans includes:

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Service cost – benefits earned during the year	$	6		$	6
Interest cost on projected benefit obligation	48			51
Expected return on plan assets	(103		)	(104		)
Amortization of prior service credits	(1		)	(1		)
Amortization of net actuarial loss	21			19
Curtailments and settlements	33			22
Special termination benefits	—			1
Net periodic benefit cost/(credit)	$	4		$	(6	)

Pension settlement charges were recognized after determining that the annual lump sum payments will likely exceed the annual interest and service costs for the primary and certain other U.S. pension plans. The charges included the acceleration of a portion of unrecognized actuarial losses. Non-current pension liabilities were $490 million at March 31, 2017 and $600 million at December 31, 2016. Defined contribution plan expense in the U.S. was $44 million and $42 million for the three months ended March 31, 2017 and 2016, respectively.

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LEGAL PROCEEDINGS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Legal Proceedings and Contingencies [Text Block]

LEGAL PROCEEDINGS AND CONTINGENCIES

The Company 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, suppliers, service providers, licensees, employees, or shareholders, 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. The Company recognizes accruals for such contingencies when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. These matters 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. Legal proceedings that are material or that the Company believes could become material are described below.

Although the Company believes it has substantial defenses in these matters, there can be no assurance that there will not be an increase in the scope of pending matters or that any future lawsuits, claims, government investigations or other legal proceedings will not be material. Unless otherwise noted, the Company is unable to assess the outcome of the respective litigation nor is it able to provide an estimated range of potential loss. Furthermore, failure to enforce our patent rights would likely result in substantial decreases in the respective product revenues from generic competition.

INTELLECTUAL PROPERTY

Plavix* — Australia

As previously disclosed, Sanofi was notified that, in August 2007, GenRx Proprietary Limited (GenRx) obtained regulatory approval of an application for clopidogrel bisulfate 75mg tablets in Australia. GenRx, formerly a subsidiary of Apotex Inc. (Apotex), has since changed its name to Apotex. In August 2007, Apotex filed an application in the Federal Court of Australia (the Federal Court) seeking revocation of Sanofi’s Australian Patent No. 597784 (Case No. NSD 1639 of 2007). Sanofi filed counterclaims of infringement and sought an injunction. On September 21, 2007, the Federal Court granted Sanofi’s injunction. A subsidiary of the Company was subsequently added as a party to the proceedings. In February 2008, a second company, Spirit Pharmaceuticals Pty. Ltd., also filed a revocation suit against the same patent. This case was consolidated with the Apotex case, and a trial occurred in April 2008. On August 12, 2008, the Federal Court of Australia held that claims of Patent No. 597784 covering clopidogrel bisulfate, hydrochloride, hydrobromide, and taurocholate salts were valid. The Federal Court also held that the process claims, pharmaceutical composition claims, and claim directed to clopidogrel and its pharmaceutically acceptable salts were invalid. The Company and Sanofi filed notices of appeal in the Full Court of the Federal Court of Australia (Full Court) appealing the holding of invalidity of the claim covering clopidogrel and its pharmaceutically acceptable salts, process claims, and pharmaceutical composition claims which have stayed the Federal Court’s ruling. Apotex filed a notice of appeal appealing the holding of validity of the clopidogrel bisulfate, hydrochloride, hydrobromide, and taurocholate claims. A hearing on the appeals occurred in February 2009. On September 29, 2009, the Full Court held all of the claims of Patent No. 597784 invalid. In November 2009, the Company and Sanofi applied to the High Court of Australia (High Court) for special leave to appeal the judgment of the Full Court. In March 2010, the High Court denied the Company and Sanofi’s request to hear the appeal of the Full Court decision. The case has been remanded to the Federal Court for further proceedings related to damages sought by Apotex. The Australian government has intervened in this matter and is also seeking damages for alleged losses experienced during the period when the injunction was in place. The Company and Apotex have settled the Apotex case, and the case has been dismissed. The Australian government's claim is still pending and a trial has been scheduled for August 2017. It is not possible at this time to predict the outcome of the Australian government’s claim or its impact on the Company.

Sprycel - European Union

In May 2013, Apotex, Actavis Group PTC ehf, Generics [UK] Limited (Mylan) and an unnamed company filed oppositions in the EPO seeking revocation of European Patent No. 1169038 (the ‘038 patent) covering dasatinib, the active ingredient in Sprycel. The ‘038 patent is scheduled to expire in April 2020 (excluding potential term extensions). On January 20, 2016, the Opposition Division of the EPO revoked the ‘038 patent. In May 2016, the Company appealed the EPO’s decision to the EPO Board of Appeal. In February 2017, the EPO Board of Appeal upheld the Opposition Division's decision, and revoked the ‘038 patent. Orphan drug exclusivity and data exclusivity for Sprycel in the EU expired in November 2016. The EPO Board of Appeal's decision does not affect the validity of our other Sprycel patents within and outside Europe, including different patents that cover the monohydrate form of dasatinib and the use of dasatinib to treat chronic myelogenous leukemia (CML). Additionally, in February 2017, the EPO Board of Appeal reversed and remanded an invalidity decision on European Patent No. 1610780 and its claim to the use of dasatinib to treat CML, which the EPO's Opposition Division had revoked in October 2012. The Company intends to take appropriate legal actions to protect Sprycel. We may experience a decline in European revenues in the event that generic dasatinib product enters the market.

Anti-PD-1 Antibody Patent Oppositions and Litigation

On January 20, 2017, BMS and Ono announced the companies have signed a global patent license agreement with Merck to settle all patent-infringement litigation related to Merck’s PD-1 antibody Keytruda* (pembrolizumab). The agreement resulted in the dismissal with prejudice of all patent litigation between the companies pertaining to Keytruda*. BMS and Ono had asserted in litigation that Merck’s sale of Keytruda* infringed the companies’ patents relating to the use of PD-1 antibodies to treat cancer in the U.S., Europe (UK, Netherlands, France, Germany, Ireland, Spain and Switzerland), Australia and Japan.

As part of the agreement, Merck made an initial payment of $625 million to BMS and Ono, of which BMS received $481 million. Merck is also obligated to pay ongoing royalties on global sales of Keytruda* of 6.5% from January 1, 2017 through December 31, 2023, and 2.5% from January 1, 2024 through December 31, 2026. Under the agreement, the companies have also granted certain rights to each other under their respective patent portfolios pertaining to PD-1. Payments and royalties are shared between BMS and Ono on a 75/25 percent allocation, respectively after adjusting for each parties' legal fees. 

In September 2015, Dana-Farber Cancer Institute (Dana-Farber) filed a complaint in Massachusetts federal court seeking to correct the inventorship of five related U.S. patents directed to methods of treating cancer using a PD-1 antibody. Specifically, Dana-Farber is seeking to add two scientists as inventors to these patents.

Eliquis Patent Litigation

In February, March and April 2017, twenty-five generic companies sent the Company Paragraph-IV certification letters informing the Company that they had filed abbreviated new drug applications (ANDAs) seeking approval of generic versions of Eliquis. As a result, the three Eliquis patents listed in the FDA Orange Book have now been challenged, including a composition of matter patent claiming apixaban specifically and a formulation patent. In April 2017, the Company, along with its partner Pfizer, initiated patent lawsuits under the Hatch-Waxman Act against all generic filers in federal district courts in Delaware and West Virginia.

PRICING, SALES AND PROMOTIONAL PRACTICES LITIGATION

Plavix* State Attorneys General Lawsuits

The Company and certain affiliates of Sanofi are defendants in consumer protection and/or false advertising actions brought by several states relating to the sales and promotion of Plavix*. It is not possible at this time to reasonably assess the outcome of these lawsuits or their potential impact on the Company.

PRODUCT LIABILITY LITIGATION

The Company is a party to various product liability lawsuits. Plaintiffs in these cases seek damages and other relief on various grounds for alleged personal injury and economic loss. As previously disclosed, in addition to lawsuits, the Company also faces unfiled claims involving its products.

Plavix*

As previously disclosed, the Company and certain affiliates of Sanofi are defendants in a number of individual lawsuits in various state and federal courts claiming personal injury damage allegedly sustained after using Plavix*. Currently, over 5,300 claims involving injury plaintiffs as well as claims by spouses and/or other beneficiaries, are filed in state and federal courts in various states including California, New Jersey, Delaware and New York. In February 2013, the Judicial Panel on Multidistrict Litigation granted the Company and Sanofi’s motion to establish a multi-district litigation (MDL) to coordinate Federal pretrial proceedings in Plavix* product liability and related cases in New Jersey Federal Court. It is not possible at this time to reasonably assess the outcome of these lawsuits or the potential impact on the Company.

Byetta*

Amylin, a former subsidiary of the Company, and Lilly are co-defendants in product liability litigation related to Byetta*. To date, there are over 500 separate lawsuits pending on behalf of approximately 2,000 active plaintiffs (including pending settlements), which include injury plaintiffs as well as claims by spouses and/or other beneficiaries, in various courts in the U.S. The Company has agreed in principle to resolve over 15 of these claims. The majority of these cases have been brought by individuals who allege personal injury sustained after using Byetta*, primarily pancreatic cancer and pancreatitis, and, in some cases, claiming alleged wrongful death. The majority of cases were pending in Federal Court in San Diego in an MDL or in a coordinated proceeding in California Superior Court in Los Angeles (JCCP). In November 2015, the defendants' motion for summary judgment based on federal preemption was granted in both the MDL and the JCCP. The plaintiffs in the MDL have appealed to the U.S. Court of Appeals for the Ninth Circuit and the JCCP plaintiffs have appealed to the California Court of Appeal. Amylin has product liability insurance covering a substantial number of claims involving Byetta* and any additional liability to Amylin with respect to Byetta* is expected to be shared between the Company and AstraZeneca. It is not possible to reasonably predict the outcome of any lawsuit, claim or proceeding or the potential impact on the Company.

Abilify*

The Company and Otsuka are co-defendants in product liability litigation related to Abilify. Plaintiffs allege Abilify caused them to engage in compulsive gambling and other impulse control disorders. There have been over 160 cases filed in state and federal courts and several additional cases are pending in Canada. The Judicial Panel on Multidistrict Litigation has consolidated the federal court cases for pretrial purposes in the United States District Court for the Northern District of Florida.

Eliquis

The Company and Pfizer are co-defendants in product liability litigation related to Eliquis. Plaintiffs assert claims, including claims for wrongful death, as a result of bleeding they allege was caused by their use of Eliquis. There have been over 130 cases filed in state and federal courts in the United States and two cases filed in Canada. The Judicial Panel on Multidistrict Litigation has consolidated the federal court cases for pretrial purposes in the United States District Court for the Southern District of New York.

SHAREHOLDER DERIVATIVE LITIGATION

Since December 2015, three shareholder derivative lawsuits were filed in New York state court against certain officers and directors of the Company. The plaintiffs allege, among other things, breaches of fiduciary duty surrounding the Company’s previously disclosed October 2015 civil settlement with the Securities and Exchange Commission of alleged Foreign Corrupt Practices Act violations in China in which the Company agreed to a payment of approximately $14.7 million in disgorgement, penalties and interest. Two of the lawsuits have been dismissed, and the Company has filed a motion to dismiss the remaining lawsuit.

GOVERNMENT INVESTIGATIONS

Like other pharmaceutical companies, the Company and certain of its subsidiaries are subject to extensive regulation by national, state and local government agencies in the U.S. and other countries in which BMS operates. As a result, the Company, from time to time, is subject to various governmental inquiries and investigations. It is possible that criminal charges, substantial fines and/or civil penalties, could result from government investigations. The most significant investigations conducted by government agencies, of which the Company is aware, are listed below.

Abilify*State Attorneys General Investigation

In March 2009, the Company received a letter from the Delaware Attorney General’s Office advising of a multi-state coalition (Coalition) investigating whether certain Abilify* marketing practices violated those respective states’ consumer protection statutes. The Company and the Executive Committee of the Coalition have reached a settlement in this matter, and all but one of the states (New Mexico) that are members of the Coalition are participating in the settlement. Consent decrees were entered into with all participating states in December 2016 and settlement payments have been issued to all participating states.

ENVIRONMENTAL PROCEEDINGS

As previously reported, the Company is a party to several environmental proceedings and other matters, and is responsible under various state, federal and foreign laws, including CERCLA, for certain costs of investigating and/or remediating contamination resulting from past industrial activity at the Company’s current or former sites or at waste disposal or reprocessing facilities operated by third parties.

CERCLA Matters

With respect to CERCLA matters for which the Company is responsible under various state, federal and foreign laws, the Company typically estimates potential costs based on information obtained from the U.S. Environmental Protection Agency, or counterpart state or foreign agency and/or studies prepared by independent consultants, including the total estimated costs for the site and the expected cost-sharing, if any, with other “potentially responsible parties,” and the Company accrues liabilities when they are probable and reasonably estimable. The Company estimated its share of future costs for these sites to be $63 million at December 31, 2016, which represents the sum of best estimates or, where no best estimate can reasonably be made, estimates of the minimal probable amount among a range of such costs (without taking into account any potential recoveries from other parties). The $63 million includes the estimated costs for any additional probable loss associated with the previously disclosed North Brunswick Township High School Remediation Site.

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BASIS OF PRESENTATION (Policies)

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business

Bristol-Myers Squibb Company prepared these unaudited consolidated financial statements following the requirements of the SEC and U.S. GAAP for interim reporting. Under those rules, certain footnotes and other financial information that are normally required for annual financial statements can be condensed or omitted. The Company is responsible for the consolidated financial statements included in this Quarterly Report on Form 10-Q, which include all adjustments necessary for a fair presentation of the financial position at March 31, 2017 and December 31, 2016 and the results of operations and cash flows for the three months ended March 31, 2017 and 2016. All intercompany balances and transactions have been eliminated. These financial statements and the related notes should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2016 included in the 2016 Form 10-K. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for terms used throughout the document.

Use of Estimates

Revenues, expenses, assets and liabilities can vary during each quarter of the year. Accordingly, the results and trends in these unaudited consolidated financial statements may not be indicative of full year operating results. The preparation of financial statements requires the use of management estimates, judgments and assumptions. The most significant assumptions are estimates used in determining sales rebate and return accruals; legal contingencies; income taxes; determining if an acquisition or divestiture is a business or an asset; and pension and postretirement benefits. Actual results may differ from estimates.

Reclassifications

Certain prior period amounts were reclassified to conform to the current period presentation. The consolidated statements of cash flows previously presented interest rate swap contract terminations and issuance of common stock as separate line items within cash flows from financing activities which are now presented as components of other financing activities. The reclassifications provide a more concise financial statement presentation and additional information is disclosed in the notes if material.

New Accounting Pronouncements

Recently Adopted Accounting Standards

Share-based Payment Transactions

Amended guidance for share-based payment transactions was adopted in the first quarter of 2017. Net excess tax benefits of approximately $20 million were recognized prospectively as a reduction of tax expense rather than capital in excess of par value of stock. Net excess tax benefits are also presented as an operating cash flow rather than a financing cash flow and cash payments to tax authorities in connection with shares withheld for statutory tax withholding requirements are presented as a financing cash flow rather than an operating cash flow. The changes in cash flow presentation were applied retrospectively and increased operating cash flows and decreased financing cash flows by $99 million in the first quarter of 2017 and $158 million in the first quarter of 2016.

Income Tax Accounting for Intra-entity Transfers of Assets Other Than Inventory

Amended guidance on income tax accounting for intra-entity transfers of assets other than inventory was early adopted in the first quarter of 2017 on a modified retrospective approach. The amended guidance requires tax consequences of these transfers be recognized in the period the transfer takes place. Net reductions to prepaid and deferred tax assets pertaining to pre-2017 internal transfers of intellectual property of $787 million were adjusted through retained earnings as a cumulative effect of an accounting change which will reduce the annual tax expense by $86 million beginning in 2017. In addition, the tax consequences of additional internal transfers of intellectual property that may occur in the future will be included in income tax expense upon transfer and not amortized in subsequent periods.

Recently Issued Accounting Standards

Presentation of Net Periodic Pension and Postretirement Benefits

In March 2017, the FASB issued amended guidance requiring all net periodic benefit components for defined benefit pension and other postretirement plans other than service costs to be recorded outside of income from operations (other income). The guidance is effective in 2018 on a retrospective basis with early adoption permitted. The Company expects that annual cost of products sold; marketing selling and administrative; and research and development expenses will increase by approximately $150 million in the aggregate with a corresponding offset in other income.

In addition, the following recently issued accounting standards have not been adopted. Refer to the 2016 Form 10-K for additional information and their potential impacts.

Accounting Standard Update	Effective Date
Revenue from Contracts with Customers	January 1, 2018
Recognition and Measurement of Financial Assets and Liabilities	January 1, 2018
Definition of a Business	January 1, 2018
Leases	January 1, 2019
Financial Instruments - Measurement of Credit Losses	January 1, 2020
Goodwill Impairment Testing	January 1, 2020

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BUSINESS SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Product Revenues [Table Text Block]

Product revenues and the composition of total revenues were as follows:

	Three Months Ended March 31,
Dollars in Millions	2017		2016
Prioritized Brands
Opdivo	$	1,127	$	704
Eliquis	1,101		734
Orencia	535		475
Sprycel	463		407
Yervoy	330		263
Empliciti	53		28
Established Brands
Hepatitis C Franchise	162		427
Baraclude	282		291
Sustiva Franchise	184		273
Reyataz Franchise	193		221
Other Brands	499		568
Total Revenues	$	4,929	$	4,391
Net product sales	$	4,580	$	3,964
Alliance revenues	297		409
Other revenues	52		18
Total Revenues	$	4,929	$	4,391

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ALLIANCES (Tables)

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Alliance Arrangements [Table Text Block]

Selected financial information pertaining to our alliances was as follows, including net product sales when BMS is the principal in the third-party customer sale for products subject to the alliance. Expenses summarized below do not include all amounts attributed to the activities for the products in the alliance, but only the payments between the alliance partners or the related amortization if the payments were deferred or capitalized.

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Revenues from alliances:
Net product sales	$	1,576		$	1,231
Alliance revenues	297			409
Total Revenues	$	1,873		$	1,640
Payments to/(from) alliance partners:
Cost of products sold	$	624		$	476
Marketing, selling and administrative	(9		)	1
Research and development	—			33
Other (income)/expense	(246		)	(253		)
Noncontrolling interest, pretax	2			2

Selected Alliance Balance Sheet information:
Dollars in Millions	March 31, 2017		December 31, 2016
Receivables - from alliance partners	$	897	$	903
Accounts payable - to alliance partners	600		555
Deferred income from alliances(a)	1,251		1,194

(a) Includes unamortized upfront, milestone and other licensing proceeds, revenue deferrals attributed to Atripla* and undelivered elements of diabetes business divestiture proceeds. Amortization of deferred income (primarily related to alliances) was $20 million and $82 million for the three months ended March 31, 2017 and 2016, respectively.

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OTHER (INCOME)/EXPENSE (Tables)

3 Months Ended

Mar. 31, 2017

Other Nonoperating Income (Expense) [Abstract]

Schedule Of Other Income Expense [Table Text Block]

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Interest expense	$	45		$	43
Investment income	(33		)	(24		)
Provision for restructuring	164			4
Litigation and other settlements(a)	(484		)	43
Equity in net income of affiliates	(18		)	(26		)
Divestiture gains	(127		)	(270		)
Royalties and licensing income	(199		)	(254		)
Transition and other service fees	(7		)	(53		)
Pension charges	33			22
Intangible asset impairments	—			15
Other	(21		)	(20		)
Other (income)/expense	$	(647	)	$	(520	)

(a) Includes BMS's share of a patent-infringement litigation settlement of $481 million related to Merck's PD-1 antibody Keytruda*.

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RESTRUCTURING (Tables)

3 Months Ended

Mar. 31, 2017

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Costs [Table Text Block]

The following tables summarize the charges and activity related to the restructuring actions:

	Three Months Ended March 31,
Dollars in Millions	2017		2016
Employee termination costs	$	161	$	4
Other termination costs	3		—
Provision for restructuring	164		4
Accelerated depreciation	70		14
Asset impairments	2		—
Other shutdown costs	—		3
Total charges	$	236	$	21

	Three Months Ended March 31,
Dollars in Millions	2017		2016
Cost of products sold	$	—	$	4
Research and development	72		13
Other (income)/expense	164		4
Total charges	$	236	$	21

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Liability at January 1	$	114		$	125
Charges	170			8
Change in estimates	(6		)	(4		)
Provision for restructuring	164			4
Foreign currency translation	1			—
Spending	(44		)	(33		)
Liability at March 31	$	235		$	96

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INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes [Table Text Block]

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Earnings Before Income Taxes	$	1,955		$	1,655
Provision for Income Taxes	429			449
Effective tax rate	21.9		%	27.1		%

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EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended March 31,
Amounts in Millions, Except Per Share Data	2017		2016
Net Earnings Attributable to BMS used for Basic and Diluted EPS Calculation	$	1,574	$	1,195
Weighted-average common shares outstanding – basic	1,662		1,669
Incremental shares attributable to share-based compensation plans	9		11
Weighted-average common shares outstanding – diluted	1,671		1,680
Earnings per Common Share:
Basic	$	0.95	$	0.72
Diluted	$	0.94	$	0.71

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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Financial assets and liabilities measured at fair value on a recurring basis are summarized below:

	March 31, 2017					December 31, 2016
Dollars in Millions	Level 1		Level 2			Level 1		Level 2
Cash and cash equivalents - Money market and other securities	$	—	$	3,256		$	—	$	3,532
Marketable securities:
Certificates of deposit	—		419			—		27
Commercial paper	—		480			—		750
Corporate debt securities	—		3,869			—		3,947
Equity funds	—		109			—		101
Fixed income funds	—		7			—		7
Derivative assets	—		29			—		75
Equity investments	30		—			24		—
Derivative liabilities	—		(24		)	—		(30		)

Available-for-sale Securities [Table Text Block]

The following table summarizes available-for-sale securities:

	March 31, 2017									December 31, 2016
Dollars in Millions	Amortized Cost		Gross Unrealized							Amortized Cost		Gross Unrealized
			Gains		Losses			Fair Value				Gains		Losses			Fair Value
Certificates of deposit	$	419	$	—	$	—		$	419	$	27	$	—	$	—		$	27
Commercial paper	480		—		—			480		750		—		—			750
Corporate debt securities	3,864		11		(6		)	3,869		3,945		10		(8		)	3,947
Equity investments	31		4		(5		)	30		31		—		(7		)	24
Total	$	4,794	$	15	$	(11	)	$	4,798	$	4,753	$	10	$	(15	)	$	4,748

Dollars in Millions	March 31, 2017		December 31, 2016
Current marketable securities(a)	$	2,199	$	2,113
Non-current marketable securities(b)	2,685		2,719
Other assets	30		24
Total	$	4,914	$	4,856

(a) The fair value option for financial assets was elected for investments in equity and fixed income funds. The fair value of these investments were $116 million at March 31, 2017 and $108 million at December 31, 2016 and included in current marketable securities.

(b) All non-current marketable securities mature within five years as of March 31, 2017 and December 31, 2016.

Schedule of Derivatives and Fair Value [Table Text Block]

The following table summarizes the fair value of outstanding derivatives:

	March 31, 2017									December 31, 2016
	Asset(a)				Liability(b)					Asset(a)				Liability(b)
Dollars in Millions	Notional		Fair Value		Notional		Fair Value			Notional		Fair Value		Notional		Fair Value
Derivatives designated as hedging instruments:
Interest rate swap contracts	$	—	$	—	$	1,505	$	(5	)	$	750	$	1	$	755	$	(3	)
Forward starting interest rate swap contracts	—		—		—		—			500		8		250		(11		)
Foreign currency forward contracts	507		29		536		(17		)	967		66		198		(9		)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	71		—		137		(2		)	106		—		360		(7		)

(a) Included in prepaid expenses and other and other assets.

(b) Included in accrued liabilities and pension and other liabilities.

Schedule of Short-term Debt [Table Text Block]

Short-term debt obligations includes:

Dollars in Millions	March 31, 2017		December 31, 2016
Bank drafts and short-term borrowings	$	448	$	243
Current portion of long-term debt	749		749
Total	$	1,197	$	992

Schedule of Fair Value and Other Adjustments to Long Term Debt [Table Text Block]

Long-term debt and the current portion of long-term debt includes:

Dollars in Millions	March 31, 2017			December 31, 2016
Principal Value	$	7,800		$	6,261
Adjustments to Principal Value:
Fair value of interest rate swap contracts	(5		)	(2		)
Unamortized basis adjustment from swap terminations	280			287
Unamortized bond discounts and issuance costs	(89		)	(81		)
Total	$	7,986		$	6,465
Current portion of long-term debt	$	749		$	749
Long-term debt	7,237			5,716

Schedule of Note Issuances [Table Text Block]

The following table summarizes the note issuances:

Amounts in Millions	2017
Principal Value:
1.600% Notes due 2019	$	750
3.250% Notes due 2027	750
Total	$	1,500
Proceeds net of discount and deferred loan issuance costs	$	1,488

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RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2017

Accounts Receivable, Net [Abstract]

Schedule Of Receivables [Table Text Block]

Dollars in Millions	March 31, 2017			December 31, 2016
Trade receivables	$	4,247		$	3,948
Less charge-backs and cash discounts	(123		)	(126		)
Less bad debt allowances	(41		)	(48		)
Net trade receivables	4,083			3,774
Alliance receivables	897			903
Prepaid and refundable income taxes	243			627
Other	271			239
Receivables	$	5,494		$	5,543

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INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2017

Inventory, Net [Abstract]

Inventories [Table Text Block]

Dollars in Millions	March 31, 2017		December 31, 2016
Finished goods	$	415	$	310
Work in process	1,038		988
Raw and packaging materials	230		264
Total inventories	$	1,683	$	1,562
Inventories	$	1,384	$	1,241
Other assets	299		321

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PROPERTY, PLANT AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

Dollars in Millions	March 31, 2017			December 31, 2016
Land	$	107		$	107
Buildings	4,952			4,930
Machinery, equipment and fixtures	3,324			3,287
Construction in progress	938			849
Gross property, plant and equipment	9,321			9,173
Less accumulated depreciation	(4,301		)	(4,193		)
Property, plant and equipment	$	5,020		$	4,980

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OTHER INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Of Intangible Assets By Major Class [Table Text Block]

Dollars in Millions	March 31, 2017			December 31, 2016
Licenses	$	564		$	564
Developed technology rights	2,357			2,357
Capitalized software	1,344			1,441
IPRD	32			107
Gross other intangible assets	4,297			4,469
Less accumulated amortization	(3,021		)	(3,084		)
Other intangible assets	$	1,276		$	1,385

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ACCRUED LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2017

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities [Table Text Block]

Dollars in Millions	March 31, 2017		December 31, 2016
Rebates and returns	$	1,677	$	1,680
Dividends	646		660
Research and development	620		718
Employee compensation and benefits	361		818
Branded Prescription Drug Fee	257		234
Restructuring	182		90
Royalties	181		246
Pension and postretirement benefits	41		44
Litigation and other settlements	36		43
Other	776		738
Accrued liabilities	$	4,777	$	5,271

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EQUITY (Tables)

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Schedule of Stock by Class [Table Text Block]

	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 January 1, 2016	2,208	$	221	$	1,459		$	(2,468	)	$	31,613		539		$	(16,559	)	$	158
Net earnings	—	—		—			—			1,195			—		—			11
Other comprehensive loss	—	—		—			(225		)	—			—		—			—
Cash dividends	—	—		—			—			(632		)	—		—			—
Stock repurchase program	—	—		—			—			—			4		(231		)	—
Stock compensation	—	—		44			—			—			(4	)	(31		)	—
Distributions	—	—		—			—			—			—		—			(4		)
Balance at March 31, 2016	2,208	$	221	$	1,503		$	(2,693	)	$	32,176		539		$	(16,821	)	$	165
Balance at December 31, 2016	2,208	$	221	$	1,725		$	(2,503	)	$	33,513		536		$	(16,779	)	$	170
Accounting change - cumulative effect(a)	—	—		—			—			(787		)	—		—			—
Adjusted balance at January 1, 2017	2,208	$	221	$	1,725		$	(2,503	)	$	32,726		536		$	(16,779	)	$	170
Net earnings	—	—		—			—			1,574			—		—			11
Other comprehensive income	—	—		—			89			—			—		—			—
Cash dividends	—	—		—			—			(642		)	—		—			—
Stock repurchase program	—	—		(400		)	—			—			29		(1,600		)	—
Stock compensation	—	—		12			—			—			(4	)	(7		)	—
Variable interest entity	—	—		—			—			—			—		—			(59		)
Distributions	—	—		—			—			—			—		—			(3		)
Balance at March 31, 2017	2,208	$	221	$	1,337		$	(2,414	)	$	33,658		561		$	(18,386	)	$	119

(a) Refer to "—Note 1. Basis of Presentation and Recently Issued Accounting Standards" for additional information.

Schedule of Comprehensive Income Loss [Table Text Block]

The components of other comprehensive income/(loss) were as follows:

	2017									2016
	Pretax			Tax			After tax			Pretax			Tax			After tax
Three Months Ended March 31,
Derivatives qualifying as cash flow hedges:
Unrealized losses	$	(18	)	$	7		$	(11	)	$	(126	)	$	42		$	(84	)
Reclassified to net earnings(a)	(22		)	4			(18		)	(4		)	2			(2		)
Derivatives qualifying as cash flow hedges	(40		)	11			(29		)	(130		)	44			(86		)
Pension and postretirement benefits:
Actuarial gains/(losses)	58			(18		)	40			(292		)	103			(189		)
Amortization(b)	19			3			22			17			(3		)	14
Curtailments and settlements(c)	33			(12		)	21			22			(8		)	14
Pension and postretirement benefits	110			(27		)	83			(253		)	92			(161		)
Available-for-sale securities	9			(3		)	6			27			(14		)	13
Foreign currency translation	21			8			29			2			7			9
	$	100		$	(11	)	$	89		$	(354	)	$	129		$	(225	)

(a) Included in cost of products sold

(b) Included in cost of products sold, research and development and marketing, selling and administrative expenses

(c) Included in other (income)/expense

Schedule of Accumulated Other Comprehensive Income Loss [Table Text Block]

The accumulated balances related to each component of other comprehensive loss, net of taxes, were as follows:

Dollars in Millions	March 31, 2017			December 31, 2016
Derivatives qualifying as cash flow hedges	$	9		$	38
Pension and other postretirement benefits	(2,014		)	(2,097		)
Available-for-sale securities	(1		)	(7		)
Foreign currency translation	(408		)	(437		)
Accumulated other comprehensive loss	$	(2,414	)	$	(2,503	)

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PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables)

3 Months Ended

Mar. 31, 2017

Compensation and Retirement Disclosure [Abstract]

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

The net periodic benefit cost/(credit) of defined benefit pension plans includes:

	Three Months Ended March 31,
Dollars in Millions	2017			2016
Service cost – benefits earned during the year	$	6		$	6
Interest cost on projected benefit obligation	48			51
Expected return on plan assets	(103		)	(104		)
Amortization of prior service credits	(1		)	(1		)
Amortization of net actuarial loss	21			19
Curtailments and settlements	33			22
Special termination benefits	—			1
Net periodic benefit cost/(credit)	$	4		$	(6	)

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BASIS OF PRESENTATION New Accounting Pronouncements (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in operating cash flow	$ 861	$ (228)
Change in financing cash flow	(1,013)	(950)
ASU 2016-09 - Excess Tax Benefit [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefit - reduction of tax expense	20
Change in operating cash flow	99	158
Change in financing cash flow	99	$ 158
ASU 2016-16 - Transfer of IP [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of an accounting change on retained earnings			$ 787
Internal intellectual property amortization			$ 86
ASU 2017-07 - Presentation of Net Periodic Pension and Postretirement Benefits [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net periodic pension benefit to be included in other income	$ 150

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BUSINESS SEGMENT INFORMATION (Net Sales of Key Products) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Net product sales	$ 4,580	$ 3,964
Alliance revenues	297	409
Other revenues	52	18
Total revenues	4,929	4,391
Opdivo [Member]
Segment Reporting Information [Line Items]
Total revenues	1,127	704
Eliquis [Member]
Segment Reporting Information [Line Items]
Total revenues	1,101	734
Orencia [Member]
Segment Reporting Information [Line Items]
Total revenues	535	475
Sprycel [Member]
Segment Reporting Information [Line Items]
Total revenues	463	407
Yervoy [Member]
Segment Reporting Information [Line Items]
Total revenues	330	263
Empliciti [Member]
Segment Reporting Information [Line Items]
Total revenues	53	28
Hepatitis C Franchise [Member]
Segment Reporting Information [Line Items]
Total revenues	162	427
Baraclude [Member]
Segment Reporting Information [Line Items]
Total revenues	282	291
Sustiva Franchise [Member]
Segment Reporting Information [Line Items]
Total revenues	184	273
Reyataz Franchise [Member]
Segment Reporting Information [Line Items]
Total revenues	193	221
Other Brands [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 499	$ 568

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ALLIANCES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Alliance Statement [Line Items]
Net product sales	$ 4,580	$ 3,964
Alliance revenues	297	409
Total revenues	4,929	4,391
Receivables - from alliance partners	897		$ 903
Amortization of deferred income	20	82
Alliance Partners [Member]
Alliance Statement [Line Items]
Net product sales	1,576	1,231
Total revenues	1,873	1,640
Payments to/(from) alliance partners - Cost of products sold	624	476
Payments to/(from) alliance partners - Marketing, selling and administrative	(9)	1
Payments to/(from) alliance partners - Research and development		33
Payments to/(from) alliance partners - Other (income)/expense	(246)	(253)
Noncontrolling interest, pre-tax	2	$ 2
Receivables - from alliance partners	897		903
Accounts payable - to alliance partners	600		555
Deferred income from alliances	1,251		$ 1,194
AstraZeneca [Member]
Alliance Statement [Line Items]
Proceeds from divestiture of businesses	100
F-star Alpha [Member]
Alliance Statement [Line Items]
IPRD impairment	$ 75

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LICENSING ARRANGEMENTS (Details) - Licensing Agreements [Member]	3 Months Ended
	Mar. 31, 2017 USD ($)
CytomX [Member]
Licensing Arrangements [Line Items]
Number of additional targets added	$ 8
Number of original targets	4
R&D payments prior to 2017	75,000,000
License arrangement upfront payment	200,000,000
Potential contingent milestones	448,000,000
Biogen [Member]
Licensing Arrangements [Line Items]
Proceeds from out-licensed arrangements	300,000,000
Potential milestone receipts	410,000,000
Roche [Member]
Licensing Arrangements [Line Items]
Proceeds from out-licensed arrangements	170,000,000
Potential milestone receipts	$ 205,000,000

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OTHER (INCOME)/EXPENSE (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other Nonoperating Income (Expense) [Abstract]
Interest expense	$ 45	$ 43
Investment income	(33)	(24)
Provision for restructuring	164	4
Litigation and other settlements	(484)	43
Equity in net income of affiliates	(18)	(26)
Divestiture gains	(127)	(270)
Royalties and licensing income	(199)	(254)
Transition and other service fees	(7)	(53)
Pension charges	33	22
Intangible asset impairments		15
Other	(21)	(20)
Other (income)/expense	(647)	$ (520)
Patent-infringement litigation settlement amount	$ 481

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RESTRUCTURING (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated	900	100
Employee termination costs	$ 161	$ 4
Other termination costs	3
Provision for restructuring	164	4
Accelerated depreciation	70	14
Asset impairments	2
Other shutdown costs		3
Restructuring Costs and Asset Impairment Charges	236	21
Liability at January 1	114	125
Charges	170	8
Change in estimates	(6)	(4)
Foreign currency translation	1
Spending	(44)	(33)
Liability at March 31	235	96
Cost of Products Sold
Restructuring Cost and Reserve [Line Items]
Restructuring Costs and Asset Impairment Charges		4
Research and Development Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Costs and Asset Impairment Charges	72	13
Other Operating Income (Expense) [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Costs and Asset Impairment Charges	164	$ 4
Operating model evolution [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	310
Restructuring Costs and Asset Impairment Charges	220
Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 1,500
Cash outlays percentage	40.00%
Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 2,000
Cash outlays percentage	50.00%

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INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Earnings Before Income Taxes	$ 1,955	$ 1,655
Provision for Income Taxes	$ 429	$ 449
Effective tax rate	21.90%	27.10%
Federal statutory tax rate	35.00%
Increase in Effective Income Tax Rate due to Discrete Items	1.70%	4.40%
Reduction of effective tax rate due to adoption of ASU	2.10%
Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$ 255
Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$ 315

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EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net earnings attributable to BMS used for Basic and Diluted EPS Calculation	$ 1,574	$ 1,195
Weighted-average common shares outstanding - basic	1,662	1,669
Incremental shares attributable to share-based compensation plans	9	11
Weighted-average common shares outstanding - diluted	1,671	1,680
Earnings per share - basic	$ 0.95	$ 0.72
Earnings per share - diluted	$ 0.94	$ 0.71

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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Fair Value Measurement) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 4,798	$ 4,748
Fair Value, Inputs, Level 1 [Member] | Equity Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	30	24
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	3,256	3,532
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	419	27
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	480	750
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	3,869	3,947
Fair Value, Inputs, Level 2 [Member] | Equity Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Marketable Securities, Current	109	101
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Marketable Securities, Current	7	7
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	29	75
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Derivative Liability	$ (24)	$ (30)

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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Available-for-sale) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities, Amortized Cost	$ 4,794	$ 4,753
Marketable Securities, Gross Unrealized Gain in Accumulated OCI	15	10
Marketable Securities, Gross Unrealized Loss in Accumulated OCI	(11)	(15)
Available-for-sale Securities	4,798	4,748
Available-for-sale Securities, Current	2,199	2,113
Available-for-sale Securities, Noncurrent	2,685	2,719
Available-for-sale securities including equity and fixed income funds	4,914	4,856
Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities, Amortized Cost	419	27
Available-for-sale Securities	419	27
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities, Amortized Cost	480	750
Available-for-sale Securities	480	750
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities, Amortized Cost	3,864	3,945
Marketable Securities, Gross Unrealized Gain in Accumulated OCI	11	10
Marketable Securities, Gross Unrealized Loss in Accumulated OCI	(6)	(8)
Available-for-sale Securities	3,869	3,947
Equity Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities, Amortized Cost	31	31
Marketable Securities, Gross Unrealized Gain in Accumulated OCI	4
Marketable Securities, Gross Unrealized Loss in Accumulated OCI	(5)	(7)
Available-for-sale Securities	30	24
Equity and fixed income funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	116	108
Other assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 30	$ 24

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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Derivatives and Hedging) (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2017 EUR (€)	Dec. 31, 2016 USD ($)
Derivative [Line Items]
Notional amount of terminated forward starting interest rate swap contracts	$ 750
Notional amount of nonderivative instruments designated as net investment hedges	1,026		€ 950
Notional amount of terminated interest rate swaps		$ 500
Proceeds from terminated interest rate swaps including accrued interest		$ 43
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount				$ 750
Derivative asset				1
Derivative Liability, Notional Amount	1,505			755
Derivative Liabilities	(5)			(3)
Forward Starting Interest Rate Swap Contracts [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount				500
Derivative asset				8
Derivative Liability, Notional Amount				250
Derivative Liabilities				(11)
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount	507			967
Derivative asset	29			66
Derivative Liability, Notional Amount	536			198
Derivative Liabilities	(17)			(9)
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount	71			106
Derivative Liability, Notional Amount	137			360
Derivative Liabilities	(2)			$ (7)
Euro Member Countries, Euro | Cash Flow Hedging [Member]
Derivative [Line Items]
Notional amount of derivatives	584
Japan, Yen | Cash Flow Hedging [Member]
Derivative [Line Items]
Notional amount of derivatives	$ 252

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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Debt) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Bank drafts and short-term borrowings	$ 448		$ 243
Current portion of long-term debt	749		749
Short-term debt obligations	1,197		992
Principal value	7,800		6,261
Adjustments to Principal Value, Fair value of interest rate swaps	(5)		(2)
Adjustments to Principal Value, Unamortized basis adjustment from swap terminations	280		287
Unamortized bond discount and issuance costs	(89)		(81)
Total Long-term debt	7,986		6,465
Long-term debt	7,237		5,716
Long-term debt, fair value	8,411		$ 6,932
Interest payments	43	$ 33
Proceeds from Issuance of Debt	1,488
United States of America, Dollars
Debt Instrument [Line Items]
Principal value	1,500
Proceeds from Issuance of Debt		$ 1,488
United States of America, Dollars | 1.600% Notes due 2019 [Member]
Debt Instrument [Line Items]
Principal value	750
United States of America, Dollars | 3.250% Notes due 2027 [Member]
Debt Instrument [Line Items]
Principal value	$ 750

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RECEIVABLES (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 4,247		$ 3,948
Charge-Backs and Cash Discounts	(123)		(126)
Less allowances	(41)		(48)
Net trade receivables	4,083		3,774
Alliance receivables	897		903
Prepaid and refundable income taxes	243		627
Other	271		239
Receivables	5,494		$ 5,543
Non-U.S. receivables sold on a nonrecourse basis	$ 120	$ 159
Percent of aggregate total trade receivables due from three pharmaceutical wholesalers	65.00%		66.00%
Number Of Largest Pharmaceutical Wholesalers	3

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INVENTORIES (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Inventory, Net [Abstract]
Finished goods	$ 415	$ 310
Work in process	1,038	988
Raw and packaging materials	230	264
Total inventories	1,683	1,562
Inventories	1,384	1,241
Inventories - other assets	299	321
Inventory pending regulatory approval	$ 58	$ 54

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PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 9,321		$ 9,173
Less accumulated depreciation	(4,301)		(4,193)
Property, plant and equipment	5,020		4,980
Depreciation expense	166	$ 103
Land [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	107		107
Buildings [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	4,952		4,930
Machinery, equipment and fixtures [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	3,324		3,287
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 938		$ 849

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OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Acquired Finite-Lived Intangible Assets [Line Items]
Gross other intangible assets	$ 4,297		$ 4,469
Less: accumulated amortization	(3,021)		(3,084)
Other intangible assets	1,276		1,385
In-process research and development	32		107
Amortization expense	47	$ 44
Licensing Agreements [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	564		564
Developed Technology Rights [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	2,357		2,357
Capitalized Software, Intangible Asset [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	$ 1,344		$ 1,441

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ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Rebates and returns	$ 1,677	$ 1,680
Dividends	646	660
Research and development	620	718
Employee compensation and benefits	361	818
Branded Prescription Drug Fee	257	234
Restructuring	182	90
Royalties	181	246
Pension and postretirement benefits	41	44
Litigation and other settlements	36	43
Other	776	738
Accrued liabilities	$ 4,777	$ 5,271

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EQUITY (Changes in Equity) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Value, Issued, Balance at January 1,	$ 221
Common Stock, Value, Issued, Balance at March 31,	221
Capital in Excess of Par Value of Stock, Balance at January 1,	1,725
Capital in Excess of Par Value of Stock, Balance at March 31,	1,337
Accumulated Other Comprehensive Loss,, Balance at January 1,	(2,503)
Other Comprehensive Income/(Loss)	89	$ (225)
Accumulated Other Comprehensive Loss,, Balance at March 31,	(2,414)
Retained Earnings, Balance at January 1,	33,513
Net Earnings Attributable to BMS	1,574	$ 1,195
Retained Earnings, Balance at March 31,	33,658
Cost of Treasury Stock, Balance at January 1,	(16,779)
Cost of Treasury Stock, Balance at March 31,	(18,386)
Noncontrolling interest, Balance at January 1,	170
Noncontrolling interest, Balance at March 31,	$ 119
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Shares Issued, Balance at January 1,	2,208	2,208
Common Stock, Shares Issued, Balance at March 31,	2,208	2,208
Common Stock, Value, Issued, Balance at January 1,	$ 221	$ 221
Common Stock, Value, Issued, Balance at March 31,	221	221
Capital in Excess of Par Value of Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital in Excess of Par Value of Stock, Balance at January 1,	1,725	1,459
Stock repurchase plan, Cost	(400)
Employee stock compensation plans, Capital in Excess of Par	12	44
Capital in Excess of Par Value of Stock, Balance at March 31,	1,337	1,503
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accumulated Other Comprehensive Loss,, Balance at January 1,	(2,503)	(2,468)
Other Comprehensive Income/(Loss)	89	(225)
Accumulated Other Comprehensive Loss,, Balance at March 31,	(2,414)	(2,693)
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Retained Earnings, Balance at January 1,	33,513	31,613
Accounting change - cumulative effect	(787)
Retained Earnings, Adjusted balance at January 1, 2017	32,726
Net Earnings Attributable to BMS	1,574	1,195
Cash dividends declared	(642)	(632)
Retained Earnings, Balance at March 31,	$ 33,658	$ 32,176
Treasury Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury Stock, Shares, Balance at January 1,	536	539
Stock repurchase program, Shares	29	4
Employee stock compensation plans, Shares	(4)	(4)
Treasury Stock, Shares, Balance at March 31,	561	539
Cost of Treasury Stock, Balance at January 1,	$ (16,779)	$ (16,559)
Stock repurchase program, Cost	(1,600)	(231)
Employee stock compensation plans, Cost	(7)	(31)
Cost of Treasury Stock, Balance at March 31,	(18,386)	(16,821)
Noncontrolling Interest [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling interest, Balance at January 1,	170	158
Net earnings attributable to noncontrolling interest	11	11
Variable Interest Entity	(59)
Distributions	(3)	(4)
Noncontrolling interest, Balance at March 31,	119	$ 165
2017 ASR [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Repurchase Program, Authorized Amount	$ 2,000
Accelerated Share Repurchases, Initial Shares	29
Percentage Of Initial Delivery Of Shares Under Accelerated Share Repurchases	80.00%

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EQUITY (Other Comprehensive Income/(Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Other Comprehensive Income (Loss), before Tax [Abstract]
Derivatives qualifying as cash flow hedges - Unrealized gains/(losses), Pre-tax	$ (18)	$ (126)
Derivatives qualifying as cash flow hedges - Reclassified to net earnings, Pre-tax	(22)	(4)
Derivatives qualifying as cash flow hedges, Pre-tax	(40)	(130)
Pension and postretirement benefits - Actuarial gains/(losses), Pre-tax	58	(292)
Pension and postretirement benefits - Amortization, Pre-tax	19	17
Pension and postretirement benefits - Curtailments and settlements, Pre-Tax	33	22
Pension and postretirement benefits, Pre-tax	110	(253)
Available-for-sale securities, Pre-tax	9	27
Foreign currency translation, Pre-tax	21	2
Other Comprehensive Income/(Loss), Pre-tax	100	(354)
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract]
Derivatives qualifying as cash flow hedges - Unrealized gains/(losses), Tax	7	42
Derivatives qualifying as cash flow hedges - Reclassified to net earnings, Tax	4	2
Derivatives qualifying as cash flow hedges, Tax	11	44
Pension and postretirement benefits - Actuarial gains/(losses), Tax	(18)	103
Pension and postretirement benefits - Amortization, Tax	3	(3)
Pension and postretirement benefits - Curtailments and settlements, Tax	(12)	(8)
Pension and postretirement benefits, Tax	(27)	92
Available-for-sale securities, Tax	(3)	(14)
Foreign currency translation, Tax	8	7
Other comprehensive income/(loss), Tax	(11)	129
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Derivatives qualifying as cash flow hedges - Unrealized gains/(losses), After tax	(11)	(84)
Derivatives qualifying as cash flow hedges - Reclassified to net earnings, After tax	(18)	(2)
Derivatives qualifying as cash flow hedges, After tax	(29)	(86)
Pension and postretirement benefits - Actuarial gains/(losses), After tax	40	(189)
Pension and postretirement benefits - Amortization, After tax	22	14
Pension and postretirement benefits - Curtailments and settlements, After tax	21	14
Pension and postretirement benefits, After tax	83	(161)
Available-for-sale securities, After tax	6	13
Foreign currency translation, After tax	29	9
Other Comprehensive Income/(Loss)	89	$ (225)
Derivatives qualifying as cash flow hedges	9		$ 38
Pension and postretirement benefits	(2,014)		(2,097)
Available-for-sale securities	(1)		(7)
Foreign currency translation	(408)		(437)
Accumulated other comprehensive loss	$ (2,414)		$ (2,503)

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PENSION AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Pension, Postretirement And Postemployment Liabilities Statement [Line Items]
Non-current pension liabilities	$ 490		$ 600
Defined contribution plan expense	44	$ 42
Pension Benefits [Member]
Pension, Postretirement And Postemployment Liabilities Statement [Line Items]
Service cost - benefits earned during the period	6	6
Interest cost on projected benefit obligation	48	51
Expected return on plan assets	(103)	(104)
Amortization of prior service credits	(1)	(1)
Amortization of net actuarial (gain)/loss	21	19
Curtailments and settlements	33	22
Special termination benefits		1
Net periodic benefit cost/(credit)	$ 4	$ (6)

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LEGAL PROCEEDINGS AND CONTINGENCIES (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($) lawsuits
Anti PD-1 Antibody Patent Litigation [Member]
Legal Proceedings And Contingencies [Line Items]
Litigation settlement, Gross	$ 625.0
BMS proceeds of litigation settlement amount	$ 481.0
Royalty % to be received 2017 - 2023	6.50%
Royalty % to be received 2024 - 2026	2.50%
Percent BMS will keep after sharing with Ono	75.00%
Percentage BMS Shares with Ono	25.00%
Eliquis Patent Litigation [Member]
Legal Proceedings And Contingencies [Line Items]
Number of companies seeking approval of generic versions of Eliquis	25
Plavix Product Liability Litigation [Member]
Legal Proceedings And Contingencies [Line Items]
Number of lawsuits | lawsuits	5,300
Byetta Product Liability Litigation [Member]
Legal Proceedings And Contingencies [Line Items]
Number of lawsuits	500
Number of plaintiffs settled	15
Number of current plaintiffs	2,000
Abilify Product Liability [Member]
Legal Proceedings And Contingencies [Line Items]
Number of lawsuits	160
Eliquis Product Liability Litigation [Member] | UNITED STATES
Legal Proceedings And Contingencies [Line Items]
Number of lawsuits	130
Eliquis Product Liability Litigation [Member] | CANADA
Legal Proceedings And Contingencies [Line Items]
Number of lawsuits	2
Shareholder Derivative Litigation [Member]
Legal Proceedings And Contingencies [Line Items]
Number of lawsuits	3
Litigation settlement, Gross	$ 14.7
Loss Contingency, Claims Dismissed, Number	2
Environmental Proceedings Cercla Matters [Member]
Legal Proceedings And Contingencies [Line Items]
Loss contingency, Estimate of possible loss	$ 63.0