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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM 10-Q
___________________________
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
☐ 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 001-01136
___________________________
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.)
430 E. 29th Street, 14FL, New York, NY 10016
(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)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.10 Par ValueBMYNew York Stock Exchange
1.000% Notes due 2025BMY25New York Stock Exchange
1.750% Notes due 2035BMY35New York Stock Exchange
Bristol-Myers Squibb Contingent Value RightsBMY RTNew York Stock Exchange
Celgene Contingent Value RightsCELG RTNew York Stock Exchange
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  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).    Yes  ☒    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 “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  ☒
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  ☒
APPLICABLE ONLY TO CORPORATE ISSUERS:
At September 30, 2020, there were 2,259,751,518 shares outstanding of the Registrant’s $0.10 par value common stock.


BRISTOL-MYERS SQUIBB COMPANY
INDEX TO FORM 10-Q
September 30, 2020
PART I—FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II—OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.
*    Indicates brand names of products which are trademarks not owned by BMS. Specific trademark ownership information is included in the Exhibit Index at the end of this Quarterly Report on Form 10-Q.



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 September 30,Nine Months Ended September 30,
EARNINGS2020201920202019
Net product sales$10,197 $5,768 $30,555 $17,512 
Alliance and other revenues343 239 895 688 
Total Revenues10,540 6,007 31,450 18,200 
Cost of products sold(a)
2,502 1,790 8,863 5,586 
Marketing, selling and administrative1,706 1,055 4,940 3,137 
Research and development2,499 1,378 7,393 4,051 
Amortization of acquired intangible assets2,491 25 7,162 73 
Other (income)/expense, net(915)410 (488)249 
Total Expenses8,283 4,658 27,870 13,096 
Earnings Before Income Taxes2,257 1,349 3,580 5,104 
Provision/(Benefit) for Income Taxes379 (17)2,548 584 
Net Earnings1,878 1,366 1,032 4,520 
Noncontrolling Interest6 13 20 25 
Net Earnings Attributable to BMS$1,872 $1,353 $1,012 $4,495 
Earnings per Common Share
Basic$0.83 $0.83 $0.45 $2.75 
Diluted0.82 0.83 0.44 2.75 
(a)    Excludes amortization of acquired intangible assets.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Dollars in Millions
(UNAUDITED)
 Three Months Ended September 30,Nine Months Ended September 30,
COMPREHENSIVE INCOME2020201920202019
Net Earnings$1,878 $1,366 $1,032 $4,520 
Other Comprehensive (Loss)/Income, net of taxes and reclassifications to earnings:
Derivatives qualifying as cash flow hedges(132)38 (121)24 
Pension and postretirement benefits(4)1,116 5 1,204 
Available-for-sale debt securities(2)4 7 43 
Foreign currency translation(5)— (70)28 
Other Comprehensive (Loss)/Income(143)1,158 (179)1,299 
Comprehensive Income1,735 2,524 853 5,819 
Comprehensive Income Attributable to Noncontrolling Interest6 13 20 25 
Comprehensive Income Attributable to BMS$1,729 $2,511 $833 $5,794 
The accompanying notes are an integral part of these consolidated financial statements.

3


BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED BALANCE SHEETS
Dollars in Millions
(UNAUDITED)
 
ASSETSSeptember 30,
2020		December 31,
2019
Current Assets:
Cash and cash equivalents$19,435 $12,346 
Marketable debt securities1,720 3,047 
Receivables8,062 7,685 
Inventories1,949 4,293 
Other current assets3,111 1,983 
Total Current Assets34,277 29,354 
Property, plant and equipment5,740 6,252 
Goodwill20,517 22,488 
Other intangible assets56,698 63,969 
Deferred income taxes913 510 
Marketable debt securities495 767 
Other non-current assets6,896 6,604 
Total Assets$125,536 $129,944 
LIABILITIES
Current Liabilities:
Short-term debt obligations$3,585 $3,346 
Accounts payable2,441 2,445 
Other current liabilities14,438 12,513 
Total Current Liabilities20,464 18,304 
Deferred income taxes5,913 6,454 
Long-term debt41,364 43,387 
Other non-current liabilities7,565 10,101 
Total Liabilities75,306 78,246 
Commitments and contingencies
EQUITY
Bristol-Myers Squibb Company Shareholders’ Equity:
Preferred stock— — 
Common stock292 292 
Capital in excess of par value of stock44,435 43,709 
Accumulated other comprehensive loss(1,699)(1,520)
Retained earnings32,414 34,474 
Less cost of treasury stock(25,284)(25,357)
Total Bristol-Myers Squibb Company Shareholders’ Equity50,158 51,598 
Noncontrolling interest72 100 
Total Equity50,230 51,698 
Total Liabilities and Equity$125,536 $129,944 
The accompanying notes are an integral part of these consolidated financial statements.
4


BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Dollars in Millions
(UNAUDITED)
 Nine Months Ended September 30,
 20202019
Cash Flows From Operating Activities:
Net earnings$1,032 $4,520 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization, net7,690 510 
Deferred income taxes1,419 (536)
Stock-based compensation608 157 
Impairment charges131 183 
Pension settlements and amortization34 1,683 
Divestiture gains and royalties(486)(1,676)
Asset acquisition charges278 25 
Equity investment (gains)/losses(724)15 
Contingent consideration fair value adjustments(597)— 
Other adjustments(140)(21)
Changes in operating assets and liabilities:
Receivables(356)434 
Inventories2,571 (7)
Accounts payable56 48 
Income taxes payable(2,104)(4)
Other970 698 
Net Cash Provided by Operating Activities10,382 6,029 
Cash Flows From Investing Activities:
Sale and maturities of marketable debt securities4,757 2,325 
Purchase of marketable debt securities(3,148)(1,642)
Capital expenditures(470)(585)
Divestiture and other proceeds550 2,226 
Acquisition and other payments, net of cash acquired(421)(58)
Net Cash Provided by Investing Activities1,268 2,266 
Cash Flows From Financing Activities:
Short-term debt obligations, net(264)115 
Issuance of long-term debt— 18,790 
Repayment of long-term debt(1,500)(1,256)
Repurchase of common stock(81)(300)
Dividends(3,054)(2,011)
Other265 (40)
Net Cash (Used in)/Provided by Financing Activities(4,634)15,298 
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash24 (15)
Increase in Cash, Cash Equivalents and Restricted Cash7,040 23,578 
Cash, Cash Equivalents and Restricted Cash at Beginning of Period12,820 6,911 
Cash, Cash Equivalents and Restricted Cash at End of Period$19,860 $30,489 
The accompanying notes are an integral part of these consolidated financial statements.

5


Note 1. BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING STANDARDS

Basis of Consolidation

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 September 30, 2020 and December 31, 2019, the results of operations for the three and nine months ended September 30, 2020 and 2019, and cash flows for the nine months ended September 30, 2020 and 2019. All intercompany balances and transactions have been eliminated. BMS’s consolidated financial statements include the assets, liabilities, operating results and cash flows of Celgene from the date of acquisition on November 20, 2019. These financial statements and the related notes should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019 included in the 2019 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.

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. Consistent with BMS’s operational structure, the Chief Executive Officer (“CEO”), as the chief operating decision maker, manages and allocates resources at the global corporate level. Managing and allocating resources at the global corporate level enables the CEO to assess both the overall level of resources available and how to best deploy these resources across functions, therapeutic areas, regional commercial organizations and research and development projects in line with our overarching long-term corporate-wide strategic goals, rather than on a product or franchise basis. The determination of a single segment is consistent with the financial information regularly reviewed by the CEO for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting future periods. For further information on product and regional revenue, see “—Note 2. Revenue.”

Use of Estimates and Judgments

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 accounting for business combinations; impairments of intangible assets; sales rebate and return accruals; legal contingencies; and income taxes. Actual results may differ from estimates.

Reclassifications

Certain reclassifications were made to conform the prior period interim consolidated financial statements to the current period presentation.

Recently Adopted Accounting Standards

Financial Instruments - Measurement of Credit Losses

In June 2016, the FASB issued amended guidance for the measurement of credit losses on financial instruments. Entities are required to use a forward-looking estimated loss model. Available-for-sale debt security credit losses will be recognized as allowances rather than a reduction in amortized cost. BMS adopted the amended guidance on a modified retrospective approach on January 1, 2020. The amended guidance did not impact BMS’s results of operations.

6


Note 2. REVENUE

The following table summarizes the disaggregation of revenue by nature:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2020201920202019
Net product sales$10,197 $5,768 $30,555 $17,512 
Alliance revenues184 143 452 418 
Other revenues159 96 443 270 
Total Revenues$10,540 $6,007 $31,450 $18,200 

The following table summarizes GTN adjustments:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2020201920202019
Gross product sales$15,211 $8,884 $43,685 $25,697 
GTN adjustments(a)
Charge-backs and cash discounts(1,440)(927)(4,072)(2,591)
Medicaid and Medicare rebates(2,146)(1,362)(5,126)(3,252)
Other rebates, returns, discounts and adjustments(1,428)(827)(3,932)(2,342)
Total GTN adjustments(5,014)(3,116)(13,130)(8,185)
Net product sales$10,197 $5,768 $30,555 $17,512 
(a)    Includes adjustments for provisions for product sales made in prior periods resulting from changes in estimates of $(25) million and $91 million for the three and nine months ended September 30, 2020 and $12 million and $139 million for the three and nine months ended September 30, 2019, respectively.

The following table summarizes the disaggregation of revenue by product and region:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2020201920202019
Prioritized Brands
Revlimid$3,027 $— $8,826 $— 
Eliquis2,095 1,928 6,899 5,895 
Opdivo1,780 1,817 5,199 5,441 
Orencia826 767 2,290 2,185 
Pomalyst/Imnovid777 — 2,235 — 
Sprycel544 558 1,576 1,561 
Yervoy446 353 1,211 1,104 
Abraxane342 — 950 — 
Empliciti96 89 290 263 
Reblozyl96 — 159 — 
Inrebic13 — 40 — 
Zeposia2 — 3 — 
Onureg3 — 3 — 
Established Brands
Baraclude100 145 343 433 
Vidaza106 — 390 — 
Other Brands(a)
287 350 1,036 1,318 
Total Revenues$10,540 $6,007 $31,450 $18,200 
United States$6,542 $3,472 $19,795 $10,588 
Europe2,453 1,445 7,156 4,416 
Rest of the World1,361 976 4,030 2,838 
Other(b)
184 114 469 358 
Total Revenues$10,540 $6,007 $31,450 $18,200 
(a)    Includes BMS and Celgene products in 2020.
(b)    Other revenues include royalties and alliance-related revenues for products not sold by BMS’s regional commercial organizations.

7


Revenue recognized from performance obligations satisfied in prior periods was $32 million and $260 million for the three and nine months ended September 30, 2020 and $78 million and $341 million for the three and nine months ended September 30, 2019, respectively, consisting primarily of royalties for out-licensing arrangements and revised estimates for GTN adjustments related to prior period sales. Contract assets were not material at September 30, 2020 and December 31, 2019.

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 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. BMS refers to these collaborations as alliances and its partners as alliance partners.

Selected financial information pertaining to 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 September 30,Nine Months Ended September 30,
Dollars in Millions2020201920202019
Revenues from alliances:
Net product sales$2,116 $2,464 $7,040 $7,412 
Alliance revenues184 143 452 418 
Total Revenues$2,300 $2,607 $7,492 $7,830 
Payments to/(from) alliance partners:
Cost of products sold$1,007 $1,017 $3,363 $3,116 
Marketing, selling and administrative(25)(33)(103)(93)
Research and development48 11 327 32 
Other (income)/expense, net(28)(15)(59)(45)
Dollars in MillionsSeptember 30,
2020		December 31,
2019
Selected Alliance Balance Sheet information:
Receivables – from alliance partners$336 $347 
Accounts payable – to alliance partners971 1,026 
Deferred income from alliances(a)
392 431 
(a)    Includes unamortized upfront and milestone payments.

The nature, purpose, significant rights and obligations of the parties and specific accounting policy elections for each of the Company’s significant alliances are discussed in the 2019 Form 10-K. Significant developments and updates related to alliances during the nine months ended September 30, 2020 are set forth below.

Otsuka

Effective January 1, 2020, Otsuka is no longer co-promoting Sprycel in the U.S. and as a result, this arrangement is no longer considered a collaboration under ASC 808. Revenues earned and fees paid to Otsuka in the Oncology Territory in 2020 are not included in the table above.

8


bluebird

BMS and bluebird jointly develop and commercialize novel disease-altering gene therapy product candidates targeting BCMA. The collaboration arrangement began in 2013 and included (i) a right for BMS to license any anti-BCMA products resulting from the collaboration, (ii) a right for bluebird to participate in the development and commercialization of any licensed products resulting from the collaboration through a 50/50 co-development and profit share in the U.S. in exchange for a reduction of milestone payments, and (iii) sales-based milestones and royalties payable to bluebird upon the commercialization of any licensed products resulting from the collaboration if bluebird declined to exercise their co-development and profit sharing rights. The options to license idecabtagene vicleucel (ide-cel, bb2121) and bb21217 were exercised in 2016 and 2017, respectively.

BMS and bluebird share equally in all profits and losses relating to developing, commercializing and manufacturing ide-cel within the U.S. BMS is exclusively responsible for the development and commercialization of ide-cel outside the U.S.

BMS is responsible for the worldwide development, including related funding after the substantial completion by bluebird of the ongoing Phase I clinical trial, and commercialization of bb21217. bluebird has an option to co-develop, co-promote and share equally in all profits and losses in the U.S.

In the second quarter of 2020, BMS and bluebird amended their collaboration arrangement where, among other items, BMS is assuming the contract manufacturing agreements relating to ide-cel adherent lentiviral vector. Over time, BMS is assuming responsibility for manufacturing ide-cel suspension lentiviral vector outside of the U.S., with bluebird responsible for manufacturing ide-cel suspension lentiviral vector in the U.S. The parties were also released from future exclusivity related to BCMA-directed T cell therapies. In addition, BMS agreed to buy out its obligation to pay bluebird future ex-U.S. milestones and royalties on ide-cel and bb21217 for a payment of $200 million, which was included in Research and development expense in the second quarter of 2020.

Note 4. ACQUISITIONS, DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS

Acquisitions

Business Combination

Celgene

On November 20, 2019, BMS completed the Celgene acquisition. The acquisition is expected to further position BMS as a leading biopharmaceutical company for sustained innovation and long-term growth and to address the needs of patients with cancer, inflammatory, immunologic or cardiovascular diseases through high-value innovative medicines and leading scientific capabilities. The transaction was accounted for as a business combination, which requires that assets acquired and liabilities assumed be recognized at their fair value as of the acquisition date. The purchase price allocation is preliminary and subject to change for income tax matters. The amounts recognized will be finalized as the information necessary to complete the analysis is obtained, but no later than one year after the acquisition date.

The following table summarizes the provisional amounts recognized for assets acquired and liabilities assumed as of the acquisition date, as well as measurement period adjustments made year-to-date to the amounts initially recorded in 2019. The measurement period adjustments reflected in 2020 primarily resulted from completing valuations of real estate and personal property, revised future cash flow estimates for certain intangible assets, changes in the estimated tax basis of certain intangible assets based upon a tax ruling which reduced deferred income tax liabilities and other changes to certain equity investments, legal contingency and income tax liabilities. The related impact to net earnings that would have been recognized in previous periods if the adjustments were recognized as of the acquisition date is immaterial to the consolidated financial statements.
9


Dollars in MillionsAmounts Recognized as of Acquisition Date
(as previously reported)		Measurement Period AdjustmentsAmounts Recognized as of Acquisition Date
(as adjusted)
Cash and cash equivalents$11,179 $— $11,179 
Receivables2,652 — 2,652 
Inventories4,511 — 4,511 
Property, plant and equipment1,342 (277)1,065 
Intangible assets64,027 (100)63,927 
Otezla* assets held-for-sale
13,400 — 13,400 
Other assets3,408 45 3,453 
Accounts payable(363)— (363)
Income taxes payable(2,718)(47)(2,765)
Deferred income tax liabilities(7,339)2,350 (4,989)
Debt(21,782)— (21,782)
Other liabilities(4,017)15 (4,002)
Identifiable net assets acquired64,300 1,986 66,286 
Goodwill15,969 (1,986)13,983 
Total consideration transferred$80,269 $— $80,269 

Asset Acquisitions

MyoKardia

In the fourth quarter of 2020, BMS entered into a definitive merger agreement under which BMS will acquire MyoKardia, a clinical-stage biopharmaceutical company pioneering a precision medicine approach to discover, develop and commercialize targeted therapies for the treatment of serious cardiovascular diseases. The acquisition will provide BMS with rights to MyoKardia’s lead asset, mavacamten, a potential first-in-class cardiovascular medicine for the treatment of obstructive hypertrophic cardiomyopathy that has completed Phase III development with an anticipated NDA submission in the first quarter of 2021.

BMS, through a subsidiary, commenced a tender offer to acquire all of the issued and outstanding shares of MyoKardia’s common stock for $225.00 per share, or $13.1 billion. In November 2020, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”), as amended, expired. Expiration of the waiting period under the HSR Act satisfies one of the conditions necessary for the consummation of the transaction, which remains subject to the satisfaction of the tender of a majority of the outstanding shares of MyoKardia’s common stock, a well as other customary closing conditions and regulatory approvals. BMS intends to close the acquisition of MyoKardia at the earliest possible date after the closing of the tender offer, which it currently expects to be in the fourth quarter of 2020.

BMS anticipates funding the transaction through a combination of cash on hand from its operations and subject to market conditions, net proceeds received in connection with a future debt issuance. BMS expects to account for the transaction as an asset acquisition since mavacamten will represent substantially all of the fair value of the gross assets acquired.

Forbius

In the third quarter of 2020, BMS acquired all of the outstanding shares of Forbius, a privately held, clinical-stage protein engineering company that designs and develops biotherapeutics for the treatment of cancer and fibrotic diseases. The acquisition provides BMS with full rights to Forbius’s TGF-beta program, including the program’s lead investigational asset, AVID200, which is in Phase I development. BMS accounted for the transaction as an asset acquisition since AVID200 represented substantially all of the fair value of the gross assets acquired. The transaction price included an upfront payment of $185 million and contingent development, regulatory and sales-based milestone payments up to $815 million. The up-front payment was included in Research and development expense except for $7 million that was allocated to deferred tax assets.

Other

Research and development expense also includes $100 million in 2020 resulting from the occurrence of a development event attributed to the Cormorant asset acquisition completed in 2016.

10


Divestitures

The following table summarizes the financial impact of divestitures including royalties, which are included in Other (income)/expense, net. Revenue and pretax earnings related to all divestitures and assets held-for-sale were not material in all periods presented (excluding divestiture gains or losses).
Three Months Ended September 30,
Net Proceeds(a)
Divestiture (Gains)/LossesRoyalty and Milestone Income
Dollars in Millions202020192020201920202019
UPSA Business$— $1,510 $— $(1,176)$— $— 
Diabetes Business129 163 — — (148)(171)
Erbitux*3 3 — — — — 
Manufacturing Operations— — — 1 — — 
Mature Brands and Other41 7 1 (4)(44)(6)
Total$173 $1,683 $1 $(1,179)$(192)$(177)
Nine Months Ended September 30,
Net Proceeds(a)
Divestiture (Gains)/LossesRoyalty and Milestone Income
Dollars in Millions202020192020201920202019
UPSA Business$— $1,510 $— $(1,160)$— $— 
Diabetes Business409 491 — — (404)(497)
Erbitux*10 11 — — — — 
Manufacturing Operations10 3 (1)1 — — 
Plavix* and Avapro*/Avalide*
7 — (12)— — — 
Mature Brands and Other73 9 7 (12)(76)(8)
Total$509 $2,024 $(6)$(1,171)$(480)$(505)
(a)    Includes royalties received subsequent to the related sale of the asset or business.

UPSA Business

In the third quarter of 2019, the Company sold its UPSA consumer health business, including the shares of UPSA SAS and BMS’s assets and liabilities relating to the UPSA product portfolio. The transaction was accounted for as the sale of a business.

Manufacturing Operations

In the second quarter of 2019, BMS agreed to sell its manufacturing and packaging facility in Anagni, Italy to Catalent. The transaction was accounted for as the sale of a business and the sale was completed in the fourth quarter of 2019. The assets were reduced to their relative fair value after considering the purchase price resulting in an impairment charge of $113 million for the nine months ended September 30, 2019 that was included in Cost of products sold.

Licensing and Other Arrangements

The following table summarizes the financial impact of Keytruda* royalties, up-front and milestone licensing fees for products that have not obtained commercial approval, which are included in Other (income)/expense, net.
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2020201920202019
Keytruda* royalties
$(176)$(132)$(492)$(373)
Up-front licensing fees— (24)(30)(24)
Contingent milestone income(16)(6)(62)(15)
Amortization of deferred income(14)(14)(44)(44)
Other royalties(5)(3)(16)(6)
Total$(211)$(179)$(644)$(462)

11


Dragonfly

In the fourth quarter of 2020, BMS obtained a global exclusive license to Dragonfly’s interleukin-12 (IL-12) investigational immunotherapy program, including its extended half-life cytokine DF6002. BMS will be responsible for the development and any subsequent commercialization of DF6002 and its related products worldwide, including strategic decisions, regulatory responsibilities, funding, and manufacturing. Dragonfly will continue to be involved in the development of DF6002 in current and certain future Phase I/II clinical trials. The transaction included an upfront payment of $400 million and Dragonfly is eligible to receive contingent consideration comprised of development, regulatory and sales-based milestone payments up to $2.8 billion. Dragonfly will also receive royalties on global net sales.

Note 5. OTHER (INCOME)/EXPENSE, NET
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in Millions2020201920202019
Interest expense$346 $209 $1,065 $377 
Pension and postretirement— 1,537 (6)1,607