XML 37 R8.htm IDEA: XBRL DOCUMENT v3.20.4
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2020
Supplemental Income Statement Elements [Abstract]  
Quarterly Financial Information [Text Block] SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Year Ended December 31, 2020
Dollars in Millions, except per share dataFirst QuarterSecond QuarterThird QuarterFourth QuarterYear
Total Revenues$10,781 $10,129 $10,540 $11,068 $42,518 
Gross Margin7,119 7,430 8,038 8,158 30,745 
Net (Loss)/Earnings(766)(80)1,878 (10,027)(8,995)
Net (Loss)/Earnings Attributable to:
Noncontrolling Interest9 5 6 — 20 
BMS(775)(85)1,872 (10,027)(9,015)
(Loss)/Earnings per Common Share - Basic(a)
$(0.34)$(0.04)$0.83 $(4.45)$(3.99)
(Loss)/Earnings per Common Share - Diluted(a)
(0.34)(0.04)0.82 (4.45)(3.99)
Cash dividends declared per common share$0.45 $0.45 $0.45 $0.49 $1.84 
Cash and cash equivalents$15,817 $19,934 $19,435 $14,546 $14,546 
Marketable debt securities(b)
3,156 2,247 2,215 1,718 1,718 
Total Assets129,285 128,076 125,536 118,481 118,481 
Long-term debt(c)
46,105 46,106 44,614 50,336 50,336 
Equity49,977 49,160 50,230 37,882 37,882 
Year Ended December 31, 2019
Dollars in Millions, except per share dataFirst QuarterSecond QuarterThird Quarter
Fourth Quarter(d)
Year(d)
Total Revenues$5,920 $6,273 $6,007 $7,945 $26,145 
Gross Margin4,096 4,301 4,217 5,453 18,067 
Net Earnings/(Loss)1,715 1,439 1,366 (1,060)3,460 
Net Earnings/(Loss) Attributable to:
Noncontrolling Interest5 7 13 (4)21 
BMS1,710 1,432 1,353 (1,056)3,439 
Earnings/(Loss) per Common Share - Basic(a)
$1.05 $0.88 $0.83 $(0.55)$2.02 
Earnings/(Loss) per Common Share - Diluted(a)
1.04 0.87 0.83 (0.55)2.01 
Cash dividends declared per common share$0.41 $0.41 $0.41 $0.45 $1.68 
Cash and cash equivalents$7,335 $28,404 $30,489 $12,346 $12,346 
Marketable debt securities(b)
2,662 1,947 2,978 3,814 3,814 
Total Assets34,834 55,163 57,433 129,944 129,944 
Long-term debt(c)
5,635 24,433 24,390 46,150 46,150 
Equity15,317 16,151 17,754 51,698 51,698 
(a)    Earnings per share for the quarters may not add to the amounts for the year, as each period is computed on a discrete basis.
(b)    Marketable debt securities includes current and non-current assets.
(c)    Long-term debt includes the current portion.
(d)    Commencing on November 20, 2019, Celgene’s operations are included in our consolidated financial statements. Refer to “—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements” for additional information.
The following specified items affected the comparability of results in 2020 and 2019:
Year Ended December 31, 2020
Dollars in MillionsFirst QuarterSecond QuarterThird QuarterFourth QuarterYear
Inventory purchase price accounting adjustments$1,420 $714 $456 $98 $2,688 
Intangible asset impairment— — — 575 575 
Employee compensation charges2 1 — 1 4 
Site exit and other costs16 13 3 1 33 
Cost of products sold1,438 728 459 675 3,300 
Employee compensation charges15 12 7 241 275 
Site exit and other costs6 (1)(1)— 4 
Marketing, selling and administrative21 11 6 241 279 
License and asset acquisition charges25 300 203 475 1,003 
IPRD impairments— — — 470 470 
Inventory purchase price accounting adjustments17 — 8 11 36 
Employee compensation charges18 15 8 241 282 
Site exit and other costs56 39 4 16 115 
Research and development116 354 223 1,213 1,906 
IPRD charge - MyoKardia acquisition— — — 11,438 11,438 
Amortization of acquired intangible assets2,282 2,389 2,491 2,526 9,688 
Interest expense(a)
(41)(41)(40)(37)(159)
Contingent consideration556 (165)(988)(1,160)(1,757)
Royalties and licensing income(83)(18)(53)(14)(168)
Equity investment losses/(gains)339 (818)(214)(463)(1,156)
Integration expenses174 166 195 182 717 
Provision for restructuring160 115 176 79 530 
Litigation and other settlements— — — (239)(239)
Reversion excise tax76 — — — 76 
Divestiture (gains)/losses(16)9 1 (49)(55)
Other (income)/expense, net1,165 (752)(923)(1,701)(2,211)
Increase to pretax income5,022 2,730 2,256 14,392 24,400 
Income taxes on items above(291)(3)(405)(1,034)(1,733)
Income taxes attributed to Otezla* divestiture
— 255 11 — 266 
Income taxes attributed to internal transfer of intangible assets— 853 — — 853 
Income taxes(291)1,105 (394)(1,034)(614)
Increase to net earnings$4,731 $3,835 $1,862 $13,358 $23,786 
Year Ended December 31, 2019
Dollars in MillionsFirst QuarterSecond QuarterThird QuarterFourth QuarterYear
Inventory purchase price accounting adjustments$— $— $— $660 $660 
Employee compensation charges— — — 1 1 
Site exit and other costs12 139 22 24 197 
Cost of products sold12 139 22 685 858 
Employee compensation charges— — — 27 27 
Site exit and other costs1 — — 8 9 
Marketing, selling and administrative1 — — 35 36 
License and asset acquisition charges— 25 — — 25 
IPRD impairments32 — — — 32 
Employee compensation charges— — — 33 33 
Site exit and other costs19 19 20 109 167 
Research and development51 44 20 142 257 
Amortization of acquired intangible assets— — — 1,062 1,062 
Interest expense(a)
— 83 166 73 322 
Contingent consideration— — — 523 523 
Royalties and licensing income— — (9)(15)(24)
Equity investment (gains)/losses(175)(71)261 (294)(279)
Integration expenses22 106 96 191 415 
Provision for restructuring12 10 10 269 301 
Litigation and other settlements— — — 75 75 
Investment income— (54)(99)(44)(197)
Divestiture losses/(gains)— 8 (1,179)3 (1,168)
Pension and postretirement49 44 1,545 (3)1,635 
Acquisition expenses165 303 7 182 657 
Other— — — 2 2 
Other (income)/expense, net73 429 798 962 2,262 
Increase to pretax income137 612 840 2,886 4,475 
Income taxes on items above(43)(105)(275)(264)(687)
Income taxes attributed to Otezla* divestiture
— — — 808 808 
Income taxes(43)(105)(275)544 121 
Increase to net earnings$94 $507 $565 $3,430 $4,596