XML 25 R9.htm IDEA: XBRL DOCUMENT v3.21.2
DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS (Notes)
 6 Months Ended
Jun. 30, 2021
Acquisitions, Divestitures and Other Arrangements [Abstract]  
Divestitures, Licensing and Other Arrangements [Text Block] DIVESTITURES, LICENSING AND OTHER ARRANGEMENTS
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 were not material in all periods presented (excluding divestiture gains or losses).
Three Months Ended June 30,
Net Proceeds(a)
Divestiture (Gains)/LossesRoyalty Income
Dollars in Millions202120202021202020212020
Diabetes Business$132 $127 $— $— $(152)$(129)
Erbitux* Business
6 3 — — — — 
Manufacturing Operations23 10 — — — — 
Mature Brands and Other41 1 (11)9 — (1)
Total$202 $141 $(11)$9 $(152)$(130)
Six Months Ended June 30,
Net Proceeds(a)
Divestiture (Gains)/LossesRoyalty Income
Dollars in Millions202120202021202020212020
Diabetes Business$296 $280 $— $— $(286)$(256)
Erbitux* Business
6 7 — — — — 
Manufacturing Operations23 10 — (1)— — 
Plavix* and Avapro*/Avalide*
5 7 — (12)— — 
Mature Brands and Other52 32 (11)6 (1)(32)
Total$382 $336 $(11)$(7)$(287)$(288)
(a)    Includes royalties received subsequent to the related sale of the asset or business.

Licensing and Other Arrangements

The following table summarizes the financial impact of Keytruda* royalties, Tecentriq* royalties, up-front licensing fees and milestones for products that have not obtained commercial approval, which are included in Other (income)/expense, net.
Three Months Ended June 30,Six Months Ended June 30,
Dollars in Millions2021202020212020
Keytruda* royalties
$(204)$(155)$(396)$(316)
Tecentriq* royalties
(23)— (45)— 
Up-front licensing fees— — — (30)
Contingent milestone income(2)(5)(2)(46)
Amortization of deferred income(15)(15)(30)(30)
Other royalties(9)(6)(12)(11)
Total$(253)$(181)$(485)$(433)

Agenus

In July 2021, BMS obtained a global exclusive license to Agenus’ proprietary AGEN1777 bispecific antibody program that blocks TIGIT and an additional target. AGEN1777 is being studied in oncology and is in preclinical development. BMS will be responsible for the development and any subsequent commercialization of AGEN1777 and its related products worldwide, including strategic decisions, regulatory responsibilities, funding and manufacturing. BMS paid a $200 million upfront licensing fee to Agenus and is obligated to pay up to $1.4 billion upon achievement of contingent development, regulatory and sales-based milestones as well as royalties on global net sales.