RESTRUCTURING

12 Months Ended

Dec. 31, 2024

2023 Restructuring Plan

In 2023, BMS commenced a restructuring plan to accelerate the delivery of medicines to patients by evolving and streamlining its enterprise operating model in key areas, such as R&D, manufacturing, commercial and other functions, to ensure its operating model supports and is appropriately aligned with the Company’s strategy to invest in key priorities. These changes primarily include (i) transforming R&D operations to accelerate pipeline delivery, (ii) enhancing our commercial operating model, and (iii) establishing a more responsive manufacturing network. In 2025, BMS expanded the scope of activities supporting these key priorities. As a result, total charges for the 2023 Restructuring Plan are expected to be approximately $2.5 billion through 2027, with $1.0 billion incurred to date. The remaining charges consist primarily of employee termination costs and site exit costs, including impairment and accelerated depreciation of property, plant and equipment.

Celgene and Other Acquisition Plans

Restructuring and integration plans were initiated to realize expected cost synergies resulting from cost savings and avoidance from the acquisitions of Celgene (2019), Turning Point (2022), Mirati (2024), RayzeBio (2024) and Karuna (2024). For these plans, the remaining charges of approximately $250 million consist primarily of IT system integration costs, employee termination costs, and to a lesser extent, site exit costs, including impairment and accelerated depreciation of property, plant and equipment.

The following provides the charges related to restructuring initiatives by type of cost:


	Year Ended December 31,
Dollars in millions	2024		2023		2022
2023 Restructuring Plan	$	603	$	442	$	—
Celgene and Other Acquisition Plans	528		335		520
Total charges	$	1,131	$	777	$	520

Employee termination costs	$	623	$	350	$	69
Other termination costs	12		15		6
Provision for restructuring	635		365		75
Integration expenses	284		242		440
Accelerated depreciation	76		42		5
Asset impairments	103		126		—
Other shutdown costs, net	33		2		—
Total charges	$	1,131	$	777	$	520

Cost of products sold	$	113	$	64	$	—
Marketing, selling and administrative	50		94		5
Research and development	49		12		—
Other (income)/expense, net	919		607		515
Total charges	$	1,131	$	777	$	520

The following summarizes the charges and spending related to restructuring plan activities:


	Year Ended December 31,
Dollars in millions	2024		2023
Beginning balance	$	188	$	47
Provision for restructuring	635		365
Payments	(520)		(225)
Foreign currency translation and other	(6)		1
Ending balance	$	297	$	188