BRISTOL MYERS SQUIBB COBMY
BRISTOL MYERS SQUIBB CO Debt Disclosure
FINANCING ARRANGEMENTS
Short-term debt obligations include:
| December 31, | |||||||||||
| Dollars in millions | 2025 | 2024 | |||||||||
Non-U.S. short-term financing obligations | $ | 284 | $ | 218 | |||||||
Current portion of Long-term debt | 1,977 | 1,828 | |||||||||
| Short-term debt obligations | $ | 2,261 | $ | 2,046 | |||||||
Under its commercial paper program, BMS may issue a maximum of $5.0 billion of unsecured notes with maturities of not more than 365 days from the date of issuance. The maximum issuance amount was reduced from $7.0 billion as of December 31, 2024 to $5.0 billion in January 2025. During 2024, the Company issued and repaid $3.0 billion of commercial paper under the program.
Long-term debt and the current portion of long-term debt includes:
| December 31, | |||||||||||
| Dollars in millions | 2025 | 2024 | |||||||||
| Principal Value: | |||||||||||
0.750% Notes due 2025 | $ | — | $ | 1,000 | |||||||
1.000% Euro Notes due 2025 | — | 598 | |||||||||
3.875% Notes due 2025 | — | 229 | |||||||||
3.200% Notes due 2026 | 1,220 | 1,750 | |||||||||
Floating Rate Notes due 2026 (a) | 500 | 500 | |||||||||
4.950% Notes due 2026 | — | 1,000 | |||||||||
6.800% Notes due 2026 | 256 | 256 | |||||||||
1.125% Notes due 2027 | 1,000 | 1,000 | |||||||||
3.250% Notes due 2027 | 512 | 512 | |||||||||
3.450% Notes due 2027 | 534 | 534 | |||||||||
4.900% Notes due 2027 | — | 1,000 | |||||||||
3.900% Notes due 2028 | 544 | 1,500 | |||||||||
3.400% Notes due 2029 | 1,427 | 2,400 | |||||||||
4.900% Notes due 2029 | 727 | 1,750 | |||||||||
1.450% Notes due 2030 | 1,250 | 1,250 | |||||||||
2.973% Euro Notes due 2030 | 881 | — | |||||||||
5.100% Notes due 2031 | 1,250 | 1,250 | |||||||||
5.750% Notes due 2031 | 1,000 | 1,000 | |||||||||
2.950% Notes due 2032 | 1,750 | 1,750 | |||||||||
3.363% Euro Notes due 2033 | 1,351 | — | |||||||||
5.900% Notes due 2033 | 750 | 1,000 | |||||||||
5.200% Notes due 2034 | 2,500 | 2,500 | |||||||||
1.750% Euro Notes due 2035 | 676 | 598 | |||||||||
5.875% Notes due 2036 | 279 | 279 | |||||||||
3.857% Euro Notes due 2038 | 1,351 | — | |||||||||
6.125% Notes due 2038 | 219 | 219 | |||||||||
4.125% Notes due 2039 | 2,000 | 2,000 | |||||||||
2.350% Notes due 2040 | 750 | 750 | |||||||||
5.700% Notes due 2040 | 153 | 153 | |||||||||
3.250% Notes due 2042 | 500 | 500 | |||||||||
3.550% Notes due 2042 | 1,250 | 1,250 | |||||||||
5.250% Notes due 2043 | 226 | 226 | |||||||||
4.500% Notes due 2044 | 342 | 342 | |||||||||
4.625% Notes due 2044 | 748 | 748 | |||||||||
5.500% Notes due 2044 | 500 | 500 | |||||||||
4.289% Euro Notes due 2045 | 881 | — | |||||||||
5.000% Notes due 2045 | 758 | 758 | |||||||||
4.350% Notes due 2047 | 1,250 | 1,250 | |||||||||
4.550% Notes due 2048 | 1,272 | 1,272 | |||||||||
4.250% Notes due 2049 | 3,750 | 3,750 | |||||||||
2.550% Notes due 2050 | 1,500 | 1,500 | |||||||||
3.700% Notes due 2052 | 2,000 | 2,000 | |||||||||
6.250% Notes due 2053 | 439 | 1,250 | |||||||||
5.550% Notes due 2054 | 2,750 | 2,750 | |||||||||
4.581% Euro Notes due 2055 | 1,410 | — | |||||||||
3.900% Notes due 2062 | 1,000 | 1,000 | |||||||||
6.400% Notes due 2063 | 371 | 1,250 | |||||||||
5.650% Notes due 2064 | 440 | 1,750 | |||||||||
6.875% Notes due 2097 | 56 | 63 | |||||||||
| Total | $ | 44,323 | $ | 48,937 | |||||||
(a) As of December 31, 2025, floating rate equals SOFR+0.49%.
| December 31, | |||||||||||
| Dollars in millions | 2025 | 2024 | |||||||||
| Principal Value | $ | 44,323 | $ | 48,937 | |||||||
Adjustments to principal value: | |||||||||||
| Fair value of interest rate swap contracts | 41 | (10) | |||||||||
| Unamortized basis adjustment from swap terminations | 60 | 71 | |||||||||
| Unamortized bond discounts and issuance costs | (347) | (390) | |||||||||
| Unamortized purchase price adjustments of Celgene debt | 751 | 823 | |||||||||
| Total | $ | 44,827 | $ | 49,431 | |||||||
Current portion of Long-term debt | $ | 1,977 | $ | 1,828 | |||||||
| Long-term debt | 42,850 | 47,603 | |||||||||
| Total | $ | 44,827 | $ | 49,431 | |||||||
The fair value of Long-term debt, including the current portion, was $41.5 billion and $45.3 billion as of December 31, 2025 and 2024, respectively, valued using Level 2 inputs which are based upon the quoted market prices for the same or similar debt instruments. The fair value of Short-term debt obligations approximates the carrying value due to the short maturities of the debt instruments.
In November 2025, BMS Ireland Capital Funding Designated Activity Company, a wholly owned subsidiary of Bristol-Myers Squibb, completed a registered public offering of €5.0 billion in aggregate principal amount of euro-denominated senior unsecured notes ("2025 Senior Unsecured Notes"), with proceeds, net of loan issuance costs, of $5.7 billion, consisting of:
Principal Amount (in € millions) | |||||
2.973% Notes due 2030 | € | 750 | |||
3.363% Notes due 2033 | 1,150 | ||||
3.857% Notes due 2038 | 1,150 | ||||
4.289% Notes due 2045 | 750 | ||||
4.581% Notes due 2055 | 1,200 | ||||
Total | € | 5,000 | |||
The Company has fully and unconditionally guaranteed all of BMS Ireland Capital Funding Designated Activity Company's obligations under the 2025 Senior Unsecured Notes on a senior unsecured basis and no other subsidiary of the Company will guarantee these obligations. BMS Ireland Capital Funding Designated Activity Company is a “finance subsidiary” as defined in Rule 13-01(a)(4)(vi) of Regulation S-X of the Exchange Act, with no assets or operations other than those related to the issuance, administration and repayment of the 2025 Senior Unsecured Notes. The financial condition, results of operations and cash flows of BMS Ireland Capital Funding Designated Activity Company are consolidated in the financial statements of the Company. The net cash proceeds from the offering were used to fund the repurchase of certain other notes and pay fees and expenses in connection with the offering.
In November and December 2025, the Company repurchased certain debt obligations with interest rates ranging from 3.200% to 6.875% in a series of tender offers and "make whole" redemptions. The following summarizes the debt repurchase activity:
| Dollars in millions | 2025 | ||||
Principal Amount | $ | 8,739 | |||
Carrying Value | 8,712 | ||||
Debt redemption price | 9,068 | ||||
Loss on debt redemption(a) | 356 | ||||
(a) Recorded in Other (income)/expense, net during 2025.
In 2024, BMS issued an aggregate principal amount of $13.0 billion of senior unsecured notes ("2024 Senior Unsecured Notes"), with proceeds, net of discount and loan issuance costs, of $12.9 billion. The Company used the net proceeds from this offering to partially fund the acquisitions of RayzeBio and Karuna (see "—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements" for further information) and used the remaining net proceeds for general corporate purposes. In connection with the issuance of the 2024 Senior Unsecured Notes, the Company terminated the $10.0 billion 364-day senior unsecured delayed draw term loan facility, which was entered into in February 2024 to provide bridge financing for the RayzeBio and Karuna acquisitions.
In 2023, BMS issued an aggregate principal amount of $4.5 billion of fixed rate unsecured senior notes. The Company used the net proceeds of the offering to finance the acquisition of Mirati in January 2024 and for other general corporate purposes.
The notes rank equally in right of payment with all of BMS’s existing and future senior unsecured indebtedness and, other than the floating rate notes, are redeemable at any time, in whole, or in part, at varying specified redemption prices plus accrued and unpaid interest.
Repayment of notes at maturity aggregated $1.9 billion in 2025, $2.9 billion in 2024 and $3.9 billion in 2023. Interest payments were $2.1 billion in 2025, $1.8 billion in 2024 and $1.2 billion in 2023.
The aggregate maturities of long-term debt for each of the next five years are as follows: $2.0 billion in 2026; $2.0 billion in 2027; $544 million in 2028; $2.2 billion in 2029; and $2.1 billion in 2030. Interest payments related to long-term debt for each of the next five years are as follows: $1.8 billion in 2026; $1.7 billion in 2027; $1.7 billion in 2028; $1.6 billion in 2029; and $1.6 billion in 2030.
Credit Facilities
As of December 31, 2025, BMS had a five-year $5.0 billion revolving credit facility expiring in January 2030, extendable annually by one year with the consent of the lenders. In January 2026, we extended the credit facility to January 2031. In February 2024, BMS entered into a $2.0 billion 364-day revolving credit facility, which expired in January 2025. The facilities provide for customary terms and conditions with no financial covenants and are used to provide backup liquidity for our commercial paper borrowings. No borrowings were outstanding under the revolving credit facilities as of December 31, 2025 or 2024.
Available financial guarantees provided in the form of bank overdraft facilities, stand-by letters of credit and performance bonds were $1.3 billion as of December 31, 2025. Stand-by letters of credit and guarantees are issued through financial institutions in support of various obligations, including sale of products to hospitals and foreign ministries of health, bonds for customs, and duties and VAT.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
| 2023 | Feb 13, 2024 | |
| 2022 | Feb 14, 2023 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.