BRISTOL MYERS SQUIBB COBMY

BRISTOL MYERS SQUIBB CO Goodwill & Intangibles Disclosure

10-KFiled Feb 11, 20263 min read
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill

The changes in the carrying amounts in Goodwill were as follows:
December 31,
Dollars in millions20252024
Beginning balance
$21,719 $21,169 
Acquisitions (Note 4)
— 580 
Currency translation and other adjustments36 (30)
Ending balance$21,754 $21,719 
    

Other Intangible Assets

Other intangible assets consisted of the following:
December 31,
Estimated
Useful Lives		20252024
Dollars in millionsGross carrying amountsAccumulated amortizationOther intangible assets, net Gross carrying amountsAccumulated amortizationOther intangible assets, net
R&D technology
6 years
$1,980 $(605)$1,375 $1,980 $(275)$1,705 
Acquired marketed product rights
3 – 17 years
61,385 (51,646)9,739 61,876 (48,659)13,217 
Capitalized software
3 – 10 years
1,453 (1,064)389 1,499 (1,099)400 
IPRD
7,600 — 7,600 7,985 — 7,985 
Total $72,418 $(53,315)$19,103 $73,340 $(50,033)$23,307 


In 2023, BMS agreed to pay $400 million to the former shareholders of Impact Biomedicines to extinguish all remaining contingent milestone obligations, which was recorded to Acquired marketed product rights for Inrebic in the amount of $511 million (after establishing the applicable deferred tax liability). The $400 million was paid in January 2024.

Amortization expense of Other intangible assets was $3.5 billion in 2025, $9.0 billion in 2024 and $9.2 billion in 2023. Future annual amortization expense of Other intangible assets is expected to be approximately $1.9 billion in 2026, $1.8 billion in 2027, $1.8 billion in 2028, $1.7 billion in 2029 and $1.3 billion in 2030.

Other intangible asset impairments were $949 million in 2025, $2.9 billion in 2024 and $136 million in 2023.

Other intangible asset impairments includes the following:

Acquired marketed product rights

In 2025, a $564 million impairment charge was recorded in Cost of products sold, representing a partial impairment of Augtyro. The impairment was a result of lower revised cash flow projections due to evolving commercial opportunities.

In 2024, $1.8 billion of impairment charges were recorded in Cost of products sold, representing partial impairments of Augtyro ($1.4 billion) and Inrebic ($280 million) as well as a full impairment of Abecma ($122 million). The impairments were a result of lower revised cash flow projections due to evolving commercial opportunities and competitive landscapes.

IPRD

In 2025, $385 million of IPRD impairment charges were recorded in Research and development expense. The charges reflect a full write-down of an oncology asset due to pipeline reprioritization and a partial write-down of a separate oncology asset resulting from revised cash flow projections.

In 2024, a $390 million IPRD impairment charge was recorded in Research and development expense following a decision to discontinue development of an investigational compound in connection with the prioritization of pipeline opportunities. The compound was being studied as a potential treatment for immunologic diseases and was acquired in the acquisition of Celgene. The IPRD impairment charge represented a full write-down of the asset.
Additionally, in 2024, a $590 million IPRD impairment charge for alnuctamab was recorded in Research and development expense in connection with portfolio prioritization. Alnuctamab was being studied as a potential treatment for hematologic diseases and was obtained in the acquisition of Celgene. The charge represented a full write-down of the asset.

Historical Timeline

Fiscal YearFiled
2025Feb 11, 2026Showing above
2024Feb 12, 2025
2023Feb 13, 2024
2022Feb 14, 2023
2021Feb 9, 2022
2020Feb 10, 2021
2019Feb 24, 2020
2018Feb 25, 2019
2017Feb 13, 2018
2016Feb 21, 2017
2015Feb 12, 2016

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Other Available Disclosures

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