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 $1.4 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.

Restructuring and integration plans were initiated to realize expected cost synergies resulting from cost savings and avoidance from the acquisitions of Celgene (2019), Mirati (2024), RayzeBio (2024), Karuna (2024) and 2seventy bio (2025). For these plans, the remaining charges of approximately $150 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.


	Three Months Ended June 30,				Six Months Ended June 30,
Dollars in millions	2025		2024		2025		2024
2023 Restructuring Plan	$	231	$	264	$	374	$	332
Celgene and Other Acquisition Plans	48		93		95		337
Total charges	$	279	$	357	$	469	$	669

Employee termination costs	$	220	$	260	$	352	$	477
Other termination costs	3		—		4		3
Provision for restructuring	223		260		356		480
Integration expenses	32		74		74		145
Accelerated depreciation	12		20		27		34
Asset impairments	10		—		18		2
Other shutdown costs, net	2		3		(5)		8
Total charges	$	279	$	357	$	469	$	669

Cost of products sold	$	3	$	3	$	5	$	17
Selling, general and administrative	3		6		5		12
Research and development	18		14		39		15
Other (income)/expense, net	255		334		421		625
Total charges	$	279	$	357	$	469	$	669


	Six Months Ended June 30,
Dollars in millions	2025		2024
Beginning balance	$	297	$	188
Provision for restructuring	356		480
Payments	(310)		(234)
Foreign currency translation and other	10		(3)
Ending balance	$	353	$	431