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 $1.8 billion incurred to date. The remaining charges consist primarily of site exit costs, including impairment and accelerated depreciation of property, plant and equipment, and employee termination costs.

Restructuring and integration plans were initiated to realize expected cost synergies resulting from cost savings and avoidance from acquisitions. For these plans, the remaining charges of approximately $90 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.


	Year Ended December 31,
Dollars in millions	2025		2024		2023
2023 Restructuring Plan	$	747	$	603	$	442
Other Acquisition Plans	179		528		335
Total charges	$	926	$	1,131	$	777

Employee termination costs	$	548	$	623	$	350
Other termination costs	15		12		15
Provision for restructuring	563		635		365
Integration expenses	147		284		242
Accelerated depreciation	44		76		42
Asset impairments	161		103		126
Other shutdown costs, net	12		33		2
Total charges	$	926	$	1,131	$	777

Cost of products sold	$	127	$	113	$	64
Selling, general and administrative	43		50		94
Research and development	56		49		12
Other (income)/expense, net	701		919		607
Total charges	$	926	$	1,131	$	777


	Year Ended December 31,
Dollars in millions	2025		2024
Beginning balance	$	297	$	188
Provision for restructuring	563		635
Payments	(558)		(520)
Foreign currency translation and other	12		(6)
Ending balance	$	315	$	297