BMS enters into collaboration arrangements with third parties for the development and commercialization of certain products. Although each of these arrangements is unique in nature, both parties are active participants in the operating activities of the collaboration and exposed to significant risks and rewards depending on the commercial success of the activities. BMS refers to these collaborations as alliances, and its partners as alliance partners.

Selected financial information pertaining to alliances was as follows, including net product sales when BMS is the principal in the third-party customer sale for products subject to the alliance. Expenses summarized below do not include all amounts attributed to the activities for the products in the alliance, but only the payments between the alliance partners or the related amortization if the payments were deferred or capitalized.


	Three Months Ended June 30,				Six Months Ended June 30,
Dollars in millions	2026		2025		2026		2025
Revenues from alliances:
Net product sales	$	4,485	$	3,720	$	8,633	$	7,355
Alliance revenues	104		119		198		208
Total alliance revenues	$	4,588	$	3,840	$	8,831	$	7,563

Payments to/(from) alliance partners:
Cost of products sold	$	2,206	$	1,827	$	4,272	$	3,615
Selling, general and administrative	(85)		(68)		(151)		(133)
Research and development	81		75		152		151
Acquired IPRD	—		1,500		—		1,500
Other (income)/expense, net	(12)		(10)		(24)		(22)


Dollars in millions	June 30, 2026		December 31, 2025
Selected alliance balance sheet information:
Receivables – from alliance partners	$	185	$	198
Accounts payable – to alliance partners	2,190		1,684
Deferred income – from alliances(a)	156		175

(a) Includes unamortized upfront and milestone payments.

The nature, purpose, significant rights and obligations of the parties and specific accounting policy elections for each of the Company's significant alliances are discussed in the 2025 Form 10-K. Significant developments and updates related to alliances during the six months ended June 30, 2026 and 2025 are set forth below.

In June 2025, BMS and BioNTech entered into a global strategic collaboration for the co-development and co-commercialization of pumitamig (BNT327/BMS986545), a bispecific antibody targeting PD-L1 and VEGF-A, which is currently being evaluated in several indications, including in CRC, ES-SCLC, NSCLC and TNBC. The companies will jointly develop and commercialize pumitamig as monotherapy and in combination with other assets. Both companies also have the right to independently develop pumitamig in further indications and combinations, including combinations of pumitamig with proprietary pipeline assets. Subject to certain exceptions, BMS and BioNTech will share equally in global profits and losses.

BMS made an upfront payment to BioNTech of $1.5 billion during the third quarter of 2025, which was recorded as Acquired IPRD during the three months ended June 30, 2025. BioNTech will also receive $2.0 billion in aggregate of anniversary payments, which will be payable beginning in the third quarter of 2026 through 2028, provided that there is no prior termination of the agreement by BMS, and up to $7.6 billion of contingent development, regulatory and sales-based milestones.