CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Net earnings/(loss)	$ 5,994	$ 3,775
Adjustments to reconcile net earnings/(loss) to net cash provided by operating activities:
Depreciation and amortization, net	1,188	2,023
Deferred income taxes	(34)	(214)
Stock-based compensation	281	281
Impairment charges	834	318
Divestiture gains and royalties	(176)	(585)
Acquired IPRD	94	1,695
Equity investment (gains)/losses, net	(248)	100
Contingent consideration fair value adjustments	0	336
Other adjustments	22	(2)
Changes in operating assets and liabilities:
Receivables	504	(469)
Inventories	(22)	(165)
Accounts payable	380	(72)
Rebates and discounts	(3,135)	254
Income taxes payable	(335)	(567)
Other	(850)	(837)
Net cash provided by operating activities	4,497	5,871
Cash Flows From Investing Activities:
Sale and maturities of marketable debt securities	964	744
Purchase of marketable debt securities	(2,851)	(1,257)
Proceeds from sales of equity investments	429	12
Capital expenditures	(652)	(621)
Divestiture and other proceeds	521	513
Acquisition and other payments, net of cash acquired	(156)	(363)
Net cash provided by/(used in) investing activities	(1,745)	(972)
Cash Flows From Financing Activities:
Other short-term financing obligations, net	191	426
Repayments of long-term debt	(1,720)	(643)
Dividends	(2,570)	(2,520)
Stock option proceeds and other, net	(91)	(92)
Net cash provided by/(used in) financing activities	(4,190)	(2,829)
Effect of exchange rates on cash, cash equivalents and restricted cash	(58)	194
Increase/(decrease) in cash, cash equivalents and restricted cash	(1,496)	2,264
Cash, cash equivalents and restricted cash at beginning of period	10,218	10,347
Cash, cash equivalents and restricted cash at end of period	$ 8,722	$ 12,611

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 8,722	$ 10,209
Marketable debt securities	2,345	464
Receivables	10,553	11,414
Inventories	2,737	2,690
Other current assets	4,222	4,613
Total Current assets	28,579	29,390
Property, plant and equipment	7,791	7,543
Goodwill	21,740	21,754
Other intangible assets	17,387	19,103
Deferred income taxes	5,362	5,378
Marketable debt securities	397	396
Other non-current assets	6,378	6,474
Total Assets	87,634	90,038
Current liabilities:
Short-term debt obligations	1,027	2,261
Accounts payable	4,158	3,575
Other current liabilities	13,474	17,581
Total Current liabilities	18,659	23,417
Deferred income taxes	222	222
Long-term debt	42,093	42,850
Other non-current liabilities	4,341	5,043
Total Liabilities	65,315	71,533
Commitments and Contingencies (see Note 18)
BMS Shareholders’ equity:
Preferred stock	0	0
Common stock	292	292
Capital in excess of par value of stock	46,504	46,387
Accumulated other comprehensive loss	(1,290)	(1,524)
Retained earnings	20,316	16,896
Less cost of treasury stock	(43,504)	(43,579)
Total BMS Shareholders’ equity	22,319	18,473
Noncontrolling interest	0	33
Total Equity	22,319	18,506
Total Liabilities and Equity	$ 87,634	$ 90,038