Bristol Myers Squibb (BMY) as of March 31, 2026 presents a deeply negative liquidation recovery posture for equity, consistent with MFFAIS estimates showing a cash liquidation value of approximately -$53.5B and operating liquidation value of approximately -$42.8B. The balance sheet is dominated by intangible assets and goodwill that carry zero recovery under liquidation assumptions, while the liability stack remains at face value and is substantial. Total assets of $86.5B are reduced to a fraction of that under liquidation haircuts: cash and equivalents of $9.6B recover at par; AR gross of $8.9B recovers at roughly $8.0-8.4B at a 90-95% haircut; inventory of $2.8B current plus $1.5B noncurrent totaling $4.3B recovers at roughly $2.6B at 60%; PP&E net of $7.7B recovers at roughly $3.8-5.4B at 50-70%; intangible assets net of $18.2B recover at zero; goodwill of $21.7B recovers at zero; deferred tax assets of $5.2B recover at zero in liquidation. Against this, total liabilities stand at $66.4B at face value, including long-term debt (noncurrent) of $42.2B, short-term debt of $2.3B, lease obligations of $2.0B combined current and noncurrent, and other current liabilities of $12.6B. The asymmetry between haircut assets and face-value liabilities produces a large negative recovery. The primary drivers of the negative position are the $21.7B goodwill and $18.2B net intangible assets (against $72.0B gross, with $53.8B accumulated amortization) that are worthless in liquidation, combined with $44.5B total debt at face value (short-term plus long-term). Notable this period: the company carried a $410M IPRD impairment charge within R&D expense, representing a partial write-down of pipeline assets already carried at cost; the Pomalyst intangible was fully amortized in Q4 2025 reducing amortization run-rate by approximately $393M per quarter. Net debt position per management's own disclosure is -$33.6B versus -$34.0B at year-end, a modest $436M improvement driven by $1.1B operating cash flow partially offset by $1.3B dividends and $500M debt repayment. No prior filing provided for direct QoQ balance sheet comparison.
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