What explains BMY's fluctuating other fees in 2024?

Bristol-Myers Squibb's (BMY) other fees have experienced fluctuations in 2024 due to several factors:

1. **Strategic Acquisitions**: The company has been involved in significant strategic acquisitions, including those of Karuna Therapeutics, RayzeBio, Mirati Therapeutics, and SystImmune. These transactions likely led to temporary fluctuations in other fees as the companies integrated their operations and systems.
2. **Revenue Growth**: BMY's revenue has shown growth, with reported revenues of $11.9 billion in Q1 2024, up 5% year-over-year. This growth could be attributed to the performance of its Growth Portfolio and the drug Eliquis. As revenue increases, other fees, which are often a percentage of revenue, may also fluctuate.
3. **Geographical Expansion**: BMY has a strategic focus on the U.S. market, with approximately 70% of total sales coming from this region. Any changes in the economic or regulatory environment in the U.S. could impact other fees associated with international operations.
4. **Financial Performance**: The company's net income and profit margin have shown fluctuations, with a reported GAAP net loss of $11.9 billion in Q1 2024, significantly below the estimated net loss of $8.923 billion. This discrepancy could be due to factors such as cost management, investments in research and development, or one-time events like asset impairments or restructuring charges.
5. **Earnings Estimates and Guidance**: BMY's earnings per share (EPS) and revenue have exceeded analyst estimates in some quarters, such as Q2 2024, where EPS was $2.07 compared to the estimated $1.63. However, in other quarters, the company's EPS has fallen short of expectations, as seen in Q3 2024, where EPS was $0.60, down from $0.94 in the previous quarter. These variations in earnings can influence other fees, such as those related to performance-based contracts or bonuses.

In summary, BMY's fluctuating other fees in 2024 are primarily due to strategic acquisitions, revenue growth, geographical expansion, financial performance, and earnings estimates. These factors can directly or indirectly impact the company's other fees, leading to variations in reported figures.