8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________

FORM 8-K

_____________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 27, 2023

_____________________________

BRISTOL-MYERS SQUIBB COMPANY

(Exact name of registrant as specified in its charter)

_____________________________

Delaware	001-01136	22-0790350
(State or other jurisdiction of<br>incorporation or organization)	(Commission File Number)	(I.R.S Employer<br>Identification No.)

Route 206 & Province Line Road, Princeton, New Jersey 08543

(Address of principal executive offices) (Zip Code)

(Registrant’s telephone number, including area code): (609) 252-4621

430 E. 29th Street, 14th Floor, New York, New York 10016

(Former address, if changes since last report)

_____________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.10 Par Value	BMY	New York Stock Exchange
1.000% Notes due 2025	BMY25	New York Stock Exchange
1.750% Notes due 2035	BMY35	New York Stock Exchange
Celgene Contingent Value Rights	CELG RT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 27, 2023, Bristol-Myers Squibb Company (the “Company”) issued a press release (the “Earnings Press Release”) announcing its financial results for the second quarter of 2023. A copy of the Earnings Press Release is furnished pursuant to this Item 2.02 as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein in its entirety.

Item 7.01 Regulation FD Disclosure.

On July 27, 2023, the Company posted on its website at www.bms.com a presentation (the “Bristol Myers Presentation”) on certain financial and operating initiatives available for viewing during the Company’s conference call and webcast announcing its financial results for the second quarter of 2023 at 8:00 a.m. Eastern time on July 27, 2023. A copy of the Bristol Myers Presentation is furnished pursuant to this Item 7.01 as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. The Earnings Press Release and the Bristol Myers Presentation include references to non-GAAP financial information. Reconciliations between the non-GAAP financial measures and the comparable GAAP financial measures and the reasons for the presentation of such non-GAAP financial measures, are available in the Earnings Press Release which is included as Exhibit 99.1 hereto. The Bristol Myers Presentation should be read in conjunction with the Earnings Press Release. The Company reserves the right to discontinue availability of the Bristol Myers Presentation from its website at any time.

Pursuant to General Instruction B.2. to Form 8-K, the information set forth in this Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities thereof, nor shall it be incorporated by reference into future filings by the Company under the Exchange Act or under the Securities Act of 1933, as amended, except to the extent specifically provided in any such filing. Additionally, the submission of the information set forth in this Item 7.01 is not deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely by Regulation FD.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are furnished as part of this Current Report on Form 8-K:

Exhibit<br>No.	Description
99.1	Press release of Bristol-Myers Squibb Company dated July 27, 2023.
99.2	Presentation Materials of Bristol-Myers Squibb Company dated July 27, 2023.
104	The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).

EXHIBIT INDEX

Exhibit<br>No.	Description
99.1	Press release of Bristol-Myers Squibb Company dated July 27, 2023.
99.2	Presentation Materials of Bristol-Myers Squibb Company dated July 27, 2023.
104	The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BRISTOL-MYERS SQUIBB COMPANY
Dated: July 27, 2023	By:	/s/ Kimberly M. Jablonski
	Name:	Kimberly M. Jablonski
	Title:	Corporate Secretary

Document

Exhibit 99.1

Bristol Myers Squibb Reports Second Quarter Financial Results for 2023

•Reports Second Quarter Revenues of $11.2 Billion

•Posts Second Quarter GAAP Earnings Per Share of $0.99 and Non-GAAP EPS of $1.75; Includes Net Impact of ($0.05) Per Share for GAAP and Non-GAAP EPS Due to Acquired IPRD Charges and Licensing Income

•Reports Second Quarter Revenue Growth for In-Line Products and New Product Portfolio of 4%

•Progresses Portfolio and Pipeline with Significant Regulatory and Clinical Milestones Achieved

•Revises Outlook for Total Revenues to Low Single-Digit Decline, GAAP EPS to $3.72-$4.02, and Non-GAAP EPS to $7.35-$7.65 Due to Lower Expected Revenues for Revlimid and Pomalyst

•Reaffirms 2020-2025 Financial Targets

•Announces $4 Billion Accelerated Share Repurchase Agreement to be Executed During the Third Quarter of 2023

(PRINCETON, N.J., July 27, 2023) – Bristol Myers Squibb (NYSE:BMY) today reports results for the second quarter of 2023, which reflect continued execution against our strategic priorities.

“This was an important quarter for Bristol Myers Squibb,” said Giovanni Caforio, M.D., board chair and chief executive officer, Bristol Myers Squibb. “We saw a more rapid than expected decline in Revlimid sales in the quarter, which led to a revision of our financial guidance for the year. Importantly, we continued to advance the renewal and diversification of our portfolio, delivered strong performance across our key in-line products and new product portfolio, while continuing to advance our pipeline. I am confident in our ability to drive future growth and innovation while carrying out our mission to help patients prevail over serious diseases.”

amounts in millions, except per share amounts	2022	Change		Change Excl. F/X**
Total Revenues	$11,887	(6)	%	(5)	%
Earnings per share - GAAP*	0.66	50	%	N/A
Earnings per share - Non-GAAP*	1.93	(9)	%	N/A
* GAAP and non-GAAP earnings per share include the net impact of Acquired IPRD charges and licensing income of (0.05) during the second quarter of 2023 compared to (0.14) per share in the second quarter of 2022.
** See "Use of Non-GAAP Financial Information".

All values are in US Dollars.

SECOND QUARTER FINANCIAL RESULTS

All comparisons are made versus the same period in 2022 unless otherwise stated.

•Bristol Myers Squibb posted second quarter revenues of $11.2 billion, a decline of 6%, or 5% when adjusted for foreign exchange, due to lower sales of Revlimid, partially offset by in-line products and our new product portfolio.

•U.S. revenues decreased 5% to $7.9 billion in the quarter primarily due to lower sales of Revlimid resulting from generic erosion and an increase in the number of patients receiving free drug product for Revlimid, and to a lesser extent Pomalyst, from the Bristol Myers Squibb Patient Assistance Foundation, a separate and independent 501(c)(3) entity to which BMS donates products. This was partially offset by in-line products and our new product portfolio.

•International revenues decreased 8% to $3.3 billion in the quarter. When adjusted for foreign exchange impacts, international revenues decreased 6%, primarily due to Revlimid and Eliquis generic erosion and lower average net selling prices, partially offset by Opdivo and our new product portfolio.

•On a GAAP basis, gross margin decreased from 77.1% to 74.4% and on a non-GAAP basis, decreased from 78.3% to 75.0% primarily due to product mix.

•On a GAAP and non-GAAP basis, marketing, selling and administrative expenses increased 8% and 7%, respectively, to $1.9 billion in the quarter, primarily due to higher costs to support the acceleration of our portfolio, including the launch of new products.

•On a GAAP and non-GAAP basis, research and development expenses decreased 3% and 2%, respectively, to $2.3 billion in the quarter.

•On a GAAP and non-GAAP basis, Acquired IPRD decreased to $158 million in the quarter from $400 million in the same period a year ago. On a GAAP and non-GAAP basis, licensing income was $20 million in the quarter compared to $16 million in the same period a year ago.

•On a GAAP basis, amortization of acquired intangible assets decreased 7% to $2.3 billion in the quarter, primarily due to the Abraxane marketed product right being fully amortized in the fourth quarter of 2022.

•On a GAAP basis, income tax benefit was $218 million despite pre-tax earnings of $1.9 billion primarily due to the receipt of a non-U.S. tax ruling regarding the deductibility of a statutory impairment. On a non-GAAP basis, effective tax rate changed from 17.0% to 16.9%.

•The company reported net earnings attributable to Bristol Myers Squibb of $2.1 billion, or GAAP EPS of $0.99, in the second quarter, compared to $1.4 billion, or $0.66 per share, for the same period a year ago. In addition to the items discussed above, the higher GAAP EPS in the second quarter of 2023 also resulted from lower equity investments losses in the second quarter of 2023.

•The company reported non-GAAP net earnings attributable to Bristol Myers Squibb of $3.7 billion, or non-GAAP EPS of $1.75, in the second quarter, compared to non-GAAP net earnings of $4.2 billion, or non-GAAP EPS of $1.93 per share, for the same period a year ago.

•The EPS results in the second quarter of 2023 also include the impact of lower weighted-average common shares outstanding.

SECOND QUARTER PRODUCT REVENUE HIGHLIGHTS

($ amounts in millions)	Quarter Ended June 30, 2023						% Change from Quarter Ended June 30, 2022						% Change from Quarter Ended June 30, 2022 (Excl. F/X)**
	U.S.(c)		Int'l		WW(d)		U.S.(c)		Int'l		WW(d)		Int'l		WW(d)
In-Line Products
Eliquis	$	2,340	$	864	$	3,204	7	%	(17)	%	(1)	%	(17)	%	(1)	%
Opdivo	1,230		915		2,145		2	%	7	%	4	%	10	%	5	%
Pomalyst/Imnovid	570		277		847		(7)	%	(5)	%	(7)	%	(4)	%	(6)	%
Orencia	707		220		927		8	%	(1)	%	6	%	2	%	7	%
Sprycel	328		130		458		(12)	%	(24)	%	(16)	%	(22)	%	(15)	%
Yervoy	369		216		585		13	%	9	%	11	%	11	%	12	%
Mature and other products (a)	197		275		472		2	%	(14)	%	(8)	%	(12)	%	(7)	%
Total In-Line Products	5,741		2,897		8,638		3	%	(7)	%	—		(5)	%	—
New Product Portfolio
Reblozyl	179		55		234		24	%	96	%	36	%	93	%	35	%
Abecma	115		17		132		60	%	—		48	%	—		48	%
Opdualag	152		2		154		*		N/A		*		N/A		*
Zeposia	75		25		100		56	%	39	%	52	%	39	%	52	%
Breyanzi	83		17		100		*		*		*		*		*
Onureg	31		13		44		24	%	86	%	38	%	86	%	38	%
Inrebic	19		8		27		(5)	%	*		17	%	*		22	%
Camzyos	46		—		46		*		N/A		*		N/A		*
Sotyktu	24		1		25		N/A		N/A		N/A		N/A		N/A
Total New Product Portfolio	724		138		862		80	%	75	%	79	%	75	%	79	%
Total In-Line and New Product Portfolio	6,465		3,035		9,500		8	%	(5)	%	4	%	(3)	%	4	%
Recent LOE Products (b)
Revlimid	1,237		231		1,468		(42)	%	(38)	%	(41)	%	(36)	%	(41)	%
Abraxane	189		69		258		7	%	6	%	7	%	17	%	10	%
Total Recent LOE Products	1,426		300		1,726		(38)	%	(31)	%	(37)	%	(28)	%	(37)	%
Total Revenues	$	7,891	$	3,335	$	11,226	(5)	%	(8)	%	(6)	%	(6)	%	(5)	%

*    In excess of +100%

**     See "Use of Non-GAAP Financial Information".

(a)    Includes over-the-counter (OTC) products, royalty revenue and mature products.

(b)    Recent LOE Products includes products with significant expected decline in revenue from a prior reporting period as a result of a loss of exclusivity.

(c)    Includes Puerto Rico.

(d) Worldwide (WW) includes International (Int'l) and U.S.

SECOND QUARTER PRODUCT REVENUE HIGHLIGHTS

In-Line Products

Revenues for in-line products in the second quarter were $8.6 billion compared to $8.7 billion in the prior year period. In-line products revenue was largely driven by:

•Opdivo worldwide revenues increased 4%, or 5% when adjusted for foreign exchange. U.S. revenues increased 2% to $1.2 billion compared to the prior year period. International revenues were $915 million compared to $858 million in the prior year period, representing an increase of

7% primarily due to higher demand as a result of launches for additional indications and core indications, partially offset by foreign exchange impacts and lower average net selling prices. When adjusted for foreign exchange impacts, international revenues increased 10%.

•Eliquis worldwide revenues decreased 1% compared to the prior year period. U.S. revenues were $2.3 billion compared to $2.2 billion in the prior year period, representing an increase of 7% primarily due to higher demand, partially offset by GTN adjustments in 2023. International revenues were $864 million compared to $1.0 billion in the prior year period, representing a decrease of 17%, primarily driven by generic erosion in Canada and the U.K. as well as government pricing measures.

New Product Portfolio

•New product portfolio worldwide revenues increased to $862 million compared to $482 million in the prior year period representing a growth of 79%, primarily driven by higher demand across the portfolio, including for Opdualag, Reblozyl, Breyanzi, Abecma, Camzyos and Zeposia.

Recent LOE Products

•Revlimid worldwide revenues declined by 41% compared to the prior year period, reflecting more rapid decline in revenue in the second quarter of 2023 than expected, due to generic erosion and an increase in the number of patients receiving free drug product from the Bristol Myers Squibb Patient Assistance Foundation, a separate and independent 501(c)(3) entity to which the company donates products.

SECOND QUARTER PRODUCT AND PIPELINE UPDATE

Cardiovascular

Category		Asset		Milestone
Regulatory		Camzyos® (mavacamten)		The European Commission (EC) approved Camzyos, the first and only cardiac myosin inhibitor approved in the EU, for the treatment of symptomatic New York Heart Association class II-III obstructive hypertrophic cardiomyopathy (HCM) in adult patients. The approval is based upon results from two Phase 3 trials: EXPLORER-HCM and VALOR-HCM.
	Camzyos		The U.S. Food and Drug Administration (FDA) approved the supplemental New Drug Application to add positive data from the Phase 3 VALOR-HCM trial to the U.S. Prescribing Information for Camzyos. VALOR-HCM is the second Phase 3 trial in which Camzyos demonstrated significant improvement in symptoms of obstructive HCM.
milvexian	The company in collaboration with Janssen Pharmaceuticals, Inc., one of the Janssen Pharmaceutical Companies of Johnson and Johnson, was granted Fast Track Designation by the FDA for all three prospective indications for milvexian, an investigational oral factor XIa inhibitor. The designations cover all three indication-seeking studies within the Phase 3 Librexia development program (Librexia STROKE, Librexia ACS and Librexia AF), which are all dosing patients.
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Oncology

Category		Asset		Milestone
Regulatory		Opdivo® (nivolumab)		The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) recommended approval of Opdivo as a monotherapy for the adjuvant treatment of adults and adolescents 12 years of age and older with completely resected stage IIB or IIC melanoma. The EC will now review the CHMP recommendation.
	Opdivo		The EC approved Opdivo in combination with platinum-based chemotherapy for the neoadjuvant treatment of resectable non-small cell lung cancer (NSCLC) at a high risk of recurrence in adult patients with tumor cell PD-L1 expression ≥1%. The approval, which makes Opdivo with chemotherapy the first neoadjuvant immunotherapy-based treatment option approved for patients in the European Union in this setting, is based upon results from the Phase 3 CheckMate –816 trial.
	repotrectinib		The U.S. FDA accepted the New Drug Application for repotrectinib for the treatment of patients with ROS1-positive locally advanced or metastatic NSCLC. The acceptance was based on results from the Phase 1/2 TRIDENT-1 trial. The FDA has granted the application Priority Review and assigned a Prescription Drug User Fee Act (PDUFA) goal date of November 27, 2023.
Clinical & Research		Opdivo		The Phase 3 CheckMate -7DX trial, evaluating Opdivo in combination with docetaxel in patients with advanced or metastatic castration-resistant prostate cancer (mCRPC), did not meet the primary endpoints of radiographic progressive free survival (rPFS) at final analysis, nor overall survival (OS) at an interim analysis. No safety concerns were reported. Based on the recommendation from the data monitoring committee, BMS has decided to discontinue the study. The study team and the investigators will be unblinded, and patients will be managed according to standards of care as per the discussion between investigators and the patients.
	Opdivo		The sub-study of the Phase 3 CheckMate -901 trial met the dual primary endpoints of overall survival (OS) and progression-free survival (PFS) as assessed by Blinded Independent Central Review at final analysis. The sub-study results showed that Opdivo in combination with cisplatin-based chemotherapy followed by Opdivo monotherapy demonstrated statistically significant benefits in OS and PFS compared to standard-of-care cisplatin-based combinations as a first-line treatment for patients with unresectable or metastatic urothelial carcinoma who are eligible for cisplatin-based chemotherapy.
	Opdivo + Yervoy		Four-year follow-up results from the Phase 3 CheckMate -9LA trial demonstrated durable, long-term survival benefits with Opdivo plus Yervoy with two cycles of chemotherapy compared to four cycles of chemotherapy alone in previously untreated patients with metastatic non-small cell lung cancer.

Hematology

Category		Asset		Milestone
Regulatory		Breyanzi® (lisocabtagene maraleucel)		The EC approved Breyanzi for the treatment of adult patients with diffuse large B-cell lymphoma (DLBCL), high grade B-cell lymphoma (HGBCL), primary mediastinal large B-cell lymphoma (PMLBCL), and follicular lymphoma grade 3B (FL3B), who relapsed within 12 months from completion of, or are refractory to, first-line chemoimmunotherapy. The approval was based on results from the pivotal Phase 3 TRANSFORM clinical trial.
	Reblozyl® (luspatercept-aamt)		The FDA accepted the supplemental Biologics License Application for Reblozyl, a first-in-class treatment option, to expand its current indication to include treatment of anemia without previous use of erythropoiesis-stimulating agents (ESA-naïve) in adult patients with very low- to intermediate-risk myelodysplastic syndromes (MDS) who may require red blood cell transfusions. The FDA has granted the application Priority Review and assigned a PDUFA goal date of August 28, 2023.<br><br><br><br>In addition, the European Medicines Agency (EMA) validated the Type II Variation Application for Reblozyl to expand its current indication to include ESA-naïve treatment of anemia in adult patients with very low- to intermediate-risk MDS who may require red blood cell transfusions. The EMA’s validation confirms the submission is complete and begins the start of the EMA’s centralized review process. The submissions were based on results from the Phase 3 COMMANDS clinical trial. Japan’s Ministry of Health, Labour and Welfare accepted the New Drug Application for Reblozyl as a treatment of anemia in adult patients with MDS based on the MEDALIST trial, a Japan local Phase 2 trial, and the results of the COMMANDS clinical trial.
Clinical & Research		Breyanzi		Results from the primary analysis of two studies, TRANSCEND FL, an open-label, global, multicenter, Phase 2, single-arm study evaluating Breyanzi in patients with relapsed or refractory follicular lymphoma (FL) in the second-line and third-line plus setting, and the relapsed or refractory mantle cell lymphoma (MCL) cohort of TRANSCEND NHL 001, an open-label, multicenter, pivotal Phase 1, single-arm study evaluating Breyanzi in patients with relapsed or refractory B-cell non-Hodgkin lymphoma, including DLBCL, HGBCL, PMBCL, FL3B and MCL, showed deep and durable responses in both relapsed or refractory FL and MCL.
			Results from the primary analysis of the pivotal TRANSCEND CLL 004 trial, a Phase 1/2 open-label, single arm multicenter study evaluating Breyanzi in adults with relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma showed statistically significant complete response rates in 18.4% of patients in the primary efficacy analysis set. Among patients who achieved a complete response, no disease progression or deaths were observed, with median duration of response not reached.
Reblozyl	First results from the Phase 3 COMMANDS trial, an open-label, randomized trial evaluating Reblozyl versus epoetin alfa, an erythropoiesis-stimulating agent, for the treatment of anemia in adult patients with very low-, low- or intermediate-risk MDS who require red blood cell transfusions and are ESA-naïve demonstrated how nearly twice as many patients treated with Reblozyl achieved superior transfusion independence with concurrent hemoglobin increase versus epoetin alfa, as well as a durable response rate.
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Immunology

Category	Asset	Milestone
Clinical & Research	LPA1 antagonist BMS-986278	Results from the Phase 2 study evaluating BMS-986278, a potential first-in-class oral, lysophosphatidic acid receptor 1 (LPA1) antagonist in patients with idiopathic pulmonary fibrosis, showed 26 weeks of treatment with twice-daily 60mg dose reduced the rate of lung function decline. Data demonstrate the potential of BMS-986278 in pulmonary fibrosis and support progression into Phase 3.
	FIRST HALF
---	---	---	---	---	---	---
$ amounts in millions, except per share amounts	2023	2022	Change		Change Excl. F/X**
Total Revenues	$22,563	$23,535	(4)	%	(3)	%
Earnings per share - GAAP*	2.06	1.25	65	%	N/A
Earnings per share - Non-GAAP*	3.80	3.89	(2)	%	N/A
* GAAP and non-GAAP earnings per share include the net impact of Acquired IPRD charges and licensing income of (0.06) in the first half 2023 compared to (0.24) per share in the first half 2022.
** See "Use of Non-GAAP Financial Information".

FIRST HALF FINANCIAL RESULTS

All comparisons are made versus the same period in 2022 unless otherwise stated.

•Bristol Myers Squibb posted first half revenues of $22.6 billion, a decline of 4%, or 3% when adjusted for foreign exchange, primarily due to lower revenue for Revlimid.

•U.S. revenues remained consistent at $15.9 billion in the first half, primarily due to lower sales of Revlimid resulting from generic erosion and an increase in the number of patients receiving free drug product for Revlimid, and to a lesser extent, Pomalyst, from the Bristol Myers Squibb Patient Assistance Foundation, a separate and independent 501(c)(3) entity to which BMS donates products. This was offset by in-line products and our new product portfolio.

•International revenues decreased 12% to $6.6 billion in the first half. When adjusted for foreign exchange impacts, international revenues decreased 9%, primarily due to Revlimid and Eliquis generic erosion and lower average net selling prices, partially offset by Opdivo and our new product portfolio.

•On a GAAP basis, gross margin decreased from 77.9% to 75.9% and on a non-GAAP basis, decreased from 78.8% to 76.4%, primarily due to product mix.

•On a GAAP and non-GAAP basis, marketing, selling and administrative expenses increased 2% to $3.7 billion in the first half, primarily due to higher costs to support the acceleration of our portfolio, including the launch of new products.

•On a GAAP basis, research and development expenses remained consistent at $4.6 billion and on a non-GAAP basis increased 1% to $4.5 billion.

•On a GAAP and non-GAAP basis, Acquired IPRD decreased to $233 million in the first half of 2023 from $733 million in the same period a year ago. On a GAAP and non-GAAP basis, licensing income was $63 million in the first half of 2023 compared to $68 million in the same period a year ago.

•On a GAAP basis, amortization of acquired intangible assets decreased 7% to $4.5 billion in the first half, primarily due to the Abraxane marketed product right being fully amortized in the fourth quarter of 2022.

•The GAAP effective tax rate decreased from 25.6% to 6.2%, primarily due to the receipt of a non-U.S. tax ruling regarding the deductibility of a statutory impairment. On a non-GAAP basis, effective tax rate decreased from 16.4% to 16.2%.

•The company reported net earnings attributable to Bristol Myers Squibb of $4.3 billion, or GAAP EPS of $2.06, in the first half, compared to $2.7 billion, or $1.25 per share, for the same period a year ago. In addition to the items discussed above, the higher GAAP EPS in the first half of 2023 also resulted from lower equity investments losses, higher litigation and other settlements income in the first quarter of 2023 and a debt redemption charge in the same period a year ago.

•The company reported non-GAAP net earnings attributable to Bristol Myers Squibb of $8.0 billion, or non-GAAP EPS of $3.80, in the first half, compared to non-GAAP net earnings of $8.4 billion, or non-GAAP EPS of $3.89 per share, for the same period a year ago.

•The EPS results in the first half of 2023 also include the impact of lower weighted-average common shares outstanding.

FIRST HALF PRODUCT REVENUE HIGHLIGHTS

•

($ amounts in millions)	Six Months Ended June 30, 2023						% Change from Six Months Ended June 30, 2022						% Change from Six Months Ended June 30, 2022 (Excl. F/X)**
	U.S.(c)		Int'l		WW(d)		U.S.(c)		Int'l		WW(d)		Int'l		WW(d)
In-Line Products
Eliquis	$	4,894	$	1,733	$	6,627	13	%	(18)	%	3	%	(15)	%	4	%
Opdivo	2,520		1,827		4,347		9	%	9	%	9	%	14	%	11	%
Pomalyst/Imnovid	1,115		564		1,679		(5)	%	1	%	(3)	%	4	%	(2)	%
Orencia	1,269		422		1,691		2	%	—		1	%	6	%	3	%
Sprycel	623		264		887		(8)	%	(25)	%	(14)	%	(20)	%	(12)	%
Yervoy	683		410		1,093		7	%	2	%	5	%	7	%	7	%
Mature and other products (a)	379		560		939		1	%	(17)	%	(10)	%	(14)	%	(8)	%
Total In-Line Products	11,483		5,780		17,263		7	%	(7)	%	2	%	(3)	%	3	%
New Product Portfolio
Reblozyl	337		103		440		21	%	*		34	%	*		34	%
Abecma	233		46		279		82	%	64	%	79	%	68	%	79	%
Opdualag	268		3		271		*		N/A		*		N/A		*
Zeposia	127		51		178		84	%	55	%	75	%	58	%	75	%
Breyanzi	141		30		171		91	%	*		*		*		*
Onureg	56		22		78		27	%	100	%	42	%	*		44	%
Inrebic	36		16		52		3	%	*		27	%	*		29	%
Camzyos	75		—		75		*		N/A		*		N/A		*
Sotyktu	39		2		41		N/A		N/A		N/A		N/A		N/A
Total New Product Portfolio	1,312		273		1,585		89	%	99	%	91	%	*		91	%
Total In-Line and New Product Portfolio	12,795		6,053		18,848		12	%	(4)	%	6	%	(1)	%	7	%
Recent LOE Products (b)
Revlimid	2,778		440		3,218		(33)	%	(61)	%	(39)	%	(59)	%	(39)	%
Abraxane	351		146		497		1	%	38	%	9	%	50	%	12	%
Total Recent LOE Products	3,129		586		3,715		(31)	%	(53)	%	(35)	%	(50)	%	(35)	%
Total Revenues	$	15,924	$	6,639	$	22,563	—		(12)	%	(4)	%	(9)	%	(3)	%

*In excess of +100%

**     See "Use of Non-GAAP Financial Information".

(a)    Includes over-the-counter (OTC) products, royalty revenue and mature products.

(b)    Recent LOE Products includes products with significant expected decline in revenue from a prior reporting period as a result of a loss of exclusivity.

(c)    Includes Puerto Rico.

(d) Worldwide (WW) includes International (Int'l) and U.S.

FIRST HALF PRODUCT REVENUE HIGHLIGHTS

In-Line Products

•Revenues for in-line products in the first half were $17.3 billion compared to $17.0 billion in the prior year period. In-line products revenue was largely driven by:

•Opdivo worldwide revenues increased 9%, or 11% when adjusted for foreign exchange. U.S. revenues were $2.5 billion compared to $2.3 billion in the prior year period, representing an increase of 9% due to higher demand across multiple indications, partially offset by declining second-line eligibility across tumor indications. The higher demand was related to the following indications: the Opdivo+Yervoy combinations for non-small cell lung cancer, and various gastric cancers, and adjuvant bladder cancer. International revenues were $1.8 billion compared to $1.7 billion in the prior year period, representing an increase of 9% primarily due to higher demand as a result of launches for additional indications and core indications, partially offset by foreign exchange impacts and lower average net selling prices. When adjusted for foreign exchange impacts, international revenues increased 14%.

•Eliquis worldwide revenues increased 3% compared to the prior year period. U.S. revenues were $4.9 billion compared to $4.3 billion in the prior year period, representing an increase of 13% primarily due to higher demand. International revenues were $1.7 billion compared to $2.1 billion in the prior year period, representing a decrease of 18%, primarily driven by generic erosion in the U.K. and Canada. When adjusted for foreign exchange impacts, international revenues decreased 15%.

New Product Portfolio

•New product portfolio worldwide revenues increased to $1.6 billion compared to $832 million in the prior year period representing a growth of 91%, primarily driven by higher demand across the portfolio, including Opdualag, Abecma, Reblozyl, Breyanzi, Zeposia and Camzyos.

Recent LOE Products

•Revlimid worldwide revenues declined by 39% compared to the prior year period, reflecting more rapid decline in revenue in the second quarter of 2023 than expected, due to generic erosion and an increase in the number of patients receiving free drug product from the Bristol Myers Squibb Patient Assistance Foundation, a separate and independent 501(c)(3) entity to which the company donates products.

Environmental, Social & Governance (ESG)

As a leading biopharmaceutical company, we understand our responsibility extends well beyond the discovery, development, and delivery of innovative medicines. Our evolving Environmental, Social, and Governance (ESG) strategy builds on a legacy of comprehensive and global sustainability efforts. To learn more about our priorities and goals, please visit our latest ESG report.

Capital Allocation

The company maintains a balanced approach to capital allocation focused on prioritizing investment for growth through business development, reducing debt, growing the dividend and opportunistic share repurchases. Dividend decisions are subject to Board of Directors approval.

•Today, the company is announcing a $4 billion accelerated share repurchase program, which is expected to be executed during the third quarter of 2023.

Financial Guidance

Bristol Myers Squibb is revising its 2023 guidance as follows:

•Adjusting outlook for total revenues and GAAP and non-GAAP EPS primarily due to lower than expected sales of Revlimid, and to a lesser extent, Pomalyst.

◦Revenues from Revlimid are now expected to be approximately $5.5 billion.

•GAAP EPS guidance also reflects higher tax benefits resulting from a non-U.S. tax ruling.

Key 2023 GAAP and non-GAAP line-item guidance assumptions are:

		U.S. GAAP		Non-GAAP2
	April<br>(Prior)
Total Revenues<br><br>(as reported)		~ 2% increase	Low single digit decline	~ 2% increase	Low single digit decline
Total Revenues<br><br>(excl. F/X)		~ 2% increase	Low single digit decline	~ 2% increase	Low single digit decline
Revlimid		~ 6.5 billion	~ 5.5 billion	~ 6.5 billion	~ $5.5 billion
Gross Margin %		~ 77%	~76%	~ 77%	~76%
Operating Expenses1		Mid single-digit decline	Low single digit decline	Low single-digit decline	Low single digit decline (No change)
Tax Rate		~ 21%	~ 16%	~ 17%	~ 17.5%
Diluted EPS		4.10 - 4.40	3.72-4.02	7.95 - 8.25	$7.35 - $7.65

All values are in US Dollars.

1 Operating Expenses = MS&A and R&D, excluding Acquired IPRD and Amortization of acquired intangible assets.

2 See "Use of Non-GAAP Financial Information."

The 2023 financial guidance excludes the impact of any potential future strategic acquisitions and divestitures, and any specified items that have not yet been identified and quantified and the impact of future Acquired IPRD charges. To the extent we have quantified the impact of significant R&D charges or other income resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights, we may update this information from time to time on our website www.bms.com, in the "Investors" section. GAAP and non-GAAP guidance assume current exchange rates. The 2023 non-GAAP EPS guidance is further explained under “Use of Non-GAAP Financial Information.” The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.

Reaffirms 2020-2025 Financial Targets

The company is reaffirming its previously communicated 2020-2025 targets:

•Expects low- to mid single-digit revenue CAGR at constant exchange rates.

•Expects low double-digit revenue CAGR for our in-line and new product portfolio at constant exchange rates, with $8-$10 billion growth from in-line brands and $10-$13 billion in 2025 from our new product portfolio.

•Expects to maintain at least 40% non-GAAP operating margin.

This financial guidance excludes the impact of any potential future strategic acquisitions and divestitures, as well as any specified items as discussed under “Use of Non-GAAP Financial Information.” There are no reliable or reasonably estimable comparable GAAP measures for the

non-GAAP financial guidance contained herein. See "Use of Non-GAAP Financial Information." The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.

Conference Call Information

Bristol Myers Squibb will host a conference call today, Thursday, July 27, 2023, at 8:00 a.m. ET during which company executives will review the quarterly financial results and address inquiries from investors and analysts. Investors and the general public are invited to listen to a live webcast of the call at http://investor.bms.com.

Investors and the public can access the live conference call by registering in advance here. Those unable to register can access the live conference call by dialing in the U.S. toll-free 1-866-777-2509 or international +1 412-317-5413. Materials related to the call will be available at http://investor.bms.com prior to the start of the conference call.

A replay of the webcast will be available at http://investor.bms.com approximately three hours after the conference call concludes. A replay of the conference call will be available beginning at 11:30 a.m. ET on July 27 through 11:30 a.m. ET on August 10, 2023, by dialing in the U.S. toll free 1-877-344-7529 or international +1 412-317-0088, confirmation code: 7900147.

About Bristol Myers Squibb

Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube, Facebook, and Instagram.

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For more information, contact:

Media: media@bms.com

Investor Relations: investor.relations@bms.com

Use of Non-GAAP Financial Information

In discussing financial results and guidance, the company refers to financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP and are presented

because management has evaluated the company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the non-GAAP financial measures presented portray the results of the company's baseline performance, supplement or enhance management, analysts and investors overall understanding of the company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. In addition, non-GAAP gross margin, which is gross profit excluding certain specified items, as a percentage of revenues, non-GAAP operating margin, which is gross profit less marketing, selling and administrative expenses and research and development expense excluding certain specified items as a percentage of revenues, non-GAAP operating expenses, which is marketing, selling and administrative and research and development expenses excluding certain specified items, non-GAAP marketing, selling and administrative expenses, which is marketing, selling and administrative expense excluding certain specified items, and non-GAAP research and development expenses, which is research and development expenses excluding certain specified items, are relevant and useful for investors because they allow investors to view performance in a manner similar to the method used by our management and make it easier for investors, analysts and peers to compare our operating performance to other companies in our industry and to compare our year-over-year results.

This earnings release and the accompanying tables also provide certain revenues and expenses as well as non-GAAP measures excluding the impact of foreign exchange ("Ex-Fx"). We calculate foreign exchange impacts by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results. Ex-Fx financial measures are not accounted for according to GAAP because they remove the effects of currency movements from GAAP results.

Non-GAAP financial measures such as non-GAAP earnings and related EPS information are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded from non-GAAP earnings and related EPS information because the company believes they neither relate to the ordinary course of the company’s business nor reflect the company’s underlying business performance. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods, including amortization of acquired intangible assets, including product rights that generate a significant portion of our ongoing revenue and will recur until the intangible assets are fully amortized, unwind of inventory purchase price adjustments, acquisition and integration expenses, restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, costs of acquiring a priority review voucher, divestiture gains or losses, stock compensation resulting from acquisition-related equity awards, pension, legal and other contractual settlement charges, equity investment and contingent value rights fair value adjustments (including fair value adjustments attributed to limited partnership equity method investments), income resulting from the change in control of the Nimbus Therapeutics TYK2 Program and amortization of fair value adjustments of debt acquired from Celgene in our 2019 exchange offer, among other items. Deferred and current income taxes attributed to these items are also adjusted for considering their individual impact to the overall tax expense, deductibility and jurisdictional tax rates. Certain other significant tax items are also excluded such as the impact resulting from a non-U.S. tax ruling regarding the deductibility of a statutory impairment of subsidiary investments.

Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related financial measures presented in the press release that are prepared in accordance with GAAP and may not be the same as or comparable to similarly titled measures presented by

other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

Reconciliations of the non-GAAP financial measures to the most comparable GAAP measures are provided in the accompanying financial tables and will also be available on the company’s website at www.bms.com. Within the accompanying financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.

Also note that a reconciliation of forward-looking non-GAAP gross margin, non-GAAP operating margin, non-GAAP operating expenses and non-GAAP tax rate is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not able to reliably predict the impact of the unwind of inventory purchase price adjustments, accelerated depreciation and impairment of property, plant and equipment and intangible assets and stock compensation resulting from acquisition-related equity awards, or currency exchange rates beyond the next twelve months. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on our future GAAP results.

Website Information

We routinely post important information for investors on our website, BMS.com, in the “Investors” section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. We may also use social media channels to communicate with our investors and the public about our company, our products and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels are not incorporated by reference into, and are not a part of, this document.

Cautionary Statement Regarding Forward-Looking Statements

This earnings release and the related attachments (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the Company’s 2023 financial guidance, plans and strategy, including its business development and capital allocation strategy, anticipated developments in the company’s pipeline and expectations with respect to the company’s future market position. These statements may be identified by the fact they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. No forward-looking statement can be guaranteed and there is no assurance that the company will achieve its financial guidance and long-term targets, that the company’s future clinical studies will support the data described in this release, that the company’s product candidates will receive necessary clinical and manufacturing regulatory approvals, that the company’s pipeline products will prove to be commercially successful, that

clinical and manufacturing regulatory approvals will be sought or obtained within currently expected timeframes, or that contractual milestones will be achieved.

Forward-looking statements are based on current expectations and projections about the company’s future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond the company’s control and could cause the company’s future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. Such risks, uncertainties and other matters include, but are not limited to: increasing pricing pressures from market access, pharmaceutical pricing controls and discounting; market actions taken by private and government payers to manage drug utilization and contain costs; the company’s ability to retain patent exclusivity of certain products; regulatory changes that result in lower prices, lower reimbursement rates and smaller populations for whom payers will reimburse; changes under the 340B Drug Pricing Program; the company’s ability to obtain and maintain regulatory approval for its product candidates; the company’s ability to obtain and protect market exclusivity rights and enforce patents and other intellectual property rights; the possibility of difficulties and delays in product introduction and commercialization; increasing industry competition; potential difficulties, delays and disruptions in manufacturing, distribution or sale of products; the company’s ability to identify potential strategic acquisitions, licensing opportunities or other beneficial transactions; failure to complete, or delays in completing, collaborations, acquisitions, divestitures, alliances and other portfolio actions and the failure to achieve anticipated benefits from such transactions and actions; the risk of an adverse patent litigation decision or settlement and exposure to other litigation and/or regulatory actions or investigations; the impact of any healthcare reform and legislation or regulatory action in the United States and international markets; increasing market penetration of lower-priced generic products; the failure of the company’s suppliers, vendors, outsourcing partners, alliance partners and other third parties to meet their contractual, regulatory and other obligations; the impact of counterfeit or unregistered versions of the company’s products and from stolen products; product label changes or other measures that could reduce the product's market acceptance for the company's products and result in declining sales; safety or efficacy concerns regarding the company’s products or any product in the same class as the company’s products; the risk of cyber-attacks on the company’s information systems or products and unauthorized disclosure of trade secrets or other confidential data; the company’s ability to execute its financial, strategic and operational plans; the company’s dependency on several key products; any decline in the company’s future royalty streams; the company’s ability to attract and retain key personnel; the impact of the company’s significant indebtedness; political and financial instability of international economies and sovereign risk including as a result of the Russian Federation-Ukraine conflict; interest rate and currency exchange rate fluctuations, credit and foreign exchange risk management; risks relating to the use of social media platforms; the impact of our exclusive forum provision in our by-laws for certain lawsuits on our stockholders’ ability to obtain a judicial forum that they find favorable for such lawsuits; issuance of new or revised accounting standards; and risks relating to public health outbreaks, epidemics and pandemics, including the impact of the COVID-19 pandemic on the company’s operations.

Forward-looking statements in this earnings release should be evaluated together with the many risks and uncertainties that affect the company’s business and market, particularly those identified in the cautionary statement and risk factors discussion in the company’s Annual Report on Form 10-K for the year ended December 31, 2022, as updated by the company’s subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as

of the date of this document and except as otherwise required by applicable law, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(Unaudited, dollars and shares in millions except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net product sales	$	10,917	$	11,485	$	21,965	$	22,793
Alliance and other revenues	309		402		598		742
Total Revenues	11,226		11,887		22,563		23,535
Cost of products sold(a)	2,876		2,720		5,442		5,191
Marketing, selling and administrative	1,934		1,787		3,696		3,618
Research and development	2,258		2,321		4,579		4,581
Acquired IPRD	158		400		233		733
Amortization of acquired intangible assets	2,257		2,417		4,513		4,834
Other (income)/expense, net	(116)		284		(529)		933
Total Expenses	9,367		9,929		17,934		19,890
Earnings Before Income Taxes	1,859		1,958		4,629		3,645
Provision for Income Taxes	(218)		529		285		933
Net Earnings	2,077		1,429		4,344		2,712
Noncontrolling Interest	4		8		9		13
Net Earnings Attributable to BMS	$	2,073	$	1,421	$	4,335	$	2,699
Weighted-Average Common Shares Outstanding:
Basic	2,093		2,133		2,096		2,140
Diluted	2,102		2,149		2,107		2,157
Earnings per Common Share:
Basic	$	0.99	$	0.67	$	2.07	$	1.26
Diluted	0.99		0.66		2.06		1.25
Other (income)/expense, net
Interest expense(b)	$	282	$	313	$	570	$	639
Royalty and licensing income	(340)		(287)		(703)		(593)
Royalty income - divestitures	(218)		(221)		(406)		(392)
Equity investment losses	58		308		213		952
Integration expenses	59		124		126		229
Loss (gain) on debt redemption	—		(9)		—		266
Divestiture gains	—		—		—		(211)
Litigation and other settlements	(7)		25		(332)		(12)
Investment income	(95)		(27)		(197)		(37)
Provision for restructuring	113		20		180		43
Other	32		38		20		49
Other (income)/expense, net	$	(116)	$	284	$	(529)	$	933

(a)    Excludes amortization of acquired intangible assets.

(b)    Includes amortization of purchase price adjustments to Celgene debt.

BRISTOL-MYERS SQUIBB COMPANY

PRODUCT REVENUES

FOR THE THREE MONTHS ENDED JUNE 30, 2023 AND 2022

(Unaudited, dollars in millions)

													Change vs. 2022
	2023						2022						GAAP						Excl. F/X**
	U.S. (c)		Int'l		WW (d)		U.S. (c)		Int'l		WW (d)		U.S. (c)		Int'l		WW (d)		U.S.(c)		Int'l		WW (d)
In-Line Products
Eliquis	$	2,340	$	864	$	3,204	$	2,192	$	1,043	$	3,235	7	%	(17)	%	(1)	%	7	%	(17)	%	(1)	%
Opdivo	1,230		915		2,145		1,205		858		2,063		2	%	7	%	4	%	2	%	10	%	5	%
Pomalyst/Imnovid	570		277		847		616		292		908		(7)	%	(5)	%	(7)	%	(7)	%	(4)	%	(6)	%
Orencia	707		220		927		654		222		876		8	%	(1)	%	6	%	8	%	2	%	7	%
Sprycel	328		130		458		372		172		544		(12)	%	(24)	%	(16)	%	(12)	%	(22)	%	(15)	%
Yervoy	369		216		585		326		199		525		13	%	9	%	11	%	13	%	11	%	12	%
Mature and other brands(a)	197		275		472		194		318		512		2	%	(14)	%	(8)	%	2	%	(12)	%	(7)	%
Total In-Line Products	5,741		2,897		8,638		5,559		3,104		8,663		3	%	(7)	%	—		3	%	(5)	%	—
New Product Portfolio
Reblozyl	179		55		234		144		28		172		24	%	96	%	36	%	24	%	93	%	35	%
Abecma	115		17		132		72		17		89		60	%	—		48	%	60	%	—		48	%
Opdualag	152		2		154		58		—		58		*		N/A		*		*		N/A		*
Zeposia	75		25		100		48		18		66		56	%	39	%	52	%	56	%	39	%	52	%
Breyanzi	83		17		100		33		6		39		*		*		*		*		*		*
Onureg	31		13		44		25		7		32		24	%	86	%	38	%	24	%	86	%	38	%
Inrebic	19		8		27		20		3		23		(5)	%	*		17	%	(5)	%	*		22	%
Camzyos	46		—		46		3		—		3		*		N/A		*		*		N/A		*
Sotyktu	24		1		25		—		—		—		N/A		N/A		N/A		N/A		N/A		N/A
Total New Product Portfolio	724		138		862		403		79		482		80	%	75	%	79	%	80	%	75	%	79	%
Total In-Line and New Product Portfolio	6,465		3,035		9,500		5,962		3,183		9,145		8	%	(5)	%	4	%	8	%	(3)	%	4	%
Recent LOE Products(b)
Revlimid	1,237		231		1,468		2,130		371		2,501		(42)	%	(38)	%	(41)	%	(42)	%	(36)	%	(41)	%
Abraxane	189		69		258		176		65		241		7	%	6	%	7	%	7	%	17	%	10	%
Total Recent LOE Products	1,426		300		1,726		2,306		436		2,742		(38)	%	(31)	%	(37)	%	(38)	%	(28)	%	(37)	%
Total Revenues	$	7,891	$	3,335	$	11,226	$	8,268	$	3,619	$	11,887	(5)	%	(8)	%	(6)	%	(5)	%	(6)	%	(5)	%

*    In excess of +100%

**    See "Use of Non-GAAP Financial Information".

(a)    Includes over-the-counter (OTC) products, royalty revenue and mature products.

(b)    Recent LOE Products includes products with significant expected decline in revenue from a prior reporting period as a result of a loss of exclusivity.

(c)    Includes Puerto Rico.

(d) Worldwide (WW) includes International (Int'l) and U.S.

BRISTOL-MYERS SQUIBB COMPANY

PRODUCT REVENUES

FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(Unaudited, dollars in millions)

													Change vs. 2022
	2023						2022						GAAP						Excl. F/X**
	U.S. (c)		Int'l		WW (d)		U.S. (c)		Int'l		WW (d)		U.S. (c)		Int'l		WW (d)		U.S.(c)		Int'l		WW (d)
In-Line Products
Eliquis	$	4,894	$	1,733	$	6,627	$	4,339	$	2,107	$	6,446	13	%	(18)	%	3	%	13	%	(15)	%	4	%
Opdivo	2,520		1,827		4,347		2,304		1,682		3,986		9	%	9	%	9	%	9	%	14	%	11	%
Pomalyst/Imnovid	1,115		564		1,679		1,173		561		1,734		(5)	%	1	%	(3)	%	(5)	%	4	%	(2)	%
Orencia	1,269		422		1,691		1,246		422		1,668		2	%	—		1	%	2	%	6	%	3	%
Sprycel	623		264		887		677		350		1,027		(8)	%	(25)	%	(14)	%	(8)	%	(20)	%	(12)	%
Yervoy	683		410		1,093		637		403		1,040		7	%	2	%	5	%	7	%	7	%	7	%
Mature and other brands(a)	379		560		939		374		675		1,049		1	%	(17)	%	(10)	%	1	%	(14)	%	(8)	%
Total In-Line Products	11,483		5,780		17,263		10,750		6,200		16,950		7	%	(7)	%	2	%	7	%	(3)	%	3	%
New Product Portfolio
Reblozyl	337		103		440		278		50		328		21	%	*		34	%	21	%	*		34	%
Abecma	233		46		279		128		28		156		82	%	64	%	79	%	82	%	68	%	79	%
Opdualag	268		3		271		64		—		64		*		N/A		*		*		N/A		*
Zeposia	127		51		178		69		33		102		84	%	55	%	75	%	84	%	58	%	75	%
Breyanzi	141		30		171		74		9		83		91	%	*		*		91	%	*		*
Onureg	56		22		78		44		11		55		27	%	100	%	42	%	27	%	*		44	%
Inrebic	36		16		52		35		6		41		3	%	*		27	%	3	%	*		29	%
Camzyos	75		—		75		3		—		3		*		N/A		*		*		N/A		*
Sotyktu	39		2		41		—		—		—		N/A		N/A		N/A		N/A		N/A		N/A
Total New Product Portfolio	1,312		273		1,585		695		137		832		89	%	99	%	91	%	89	%	*		91	%
Total In-Line and New Product Portfolio	12,795		6,053		18,848		11,445		6,337		17,782		12	%	(4)	%	6	%	12	%	(1)	%	7	%
Recent LOE Products(b)
Revlimid	2,778		440		3,218		4,168		1,130		5,298		(33)	%	(61)	%	(39)	%	(33)	%	(59)	%	(39)	%
Abraxane	351		146		497		349		106		455		1	%	38	%	9	%	1	%	50	%	12	%
Total Recent LOE Products	3,129		586		3,715		4,517		1,236		5,753		(31)	%	(53)	%	(35)	%	(31)	%	(50)	%	(35)	%
Total Revenues	$	15,924	$	6,639	$	22,563	$	15,962	$	7,573	$	23,535	—		(12)	%	(4)	%	—		(9)	%	(3)	%

*    In excess of +100%

**    See "Use of Non-GAAP Financial Information".

(a)    Includes over-the-counter (OTC) products, royalty revenue and mature products.

(b)    Recent LOE Products includes products with significant expected decline in revenue from a prior reporting period as a result of a loss of exclusivity.

(c)    Includes Puerto Rico.

(d) Worldwide (WW) includes International (Int'l) and U.S.

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL AND WORLDWIDE REVENUES

FOREIGN EXCHANGE IMPACT (%)

FOR THE THREE MONTHS ENDED JUNE 30, 2023

(Unaudited)

	International			WW (c)
	Change %	Favorable/ (Unfavorable)<br>F/X %	Change % Excl. F/X	Change %	Favorable/ (Unfavorable)<br>F/X %	Change % Excl. F/X**
In-Line Products
Eliquis	(17)%	—	(17)%	(1)%	—	(1)%
Opdivo	7%	(3)%	10%	4%	(1)%	5%
Pomalyst/Imnovid	(5)%	(1)%	(4)%	(7)%	(1)%	(6)%
Orencia	(1)%	(3)%	2%	6%	(1)%	7%
Sprycel	(24)%	(2)%	(22)%	(16)%	(1)%	(15)%
Yervoy	9%	(2)%	11%	11%	(1)%	12%
Mature and other products(a)	(14)%	(2)%	(12)%	(8)%	(1)%	(7)%
Total In-Line Products	(7)%	(2)%	(5)%	—	—	—
New Product Portfolio
Reblozyl	96%	3%	93%	36%	1%	35%
Abecma	—	—	—	48%	—	48%
Opdualag	N/A	N/A	N/A	*	*	*
Zeposia	39%	—	39%	52%	—	52%
Breyanzi	*	*	*	*	*	*
Onureg	86%	—	86%	38%	—	38%
Inrebic	*	*	*	17%	(5)%	22%
Camzyos	N/A	N/A	N/A	*	*	*
Sotyktu	N/A	N/A	N/A	N/A	N/A	N/A
Total New Product Portfolio	75%	—	75%	79%	—	79%
Total In-Line Products and New Product Portfolio	(5)%	(2)%	(3)%	4%	—	4%
Recent LOE Products(b)
Revlimid	(38)%	(2)%	(36)%	(41)%	—	(41)%
Abraxane	6%	(11)%	17%	7%	(3)%	10%
Total Recent LOE Products	(31)%	(3)%	(28)%	(37)%	—	(37)%
Total	(8)%	(2)%	(6)%	(6)%	(1)%	(5)%

*    In excess of +/- 100%.

**    See "Use of Non-GAAP Financial Information".

(a)    Includes over-the-counter (OTC) products, royalty revenue and other mature products.

(b)    Recent LOE products include products with significant expected decline in revenue from a prior reporting period as a result of a loss of exclusivity.

(c)    Worldwide (WW) includes International (Int'l) and U.S.

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL AND WORLDWIDE REVENUES

FOREIGN EXCHANGE IMPACT (%)

FOR THE SIX MONTHS ENDED JUNE 30, 2023

(Unaudited)

	International			WW (c)
	Change %	Favorable/ (Unfavorable)<br>F/X %	Change % Excl. F/X	Change %	Favorable/ (Unfavorable)<br>F/X %	Change % Excl. F/X**
In-Line Products
Eliquis	(18)%	(3)%	(15)%	3%	(1)%	4%
Opdivo	9%	(5)%	14%	9%	(2)%	11%
Pomalyst/Imnovid	1%	(3)%	4%	(3)%	(1)%	(2)%
Orencia	—	(6)%	6%	1%	(2)%	3%
Sprycel	(25)%	(5)%	(20)%	(14)%	(2)%	(12)%
Yervoy	2%	(5)%	7%	5%	(2)%	7%
Mature and other products(a)	(17)%	(3)%	(14)%	(10)%	(2)%	(8)%
Total In-Line Products	(7)%	(4)%	(3)%	2%	(1)%	3%
New Product Portfolio
Reblozyl	*	*	*	34%	—	34%
Abecma	64%	(4)%	68%	79%	—	79%
Opdualag	N/A	N/A	N/A	*	*	*
Zeposia	55%	(3)%	58%	75%	—	75%
Breyanzi	*	*	*	*	*	*
Onureg	100%	(9)%	*	42%	(2)%	44%
Inrebic	*	*	*	27%	(2)%	29%
Camzyos	N/A	N/A	N/A	*	*	*
Sotyktu	N/A	N/A	N/A	N/A	N/A	N/A
Total New Product Portfolio	99%	(5)%	*	91%	—	91%
Total In-Line Products and New Product Portfolio	(4)%	(3)%	(1)%	6%	(1)%	7%
Recent LOE Products(b)
Revlimid	(61)%	(2)%	(59)%	(39)%	—	(39)%
Abraxane	38%	(12)%	50%	9%	(3)%	12%
Total Recent LOE Products	(53)%	(3)%	(50)%	(35)%	—	(35)%
Total	(12)%	(3)%	(9)%	(4)%	(1)%	(3)%

*    In excess of +/- 100%.

**    See "Use of Non-GAAP Financial Information".

(a)    Includes over-the-counter (OTC) products, royalty revenue and other mature products.

(b)    Recent LOE products include products with significant expected decline in revenue from a prior reporting period as a result of a loss of exclusivity.

(c)    Worldwide (WW) includes International (Int'l) and U.S.

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT

(Unaudited, dollars in millions)

THREE MONTHS ENDED	2023			2022			Change	Change %		Favorable / (Unfavorable) F/X *	2023 Excl. F/X**		Favorable / (Unfavorable) F/X  %*		% Change Excl. F/X**
Revenues	$	11,226		$	11,887			(6)	%		$	11,294	(1)	%	(5)	%
Gross profit	8,350			9,167			(817)	(9)	%	N/A	N/A		N/A		N/A
Gross profit excluding specified items(a)	8,417			9,312			(895)	(10)	%	N/A	N/A		N/A		N/A
Gross margin(b)	74.4		%	77.1		%
Gross margin excluding specified items	75.0		%	78.3		%
Marketing, selling and administrative	1,934			1,787			147	8	%	12	1,946		1	%	9	%
Marketing, selling and administrative excluding specified items(a)	1,914			1,783			131	7	%	12	1,926		1	%	8	%
Marketing, selling and administrative excluding specified items as a % of revenues	17.0		%	15.0		%
Research and development	2,258			2,321			(63)	(3)	%	4	2,262		—		(3)	%
Research and development excluding specified items(a)	2,252			2,300			(48)	(2)	%	4	2,256		—		(2)	%
Research and development excluding specified items as a % of revenues	20.1		%	19.3		%

All values are in US Dollars.

SIX MONTHS ENDED	2023			2022			Change	Change %		Favorable / (Unfavorable) F/X *	2023 Excl. F/X**		Favorable / (Unfavorable) F/X  %*		% Change Excl. F/X**
Revenues	$	22,563		$	23,535			(4)	%		$	22,842	(1)	%	(3)	%
Gross profit	17,121			18,344			(1,223)	(7)	%	N/A	N/A		N/A		N/A
Gross profit excluding specified items(a)	17,242			18,541			(1,299)	(7)	%	N/A	N/A		N/A		N/A
Gross margin(b)	75.9		%	77.9		%
Gross margin excluding specified items	76.4		%	78.8		%
Marketing, selling and administrative	3,696			3,618			78	2	%	43	3,739		1	%	3	%
Marketing, selling and administrative excluding specified items(a)	3,676			3,612			64	2	%	43	3,719		1	%	3	%
Marketing, selling and administrative excluding specified items as a % of revenues	16.3		%	15.3		%
Research and development	4,579			4,581			(2)	—		20	4,599		—		—
Research and development excluding specified items(a)	4,458			4,433			25	1	%	20	4,478		—		1	%
Research and development excluding specified items as a % of revenues	19.8		%	18.8		%

All values are in US Dollars.

*    Foreign exchange impacts were derived by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results.

**    See "Use of Non-GAAP Financial Information".

(a)    Refer to the Specified Items schedule above for further details.

(b)    Represents gross profit as a percentage of Revenues.

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Inventory purchase price accounting adjustments	$	31	$	102	$	84	$	154
Site exit and other costs	36		43		37		43
Cost of products sold	67		145		121		197
Site exit and other costs	20		4		20		6
Marketing, selling and administrative	20		4		20		6
IPRD impairments	—		—		20		40
Priority review voucher	—		—		95		—
Inventory purchase price accounting adjustments	—		21		—		108
Site exit and other costs	6		—		6		—
Research and development	6		21		121		148
Amortization of acquired intangible assets	2,257		2,417		4,513		4,834
Interest expense(a)	(13)		(21)		(27)		(48)
Equity investment losses/(income)	58		307		208		950
Integration expenses	59		124		126		229
Loss on debt redemption	—		(9)		—		266
Divestiture losses/(gains)	—		—		—		(211)
Litigation and other settlements	—		—		(335)		(40)
Provision for restructuring	113		20		180		43
Other	—		42		(5)		42
Other (income)/expense, net	217		463		147		1,231
Increase to pretax income	2,567		3,050		4,922		6,416
Income taxes on items above	(311)		(321)		(604)		(719)
Income taxes attributed to a non-U.S. tax ruling	(656)		—		(656)		—
Income taxes	(967)		(321)		(1,260)		(719)
Increase to net earnings	$	1,600	$	2,729	$	3,662	$	5,697

(a)    Includes amortization of purchase price adjustments to Celgene debt.

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS

(Unaudited, dollars and shares in millions except per share data)

	Three Months Ended June 30, 2023									Six Months Ended June 30, 2023
	GAAP			Specified Items(a)			Non-GAAP			GAAP			Specified Items(a)			Non-GAAP
Gross profit	$	8,350		$	67		$	8,417		$	17,121		$	121		$	17,242
Marketing, selling and administrative	1,934			(20)			1,914			3,696			(20)			3,676
Research and development	2,258			(6)			2,252			4,579			(121)			4,458
Amortization of acquired intangible assets	2,257			(2,257)			—			4,513			(4,513)			—
Other (income)/expense, net	(116)			(217)			(333)			(529)			(147)			(676)
Earnings before income taxes	1,859			2,567			4,426			4,629			4,922			9,551
Provision for income taxes	(218)			967			749			285			1,260			1,545
Net earnings attributable to BMS used for diluted EPS calculation	$	2,073		$	1,600		$	3,673		$	4,335		$	3,662		$	7,997
Weighted-average common shares outstanding - diluted	2,102			2,102			2,102			2,107			2,107			2,107
Diluted earnings per share	$	0.99		$	0.76		$	1.75		$	2.06		$	1.74		$	3.80
Effective tax rate	(11.7)		%	28.6		%	16.9		%	6.2		%	10.0		%	16.2		%
	Three Months Ended June 30, 2022									Six Months Ended June 30, 2022
	GAAP			Specified Items(a)			Non-GAAP			GAAP			Specified Items(a)			Non-GAAP
Gross profit	$	9,167		$	145		$	9,312		$	18,344		$	197		$	18,541
Marketing, selling and administrative	1,787			(4)			1,783			3,618			(6)			3,612
Research and development	2,321			(21)			2,300			4,581			(148)			4,433
Amortization of acquired intangible assets	2,417			(2,417)			—			4,834			(4,834)			—
Other (income)/expense, net	284			(463)			(179)			933			(1,231)			(298)
Earnings before income taxes	1,958			3,050			5,008			3,645			6,416			10,061
Provision for income taxes	529			321			850			933			719			1,652
Net earnings attributable to BMS used for diluted EPS calculation	$	1,421		$	2,729		$	4,150		$	2,699		$	5,697		$	8,396
Weighted-average common shares outstanding - diluted	2,149			2,149			2,149			2,157			2,157			2,157
Diluted earnings per share	$	0.66		$	1.27		$	1.93		$	1.25		$	2.64		$	3.89
Effective tax rate	27.0		%	(10.0)		%	17.0		%	25.6		%	(9.2)		%	16.4		%

(a)    Refer to the Specified Items schedule above for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate.

BRISTOL-MYERS SQUIBB COMPANY

NET DEBT CALCULATION

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

(Unaudited, dollars in millions)

	June 30,<br>2023		December 31,<br>2022
Cash and cash equivalents	$	8,372	9,123
Marketable debt securities - current	358		130
Cash, cash equivalents and marketable debt securities	8,730		9,253
Short-term debt obligations	(3,020)		(4,264)
Long-term debt	(34,656)		(35,056)
Net debt position	(28,946)		(30,067)

BRISTOL-MYERS SQUIBB COMPANY

2023 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2023
		Pre-tax	Tax	After-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP				$3.72-$4.02
Projected Specified Items:
Purchase price accounting adjustments(a)		4.34	0.53	3.81
Acquisition, restructuring and integration expenses(b)		0.28	0.06	0.22
Equity investment losses		0.10	0.01	0.09
Priority review voucher		0.05	0.01	0.04
Site exit and other costs		0.05	0.01	0.04
Litigation and other settlements		(0.34)	(0.08)	(0.26)
Income tax attributed to non-US tax ruling		—	0.31	(0.31)
Total		4.48	0.85	3.63
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP				$7.35-$7.65

(a) Includes amortization of acquired intangible assets, unwind of inventory fair value adjustments and amortization of fair value adjustments of debt assumed from Celgene.

(b) Includes acquisition, restructuring and integration expenses recognized in Other (income)/expense, net.

The following table summarizes the company's 2023 financial guidance:
Line item	GAAP	Non-GAAP
Total reported revenues	Low single digit decline	Low single digit decline
Total revenues Ex-FX (c)	Low single digit decline	Low single digit decline
Revlimid	~ $5.5 billion	~ $5.5 billion
Gross margin %	~76%	~76%
Operating expenses(d)	Low single digit decline	Low single digit decline (No change)
Effective tax rate	~ 16%	~ 17.5%

(c) Ex-FX excludes the impact of foreign exchange calculated by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our prior-period results.

(d) Operating expenses consist of Marketing, Selling and Administrative expenses and Research and Development expenses, excluding Acquired IPRD expenses.

The GAAP financial results for the full year of 2023 will include specified items, including but not limited to purchase price accounting adjustments, acquisition and integration expenses, charges associated with restructuring, cost of acquiring a priority review voucher, equity investment losses (including fair value adjustments attributed to limited partnership equity method investments), impairment of intangible assets, litigation and other settlements, and income tax attributed to Non-US tax ruling. The 2023 financial guidance excludes the impact of any potential future strategic acquisitions and divestitures and any specified items that have not yet been identified and quantified. For a fuller discussion of items that could impact full year GAAP results, as well as the use of non-GAAP financial information, see "Cautionary Statement Regarding Forward-Looking Statements" and “Use of Non-GAAP Financial Information”.

30

q22023earningspresentati

Q2 2023 Results July 27, 2023

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Q2 2023 Results Not for Product Promotional Use Forward Looking Statements and Non-GAAP Financial Information 2 This presentation contains statements about Bristol-Myers Squibb Company’s (the “Company”) future financial results, plans, business development strategy, anticipated clinical trials, results and regulatory approvals that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Actual results may differ materially from those expressed in, or implied by, these statements as a result of various factors, including, but not limited to, (i) new laws and regulations, (ii) our ability to obtain, protect and maintain market exclusivity rights and enforce patents and other intellectual property rights, (iii) our ability to achieve expected clinical, regulatory and contractual milestones on expected timelines or at all, (iv) difficulties or delays in the development and commercialization of new products, (v) difficulties or delays in our clinical trials and the manufacturing, distribution and sale of our products, (vi) adverse outcomes in legal or regulatory proceedings, (vii) risks relating to acquisitions, divestitures, alliances, joint ventures and other portfolio actions and (viii) political and financial instability, including changes in general economic conditions. These and other important factors are discussed in the Company’s most recent annual report on Form 10-K and reports on Forms 10-Q and 8-K. These documents are available on the U.S. Securities and Exchange Commission’s website, on the Company’s website or from Bristol-Myers Squibb Investor Relations. No forward-looking statements can be guaranteed. In addition, any forward-looking statements and clinical data included herein are presented only as of the date hereof. Except as otherwise required by applicable law, the Company undertakes no obligation to publicly update any of the provided information, whether as a result of new information, future events, changed circumstances or otherwise. This presentation includes certain non-generally accepted accounting principles (“GAAP”) financial measures that we use to describe the Company’s performance. The non-GAAP financial measures are provided as supplemental information and are presented because management has evaluated the Company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the non-GAAP financial measures presented portray the results of the Company’s baseline performance, supplement or enhance management’s, analysts’ and investors’ overall understanding of the Company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. This presentation also provides certain revenues and expenses excluding the impact of foreign exchange (“Ex-FX”). We calculate foreign exchange impacts by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results. Ex-FX financial measures are not accounted for according to GAAP because they remove the effects of currency movements from GAAP results. The non-GAAP information presented herein provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. An explanation of these non-GAAP financial measures and a reconciliation to the most directly comparable financial measure are available on our website at www.bms.com/investors. Also note that a reconciliation of forward-looking non-GAAP gross margin, non-GAAP operating margin, non-GAAP operating expenses and non-GAAP tax rate is not provided because a comparable GAAP measure for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of the unwind of inventory purchase price adjustments, accelerated depreciation and impairment of property, plant and equipment and intangible assets, and stock compensation resulting from acquisition-related equity awards, or currency exchange rates. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results.

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Giovanni Caforio, MD Chairman of the Board and Chief Executive Officer 3 Q2 2023 Results

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Q2 2023 Results Not for Product Promotional Use Q2 2023 – Summary Overview & Updated Outlook FY Sales 2021-2023 Global Net Sales New Product Sales 2020–2025 Financial Targets* Reaffirmed $11.2B (6%) YoY; (5%) Ex-FX* $862M; +79% vs. PY Performance 1Sales decline on reported & Ex-FX* basis 2023 Revlimid* Total Sales1* Non-GAAP EPS* Low single-digit decline $7.35 - $7.65 $3.72 - $4.02GAAP EPS* Outlook revised from ~$6.5B to ~$5.5B Capital Allocation • Balance sheet strength • $4B ASR Agreement to be executed in Q3 2023 4 2023 Revised Guidance $32.4 $35.4 $12.8 $10.0 2021 2022 2023 In-Line & New Products Revlimid Abraxane +9% YoY Increase ~$5.5 +11% YoY Increase In $B * $0.8$1.2 *See "Forward-Looking Statements and Non-GAAP Financial Information“ and “Bristol Myers Squibb Company Reconciliation of Certain GAAP Line Items to Certain Non-GAAP Line Items” Financial projections may contain non promoted sales, BMS promotes only according to label

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Q2 2023 Results Not for Product Promotional Use Guidance Impacted By Change in Outlook for Revlimid and, to a Lesser Extent, Pomalyst 5 Patient Support Ecosystem Estimated Q2 Impact: • ~$330M for Revlimid & Pomalyst, of which 80% is Revlimid Estimated 2023 Impact*: • Revlimid: ~$1B impact which is reflected in updated full-year guidance of ~$5.5B • Pomalyst: ~$300M 2024 and 2025 Revlimid revenue* expected to step-down by roughly ~$1.5B & ~$2B, respectively Financial Impact BMS Access Support Company co-pay assistance for eligible commercially insured patients Independent Third-Party Charitable Foundations Financial support to patients to help with out- of-pocket costs, including Medicare patients; supported by donors, including BMS, in compliance with HHS Guidance Independent BMS Patient Assistance Foundation (PAF) BMS donation of products to BMS PAF, a separate 501(c)(3) organization, which provides free medicine to qualified patients unable to get financial support elsewhere • Under U.S. law, company co-pay support may be provided only to commercially insured patients – No impact from this channel • Funds supporting multiple myeloma patients closed for a period of time earlier this year • An increase in utilization of free drug for Revlimid & Pomalyst started late in Q1 and increased in Q2 • To be consistent with HHS guidance, the BMS PAF provides free product through the end of the calendar year *See “Forward-Looking Statements and Non-GAAP Financial Information”

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Q2 2023 Results Not for Product Promotional Use New Product Portfolio Performance • Contributed $862M in quarter; revenues increased +79% vs PY • Approaching ~$3.5B annual run rate • Strong outlook for future growth 6 $482 $862 Q2 2022 Q2 2023 $ in millions New Product Portfolio Revenues

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Q2 2023 Results Not for Product Promotional Use • Camzyos nHCM • Sotyktu SLE • Sotyktu SjS  Breyanzi 3L+ CLL  Breyanzi 3L+ iNHL (incl. FL/MCL) • Reblozyl MF Planned Next 1-2 Years • Sotyktu PsA • Zeposia CD Milestones Already Delivered that De-Risk 2025–2030 and Beyond  Zeposia MS  Reblozyl 2L TD MDS  Breyanzi 3L+ LBCL  Abecma 5L+  Zeposia UC  Camzyos oHCM  Sotyktu PsO  Opdualag 1L Mel FDC  Breyanzi 2L LBCL  Abecma 3-5L  Reblozyl 1L MDS  Onureg AML maint. New Product Portfolio Significantly De-Risked with Important Catalysts Ahead 7 Camzyos Reblozyl Breyanzi Zeposia Sotyktu Other** 2025 $10B - $13B Risk-Adjusted Sales $25B+ Non-Risk Adjusted* 2030 $4B+ $4B+ $4B+ $4B+ $3B+ $3B+ $1B+ Key Milestones Beyond • Opdualag Adj. Mel • Opdualag 2L+ MSS CRC • Opdualag 1L NSCLC *Non-risk adjusted revenue potential **Other includes: Abecma, Onureg, Inrebic, and Opdualag Financial projections may contain non promoted sales, BMS promotes only according to label Milestones represent data readouts or approvals unless otherwise specified; subject to positive registrational trials and health authority approval • Reblozyl 1L NTD MDS

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Q2 2023 Results Not for Product Promotional Use Continued Strong Pipeline Execution 8 1CD PoC not achieved; awaiting higher dose UC Ph2 data to inform future IBD development plans; 2SSP, ACS, AF trials conducted by Janssen 2023 Key Milestones Opdivo (+/- Yervoy) Early Stage:  Neo-adjuvant NSCLC Ph3 (CM-816) approval in EU Metastatic  1L mCRPC Ph3 (CM-7DX) Opdualag  1L NSCLC Ph2 repotrectinib  ROS1+ NSCLC (TRIDENT-1) U.S. filing Abecma  3-5L MM Ph3 (KarMMa-3) filing  Initiation NDMM Ph3 (KarMMa-9) Breyanzi  2L TE LBCL EU approval  3L+ CLL Ph1/2 (TRANSCEND-CLL)  3L+ FL Ph2 (TRANSCEND- FL) iberdomide  Initiation of pivotal post-transplant maintenance H2H vs Revlimid Reblozyl  1L MDS (COMMANDS) U.S. filing Sotyktu  Mod-to-severe PsO EU approval  CD Ph2 (IM011-023)1  UC Ph2 (IM011-127) LPA1 Antagonist  Initiation IPF Ph3  PPF Ph2 (IM027-040) Camzyos  oHCM EU approval LIBREXIA (milvexian)  Initiation Ph3 program2 2024/2025 Key Milestones Opdivo (+/- Yervoy) Metastatic:  1L HCC Ph3 (CM-9DW)  1L+ MSI High CRC Ph3 (CM-8HW) Early Stage:  Peri-adj NSCLC Ph3 (CM-77T)  Peri-adj MIBC Ph3 (CM-078)  Adj HCC Ph3 (CM-9DX)  Stage III Unresectable NSCLC Ph3 (CM-73L)  Adj NSCLC Ph3 (ANVIL, co-op group) Opdualag  1L HCC Ph2  2L+ HCC Ph2  2L/3L+ MSS mCRC Ph3 alnuctamab BCMA TCE  Initiation MM Ph3 Reblozyl  1L MF Ph3 (INDEPENDENCE) cendakimab  EoE Ph3 Sotyktu  PsA Ph3 Zeposia  CD maintenance Ph3 (YELLOWSTONE) Milestones represent data readouts unless otherwise specified; subject to positive registrational trials and health authority approval

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Q2 2023 Results Not for Product Promotional Use 2020 2023 2025 Recent LOEs In-Line & New Products On Track to Deliver 2020-2025 Financial Targets 1Recent LOE Brands = Revlimid & Abraxane 10% - 15% <10% ~30% ~70% 85% - 90% >90% 9 ~2% - 3% CAGR Low-to-mid single-digit CAGR On track to deliver • Low-to-mid single-digit revenue CAGR* • Double-digit revenue CAGR* Ex-Rev/Pom • $8B - $10B growth from in-line brands • $10B - $13B from New Product Portfolio • 40%+ operating margin Total Company Revenue 2020 - 2025 2020 - 2025 Financial Targets** *At constant exchange rates on a risk-adjusted basis; **See "Forward-Looking Statements and Non-GAAP Financial Information“ and “Bristol Myers Squibb Company Reconciliation of Certain GAAP Line Items to Certain Non-GAAP Line Items” Financial projections may contain non promoted sales, BMS promotes only according to label 1

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Q2 2023 Results Not for Product Promotional Use Multiple Paths for Long-Term Growth 10 2025 Revenues LOE Brands 2030 Revenues Additional growth from New Product Portfolio Next Wave of innovation: 6 registrational stage assets Optionality from early-stage pipeline & BD 2025 – 2030* *See "Forward-Looking Statements and Non-GAAP Financial Information Financial projections may contain non promoted sales, BMS promotes only according to label

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David Elkins Executive Vice President and Chief Financial Officer 11 Q2 2023 Results

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Q2 2023 Results Not for Product Promotional Use Total Company Performance Driven by In-Line & New Product Portfolios 12 Total Company Sales ~$11.2B (6%) YoY, (5%) Ex-FX* $B Q2 Net Sales1 YoY % Ex-FX* % Total Company $11.2 (6%) (5%) In-Line Products $8.6 - - New Product Portfolio $0.9 +79% +79% In-Line Products & New Product Portfolio $9.5 +4% +4% Recent LOEs2 $1.7 (37%) (37%) 2Recent LOE Brands = Revlimid & Abraxane $9.1 $9.5 $2.7 $1.7 Q2 2022 Q2 2023 Recent LOEs In-Line & New Products 1Amounts may not add due to rounding *See “Forward-Looking Statements and Non-GAAP Financial Information”

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Q2 2023 Results Not for Product Promotional Use New Product Portfolio Annualizing at ~$3.5B 13 $862 Q1 Q2 Q4Q3 Q1 Q2 Q4Q3 Q1 Q2 2021 2022 2023 $58 $154 $172 $234$39 $100 $89 $132 $46 $66 $100 $32 $44 $23 $27 $482 $862 Q2 2022 Q2 2023 Opdualag Reblozyl Breyanzi Abecma Camzyos Zeposia Onureg Inrebic Sotyktu $ in millions +79% growth vs PYBuilding strong momentum for future growth $ in millions $25 *$3M in sales for Camzyos in Q2 2022 $3 * +91% Q2’23 YTD vs PY

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Q2 2023 Results Not for Product Promotional Use Q2 2023 Solid Tumor Product Summary 14 Opdivo: +5% YoY, +11% YTD ex-FX* • U.S. YoY growth of +2% driven by demand in 1L lung, gastric indications & adj. bladder cancer offset by customer buying patterns • Ex-U.S. YoY growth of +10% ex-FX* demand growth from newly launched indications & expanded access Opdualag: Growth of +31% ex-FX* vs prior quarter • U.S. growth driven by strong demand; approaching 25% market share1 in 1L melanoma • Potential to be new SOC in 1L melanoma $M YoY % Ex-FX* % $2,145 +4% +5% $585 +11% +12% $154 ** ** $258 +7% +10% Q2 Global Net Sales **In excess of +100% 1Source: BMS Internal Analysis *See “Forward-Looking Statements and Non-GAAP Financial Information”

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Q2 2023 Results Not for Product Promotional Use • U.S. increase in total treated & commercial dispensed patients; VALOR approval further strengthens clinical profile • EU approval in symptomatic oHCM Q2 2023 Cardiovascular Product Summary 15 Eliquis: +4% YTD ex-FX* • U.S. YoY growth of +7% driven by robust underlying demand offset by unfavorable gross-to-net dynamics • Ex-U.S. YoY (17%) ex-FX* impacted by generic entry in Canada & UK, and pricing measures First-in-class myosin inhibitorBest-in-class & leading OAC within category Q2 Global Net Sales 1Source: BMS Internal Analysis $M YoY % Ex-FX* % $3,204 (1%) (1%) $M YoY % Ex-FX* % $46 ** ** *See “Forward-Looking Statements and Non-GAAP Financial Information” **In excess of +100% As of March 31, 20231 As of June 30, 20231 Patients in hub ~2700 ~3800 Patients on commercial drug ~1500 ~2500

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Q2 2023 Results Not for Product Promotional Use Q2 2023 Hematology Product Summary 16 Reblozyl: +35% YoY, +34% YTD ex-FX* • Strong U.S. sales growth of +24% due to TRx share growth driven by longer duration of treatment • COMMANDS2 Priority Review: U.S. FDA PDUFA date August 28, 2023 • Ex-US sales roughly doubled as we continue to secure reimbursement in additional countries Abecma: +48% YoY, +79% YTD ex-FX* • Demand growth supported by increased manufacturing capacity • KarMMa-33: U.S. PDUFA date December 16, 2023; filed in EU & Japan Breyanzi: • Strong 2L/3L+ LBCL demand supported by increased manufacturing capacity; approval in EU in 2L LBCL 1 $M YoY % Ex-FX* % $1,468 (41%) (41%) $847 (7%) (6%) $458 (16%) (15%) $234 +36% +35% $132 +48% +48% $100 ** ** $44 +38% +38% $27 +17% +22% Q2 Global Net Sales1 **In excess of +100% 1 Empliciti grouped in Mature & Other Brands 2 COMMANDS: 1L TD MDS associated anemia; 3KarMMa-3: 3-5L MM *See “Forward-Looking Statements and Non-GAAP Financial Information”

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Q2 2023 Results Not for Product Promotional Use Q2 2023 Immunology Product Summary 17 Zeposia: +52% YoY, +75% YTD ex-FX* • Growth from demand in MS & expanding contribution from UC • Continued focus on improving formulary access • Expansion in international markets based on reimbursement timing First-in-class selective allosteric TYK2 inhibitor Q2 Global Net Sales % $M YoY % Ex-FX* % $927 +6% +7% $100 +52% +52% % $M YoY % Ex-FX* % $25 --- --- As of March 31, 20231 As of June 30, 20231 Cumulative Volume2 >9.5K TRx Equivalent >23K TRx Equivalent Market Share3 Mid-30s% 35-40% Source of Business4 • Systemic-naïve • Otezla-experienced • Biologic-experienced Roughly 1/3 each >40% >25% >30% 3Market share of written oral prescriptions in NBRx sourced from BrandImpact 1Source: BMS Internal Analysis *See “Forward-Looking Statements and Non-GAAP Financial Information” 2Cumulative TRx equivalent since launch 4Q2 Source of Business proportionally distributes 14% unknown/unidentified • U.S. significant volume growth in Q2 • Payor coverage accelerated into 2023 - CVS indication-based plans added with no step-edit; ~15% of total commercial covered lives • Continued focus on driving demand to enable broader access in 2024

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Q2 2023 Results Not for Product Promotional Use Q2 2023 Financial Performance 18 US GAAP Non-GAAP $ in billions, except EPS Q2 2023 Q2 2022 Q2 2023 Q2 2022 Total Revenues, net 11.2 11.9 11.2 11.9 Gross Margin % 74.4% 77.1% 75.0% 78.3% Operating Expenses1 4.2 4.1 4.2 4.1 Acquired IPR&D 0.2 0.4 0.2 0.4 Amortization of Acquired Intangibles 2.3 2.4 - - Effective Tax Rate (11.7%) 27% 16.9% 17% Diluted EPS 0.99 0.66 1.75 1.93 Diluted Shares Outstanding (# in millions) 2,102 2,149 2,102 2,149 US P Non- P* Diluted EPS Impact from Acquired IPR&D2 (0.05) (0.14) (0.05) (0.14) 1Operating Expenses = MS&A and R&D 2Comprises the net impact from Acquired IPRD & Licensing income *See “Forward-Looking Statements and Non-GAAP Financial Information”

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Q2 2023 Results Not for Product Promotional Use Balanced Approach to Capital Allocation 19*Cash includes cash, cash equivalents and marketable debt securities **Subject to Board approval $B Q2 2023 Total Cash* ~$8.7B Total Debt ~$37.7B • Prioritize opportunities to further diversify portfolio & strengthen long-term outlook • Continued debt reduction ‒ ~$1.9B in YTD debt repayments ‒ ~$2B in additional maturities in 2023 • Maintain strong investment-grade credit rating Business Development Balance Sheet Strength Returning Cash to Shareholders • Continued annual dividend growth** • Opportunistic share repurchase ‒ $4B ASR Agreement to be executed in Q3’23 Operating cash flow generation impacted by ~$3B in tax payments in Q2’23 $2.3 $3.7 $3.3 $3.0 $1.9 Cash flow from Operations $B Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023

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Q2 2023 Results Not for Product Promotional Use April (Prior) July (Revised) April (Prior) July (Revised) Total Revenues Reported Rates ~2% increase Low-single digit decline ~2% increase Low-single digit decline Total Revenues Ex-FX ~2% increase Low-single digit decline ~2% increase Low-single digit decline Revlimid ~$6.5 billion ~$5.5 billion ~$6.5 billion ~$5.5 billion Gross Margin % ~77% ~76% ~77% ~76% Operating Expenses1 Mid-single digit decline Low-single digit decline Low-single digit decline Low-single digit decline (No Change) Tax Rate ~21% ~16% ~17% ~17.5% Diluted EPS $4.10 - $4.40 $3.72 - $4.02 $7.95 - $8.25 $7.35 - $7.65 Revised 2023 Guidance 20 US GAAP* Non-GAAP* 1Operating Expenses = MS&A and R&D, excluding Acquired IPR&D and Amortization of acquired intangibles *See “Forward-Looking Statements and Non-GAAP Financial Information”

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Q2 2023 Results Not for Product Promotional Use 2020 2023 2025 Recent LOEs In-Line & New Products On Track to Deliver 2020-2025 Financial Targets 1Recent LOE Brands = Revlimid & Abraxane 10% - 15% <10% ~30% ~70% 85% - 90% >90% 21 ~2% - 3% CAGR Low-to-mid single-digit CAGR On track to deliver • Low-to-mid single-digit revenue CAGR* • Double-digit revenue CAGR* Ex-Rev/Pom • $8B - $10B growth from in-line brands • $10B - $13B from New Product Portfolio • 40%+ operating margin Total Company Revenue 2020 - 2025 2020 - 2025 Financial Targets** *At constant exchange rates on a risk-adjusted basis; **See "Forward-Looking Statements and Non-GAAP Financial Information“ and “Bristol Myers Squibb Company Reconciliation of Certain GAAP Line Items to Certain Non-GAAP Line Items” Financial projections may contain non promoted sales, BMS promotes only according to label 1

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Giovanni Caforio, MD Chairman of the Board, Chief Executive Officer Chris Boerner, PhD Executive VP, Chief Operating Officer David Elkins Executive VP, Chief Financial Officer Samit Hirawat, MD Executive VP, Chief Medical Officer, Global Drug Development Adam Lenkowsky Executive VP, Chief Commercialization Officer 22 Q2 2023 Results Q&A

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Q2 2023 Results Not for Product Promotional Use Year-Ended December 31 2020 2021 2022 Total Revenues $42,518 $46,385 $46,159 Gross Profit $30,745 $36,445 $36,022 Specified items (a) $3,300 $603 $356 Gross Profit excluding specified items $34,045 $37,048 $36,378 Marketing, Selling and Administrative $7,661 $7,690 $7,814 Specified items (a) ($279) ($3) ($79) Marketing, Selling and Administrative excluding specified items $7,382 $7,687 $7,735 Research and Development $10,048 $10,195 $9,509 Specified items (a) ($903) ($843) ($308) Research and Development excluding specified items $9,145 $9,352 $9,201 Operating margin 31% 40% 41% Specified items (a) 10% 3% 1% Operating margin excluding specified items (b) 41% 43% 42% Bristol Myers Squibb Company Reconciliation of Certain GAAP Line Items to Certain Non-GAAP Line Items 23 (a): An explanation of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measure are available on our website at bms.com/investors. (b): Operating margin on Specified Items represents the difference between the GAAP and Non-GAAP operating margin (Unaudited, dollars in millions)

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