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, 2022

_____________________________

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.)

430 E. 29th Street, 14th Floor

New York, NY, 10016

(Address of principal executive offices) (zip code)

Registrant’s telephone number, including area code: (212) 546-4200

_____________________________

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, 2022, Bristol-Myers Squibb Company (the “Company”) issued a press release (the “Earnings Press Release”) announcing its financial results for the second quarter of 2022. 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. Also furnished pursuant to this Item 2.02 as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety is certain supplemental information (the “Supplemental Information”) posted on the Company’s website at www.bms.com.

Item 7.01 Regulation FD Disclosure.

On July 27, 2022, 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 2022 at 8:00 a.m. Eastern time on July 27, 2022. A copy of the Bristol Myers Presentation is furnished pursuant to this Item 7.01 as Exhibit 99.3 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. The Bristol Myers Presentation includes references to non-GAAP financial information. Reconciliations between the non-GAAP financial measures and the comparable GAAP financial measures are available in the Supplemental Information, which is included as Exhibit 99.2 hereto, 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 Supplemental Information and 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, 99.2 and 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, 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, 2022.
99.2	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.
99.3	Presentation Materials of Bristol-Myers Squibb Company dated July 27, 2022.
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, 2022
99.2	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.
99.3	Presentation Materials of Bristol-Myers Squibb Company dated July 27, 2022.
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, 2022	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 2022

•Reports Second Quarter Revenues of $11.9 Billion, an Increase of 2% YoY; or 5% When Adjusted for Foreign Exchange

•Posts Second Quarter Earnings Per Share of $0.66 and Non-GAAP EPS of $1.93; Includes Net Impact of ($0.14) per share for GAAP and Non-GAAP EPS Due to Acquired IPRD1 Charges and Licensing Income

•Delivers Robust Revenue Growth of 11% from In-Line Products and New Product Portfolio; or 16% When Adjusted for Foreign Exchange

•Expands Oncology Franchise with New Indications for Opdivo and Planned Acquisition of Precision Oncology Company, Turning Point Therapeutics

•Strengthens Cell Therapy Franchise with Broadest Label for Breyanzi in Relapsed or Refractory Large B-cell Lymphoma after One Prior Therapy

•Adjusts 2022 GAAP EPS Guidance; Reaffirms Non-GAAP EPS Guidance

(NEW YORK, July 27, 2022) – Bristol Myers Squibb (NYSE:BMY) today reports results for the second quarter of 2022, which reflect continued in-line product growth, strong momentum across the new product portfolio and continued pipeline progress.

“I am very pleased with the continued strong demand for our in-line products and new product portfolio, resulting in solid top and bottom-line growth,” said Giovanni Caforio, M.D., board chair and chief executive officer, Bristol Myers Squibb. “The momentum with our business and strength of our pipeline, gives us significant opportunities to drive continued growth, starting with the anticipated approval for deucravacitinib in moderate to severe plaque psoriasis and the expected transition of milvexian, our next generation anti-thrombotic, to phase 3 development. With our financial strength and dedicated workforce, we are well positioned to help more patients and drive long-term value for our shareholders.”

1 Acquired IPRD refers to certain in-process research and development ("Acquired IPRD") charges resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights.

amounts in millions, except per share amounts
	2021	Change
Total Revenues	$11,703	2	%
Earnings Per Share - GAAP*	0.47	40	%
Earnings Per Share - Non-GAAP*	1.63	18	%

All values are in US Dollars.

*    GAAP and non-GAAP earnings per share include the net impact of Acquired IPRD charges and licensing income of ($0.14) per share in the second quarter of 2022 and ($0.30) per share in the second quarter of 2021.

SECOND QUARTER FINANCIAL RESULTS

All comparisons are made versus the same period in 2021 unless otherwise stated.

•Bristol Myers Squibb posted second quarter revenues of $11.9 billion, an increase of 2%, driven by in-line products (primarily Eliquis and Opdivo) and new product portfolio (Abecma, Opdualag and Reblozyl), partially offset by recent LOE products (primarily Revlimid) and foreign exchange impacts. When adjusted for foreign exchange impacts, second quarter revenues increased 5%.

•U.S. revenues increased 12% to $8.3 billion in the quarter. International revenues decreased 16% to $3.6 billion in the quarter. When adjusted for foreign exchange impacts, international revenues decreased 8%, primarily due to lower demand of Revlimid as a result of generic erosion, partially offset by in-line products (primarily Opdivo and Eliquis) and our new product portfolio.

•Gross margin decreased from 79.0% to 77.1% in the quarter primarily due to product mix and an impairment charge resulting from the divestiture of a manufacturing site, partially offset by foreign exchange impacts and related hedging settlements. On a non-GAAP basis, gross margin decreased from 79.8% to 78.3% in the quarter primarily driven by product mix, partially offset by foreign exchange impacts and related hedging settlements.

•Marketing, selling and administrative expenses decreased 5% to $1.8 billion in the quarter on a GAAP and non-GAAP basis primarily due to foreign exchange impacts.

•Research and development expenses decreased 6% to $2.3 billion in the quarter primarily due to an in-process research and development (IPRD) impairment charge in 2021, partially offset by increased investment in our broad and diversified portfolio. On a non-GAAP basis, research and development expenses increased 2% to $2.3 billion in the quarter primarily due to investment in our broad and diversified pipeline.

•Acquired IPRD decreased from $793 million in the same period a year ago to $400 million in the current quarter. Acquired IPRD in the current quarter primarily related to the buyout of a

future royalty obligation related to mavacamten ($295 million) and the BridgeBio licensing transaction ($90 million). Acquired IPRD in the same period a year ago was primarily related to a collaboration agreement with Eisai ($650 million).

•Amortization of acquired intangible assets decreased 5% to $2.4 billion in the quarter primarily due to a longer than previously expected market exclusivity period for Pomalyst.

•The GAAP effective tax rate changed from 31.7% to 27.0% in the quarter and non-GAAP effective tax rate changed from 17.6% to 17.0% in the quarter due to jurisdictional earnings mix including income taxes attributed to Acquired IPRD charges.

•The company reported net earnings attributable to Bristol Myers Squibb of $1.4 billion, or $0.66 per share, in the second quarter, compared to $1.1 billion, or $0.47 per share, for the same period a year ago. In addition to the items discussed above, the results include the impact of fair value adjustments on equity investments in both periods.

•The company reported non-GAAP net earnings attributable to Bristol Myers Squibb of $4.2 billion, or $1.93 per share, in the second quarter, compared to non-GAAP net earnings of $3.7 billion, or $1.63 per share, for the same period a year ago.

•In addition to the items discussed above, the earnings per share results in the current period include the impact of lower weighted-average common shares outstanding.

Beginning with the first quarter of 2022, 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 are no longer excluded from non-GAAP results. These R&D charges that were previously specified are now presented in a new financial statement line item labeled Acquired IPRD. GAAP and non-GAAP earnings per share include the net impact of Acquired IPRD charges and licensing income of ($0.14) per share in the second quarter of 2022 and ($0.30) per share in the second quarter of 2021. For purposes of comparability, the non-GAAP financial results for the second quarter of 2021 have been updated to reflect this change. A discussion of the non-GAAP financial measures is included under the “Use of Non-GAAP Financial Information” section.

SECOND QUARTER PRODUCT REVENUE HIGHLIGHTS

amounts in millions
Product	Quarter Ended<br><br>June 30, 2021	% Change from Quarter Ended June 30, 2021	% Change from Quarter Ended June 30, 2021 (Excl. F/X Impact)
In-Line Products
Eliquis	$2,792	16%	20%
Opdivo	$1,910	8%	12%
Pomalyst/Imnovid	$854	6%	9%
Orencia	$814	8%	11%
Sprycel	$541	1%	5%
Yervoy	$510	3%	7%
Empliciti	$86	(10)%	(5)%
Mature and Other Products**	$473	(8)%	(4)%
Total In-Line Products Revenue	$7,980	9%	13%
New Product Portfolio
Reblozyl	$128	34%	36%
Abecma	$24	*	*
Zeposia	$28	*	*
Breyanzi	$17	*	*
Inrebic	$16	44%	44%
Onureg	$12	*	*
Opdualag	N/A	N/A	N/A
Camzyos	N/A	N/A	N/A
Total New Product Portfolio Revenue	$225	*	*
Total In-Line Products and New Product Portfolio Revenue	$8,205	11%	16%
Recent LOE Products
Revlimid	$3,202	(22)%	(21)%
Abraxane	$296	(19)%	(17)%
Total Recent LOE Products Revenue	$3,498	(22)%	(20)%
Total Revenue	$11,703	2%	5%

All values are in US Dollars.

*    In excess of +100%

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

FIRST HALF PRODUCT REVENUE HIGHLIGHTS

amounts in millions
Product	Six Months Ended<br><br>June 30, 2021	% Change from Six Months Ended June 30, 2021	% Change from Six Months Ended June 30, 2021 (Excl. F/X Impact)
In-Line Products
Eliquis	$5,678	14%	17%
Opdivo	$3,630	10%	14%
Pomalyst/Imnovid	$1,627	7%	9%
Orencia	$1,572	6%	8%
Sprycel	$1,011	2%	5%
Yervoy	$966	8%	11%
Empliciti	$171	(11)%	(7)%
Mature and Other Products**	$979	(8)%	(6)%
Total In-Line Products Revenue	$15,634	8%	12%
New Product Portfolio
Reblozyl	$240	37%	38%
Abecma	$24	*	*
Zeposia	$46	*	*
Breyanzi	$17	*	*
Inrebic	$32	28%	28%
Onureg	$27	*	*
Opdualag	N/A	N/A	N/A
Camzyos	N/A	N/A	N/A
Total New Product Portfolio Revenue	$386	*	*
Total In-Line Products and New Product Portfolio Revenue	$16,020	11%	14%
Recent LOE Products
Revlimid	$6,146	(14)%	(12)%
Abraxane	$610	(25)%	(24)%
Total Recent LOE Products Revenue	$6,756	(15)%	(14)%
Total Revenue	$22,776	3%	6%

All values are in US Dollars.

*    In excess of +100%

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

REVENUE HIGHLIGHTS

In-Line Products

Revenues for in-line products in the second quarter were $8.7 billion compared to $8.0 billion in the prior year period, representing an increase of 9%. In-line products revenue was largely driven by:

•Eliquis revenues grew 16% compared to the prior year period. U.S. revenues were $2.2 billion compared to $1.7 billion in the prior year period, representing an increase of 27% driven primarily by demand growth and favorable gross to net adjustments. International revenues were $1.0 billion compared to $1.1 billion in the prior year period, representing a decrease of 3% driven by foreign exchange impacts, partially offset by higher demand.

•Opdivo revenues increased 8% compared to the prior year period. U.S. revenues were $1.2 billion compared to $1.1 billion in the prior year period, representing an increase of 12% driven by higher demand across multiple indications including Opdivo plus Yervoy-based combinations for non-small cell lung cancer, Opdivo plus Cabometyx® combination for kidney cancer, and Opdivo-based therapies for various gastric, bladder and esophageal cancers, partially offset by declining second-line eligibility across tumors and increased competition. International revenues were $858 million compared to $834 million in the prior year period, representing an increase of 3% driven by higher demand as a result of launches for additional indications and core indications, partially offset by foreign exchange impacts of 10%.

New Product Portfolio

•New product portfolio revenues grew to $482 million compared to $225 million in the prior year period, driven by higher demand for Abecma, Opdualag and Reblozyl.

Recent LOE Products

•Revlimid revenues declined by 22% compared to the prior year period. U.S. revenues decreased 2% to $2.1 billion as compared to the prior year period primarily driven by lower demand as a result of generic erosion. International revenues were $371 million compared to $1.0 billion in the prior year period, representing a decrease of 64% driven by lower demand as a result of generic erosion and to a lesser extent, foreign exchange impacts of 3%.

•Abraxane revenues declined 19% compared to the prior year period. U.S. revenues were $176 million compared to $234 million in the prior year period, representing a 25% decline driven by the entry of authorized generics.

PRODUCT AND PIPELINE UPDATE

Oncology

Category		Asset		Milestone
Regulatory		OpdualagTM<br><br>(nivolumab and relatlimab-rmbw)		The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has recommended approval of Opdualag for the first-line treatment of advanced (unresectable or metastatic) melanoma in adults and adolescents 12 years of age and older with tumour cell PD-L1 expression <1%. The positive opinion is based on results from the Phase 2/3 RELATIVITY -047 trial.
Regulatory		Opdivo® (nivolumab)		The U.S. Food and Drug Administration (FDA) approved Opdivo (injection for intravenous use) in combination with fluoropyrimidine- and platinum-containing chemotherapy as well as Opdivo plus Yervoy as first-line treatments for adult patients with unresectable advanced or metastatic esophageal squamous cell carcinoma regardless of PD-L1 status. The approvals are based on results from the Phase 3 CheckMate -648 trial.
Clinical & Research			Five-year follow up results from Part 1 of the Phase 3<br><br>CheckMate -227 trial demonstrated long-term, durable survival outcomes with Opdivo plus Yervoy compared to chemotherapy in first-line treatment of patients with metastatic non-small cell lung cancer (NSCLC), regardless of PD-L1 expression levels. In the primary endpoint population, the combination nearly doubled overall survival rate compared to chemotherapy.
	Three-year follow up results from the Phase 3 CheckMate -9LA trial demonstrated long-term, durable survival benefits with Opdivo plus Yervoy with two cycles of chemotherapy compared to four cycles of chemotherapy in patients with previously untreated metastatic NSCLC, regardless of PD-L1 expression and histology.
	Phase 3 CheckMate -901 trial comparing Opdivo plus Yervoy to standard-of-care chemotherapy as a first-line treatment for patients with untreated unresectable or metastatic urothelial carcinoma who are ineligible for cisplatin-based chemotherapy, did not meet the primary endpoint of overall survival in patients whose tumor cells express PD-L1 ≥1% at final analysis.

Hematology

Category		Asset		Milestone
Regulatory		Breyanzi®<br><br>(lisocabtagene maraleucel)		The FDA approved Breyanzi for the treatment of adult patients with relapsed or refractory large B-cell lymphoma (LBCL) after one prior therapy, including diffuse LBCL not otherwise specified, high-grade B-cell lymphoma, primary mediastinal LBCL and follicular lymphoma grade 3B, who relapse within 12 months of first-line chemoimmunotherapy or who are not eligible for transplant. The approval was based on the pivotal Phase 3 TRANSFORM trial as well as the Phase 2 PILOT study.
	The EMA validated the type II variation application for extension of the indication of Breyanzi for the treatment of adults with LBCL who are refractory or have relapsed within 12 months of initial therapy and are candidates for hematopoietic stem cell transplant. The EMA validation is based on results from the Phase 3 TRANSFORM trial.
	Reblozyl®<br><br>(luspatercept-aamt)		The company withdrew a supplemental biologics license application for Reblozyl for the treatment of anemia in adults with non-transfusion-dependent beta thalassemia.
Clinical & Research		Breyanzi		Data from the primary analysis of the Phase 2 PILOT trial showed substantial durable responses in second-line LBCL among patients who were not deemed candidates for high-dose chemotherapy and hematopoietic stem cell transplant.

Immunology

Category	Asset	Milestone
Clinical & Research	Orencia® (abatacept)	Top-line results from the Phase 3 Accelerating COVID-19 Therapeutic Interventions and Vaccines (ACTIV-1) Immune Modulators clinical trial, sponsored by the National Institutes of Health, showed that treatment with Orencia versus placebo displayed a strong, but not statistically significant improvement in the primary endpoint of time to recovery as measured by day of hospital discharge. Analyses of the secondary endpoints, which included mortality and clinical status, demonstrated Orencia reduced participants’ risk of death and improved their clinical status at 28 days after entering the study when compared with placebo.
		deucravacitinib		Results from the Phase 2 PAISLEY trial showed statistically significant efficacy at the primary endpoint of Systemic Lupus Erythematosus (SLE) Responder Index-4 responses at Week 32 among patients with moderate to severe SLE who were treated with deucravacitinib versus placebo. Secondary endpoints demonstrated clinically meaningful improvements at Week 48. The safety profile was consistent with<br><br>previous trials in psoriasis and psoriatic arthritis. Data demonstrated favorable risk-benefit profile supportive of progressing into Phase<br><br>3.
---	---	---	---	---
Two-year results from the Phase 3 POETYK PSO long-term extension (LTE) trial demonstrated durable efficacy and a consistent safety profile in adult patients with moderate to severe plaque psoriasis.
Zeposia®<br><br>(ozanimod)			Post-hoc analyses from the Phase 3 DAYBREAK open-label extension and Phase 3 SUNBEAM trials showed that the majority of patients receiving Zeposia for multiple sclerosis reported improved or preserved cognitive function, with the greatest improvement seen when used early in the disease when thalamic volume remains high.
	Results from an analysis from the ongoing Phase 3 DAYBREAK open-label extension trial showed that individuals receiving Zeposia for multiple sclerosis demonstrated an immune response to COVID-19 vaccination.

Business Development

•In June, the company and Turning Point Therapeutics, Inc. (“Turning Point”) (NASDAQ:TPTX) announced a definitive merger agreement under which Bristol Myers Squibb will acquire Turning Point pursuant to a tender offer for $76.00 per share, in an all cash transaction totaling approximately $4.1 billion. The planned acquisition is expected to expand the company’s precision oncology and solid tumor portfolio with the addition of repotrectinib and other pipeline assets. Repotrectinib is a potential best-in-class tyrosine kinase inhibitor targeting the ROS1 and NTRK oncogenic drivers of non-small cell lung cancer and other advanced solid tumors. The consummation of the transaction is subject to the satisfaction of customary closing conditions, including the tender of a majority of the outstanding shares of Turning Point’s common stock and the receipt of applicable regulatory approvals. In July, the Company announced that the tender offer period was extended to August 15. The acquisition is expected to close during the third quarter of 2022.

•In June, the company and Immatics N.V. (NASDAQ: IMTX) announced that they have expanded their strategic alliance to pursue the development of multiple allogeneic off-the-shelf TCR-T and/or CAR-T programs. (link)

Environmental, Social & Governance (ESG)

As a leading biopharma 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.

•The company announced that its Board of Directors elected Deepak L. Bhatt, MD, MPH to the Board, effective June 14, 2022 and that he will serve as a member of the Science & Technology Committee of the Board of Directors. The size of the Board was increased to eleven in connection with the election of Dr. Bhatt. (link)

•In July, the company, in collaboration with Disability Solutions, announced the launch of the Disability Diversity in Clinical Trials (DDiCT) initiative that aims to improve clinical trial participation of people with disabilities to ensure all patient groups are reflective of the real-world population and aligned with the epidemiology of the disease studies. (link)

Financial Guidance

Bristol Myers Squibb is adjusting its 2022 GAAP and non-GAAP line-item guidance as follows:

Total Sales and In-Line Products & New Product Portfolio sales are being adjusted to account for foreign exchange impacts.

Non-GAAP gross margin is being increased to approximately 79% primarily due to foreign exchange impacts.

Adjusting GAAP EPS guidance primarily due to changes in fair market value of equity investments and reaffirming non-GAAP EPS guidance.

Key 2022 GAAP and non-GAAP line-item guidance assumptions are:

	U.S. GAAP		Non-GAAP
	April (Prior)	July (Revised)	April (Prior)	July (Revised)
Total Net Sales	In-line with 2021	$46.0 billion	In-line with 2021	$46.0 billion
Recent LOE Products1	~$10.0 billion or<br><br>double-digit<br><br>decline	No change	~$10.0 billion or<br><br>double-digit<br><br>decline	No change
Revlimid	$9.0-$9.5 billion	No change	$9.0-$9.5 billion	No change
---	---	---	---	---
In-line Products & New Product Portfolio	~$36.5 billion or Low double-digit increase	~$36.0 billion or Low double-digit increase	~$36.5 billion or Low double-digit increase	~$36.0 billion or Low double-digit increase
Gross Margin %	~78%	No change	~78%	~79%
Operating Expenses2	Mid single-digit<br>decline	No change	Low single-digit<br>decline	No change
Tax Rate	~22%	~23%	~16.5%	No change
Diluted EPS3	$2.92 - $3.22	$2.71 - $3.01	$7.44 - $7.74	No change

1 Key LOE Products = Revlimid and Abraxane

2 Operating Expenses = MS&A and R&D, excluding acquired IPRD and Amortization of acquired intangibles

3 April guidance includes net impact of ($0.21) from acquired IPRD and licensing income, which comprises ($0.10) in Q1 and an additional ($0.11) in April due to buyout of future royalty obligation; July guidance includes YTD net impact of ($0.24) from acquired IPRD and licensing income

The 2022 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 impact of future Acquired IPRD and charges that may result from the acquisition of Turning Point. Both GAAP and non-GAAP guidance assume current exchange rates. The 2022 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.

Conference Call Information

Bristol Myers Squibb will host a conference call today at 8 a.m. EDT 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. To be directly connected to the conference call, enter your information

here; the link will be active 15 minutes prior to the scheduled start time of the call, and does not require a dial-in number or operator assistance to be connected. Investors and the public can also access the live webcast by dialing in the U.S. toll free 888-300-0211 or international +1 786-460-7199, confirmation code: 6873379. 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 on 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. EDT on July 27 through 11:30 a.m. EDT on August 10, 2022, by dialing in the U.S. toll free 888-203-1112 or international +1 719-457-0820, confirmation code: 6873379.

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.

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 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. 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.

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, divestiture gains or losses, stock compensation resulting from accelerated vesting of Celgene awards, certain retention-related employee compensation charges related to the Celgene transaction, 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) 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.

Beginning with the first quarter of 2022, 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 are no longer excluded from our non-GAAP financial measures. We are making these changes to our presentation of non-GAAP financial measures following comments from and discussions with the U.S. Securities and Exchange Commission. For purposes of comparability, the non-GAAP financial measures for the prior periods have been updated to reflect this change.

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 also available on the company’s website at www.bms.com. Within the attached 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 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 specified items 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, statements relating to goals, plans and projections regarding the company’s current and projected financial position, results of operations, market position, product development, share repurchase program, business strategy and the acquisition of Turning Point by the company. 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. These statements are likely to relate to, among other things, the company’s ability to execute successfully its strategic plans, including its business development strategy and capital allocation strategy, planned product launches and updates, expectations relating to its pipeline and in relation to its ability to realize the projected benefits of the Celgene acquisition and the MyoKardia acquisition, the full extent of the impact of the COVID-19 pandemic on the company’s operations and the development and commercialization of its products, potential laws and regulations to lower drug costs, market actions taken by private and government payers to manage drug utilization and contain costs, the expiration of patents or data protection on certain products, including assumptions about the company’s ability to retain patent exclusivity of certain products, and the impact and the result of governmental investigations. No forward-looking statement can be guaranteed, including that the company’s future clinical studies will support the data described in this release, product candidates will receive necessary clinical and manufacturing regulatory approvals, pipeline products will prove to be commercially successful, clinical and manufacturing regulatory approvals will be sought or obtained within currently expected timeframes, contractual milestones will be achieved or that the acquisition of Turning Point will be completed on the current anticipated timeline or at all.

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; changes to tax and importation laws and other restrictions in the United States, the European Union and other regions around the world that result in lower prices, lower reimbursement rates and smaller populations for whom payers will reimburse; changes under the 340B Drug Pricing Program; challenges inherent in new product development, including obtaining and maintaining regulatory approval; 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; the risk of certain novel approaches to disease treatment (such as CAR T therapy); industry competition from other manufacturers; potential difficulties, delays and disruptions in manufacturing, distribution or sale of products, including without limitation, interruptions caused by damage to the company’s and the company’s suppliers’ manufacturing sites; the impact of integrating the company’s and Celgene’s business and operations, including with respect to human capital management, portfolio rationalization, finance and accounting systems, sales operations and product distribution, pricing systems and methodologies, data security systems, compliance programs and internal controls processes; the risk of an adverse patent litigation decision or settlement and exposure to other litigation and/or regulatory actions; 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; regulatory decisions impacting labeling, manufacturing processes and/or other matters; the impact on the company’s competitive position from counterfeit or unregistered versions of its products or stolen products; the adverse impact of cyber-attacks on the company’s information systems or products, including unauthorized disclosure of trade secrets or other confidential data stored in the company’s information systems and networks; the company’s ability to execute its financial, strategic and operational plans; the company’s ability to identify potential strategic acquisitions, licensing opportunities or other beneficial transactions; the company’s dependency on several key products; any decline in the company’s future royalty streams; the company’s ability to effectively manage acquisitions, divestitures, alliances and other portfolio actions and to successfully realize the expected benefits of such actions; the company’s ability to attract and retain key personnel; the impact of the company’s significant additional indebtedness that it incurred in connection with the Celgene acquisition and the MyoKardia acquisition; 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; the impact of adverse outcomes in lawsuits, claims, proceedings and government investigations; the impact of our exclusive forum provision in our by-laws for certain lawsuits on our stockholders’ ability to obtain a judicial forum that it finds 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. In addition, the financial guidance provided in this release relies on assumptions about the duration and severity of the COVID-19 pandemic, timing of the return to a more stable business environment, patient and physician behaviors, buying patterns and clinical trial activities, which may prove to be incorrect.

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, 2021, 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.

Additional Information about the Tender Offer and Where to Find It

This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell securities, nor is it a substitute for the tender offer materials that the company and Rhumba Merger Sub Inc. (“Offeror”) filed with the SEC. At the time the tender offer was commenced, the company caused Offeror to file a tender offer statement on Schedule TO and Turning Point filed a recommendation statement on Schedule 14D-9. INVESTORS AND TURNING POINT’S STOCKHOLDERS ARE STRONGLY ADVISED TO READ THE TENDER OFFER STATEMENT AND THE RELATED SOLICITATION/ RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 FILED BY TURNING POINT WITH THE SEC, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT SHOULD BE CONSIDERED BY TURNING POINT’S INVESTORS BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. These documents are available at no charge on the SEC’s website at www.sec.gov. In addition, a copy of the offer to purchase, letter of transmittal and certain other related tender offer documents may be obtained free of charge at www.sec.gov or by directing a request to the company, Office of the Corporate Secretary, 430 East 29th Street, 14th Floor, New York, New York 10154-0037. A copy of the tender offer statement and the solicitation/recommendation statement are made available to all stockholders of Turning Point free of charge at www.tptherapeutics.com.

In addition to the offer to purchase, the related letter of transmittal and certain other offer documents, as well as the solicitation/recommendation statement, the company and Turning Point file annual, quarterly and special reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by Bristol Myers Squibb or Turning Point with the SEC at no charge on the SEC’s website at www.sec.gov.

BRISTOL-MYERS SQUIBB COMPANY

PRODUCT REVENUES

FOR THE THREE MONTHS ENDED JUNE 30, 2022 AND 2021

(Unaudited, dollars in millions)

	Worldwide Revenues						U.S. Revenues(c)
	2022		2021		% Change		2022		2021		% Change
In-Line Products
Eliquis	$	3,235	$	2,792	16	%	$	2,192	$	1,722	27	%
Opdivo	2,063		1,910		8	%	1,205		1,076		12	%
Pomalyst/Imnovid	908		854		6	%	616		567		9	%
Orencia	876		814		8	%	654		593		10	%
Sprycel	544		541		1	%	372		325		14	%
Yervoy	525		510		3	%	326		328		(1)	%
Empliciti	77		86		(10)	%	47		51		(8)	%
Mature and other products(a)	435		473		(8)	%	147		130		13	%
Total In-Line Products	8,663		7,980		9	%	5,559		4,792		16	%
New Product Portfolio
Reblozyl	172		128		34	%	144		110		31	%
Abecma	89		24		**		72		24		**
Zeposia	66		28		**		48		20		**
Breyanzi	39		17		**		33		17		94	%
Inrebic	23		16		44	%	20		15		33	%
Onureg	32		12		**		25		12		**
Opdualag	58		—		N/A		58		—		N/A
Camzyos	3		—		N/A		3		—		N/A
Total New Product Portfolio	482		225		**		403		198		**
Total In-Line and New Product Portfolio	9,145		8,205		11	%	5,962		4,990		19	%
Recent LOE Products(b)
Revlimid	2,501		3,202		(22)	%	2,130		2,164		(2)	%
Abraxane	241		296		(19)	%	176		234		(25)	%
Total Recent LOE Products	2,742		3,498		(22)	%	2,306		2,398		(4)	%
Total	$	11,887	$	11,703	2	%	$	8,268	$	7,388	12	%

**    In excess of +/- 100%

(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.

BRISTOL-MYERS SQUIBB COMPANY

PRODUCT REVENUES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(Unaudited, dollars in millions)

	Worldwide Revenues						U.S. Revenues(c)
	2022		2021		% Change		2022		2021		% Change
In-Line Products
Eliquis	$	6,446	$	5,678	14	%	$	4,339	$	3,645	19	%
Opdivo	3,986		3,630		10	%	2,304		2,020		14	%
Pomalyst/Imnovid	1,734		1,627		7	%	1,173		1,079		9	%
Orencia	1,668		1,572		6	%	1,246		1,129		10	%
Sprycel	1,027		1,011		2	%	677		600		13	%
Yervoy	1,040		966		8	%	637		622		2	%
Empliciti	152		171		(11)	%	94		102		(8)	%
Mature and other products(a)	897		979		(8)	%	280		282		(1)	%
Total In-Line Products	16,950		15,634		8	%	10,750		9,479		13	%
New Product Portfolio
Reblozyl	328		240		37	%	278		208		34	%
Abecma	156		24		**		128		24		**
Zeposia	102		46		**		69		33		**
Breyanzi	83		17		**		74		17		**
Inrebic	41		32		28	%	35		30		17	%
Onureg	55		27		**		44		26		69	%
Opdualag	64		—		N/A		64		—		N/A
Camzyos	3		—		N/A		3		—		N/A
Total New Product Portfolio	832		386		**		695		338		**
Total In-Line and New Product Portfolio	17,782		16,020		11	%	11,445		9,817		17	%
Recent LOE Products(b)
Revlimid	5,298		6,146		(14)	%	4,168		4,122		1	%
Abraxane	455		610		(25)	%	349		459		(24)	%
Total Recent LOE Products	5,753		6,756		(15)	%	4,517		4,581		(1)	%
Total	$	23,535	$	22,776	3	%	$	15,962	$	14,398	11	%

**    In excess of +/- 100%

(a)    Includes over-the-counter (OTC) brands and royalty revenue.

(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.

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net product sales	$	11,485	$	11,405	$	22,793	$	22,203
Alliance and other revenues	402		298		742		573
Total Revenues	11,887		11,703		23,535		22,776
Cost of products sold(a)	2,720		2,452		5,191		5,293
Marketing, selling and administrative	1,787		1,882		3,618		3,548
Research and development(b)	2,321		2,478		4,581		4,697
Acquired IPRD(b)	400		793		733		799
Amortization of acquired intangible assets	2,417		2,547		4,834		5,060
Other (income)/expense, net	284		(2)		933		(704)
Total Expenses	9,929		10,150		19,890		18,693
Earnings Before Income Taxes	1,958		1,553		3,645		4,083
Provision for Income Taxes	529		492		933		993
Net Earnings	1,429		1,061		2,712		3,090
Noncontrolling Interest	8		6		13		14
Net Earnings Attributable to BMS	$	1,421	$	1,055	$	2,699	$	3,076
Weighted-Average Common Shares Outstanding:
Basic	2,133		2,227		2,140		2,232
Diluted	2,149		2,252		2,157		2,258
Earnings per Common Share:
Basic	$	0.67	$	0.47	$	1.26	$	1.38
Diluted	0.66		0.47		1.25		1.36
Other (income)/expense, net
Interest expense(c)	$	313	$	330	$	639	$	683
Royalties and licensing income	(508)		(405)		(985)		(772)
Equity investment losses/(gains)	308		(148)		952		(749)
Integration expenses	124		152		229		293
Contingent consideration	—		—		1		(510)
(Gain)/Loss on debt redemption	(9)		—		266		281
Provision for restructuring	20		78		43		123
Litigation and other settlements	25		44		(12)		36
Investment income	(27)		(12)		(37)		(21)
Divestiture gains	—		(11)		(211)		(11)
Other	38		(30)		48		(57)
Other (income)/expense, net	$	284	$	(2)	$	933	$	(704)

(a)    Excludes amortization of acquired intangible assets.

(b)    Research and development charges resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights have been reclassified to the Acquired IPRD line item beginning with the first quarter of 2022. Prior period results have been revised for comparability.

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

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(Unaudited, dollars in millions)

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021(a)		2022		2021(a)
Inventory purchase price accounting adjustments	$	102	$	88	$	154	$	167
Intangible asset impairment	—		—		—		315
Site exit and other costs	43		1		43		24
Cost of products sold	145		89		197		506
Employee compensation charges	—		1		—		1
Site exit and other costs	4		—		6		(1)
Marketing, selling and administrative	4		1		6		—
IPRD impairments	—		230		40		230
Inventory purchase price accounting adjustments	21		—		108		—
Employee compensation charges	—		—		—		1
Research and development	21		230		148		231
Amortization of acquired intangible assets	2,417		2,547		4,834		5,060
Interest expense(b)	(21)		(28)		(48)		(62)
Equity investment losses/(gains)	307		(154)		950		(762)
Integration expenses	124		152		229		293
Contingent consideration	—		—		—		(510)
(Gain)/Loss on debt redemption	(9)		—		266		281
Provision for restructuring	20		78		43		123
Litigation and other settlements	—		—		(40)		—
Divestiture gains	—		(11)		(211)		(11)
Other	42		—		42		—
Other (income)/expense, net	463		37		1,231		(648)
Increase to pretax income	3,050		2,904		6,416		5,149
Income taxes on items above	(321)		(292)		(719)		(595)
Increase to net earnings	$	2,729	$	2,612	$	5,697	$	4,554

(a)    Revised to exclude significant R&D charges or other income resulting from up-front and contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights (including related income tax impacts).

(b)    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

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

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

	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		%
	Three Months Ended June 30, 2021									Six Months Ended June 30, 2021
	GAAP			Specified Items(a)			Non-GAAP			GAAP			Specified Items(a)			Non-GAAP
Gross Profit	$	9,251		$	89		$	9,340		$	17,483		$	506		$	17,989
Marketing, selling and administrative	1,882			(1)			1,881			3,548			—			3,548
Research and development	2,478			(230)			2,248			4,697			(231)			4,466
Amortization of acquired intangible assets	2,547			(2,547)			—			5,060			(5,060)			—
Other (income)/expense, net	(2)			(37)			(39)			(704)			648			(56)
Earnings Before Income Taxes	1,553			2,904			4,457			4,083			5,149			9,232
Provision for Income Taxes	492			292			784			993			595			1,588
Net Earnings Attributable to BMS used for Diluted EPS Calculation	$	1,055		$	2,612		$	3,667		$	3,076		$	4,554		$	7,630
Weighted-Average Common Shares Outstanding - Diluted	2,252			2,252			2,252			2,258			2,258			2,258
Diluted Earnings Per Share	$	0.47		$	1.16		$	1.63		$	1.36		$	2.02		$	3.38
Effective Tax Rate	31.7		%	(14.1)		%	17.6		%	24.3		%	(7.1)		%	17.2		%

(a)    Refer to the Specified Items schedule 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, 2022 AND DECEMBER 31, 2021

(Unaudited, dollars in millions)

	June 30,<br>2022		December 31,<br>2021
Cash and cash equivalents	$	10,750	$	13,979
Marketable debt securities - current	2,478		2,987
Cash, cash equivalents and marketable debt securities	13,228		16,966
Short-term debt obligations	(4,953)		(4,948)
Long-term debt	(37,107)		(39,605)
Net debt position	$	(28,832)	$	(27,587)

For more information, contact:

Media: media@bms.com

Investor Relations: investor.relations@bms.com

23

Document

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF REVENUES

(Unaudited, dollars in millions)

Revenues	2021																					2022													% Change		FX Impact(b)
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD	Qtr vs. Qtr	YTD vs. YTD
United States	$	7,010		$	7,388		$	14,398		$	7,296		$	21,694		$	7,520		$	29,214		$	7,694		$	8,268		$	15,962						12%	11%	—	—
International	3,899			4,124			8,023			4,052			12,075			4,244			16,319			3,727			3,427			7,154							(17)%	(11)%	(9)%	(8)%
Other(a)	164			191			355			276			631			221			852			227			192			419							1%	18%	—	—
Total	$	11,073		$	11,703		$	22,776		$	11,624		$	34,400		$	11,985		$	46,385		$	11,648		$	11,887		$	23,535						2%	3%	(3)%	(3)%
% of Revenues	2021																					2022
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr	9 Months	4th Qtr	Year
United States	63.3		%	63.1		%	63.2		%	62.8		%	63.1		%	62.7		%	63.0		%	66.1		%	69.6		%	67.8		%
International	35.3		%	35.3		%	35.2		%	34.9		%	35.1		%	35.4		%	35.1		%	32.0		%	28.8		%	30.4		%
Other(a)	1.4		%	1.6		%	1.6		%	2.3		%	1.8		%	1.9		%	1.9		%	1.9		%	1.6		%	1.8		%
Total	100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%

(a)    Other revenues include royalties and alliance-related revenues for products not sold by our regional commercial organizations.

(b)    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.

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

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

	2021																					2022													% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Net product sales	$	10,798		$	11,405		$	22,203		$	11,243		$	33,446		$	11,609		$	45,055		$	11,308		$	11,485		$	22,793						1%	3%
Alliance and other revenues	275			298			573			381			954			376			1,330			340			402			742							35%	29%
Total Revenues	11,073			11,703			22,776			11,624			34,400			11,985			46,385			11,648			11,887			23,535							2%	3%
Cost of products sold(a)	2,841			2,452			5,293			2,291			7,584			2,356			9,940			2,471			2,720			5,191							11%	(2)%
Marketing, selling and administrative	1,666			1,882			3,548			1,788			5,336			2,354			7,690			1,831			1,787			3,618							(5)%	2%
Research and development(b)	2,219			2,478			4,697			2,980			7,677			2,518			10,195			2,260			2,321			4,581							(6)%	(2)%
Acquired IPRD(b)	6			793			799			271			1,070			89			1,159			333			400			733							(50)%	(8)%
Amortization of acquired intangible assets	2,513			2,547			5,060			2,546			7,606			2,417			10,023			2,417			2,417			4,834							(5)%	(4)%
Other (income)/expense, net	(702)			(2)			(704)			(409)			(1,113)			393			(720)			649			284			933							**	**
Total Expenses	8,543			10,150			18,693			9,467			28,160			10,127			38,287			9,961			9,929			19,890							(2)%	6%
Earnings Before Income Taxes	2,530			1,553			4,083			2,157			6,240			1,858			8,098			1,687			1,958			3,645							26%	(11)%
Provision/(Benefit) for Income Taxes	501			492			993			605			1,598			(514)			1,084			404			529			933							8%	(6)%
Net Earnings	2,029			1,061			3,090			1,552			4,642			2,372			7,014			1,283			1,429			2,712							35%	(12)%
Noncontrolling Interest	8			6			14			6			20			—			20			5			8			13							33%	(7)%
Net Earnings Attributable to BMS	$	2,021		$	1,055		$	3,076		$	1,546		$	4,622		$	2,372		$	6,994		$	1,278		$	1,421		$	2,699						35%	(12)%
Diluted Earnings per Common Share*	$	0.89		$	0.47		$	1.36		$	0.69		$	2.05		$	1.07		$	3.12		$	0.59		$	0.66		$	1.25						40%	(8)%
Weighted-Average Common Shares Outstanding - Diluted	2,265			2,252			2,258			2,243			2,253			2,219			2,245			2,164			2,149			2,157							—	—
Dividends declared per common share	$	0.49		$	0.49		$	0.98		$	0.49		$	1.47		$	0.54		$	2.01		$	0.54		$	0.54		$	1.08						10%	10%
	2021																					2022
% of Total Revenues	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr	9 Months	4th Qtr	Year
Gross Margin	74.3		%	79.0		%	76.8		%	80.3		%	78.0		%	80.3		%	78.6		%	78.8		%	77.1		%	77.9		%
Other Ratios
Effective tax rate	19.8		%	31.7		%	24.3		%	28.0		%	25.6		%	(27.7)		%	13.4		%	23.9		%	27.0		%	25.6		%
Other (income)/expense, net	2021																					2022													% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Interest expense(c)	$	353		$	330		$	683		$	328		$	1,011		$	323		$	1,334		$	326		$	313		$	639						(5)%	(6)%
Royalties and licensing income	(367)			(405)			(772)			(425)			(1,197)			(536)			(1,733)			(477)			(508)			(985)							25%	28%
Equity investment losses/(gains)	(601)			(148)			(749)			(465)			(1,214)			469			(745)			644			308			952							**	**
Integration expenses	141			152			293			141			434			130			564			105			124			229							(18)%	(22)%
Contingent consideration	(510)			—			(510)			—			(510)			(32)			(542)			1			—			1							**	**
(Gain)/Loss on debt redemption	281			—			281			—			281			—			281			275			(9)			266							**	(5)%
Provision for restructuring	45			78			123			27			150			19			169			23			20			43							(74)%	(65)%
Litigation and other settlements	(8)			44			36			13			49			33			82			(37)			25			(12)							(43)%	**
Investment income	(9)			(12)			(21)			(12)			(33)			(6)			(39)			(10)			(27)			(37)							**	76%
Divestiture (gains)/losses	—			(11)			(11)			2			(9)			—			(9)			(211)			—			(211)							(100)%	**
Other	(27)			(30)			(57)			(18)			(75)			(7)			(82)			10			38			48							**	**
Other (income)/expense, net	$	(702)		$	(2)		$	(704)		$	(409)		$	(1,113)		$	393		$	(720)		$	649		$	284		$	933						**	**

*    Quarterly amounts may not add to the year-to-date amounts, as each period is computed on a discrete basis.

**    In excess of +/- 100%.

(a)    Excludes amortization of acquired intangible assets.

(b)    Research and development charges resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights have been reclassified to the Acquired IPRD line item beginning with the first quarter of 2022. Prior period results have been revised for comparability.

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

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED JUNE 30, 2022

(Unaudited, dollars in millions)

QUARTER-TO-DATE	2022			2021			Change	% Change		Favorable / (Unfavorable) FX Impact *	2022 Excluding FX		Favorable / (Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	11,887		$	11,703			2	%		$	12,259	(3)	%	5	%
Gross profit	9,167			9,251			(84)	(1)	%	N/A	N/A		N/A		N/A
Gross profit excluding specified items(a)	9,312			9,340			(28)	—		N/A	N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	78.3		%	79.8		%
Marketing, selling and administrative	1,787			1,882			(95)	(5)	%	49	1,836		3	%	(2)	%
Marketing, selling and administrative excluding specified items(a)	1,783			1,881			(98)	(5)	%	49	1,832		2	%	(3)	%
Marketing, selling and administrative excluding specified items as a % of revenues	15.0		%	16.1		%
Research and development	2,321			2,478			(157)	(6)	%	28	2,349		1	%	(5)	%
Research and development excluding specified items(a)	2,300			2,248			52	2	%	28	2,328		2	%	4	%
Research and development excluding specified items as a % of revenues	19.3		%	19.2		%
YEAR-TO-DATE	2022			2021			Change	% Change		Favorable / (Unfavorable) FX Impact *	2022 Excluding FX		Favorable / (Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	23,535		$	22,776			3	%		$	24,140	(3)	%	6	%
Gross profit	18,344			17,483			861	5	%	N/A	N/A		N/A		N/A
Gross profit excluding specified items(a)	18,541			17,989			552	3	%	N/A	N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	78.8		%	79.0		%
Marketing, selling and administrative	3,618			3,548			70	2	%	75	3,693		2	%	4	%
Marketing, selling and administrative excluding specified items(a)	3,612			3,548			64	2	%	75	3,687		2	%	4	%
Marketing, selling and administrative excluding specified items as a % of revenues	15.3		%	15.6		%
Research and development	4,581			4,697			(116)	(2)	%	42	4,623		—		(2)	%
Research and development excluding specified items(a)	4,433			4,466			(33)	(1)	%	42	4,475		1	%	—
Research and development excluding specified items as a % of revenues	18.8		%	19.6		%

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.

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

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2021														2022										Change			% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD		Qtr vs. Qtr		YTD vs. YTD
In-Line Products
Eliquis	$	2,886	$	2,792	$	5,678	$	2,413	$	8,091	$	2,671	$	10,762	$	3,211	$	3,235	$	6,446						$	768	16	%	14	%
Opdivo	1,720		1,910		3,630		1,905		5,535		1,988		7,523		1,923		2,063		3,986						153	356		8	%	10	%
Pomalyst/Imnovid	773		854		1,627		851		2,478		854		3,332		826		908		1,734						54	107		6	%	7	%
Orencia	758		814		1,572		870		2,442		864		3,306		792		876		1,668						62	96		8	%	6	%
Sprycel	470		541		1,011		551		1,562		555		2,117		483		544		1,027						3	16		1	%	2	%
Yervoy	456		510		966		515		1,481		545		2,026		515		525		1,040						15	74		3	%	8	%
Empliciti	85		86		171		82		253		81		334		75		77		152						(9)	(19)		(10)	%	(11)	%
Mature and other products(a)	506		473		979		480		1,459		441		1,900		462		435		897						(38)	(82)		(8)	%	(8)	%
Total In-Line Products	7,654		7,980		15,634		7,667		23,301		7,999		31,300		8,287		8,663		16,950						683	1,316		9	%	8	%
New Product Portfolio
Reblozyl	112		128		240		160		400		151		551		156		172		328						44	88		34	%	37	%
Abecma	—		24		24		71		95		69		164		67		89		156						65	132		**		**
Zeposia	18		28		46		40		86		48		134		36		66		102						38	56		**		**
Breyanzi	—		17		17		30		47		40		87		44		39		83						22	66		**		**
Inrebic	16		16		32		22		54		20		74		18		23		41						7	9		44	%	28	%
Onureg	15		12		27		21		48		25		73		23		32		55						20	28		**		**
Opdualag	—		—		—		—		—		—		—		6		58		64						58	64		N/A		N/A
Camzyos	—		—		—		—		—		—		—		—		3		3						3	3		N/A		N/A
Total New Product Portfolio	161		225		386		344		730		353		1,083		350		482		832						257	446		**		**
Total In-Line Products and New Product Portfolio	7,815		8,205		16,020		8,011		24,031		8,352		32,383		8,637		9,145		17,782						940	1,762		11	%	11	%
Recent LOE Products(b)
Revlimid	$	2,944	$	3,202	$	6,146	$	3,347	$	9,493	$	3,328	$	12,821	$	2,797	$	2,501	$	5,298					(701)	(848)		(22)	%	(14)	%
Abraxane	314		296		610		266		876		305		1,181		214		241		455						(55)	(155)		(19)	%	(25)	%
Total Recent LOE Products	3,258		3,498		6,756		3,613		10,369		3,633		14,002		3,011		2,742		5,753						(756)	(1,003)		(22)	%	(15)	%
Total	$	11,073	$	11,703	$	22,776	$	11,624	$	34,400	$	11,985	$	46,385	$	11,648	$	11,887	$	23,535					184	759		2	%	3	%

All values are in US Dollars.

**    In excess of +/- 100%.

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

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE REVENUES

FOREIGN EXCHANGE IMPACT (%)

(Unaudited)

	Three Months Ended June 30, 2022			Six Months Ended June 30, 2022
	Revenue Change %	Favorable/ (Unfavorable) FX Impact %	Revenue Change % Excluding FX	Revenue Change %	Favorable/ (Unfavorable) FX Impact %	Revenue Change % Excluding FX
In-Line Products
Eliquis	16%	(4)%	20%	14%	(3)%	17%
Opdivo	8%	(4)%	12%	10%	(4)%	14%
Pomalyst/Imnovid	6%	(3)%	9%	7%	(2)%	9%
Orencia	8%	(3)%	11%	6%	(2)%	8%
Sprycel	1%	(4)%	5%	2%	(3)%	5%
Yervoy	3%	(4)%	7%	8%	(3)%	11%
Empliciti	(10)%	(5)%	(5)%	(11)%	(4)%	(7)%
Mature and other products(a)	(8)%	(4)%	(4)%	(8)%	(2)%	(6)%
Total In-Line Products	9%	(4)%	13%	8%	(4)%	12%
New Product Portfolio
Reblozyl	34%	(2)%	36%	37%	(1)%	38%
Abecma	**	**	**	**	**	**
Zeposia	**	**	**	**	**	**
Breyanzi	**	**	**	**	**	**
Inrebic	44%	—	44%	28%	—	28%
Onureg	**	**	**	**	**	**
Opdualag	N/A	N/A	N/A	N/A	NA	N/A
Camzyos	N/A	N/A	N/A	N/A	N/A	N/A
Total New Product Portfolio	**	—	**	**	—	**
Total In-Line Products and New Product Portfolio	11%	(5)%	16%	11%	(3)%	14%
Recent LOE Products(b)
Revlimid	(22)%	(1)%	(21)%	(14)%	(2)%	(12)%
Abraxane	(19)%	(2)%	(17)%	(25)%	(1)%	(24)%
Total Recent LOE Products	(22)%	(2)%	(20)%	(15)%	(1)%	(14)%
Total	2%	(3)%	5%	3%	(3)%	6%

** In excess of +/- 100%.

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

BRISTOL-MYERS SQUIBB COMPANY

U.S. REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2021														2022										% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
In-Line Products
Eliquis	$	1,923	$	1,722	$	3,645	$	1,315	$	4,960	$	1,496	$	6,456	$	2,147	$	2,192	$	4,339					27%	19%
Opdivo	944		1,076		2,020		1,062		3,082		1,120		4,202		1,099		1,205		2,304						12%	14%
Pomalyst/Imnovid	512		567		1,079		586		1,665		584		2,249		557		616		1,173						9%	9%
Orencia	536		593		1,129		644		1,773		637		2,410		592		654		1,246						10%	10%
Sprycel	275		325		600		346		946		351		1,297		305		372		677						14%	13%
Yervoy	294		328		622		313		935		330		1,265		311		326		637						(1)%	2%
Empliciti	51		51		102		48		150		50		200		47		47		94						(8)%	(8)%
Mature and other products(a)	152		130		282		152		434		146		580		133		147		280						13%	(1)%
Total In-Line Products	4,687		4,792		9,479		4,466		13,945		4,714		18,659		5,191		5,559		10,750						16%	13%
New Product Portfolio
Reblozyl	98		110		208		147		355		130		485		134		144		278						31%	34%
Abecma	—		24		24		67		91		67		158		56		72		128						**	**
Zeposia	13		20		33		32		65		34		99		21		48		69						**	**
Breyanzi	—		17		17		29		46		38		84		41		33		74						94%	**
Inrebic	15		15		30		20		50		17		67		15		20		35						33%	17%
Onureg	14		12		26		21		47		22		69		19		25		44						**	69%
Opdualag	—		—		—		—		—		—		—		6		58		64						N/A	N/A
Camzyos	—		—		—		—		—		—		—		—		3		3						N/A	N/A
Total New Product Portfolio	140		198		338		316		654		308		962		292		403		695						**	**
Total In-Line Products and New Product Portfolio	4,827		4,990		9,817		4,782		14,599		5,022		19,621		5,483		5,962		11,445						19%	17%
Recent LOE Products(b)
Revlimid	1,958		2,164		4,122		2,303		6,425		2,270		8,695		2,038		2,130		4,168						(2)%	1%
Abraxane	225		234		459		211		670		228		898		173		176		349						(25)%	(24)%
Total Recent LOE Products	2,183		2,398		4,581		2,514		7,095		2,498		9,593		2,211		2,306		4,517						(4)%	(1)%
Total(c)	$	7,010	$	7,388	$	14,398	$	7,296	$	21,694	$	7,520	$	29,214	$	7,694	$	8,268	$	15,962					12%	11%

**    In excess of +/- 100%.

(a)    Includes OTC products, royalty revenue and other 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.

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2021														2022										% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr	9 Months	4th Qtr	Year		Qtr vs. Qtr		YTD vs. YTD
In-Line Products
Eliquis	$	963	$	1,070	$	2,033	$	1,098	$	3,131	$	1,175	$	4,306	$	1,064	$	1,043	$	2,107						(3)	%	4	%
Opdivo	776		834		1,610		843		2,453		868		3,321		824		858		1,682							3	%	4	%
Pomalyst/Imnovid	261		287		548		265		813		270		1,083		269		292		561							2	%	2	%
Orencia	222		221		443		226		669		227		896		200		222		422							—		(5)	%
Sprycel	195		216		411		205		616		204		820		178		172		350							(20)	%	(15)	%
Yervoy	162		182		344		202		546		215		761		204		199		403							9	%	17	%
Empliciti	34		35		69		34		103		31		134		28		30		58							(14)	%	(16)	%
Mature and other products(a)	354		343		697		328		1,025		295		1,320		329		288		617							(16)	%	(11)	%
Total In-Line Products	2,967		3,188		6,155		3,201		9,356		3,285		12,641		3,096		3,104		6,200							(3)	%	1	%
New Product Portfolio
Reblozyl	14		18		32		13		45		21		66		22		28		50							56	%	56	%
Abecma	—		—		—		4		4		2		6		11		17		28							N/A		N/A
Zeposia	5		8		13		8		21		14		35		15		18		33							**		**
Breyanzi	—		—		—		1		1		2		3		3		6		9							N/A		N/A
Inrebic	1		1		2		2		4		3		7		3		3		6							**		**
Onureg	1		—		1		—		1		3		4		4		7		11							N/A		**
Total New Product Portfolio	21		27		48		28		76		45		121		58		79		137							**		**
Total In-Line Products and New Product Portfolio	2,988		3,215		6,203		3,229		9,432		3,330		12,762		3,154		3,183		6,337							(1)	%	2	%
Recent LOE Products(b)
Revlimid	986		1,038		2,024		1,044		3,068		1,058		4,126		759		371		1,130							(64)	%	(44)	%
Abraxane	89		62		151		55		206		77		283		41		65		106							5	%	(30)	%
Total Recent LOE Products	1,075		1,100		2,175		1,099		3,274		1,135		4,409		800		436		1,236							(60)	%	(43)	%
Total	$	4,063	$	4,315	$	8,378	$	4,328	$	12,706	$	4,465	$	17,171	$	3,954	$	3,619	$	7,573						(16)	%	(10)	%

**    In excess of +/- 100%.

(a)    Includes 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 market exclusivity.

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES

FOREIGN EXCHANGE IMPACT (%)

(Unaudited)

	Three Months Ended June 30, 2022			Six Months Ended June 30, 2022
	Revenue Change %	Favorable/ (Unfavorable) FX Impact %	Revenue Change % Excluding FX	Revenue Change %	Favorable/ (Unfavorable) FX Impact %	Revenue Change % Excluding FX
In-Line Products
Eliquis	(3)%	(12)%	9%	4%	(9)%	13%
Opdivo	3%	(10)%	13%	4%	(9)%	13%
Pomalyst/Imnovid	2%	(9)%	11%	2%	(8)%	10%
Orencia	—	(12)%	12%	(5)%	(9)%	4%
Sprycel	(20)%	(10)%	(10)%	(15)%	(9)%	(6)%
Yervoy	9%	(12)%	21%	17%	(10)%	27%
Empliciti	(14)%	(11)%	(3)%	(16)%	(9)%	(7)%
Mature and other products(a)	(16)%	(6)%	(10)%	(11)%	(2)%	(9)%
Total In-Line Products	(3)%	(11)%	8%	1%	(8)%	9%
New Product Portfolio
Reblozyl	56%	(16)%	72%	56%	(13)%	69%
Abecma	N/A	N/A	N/A	N/A	N/A	N/A
Zeposia	**	**	**	**	**	**
Breyanzi	N/A	N/A	N/A	N/A	N/A	N/A
Inrebic	**	**	**	**	**	**
Onureg	N/A	N/A	N/A	**	**	N/A
Total New Product Portfolio	**	**	**	**	**	**
Total In-Line Products and New Product Portfolio	(1)%	(10)%	9%	2%	(9)%	11%
Recent LOE Products(b)
Revlimid	(64)%	(3)%	(61)%	(44)%	(4)%	(40)%
Abraxane	5%	(8)%	13%	(30)%	(5)%	(25)%
Total Recent LOE Products	(60)%	(3)%	(57)%	(43)%	(4)%	(39)%
Total	(16)%	(8)%	(8)%	(10)%	(8)%	(2)%

** In excess of +/- 100%.

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

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)

	2021(a)														2022
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr	9 Months	4th Qtr	Year
Inventory purchase price accounting adjustments	$	79	$	88	$	167	$	97	$	264	$	—	$	264	$	52	$	102	$	154
Intangible asset impairment	315		—		315		—		315		—		315		—		—		—
Site exit and other costs	23		1		24		—		24		—		24		—		43		43
Cost of products sold	417		89		506		97		603		—		603		52		145		197
Employee compensation charges	—		1		1		—		1		—		1		—		—		—
Site exit and other costs	(1)		—		(1)		1		—		2		2		2		4		6
Marketing, selling and administrative	(1)		1		—		1		1		2		3		2		4		6
IPRD impairments	—		230		230		610		840		—		840		40		—		40
Inventory purchase price accounting adjustments	—		—		—		1		1		—		1		87		21		108
Employee compensation charges	1		—		1		—		1		—		1		—		—		—
Site exit and other costs	—		—		—		1		1		—		1		—		—		—
Research and development	1		230		231		612		843		—		843		127		21		148
Amortization of acquired intangible assets	2,513		2,547		5,060		2,546		7,606		2,417		10,023		2,417		2,417		4,834
Interest expense(b)	(34)		(28)		(62)		(29)		(91)		(29)		(120)		(27)		(21)		(48)
Equity investment (gains)/losses	(608)		(154)		(762)		(465)		(1,227)		469		(758)		643		307		950
Integration expenses	141		152		293		141		434		130		564		105		124		229
Contingent consideration	(510)		—		(510)		—		(510)		(32)		(542)		—		—		—
Loss on debt redemption	281		—		281		—		281		—		281		275		(9)		266
Provision for restructuring	45		78		123		27		150		19		169		23		20		43
Litigation and other settlements	—		—		—		—		—		—		—		(40)		—		(40)
Divestiture (gains)/losses	—		(11)		(11)		2		(9)		—		(9)		(211)		—		(211)
Acquisition expenses	—		—		—		—		—		—		—		—				—
Other	—		—		—		—		—		—		—		—		42		42
Other (income)/expense, net	(685)		37		(648)		(324)		(972)		557		(415)		768		463		1,231
Increase to pretax income	2,245		2,904		5,149		2,932		8,081		2,976		11,057		3,366		3,050		6,416
Income taxes on items above	(303)		(292)		(595)		(137)		(732)		(261)		(993)		(398)		(321)		(719)
Income taxes attributed to internal transfer of intangible assets	—		—		—		—		—		(983)		(983)		—		—		—
Income taxes	(303)		(292)		(595)		(137)		(732)		(1,244)		(1,976)		(398)		(321)		(719)
Increase to net earnings	$	1,942	$	2,612	$	4,554	$	2,795	$	7,349	$	1,732	$	9,081	$	2,968	$	2,729	$	5,697

(a)    Revised to exclude significant R&D charges or other income resulting from up-front and contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights (including related income tax impacts).

(b)    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 in millions)

	2021														2022
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr	9 Months	4th Qtr	Year
Gross Profit	$	8,232	$	9,251	$	17,483	$	9,333	$	26,816	$	9,629	$	36,445	$	9,177	$	9,167	$	18,344
Specified items(a)	417		89		506		97		603		—		603		52		145		197
Gross profit excluding specified items	8,649		9,340		17,989		9,430		27,419		9,629		37,048		9,229		9,312		18,541
Marketing, selling and administrative	1,666		1,882		3,548		1,788		5,336		2,354		7,690		1,831		1,787		3,618
Specified items(a)	1		(1)		—		(1)		(1)		(2)		(3)		(2)		(4)		(6)
Marketing, selling and administrative excluding specified items	1,667		1,881		3,548		1,787		5,335		2,352		7,687		1,829		1,783		3,612
Research and development	2,219		2,478		4,697		2,980		7,677		2,518		10,195		2,260		2,321		4,581
Specified items(a)	(1)		(230)		(231)		(612)		(843)		—		(843)		(127)		(21)		(148)
Research and development excluding specified items	2,218		2,248		4,466		2,368		6,834		2,518		9,352		2,133		2,300		4,433
Amortization of acquired intangible assets	2,513		2,547		5,060		2,546		7,606		2,417		10,023		2,417		2,417		4,834
Specified items(a)	(2,513)		(2,547)		(5,060)		(2,546)		(7,606)		(2,417)		(10,023)		(2,417)		(2,417)		(4,834)
Amortization of acquired intangible assets excluding specified items	—		—		—		—		—		—		—		—		—		—
Other (income)/expense, net	(702)		(2)		(704)		(409)		(1,113)		393		(720)		649		284		933
Specified items(a)	685		(37)		648		324		972		(557)		415		(768)		(463)		(1,231)
Other (income)/expense, net excluding specified items	(17)		(39)		(56)		(85)		(141)		(164)		(305)		(119)		(179)		(298)

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

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP TO NON-GAAP EPS

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

	2021																					2022
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr	9 Months	4th Qtr	Year
Earnings before income taxes	$	2,530		$	1,553		$	4,083		$	2,157		$	6,240		$	1,858		$	8,098		$	1,687		$	1,958		$	3,645
Specified items(a)	2,245			2,904			5,149			2,932			8,081			2,976			11,057			3,366			3,050			6,416
Earnings before income taxes excluding specified items	4,775			4,457			9,232			5,089			14,321			4,834			19,155			5,053			5,008			10,061
Provision/(Benefit) for income taxes	501			492			993			605			1,598			(514)			1,084			404			529			933
Income taxes on specified items(a)	303			292			595			137			732			261			993			398			321			719
Income taxes attributed to internal transfer of intangible assets(a)	—			—			—			—			—			983			983			—			—			—
Provision for income taxes excluding tax on specified items and income taxes attributed to internal transfer of intangible assets	804			784			1,588			742			2,330			730			3,060			802			850			1,652
Net Earnings attributable to BMS used for Diluted EPS Calculation - GAAP	2,021			1,055			3,076			1,546			4,622			2,372			6,994			1,278			1,421			2,699
Specified items(a)	1,942			2,612			4,554			2,795			7,349			1,732			9,081			2,968			2,729			5,697
Net Earnings attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP	3,963			3,667			7,630			4,341			11,971			4,104			16,075			4,246			4,150			8,396
Weighted-average Common Shares Outstanding - Diluted-GAAP	2,265			2,252			2,258			2,243			2,253			2,219			2,245			2,164			2,149			2,157
Weighted-average Common Shares Outstanding - Diluted-Non-GAAP	2,265			2,252			2,258			2,243			2,253			2,219			2,245			2,164			2,149			2,157
Diluted Earnings Per Share - GAAP*	$	0.89		$	0.47		$	1.36		$	0.69		$	2.05		$	1.07		$	3.12		$	0.59		$	0.66		$	1.25
Diluted Earnings Per Share attributable to specified items(a)	0.85			1.16			2.02			1.24			3.26			0.78			4.04			1.37			1.27			2.64
Diluted Earnings Per Share - Non-GAAP*	$	1.74		$	1.63		$	3.38		$	1.93		$	5.31		$	1.85		$	7.16		$	1.96		$	1.93		$	3.89
Effective Tax Rate	19.8		%	31.7		%	24.3		%	28.0		%	25.6		%	(27.7)		%	13.4		%	23.9		%	27.0		%	25.6		%
Specified items(a)	(3.0)		%	(14.1)		%	(7.1)		%	(13.4)		%	(9.3)		%	42.8		%	2.6		%	(8.0)		%	(10.0)		%	(9.2)		%
Effective Tax Rate excluding specified items	16.8		%	17.6		%	17.2		%	14.6		%	16.3		%	15.1		%	16.0		%	15.9		%	17.0		%	16.4		%

*    Quarterly amounts may not add to the year-to-date amounts, as each period is computed on a discrete basis.

(a)    Refer to the Specified Items schedule 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

SELECTED BALANCE SHEET INFORMATION

(Unaudited, dollars in millions)

	March 31,<br>2021		June 30,<br>2021		September 30,<br>2021		December 31,<br>2021		March 31,<br>2022		June 30,<br>2022		September 30,<br>2022	December 31,<br>2022
Cash and cash equivalents	$	10,982	$	11,024	$	13,540	$	13,979	$	12,369	$	10,750
Marketable debt securities - current	1,948		1,946		2,123		2,987		2,599		2,478
Marketable debt securities - non-current	288		143		46		—		—		—
Cash, cash equivalents and marketable debt securities	13,218		13,113		15,709		16,966		14,968		13,228
Short-term debt obligations	(1,777)		(2,655)		(5,065)		(4,948)		(7,522)		(4,953)
Long-term debt	(44,505)		(42,503)		(39,677)		(39,605)		(37,450)		(37,107)
Net debt position	$	(33,064)	$	(32,045)	$	(29,033)	$	(27,587)	$	(30,004)	$	(28,832)

BRISTOL-MYERS SQUIBB COMPANY

2022 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2022
		Pre-tax		Tax		After-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP(a)							$2.71 to $3.01
Projected Specified Items:
Purchase price accounting adjustments(b)			4.59		0.49		4.10
Acquisition, restructuring and integration expenses(c)			0.27		0.06		0.21
Equity investment losses			0.44		0.05		0.39
Intangible asset impairment			0.02		—		0.02
Divestiture gains			(0.10)		(0.02)		(0.08)
Loss on debt redemption			0.12		0.03		0.09
Total			5.34		0.61		4.73
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP(a)							$7.44 to $7.74

(a)    Includes net impact of ($0.24) from acquired IPRD and licensing income incurred year-to-date. Excluding these adjustments, the outlook for non-GAAP EPS is unchanged.

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

(c)    Includes acquisition-related restructuring and integration expenses recognized primarily in Other (income)/expense, net.

The following table summarizes the company's 2022 financial guidance:
Line item	GAAP	Non-GAAP
Total net sales	$46.0 Billion	$46.0 Billion
Recent LOE products(d)	Approximately $10.0 billion or double-digit decline	Approximately $10.0 billion or double-digit decline
Revlimid	$9.0-$9.5 billion	$9.0-$9.5 billion
In-line products & new product portfolio	Approximately $36.0 billion or low double-digit increase	Approximately $36.0 billion or low double-digit increase
Gross margin	Approximately 78%	Approximately 79%
Operating expenses(e)	Mid single-digit decline	Low single-digit decline
Effective tax rate	Approximately 23%	Approximately 16.5%

(d) Recent LOE products include Revlimid and Abraxane.

(e) 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 2022 will include specified items, including purchase price accounting adjustments, acquisition and integration expenses, charges associated with restructuring, downsizing and streamlining worldwide operations, impairment of intangible assets, loss/(gain) on debt redemption, divestiture gains or losses and equity investment (including fair value adjustments attributed to limited partnership equity method investments), among other items. The 2022 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 Bristol Myers Squibb Reports Second Quarter Financial Results for 2022 on July 27, 2022, including “2022 Financial Guidance” and “Use of non-GAAP Financial Information” therein.

BRISTOL-MYERS SQUIBB COMPANY

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 supplementary information to the earnings 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 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 supplementary information to the earnings release also provides certain revenues and expenses as well as non-GAAP measures excluding the impact of foreign exchange. 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.

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, divestiture gains or losses, stock compensation resulting from accelerated vesting of Celgene awards, certain retention-related employee compensation charges related to the Celgene transaction, 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) and amortization of fair value adjustments of debt acquired from Celgene in our 2019 exchange offer, among other items. Certain other significant tax items are also excluded such as the impact resulting from internal transfers due to streamlining our legal entity structure subsequent to the Celgene acquisition. 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.

Beginning with the first quarter of 2022, 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 are no longer excluded from our non-GAAP financial measures. We are making these changes to our presentation of non-GAAP financial measures following comments from and discussions with the U.S. Securities and Exchange Commission. For purposes of comparability, the non-GAAP financial measures for prior periods have been updated to reflect this change.

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. 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 the forward-looking free cash flow, non-GAAP gross margin, non-GAAP operating expenses and non-GAAP tax rate are 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 specified items 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.

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q22022earningspresentati

Q2 2022 Results July 27, 2022

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Q2 2022 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 Form 10-Q and Form 8-K. These documents are available on the SEC’s website, on the Company’s website or from Bristol Myers Squibb Investor Relations. No forward-looking statement can be guaranteed. In addition, any forward-looking statements and the 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 or revise any of the provided information, whether as a result of new information, future events, changed circumstances or otherwise. This presentation also includes certain non-generally accepted accounting principles (GAAP) financial measures that we use to describe our 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, analysts and investors overall understanding of the Company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. The non-GAAP information presented 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 GAAP financial measure are available on our website at bms.com/investors. Also note that a reconciliation of certain forward-looking non-GAAP financial measures is not provided because comparable GAAP measures for such statements 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 certain specified items 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.

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Not for Product Promotional Use Q2 2022 Results Giovanni Caforio Board Chair and Chief Executive Officer 3

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Not for product promotional use Operational Performance Strong commercial execution • Q2 sales: ~$11.9B, +2% YoY, +5% ex-FX • Double-digit EPS growth in Q2 • Continued growth for in-line products & strengthened momentum from New Product Portfolio; two new launches YTD with Opdualag & Camzyos Pipeline Execution Key milestones • Breyanzi: best-in-class CD19 CAR T with broadest U.S. label in 2L LBCL; application under review in EU • Positive Ph2 for milvexian in secondary stroke prevention with data to be presented at ESC 2022; plan to initiate registrational Ph3 program by end of year • Opdivo: approval of 1L ESCC (CM-648) in U.S. & Japan Financial Strength • Adjusting GAAP & Reaffirming Non-GAAP Guidance for FY 2022 • Balance sheet strength & strong cash flow generation — ~$6.1B YTD cash from operating activities — ~$13.2B total cash & marketable debt securities Business Development • Planned acquisition of Turning Point Therapeutics expected to close Q3 2022; repotrectinib potential best-in-class, next generation ROS1/NTRK inhibitor; expected launch in 2H 2023 Q2 2022 Performance 4

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Not for product promotional use • Potential best-in-class ROS1 inhibitor in NSCLC • Highly potent & differentiated small molecule • Designed to bind in presence of solvent front & gatekeeper mutations Turning Point Therapeutics: Strong Strategic Fit 5 ROS1+ TKI-Naïve NSCLC; cORR (95% CI) 79% TKI-Pretreated Activity  cORRs of 28-42% (n=100) CNS Activity (ROS1+ NSCLC)  ROS1+ TKI-Naïve NSCLC Durability DOR • 18-month DOR: 76% • mDOR: not mature PFS • 18-month PFS: 72% • mPFS: not mature Generally Well Tolerated Safety Profile Source: www.tptherapeutics.com • Planned close in Q3 2022 • Expected to be accretive to non-GAAP EPS in 2025 Transaction Details Broadens portfolio in precision oncology & solid tumors Planned launch of repotrectinib: 2H 2023

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Q2 2022 Results Not for Product Promotional Use 2022 Key Milestones Opdivo (+/- Yervoy) U.S./EU expected approvals:  1L ESCC (CM-648)  Neo-adj lung EFS (CM-816) (U.S.) Opdualag  1L melanoma U.S. approval  Initiation 2L+ CRC Ph3 bempeg  1L melanoma  1L renal  1L bladder Breyanzi  2L LBCL U.S. approval  3L+ LBCL EU approval Abecma  2L+ MM Ph2 (KarMMa-2) iberdomide  Initiation 2L+ MM Ph3 (EXCALIBER) mezigdomide (CC-92480)  4L+ MM Ph1/2 Portfolio Depth Provides Significant Near-term Catalysts 6Milestones represent data readouts unless otherwise specified To be expanded to include regulatory milestones pending future registrational successes deucravacitinib  PsO U.S. approval  SLE Ph2 cendakimab  AD Ph2 Camzyos  oHCM U.S. approval  oHCM Ph3 (VALOR)  Initiation nHCM Ph3 milvexian  SSP Ph2 2023/2024 Key Milestones Opdivo (+/- Yervoy) Metastatic:  1L CRPC (CM-7DX)  1L HCC (CM-9DW) Early Stage:  Adj. HCC (CM-9DX)  Adj. RCC (CM-914)  Peri-adj lung (CM-77T)  Peri-adj MIBC (CM-078)  Adj. NSCLC (ANVIL, co- op group) Opdualag  1L melanoma EU approval  Initiation 1L lung Ph3  2L HCC Ph2 bempeg  Neo-adj. cis-ineligible MIBC Breyanzi  3L+ FL  3L+ CLL Abecma  3L+ MM Ph3 (KarMMa-3) alnuctamab BCMA TCE  Initiation of pivotal trial iberdomide  Initiation of Post transplant maintenance Ph3 H2H vs Rev  Initiation of NDMM Ph3 H2H vs. Rev mezigdomide (CC-92480)  Initiation triplet 2L+ MM Ph3 Reblozyl  1L MDS Ph3 (COMMANDS)  1L MF Ph3 (INDEPENDENCE) deucravacitinib  PsO EU approval  PsA Ph3  CD & DLE Ph2  UC Ph2 (IM011- 127) cendakimab  EoE Ph3 Zeposia  CD Ph3 Camzyos  HFpEF Ph2 (EMBARK)

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Not for Product Promotional Use David Elkins Chief Financial Officer 7 Q2 2022 Results

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Not for product promotional use Strong Total Company Performance 8 Total Company +$11.9B, +2% YoY, +5% Ex-FX $B Q2 Net Sales YoY % Ex-FX % Total Company $11.9 2% 5% In-Line Products $8.7 9% 13% New Product Portfolio $0.5 * * In-Line Products & New Product Portfolio $9.2 11% 16% Recent LOEs1 $2.7 (22%) (20%) * In excess of +100%1Recent LOE Brands = Revlimid & Abraxane $8.2 $9.2 $3.5 $2.7 Q2 2021 Q2 2022 Recent LOEs In-Line & New Products

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Not for product promotional use $128 $172 $24 $89 $28 $66 $58 $17 $39 $12 $32 $16 $23 $3 $225 $482 Q2 2021 Q2 2022 Q2 2022 vs Q2 2021 $M Reblozyl Abecma Zeposia Opdualag Breyanzi Onureg Inrebic Camzyos New Product Portfolio Sales Performance 9 Revenues more than doubled vs PY $156 $172 $67 $89 $36 $66 $6 $58 $44 $39 $23 $32 $18 $23 $3 $350 $482 Q1 2022 Q2 2022 Q2 2022 vs Q1 2022 $M Reblozyl Abecma Zeposia Opdualag Breyanzi Onureg Inrebic Camzyos Double-digit growth vs PQ Anticipated approval of deucravacitinib: PDUFA: September 10, 2022

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Not for product promotional use Q2 2022 Solid Tumor product summary 10 Opdivo • U.S. growth driven by demand in 1L lung, 1L renal, 1L gastric, adj. esophageal & adj. bladder cancer • Ex-U.S. growth from new launches in multiple geographies • Continued growth expected from current & new indications Yervoy: Growth driven by strong international demand Opdualag • 3rd approved I-O agent; potential to be a new SOC in 1L melanoma • Strong revenue driven by demand & +$10M inventory stocking • CHMP positive opinion in EU in 1L mel (RELATIVITY-047) Key Commentary $M YoY % Ex-Fx % $2,063 +8% +12% $525 +3% +7% $58 --- --- $241 (19%) (17%) Q2 Global Net Sales

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Q2 2022 Results Not for Product Promotional Use Q2 2022 Cardiovascular product summary 11 Eliquis • Best-in-class medicine & leading product within OAC category • Robust demand in U.S. & favorable gross-to-net adjustments vs PY; ~$200M inventory build vs Q1’22 • Continues to be #1 OAC in key international markets Camzyos • First-in-class myosin inhibitor indicated for NYHA class II & III symptomatic oHCM • Establishing foundation with >1K HCPs REMS certified across top HCM centers • Broadening user base & supporting patient initiation Key Commentary $M YoY % Ex-Fx % $3,235 +16% +20% $3 --- --- Q2 Global Net Sales

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Q2 2022 Results Not for Product Promotional Use Q2 2022 Hematology product summary 12 Revlimid – Impacted by generic entry • Continue to expect FY 2022 revenues of $9 - $9.5B Pomalyst – Increased demand as patients move into earlier lines, extending treatment duration Reblozyl • Robust U.S. demand; encouraging trends in treatment duration & patient adherence • Expansion in international markets based on reimbursement timing Abecma – Strong demand supported by increased manufacturing capacity Breyanzi – Best-in-class CD19 profile with broadest U.S. 2L LBCL label; continue to invest in capacity expansion in 2023 Key Commentary 1 $M YoY % Ex-Fx % $2,501 (22%) (21%) $908 +6% +9% $544 +1% +5% $172 +34% +36% $89 * * $77 (10%) (5%) $39 * * $32 * * $23 +44% +44% Q2 Global Net Sales * In excess of +100%

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Q2 2022 Results Not for Product Promotional Use Q2 2022 Immunology product summary 13 Orencia • Continued growth due to higher demand & expanded market share Zeposia • Demand growth including expansion into UC • Favorable inventory & gross-to-net adjustments of +$20M vs Q1’22 • Continue to build volume in 2H 2022 & expand access in 2023 Key Commentary % $M YoY % Ex-Fx % $876 +8% +11% $66 * * Q2 Global Net Sales Deucravacitinib Anticipated U.S. approval September 10, 2022 * In excess of +100%

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Q2 2022 Results Not for Product Promotional Use US GAAP Non-GAAP $ in billions, except EPS Q2 2022 Q2 2021 Q2 2022 Q2 2021 Total Revenues, net 11.9 11.7 11.9 11.7 Gross Margin % 77.1% 79% 78.3% 79.8% Operating Expenses1 4.1 4.4 4.1 4.1 Acquired IPR&D 0.4 0.8 0.4 0.8 Amortization of Acquired Intangibles 2.4 2.5 - - Effective Tax Rate 27% 31.7% 17% 17.6% Diluted EPS 0.66 0.47 1.93 1.63 Diluted Shares Outstanding (# in millions) 2,149 2,252 2,149 2,252 Q2 2022 Financial Performance 14 US P No - AP Diluted EPS Impact from Acquired IPR&D2 (0.14) (0.30) (0.14) (0.30) 1 Operating Expenses = MS&A and R&D 2Comprises the net impact from Acquired IPRD & Licensing income

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Q2 2022 Results Not for Product Promotional Use Balanced Approach to Capital Allocation 15 *Cash includes cash, cash equivalents and marketable debt securities **Non-GAAP: There is no reliable or reasonable estimable comparable GAAP metric for this non-GAAP forward-looking information ***Subject to Board approval $B Q2 2022 Total Cash* ~$13.2B Total Debt ~$42B • Prioritize small & mid-sized bolt-on opportunities — Planned acquisition for precision oncology company, Turning Point Therapeutics • Replenish & diversify portfolio • Continued debt reduction; ~$10B in maturities through 2024 — $2.9B in debt repayments in Q2 • Maintain strong investment-grade credit rating Business Development Debt Reduction Returning Cash to Shareholders • Continued dividend growth*** • Opportunistic share repurchase ‒ ~$5B ASR agreement executed in Q1 ‒ ~$10.2B remaining authorization $45B - $50B in free cash flow** 2022 - 2024 $3.1 $5.3 $4.1 $3.8 $2.3 Cash flow from Operations $B Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022

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Q2 2022 Results Not for Product Promotional Use April (Prior) July (Revised) April (Prior) July (Revised) Total net Sales In-line with 2021 ~$46B In-line with 2021 ~$46B Recent LOE Products1 ~$10B or double-digit decline No Change ~$10B or double-digit decline No Change Revlimid $9 - $9.5B No Change $9 - $9.5B No Change In-line Products & New Product Portfolio ~$36.5B or low double-digit increase ~$36B or low double-digit increase ~$36.5B or low double-digit increase ~$36B or low double-digit increase Gross Margin % ~78% No Change ~78% ~79% Operating Expenses2 Mid single-digit decline No Change Low single-digit decline No Change Tax Rate ~22% ~23% ~16.5% No Change Diluted EPS3 $2.92 - $3.22 $2.71 - $3.01 $7.44 - $7.74 Reaffirmed 2022 Guidance 16 US GAAP Non-GAAP 1Key LOE Products = Revlimid & Abraxane 2Operating Expenses = MS&A and R&D; does not include Acquired IPR&D and amortization of acquired intangibles 3April guidance includes net impact of ($0.21) from acquired IPRD and licensing income, which comprises ($0.10) in Q1 and an additional ($0.11) in April due to buyout of future royalty obligation; July guidance includes YTD net impact of ($0.24) from acquired IPRD and licensing income

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Q2 2022 Results Not for Product Promotional Use Q&A Giovanni Caforio, M.D. Board Chair, Chief Executive Officer David Elkins Executive VP, Chief Financial Officer 17 Chris Boerner, Ph.D. Executive VP, Chief Commercialization Officer Samit Hirawat, M.D. Executive VP, Chief Medical Officer, Global Drug Development

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