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): November 5, 2020

_____________________________

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) 546-4000

_____________________________

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
Bristol-Myers Squibb Contingent Value Rights	BMY RT	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 November 5, 2020, Bristol-Myers Squibb Company (the “Company”) issued a press release (the “Earnings Press Release”) announcing its financial results for the third quarter of 2020. 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 posted on the Company’s website at www.bms.com.

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 November 5, 2020.
99.2	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.
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 November 5, 2020.
99.2	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.
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: November 5, 2020	By:	/s/ Katherine R. Kelly
	Name:	Katherine R. Kelly
	Title:	Corporate Secretary

Document

Exhibit 99.1

Bristol Myers Squibb Reports Third Quarter 2020 Financial Results

•Reports Third Quarter Revenues of $10.5 Billion

•Posts GAAP EPS of $0.82 and Non-GAAP EPS of $1.63

•Extends and Strengthens Leading Cardiovascular Franchise with Planned MyoKardia Acquisition

•Delivers Significant Pipeline and Regulatory Milestones

•Achieves Positive Results from POETYK-PSO-1 Evaluating Deucravacitinib (TYK2 inhibitor) for the Treatment of Moderate to Severe Plaque Psoriasis

•Raises 2020 GAAP and Non-GAAP EPS Guidance; Reaffirms 2021 Non-GAAP EPS Guidance

(NEW YORK, November 5, 2020) – Bristol Myers Squibb (NYSE:BMY) today reports results for the third quarter of 2020, which reflect strong product sales, continued pipeline advancement and robust operating performance.

“I am proud of the significant achievements of our new company over the past year, and the strong foundation we have created for near- and long-term growth” said Giovanni Caforio, M.D., board chair and chief executive officer, Bristol Myers Squibb.  “Our financial strength and flexibility combined with our robust inline businesses, multiple launches and progress in our deep pipeline, including the promising results from the deucravacitinib trial, strongly position the company to deliver our mission and help more patients. The strength of our third quarter performance is a testament to the commitment of our people who continue to innovate and deliver novel medicines for patients with serious disease.”

amounts in millions, except per share amounts
	2019	Change
Total Revenues	$6,007	75	%
GAAP Diluted EPS	0.83	(1)	%
Non-GAAP Diluted EPS	1.17	39	%
Total Pro Forma Revenues*	9,962	6	%

All values are in US Dollars.

*    The pro forma revenues assume the company’s acquisition of Celgene (Celgene Acquisition) and its divestiture of Otezla® to Amgen Inc. (Otezla® Divestiture) occurred on January 1, 2019 and exclude foreign currency hedge gains and losses. Management believes that measuring revenue rates on a comparable pro forma basis is an appropriate way for investors to best understand the underlying performance of the business. The pro forma revenue is presented for informational purposes only and does not purport to represent what the company’s results of

operations or financial position would have been if the company’s planned acquisition of MyoKardia, Inc. (MyoKardia) occurred on January 1, 2019 nor does it purport to project the results of operations or financial position for any future period or as of any future date. See “Worldwide Pro Forma Revenue” in Quarterly Package of Financial Information for this quarter, which is available on bms.com/investors/financial-reporting/quarterly-results, for information on the revenue of the company and Celgene on a stand-alone basis for the prior-year period. Otezla® is a trademark of Amgen Inc.

THIRD QUARTER FINANCIAL RESULTS

All comparisons are made versus the same period in 2019 unless otherwise stated.

•Bristol Myers Squibb posted third quarter revenues of $10.5 billion, an increase of 75% on a reported basis and 6% on a pro forma basis. The increase was driven primarily by the impact of the Celgene Acquisition, which was completed on November 20, 2019.

•U.S. revenues increased 88% to $6.5 billion in the quarter. International revenues increased 58% to $4.0 billion in the quarter. When adjusted for foreign exchange impact, international revenues increased 57%.

•Gross margin as a percentage of revenue increased from 70.2% to 76.3% in the quarter primarily due to product mix, partially offset by the unwinding of inventory purchase price accounting adjustments.

•Marketing, selling and administrative expenses increased 62% to $1.7 billion in the quarter primarily due to $500 million of costs associated with the broader portfolio resulting from the Celgene Acquisition.

•Research and development expenses increased 81% to $2.5 billion in the quarter primarily due to $900 million of costs associated with the broader portfolio resulting from the Celgene Acquisition.

•Amortization of acquired intangible assets was $2.5 billion in the quarter primarily due to the Celgene Acquisition.

•The effective tax rate was 16.8% in the quarter. The effective tax benefit rate was 1.3% in the same period a year ago due to jurisdictional tax rates and other tax impacts attributed to pension settlement charges and the UPSA business divestiture gain.

•The company reported net earnings attributable to Bristol Myers Squibb of $1.9 billion, or $0.82 per share, in the third quarter, compared to net earnings of $1.4 billion, or $0.83 per share, for the same period a year ago. The results in the current quarter include costs and expenses resulting from purchase price accounting, contingent value rights fair value adjustments, equity investment gains and other acquisition and integration expenses.

•The company reported non-GAAP net earnings attributable to Bristol Myers Squibb of $3.7 billion, or $1.63 per share, in the third quarter, compared to non-GAAP net earnings of $1.9 billion, or $1.17 per share, for the same period a year ago. A discussion of the non-GAAP financial measures is included under the “Use of Non-GAAP Financial Information” section.

THIRD QUARTER PRODUCT REVENUE HIGHLIGHTS

amounts in millions
Product	% Change from Quarter Ended September 30, 2019 on Reported Basis	% Change from Quarter Ended September 30, 2019 on Pro Forma Basis**
Revlimid	N/A*	10%
Eliquis	9%	9%
Opdivo	(2)%	(2)%
Orencia	8%	8%
Pomalyst/Imnovid	N/A*	17%
Sprycel	(3)%	(3)%
Yervoy	26%	26%
Abraxane	N/A*	8%
Empliciti	8%	8%
Reblozyl	N/A*	N/A
Inrebic	N/A*	N/A
Zeposia	N/A*	N/A
Onureg	N/A*	N/A

All values are in US Dollars.

*    Products were acquired as part of the Celgene Acquisition.

**    Pro forma product revenues assume the Celgene Acquisition and the Otezla® Divestiture occurred on January 1, 2019 and exclude foreign currency hedge gains and losses. Management believes that measuring product revenue rates on a comparable pro forma basis is an appropriate way for investors to best understand the underlying performance of the business. See “Worldwide Pro Forma Revenues” in the Quarterly Package of Financial Information for this quarter, which is available on bms.com/investors/financial-reporting/quarterly-results, for information on the product revenue of the company and Celgene for the prior-year period. Otezla® is a registered trademark of Amgen, Inc.

FIRST NINE-MONTHS PRODUCT REVENUE HIGHLIGHTS

amounts in millions
Product	% Change from Nine Months Ended September 30, 2019 on Reported Basis	% Change from Nine Months Ended September 30, 2019 on Pro Forma Basis**
Revlimid	N/A*	10%
Eliquis	17%	17%
Opdivo	(4)%	(4)%
Orencia	5%	5%
Pomalyst/Imnovid	N/A*	22%
Sprycel	1%	1%
Yervoy	10%	10%
Abraxane	N/A*	4%
Empliciti	10%	10%
Reblozyl	N/A*	N/A
Inrebic	N/A*	N/A
Zeposia	N/A*	N/A
Onureg	N/A*	N/A

All values are in US Dollars.

*    Products were acquired as part of the Celgene Acquisition.

**    Pro forma product revenues assume the Celgene Acquisition and the Otezla® Divestiture occurred on January 1, 2019 and exclude foreign currency hedge gains and losses. Management believes that measuring product revenue rates on a comparable pro forma basis is an appropriate way for investors to best understand the underlying performance of the business. See “Worldwide Pro Forma Revenues” in the Quarterly Package of Financial Information for this quarter, which is available on bms.com/investors/financial-reporting/quarterly-results, for information on the product revenue of the company and Celgene for the prior-year period.

THIRD QUARTER PRODUCT AND PIPELINE UPDATE

Oncology and Hematology

Opdivo

Regulatory

•In October, the company and Exelixis, Inc.(NASDAQ: EXEL) announced the U.S. Food and Drug Administration (FDA) has accepted the supplemental Biologics License Application (sBLA) and supplemental New Drug Application (sNDA), respectively, for OPDIVO® (nivolumab) in combination with CABOMETYX® (cabozantinib) for patients with advanced renal cell carcinoma (RCC). The U.S. FDA granted Priority Review to both applications and assigned a Prescription Drug User Fee Act (PDUFA) goal date, or target action date, of February 20, 2021. (link)

•In October, the company announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has recommended approval of Opdivo for the treatment of adults with unresectable advanced, recurrent or metastatic esophageal squamous cell carcinoma (ESCC) after prior fluoropyrimidine- and platinum-based combination chemotherapy. (link)

•In October, the company announced the U.S. FDA approval of Opdivo plus Yervoy® (ipilimumab) for the first-line treatment of adult patients with unresectable malignant pleural mesothelioma (MPM). (link)

•In September, the company announced CHMP of the EMA recommended approval of Opdivo plus Yervoy with two cycles of platinum-based chemotherapy for the first-line treatment of metastatic non-small cell lung cancer (NSCLC) in adults whose tumors have no sensitizing EGFR mutation or ALK translocation. (link)

•In September, the company announced that the EMA validated a type II variation application for Opdivo plus Yervoy for the treatment of patients with previously untreated, unresectable MPM. (link)

Clinical

•In October, the company announced that the Phase 3 CheckMate -816 trial met its primary endpoint of pathologic complete response (pCR) in resectable NSCLC. (link)

•In October, the company announce that CheckMate -915, a randomized Phase 3 study evaluating Opdivo plus Yervoy versus Opdivo for patients who have had a complete surgical removal of stage IIIb/c/d or stage IV melanoma, did not reach statistical significance for the co-primary endpoint of recurrence-free survival in the all-comer (intent-to-treat) population. (link)

•In September, the company announced that CheckMate -274, a Phase 3 trial evaluating Opdivo after surgery in patients with high-risk, muscle invasive urothelial carcinoma, met its primary endpoints in an interim analysis. (link)

•In August, the company announced that CheckMate -577, a Phase 3 trial evaluating Opdivo as an adjuvant therapy for patients with resected esophageal or GEJ cancer, met its primary endpoint of disease-free survival. (link)

•In August the company announced that CheckMate -649, a Phase 3 trial evaluating Opdivo plus chemotherapy compared to chemotherapy alone as a first-line treatment for metastatic gastric cancer, GEJ cancer or esophageal adenocarcinoma, met both primary endpoints of

overall survival (OS) at a pre-specified interim analysis and progression-free survival (PFS) at final analysis. (link)

Medical Conferences

•In September, at the European Society for Medical Oncology (ESMO) Virtual Congress 2020, the company announced important new data and analysis across its oncology portfolio (link), including:

◦First results from the Phase 3 CheckMate -577 trial evaluating Opdivo as an adjuvant treatment versus placebo in patients with esophageal or gastroesophageal junction (GEJ) cancer following neoadjuvant chemoradiation therapy (CRT) and tumor resection. (link)

◦Primary results from CheckMate -649, a Phase 3 trial evaluating Opdivo plus chemotherapy as a first-line treatment in patients with unresectable advanced or metastatic gastric cancer, GEJ cancer or esophageal adenocarcinoma compared to treatment with chemotherapy alone. (link)

◦First presentation of detailed results from the Phase 3 CheckMate -9ER trial evaluating Opdivo in combination with CABOMETYX® (cabozantinib) in patients with previously untreated advanced RCC. (link)

◦Four-year follow-up results from the Phase 3 CheckMate -214 clinical trial comparing Opdivo plus Yervoy to sunitinib in the treatment of advanced RCC. (link)

•In August, during the 2020 World Conference on Lung Cancer Virtual Presidential Symposium, the company announced results from the Phase 3 CheckMate -743 trial, evaluating OS with Opdivo plus Yervoy in patients with previously untreated, unresectable malignant pleural mesothelioma. (link)

REVLIMID®

Patent Update

•In September, the company announced that its wholly owned subsidiary, Celgene, and Dr. Reddy’s Laboratories, Ltd. and Dr. Reddy’s Laboratories, Inc. settled their litigation related to patents for REVLIMID (lenalidomide). (link)

Onureg

Regulatory

•In September, the company announced that the U.S. FDA approved Onureg® (azacitidine 300 mg tablets, CC-486) for the treatment of adult patients with acute myeloid leukemia (AML) who achieved first complete remission (CR) or CR with incomplete blood count recovery (CRi) following intensive induction chemotherapy and who are not able to complete intensive curative therapy. (link)

ide-cel

Regulatory

•In September, the company and bluebird bio, Inc. (Nasdaq: BLUE) announced that the U.S. FDA has accepted for Priority Review the Biologics License Application (BLA) for idecabtagene vicleucel (ide-cel; bb2121), the companies’ investigational B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T cell immunotherapy, for the treatment of adult patients with multiple myeloma who have received at least three prior therapies, including an immunomodulatory agent, a proteasome inhibitor and an anti-CD38 antibody. The U.S. FDA has set a PDUFA goal date of March 27, 2021. (link)

IDHIFA®

Clinical

•In August, the company announced that the Phase 3 IDHENTIFY study evaluating IDHIFA (enasidenib) plus best supportive care (BSC) versus conventional care regimens, which include BSC only, azacitidine plus BSC, low-dose cytarabine plus BSC or intermediate-dose cytarabine plus BSC, did not meet the primary endpoint of OS in patients with relapsed or refractory acute myeloid leukemia (R/R AML) with an isocitrate dehydrogenase-2 (IDH2) mutation. (link)

Immunology

Deucravacitinib (BMS-986165)

Clinical

•In November, the company announced positive results from the POETYK PSO-1 trial evaluating deucravacitinib, a novel, oral, selective tyrosine kinase 2 (TYK2) inhibitor, for the treatment of patients with moderate to severe plaque psoriasis. POETYK-PSO-1 met both co-primary endpoints evaluating deucravacitinib versus placebo on the Psoriasis Area and Severity Index (PASI 75) and Physician Global Assessment (sPGA) scales and met multiple key secondary endpoints versus Otezla® (apremilast). (link)

Zeposia

Medical Conferences

•In October, at United European Gastroenterology (UEG) Week Virtual 2020, the company announced results from the Phase 3 True North trial evaluating Zeposia in patients with moderate to severe ulcerative colitis. (link)

•In September, at the MSVirtual2020: 8th Joint ACTRIMS-ECTRIMS Meeting, the company announced interim results from the Phase 3 open-label extension trial DAYBREAK, demonstrating the long-term efficacy and safety profile of Zeposia in patients with relapsing forms of multiple sclerosis (MS). (link)

Business Development

•In November, the company and MyoKardia, Inc. (Nasdaq: MYOK) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with Bristol Myers Squibb’s previously announced tender offer to acquire all outstanding shares of MyoKardia for a purchase price of $225.00 per share in cash, or approximately $13.1 billion. (link)

•In October, the company and MyoKardia, Inc. (Nasdaq: MYOK) announced they have entered into a definitive merger agreement under which Bristol Myers Squibb will acquire MyoKardia for $13.1 billion, or $225 per share in cash. (link)

•In September, the company announced it has successfully completed its transaction to acquire Forbius for their TGF-beta program, including its lead investigational asset AVID200, currently in Phase 1 studies for oncology and fibrosis. (link)

•In August, the company announced that it entered into a definitive agreement with Dragonfly Therapeutics, Inc. ("Dragonfly") under which Bristol Myers Squibb will be granted the global exclusive license to Dragonfly’s interleukin-12 (IL-12) investigational immunotherapy program, including its extended half-life cytokine DF6002. (link)

Commitment to Diversity and Inclusion

In August, the company and the Bristol Myers Squibb Foundation announced a combined investment of $300 million as part of a series of commitments designed to address health disparities, increase clinical trial diversity and increase the company’s spend with diverse suppliers. The company also announced that it will expand the diversity of its workforce and leadership by doubling Black/African American and Hispanic/Latino representation at executive levels of the company by 2022. (link)

COVID-19 Pandemic Response

During the current world health crisis, the company continues to take all necessary actions to promote public health by carrying out its mission of providing life-saving medicines to the patients who depend on the company and supporting relief efforts across the globe. (link)

•In October, the company and 18 organizations from the healthcare industry created the COVID-19 Testing Industry Consortium with the goal to help inform, improve, innovate and accelerate various aspects of testing, ranging from research to clinical diagnostic applications. (link)

Financial Guidance

Bristol Myers Squibb is increasing its 2020 GAAP EPS guidance range from ($0.06) - $0.09 to $0.47 - $0.57. In addition, the company is raising its 2020 non-GAAP EPS guidance range from $6.10 - $6.25 to $6.25 - $6.35 and reaffirming its 2021 non-GAAP EPS guidance range of $7.15 to $7.45. Adjusted 2020 GAAP and non-GAAP line items are:

	GAAP	non-GAAP
Revenue	$41.5B - $42.0B	$41.5B - $42.0B
Gross margin as a percentage of revenue	Approximately 74%	Approximately 80%
Marketing, selling, and administrative expense	Approximately $6.9B	Approximately $6.9B
Research and development expense	Approximately $10.4B	Approximately $9.2B
Other (income)/expense, net	($0.1B) - ($0.3B)	($0.1B) - $0.1B
Effective tax rate	Approximately 69%	Approximately 16%
Weighted average diluted shares	Approximately 2.3 Billion	Approximately 2.3 Billion
EPS guidance	$0.47 - $0.57	$6.25 - $6.35

The 2020 and 2021 guidance assumes that healthcare systems around the world will continue to adapt, and gradually recover from the impacts from the COVID-19 pandemic.

The 2020 financial guidance excludes the impact of any potential future strategic acquisitions and divestitures, including any impact of the MyoKardia acquisition, and any specified items that have not yet been identified and quantified. The 2020 non-GAAP EPS guidance further excludes other specified items as discussed under “Use of Non-GAAP Financial Information.” A reconciliation of non-GAAP financial measures to the most comparable GAAP measure and the reasons why management believes the use of these measures is important are provided in supplemental materials available on the company’s website. The 2021 non-GAAP EPS guidance incorporates the expected dilution from the MyoKardia acquisition. For the 2021 non-GAAP EPS guidance, there is no reliable or reasonably estimable comparable GAAP measure as discussed below. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.

Company and Conference Call Information

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.

There will be a conference call on November 5 at 8:30 a.m. ET during which company executives will review financial information 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 or by dialing in the U.S. toll free 888-394-8218 or international 786-789-4776, confirmation code: 5151966, or using this link, which becomes active 15 minutes prior to the scheduled start time and entering your information to be connected. Materials related to the call will be available at the same website prior to the conference call.

A replay of the call will be available beginning at 12:00 p.m. ET on November 5 through 12:00 p.m. ET on November 19, 2020. The replay will also be available through http://investor.bms.com or by dialing in the U.S. toll free 888-203-1112 or international 719-457-0820, confirmation code: 5151966.

Use of Non-GAAP Financial Information

This earnings release contains non-GAAP financial measures, including non-GAAP earnings and related EPS information that are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures are available on the company’s website at www.bms.com.

These non-GAAP items are adjusted 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 future operating results. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods, including amortization of acquired intangible assets beginning in the fourth quarter of 2019, including product rights that generate a significant portion of our ongoing revenue, unwind of inventory fair value adjustments, acquisition and integration expenses, restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, R&D charges or other income resulting from upfront or contingent milestone payments in connection with the acquisition or licensing of third-party intellectual property rights, costs of acquiring a priority review voucher, divestiture gains or losses, stock compensation resulting from accelerated vesting of Celgene awards, certain retention-related employee compensation charges related to the Celgene Acquisition, pension, legal and other contractual settlement charges, interest expense on the notes issued in May 2019 incurred prior to the Celgene Acquisition and interest income earned on the net proceeds of those notes, equity investment and contingent value rights fair value adjustments and amortization of fair value adjustments of debt acquired from Celgene in our 2019 exchange offer, among other items. Deferred and current income taxes attributed to these items are also adjusted for considering their individual impact to the overall tax expense, deductibility and jurisdictional tax rates. Certain other significant tax items are also excluded such as the impact resulting from internal transfer of intangible assets and the Otezla® Divestiture. This earnings release also provides international revenues excluding the impact of foreign exchange.

Non-GAAP information is intended to 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 facilitate comparisons among current, past and future periods. For example, non-GAAP earnings and EPS information are indications of the

company’s baseline performance before items that are considered by us to not be reflective of the company’s ongoing results. In addition, this information is among the primary indicators that we use as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting for future periods. This information is not intended to be considered in isolation or as a substitute for net earnings or diluted EPS 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.

Amortization of acquired intangible assets were previously included in non-GAAP earnings and EPS information. These amounts have become significant to the financial results subsequent to the Celgene Acquisition and as a result, have been excluded in the non-GAAP results to better reflect our core operating performance. Comparable prior period non-GAAP results have not been revised to include this adjustment as the related amounts were insignificant ($25 million and $73 million for the three and nine months ended September 30, 2019, respectively).

In connection with presenting our outlook, we are also affirming our non-GAAP EPS guidance for 2021. There is no reliable or reasonably estimable comparable GAAP measure for this because we are not able to reliably predict the impact of specified items beyond the next twelve months. As a result, the reconciliation of this non-GAAP measure to the most directly comparable GAAP measure is not available without unreasonable effort. 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 financial position, results of operations, market position, product development and business strategy. 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. One can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. 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 generally and in relation to its ability to realize the projected benefits of the Celgene Acquisition and to complete and realize the anticipated benefits of its proposed acquisition of MyoKardia, the full extent of the impact of the COVID-19 pandemic on the company’s operations and the development and commercialization of its products, including the increased possibility that the COVID-19 pandemic could delay the timing of the FDA’s approval decisions for liso-cel and ide-cel, 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 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 or contractual milestones will be achieved.

Such forward-looking statements are based on historical performance and 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, risks relating to 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, on the company’s ability to realize the anticipated benefits from the Celgene Acquisition; the impact of the company’s significant additional indebtedness that it incurred and its issuance of additional shares in connection with the Celgene Acquisition on its ability to operate the combined company; various risks related to public health outbreaks, epidemics and pandemics, including the impact of the COVID-19 pandemic on the company’s operations, the increased possibility of the COVID-19 pandemic delaying the timing of the FDA’s approval decisions (especially concerning the BLAs for liso-cel and ide-cel and that the company cannot reasonably assess or predict at this time the full extent of the adverse effect that the COVID-19 pandemic will have on its business, financial condition, results of operations and cash flows; the conditions to complete the company’s proposed acquisition of MyoKardia not being satisfied or waived or the acquisition not being completed; the company’s ability to realize the anticipated benefits from the company’s proposed acquisition of MyoKardia if completed; challenges inherent in new product development, including obtaining and maintaining regulatory approval; increasing pricing pressures from market access, pharmaceutical pricing controls and discounting and other restrictions in the United States, the European Union and other regions around the world (including changes in rules and practices of managed care organizations and institutional and governmental purchasers and the proposals contained in the “American Patient First Blueprint” and the executive orders issued by the U.S. federal government in July 2020 designed to regulate prices and payment for pharmaceutical products); the possibility of difficulties and delays in product introduction and commercialization; the company’s ability to obtain and protect market exclusivity rights and enforce patents and other intellectual property rights; the

risk of certain novel approaches to disease treatment (such as CAR T therapy); industry competition from other manufacturers; the risk of an adverse patent litigation decision or settlement and exposure to other litigation and/or regulatory actions; the impact of any U.S. healthcare reform and legislation or regulatory action in the U.S. and markets outside the U.S. affecting pharmaceutical product pricing, reimbursement or access; changes in tax law and regulations; any decline in the company’s future royalty streams; the failure of the company’s suppliers, vendors, outsourcing partners, alliance partners and other third parties to meet their contractual, regulatory and other obligations; the 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 ability to attract and retain key personnel; 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 dependency on several key products; 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; 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; political and financial instability of international economies and sovereign risk; interest rate and currency exchange rate fluctuations, credit and foreign exchange risk management; and issuance of new or revised accounting standards. In addition, the 2020 and 2021 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 (together, the “Recovery Process”), among other things. If the actual Recovery Process differs materially from our assumptions, the impact of COVID-19 on our business could be worse than expected and our results may be negatively impacted.

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, 2019, as updated by the company’s subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.

BRISTOL-MYERS SQUIBB COMPANY

PRODUCT REVENUES

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019

(Unaudited, dollars in millions)

	Worldwide Revenues						U.S. Revenues(b)
	2020		2019		% Change		2020		2019		% Change
Prioritized Brands
Revlimid	$	3,027	$	—	N/A		$	2,080	$	—	N/A
Eliquis	2,095		1,928		9	%	1,118		1,124		(1)	%
Opdivo	1,780		1,817		(2)	%	1,018		1,088		(6)	%
Orencia	826		767		8	%	588		554		6	%
Pomalyst/Imnovid	777		—		N/A		548		—		N/A
Sprycel	544		558		(3)	%	336		325		3	%
Yervoy	446		353		26	%	309		222		39	%
Abraxane	342		—		N/A		236		—		N/A
Empliciti	96		89		8	%	59		62		(5)	%
Reblozyl	96		—		N/A		92		—		N/A
Inrebic	13		—		N/A		13		—		N/A
Zeposia	2		—		N/A		2		—		N/A
Onureg	3		—		N/A		3		—		N/A
Established Brands
Baraclude	100		145		(31)	%	3		2		50	%
Vidaza	106		—		N/A		—		—		N/A
Other Brands(a)	287		350		(18)	%	137		95		44	%
Total	$	10,540	$	6,007	75	%	$	6,542	$	3,472	88	%

(a)    Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, over-the-counter brands and royalty revenue. Other Brands includes $57 million worldwide and $68 million U.S. revenues relating to Celgene products for the three months ended September 30, 2020.

(b)    Includes Puerto Rico.

BRISTOL-MYERS SQUIBB COMPANY

PRODUCT REVENUES

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019

(Unaudited, dollars in millions)

	Worldwide Revenues						U.S. Revenues(b)
	2020		2019		% Change		2020		2019		% Change
Prioritized Brands
Revlimid	$	8,826	$	—	N/A		$	6,094	$	—	N/A
Eliquis	6,899		5,895		17	%	4,258		3,599		18	%
Opdivo	5,199		5,441		(4)	%	2,982		3,324		(10)	%
Orencia	2,290		2,185		5	%	1,642		1,569		5	%
Pomalyst/Imnovid	2,235		—		N/A		1,559		—		N/A
Sprycel	1,576		1,561		1	%	944		872		8	%
Yervoy	1,211		1,104		10	%	820		750		9	%
Abraxane	950		—		N/A		659		—		N/A
Empliciti	290		263		10	%	177		183		(3)	%
Reblozyl	159		—		N/A		155		—		N/A
Inrebic	40		—		N/A		40		—		N/A
Zeposia	3		—		N/A		3		—		N/A
Onureg	3		—		N/A		3		—		N/A
Established Brands
Baraclude	343		433		(21)	%	9		16		(44)	%
Vidaza	390		—		N/A		2		—		N/A
Other Brands(a)	1,036		1,318		(21)	%	448		275		63	%
Total	$	31,450	$	18,200	73	%	$	19,795	$	10,588	87	%

(a)    Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, over-the-counter brands and royalty revenue. Other Brands includes $262 million worldwide and $237 million U.S. revenues relating to Celgene products for the nine months ended September 30, 2020.

(b)    Includes Puerto Rico.

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020(c)		2019		2020(c)		2019
Net product sales	$	10,197	$	5,768	$	30,555	$	17,512
Alliance and other revenues	343		239		895		688
Total Revenues	10,540		6,007		31,450		18,200
Cost of products sold(a)	2,502		1,790		8,863		5,586
Marketing, selling and administrative	1,706		1,055		4,940		3,137
Research and development	2,499		1,378		7,393		4,051
Amortization of acquired intangible assets	2,491		25		7,162		73
Other (income)/expense, net	(915)		410		(488)		249
Total Expenses	8,283		4,658		27,870		13,096
Earnings Before Income Taxes	2,257		1,349		3,580		5,104
Provision/(Benefit) for Income Taxes	379		(17)		2,548		584
Net Earnings	1,878		1,366		1,032		4,520
Noncontrolling Interest	6		13		20		25
Net Earnings Attributable to BMS	$	1,872	$	1,353	$	1,012	$	4,495
Weighted-Average Common Shares Outstanding:
Basic	2,257		1,632		2,260		1,634
Diluted	2,290		1,634		2,295		1,636
Earnings per Common Share:
Basic	$	0.83	$	0.83	$	0.45	$	2.75
Diluted	0.82		0.83		0.44		2.75
Other (income)/expense, net
Interest expense(b)	$	346	$	209	$	1,065	$	377
Pension and postretirement	—		1,537		(6)		1,607
Royalties and licensing income	(403)		(356)		(1,124)		(967)
Divestiture losses/(gains)	1		(1,179)		(6)		(1,171)
Acquisition expenses	—		7		—		475
Contingent consideration	(988)		—		(597)		—
Investment income	(13)		(173)		(99)		(348)
Integration expenses	195		96		535		224
Provision for restructuring	176		10		451		32
Equity investment (gains)/losses	(244)		261		(724)		15
Litigation and other settlements	10		(1)		41		—
Transition and other service fees	(18)		(7)		(129)		(11)
Intangible asset impairment	—		—		21		15
Reversion excise tax	—		—		76		—
Other	23		6		8		1
Other (income)/expense, net	$	(915)	$	410	$	(488)	$	249

(a)    Excludes amortization of acquired intangible assets.

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

(c)    Includes Celgene results of operations for the entire period.

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019

(Unaudited, dollars in millions)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020(b)		2019		2020(b)		2019
Inventory purchase price accounting adjustments	$	456	$	—	$	2,590	$	—
Employee compensation charges	—		—		3		—
Site exit and other costs	3		22		32		173
Cost of products sold	459		22		2,625		173
Employee compensation charges	7		—		34		—
Site exit and other costs	(1)		—		4		1
Marketing, selling and administrative	6		—		38		1
License and asset acquisition charges	203		—		528		25
IPRD impairments	—		—		—		32
Inventory purchase price accounting adjustments	8		—		25		—
Employee compensation charges	8		—		41		—
Site exit and other costs	4		20		99		58
Research and development	223		20		693		115
Amortization of acquired intangible assets	2,491		—		7,162		—
Interest expense(a)	(40)		166		(122)		249
Pension and postretirement	—		1,545		—		1,638
Royalties and licensing income	(53)		(9)		(154)		(9)
Divestiture losses/(gains)	1		(1,179)		(6)		(1,171)
Acquisition expenses	—		7		—		475
Contingent consideration	(988)		—		(597)		—
Investment income	—		(99)		—		(153)
Integration expenses	195		96		535		224
Provision for restructuring	176		10		451		32
Equity investment (gains)/losses	(214)		261		(693)		15
Reversion excise tax	—		—		76		—
Other (income)/expense, net	(923)		798		(510)		1,300
Increase to pretax income	2,256		840		10,008		1,589
Income taxes on items above	(405)		(275)		(699)		(423)
Income taxes attributed to Otezla® divestiture	11		—		266		—
Income taxes attributed to internal transfer of intangible assets	—		—		853		—
Income taxes	(394)		(275)		420		(423)
Increase to net earnings	$	1,862	$	565	$	10,428	$	1,166

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

(b)    Includes Celgene results of operations for the entire period.

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019

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

	Three Months Ended September 30, 2020									Nine Months Ended September 30, 2020
	GAAP(a)			Specified Items(a)(b)			Non-GAAP(a)			GAAP(a)			Specified Items(a)(b)			Non-GAAP(a)
Gross Profit	$	8,038		$	459		$	8,497		$	22,587		$	2,625		$	25,212
Marketing, selling and administrative	1,706			(6)			1,700			4,940			(38)			4,902
Research and development	2,499			(223)			2,276			7,393			(693)			6,700
Amortization of acquired intangible assets	2,491			(2,491)			—			7,162			(7,162)			—
Other (income)/expense, net	(915)			923			8			(488)			510			22
Earnings Before Income Taxes	2,257			2,256			4,513			3,580			10,008			13,588
Provision for Income Taxes	379			394			773			2,548			(420)			2,128
Noncontrolling interest	6			—			6			20			—			20
Net Earnings Attributable to BMS used for Diluted EPS Calculation	$	1,872		$	1,862		$	3,734		$	1,012		$	10,428		$	11,440
Weighted-Average Common Shares Outstanding - Diluted	2,290			2,290			2,290			2,295			2,295			2,295
Diluted Earnings Per Share	$	0.82		$	0.81		$	1.63		$	0.44		$	4.54		$	4.98
Effective Tax Rate	16.8		%	0.3		%	17.1		%	71.2		%	(55.5)		%	15.7		%
	Three Months Ended September 30, 2019									Nine Months Ended September 30, 2019
	GAAP			Specified Items(b)			Non-GAAP			GAAP			Specified Items(b)			Non-GAAP
Gross Profit	$	4,217		$	22		$	4,239		$	12,614		$	173		$	12,787
Marketing, selling and administrative	1,055			—			1,055			3,137			(1)			3,136
Research and development	1,378			(20)			1,358			4,051			(115)			3,936
Amortization of acquired intangible assets	25			—			25			73			—			73
Other (income)/expense, net	410			(798)			(388)			249			(1,300)			(1,051)
Earnings Before Income Taxes	1,349			840			2,189			5,104			1,589			6,693
(Benefit)/Provision for Income Taxes	(17)			275			258			584			423			1,007
Noncontrolling interest	13			—			13			25			—			25
Net Earnings Attributable to BMS used for Diluted EPS Calculation	$	1,353		$	565		$	1,918		$	4,495		$	1,166		$	5,661
Weighted-Average Common Shares Outstanding - Diluted	1,634			1,634			1,634			1,636			1,636			1,636
Diluted Earnings Per Share	$	0.83		$	0.34		$	1.17		$	2.75		$	0.71		$	3.46
Effective Tax Rate	(1.3)		%	13.1		%	11.8		%	11.4		%	3.6		%	15.0		%

(a)    Includes Celgene results of operations for the entire period.

(b)    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 SEPTEMBER 30, 2020 AND DECEMBER 31, 2019

(Unaudited, dollars in millions)

	September 30,<br>2020		December 31,<br>2019
Cash and cash equivalents	$	19,435	$	12,346
Marketable debt securities - current	1,720		3,047
Marketable debt securities - non-current	495		767
Cash, cash equivalents and marketable debt securities	21,650		16,160
Short-term debt obligations	(3,585)		(3,346)
Long-term debt	(41,364)		(43,387)
Net debt position	$	(23,299)	$	(30,573)

For more information:

Media: media@bms.com

Investor Relations: Tim Power, 609-252-7509, timothy.power@bms.com; Nina Goworek, 908-673-9711, nina.goworek@bms.com.

21

Document

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF REVENUES

(Unaudited, dollars in millions)

Revenues	2019																					2020																	% Change		FX Impact(c)
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(a)			Year(a)			1st Qtr(b)			2nd Qtr(b)			6 Months(b)			3rd Qtr(b)			9 Months(b)			4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD	Qtr vs. Qtr	YTD vs. YTD
United States	$	3,449		$	3,667		$	7,116		$	3,472		$	10,588		$	4,754		$	15,342		$	6,766		$	6,487		$	13,253		$	6,542		$	19,795				88%	87%	—	—
Europe	1,480			1,491			2,971			1,445			4,416			1,850			6,266			2,567			2,136			4,703			2,453			7,156					70%	62%	4%	(1)%
Rest of the World	874			988			1,862			976			2,838			1,175			4,013			1,335			1,334			2,669			1,361			4,030					39%	42%	(3)%	(4)%
Other	117			127			244			114			358			166			524			113			172			285			184			469					61%	31%	—	—
Total	$	5,920		$	6,273		$	12,193		$	6,007		$	18,200		$	7,945		$	26,145		$	10,781		$	10,129		$	20,910		$	10,540		$	31,450				75%	73%	—	(1)%
% of Revenues	2019																					2020
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(a)			Year(a)			1st Qtr(b)			2nd Qtr(b)			6 Months(b)			3rd Qtr(b)			9 Months(b)			4th Qtr	Year
United States	58.2		%	58.4		%	58.3		%	57.8		%	58.2		%	59.8		%	58.7		%	62.8		%	64.0		%	63.4		%	62.1		%	62.9		%
Europe	25.0		%	23.8		%	24.4		%	24.1		%	24.3		%	23.3		%	24.0		%	23.8		%	21.1		%	22.5		%	23.3		%	22.8		%
Rest of the World	14.8		%	15.8		%	15.3		%	16.2		%	15.6		%	14.8		%	15.3		%	12.4		%	13.2		%	12.8		%	12.9		%	12.8		%
Other	2.0		%	2.0		%	2.0		%	1.9		%	1.9		%	2.1		%	2.0		%	1.0		%	1.7		%	1.3		%	1.7		%	1.5		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

(a)    Includes Celgene product revenues from November 20, 2019 through December 31, 2019.

(b)    Includes Celgene product revenues for the entire period.

(c)    Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales.

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

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

	2019																					2020																	% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(c)			Year(c)			1st Qtr(d)			2nd Qtr(d)			6 Months(d)			3rd Qtr(d)			9 Months(d)			4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Net product sales	$	5,713		$	6,031		$	11,744		$	5,768		$	17,512		$	7,662		$	25,174		$	10,541		$	9,817		$	20,358		$	10,197		$	30,555				77%	74%
Alliance and other revenues	207			242			449			239			688			283			971			240			312			552			343			895					44%	30%
Total Revenues	5,920			6,273			12,193			6,007			18,200			7,945			26,145			10,781			10,129			20,910			10,540			31,450					75%	73%
Cost of products sold(a)	1,824			1,972			3,796			1,790			5,586			2,492			8,078			3,662			2,699			6,361			2,502			8,863					40%	59%
Marketing, selling and administrative	1,006			1,076			2,082			1,055			3,137			1,734			4,871			1,606			1,628			3,234			1,706			4,940					62%	57%
Research and development	1,348			1,325			2,673			1,378			4,051			2,097			6,148			2,372			2,522			4,894			2,499			7,393					81%	82%
Amortization of acquired intangible assets	24			24			48			25			73			1,062			1,135			2,282			2,389			4,671			2,491			7,162					**	**
Other (income)/expense, net	(261)			100			(161)			410			249			689			938			1,163			(736)			427			(915)			(488)					**	**
Total Expenses	3,941			4,497			8,438			4,658			13,096			8,074			21,170			11,085			8,502			19,587			8,283			27,870					78%	**
Earnings/(Loss) Before Income Taxes	1,979			1,776			3,755			1,349			5,104			(129)			4,975			(304)			1,627			1,323			2,257			3,580					67%	(30)%
Provision/(Benefit) for Income Taxes	264			337			601			(17)			584			931			1,515			462			1,707			2,169			379			2,548					**	**
Net Earnings/(Loss)	1,715			1,439			3,154			1,366			4,520			(1,060)			3,460			(766)			(80)			(846)			1,878			1,032					37%	(77)%
Noncontrolling Interest	5			7			12			13			25			(4)			21			9			5			14			6			20					(54)%	(20)%
Net Earnings/(Loss) Attributable to BMS	$	1,710		$	1,432		$	3,142		$	1,353		$	4,495		$	(1,056)		$	3,439		$	(775)		$	(85)		$	(860)		$	1,872		$	1,012				38%	(77)%
Diluted Earnings/(Loss) per Common Share*	$	1.04		$	0.87		$	1.92		$	0.83		$	2.75		$	(0.55)		$	2.01		$	(0.34)		$	(0.04)		$	(0.38)		$	0.82		$	0.44				(1)%	(84)%
Weighted-Average Common Shares Outstanding - Diluted	1,637			1,637			1,637			1,634			1,636			1,918			1,712			2,258			2,263			2,261			2,290			2,295					—	—
Dividends declared per common share	$	0.41		$	0.41		$	0.82		$	0.41		$	1.23		$	0.45		$	1.68		$	0.45		$	0.45		$	0.90		$	0.45		$	1.35				10%	10%
	2019																					2020
% of Total Revenues	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(c)			Year(c)			1st Qtr(d)			2nd Qtr(d)			6 Months(d)			3rd Qtr(d)			9 Months(d)			4th Qtr	Year
Gross Margin	69.2		%	68.6		%	68.9		%	70.2		%	69.3		%	68.6		%	69.1		%	66.0		%	73.4		%	69.6		%	76.3		%	71.8		%
Other Ratios
Effective tax rate	13.3		%	19.0		%	16.0		%	(1.3)		%	11.4		%	(721.7)		%	30.5		%	(152.0)		%	104.9		%	163.9		%	16.8		%	71.2		%
Other (income)/expense, net	2019																					2020																	% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(c)			Year(c)			1st Qtr(d)			2nd Qtr(d)			6 Months(d)			3rd Qtr(d)			9 Months(d)			4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Interest expense(b)	$	45		$	123		$	168		$	209		$	377		$	279		$	656		$	362		$	357		$	719		$	346		$	1,065				66%	**
Pension and postretirement	44			26			70			1,537			1,607			(8)			1,599			(4)			(2)			(6)			—			(6)					(100)%	**
Royalties and licensing income	(308)			(303)			(611)			(356)			(967)			(393)			(1,360)			(410)			(311)			(721)			(403)			(1,124)					13%	16%
Divestiture losses/(gains)	—			8			8			(1,179)			(1,171)			3			(1,168)			(16)			9			(7)			1			(6)					**	(99)%
Acquisition expenses	165			303			468			7			475			182			657			—			—			—			—			—					(100)%	(100)%
Contingent consideration	—			—			—			—			—			523			523			556			(165)			391			(988)			(597)					N/A	N/A
Investment income	(56)			(119)			(175)			(173)			(348)			(116)			(464)			(61)			(25)			(86)			(13)			(99)					(92)%	(72)%
Integration expenses	22			106			128			96			224			191			415			174			166			340			195			535					**	**
Provision for restructuring	12			10			22			10			32			269			301			160			115			275			176			451					**	**
Equity investment (gains)/losses	(175)			(71)			(246)			261			15			(290)			(275)			338			(818)			(480)			(244)			(724)					**	**
Litigation and other settlements	1			—			1			(1)			—			77			77			32			(1)			31			10			41					**	N/A
Transition and other service fees	(2)			(2)			(4)			(7)			(11)			(26)			(37)			(61)			(50)			(111)			(18)			(129)					**	**
Intangible asset impairment	—			15			15			—			15			—			15			—			21			21			—			21					N/A	40%
Reversion excise tax	—			—			—			—			—			—			—			76			—			76			—			76					N/A	N/A
Other	(9)			4			(5)			6			1			(2)			(1)			17			(32)			(15)			23			8					**	**
Other (income)/expense, net	$	(261)		$	100		$	(161)		$	410		$	249		$	689		$	938		$	1,163		$	(736)		$	427		$	(915)		$	(488)				**	**

*    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)    Includes amortization of purchase price adjustments to Celgene debt.

(c)    Includes Celgene results of operations from November 20, 2019 through December 31, 2019.

(d)    Includes Celgene results of operations for the entire period.

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED SEPTEMBER 30, 2020

(Unaudited, dollars in millions)

QUARTER-TO-DATE	2020(b)			2019			Change	% Change		Favorable / (Unfavorable) FX Impact *	2020 Excluding FX		Favorable / (Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	10,540		$	6,007			75	%		$	10,514	—		75	%
Gross profit	8,038			4,217			3,821	91	%	N/A	N/A		N/A		N/A
Gross profit excluding specified items(a)	8,497			4,239			4,258	100	%	N/A	N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	80.6		%	70.6		%
Marketing, selling and administrative	1,706			1,055			651	62	%	(3)	1,703		(1)	%	61	%
Marketing, selling and administrative excluding specified items(a)	1,700			1,055			645	61	%	(3)	1,697		—		61	%
Marketing, selling and administrative excluding specified items as a % of revenues	16.1		%	17.6		%
Research and development	2,499			1,378			1,121	81	%	(1)	2,498		—		81	%
Research and development excluding specified items(a)	2,276			1,358			918	68	%	(1)	2,275		—		68	%
Research and development excluding specified items as a % of revenues	21.6		%	22.6		%
YEAR-TO-DATE	2020(b)			2019			Change	% Change		Favorable / (Unfavorable) FX Impact *	2020 Excluding FX		Favorable / (Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	31,450		$	18,200			73	%		$	31,591	(1)	%	74	%
Gross profit	22,587			12,614			9,973	79	%	N/A	N/A		N/A		N/A
Gross profit excluding specified items(a)	25,212			12,787			12,425	97	%	N/A	N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	80.2		%	70.3		%
Marketing, selling and administrative	4,940			3,137			1,803	57	%	25	4,965		1	%	58	%
Marketing, selling and administrative excluding specified items(a)	4,902			3,136			1,766	56	%	25	4,927		1	%	57	%
Marketing, selling and administrative excluding specified items as a % of revenues	15.6		%	17.2		%
Research and development	7,393			4,051			3,342	82	%	9	7,402		1	%	83	%
Research and development excluding specified items(a)	6,700			3,936			2,764	70	%	9	6,709		—		70	%
Research and development excluding specified items as a % of revenues	21.3		%	21.6		%

All values are in US Dollars.

*    Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales and expenses.

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

(b)    Includes Celgene results of operations for the entire period.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2019														2020												Change			% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(b)		Year(b)		1st Qtr(c)		2nd Qtr(c)		6 Months(c)		3rd Qtr(c)		9 Months(c)		4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD		Qtr vs. Qtr	YTD vs. YTD
Prioritized Brands
Revlimid	$	—	$	—	$	—	$	—	$	—	$	1,299	$	1,299	$	2,915	$	2,884	$	5,799	$	3,027	$	8,826				$	8,826	N/A	N/A
Eliquis	1,925		2,042		3,967		1,928		5,895		2,034		7,929		2,641		2,163		4,804		2,095		6,899				167	1,004		9%	17%
Opdivo	1,801		1,823		3,624		1,817		5,441		1,763		7,204		1,766		1,653		3,419		1,780		5,199				(37)	(242)		(2)%	(4)%
Orencia	640		778		1,418		767		2,185		792		2,977		714		750		1,464		826		2,290				59	105		8%	5%
Pomalyst/Imnovid	—		—		—		—		—		322		322		713		745		1,458		777		2,235				777	2,235		N/A	N/A
Sprycel	459		544		1,003		558		1,561		549		2,110		521		511		1,032		544		1,576				(14)	15		(3)%	1%
Yervoy	384		367		751		353		1,104		385		1,489		396		369		765		446		1,211				93	107		26%	10%
Abraxane	—		—		—		—		—		166		166		300		308		608		342		950				342	950		N/A	N/A
Empliciti	83		91		174		89		263		94		357		97		97		194		96		290				7	27		8%	10%
Reblozyl	—		—		—		—		—		—		—		8		55		63		96		159				96	159		N/A	N/A
Inrebic	—		—		—		—		—		5		5		12		15		27		13		40				13	40		N/A	N/A
Zeposia	—		—		—		—		—		—		—		—		1		1		2		3				2	3		N/A	N/A
Onureg	—		—		—		—		—		—		—		—		—		—		3		3				3	3		N/A	N/A
Established Brands
Baraclude	141		147		288		145		433		122		555		122		121		243		100		343				(45)	(90)		(31)%	(21)%
Vidaza	—		—		—		—		—		58		58		158		126		284		106		390				106	390		N/A	N/A
Other Brands(a)	487		481		968		350		1,318		356		1,674		418		331		749		287		1,036				(63)	(282)		(18)%	(21)%
Total	$	5,920	$	6,273	$	12,193	$	6,007	$	18,200	$	7,945	$	26,145	$	10,781	$	10,129	$	20,910	$	10,540	$	31,450				$	13,250	75%	73%

All values are in US Dollars.

(a)    Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue. Other Brands includes $57 million and $262 million relating to Celgene products in the three and nine months ended September 30, 2020, respectively.

(b)    Includes Celgene product revenues from November 20, 2019 through December 31, 2019.

(c)    Includes Celgene product revenues for the entire period.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE PRO FORMA REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2019														2020												Change			% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(e)		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
Prioritized Brands
Revlimid(a)	$	2,562	$	2,718	$	5,280	$	2,758	$	8,038	$	2,785	$	10,823	$	2,915	$	2,884	$	5,799	$	3,027	$	8,826				$	788	10%	10%
Eliquis	1,925		2,042		3,967		1,928		5,895		2,034		7,929		2,641		2,163		4,804		2,095		6,899				167	1,004		9%	17%
Opdivo	1,801		1,823		3,624		1,817		5,441		1,763		7,204		1,766		1,653		3,419		1,780		5,199				(37)	(242)		(2)%	(4)%
Orencia	640		778		1,418		767		2,185		792		2,977		714		750		1,464		826		2,290				59	105		8%	5%
Pomalyst/Imnovid(a)	554		617		1,171		662		1,833		692		2,525		713		745		1,458		777		2,235				115	402		17%	22%
Sprycel	459		544		1,003		558		1,561		549		2,110		521		511		1,032		544		1,576				(14)	15		(3)%	1%
Yervoy	384		367		751		353		1,104		385		1,489		396		369		765		446		1,211				93	107		26%	10%
Abraxane(a)	285		314		599		317		916		336		1,252		300		308		608		342		950				25	34		8%	4%
Empliciti	83		91		174		89		263		94		357		97		97		194		96		290				7	27		8%	10%
Reblozyl(b)	—		—		—		—		—		—		—		8		55		63		96		159				96	159		N/A	N/A
Inrebic(b)	—		—		—		2		2		9		11		12		15		27		13		40				11	38		**	**
Zeposia(b)	—		—		—		—		—		—		—		—		1		1		2		3				2	3		N/A	N/A
Onureg(b)	—		—		—		—		—		—		—		—		—		—		3		3				3	3		N/A	N/A
Established Brands
Baraclude	141		147		288		145		433		122		555		122		121		243		100		343				(45)	(90)		(31)%	(21)%
Vidaza(a)	148		162		310		146		456		149		605		158		126		284		106		390				(40)	(66)		(27)%	(14)%
Other Brands(c)	552		557		1,109		420		1,529		393		1,922		418		331		749		287		1,036				(133)	(493)		(32)%	(32)%
Total(d)	$	9,534	$	10,160	$	19,694	$	9,962	$	29,656	$	10,103	$	39,759	$	10,781	$	10,129	$	20,910	$	10,540	$	31,450				$	1,794	6%	6%

All values are in US Dollars.

(a)    Products were acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition. All product revenues prior to November 20, 2019 have been recast to exclude foreign currency hedge gains and losses.

(b)    Products were acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition.

(c)    Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue. Reflects Celgene product revenues for the period prior to November 20, 2019, which was the date of the acquisition, for such Celgene products.

(d)    All historically reported Celgene revenues have been recast to exclude Otezla® product revenues.

(e)    Celgene product revenues for the period of October 1, 2019 through November 19, 2019 are included below:

Revlimid	$	1,486
Pomalyst/Imnovid	370
Abraxane	170
Inrebic	4
Vidaza	91
Other Brands	37
Total	$	2,158

BRISTOL-MYERS SQUIBB COMPANY

U.S. REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2019														2020												% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(c)		Year(c)		1st Qtr(d)		2nd Qtr(d)		6 Months(d)		3rd Qtr(d)		9 Months(d)		4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Prioritized Brands
Revlimid	$	—	$	—	$	—	$	—	$	—	$	899	$	899	$	1,966	$	2,048	$	4,014	$	2,080	$	6,094			N/A	N/A
Eliquis	1,206		1,269		2,475		1,124		3,599		1,156		4,755		1,777		1,363		3,140		1,118		4,258				(1)%	18%
Opdivo	1,124		1,112		2,236		1,088		3,324		1,020		4,344		1,008		956		1,964		1,018		2,982				(6)%	(10)%
Orencia	449		566		1,015		554		1,569		577		2,146		500		554		1,054		588		1,642				6%	5%
Pomalyst/Imnovid	—		—		—		—		—		226		226		489		522		1,011		548		1,559				N/A	N/A
Sprycel	240		307		547		325		872		319		1,191		300		308		608		336		944				3%	8%
Yervoy	275		253		528		222		750		254		1,004		257		254		511		309		820				39%	9%
Abraxane	—		—		—		—		—		122		122		205		218		423		236		659				N/A	N/A
Empliciti	58		63		121		62		183		63		246		59		59		118		59		177				(5)%	(3)%
Reblozyl	—		—		—		—		—		—		—		8		55		63		92		155				N/A	N/A
Inrebic	—		—		—		—		—		5		5		12		15		27		13		40				N/A	N/A
Zeposia	—		—		—		—		—		—		—		—		1		1		2		3				N/A	N/A
Onureg	—		—		—		—		—		—		—		—		—		—		3		3				N/A	N/A
Established Brands
Baraclude	7		7		14		2		16		4		20		3		3		6		3		9				50%	(44)%
Vidaza	—		—		—		—		—		1		1		2		—		2		—		2				N/A	N/A
Other Brands(a)	90		90		180		95		275		108		383		180		131		311		137		448				44%	63%
Total(b)	$	3,449	$	3,667	$	7,116	$	3,472	$	10,588	$	4,754	$	15,342	$	6,766	$	6,487	$	13,253	$	6,542	$	19,795			88%	87%

(a)    Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Other Brands includes $68 million and $237 million relating to Celgene products in the three and nine months ended September 30, 2020, respectively.

(b)    Includes Puerto Rico.

(c)    Includes Celgene product revenues from November 20, 2019 through December 31, 2019.

(d)    Includes Celgene product revenues for the entire period.

BRISTOL-MYERS SQUIBB COMPANY

U.S. PRO FORMA REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2019														2020												% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(d)		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Prioritized Brands
Revlimid(a)	$	1,686	$	1,810	$	3,496	$	1,902	$	5,398	$	1,914	$	7,312	$	1,966	$	2,048	$	4,014	$	2,080	$	6,094			9%	13%
Eliquis	1,206		1,269		2,475		1,124		3,599		1,156		4,755		1,777		1,363		3,140		1,118		4,258				(1)%	18%
Opdivo	1,124		1,112		2,236		1,088		3,324		1,020		4,344		1,008		956		1,964		1,018		2,982				(6)%	(10)%
Orencia	449		566		1,015		554		1,569		577		2,146		500		554		1,054		588		1,642				6%	5%
Pomalyst/Imnovid(a)	390		447		837		469		1,306		489		1,795		489		522		1,011		548		1,559				17%	19%
Sprycel	240		307		547		325		872		319		1,191		300		308		608		336		944				3%	8%
Yervoy	275		253		528		222		750		254		1,004		257		254		511		309		820				39%	9%
Abraxane(a)	196		207		403		206		609		237		846		205		218		423		236		659				15%	8%
Empliciti	58		63		121		62		183		63		246		59		59		118		59		177				(5)%	(3)%
Reblozyl(a)	—		—		—		—		—		—		—		8		55		63		92		155				N/A	N/A
Inrebic(a)	—		—		—		2		2		9		11		12		15		27		13		40				**	**
Zeposia(a)	—		—		—		—		—		—		—		—		1		1		2		3				N/A	N/A
Onureg(a)	—		—		—		—		—		—		—		—		—		—		3		3				N/A	N/A
Established Brands
Baraclude	7		7		14		2		16		4		20		3		3		6		3		9				50%	(44)%
Vidaza(a)	3		3		6		2		8		2		10		2		—		2		—		2				(100)%	(75)%
Other Brands(b)	135		145		280		147		427		136		563		180		131		311		137		448				(7)%	5%
Total(c)	$	5,769	$	6,189	$	11,958	$	6,105	$	18,063	$	6,180	$	24,243	$	6,766	$	6,487	$	13,253	$	6,542	$	19,795			7%	10%

(a)    Products were acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition.

(b)    Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Reflects Celgene product revenues for the period prior to November 20, 2019, which was the date of the acquisition, for such Celgene products.

(c)    Includes Puerto Rico. All historically reported Celgene revenues have been recast to exclude Otezla® product revenues.

(d)    Celgene product revenues for the period of October 1, 2019 through November 19, 2019 are included below:

Revlimid	$	1,015
Pomalyst/Imnovid	263
Abraxane	115
Inrebic	4
Vidaza	1
Other Brands	28
Total	$	1,426

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2019														2020												% Change(c)
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(b)		Year(b)		1st Qtr(d)		2nd Qtr(d)		6 Months(d)		3rd Qtr(d)		9 Months(d)		4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Prioritized Brands
Revlimid	$	—	$	—	$	—	$	—	$	—	$	400	$	400	$	949	$	836	$	1,785	$	947	$	2,732			N/A	N/A
Eliquis	719		773		1,492		804		2,296		878		3,174		864		800		1,664		977		2,641				22%	15%
Opdivo	677		711		1,388		729		2,117		743		2,860		758		697		1,455		762		2,217				5%	5%
Orencia	191		212		403		213		616		215		831		214		196		410		238		648				12%	5%
Pomalyst/Imnovid	—		—		—		—		—		96		96		224		223		447		229		676				N/A	N/A
Sprycel	219		237		456		233		689		230		919		221		203		424		208		632				(11)%	(8)%
Yervoy	109		114		223		131		354		131		485		139		115		254		137		391				5%	10%
Abraxane	—		—		—		—		—		44		44		95		90		185		106		291				N/A	N/A
Empliciti	25		28		53		27		80		31		111		38		38		76		37		113				37%	41%
Reblozyl	—		—		—		—		—		—		—		—		—		—		4		4				N/A	N/A
Established Brands
Baraclude	134		140		274		143		417		118		535		119		118		237		97		334				(32)%	(20)%
Vidaza	—		—		—		—		—		57		57		156		126		282		106		388				N/A	N/A
Other Brands(a)	397		391		788		255		1,043		248		1,291		238		200		438		150		588				(41)%	(44)%
Total	$	2,471	$	2,606	$	5,077	$	2,535	$	7,612	$	3,191	$	10,803	$	4,015	$	3,642	$	7,657	$	3,998	$	11,655			58%	53%

(a)    Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Other Brands includes $(11) million and $25 million relating to Celgene products in the three and nine months ended September 30, 2020, respectively.

(b)    Includes Celgene product revenues from November 20, 2019 through December 31, 2019.

(c)    The foreign exchange impact on international revenues was favorable 1% for the third quarter and unfavorable 2% year-to-date. The foreign exchange impact on Prioritized Brands is included below.

(d)    Includes Celgene product revenues for the entire period.

	Quarter-to-Date			Year-to-Date
	Revenue Change %	Favorable/ (Unfavorable) FX Impact %	Revenue Change % Excluding FX	Revenue Change %	Favorable/ (Unfavorable) FX Impact %	Revenue Change % Excluding FX
Eliquis	22%	4%	18%	15%	—	15%
Opdivo	5%	(1)%	6%	5%	(4)%	9%
Orencia	12%	(1)%	13%	5%	(2)%	7%
Sprycel	(11)%	—	(11)%	(8)%	(2)%	(6)%
Yervoy	5%	1%	4%	10%	(3)%	13%
Empliciti	37%	3%	34%	41%	1%	40%

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL PRO FORMA REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2019														2020												% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(d)		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Prioritized Brands
Revlimid(a)	$	876	$	908	$	1,784	$	856	$	2,640	$	871	$	3,511	$	949	$	836	$	1,785	$	947	$	2,732			11%	3%
Eliquis	719		773		1,492		804		2,296		878		3,174		864		800		1,664		977		2,641				22%	15%
Opdivo	677		711		1,388		729		2,117		743		2,860		758		697		1,455		762		2,217				5%	5%
Orencia	191		212		403		213		616		215		831		214		196		410		238		648				12%	5%
Pomalyst/Imnovid(a)	164		170		334		193		527		203		730		224		223		447		229		676				19%	28%
Sprycel	219		237		456		233		689		230		919		221		203		424		208		632				(11)%	(8)%
Yervoy	109		114		223		131		354		131		485		139		115		254		137		391				5%	10%
Abraxane(a)	89		107		196		111		307		99		406		95		90		185		106		291				(5)%	(5)%
Empliciti	25		28		53		27		80		31		111		38		38		76		37		113				37%	41%
Reblozyl(a)	—		—		—		—		—		—		—		—		—		—		4		4				N/A	N/A
Established Brands
Baraclude	134		140		274		143		417		118		535		119		118		237		97		334				(32)%	(20)%
Vidaza(a)	145		159		304		144		448		147		595		156		126		282		106		388				(26)%	(13)%
Other Brands(b)	417		412		829		273		1,102		257		1,359		238		200		438		150		588				(45)%	(47)%
Total(c)	$	3,765	$	3,971	$	7,736	$	3,857	$	11,593	$	3,923	$	15,516	$	4,015	$	3,642	$	7,657	$	3,998	$	11,655			4%	1%

(a)    Products were acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition. All product revenues prior to November 20, 2019 have been recast to exclude foreign currency hedge gains and losses.

(b)    Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Reflects Celgene product revenues for the period prior to November 20, 2019, which was the date of the acquisition, for such Celgene products.

(c)    All historically reported Celgene revenues have been recast to exclude Otezla® product revenues.

(d)    Celgene product revenues for the period of October 1, 2019 through November 19, 2019 are included below:

Revlimid	$	471
Pomalyst/Imnovid	107
Abraxane	55
Vidaza	90
Other Brands	9
Total	$	732

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)

	2019														2020
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(b)		Year(b)		1st Qtr(c)		2nd Qtr(c)		6 Months(c)		3rd Qtr(c)		9 Months(c)		4th Qtr	Year
Inventory purchase price accounting adjustments	$	—	$	—	$	—	$	—	$	—	$	660	$	660	$	1,420	$	714	$	2,134	$	456	$	2,590
Employee compensation charges	—		—		—		—		—		1		1		2		1		3		—		3
Site exit and other costs	12		139		151		22		173		24		197		16		13		29		3		32
Cost of products sold	12		139		151		22		173		685		858		1,438		728		2,166		459		2,625
Employee compensation charges	—		—		—		—		—		27		27		15		12		27		7		34
Site exit and other costs	1		—		1		—		1		8		9		6		(1)		5		(1)		4
Marketing, selling and administrative	1		—		1		—		1		35		36		21		11		32		6		38
License and asset acquisition charges	—		25		25		—		25		—		25		25		300		325		203		528
IPRD impairments	32		—		32		—		32		—		32		—		—		—		—		—
Inventory purchase price accounting adjustments	—		—		—		—		—		—		—		17		—		17		8		25
Employee compensation charges	—		—		—		—		—		33		33		18		15		33		8		41
Site exit and other costs	19		19		38		20		58		109		167		56		39		95		4		99
Research and development	51		44		95		20		115		142		257		116		354		470		223		693
Amortization of acquired intangible assets	—		—		—		—		—		1,062		1,062		2,282		2,389		4,671		2,491		7,162
Interest expense(a)	—		83		83		166		249		73		322		(41)		(41)		(82)		(40)		(122)
Pension and postretirement	49		44		93		1,545		1,638		(3)		1,635		—		—		—		—		—
Royalties and licensing income	—		—		—		(9)		(9)		(15)		(24)		(83)		(18)		(101)		(53)		(154)
Divestiture losses/(gains)	—		8		8		(1,179)		(1,171)		3		(1,168)		(16)		9		(7)		1		(6)
Acquisition expenses	165		303		468		7		475		182		657		—		—		—		—		—
Contingent consideration	—		—		—		—		—		523		523		556		(165)		391		(988)		(597)
Investment income	—		(54)		(54)		(99)		(153)		(44)		(197)		—		—		—		—		—
Integration expenses	22		106		128		96		224		191		415		174		166		340		195		535
Provision for restructuring	12		10		22		10		32		269		301		160		115		275		176		451
Equity investment (gains)/losses	(175)		(71)		(246)		261		15		(294)		(279)		339		(818)		(479)		(214)		(693)
Litigation and other settlements	—		—		—		—		—		75		75		—		—		—		—		—
Reversion excise tax	—		—		—		—		—		—		—		76		—		76		—		76
Other	—		—		—		—		—		2		2		—		—		—		—		—
Other (income)/expense, net	73		429		502		798		1,300		962		2,262		1,165		(752)		413		(923)		(510)
Increase to pretax income	137		612		749		840		1,589		2,886		4,475		5,022		2,730		7,752		2,256		10,008
Income taxes on items above	(43)		(105)		(148)		(275)		(423)		(264)		(687)		(291)		(3)		(294)		(405)		(699)
Income taxes attributed to Otezla® divestiture	—		—		—		—		—		808		808		—		255		255		11		266
Income taxes attributed to internal transfer of intangible assets	—		—		—		—		—		—		—		—		853		853		—		853
Income taxes	(43)		(105)		(148)		(275)		(423)		544		121		(291)		1,105		814		(394)		420
Increase to net earnings	$	94	$	507	$	601	$	565	$	1,166	$	3,430	$	4,596	$	4,731	$	3,835	$	8,566	$	1,862	$	10,428

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

(b)    Includes Celgene results of operations from November 20, 2019 through December 31, 2019.

(c)    Includes Celgene results of operations for the entire period.

BRISTOL-MYERS SQUIBB COMPANY

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

(Unaudited, dollars in millions)

	2019														2020
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(b)		Year(b)		1st Qtr(c)		2nd Qtr(c)		6 Months(c)		3rd Qtr(c)		9 Months(c)		4th Qtr	Year
Gross Profit	$	4,096	$	4,301	$	8,397	$	4,217	$	12,614	$	5,453	$	18,067	$	7,119	$	7,430	$	14,549	$	8,038	$	22,587
Specified items(a)	12		139		151		22		173		685		858		1,438		728		2,166		459		2,625
Gross profit excluding specified items	4,108		4,440		8,548		4,239		12,787		6,138		18,925		8,557		8,158		16,715		8,497		25,212
Marketing, selling and administrative	1,006		1,076		2,082		1,055		3,137		1,734		4,871		1,606		1,628		3,234		1,706		4,940
Specified items(a)	(1)		—		(1)		—		(1)		(35)		(36)		(21)		(11)		(32)		(6)		(38)
Marketing, selling and administrative excluding specified items	1,005		1,076		2,081		1,055		3,136		1,699		4,835		1,585		1,617		3,202		1,700		4,902
Research and development	1,348		1,325		2,673		1,378		4,051		2,097		6,148		2,372		2,522		4,894		2,499		7,393
Specified items(a)	(51)		(44)		(95)		(20)		(115)		(142)		(257)		(116)		(354)		(470)		(223)		(693)
Research and development excluding specified items	1,297		1,281		2,578		1,358		3,936		1,955		5,891		2,256		2,168		4,424		2,276		6,700
Amortization of acquired intangible assets	24		24		48		25		73		1,062		1,135		2,282		2,389		4,671		2,491		7,162
Specified items(a)	—		—		—		—		—		(1,062)		(1,062)		(2,282)		(2,389)		(4,671)		(2,491)		(7,162)
Amortization of acquired intangible assets excluding specified items	24		24		48		25		73		—		73		—		—		—		—		—
Other (income)/expense, net	(261)		100		(161)		410		249		689		938		1,163		(736)		427		(915)		(488)
Specified items(a)	(73)		(429)		(502)		(798)		(1,300)		(962)		(2,262)		(1,165)		752		(413)		923		510
Other expense/(income), net excluding specified items	(334)		(329)		(663)		(388)		(1,051)		(273)		(1,324)		(2)		16		14		8		22

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

(b)    Includes Celgene results of operations from November 20, 2019 through December 31, 2019.

(c)    Includes Celgene results of operations for the entire period.

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP TO NON-GAAP EPS

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

	2019																					2020
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(b)			Year(b)			1st Qtr(c)			2nd Qtr(c)			6 Months(c)			3rd Qtr(c)			9 Months(c)			4th Qtr	Year
Earnings/(Loss) before income taxes	$	1,979		$	1,776		$	3,755		$	1,349		$	5,104		$	(129)		$	4,975		$	(304)		$	1,627		$	1,323		$	2,257		$	3,580
Specified items(a)	137			612			749			840			1,589			2,886			4,475			5,022			2,730			7,752			2,256			10,008
Earnings before income taxes excluding specified items	2,116			2,388			4,504			2,189			6,693			2,757			9,450			4,718			4,357			9,075			4,513			13,588
Provision/(Benefit) for income taxes	264			337			601			(17)			584			931			1,515			462			1,707			2,169			379			2,548
Income taxes on specified items(a)	43			105			148			275			423			264			687			291			3			294			405			699
Income taxes attributed to Otezla® divestiture(a)	—			—			—			—			—			(808)			(808)			—			(255)			(255)			(11)			(266)
Income taxes attributed to internal transfer of intangible assets(a)	—			—			—			—			—			—			—			—			(853)			(853)			—			(853)
Provision for income taxes excluding tax on specified items and income taxes attributed to Otezla® divestiture and internal transfer of intangible assets	307			442			749			258			1,007			387			1,394			753			602			1,355			773			2,128
Noncontrolling Interest	5			7			12			13			25			(4)			21			9			5			14			6			20
Specified items(a)	—			—			—			—			—			—			—			—			—			—			—			—
Noncontrolling Interest excluding specified items	5			7			12			13			25			(4)			21			9			5			14			6			20
Net Earnings/(Loss) attributable to BMS used for Diluted EPS Calculation - GAAP	1,710			1,432			3,142			1,353			4,495			(1,056)			3,439			(775)			(85)			(860)			1,872			1,012
Specified items(a)	94			507			601			565			1,166			3,430			4,596			4,731			3,835			8,566			1,862			10,428
Net Earnings attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP	1,804			1,939			3,743			1,918			5,661			2,374			8,035			3,956			3,750			7,706			3,734			11,440
Weighted-average Common Shares Outstanding - Diluted-GAAP	1,637			1,637			1,637			1,634			1,636			1,918			1,712			2,258			2,263			2,261			2,290			2,295
Weighted-average Common Shares Outstanding - Diluted-Non-GAAP	1,637			1,637			1,637			1,634			1,636			1,941			1,712			2,298			2,297			2,298			2,290			2,295
Diluted Earnings/(Loss) Per Share - GAAP*	$	1.04		$	0.87		$	1.92		$	0.83		$	2.75		$	(0.55)		$	2.01		$	(0.34)		$	(0.04)		$	(0.38)		$	0.82		$	0.44
Diluted Earnings Per Share attributable to specified items(a)	0.06			0.31			0.37			0.34			0.71			1.77			2.68			2.06			1.67			3.73			0.81			4.54
Diluted Earnings Per Share - Non-GAAP*	$	1.10		$	1.18		$	2.29		$	1.17		$	3.46		$	1.22		$	4.69		$	1.72		$	1.63		$	3.35		$	1.63		$	4.98
Effective Tax Rate	13.3		%	19.0		%	16.0		%	(1.3)		%	11.4		%	(721.7)		%	30.5		%	(152.0)		%	104.9		%	163.9		%	16.8		%	71.2		%
Specified items(a)	1.2		%	(0.5)		%	0.6		%	13.1		%	3.6		%	735.7		%	(15.7)		%	168.0		%	(91.1)		%	(149.0)		%	0.3		%	(55.5)		%
Effective Tax Rate excluding specified items	14.5		%	18.5		%	16.6		%	11.8		%	15.0		%	14.0		%	14.8		%	16.0		%	13.8		%	14.9		%	17.1		%	15.7		%

*    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.

(b)    Includes Celgene results of operations from November 20, 2019 through December 31, 2019.

(c)    Includes Celgene results of operations for the entire period.

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

(Unaudited, dollars in millions)

	March 31,<br>2019		June 30,<br>2019		September 30,<br>2019		December 31,<br><br>2019(a)		March 31,<br>2020		June 30,<br>2020		September 30,<br>2020		December 31,<br>2020
Cash and cash equivalents	$	7,335	$	28,404	$	30,489	$	12,346	$	15,817	$	19,934	$	19,435
Marketable debt securities - current	1,429		953		2,053		3,047		2,505		1,724		1,720
Marketable debt securities - non-current	1,233		994		925		767		651		523		495
Cash, cash equivalents and marketable debt securities	9,997		30,351		33,467		16,160		18,973		22,181		21,650
Short-term debt obligations	(381)		(545)		(569)		(3,346)		(3,862)		(4,819)		(3,585)
Long-term debt	(5,635)		(24,433)		(24,390)		(43,387)		(42,844)		(41,853)		(41,364)
Net (debt)/cash position	$	3,981	$	5,373	$	8,508	$	(30,573)	$	(27,733)	$	(24,491)	$	(23,299)

(a)    Includes Celgene balances as of December 31, 2019.

BRISTOL-MYERS SQUIBB COMPANY

2020 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2020
		Pre-tax		Tax		After-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP							$0.47 to $0.57
Projected Specified Items:
Purchase price accounting adjustments(a)			5.33		0.44		4.89
Acquisition, restructuring and integration expenses(b)			0.63		0.13		0.50
Equity investment gains and contingent consideration			(0.57)		(0.09)		(0.48)
Research and development license and asset acquisition charges			0.44		0.05		0.39
Employee compensation charges(c)			0.04		0.01		0.03
Divestiture gains and licensing income			(0.07)		(0.02)		(0.05)
Other			0.01		—		0.01
Income taxes attributed to Otezla® divestiture and internal transfer of intangible assets			—		(0.49)		0.49
Total			5.81		0.03		5.78
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP							$6.25 to $6.35

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

(b)    Includes acquisition-related financing, transaction, restructuring and integration expenses recognized in Cost of products sold, Research and development and Other (income)/expense, net.

(c)    Includes items recognized in Cost of products sold, Marketing, selling and administrative and Research and development.

The following table summarizes the company's 2020 financial guidance:
Line item	GAAP	Non-GAAP
Revenues	$41.5 billion - $42.0 billion	$41.5 billion - $42.0 billion
Gross margin as a percent of revenue	Approximately 74%	Approximately 80%
Marketing, selling and administrative expense	Approximately $6.9 billion	Approximately $6.9 billion
Research and development expense	Approximately $10.4 billion	Approximately $9.2 billion
Other (income)/expense, net	($0.1 billion) - ($0.3 billion)	($0.1 billion) - $0.1 billion
Effective tax rate	Approximately 69%	Approximately 16%
Weighted average diluted shares	Approximately 2.3 billion	Approximately 2.3 billion		The GAAP financial results for the full year of 2020 will include specified items, including purchase price accounting adjustments, acquisition and integration expenses, charges associated with restructuring, downsizing and streamlining worldwide operations, research and development license and asset acquisition charges, divestiture gains or losses, stock compensation resulting from accelerated vesting of Celgene awards, certain retention-related employee compensation charges related to the Celgene transaction, equity investment and contingent value rights fair value adjustments and tax items resulting from internal transfer of intangible assets and the Otezla® divestiture, among other items. The 2020 financial guidance excludes the impact of any potential future strategic acquisitions and divestitures, including any impact of the MyoKardia acquisition, 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 Third Quarter 2020 Financial Results on November 5, 2020, including “2020 Financial Guidance” and “Use of non-GAAP Financial Information” therein.
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