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): October 25, 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 October 25, 2022, Bristol-Myers Squibb Company (the “Company”) issued a press release (the “Earnings Press Release”) announcing its financial results for the third 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 October 26, 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 third quarter of 2022 at 8:00 a.m. Eastern time on October 26, 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 October 25, 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 October 26, 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 October 25, 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 October 26, 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: October 26, 2022	By:	/s/ Kimberly M. Jablonski
	Name:	Kimberly M. Jablonski
	Title:	Corporate Secretary

Document

Exhibit 99.1

Bristol Myers Squibb Reports Third Quarter Financial Results for 2022

•Reports Third Quarter Revenues of $11.2 Billion

•Delivers Strong Revenue Growth of 8% from In-Line Products and New Product Portfolio; or 13% When Adjusted for Foreign Exchange

•Posts Third Quarter Earnings Per Share of $0.75 and Non-GAAP EPS of $1.99; Includes Net Increase of $0.02 Per Share for GAAP and Non-GAAP EPS Due to Acquired IPRD1 Charges and Licensing Income

•Bolsters New Product Portfolio with FDA Approval for SotyktuTM, a First-in-Class TYK2 inhibitor for Adults with Moderate-to-Severe Plaque Psoriasis

•Continues to Progress Product Pipeline with Significant Regulatory and Clinical Milestones

•Completes Acquisition of Turning Point Therapeutics, Expanding Precision Oncology Portfolio

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

(NEW YORK, October 25, 2022) – Bristol Myers Squibb (NYSE:BMY) today reports results for the third quarter of 2022, which reflect strong in-line and new product portfolio growth.

“Our strong results reflect growth of our in-line and new product portfolios,” said Giovanni Caforio, M.D., board chair and chief executive officer, Bristol Myers Squibb. “Our teams continue to progress our pipeline and achieve significant regulatory and clinical milestones, including the approval of Sotyktu, a first-in-class, TYK2 inhibitor, to treat moderate to severe plaque psoriasis. Our nine new product launches over the last three years including three first-in-class launches this year, combined with progress in our robust and diverse product pipeline, have built a strong foundation for our company. Combined with our financial strength and talented employees, Bristol Myers Squibb is well positioned for growth and to advance new medicines for patients.”

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.

Third Quarter
amounts in millions, except per share amounts	2021	Change		Change
				Excl. F/X
Total Revenues	$11,624	(3)	%	0	%
Earnings Per Share - GAAP*	0.69	9	%	N/A
Earnings Per Share - Non-GAAP*	1.93	3	%	N/A
* GAAP and non-GAAP earnings per share include the net impact of Acquired IPRD charges and licensing income which increased by 0.02 per share in the third quarter of 2022 compared to a reduction of (0.09) per share in the third quarter of 2021.

All values are in US Dollars.

THIRD QUARTER FINANCIAL RESULTS

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

•Bristol Myers Squibb posted third quarter revenues of $11.2 billion, a decrease of 3%, driven by recent LOE products (primarily Revlimid) and foreign exchange impacts, partially offset by in-line products (primarily Eliquis and Opdivo) and our new product portfolio (primarily Opdualag, Abecma and Reblozyl). When adjusted for foreign exchange impacts, third quarter revenues remained consistent. Our in-line and new product portfolio increased 8% to $8.6 billion, or 13% when adjusted for foreign exchange impacts.

•U.S. revenues increased 9% to $7.9 billion in the quarter. International revenues decreased 24% to $3.3 billion in the quarter. When adjusted for foreign exchange impacts, international revenues decreased 14%, primarily due to lower demand of Revlimid as a result of generic erosion, partially offset by in-line products (primarily Opdivo) and our new product portfolio.

•Gross margin decreased from 80.3% to 79.0% and on a non-GAAP basis, decreased from 81.1% to 79.8% in the quarter primarily due to product mix, partially offset by foreign exchange impacts and related hedging settlements.

•Marketing, selling and administrative expenses increased 8% to $1.9 billion in the quarter, primarily due to higher costs to support new product launches and cash settlement of Turning Point Therapeutics, Inc. ("Turning Point") unvested stock awards, partially offset by foreign exchange impacts. On a non-GAAP basis, marketing, selling and administrative expenses increased 4% to $1.9 billion primarily due to higher investments to support new product launches, partially offset by foreign exchange impacts.

•Research and development expenses decreased 19% to $2.4 billion in the quarter, primarily due to an in-process research and development (IPRD) impairment charge in 2021, timing of clinical development spend and foreign exchange impacts, partially offset by cash settlement of

Turning Point unvested stock awards. On a non-GAAP basis, research and development expenses decreased 5% to $2.3 billion in the quarter primarily due to timing of clinical development spend and foreign exchange impacts.

•Acquired IPRD decreased from $271 million in the same period a year ago to $30 million in the current quarter. Acquired IPRD in the current quarter is related to the GentiBio licensing transaction. Acquired IPRD in the same period a year ago was primarily related to the Agenus licensing transaction ($200 million).

•Amortization of acquired intangible assets decreased 5% to $2.4 billion in the quarter, primarily due to a change in the expected expiration of the market exclusivity period for Pomalyst to the first quarter of 2026.

•The GAAP effective tax rate changed from 28.0% to 27.2% in the quarter and non-GAAP effective tax rate changed from 14.6% to 16.9% in the quarter due to changes in previously estimated annual effective tax rates due to jurisdictional earnings mix.

•The company reported net earnings attributable to Bristol Myers Squibb of $1.6 billion, or $0.75 per share, in the third quarter, compared to $1.5 billion, or $0.69 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 $4.3 billion, or $1.99 per share, in the third quarter, compared to non-GAAP net earnings of $4.3 billion, or $1.93 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 which increased by $0.02 per share in the third quarter of 2022 compared to a reduction of ($0.09) per share in the third quarter of 2021. For purposes of comparability, the non-GAAP financial results for the third 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.

THIRD QUARTER PRODUCT REVENUE HIGHLIGHTS

amounts in millions
Product	Quarter Ended<br><br>September 30, 2021	% Change from Quarter Ended September 30, 2021	% Change from Quarter Ended September 30, 2021 (Excl. F/X Impact)
In-Line Products
Eliquis	$2,413	10%	16%
Opdivo	$1,905	7%	13%
Pomalyst/Imnovid	$851	4%	8%
Orencia	$870	1%	5%
Sprycel	$551	2%	7%
Yervoy	$515	2%	7%
Empliciti	$82	(11)%	(5)%
Mature and Other Products**	$480	(8)%	(4)%
Total In-Line Products Revenue	$7,667	5%	10%
New Product Portfolio
Reblozyl	$160	19%	22%
Abecma	$71	51%	59%
Zeposia	$40	73%	83%
Breyanzi	$30	47%	50%
Inrebic	$22	(5)%	0%
Onureg	$21	52%	57%
Opdualag	—	N/A	N/A
Camzyos	—	N/A	N/A
Sotyktu	—	N/A	N/A
Total New Product Portfolio Revenue	$344	61%	66%
Total In-Line Products and New Product Portfolio Revenue	$8,011	8%	13%
Recent LOE Products
Revlimid	$3,347	(28)%	(27)%
Abraxane	$266	(33)%	(32)%
Total Recent LOE Products Revenue	$3,613	(28)%	(27)%
Total Revenue	$11,624	(3)%	0%

All values are in US Dollars.

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

NINE-MONTH PRODUCT REVENUE HIGHLIGHTS

amounts in millions
Product	Nine Months Ended<br><br>September 30, 2021	% Change from Nine Months Ended September 30, 2021	% Change from Nine Months Ended September 30, 2021 (Excl. F/X Impact)
In-Line Products
Eliquis	$8,091	12%	17%
Opdivo	$5,535	9%	13%
Pomalyst/Imnovid	$2,478	6%	9%
Orencia	$2,442	4%	7%
Sprycel	$1,562	2%	6%
Yervoy	$1,481	6%	10%
Empliciti	$253	(11)%	(6)%
Mature and Other Products**	$1,459	(8)%	(5)%
Total In-Line Products Revenues	$23,301	7%	11%
New Product Portfolio
Reblozyl	$400	30%	32%
Abecma	$95	*	*
Zeposia	$86	99%	*
Breyanzi	$47	*	*
Inrebic	$54	15%	17%
Onureg	$48	81%	85%
Opdualag	—	N/A	N/A
Camzyos	—	N/A	N/A
Sotyktu	—	N/A	N/A
Total New Product Portfolio Revenues	$730	90%	94%
Total In-Line Products and New Product Portfolio Revenues	$24,031	10%	14%
Recent LOE Products
Revlimid	$9,493	(19)%	(18)%
Abraxane	$876	(28)%	(27)%
Total Recent LOE Products Revenues	$10,369	(19)%	(18)%
Total Revenue	$34,400	1%	4%

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 third quarter were $8.1 billion compared to $7.7 billion in the prior year period, representing an increase of 5% or 10% when adjusted for foreign exchange. In-line products revenue was largely driven by:

•Eliquis revenues grew 10% compared to the prior year period. U.S. revenues were $1.7 billion compared to $1.3 billion in the prior year period, representing an increase of 31% driven primarily by demand growth and favorable gross to net adjustments. International revenues were $926 million compared to $1.1 billion in the prior year period, representing a decrease of 16% driven by foreign exchange impacts and lower average net selling prices. When adjusted for foreign exchange impacts, Eliquis' international revenues declined 2%.

•Opdivo revenues increased 7% 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 17% 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 $804 million compared to $843 million in the prior year period, representing a decrease of 5% driven by foreign exchange impacts, partially offset by higher demand as a result of launches for additional indications and core indications. When adjusted for foreign exchange impacts, Opdivo's international revenues increased 8%.

New Product Portfolio

•New product portfolio revenues grew to $553 million compared to $344 million in the prior year period, representing growth of 61% driven by the launch of Opdualag and higher demand for Abecma and Reblozyl. Excluding foreign exchange, new product portfolio revenues grew 66%.

Recent LOE Products

•Revlimid revenues declined by 28% compared to the prior year period. U.S. revenues decreased 6% to $2.2 billion as compared to the prior year period primarily driven by lower demand as a result of generic erosion. International revenues were $250 million compared to $1.0 billion in the prior year period, representing a decrease of 76% driven by lower demand as a result of generic erosion and to a lesser extent, foreign exchange impacts.

PRODUCT AND PIPELINE UPDATE

Cardiovascular

Category	Asset	Milestone
Regulatory	Camzyos®<br><br>(mavacamten)	The U.S. Food and Drug Administration (FDA) has accepted our supplemental new drug application for Camzyos for an expanded indication for the treatment of adults with symptomatic New York Heart Association class II-III obstructive hypertrophic cardiomyopathy to improve functional capacity, improve symptoms and reduce the need for septal reduction therapy. The FDA assigned a Prescription Drug User Fee Act goal date of June 16, 2023.
Clinical & Research	Milvexian	Phase 2 AXIOMATIC-SSP trial showed that milvexian had an approximate 30% relative risk reduction in recurrent symptomatic ischemic strokes (accepted regulatory endpoint) and favorable safety profile in three arms compared to placebo when used in combination with background dual antiplatelet therapy in patients with an acute non-cardioembolic ischemic stroke or transient ischemic attack. The primary objective of this trial was to detect a dose response for the composite endpoint of symptomatic ischemic stroke + MRI detected covert brain infarction across a 16-fold dose range; a dose response was not observed for the composite endpoint. The trial was conducted by The Bristol Myers Squibb-Janssen Collaboration.

Oncology

Category		Asset	Milestone
Regulatory		OpdualagTM<br><br>(nivolumab and relatlimab-rmbw)	The European Commission (EC) approved the fixed-dose combination of Opdualag for the first-line treatment of advanced (unresectable or metastatic) melanoma in adults and adolescents 12 years of age and older with tumor cell PD-L1 expression < 1%. The EC’s decision is based upon an exploratory analysis of results from the Phase 2/3 RELATIVITY-047 trial.
Clinical & Research		Opdivo® (nivolumab)	Phase 3 CheckMate -76K trial evaluating Opdivo as a single agent in the adjuvant setting in patients with completely resected stage IIB/C melanoma met its primary endpoint and demonstrated a statistically significant and clinically meaningful benefit in recurrence-free survival versus placebo at a pre-specified interim analysis.
	Part A of the Phase 3 CheckMate –914 trial, evaluating Opdivo plus Yervoy as an adjuvant treatment for patients with localized renal cell carcinoma who have undergone full or partial removal of the kidney and who are at moderate or high risk of relapse, did not meet the primary endpoint of disease-free survival as assessed by Blinded Independent Central Review. The safety profile was consistent with previously reported studies of the Opdivo plus Yervoy combination in solid tumors.

Hematology

Category	Asset	Milestone
Clinical & Research	Abecma®<br><br>(idecabtagene vicleucel)	Positive topline results from the Phase 3 KarMMa-3 trial showed treatment with Abecma compared to standard combination regimens in adults with relapsed and refractory multiple myeloma after two to four prior lines of therapy and refractory to the last regimen met its primary endpoint of demonstrating a statistically significant improvement in progression-free survival. Treatment with Abecma also showed an improvement in the key secondary endpoint of overall response rate compared to standard regimens. The trial was conducted with 2seventy bio (NASDAQ:TSVT).

Immunology

Category	Asset	Milestone
Regulatory	Sotyktu™<br><br>(deucravacitinib)	The FDA approved Sotyktu, a first-in-class, oral, selective, allosteric tyrosine kinase 2 (TYK2) inhibitor, for the treatment of adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy.<br><br>In addition, Japan’s Ministry of Health, Labour and Welfare approved Sotyktu for the treatment of patients with plaque psoriasis, generalized pustular psoriasis, or erythrodermic psoriasis, who have had an inadequate response to conventional therapies. The approvals are based on results from the pivotal Phase 3 POETYK PSO-1 and POETYK PSO-2 clinical trials.
Clinical & Research	Sotyktu	Two-year results from the POETYK PSO long-term extension trial demonstrated that clinical efficacy was maintained with continuous Sotyktu treatment in adult patients with moderate-to-severe plaque psoriasis.
	Zeposia®<br>(ozanimod)	New post hoc analyses from the Phase 3 True North trial evaluating duration of response following continuous Zeposia treatment for up to one year and following treatment interruption in patients with moderately to severely active ulcerative colitis showed that Zeposia prevents disease relapse over one year of continuous treatment and maintains disease control even in the event of temporary interruption.

Business Development

•In August, the company announced that it had completed its acquisition of Turning Point in an all-cash transaction. Through the transaction, the company gained repotrectinib, a next-generation, potential best-in-class tyrosine kinase inhibitor targeting the ROS1 and NTRK oncogenic drivers of non-small cell lung cancer (NSCLC) and other advanced solid tumors. (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.

•In September, the company issued our 2021 Global Inclusion and Diversity Report which outlines our strategy and the progress we have made toward our 2025 Inclusion & Diversity and Health Equity Commitments, among others. To learn more, please visit our latest Global Inclusion & Diversity Report.

Financial Guidance

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

Adjusting GAAP EPS guidance primarily due to the acquisition of Turning Point and reaffirming non-GAAP EPS guidance.

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

	U.S. GAAP		Non-GAAP
	July (Prior)	October (Revised)	July (Prior)	October (Revised)
Total Sales	~$46.0 billion	No change	~$46.0 billion	No change
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	No change	~$36.0 billion or Low double-digit increase	No change
---	---	---	---
Gross Margin %	No change	~79%	No change
Operating Expenses2	No change	Low single-digit<br>decline	No change
Tax Rate	~24%	~16.5%	No change
Diluted EPS3	$2.54-$2.84	$7.44-$7.74	No change
1 Key LOE Products = Revlimid and Abraxane2 Operating Expenses = MS&A and R&D, excluding Acquired IPRD and Amortization of acquired intangible assets3 July guidance includes YTD net impact of (0.24) from Acquired IPRD and licensing income; October guidance includes net impact of (0.22) from Acquired IPRD and licensing income

All values are in US Dollars.

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 charges. To the extent we have quantified the impact of significant R&D charges or other income resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights, we may update this information from time to time on our website www.bms.com, in the "Investors" section. GAAP and non-GAAP guidance assume current exchange rates. The 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 tomorrow, Wednesday, October 26, 2022 at 8 a.m. ET during which company executives will review the quarterly financial results and address inquiries from investors and analysts. Investors and the general public are invited to listen to a live webcast of the call at http://investor.bms.com.

Investors and the public can also access the live webcast by dialing in the U.S. toll free 888-330-2388 or international +1 240-789-2707, confirmation code: 24168. Dial-in participants can register for the conference call here and once registration is complete, will not require operator assistance to connect. 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. ET on October 26 through 11:30 a.m. ET on November 9, 2022, by dialing in the U.S. toll free 800-770-2030 or international +1 647-362-9199, confirmation code: 24168.

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 acquisition-related equity awards, pension, legal and other contractual settlement charges, equity investment and contingent value rights fair value adjustments (including fair value adjustments attributed to limited partnership equity method investments) 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 made 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 will also be 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, or that contractual milestones will be achieved.

Forward-looking statements are based on current expectations and projections about the company’s future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond the company’s control and could cause the company’s future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. Such risks, uncertainties and other matters include, but are not limited to: increasing pricing pressures from market access, pharmaceutical pricing controls and discounting; 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.

BRISTOL-MYERS SQUIBB COMPANY

PRODUCT REVENUES

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

(Unaudited, dollars in millions)

	Worldwide Revenues						U.S. Revenues(c)
	2022		2021		% Change		2022		2021		% Change
In-Line Products
Eliquis	$	2,655	$	2,413	10	%	$	1,729	$	1,315	31	%
Opdivo	2,047		1,905		7	%	1,243		1,062		17	%
Pomalyst/Imnovid	886		851		4	%	640		586		9	%
Orencia	883		870		1	%	682		644		6	%
Sprycel	560		551		2	%	402		346		16	%
Yervoy	523		515		2	%	322		313		3	%
Empliciti	73		82		(11)	%	47		48		(2)	%
Mature and other products(a)	441		480		(8)	%	144		152		(5)	%
Total In-Line Products	8,068		7,667		5	%	5,209		4,466		17	%
New Product Portfolio
Reblozyl	190		160		19	%	156		147		6	%
Abecma	107		71		51	%	75		67		12	%
Zeposia	69		40		73	%	50		32		56	%
Breyanzi	44		30		47	%	35		29		21	%
Inrebic	21		22		(5)	%	17		20		(15)	%
Onureg	32		21		52	%	24		21		14	%
Opdualag	84		—		N/A		84		—		N/A
Camzyos	5		—		N/A		5		—		N/A
Sotyktu	1		—		N/A		1		—		N/A
Total New Product Portfolio	553		344		61	%	447		316		41	%
Total In-Line and New Product Portfolio	8,621		8,011		8	%	5,656		4,782		18	%
Recent LOE Products(b)
Revlimid	2,420		3,347		(28)	%	2,170		2,303		(6)	%
Abraxane	177		266		(33)	%	115		211		(45)	%
Total Recent LOE Products	2,597		3,613		(28)	%	2,285		2,514		(9)	%
Total Revenues	$	11,218	$	11,624	(3)	%	$	7,941	$	7,296	9	%

(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 NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

(Unaudited, dollars in millions)

	Worldwide Revenues						U.S. Revenues(c)
	2022		2021		% Change		2022		2021		% Change
In-Line Products
Eliquis	$	9,101	$	8,091	12	%	$	6,068	$	4,960	22	%
Opdivo	6,033		5,535		9	%	3,547		3,082		15	%
Pomalyst/Imnovid	2,620		2,478		6	%	1,813		1,665		9	%
Orencia	2,551		2,442		4	%	1,928		1,773		9	%
Sprycel	1,587		1,562		2	%	1,079		946		14	%
Yervoy	1,563		1,481		6	%	959		935		3	%
Empliciti	225		253		(11)	%	141		150		(6)	%
Mature and other products(a)	1,338		1,459		(8)	%	424		434		(2)	%
Total In-Line Products	25,018		23,301		7	%	15,959		13,945		14	%
New Product Portfolio
Reblozyl	518		400		30	%	434		355		22	%
Abecma	263		95		**		203		91		**
Zeposia	171		86		99	%	119		65		83	%
Breyanzi	127		47		**		109		46		**
Inrebic	62		54		15	%	52		50		4	%
Onureg	87		48		81	%	68		47		45	%
Opdualag	148		—		N/A		148		—		N/A
Camzyos	8		—		N/A		8		—		N/A
Sotyktu	1		—		N/A		1		—		N/A
Total New Product Portfolio	1,385		730		90	%	1,142		654		75	%
Total In-Line and New Product Portfolio	26,403		24,031		10	%	17,101		14,599		17	%
Recent LOE Products(b)
Revlimid	7,718		9,493		(19)	%	6,338		6,425		(1)	%
Abraxane	632		876		(28)	%	464		670		(31)	%
Total Recent LOE Products	8,350		10,369		(19)	%	6,802		7,095		(4)	%
Total Revenues	$	34,753	$	34,400	1	%	$	23,903	$	21,694	10	%

**    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

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net product sales	$	10,813	$	11,243	$	33,606	$	33,446
Alliance and other revenues	405		381		1,147		954
Total Revenues	11,218		11,624		34,753		34,400
Cost of products sold(a)	2,353		2,291		7,544		7,584
Marketing, selling and administrative	1,930		1,788		5,548		5,336
Research and development(b)	2,418		2,980		6,999		7,677
Acquired IPRD(b)	30		271		763		1,070
Amortization of acquired intangible assets	2,418		2,546		7,252		7,606
Other (income)/expense, net	(140)		(409)		793		(1,113)
Total Expenses	9,009		9,467		28,899		28,160
Earnings Before Income Taxes	2,209		2,157		5,854		6,240
Provision for Income Taxes	601		605		1,534		1,598
Net Earnings	1,608		1,552		4,320		4,642
Noncontrolling Interest	2		6		15		20
Net Earnings Attributable to BMS	$	1,606	$	1,546	$	4,305	$	4,622
Weighted-Average Common Shares Outstanding:
Basic	2,133		2,219		2,137		2,227
Diluted	2,148		2,243		2,154		2,253
Earnings per Common Share:
Basic	$	0.75	$	0.70	$	2.01	$	2.08
Diluted	0.75		0.69		2.00		2.05
Other (income)/expense, net
Interest expense(c)	$	299	$	328	$	938	$	1,011
Royalties and licensing income	(579)		(425)		(1,564)		(1,197)
Equity investment losses/(income)	14		(465)		966		(1,214)
Integration expenses	114		141		343		434
Contingent consideration	—		—		1		(510)
Loss on debt redemption	—		—		266		281
Provision for restructuring	17		27		60		150
Litigation and other settlements	44		13		32		49
Divestiture losses/(gains)	—		2		(211)		(9)
Other	(49)		(30)		(38)		(108)
Other (income)/expense, net	$	(140)	$	(409)	$	793	$	(1,113)

(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 NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

(Unaudited, dollars in millions)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021(a)		2022		2021(a)
Inventory purchase price accounting adjustments	$	86	$	97	$	240	$	264
Intangible asset impairment	—		—		—		315
Site exit and other costs	—		—		43		24
Cost of products sold	86		97		283		603
Employee compensation charges	73		—		73		1
Site exit and other costs	—		1		6		—
Marketing, selling and administrative	73		1		79		1
IPRD impairments	58		610		98		840
Inventory purchase price accounting adjustments	22		1		130		1
Employee compensation charges	80		—		80		1
Site exit and other costs	—		1		—		1
Research and development	160		612		308		843
Amortization of acquired intangible assets	2,418		2,546		7,252		7,606
Interest expense(b)	(18)		(29)		(66)		(91)
Equity investment losses/(income)	12		(465)		962		(1,227)
Integration expenses	114		141		343		434
Contingent consideration	—		—		—		(510)
Loss on debt redemption	—		—		266		281
Provision for restructuring	17		27		60		150
Litigation and other settlements	36		—		(4)		—
Divestiture losses/(gains)	—		2		(211)		(9)
Other	28		—		70		—
Other (income)/expense, net	189		(324)		1,420		(972)
Increase to pretax income	2,926		2,932		9,342		8,081
Income taxes on items above	(268)		(137)		(987)		(732)
Increase to net earnings	$	2,658	$	2,795	$	8,355	$	7,349

(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 NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

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

	Three Months Ended September 30, 2022									Nine Months Ended September 30, 2022
	GAAP			Specified Items(a)			Non-GAAP			GAAP			Specified Items(a)			Non-GAAP
Gross Profit	$	8,865		$	86		$	8,951		$	27,209		$	283		$	27,492
Marketing, selling and administrative	1,930			(73)			1,857			5,548			(79)			5,469
Research and development	2,418			(160)			2,258			6,999			(308)			6,691
Amortization of acquired intangible assets	2,418			(2,418)			—			7,252			(7,252)			—
Other (income)/expense, net	(140)			(189)			(329)			793			(1,420)			(627)
Earnings Before Income Taxes	2,209			2,926			5,135			5,854			9,342			15,196
Provision for Income Taxes	601			268			869			1,534			987			2,521
Net Earnings Attributable to BMS used for Diluted EPS Calculation	$	1,606		$	2,658		$	4,264		$	4,305		$	8,355		$	12,660
Weighted-Average Common Shares Outstanding - Diluted	2,148			2,148			2,148			2,154			2,154			2,154
Diluted Earnings Per Share	$	0.75		$	1.24		$	1.99		$	2.00		$	3.88		$	5.88
Effective Tax Rate	27.2		%	(10.3)		%	16.9		%	26.2		%	(9.6)		%	16.6		%
	Three Months Ended September 30, 2021									Nine Months Ended September 30, 2021
	GAAP			Specified Items(a)			Non-GAAP			GAAP			Specified Items(a)			Non-GAAP
Gross Profit	$	9,333		$	97		$	9,430		$	26,816		$	603		$	27,419
Marketing, selling and administrative	1,788			(1)			1,787			5,336			(1)			5,335
Research and development	2,980			(612)			2,368			7,677			(843)			6,834
Amortization of acquired intangible assets	2,546			(2,546)			—			7,606			(7,606)			—
Other (income)/expense, net	(409)			324			(85)			(1,113)			972			(141)
Earnings Before Income Taxes	2,157			2,932			5,089			6,240			8,081			14,321
Provision for Income Taxes	605			137			742			1,598			732			2,330
Net Earnings Attributable to BMS used for Diluted EPS Calculation	$	1,546		$	2,795		$	4,341		$	4,622		$	7,349		$	11,971
Weighted-Average Common Shares Outstanding - Diluted	2,243			2,243			2,243			2,253			2,253			2,253
Diluted Earnings Per Share	$	0.69		$	1.24		$	1.93		$	2.05		$	3.26		$	5.31
Effective Tax Rate	28.0		%	(13.4)		%	14.6		%	25.6		%	(9.3)		%	16.3		%

(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 SEPTEMBER 30, 2022 AND DECEMBER 31, 2021

(Unaudited, dollars in millions)

	September 30,<br>2022		December 31,<br>2021
Cash and cash equivalents	$	7,734	$	13,979
Marketable debt securities - current	1,293		2,987
Cash, cash equivalents and marketable debt securities	9,027		16,966
Short-term debt obligations	(2,132)		(4,948)
Long-term debt	(36,966)		(39,605)
Net debt position	$	(30,071)	$	(27,587)

For more information, contact:

Media: media@bms.com

Investor Relations: investor.relations@bms.com

22

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		$	7,941		$	23,903				9%	10%	—	—
International	3,899			4,124			8,023			4,052			12,075			4,244			16,319			3,727			3,427			7,154			3,062			10,216					(24)%	(15)%	(10)%	(9)%
Other(a)	164			191			355			276			631			221			852			227			192			419			215			634					(22)%	—	—	—
Total	$	11,073		$	11,703		$	22,776		$	11,624		$	34,400		$	11,985		$	46,385		$	11,648		$	11,887		$	23,535		$	11,218		$	34,753				(3)%	1%	(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		%	70.8		%	68.8		%
International	35.3		%	35.3		%	35.2		%	34.9		%	35.1		%	35.4		%	35.1		%	32.0		%	28.8		%	30.4		%	27.3		%	29.4		%
Other(a)	1.4		%	1.6		%	1.6		%	2.3		%	1.8		%	1.9		%	1.9		%	1.9		%	1.6		%	1.8		%	1.9		%	1.8		%
Total	100		%	100		%	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		$	10,813		$	33,606				(4)%	—
Alliance and other revenues	275			298			573			381			954			376			1,330			340			402			742			405			1,147					6%	20%
Total Revenues	11,073			11,703			22,776			11,624			34,400			11,985			46,385			11,648			11,887			23,535			11,218			34,753					(3)%	1%
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			2,353			7,544					3%	(1)%
Marketing, selling and administrative	1,666			1,882			3,548			1,788			5,336			2,354			7,690			1,831			1,787			3,618			1,930			5,548					8%	4%
Research and development(b)	2,219			2,478			4,697			2,980			7,677			2,518			10,195			2,260			2,321			4,581			2,418			6,999					(19)%	(9)%
Acquired IPRD(b)	6			793			799			271			1,070			89			1,159			333			400			733			30			763					(89)%	(29)%
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			2,418			7,252					(5)%	(5)%
Other (income)/expense, net	(702)			(2)			(704)			(409)			(1,113)			393			(720)			649			284			933			(140)			793					(66)%	**
Total Expenses	8,543			10,150			18,693			9,467			28,160			10,127			38,287			9,961			9,929			19,890			9,009			28,899					(5)%	3%
Earnings Before Income Taxes	2,530			1,553			4,083			2,157			6,240			1,858			8,098			1,687			1,958			3,645			2,209			5,854					2%	(6)%
Provision/(Benefit) for Income Taxes	501			492			993			605			1,598			(514)			1,084			404			529			933			601			1,534					(1)%	(4)%
Net Earnings	2,029			1,061			3,090			1,552			4,642			2,372			7,014			1,283			1,429			2,712			1,608			4,320					4%	(7)%
Noncontrolling Interest	8			6			14			6			20			—			20			5			8			13			2			15					(67)%	(25)%
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		$	1,606		$	4,305				4%	(7)%
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		$	0.75		$	2.00				9%	(2)%
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			2,148			2,154
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		$	0.54		$	1.62				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		%	79.0		%	78.3		%
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		%	27.2		%	26.2		%
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		$	299		$	938				(9)%	(7)%
Royalties and licensing income	(367)			(405)			(772)			(425)			(1,197)			(536)			(1,733)			(477)			(508)			(985)			(579)			(1,564)					36%	31%
Equity investment losses/(income)	(601)			(148)			(749)			(465)			(1,214)			469			(745)			644			308			952			14			966					**	**
Integration expenses	141			152			293			141			434			130			564			105			124			229			114			343					(19)%	(21)%
Contingent consideration	(510)			—			(510)			—			(510)			(32)			(542)			1			—			1			—			1					N/A	**
Loss/(gain) on debt redemption	281			—			281			—			281			—			281			275			(9)			266			—			266					N/A	(5)%
Provision for restructuring	45			78			123			27			150			19			169			23			20			43			17			60					(37)%	(60)%
Litigation and other settlements	(8)			44			36			13			49			33			82			(37)			25			(12)			44			32					**	(35)%
Divestiture (gains)/losses	—			(11)			(11)			2			(9)			—			(9)			(211)			—			(211)			—			(211)					(100)%	**
Other	(36)			(42)			(78)			(30)			(108)			(13)			(121)			—			11			11			(49)			(38)					63%	(65)%
Other (income)/expense, net	$	(702)		$	(2)		$	(704)		$	(409)		$	(1,113)		$	393		$	(720)		$	649		$	284		$	933		$	(140)		$	793				(66)%	**

*    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 SEPTEMBER 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	$	11,218		$	11,624			(3)	%		$	11,668	(3)	%	—
Gross profit	8,865			9,333			(468)	(5)	%	N/A	N/A		N/A		N/A
Gross profit excluding specified items(a)	8,951			9,430			(479)	(5)	%	N/A	N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	79.8		%	81.1		%
Marketing, selling and administrative	1,930			1,788			142	8	%	62	1,992		3	%	11	%
Marketing, selling and administrative excluding specified items(a)	1,857			1,787			70	4	%	62	1,919		3	%	7	%
Marketing, selling and administrative excluding specified items as a % of revenues	16.6		%	15.4		%
Research and development	2,418			2,980			(562)	(19)	%	33	2,451		1	%	(18)	%
Research and development excluding specified items(a)	2,258			2,368			(110)	(5)	%	33	2,291		2	%	(3)	%
Research and development excluding specified items as a % of revenues	20.1		%	20.4		%
YEAR-TO-DATE	2022			2021			Change	% Change		Favorable / (Unfavorable) FX Impact *	2022 Excluding FX		Favorable / (Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	34,753		$	34,400			1	%		$	35,807	(3)	%	4	%
Gross profit	27,209			26,816			393	1	%	N/A	N/A		N/A		N/A
Gross profit excluding specified items(a)	27,492			27,419			73	—		N/A	N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	79.1		%	79.7		%
Marketing, selling and administrative	5,548			5,336			212	4	%	138	5,686		3	%	7	%
Marketing, selling and administrative excluding specified items(a)	5,469			5,335			134	3	%	137	5,606		2	%	5	%
Marketing, selling and administrative excluding specified items as a % of revenues	15.7		%	15.5		%
Research and development	6,999			7,677			(678)	(9)	%	74	7,073		1	%	(8)	%
Research and development excluding specified items(a)	6,691			6,834			(143)	(2)	%	74	6,765		1	%	(1)	%
Research and development excluding specified items as a % of revenues	19.3		%	19.9		%

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	$	2,655	$	9,101				$	1,010	10	%	12	%
Opdivo	1,720		1,910		3,630		1,905		5,535		1,988		7,523		1,923		2,063		3,986		2,047		6,033				142	498		7	%	9	%
Pomalyst/Imnovid	773		854		1,627		851		2,478		854		3,332		826		908		1,734		886		2,620				35	142		4	%	6	%
Orencia	758		814		1,572		870		2,442		864		3,306		792		876		1,668		883		2,551				13	109		1	%	4	%
Sprycel	470		541		1,011		551		1,562		555		2,117		483		544		1,027		560		1,587				9	25		2	%	2	%
Yervoy	456		510		966		515		1,481		545		2,026		515		525		1,040		523		1,563				8	82		2	%	6	%
Empliciti	85		86		171		82		253		81		334		75		77		152		73		225				(9)	(28)		(11)	%	(11)	%
Mature and other products(a)	506		473		979		480		1,459		441		1,900		462		435		897		441		1,338				(39)	(121)		(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		8,068		25,018				401	1,717		5	%	7	%
New Product Portfolio
Reblozyl	112		128		240		160		400		151		551		156		172		328		190		518				30	118		19	%	30	%
Abecma	—		24		24		71		95		69		164		67		89		156		107		263				36	168		51	%	**
Zeposia	18		28		46		40		86		48		134		36		66		102		69		171				29	85		73	%	99	%
Breyanzi	—		17		17		30		47		40		87		44		39		83		44		127				14	80		47	%	**
Inrebic	16		16		32		22		54		20		74		18		23		41		21		62				(1)	8		(5)	%	15	%
Onureg	15		12		27		21		48		25		73		23		32		55		32		87				11	39		52	%	81	%
Opdualag	—		—		—		—		—		—		—		6		58		64		84		148				84	148		N/A		N/A
Camzyos	—		—		—		—		—		—		—		—		3		3		5		8				5	8		N/A		N/A
Sotyktu	—		—		—		—		—		—		—		—		—		—		1		1				1	1		N/A		N/A
Total New Product Portfolio	161		225		386		344		730		353		1,083		350		482		832		553		1,385				209	655		61	%	90	%
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		8,621		26,403				610	2,372		8	%	10	%
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	$	2,420	$	7,718			(927)	(1,775)		(28)	%	(19)	%
Abraxane	314		296		610		266		876		305		1,181		214		241		455		177		632				(89)	(244)		(33)	%	(28)	%
Total Recent LOE Products	3,258		3,498		6,756		3,613		10,369		3,633		14,002		3,011		2,742		5,753		2,597		8,350				(1,016)	(2,019)		(28)	%	(19)	%
Total	$	11,073	$	11,703	$	22,776	$	11,624	$	34,400	$	11,985	$	46,385	$	11,648	$	11,887	$	23,535	$	11,218	$	34,753			(406)	353		(3)	%	1	%

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 September 30, 2022			Nine Months Ended September 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	10%	(6)%	16%	12%	(5)%	17%
Opdivo	7%	(6)%	13%	9%	(4)%	13%
Pomalyst/Imnovid	4%	(4)%	8%	6%	(3)%	9%
Orencia	1%	(4)%	5%	4%	(3)%	7%
Sprycel	2%	(5)%	7%	2%	(4)%	6%
Yervoy	2%	(5)%	7%	6%	(4)%	10%
Empliciti	(11)%	(6)%	(5)%	(11)%	(5)%	(6)%
Mature and other products(a)	(8)%	(4)%	(4)%	(8)%	(3)%	(5)%
Total In-Line Products	5%	(5)%	10%	7%	(4)%	11%
New Product Portfolio
Reblozyl	19%	(3)%	22%	30%	(2)%	32%
Abecma	51%	(8)%	59%	**	**	**
Zeposia	73%	(10)%	83%	99%	(8)%	**
Breyanzi	47%	(3)%	50%	**	**	**
Inrebic	(5)%	(5)%	—	15%	(2)%	17%
Onureg	52%	(5)%	57%	81%	(4)%	85%
Opdualag	N/A	N/A	N/A	N/A	N/A	N/A
Camzyos	N/A	N/A	N/A	N/A	N/A	N/A
Sotyktu	N/A	N/A	N/A	N/A	N/A	N/A
Total New Product Portfolio	61%	(5)%	66%	90%	(4)%	94%
Total In-Line Products and New Product Portfolio	8%	(5)%	13%	10%	(4)%	14%
Recent LOE Products(b)
Revlimid	(28)%	(1)%	(27)%	(19)%	(1)%	(18)%
Abraxane	(33)%	(1)%	(32)%	(28)%	(1)%	(27)%
Total Recent LOE Products	(28)%	(1)%	(27)%	(19)%	(1)%	(18)%
Total	(3)%	(3)%	—	1%	(3)%	4%

** 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	$	1,729	$	6,068			31%	22%
Opdivo	944		1,076		2,020		1,062		3,082		1,120		4,202		1,099		1,205		2,304		1,243		3,547				17%	15%
Pomalyst/Imnovid	512		567		1,079		586		1,665		584		2,249		557		616		1,173		640		1,813				9%	9%
Orencia	536		593		1,129		644		1,773		637		2,410		592		654		1,246		682		1,928				6%	9%
Sprycel	275		325		600		346		946		351		1,297		305		372		677		402		1,079				16%	14%
Yervoy	294		328		622		313		935		330		1,265		311		326		637		322		959				3%	3%
Empliciti	51		51		102		48		150		50		200		47		47		94		47		141				(2)%	(6)%
Mature and other products(a)	152		130		282		152		434		146		580		133		147		280		144		424				(5)%	(2)%
Total In-Line Products	4,687		4,792		9,479		4,466		13,945		4,714		18,659		5,191		5,559		10,750		5,209		15,959				17%	14%
New Product Portfolio
Reblozyl	98		110		208		147		355		130		485		134		144		278		156		434				6%	22%
Abecma	—		24		24		67		91		67		158		56		72		128		75		203				12%	**
Zeposia	13		20		33		32		65		34		99		21		48		69		50		119				56%	83%
Breyanzi	—		17		17		29		46		38		84		41		33		74		35		109				21%	**
Inrebic	15		15		30		20		50		17		67		15		20		35		17		52				(15)%	4%
Onureg	14		12		26		21		47		22		69		19		25		44		24		68				14%	45%
Opdualag	—		—		—		—		—		—		—		6		58		64		84		148				N/A	N/A
Camzyos	—		—		—		—		—		—		—		—		3		3		5		8				N/A	N/A
Sotyktu	—		—		—		—		—		—		—		—		—		—		1		1				N/A	N/A
Total New Product Portfolio	140		198		338		316		654		308		962		292		403		695		447		1,142				41%	75%
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		5,656		17,101				18%	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		2,170		6,338				(6)%	(1)%
Abraxane	225		234		459		211		670		228		898		173		176		349		115		464				(45)%	(31)%
Total Recent LOE Products	2,183		2,398		4,581		2,514		7,095		2,498		9,593		2,211		2,306		4,517		2,285		6,802				(9)%	(4)%
Total(c)	$	7,010	$	7,388	$	14,398	$	7,296	$	21,694	$	7,520	$	29,214	$	7,694	$	8,268	$	15,962	$	7,941	$	23,903			9%	10%

**    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	$	926	$	3,033				(16)	%	(3)	%
Opdivo	776		834		1,610		843		2,453		868		3,321		824		858		1,682		804		2,486					(5)	%	1	%
Pomalyst/Imnovid	261		287		548		265		813		270		1,083		269		292		561		246		807					(7)	%	(1)	%
Orencia	222		221		443		226		669		227		896		200		222		422		201		623					(11)	%	(7)	%
Sprycel	195		216		411		205		616		204		820		178		172		350		158		508					(23)	%	(18)	%
Yervoy	162		182		344		202		546		215		761		204		199		403		201		604					—		11	%
Empliciti	34		35		69		34		103		31		134		28		30		58		26		84					(24)	%	(18)	%
Mature and other products(a)	354		343		697		328		1,025		295		1,320		329		288		617		297		914					(9)	%	(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		2,859		9,059					(11)	%	(3)	%
New Product Portfolio
Reblozyl	14		18		32		13		45		21		66		22		28		50		34		84					**		87	%
Abecma	—		—		—		4		4		2		6		11		17		28		32		60					**		**
Zeposia	5		8		13		8		21		14		35		15		18		33		19		52					**		**
Breyanzi	—		—		—		1		1		2		3		3		6		9		9		18					**		**
Inrebic	1		1		2		2		4		3		7		3		3		6		4		10					100	%	**
Onureg	1		—		1		—		1		3		4		4		7		11		8		19					N/A		**
Total New Product Portfolio	21		27		48		28		76		45		121		58		79		137		106		243					**		**
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		2,965		9,302					(8)	%	(1)	%
Recent LOE Products(b)
Revlimid	986		1,038		2,024		1,044		3,068		1,058		4,126		759		371		1,130		250		1,380					(76)	%	(55)	%
Abraxane	89		62		151		55		206		77		283		41		65		106		62		168					13	%	(18)	%
Total Recent LOE Products	1,075		1,100		2,175		1,099		3,274		1,135		4,409		800		436		1,236		312		1,548					(72)	%	(53)	%
Total	$	4,063	$	4,315	$	8,378	$	4,328	$	12,706	$	4,465	$	17,171	$	3,954	$	3,619	$	7,573	$	3,277	$	10,850				(24)	%	(15)	%

**    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 September 30, 2022			Nine Months Ended September 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)%	(14)%	(2)%	(3)%	(11)%	8%
Opdivo	(5)%	(13)%	8%	1%	(10)%	11%
Pomalyst/Imnovid	(7)%	(13)%	6%	(1)%	(10)%	9%
Orencia	(11)%	(13)%	2%	(7)%	(10)%	3%
Sprycel	(23)%	(13)%	(10)%	(18)%	(11)%	(7)%
Yervoy	—	(14)%	14%	11%	(12)%	23%
Empliciti	(24)%	(15)%	(9)%	(18)%	(11)%	(7)%
Mature and other products(a)	(9)%	(5)%	(4)%	(11)%	(4)%	(7)%
Total In-Line Products	(11)%	(13)%	2%	(3)%	(9)%	6%
New Product Portfolio
Reblozyl	**	**	**	87%	(20)%	**
Abecma	**	**	**	**	**	**
Zeposia	**	**	**	**	**	**
Breyanzi	**	**	**	**	**	**
Inrebic	100%	(50)%	**	**	**	**
Onureg	N/A	N/A	N/A	**	**	**
Total New Product Portfolio	**	**	**	**	**	**
Total In-Line Products and New Product Portfolio	(8)%	(13)%	5%	(1)%	(10)%	9%
Recent LOE Products(b)
Revlimid	(76)%	(3)%	(73)%	(55)%	(4)%	(51)%
Abraxane	13%	(7)%	20%	(18)%	(4)%	(14)%
Total Recent LOE Products	(72)%	(4)%	(68)%	(53)%	(4)%	(49)%
Total	(24)%	(10)%	(14)%	(15)%	(9)%	(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

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	$	86	$	240
Intangible asset impairment	315		—		315		—		315		—		315		—		—		—		—		—
Site exit and other costs	23		1		24		—		24		—		24		—		43		43		—		43
Cost of products sold	417		89		506		97		603		—		603		52		145		197		86		283
Employee compensation charges	—		1		1		—		1		—		1		—		—		—		73		73
Site exit and other costs	(1)		—		(1)		1		—		2		2		2		4		6		—		6
Marketing, selling and administrative	(1)		1		—		1		1		2		3		2		4		6		73		79
IPRD impairments	—		230		230		610		840		—		840		40		—		40		58		98
Inventory purchase price accounting adjustments	—		—		—		1		1		—		1		87		21		108		22		130
Employee compensation charges	1		—		1		—		1		—		1		—		—		—		80		80
Site exit and other costs	—		—		—		1		1		—		1		—		—		—		—		—
Research and development	1		230		231		612		843		—		843		127		21		148		160		308
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		2,418		7,252
Interest expense(b)	(34)		(28)		(62)		(29)		(91)		(29)		(120)		(27)		(21)		(48)		(18)		(66)
Equity investment losses/(income)	(608)		(154)		(762)		(465)		(1,227)		469		(758)		643		307		950		12		962
Integration expenses	141		152		293		141		434		130		564		105		124		229		114		343
Contingent consideration	(510)		—		(510)		—		(510)		(32)		(542)		—		—		—		—		—
Loss on debt redemption	281		—		281		—		281		—		281		275		(9)		266		—		266
Provision for restructuring	45		78		123		27		150		19		169		23		20		43		17		60
Litigation and other settlements	—		—		—		—		—		—		—		(40)		—		(40)		36		(4)
Divestiture (gains)/losses	—		(11)		(11)		2		(9)		—		(9)		(211)		—		(211)		—		(211)
Other	—		—		—		—		—		—		—		—		42		42		28		70
Other (income)/expense, net	(685)		37		(648)		(324)		(972)		557		(415)		768		463		1,231		189		1,420
Increase to pretax income	2,245		2,904		5,149		2,932		8,081		2,976		11,057		3,366		3,050		6,416		2,926		9,342
Income taxes on items above	(303)		(292)		(595)		(137)		(732)		(261)		(993)		(398)		(321)		(719)		(268)		(987)
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)		(268)		(987)
Increase to net earnings	$	1,942	$	2,612	$	4,554	$	2,795	$	7,349	$	1,732	$	9,081	$	2,968	$	2,729	$	5,697	$	2,658	$	8,355

(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	$	8,865	$	27,209
Specified items(a)	417		89		506		97		603		—		603		52		145		197		86		283
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		8,951		27,492
Marketing, selling and administrative	1,666		1,882		3,548		1,788		5,336		2,354		7,690		1,831		1,787		3,618		1,930		5,548
Specified items(a)	1		(1)		—		(1)		(1)		(2)		(3)		(2)		(4)		(6)		(73)		(79)
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		1,857		5,469
Research and development	2,219		2,478		4,697		2,980		7,677		2,518		10,195		2,260		2,321		4,581		2,418		6,999
Specified items(a)	(1)		(230)		(231)		(612)		(843)		—		(843)		(127)		(21)		(148)		(160)		(308)
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		2,258		6,691
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		2,418		7,252
Specified items(a)	(2,513)		(2,547)		(5,060)		(2,546)		(7,606)		(2,417)		(10,023)		(2,417)		(2,417)		(4,834)		(2,418)		(7,252)
Amortization of acquired intangible assets excluding specified items	—		—		—		—		—		—		—		—		—		—		—		—
Other (income)/expense, net	(702)		(2)		(704)		(409)		(1,113)		393		(720)		649		284		933		(140)		793
Specified items(a)	685		(37)		648		324		972		(557)		415		(768)		(463)		(1,231)		(189)		(1,420)
Other (income)/expense, net excluding specified items	(17)		(39)		(56)		(85)		(141)		(164)		(305)		(119)		(179)		(298)		(329)		(627)

(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		$	2,209		$	5,854
Specified items(a)	2,245			2,904			5,149			2,932			8,081			2,976			11,057			3,366			3,050			6,416			2,926			9,342
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			5,135			15,196
Provision/(Benefit) for income taxes	501			492			993			605			1,598			(514)			1,084			404			529			933			601			1,534
Income taxes on specified items(a)	303			292			595			137			732			261			993			398			321			719			268			987
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			869			2,521
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			1,606			4,305
Specified items(a)	1,942			2,612			4,554			2,795			7,349			1,732			9,081			2,968			2,729			5,697			2,658			8,355
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			4,264			12,660
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			2,148			2,154
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			2,148			2,154
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		$	0.75		$	2.00
Diluted Earnings Per Share attributable to specified items(a)	0.85			1.16			2.02			1.24			3.26			0.77			4.04			1.37			1.27			2.64			1.24			3.88
Diluted Earnings Per Share - Non-GAAP*	$	1.74		$	1.63		$	3.38		$	1.93		$	5.31		$	1.84		$	7.16		$	1.96		$	1.93		$	3.89		$	1.99		$	5.88
Effective Tax Rate	19.8		%	31.7		%	24.3		%	28.0		%	25.6		%	(27.7)		%	13.4		%	23.9		%	27.0		%	25.6		%	27.2		%	26.2		%
Specified items(a)	(3.0)		%	(14.1)		%	(7.1)		%	(13.4)		%	(9.3)		%	42.8		%	2.6		%	(8.0)		%	(10.0)		%	(9.2)		%	(10.3)		%	(9.6)		%
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		%	16.9		%	16.6		%

*    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	$	7,734
Marketable debt securities - current	1,948		1,946		2,123		2,987		2,599		2,478		1,293
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		9,027
Short-term debt obligations	(1,777)		(2,655)		(5,065)		(4,948)		(7,522)		(4,953)		(2,132)
Long-term debt	(44,505)		(42,503)		(39,677)		(39,605)		(37,450)		(37,107)		(36,966)
Net debt position	$	(33,064)	$	(32,045)	$	(29,033)	$	(27,587)	$	(30,004)	$	(28,832)	$	(30,071)

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)							$2.54 to $2.84
Projected Specified Items:
Purchase price accounting adjustments(b)			4.63		0.48		4.15
Acquisition, restructuring and integration expenses(c)			0.29		0.06		0.23
Equity investment losses			0.45		0.05		0.40
Intangible asset impairment			0.05		0.01		0.04
Divestiture gains			(0.10)		(0.02)		(0.08)
Turning Point unvested equity awards			0.07		0.01		0.06
Loss on debt redemption			0.12		0.03		0.09
Other			0.01		—		0.01
Total			5.52		0.62		4.90
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP(a)							$7.44 to $7.74

(a)    Includes net impact of ($0.22) from acquired IPRD and licensing income incurred year-to-date.

(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	Approximately $46.0 Billion	Approximately $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 24%	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 on debt redemption, divestiture gains or losses and equity investment (including fair value adjustments attributed to limited partnership equity method investments), Turning Point related charges, 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 Third Quarter Financial Results for 2022 on October 25, 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 acquisition-related equity awards, pension, legal and other contractual settlement charges, equity investment and contingent value rights fair value adjustments (including fair value adjustments attributed to limited partnership equity method investments) 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 made 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 accompanying financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.

Also note that a reconciliation of forward-looking, non-GAAP gross margin, non-GAAP operating 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.

14

q32022earningspresentati

Q3 2022 Results October 26, 2022

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Q3 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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Q3 2022 Results Giovanni Caforio Board Chair and Chief Executive Officer 3

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Not for Product Promotional UseQ3 2022 Results Operational Performance Strong commercial execution • Q3 sales: ~$11.2B, (3%) YoY, in-line ex-FX • Q3 EPS: GAAP +9% & non-GAAP +3% YoY • Strong growth from In-line & New Product Portfolio: +8% YoY, +13% ex-FX Business Development • Closed Turning Point Therapeutics acquisition; adds repotrectinib, a potential best-in-class, next generation ROS1/NTRK inhibitor with expected launch in 2H 2023 Portfolio Renewal • Launched 9 new medicines, including 3 first-in-class products approved this year: Opdualag1, Camzyos2, & Sotyktu3 Q3 2022 Performance 4 1U.S. approval March 2022, 2U.S. approval April 2022, 3U.S. approval September 2022

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Q3 2022 Results Not for Product Promotional Use Three Additional $4B+1 Medicines Now Approved 5 1NRA sales in 2029 NRA: Non-Risk Adjusted sales subject to positive registrational trials and health authority approval Three First-in-Class Products Clinically meaningful PFS & OS First-in-class myosin inhibitor approved in U.S. in oHCM First-in-class selective allosteric TYK-2 inhibitor First-in-class LAG-3 inhibitor, relatlimab, FDC with nivolumab approved in U.S. in 1L melanoma 3rd I-O agent approved Potential expansion in lung, liver, & colorectal cancers First novel option to treat underlying condition in oHCM Initiating Ph3 trial in nHCM (ODYSSEY-HCM) U.S. Approval September 9th Phase 3 in PsA ongoing; POC in SLE with registrational trials expected to start by year end First line, oral of choice profile: no boxed warning & no restriction to post-biologic use Well-demonstrated safety & tolerability profile U.S. Approval April 28thU.S. Approval March 18th VALOR PDUFA June 16, 2023

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Q3 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 6 Milestones represent data readouts unless otherwise specified To be expanded to include regulatory milestones pending future registrational successes Sotyktu  PsO U.S. approval  SLE Ph2 cendakimab  AD Ph2 Camzyos  oHCM U.S. approval  oHCM Ph3 (VALOR)  Initiation nHCM Ph3 (ODYSSEY- HCM) 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-5L 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) Sotyktu  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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Q3 2022 Results Not for Product Promotional Use Near-term Catalysts by YE 2023 Anticipated Approvals Asset Milestone Abecma 3-5L MM in U.S. Camzyos oHCM in EU repotrectinib ROS1+ NSCLC in U.S. Sotyktu Moderate-to-severe plaque psoriasis in EU Key Readouts Asset Milestone Breyanzi Ph2: TRANSCEND-CLL 3L+ Breyanzi Ph2: TRANSCEND-FL 3L+ LPA1 antagonist Ph2: Pulmonary Fibrosis POC Opdivo Ph3: CM-7DX mCRPC 1L2 Reblozyl Ph3: COMMANDS MDS Associated Anemia 1L Sotyktu Ph2: IM011-023 CD POC Sotyktu Ph2: IM011-127 UC POC Full Development Transition Plan Asset Indication(s) alnuctamab (BCMA TCE) RRMM1 AR-LDD Metastatic Prostate Cancer CC-99282 CELMoD R/R NHL LPA1 antagonist Pulmonary Fibrosis milvexian SSP, ACS, & AF 4 Anticipated approvals 7 Key data readouts 7 5 Asset transitions 1 Expect to present data at ASH 2022 2 Event Driven

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Q3 2022 Results Not for Product Promotional Use Cardiovascular Opportunity for Franchise Durability & Growth Across Key Therapeutic Areas Oncology Hematology Immunology/ Fibrosis 8 New Products Robust early-stage pipeline with 50+ assets in development iberdomide3 milvexian4cendakimab3 Inline Brands Mid-to- late-stage pipeline mezigdomide3 alnuctamab BCMA TCE1 repotrectinib3 LPA12 AR-LDD1 CC-992821 1 In Ph 1 or Phase 1/2 development, 2 Phase 2 POC, 3 Phase 3/pivotal study, 4 POC established & planned registrational trials farletuzumab ecteribulin2

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David Elkins Chief Financial Officer 9 Q3 2022 Results

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Not for Product Promotional UseQ3 2022 Results Solid Total Company Performance 10 Total Company Sales ~$11.2B (3%) YoY, in-line ex-FX $B Q3 Net Sales* YoY % Ex-FX % Total Company $11.2 (3%) - In-Line Products $8.1 5% 10% New Product Portfolio $0.6 61% 66% In-Line Products & New Product Portfolio $8.6 8% 13% Recent LOEs1 $2.6 (28%) (27%) 1Recent LOE Brands = Revlimid & Abraxane $8.0 $8.6 $3.6 $2.6 Q3 2021 Q3 2022 Recent LOEs In-Line & New Products *Amounts may not add due to rounding

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Not for Product Promotional UseQ3 2022 Results $160 $190 $71 $107 $84 $40 $69 $30 $44 $21 $32 $22 $21 $344 $553 Q3 2021 Q3 2022 $M Reblozyl Abecma Opdualag Zeposia Breyanzi Onureg Inrebic Camzyos Sotyktu New Product Portfolio Sales Performance 11 +61% & +66% ex-FX growth vs PY +15% & +16% ex-FX growth vs PQ $5 $1 $172 $190 $89 $107 $58 $84$66 $69$39 $44 $32 $32 $23 $21 $3 $482 $553 Q2 2022 Q3 2022 $M Reblozyl Abecma Opdualag Zeposia Breyanzi Onureg Inrebic Camzyos Sotyktu $5 $1

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Not for Product Promotional UseQ3 2022 Results Q3 2022 Solid Tumor Product Summary 12 Opdivo • U.S. growth driven by demand in 1L lung, 1L renal, 1L gastric, adj. esophageal, adj. bladder cancer & neo-adj. lung • Ex-U.S. growth from 1L lung & gastric cancers vs PY • Continued growth expected from current & new indications Opdualag • 3rd approved I-O agent; potential to be a new SOC in 1L melanoma • U.S. continued strong revenue growth driven by demand; share in mid-to-high teens Key Commentary $M YoY % Ex-Fx % $2,047 +7% +13% $523 +2% +7% $84 --- --- $177 (33%) (32%) Q3 Global Net Sales

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Q3 2022 Results Not for Product Promotional Use Q3 2022 Cardiovascular Product Summary 13 Eliquis • Best-in-class medicine & leading product within OAC category • U.S. robust demand & favorable gross-to-net adjustments vs PY • Ex-U.S. continues to be #1 OAC in key international markets; limited Gx impact on UK/NL sales Camzyos • First-in-class myosin inhibitor indicated for NYHA class II & III symptomatic oHCM • As of 9/30, >1100 patients with scripts written & roughly one-third of patients on commercial dispense • Expect acceleration in patient starts & conversion to commercial dispense in Q4 2022 into 2023 Key Commentary $M YoY % Ex-Fx % $2,655 +10% +16% $5 --- --- Q3 Global Net Sales

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Q3 2022 Results Not for Product Promotional Use Q3 2022 Hematology Product Summary 14 Revlimid – Impacted by Gx entry • Reaffirm 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 – First-in-class anti-BCMA • Revenue growth supported by increased manufacturing capacity • U.S. sales impacted by infusion timing Breyanzi – Best-in-class anti-CD19 with broadest U.S. 2L LBCL label; continue to expect capacity expansion in 2023 Key Commentary 1 $M YoY % Ex-Fx % $2,420 (28%) (27%) $886 +4% +8% $560 +2% +7% $190 +19% +22% $107 51% 59% $73 (11%) (5%) $44 47% 50% $32 52% 57% $21 (5%) -- Q3 Global Net Sales

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Q3 2022 Results Not for Product Promotional Use Q3 2022 Immunology Product Summary 15 Zeposia • Demand growth including expansion into UC • Successfully improving formulary access Sotyktu • U.S. FDA & Japan PMDA approval in September 2022, in moderate-to-severe plaque psoriasis • Strong physician feedback with increasing intention to treat • Focused on building volume & growing demand to enable broader access position in 2024 Key Commentary % $M YoY % Ex-Fx % $883 +1% +5% $69 73% 83% $1 -- -- Q3 Global Net Sales

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Q3 2022 Results Not for Product Promotional Use US GAAP Non-GAAP $ in billions, except EPS Q3 2022 Q3 2021 Q3 2022 Q3 2021 Total Revenues, net 11.2 11.6 11.2 11.6 Gross Margin % 79.0% 80.3% 79.8% 81.1% Operating Expenses1 4.3 4.8 4.1 4.2 Acquired IPR&D 0.0 0.3 0.0 0.3 Amortization of Acquired Intangibles 2.4 2.5 - - Effective Tax Rate 27.2% 28.0% 16.9% 14.6% Diluted EPS 0.75 0.69 1.99 1.93 Diluted Shares Outstanding (# in millions) 2,148 2,243 2,148 2,243 Q3 2022 Financial Performance 16 US P No - AP Diluted EPS Impact from Acquired IPR&D2 0.02 (0.09) 0.02 (0.09) 1 Operating Expenses = MS&A and R&D 2Comprises the net impact from Acquired IPRD & Licensing income

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Q3 2022 Results Not for Product Promotional Use Balanced Approach to Capital Allocation 17 *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 Q3 2022 Total Cash* ~$9B Total Debt ~$39.1B • Prioritize small & mid-sized bolt-on opportunities — Acquired precision oncology company, Turning Point Therapeutics • Replenish & diversify portfolio • Continued debt reduction — ~$2.8B in debt repayments in Q3 & opportunity for ~$6.8B additional debt reduction of maturities through 2024 • Maintain strong investment-grade credit rating Business Development Debt Reduction Returning Cash to Shareholders • Continued dividend growth*** • Opportunistic share repurchase ‒ Final settlement of ~$5B ASR agreement in Q3 ‒ ~$9.5B remaining authorization $45B - $50B in free cash flow** 2022 - 2024 $5.3 $4.1 $3.8 $2.3 $3.7 Cash flow from Operations $B Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022

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Q3 2022 Results Not for Product Promotional Use July (Prior) October (Revised) October (Reaffirmed) Total Net Sales ~$46B No Change ~$46B Recent LOE Brands1 ~$10B or double-digit decline No Change ~$10B or double-digit decline Revlimid $9B - $9.5B No Change $9B - $9.5B In-line Brands & New Product Portfolio ~$36B or low double-digit increase No Change ~$36B or low double-digit increase Gross Margin % ~78% No Change ~79% Operating Expenses2 Mid single-digit decline No Change Low single-digit decline Tax Rate ~23% ~24% ~16.5% Diluted EPS3 $2.71 - $3.01 $2.54 - $2.84 $7.44 - $7.74 2022 Guidance 18 US GAAP Non-GAAP 1Key LOE Brands = Revlimid & Abraxane 2Operating Expenses = MS&A and R&D, excluding Acquired IPR&D and Amortization of acquired intangibles 3Guidance includes (i) YTD net impact of ($0.22) from acquired IPRD and licensing income and (ii) ($0.06) related to Turning Point Acquisition

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Q3 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 19 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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