Equibles

8-K

BRISTOL MYERS SQUIBB CO (BMY)

8-K 2021-10-27 For: 2021-10-27
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Added on April 02, 2026

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 27, 2021

_____________________________

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 27, 2021, Bristol-Myers Squibb Company (the “Company”) issued a press release (the “Earnings Press Release”) announcing its financial results for the third quarter of 2021. 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 27, 2021, 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 2021 at 10:00 a.m. Eastern time on October 27, 2021. 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 Exhibit 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 27, 2021.
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 27, 2021.
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 27, 2021.
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 27, 2021.
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 27, 2021 By: /s/ Sandra Leung
Name: Sandra Leung
Title: Executive Vice President, General Counsel

Document

Exhibit 99.1

bmslogo2021.jpg

Bristol Myers Squibb Reports Third Quarter Financial Results for 2021

•Reports Third Quarter Revenues of $11.6 Billion, an Increase of 10% YoY

•Posts Third Quarter Earnings Per Share of $0.69 and Non-GAAP EPS of $2.00

•Advances Product Pipeline with Significant Regulatory and Clinical Milestones

•Achieves FDA Priority Review for Third Distinct Checkpoint Inhibitor, Relatlimab and Nivolumab Fixed-Dose Combination, as Treatment for Patients with Unresectable or Metastatic Melanoma

•Adjusts GAAP and Raises Lower-End of Non-GAAP EPS Guidance Range for 2021

(NEW YORK, October 27, 2021) – Bristol Myers Squibb (NYSE:BMY) today reports results for the third quarter of 2021, which reflect solid sales, strong commercial execution and continued progress of the company’s pipeline.

“Our strong results reflect increased adoption of our new product portfolio and continued demand growth across all four core therapeutic areas,” said Giovanni Caforio, M.D., board chair and chief executive officer, Bristol Myers Squibb. “Our teams advanced the product portfolio and achieved significant regulatory and clinical milestones, including for the fixed-dose combination of relatlimab and nivolumab. Our deep and diverse product pipeline, commercial execution and financial flexibility provide a strong foundation that is enabling the company to bring new medicines that benefit patients with serious unmet needs, drive in-line product performance and deliver sustained growth.”
amounts in millions, except per share amounts
2020 Change
Total Revenues $10,540 10 %
Earnings Per Share - GAAP 0.82 (16) %
Earnings Per Share - Non-GAAP 1.63 23 %

All values are in US Dollars.

THIRD QUARTER FINANCIAL RESULTS

All comparisons are made versus the same period in 2020 unless otherwise stated.

•Bristol Myers Squibb posted third quarter revenues of $11.6 billion, an increase of 10%, driven by Revlimid, Eliquis, Opdivo and our new product portfolio.

•U.S. revenues increased 12% to $7.3 billion in the quarter, driven by higher demand for Revlimid, Eliquis and our new product portfolio. International revenues increased 8% to $4.3 billion in the quarter, driven by higher demand for Eliquis, Revlimid and Opdivo. When adjusted for foreign exchange impact, international revenues increased 6%.

•Gross margin increased from 76.3% to 80.3% in the quarter primarily due to lower unwinding of inventory purchase price accounting adjustments.

On a non-GAAP basis, gross margin increased from 80.6% to 81.1% in the quarter primarily driven by lower royalties.

•Marketing, selling and administrative expenses increased 5% to $1.8 billion in the quarter on a GAAP and non-GAAP basis primarily due to investments to support new product launches.

•Research and development expenses increased 30% to $3.3 billion in the quarter primarily due to an in-process research and development (IPR&D) impairment charge.

On a non-GAAP basis, research and development expenses increased 7% to $2.4 billion in the quarter primarily due to higher costs associated with the broader portfolio and lower spending in the prior year due to COVID-19.

•Amortization of acquired intangible assets increased $55 million to $2.5 billion in the quarter.

•The effective tax rate was 28.0% in the quarter, compared to 16.8% in the third quarter last year. The higher tax rate was primarily due to a non-deductible IPR&D impairment charge in the third quarter this year and non-taxable contingent value rights fair value adjustments in the third quarter last year.

On a non-GAAP basis, the effective tax rate decreased 2.2% to 14.9% in the quarter primarily as a result of changes in previously estimated annual effective tax rates in 2020 due to jurisdictional earnings mix.

•The company reported net earnings attributable to Bristol Myers Squibb of $1.5 billion, or $0.69 per share, in the third quarter, compared to net earnings of $1.9 billion, or $0.82 per share, for the same period a year ago.

•The company reported non-GAAP net earnings attributable to Bristol Myers Squibb of $4.5 billion, or $2.00 per share, in the third quarter, compared to non-GAAP net earnings of $3.7 billion, or $1.63 per share, for the same period a year ago.

A discussion of the non-GAAP financial measures is included under the “Use of Non-GAAP Financial Information” section.

THIRD QUARTER PRODUCT REVENUE HIGHLIGHTS

amounts in millions
Product Quarter Ended<br><br>September 30, 2020 % Change from Quarter Ended September 30, 2020
Revlimid $3,027 11%
Eliquis $2,095 15%
Opdivo $1,780 7%
Orencia $826 5%
Pomalyst/Imnovid $777 10%
Sprycel $544 1%
Yervoy $446 15%
Abraxane $342 (22)%
Empliciti $96 (15)%
Reblozyl** $96 67%
Inrebic** $13 69%
Onureg** $3 *
Zeposia** $2 *
Breyanzi** N/A N/A
Abecma** N/A N/A

All values are in US Dollars.

*    In excess of +100%.

**    Included as part of the new product portfolio

NINE-MONTH PRODUCT REVENUE HIGHLIGHTS

amounts in millions
Product Nine Months Ended September 30, 2020 % Change from Nine Months Ended September 30, 2020
Revlimid $8,826 8%
Eliquis $6,899 17%
Opdivo $5,199 6%
Orencia $2,290 7%
Pomalyst/Imnovid $2,235 11%
Sprycel $1,576 (1)%
Yervoy $1,211 22%
Abraxane $950 (8)%
Empliciti $290 (13)%
Reblozyl** $159 *
Inrebic** $40 35%
Onureg** $3 *
Zeposia** $3 *
Breyanzi** N/A N/A
Abecma** N/A N/A

All values are in US Dollars.

*    In excess of +100%.

**    Included as part of the new product portfolio

THIRD QUARTER PRODUCT AND PIPELINE UPDATE

Cardiovascular

Eliquis

Legal

•In September, the Bristol Myers Squibb-Pfizer Alliance announced that the Court of Appeals for the Federal Circuit affirmed the U.S. District Court’s August 2020 decision finding the composition of matter patent (US 6,967,208) and formulation patent (US 9,326,945) covering Eliquis® (apixaban) valid and infringed. Given the decision, the earliest that generic manufacturers are permitted to launch their apixaban products is April 1, 2028, subject to additional appeals and challenges. (link)

mavacamten

Regulatory

•In October, the company announced that the European Medicines Agency (EMA) has validated its Marketing Authorization Application (MAA) for mavacamten for the treatment of patients with obstructive hypertrophic cardiomyopathy (oHCM). The application is based on the results of the pivotal Phase 3 EXPLORER-HCM trial. (link)

Medical Meeting

•In September, at the Heart Failure Society of America Annual Scientific Meeting, the company presented findings from a global real-world evidence study that showed the risk of mortality increases with worse New York Heart Association functional class (NYHA class) for patients with oHCM. The study represents one of the largest, multi-centered studies that specifically focuses on the oHCM patient population. (link)

Oncology

Opdivo

Regulatory

•In October, the company announced that the European Commission (EC) has approved Opdivo® (nivolumab) in combination with fluoropyrimidine- and platinum-based combination chemotherapy for the first-line treatment of adult patients with HER2-negative advanced or metastatic gastric, gastroesophageal junction (GEJ), or esophageal adenocarcinoma (EAC) whose tumors express PD-L1 with a combined positive score ≥ 5. The EC’s decision is based on results from the Phase 3 CheckMate -649 trial. (link)

•In September, the company announced that the U.S. Food and Drug Administration (FDA) has accepted the supplemental Biologics License Applications (sBLA) for both Opdivo® in combination with Yervoy® (ipilimumab) and Opdivo in combination with fluoropyrimidine- and platinum-containing chemotherapy as first-line treatments for adult patients with unresectable advanced, recurrent or metastatic esophageal squamous cell carcinoma (ESCC). The application is based on results from the Phase 3 CheckMate -648 trial. The FDA assigned a Prescription Drug User Fee Act (PDUFA) goal date of May 28, 2022. (link)

•In August, the company announced that Opdivo was approved by the FDA for the adjuvant treatment of patients with urothelial carcinoma who are at high risk of recurrence after undergoing radical resection, regardless of prior neoadjuvant chemotherapy, nodal

involvement or PD-L1 status. The approval is based on the Phase 3 CheckMate -274 trial. (link)

•In August, the company announced that the EMA has validated its Type II Variation MAA for both Opdivo in combination with Yervoy and Opdivo in combination with fluoropyrimidine- and platinum-containing chemotherapy as first-line treatments for adult patients with unresectable advanced, recurrent or metastatic ESCC. The application is based on results from the Phase 3 CheckMate-648 trial. (link)

•In July, the company announced that the EC has approved Opdivo for the adjuvant treatment of adult patients with esophageal or GEJ cancer who have residual pathologic disease following prior neoadjuvant chemoradiotherapy. The EC’s decision is based on results from the Phase 3 CheckMate -577 trial. (link)

Medical Meetings

•In September, the company presented new data and analyses across its cancer portfolio (link) at the European Society for Medical Oncology (ESMO) 2021 Virtual Congress, including results from the:

◦Phase 3 CheckMate -214 trial, which showed that Opdivo plus Yervoy continued to demonstrate durable, long-term survival compared to sunitinib at five years in patients with previously untreated advanced or metastatic renal cell carcinoma. (link)

◦Phase 2 CheckMate -743 trial that demonstrated a durable survival benefit at three years with first-line treatment of Opdivo plus Yervoy compared to platinum-based standard-of-care chemotherapy in patients with unresectable malignant pleural mesothelioma, regardless of histology. (link)

relatlimab

Regulatory

•In September, the company announced that the FDA has accepted for priority review the Biologics License Application for the relatlimab and nivolumab fixed-dose combination for the treatment of patients 12 years and older with unresectable or metastatic melanoma. The application is based on the Phase 2/3 RELATIVITY-047 trial. The FDA assigned a PDUFA goal date of March 19, 2022. (link)

Hematology

Abecma

Regulatory

•In August, the company announced that the EC has granted Conditional Marketing Authorization for Abecma® (idecabtagene vicleucel; ide-cel), a first-in-class B-cell maturation antigen-directed chimeric antigen receptor (CAR) T cell immunotherapy, for the treatment of adult patients with relapsed and refractory multiple myeloma, who have received at least three prior therapies, including an immunomodulatory agent, a proteasome inhibitor and an anti-CD38 antibody and have demonstrated disease progression on the last therapy. The approval of Abecma is based on the pivotal Phase 2 KarMMa trial. (link)

Immunology

Zeposia

Regulatory

•In October, the company announced that the CHMP of the EMA has recommended approval of Zeposia® (ozanimod) for the treatment of adults with moderately to severely active ulcerative colitis (UC) who have had an inadequate response, lost response, or were intolerant to either conventional therapy or a biologic agent. The recommendation is based on results from the pivotal Phase 3 True North trial. (link)

Medical Meetings

•In October, the company presented new data from the Phase 3 DAYBREAK trial reinforcing the long-term efficacy and safety profile of Zeposia in patients with relapsing forms of multiple sclerosis. (link)

Orencia

Regulatory

•In August, the company announced that the FDA has accepted its supplemental sBLA for Orencia® (abatacept) for the prevention of moderate to severe acute graft versus host disease in patients six years of age and older receiving unrelated donor hematopoietic stem cell transplantation. The FDA granted the application Priority Review and assigned a PDUFA goal date of December 23, 2021. The submission is based on results from the Phase 2 GVHD-1

trial, also known as ABA2, and a non-interventional (observational) study known as GVHD-2. (link)

deucravacitinib

Clinical

•In October, the company announced the Phase 2 LATTICE-UC study evaluating deucravacitinib compared to placebo in moderate to severe UC did not meet the primary efficacy endpoint of clinical remission at week 12, nor secondary efficacy endpoints. The safety profile of deucravacitinib was consistent with previously reported studies in psoriasis and psoriatic arthritis, and no new safety signals were observed. The potential of deucravacitinib in UC continues to be evaluated in IM011-127, a second Phase 2 trial that also includes a higher dose. (link)

Medical Meetings

•In September, the company presented new data and analyses highlighting the breadth and depth of our research on deucravacitinib as well as the emerging dermatology pipeline at the European Academy of Dermatology and Venereology (EADV) 30th Anniversary Congress. (link)

Diversity, Equity and Inclusion

•In August, the company announced a collaboration with five Historically Black Colleges and Universities (HBCU) to launch Tomorrow’s Innovators—a multimillion dollar strategic alliance to attract top HBCU-affiliated talent to the bio-pharma industry. (link)

Financial Guidance

Bristol Myers Squibb is updating its 2021 GAAP EPS guidance range of $2.77 - $2.97 to $2.68 - $2.83 and its non-GAAP EPS guidance range of $7.35 - $7.55 to $7.40 - $7.55. Both GAAP and non-GAAP guidance assume current exchange rates. Key 2021 GAAP and non-GAAP line-item guidance assumptions are:

•Worldwide revenues increasing in the high-single digits.

•Gross margin as a percentage of revenue is expected to be approximately 79% for GAAP and approximately 80% for non-GAAP.

•Marketing, selling and administrative expenses to be in-line with 2020 levels for GAAP and increasing in the low-single digits for non-GAAP.

•Research and development expenses increasing in the low-single digits for GAAP and increasing in the mid-single digits for non-GAAP.

•An effective tax rate of approximately 26% for GAAP and approximately 16.5% for non-GAAP.

The 2021 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. The 2021 non-GAAP EPS guidance is explained and further excludes other specified items as discussed 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.

Company and Conference Call Information

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

There will be a conference call on October 27, 2021 at 10 a.m. ET during which company executives will review financial information and address inquiries from investors and analysts.

Investors and the general public are invited to listen to a live webcast of the call at

http://investor.bms.com or by using this link which becomes active 15 minutes prior to the scheduled start time and entering your information to be connected. Investors and the general public can also access the live webcast by dialing in the U.S. toll free 800-263-0877 or international +1 313-209-7315, confirmation code: 8911662. Materials related to the call will be available at the same website prior to the conference call.

A replay of the call will be available on http://investor.bms.com or by dialing in the U.S. toll free 888-203-1112 or international +1 719-457-0820, confirmation code: 8911662. The replay will be available beginning at 1:30 p.m. ET on October 27 through 1:30 p.m. ET on November 10, 2021.

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. For example, non-GAAP earnings and EPS information are indications of the company’s baseline performance before items that are considered by us to not be reflective of the company’s ongoing results. This information is among the primary indicators that we use as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting for future periods. In addition, non-GAAP gross margin, which is gross profit excluding certain specified items as a percentage of revenues, 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 fair value adjustments, acquisition and integration expenses, restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, R&D charges or other income resulting from up-front or contingent milestone payments in connection with the acquisition or licensing of third-party intellectual property rights, divestiture gains or losses, stock compensation resulting from accelerated vesting of Celgene awards, certain retention-related employee compensation charges related to the Celgene transaction, pension, legal and other contractual settlement charges, equity investment and contingent value rights fair value adjustments (including fair value adjustments attributed to limited partnership equity method investments beginning in 2021) 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 transfer of intangible assets and the Otezla* divestiture in the second quarter 2020. 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.

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

with GAAP and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

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

Website Information

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

Cautionary Statement Regarding Forward-Looking Statements

This earnings release and the related attachments (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. One can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements are likely to relate to, among other things, the company’s ability to execute successfully its strategic plans, including its business development strategy generally and in relation to its ability to realize the projected benefits of the Celgene Acquisition and 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 contractual milestones will be achieved.

Such forward-looking statements are based on historical performance and current expectations and projections about the company’s future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond the company’s control and could cause the company’s future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. Such risks, uncertainties and other matters include, but are not limited to, risks relating to various risks related to public health outbreaks, epidemics and pandemics, including the impact of the COVID-19 pandemic on the company’s operations and that the company cannot reasonably assess or predict at this time the full extent of the adverse effect that the COVID-19 pandemic will have on its business, financial condition, results of operations and cash flows; 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; 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, on the company’s ability to realize the anticipated benefits from the Celgene Acquisition; 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; changes in tax law and regulations; 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 and its issuance of additional shares in connection with the Celgene Acquisition on its ability to operate the combined company; political and financial instability of international economies and sovereign risk; interest rate and currency exchange rate fluctuations, credit and foreign exchange risk management; 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; and issuance of new or revised accounting standards. 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 (together, the “Recovery Process”), among other things. If the actual Recovery Process differs materially from our assumptions, the impact of COVID-19 on our business could be worse than expected and our results may be negatively impacted.

Forward-looking statements in this earnings release should be evaluated together with the many risks and uncertainties that affect the company’s business and market, particularly those identified in the cautionary statement and risk factors discussion in the company’s Annual Report on Form 10-K for the year ended December 31, 2020, 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, 2021 AND 2020

(Unaudited, dollars in millions)

Worldwide Revenues U.S. Revenues(b)
2021 2020 % Change 2021 2020 % Change
Prioritized Brands
Revlimid $ 3,347 $ 3,027 11 % $ 2,303 $ 2,080 11 %
Eliquis 2,413 2,095 15 % 1,315 1,118 18 %
Opdivo 1,905 1,780 7 % 1,062 1,018 4 %
Orencia 870 826 5 % 644 588 10 %
Pomalyst/Imnovid 851 777 10 % 586 548 7 %
Sprycel 551 544 1 % 346 336 3 %
Yervoy 515 446 15 % 313 309 1 %
Abraxane 266 342 (22) % 211 236 (11) %
Empliciti 82 96 (15) % 48 59 (19) %
Reblozyl 160 96 67 % 147 92 60 %
Inrebic 22 13 69 % 20 13 54 %
Onureg 21 3 ** 21 3 **
Zeposia 40 2 ** 32 2 **
Breyanzi 30 — N/A 29 — N/A
Abecma 71 — N/A 67 — N/A
Established Brands
Vidaza 36 106 (66) % 1 — N/A
Baraclude 105 100 5 % 2 3 (33) %
Other Brands(a) 339 287 18 % 149 137 9 %
Total $ 11,624 $ 10,540 10 % $ 7,296 $ 6,542 12 %

**    In excess of +/- 100%

(a)    Includes products that have lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue.

(b)    Includes Puerto Rico.

BRISTOL-MYERS SQUIBB COMPANY

PRODUCT REVENUES

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

(Unaudited, dollars in millions)

Worldwide Revenues U.S. Revenues(b)
2021 2020 % Change 2021 2020 % Change
Prioritized Brands
Revlimid $ 9,493 $ 8,826 8 % $ 6,425 $ 6,094 5 %
Eliquis 8,091 6,899 17 % 4,960 4,258 16 %
Opdivo 5,535 5,199 6 % 3,082 2,982 3 %
Orencia 2,442 2,290 7 % 1,773 1,642 8 %
Pomalyst/Imnovid 2,478 2,235 11 % 1,665 1,559 7 %
Sprycel 1,562 1,576 (1) % 946 944 —
Yervoy 1,481 1,211 22 % 935 820 14 %
Abraxane 876 950 (8) % 670 659 2 %
Empliciti 253 290 (13) % 150 177 (15) %
Reblozyl 400 159 ** 355 155 **
Inrebic 54 40 35 % 50 40 25 %
Onureg 48 3 ** 47 3 **
Zeposia 86 3 ** 65 3 **
Breyanzi 47 — N/A 46 — N/A
Abecma 95 — N/A 91 — N/A
Established Brands
Vidaza 135 390 (65) % 8 2 **
Baraclude 327 343 (5) % 8 9 (11) %
Other Brands(a) 997 1,036 (4) % 418 448 (7) %
Total $ 34,400 $ 31,450 9 % $ 21,694 $ 19,795 10 %

**    In excess of +/- 100%

(a)    Includes products that have lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue.

(b)    Includes Puerto Rico.

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

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

Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Net product sales $ 11,243 $ 10,197 $ 33,446 $ 30,555
Alliance and other revenues 381 343 954 895
Total Revenues 11,624 10,540 34,400 31,450
Cost of products sold(a) 2,291 2,502 7,584 8,863
Marketing, selling and administrative 1,788 1,706 5,336 4,940
Research and development 3,251 2,499 8,747 7,393
Amortization of acquired intangible assets 2,546 2,491 7,606 7,162
Other (income)/expense, net (409) (915) (1,113) (488)
Total Expenses 9,467 8,283 28,160 27,870
Earnings Before Income Taxes 2,157 2,257 6,240 3,580
Provision for Income Taxes 605 379 1,598 2,548
Net Earnings 1,552 1,878 4,642 1,032
Noncontrolling Interest 6 6 20 20
Net Earnings Attributable to BMS $ 1,546 $ 1,872 $ 4,622 $ 1,012
Weighted-Average Common Shares Outstanding:
Basic 2,219 2,257 2,227 2,260
Diluted 2,243 2,290 2,253 2,295
Earnings per Common Share:
Basic $ 0.70 $ 0.83 $ 2.08 $ 0.45
Diluted 0.69 0.82 2.05 0.44
Other (income)/expense, net
Interest expense(b) $ 328 $ 346 $ 1,011 $ 1,065
Contingent consideration — (988) (510) (597)
Royalties and licensing income (425) (403) (1,197) (1,124)
Equity investment gains (465) (244) (1,214) (724)
Integration expenses 141 195 434 535
Provision for restructuring 27 176 150 451
Litigation and other settlements 13 10 49 41
Transition and other service fees (6) (18) (43) (129)
Investment income (12) (13) (33) (99)
Reversion excise tax — — — 76
Divestiture losses/(gains) 2 1 (9) (6)
Intangible asset impairment — — — 21
Loss on debt redemption — — 281 —
Other (12) 23 (32) 2
Other (income)/expense, net $ (409) $ (915) $ (1,113) $ (488)

(a)    Excludes amortization of acquired intangible assets.

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

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

(Unaudited, dollars in millions)

Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Inventory purchase price accounting adjustments $ 97 $ 456 $ 264 $ 2,590
Intangible asset impairment — — 315 —
Employee compensation charges — — — 3
Site exit and other costs — 3 24 32
Cost of products sold 97 459 603 2,625
Employee compensation charges — 7 1 34
Site exit and other costs 1 (1) — 4
Marketing, selling and administrative 1 6 1 38
License and asset acquisition charges 200 203 980 528
IPRD impairments 610 — 840 —
Inventory purchase price accounting adjustments 1 8 1 25
Employee compensation charges — 8 1 41
Site exit and other costs 1 4 1 99
Research and development 812 223 1,823 693
Amortization of acquired intangible assets 2,546 2,491 7,606 7,162
Interest expense(a) (29) (40) (91) (122)
Contingent consideration — (988) (510) (597)
Royalties and licensing income — (53) (29) (154)
Equity investment gains (465) (214) (1,227) (693)
Integration expenses 141 195 434 535
Provision for restructuring 27 176 150 451
Reversion excise tax — — — 76
Divestiture losses/(gains) 2 1 (9) (6)
Loss on debt redemption — — 281 —
Other (income)/expense, net (324) (923) (1,001) (510)
Increase to pretax income 3,132 2,256 9,032 10,008
Income taxes on items above (183) (405) (871) (699)
Income taxes attributed to Otezla® divestiture — 11 — 266
Income taxes attributed to internal transfer of intangible assets — — — 853
Income taxes (183) (394) (871) 420
Increase to net earnings $ 2,949 $ 1,862 $ 8,161 $ 10,428

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

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

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

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 3,251 (812) 2,439 8,747 (1,823) 6,924
Amortization of acquired intangible assets 2,546 (2,546) — 7,606 (7,606) —
Other (income)/expense, net (409) 324 (85) (1,113) 1,001 (112)
Earnings Before Income Taxes 2,157 3,132 5,289 6,240 9,032 15,272
Provision for Income Taxes 605 183 788 1,598 871 2,469
Noncontrolling interest 6 — 6 20 — 20
Net Earnings Attributable to BMS used for Diluted EPS Calculation $ 1,546 $ 2,949 $ 4,495 $ 4,622 $ 8,161 $ 12,783
Weighted-Average Common Shares Outstanding - Diluted 2,243 2,243 2,243 2,253 2,253 2,253
Diluted Earnings Per Share $ 0.69 $ 1.31 $ 2.00 $ 2.05 $ 3.62 $ 5.67
Effective Tax Rate 28.0 % (13.1) % 14.9 % 25.6 % (9.4) % 16.2 %
Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020
GAAP Specified Items(a) Non-GAAP GAAP Specified Items(a) Non-GAAP
Gross Profit $ 8,038 $ 459 $ 8,497 $ 22,587 $ 2,625 $ 25,212
Marketing, selling and administrative 1,706 (6) 1,700 4,940 (38) 4,902
Research and development 2,499 (223) 2,276 7,393 (693) 6,700
Amortization of acquired intangible assets 2,491 (2,491) — 7,162 (7,162) —
Other (income)/expense, net (915) 923 8 (488) 510 22
Earnings Before Income Taxes 2,257 2,256 4,513 3,580 10,008 13,588
Provision for Income Taxes 379 394 773 2,548 (420) 2,128
Noncontrolling interest 6 — 6 20 — 20
Net Earnings Attributable to BMS used for Diluted EPS Calculation $ 1,872 $ 1,862 $ 3,734 $ 1,012 $ 10,428 $ 11,440
Weighted-Average Common Shares Outstanding - Diluted 2,290 2,290 2,290 2,295 2,295 2,295
Diluted Earnings Per Share $ 0.82 $ 0.81 $ 1.63 $ 0.44 $ 4.54 $ 4.98
Effective Tax Rate 16.8 % 0.3 % 17.1 % 71.2 % (55.5) % 15.7 %

(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, 2021 AND DECEMBER 31, 2020

(Unaudited, dollars in millions)

September 30,<br>2021 December 31,<br>2020
Cash and cash equivalents $ 13,540 $ 14,546
Marketable debt securities - current 2,123 1,285
Marketable debt securities - non-current 46 433
Cash, cash equivalents and marketable debt securities 15,709 16,264
Short-term debt obligations (5,065) (2,340)
Long-term debt (39,677) (48,336)
Net debt position $ (29,033) $ (34,412)

Media: media@bms.com

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

20

Document

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF REVENUES

(Unaudited, dollars in millions)

Revenues 2020 2021 % 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 $ 6,766 $ 6,487 $ 13,253 $ 6,542 $ 19,795 $ 6,782 $ 26,577 $ 7,010 $ 7,388 $ 14,398 $ 7,296 $ 21,694 12% 10% — —
Europe 2,567 2,136 4,703 2,453 7,156 2,697 9,853 2,553 2,689 5,242 2,661 7,903 8% 10% 2% 6%
Rest of the World 1,335 1,334 2,669 1,361 4,030 1,427 5,457 1,346 1,435 2,781 1,391 4,172 2% 4% 1% 2%
Other(a) 113 172 285 184 469 162 631 164 191 355 276 631 50% 35% — —
Total $ 10,781 $ 10,129 $ 20,910 $ 10,540 $ 31,450 $ 11,068 $ 42,518 $ 11,073 $ 11,703 $ 22,776 $ 11,624 $ 34,400 10% 9% — 1%
% of Revenues 2020 2021
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 62.8 % 64.0 % 63.4 % 62.1 % 62.9 % 61.3 % 62.5 % 63.3 % 63.1 % 63.2 % 62.8 % 63.1 %
Europe 23.8 % 21.1 % 22.5 % 23.3 % 22.8 % 24.4 % 23.2 % 23.1 % 23.0 % 23.0 % 22.9 % 23.0 %
Rest of the World 12.4 % 13.2 % 12.8 % 12.9 % 12.8 % 12.9 % 12.8 % 12.2 % 12.3 % 12.2 % 12.0 % 12.1 %
Other 1.0 % 1.7 % 1.3 % 1.7 % 1.5 % 1.4 % 1.5 % 1.4 % 1.6 % 1.6 % 2.3 % 1.8 %
Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

(a)    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)

2020 2021 % 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 $ 10,541 $ 9,817 $ 20,358 $ 10,197 $ 30,555 $ 10,766 $ 41,321 $ 10,798 $ 11,405 $ 22,203 $ 11,243 $ 33,446 10% 9%
Alliance and other revenues 240 312 552 343 895 302 1,197 275 298 573 381 954 11% 7%
Total Revenues 10,781 10,129 20,910 10,540 31,450 11,068 42,518 11,073 11,703 22,776 11,624 34,400 10% 9%
Cost of products sold(a) 3,662 2,699 6,361 2,502 8,863 2,910 11,773 2,841 2,452 5,293 2,291 7,584 (8)% (14)%
Marketing, selling and administrative 1,606 1,628 3,234 1,706 4,940 2,721 7,661 1,666 1,882 3,548 1,788 5,336 5% 8%
Research and development 2,372 2,522 4,894 2,499 7,393 3,750 11,143 2,225 3,271 5,496 3,251 8,747 30% 18%
IPRD charge - MyoKardia acquisition — — — — — 11,438 11,438 — — — — — N/A N/A
Amortization of acquired intangible assets 2,282 2,389 4,671 2,491 7,162 2,526 9,688 2,513 2,547 5,060 2,546 7,606 2% 6%
Other (income)/expense, net 1,163 (736) 427 (915) (488) (1,826) (2,314) (702) (2) (704) (409) (1,113) (55)% **
Total Expenses 11,085 8,502 19,587 8,283 27,870 21,519 49,389 8,543 10,150 18,693 9,467 28,160 14% 1%
Earnings/(Loss) Before Income Taxes (304) 1,627 1,323 2,257 3,580 (10,451) (6,871) 2,530 1,553 4,083 2,157 6,240 (4)% 74%
Provision/(Benefit) for Income Taxes 462 1,707 2,169 379 2,548 (424) 2,124 501 492 993 605 1,598 60% (37)%
Net Earnings/(Loss) (766) (80) (846) 1,878 1,032 (10,027) (8,995) 2,029 1,061 3,090 1,552 4,642 (17)% **
Noncontrolling Interest 9 5 14 6 20 — 20 8 6 14 6 20 — —
Net Earnings/(Loss) Attributable to BMS $ (775) $ (85) $ (860) $ 1,872 $ 1,012 $ (10,027) $ (9,015) $ 2,021 $ 1,055 $ 3,076 $ 1,546 $ 4,622 (17)% **
Diluted Earnings/(Loss) per Common Share* $ (0.34) $ (0.04) $ (0.38) $ 0.82 $ 0.44 $ (4.45) $ (3.99) $ 0.89 $ 0.47 $ 1.36 $ 0.69 $ 2.05 (16)% **
Weighted-Average Common Shares Outstanding - Diluted 2,258 2,263 2,261 2,290 2,295 2,252 2,258 2,265 2,252 2,258 2,243 2,253 — —
Dividends declared per common share $ 0.45 $ 0.45 $ 0.90 $ 0.45 $ 1.35 $ 0.49 $ 1.84 $ 0.49 $ 0.49 $ 0.98 $ 0.49 $ 1.47 9% 9%
2020 2021
% 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 66.0 % 73.4 % 69.6 % 76.3 % 71.8 % 73.7 % 72.3 % 74.3 % 79.0 % 76.8 % 80.3 % 78.0 %
Other Ratios
Effective tax rate (152.0) % 104.9 % 163.9 % 16.8 % 71.2 % 4.1 % (30.9) % 19.8 % 31.7 % 24.3 % 28.0 % 25.6 %
Other (income)/expense, net 2020 2021 % 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(b) $ 362 $ 357 $ 719 $ 346 $ 1,065 $ 355 $ 1,420 $ 353 $ 330 $ 683 $ 328 $ 1,011 (5)% (5)%
Contingent consideration 556 (165) 391 (988) (597) (1,160) (1,757) (510) — (510) — (510) (100)% (15)%
Royalties and licensing income (410) (311) (721) (403) (1,124) (403) (1,527) (367) (405) (772) (425) (1,197) 5% 6%
Equity investment (gains)/losses 338 (818) (480) (244) (724) (504) (1,228) (601) (148) (749) (465) (1,214) 91% 68%
Integration expenses 174 166 340 195 535 182 717 141 152 293 141 434 (28)% (19)%
Provision for restructuring 160 115 275 176 451 79 530 45 78 123 27 150 (85)% (67)%
Litigation and other settlements 32 (1) 31 10 41 (235) (194) (8) 44 36 13 49 30% 20%
Transition and other service fees (61) (50) (111) (18) (129) (20) (149) (15) (22) (37) (6) (43) (67)% (67)%
Investment income (61) (25) (86) (13) (99) (22) (121) (9) (12) (21) (12) (33) (8)% (67)%
Reversion excise tax 76 — 76 — 76 — 76 — — — — — N/A (100)%
Divestiture losses/(gains) (16) 9 (7) 1 (6) (49) (55) — (11) (11) 2 (9) 100% 50%
Intangible asset impairment — 21 21 — 21 — 21 — — — — — N/A (100)%
Loss on debt redemption — — — — — — — 281 — 281 — 281 N/A N/A
Other 13 (34) (21) 23 2 (49) (47) (12) (8) (20) (12) (32) ** **
Other (income)/expense, net $ 1,163 $ (736) $ 427 $ (915) $ (488) $ (1,826) $ (2,314) $ (702) $ (2) $ (704) $ (409) $ (1,113) (55)% **

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

**    In excess of +/- 100%.

(a)    Excludes amortization of acquired intangible assets.

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

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED SEPTEMBER 30, 2021

(Unaudited, dollars in millions)

QUARTER-TO-DATE 2021 2020 Change % Change Favorable / (Unfavorable) FX Impact * 2021 Excluding FX Favorable / (Unfavorable) FX Impact %* % Change Excluding FX
Revenues $ 11,624 $ 10,540 10 % $ 11,564 — 10 %
Gross profit 9,333 8,038 1,295 16 % N/A N/A N/A N/A
Gross profit excluding specified items(a) 9,430 8,497 933 11 % N/A N/A N/A N/A
Gross profit excluding specified items as a % of revenues 81.1 % 80.6 %
Marketing, selling and administrative 1,788 1,706 82 5 % (10) 1,778 (1) % 4 %
Marketing, selling and administrative excluding specified items(a) 1,787 1,700 87 5 % (10) 1,777 — 5 %
Marketing, selling and administrative excluding specified items as a % of revenues 15.4 % 16.1 %
Research and development 3,251 2,499 752 30 % (3) 3,248 — 30 %
Research and development excluding specified items(a) 2,439 2,276 163 7 % (3) 2,436 — 7 %
Research and development excluding specified items as a % of revenues 21.0 % 21.6 %
YEAR-TO-DATE 2021 2020 Change % Change Favorable / (Unfavorable) FX Impact * 2021 Excluding FX Favorable / (Unfavorable) FX Impact %* % Change Excluding FX
Revenues $ 34,400 $ 31,450 9 % $ 33,841 1 % 8 %
Gross profit 26,816 22,587 4,229 19 % N/A N/A N/A N/A
Gross profit excluding specified items(a) 27,419 25,212 2,207 9 % N/A N/A N/A N/A
Gross profit excluding specified items as a % of revenues 79.7 % 80.2 %
Marketing, selling and administrative 5,336 4,940 396 8 % (76) 5,260 (2) % 6 %
Marketing, selling and administrative excluding specified items(a) 5,335 4,902 433 9 % (76) 5,259 (2) % 7 %
Marketing, selling and administrative excluding specified items as a % of revenues 15.5 % 15.6 %
Research and development 8,747 7,393 1,354 18 % (31) 8,716 — 18 %
Research and development excluding specified items(a) 6,924 6,700 224 3 % (31) 6,893 — 3 %
Research and development excluding specified items as a % of revenues 20.1 % 21.3 %

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)

2020 2021 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
Prioritized Brands
Revlimid $ 2,915 $ 2,884 $ 5,799 $ 3,027 $ 8,826 $ 3,280 $ 12,106 $ 2,944 $ 3,202 $ 6,146 $ 3,347 $ 9,493 $ 667 11% 8%
Eliquis 2,641 2,163 4,804 2,095 6,899 2,269 9,168 2,886 2,792 5,678 2,413 8,091 318 1,192 15% 17%
Opdivo 1,766 1,653 3,419 1,780 5,199 1,793 6,992 1,720 1,910 3,630 1,905 5,535 125 336 7% 6%
Orencia 714 750 1,464 826 2,290 867 3,157 758 814 1,572 870 2,442 44 152 5% 7%
Pomalyst/Imnovid 713 745 1,458 777 2,235 835 3,070 773 854 1,627 851 2,478 74 243 10% 11%
Sprycel 521 511 1,032 544 1,576 564 2,140 470 541 1,011 551 1,562 7 (14) 1% (1)%
Yervoy 396 369 765 446 1,211 471 1,682 456 510 966 515 1,481 69 270 15% 22%
Abraxane 300 308 608 342 950 297 1,247 314 296 610 266 876 (76) (74) (22)% (8)%
Empliciti 97 97 194 96 290 91 381 85 86 171 82 253 (14) (37) (15)% (13)%
Reblozyl 8 55 63 96 159 115 274 112 128 240 160 400 64 241 67% **
Inrebic 12 15 27 13 40 15 55 16 16 32 22 54 9 14 69% 35%
Onureg — — — 3 3 14 17 15 12 27 21 48 18 45 ** **
Zeposia — 1 1 2 3 9 12 18 28 46 40 86 38 83 ** **
Breyanzi — — — — — — — — 17 17 30 47 30 47 N/A N/A
Abecma — — — — — — — — 24 24 71 95 71 95 N/A N/A
Established Brands
Vidaza 158 126 284 106 390 65 455 54 45 99 36 135 (70) (255) (66)% (65)%
Baraclude 122 121 243 100 343 104 447 113 109 222 105 327 5 (16) 5% (5)%
Other Brands(a) 418 331 749 287 1,036 279 1,315 339 319 658 339 997 52 (39) 18% (4)%
Total $ 10,781 $ 10,129 $ 20,910 $ 10,540 $ 31,450 $ 11,068 $ 42,518 $ 11,073 $ 11,703 $ 22,776 $ 11,624 $ 34,400 $ 2,950 10% 9%

All values are in US Dollars.

**    In excess of +/- 100%.

(a)    Includes products that have lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue.

BRISTOL-MYERS SQUIBB COMPANY

U.S. REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

2020 2021 % 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
Prioritized Brands
Revlimid $ 1,966 $ 2,048 $ 4,014 $ 2,080 $ 6,094 $ 2,197 $ 8,291 $ 1,958 $ 2,164 $ 4,122 $ 2,303 $ 6,425 11% 5%
Eliquis 1,777 1,363 3,140 1,118 4,258 1,227 5,485 1,923 1,722 3,645 1,315 4,960 18% 16%
Opdivo 1,008 956 1,964 1,018 2,982 963 3,945 944 1,076 2,020 1,062 3,082 4% 3%
Orencia 500 554 1,054 588 1,642 626 2,268 536 593 1,129 644 1,773 10% 8%
Pomalyst/Imnovid 489 522 1,011 548 1,559 577 2,136 512 567 1,079 586 1,665 7% 7%
Sprycel 300 308 608 336 944 351 1,295 275 325 600 346 946 3% —
Yervoy 257 254 511 309 820 304 1,124 294 328 622 313 935 1% 14%
Abraxane 205 218 423 236 659 214 873 225 234 459 211 670 (11)% 2%
Empliciti 59 59 118 59 177 53 230 51 51 102 48 150 (19)% (15)%
Reblozyl 8 55 63 92 155 104 259 98 110 208 147 355 60% **
Inrebic 12 15 27 13 40 15 55 15 15 30 20 50 54% 25%
Onureg — — — 3 3 14 17 14 12 26 21 47 ** **
Zeposia — 1 1 2 3 7 10 13 20 33 32 65 ** **
Breyanzi — — — — — — — — 17 17 29 46 N/A N/A
Abecma — — — — — — — — 24 24 67 91 N/A N/A
Established Brands
Vidaza 2 — 2 — 2 — 2 5 2 7 1 8 N/A **
Baraclude 3 3 6 3 9 3 12 4 2 6 2 8 (33)% (11)%
Other Brands(a) 180 131 311 137 448 127 575 143 126 269 149 418 9% (7)%
Total(b) $ 6,766 $ 6,487 $ 13,253 $ 6,542 $ 19,795 $ 6,782 $ 26,577 $ 7,010 $ 7,388 $ 14,398 $ 7,296 $ 21,694 12% 10%

**    In excess of +/- 100%.

(a)    Includes products that have lost exclusivity in major markets, OTC brands and royalty revenue.

(b)    Includes Puerto Rico.

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

2020 2021 % Change(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
Prioritized Brands
Revlimid $ 949 $ 836 $ 1,785 $ 947 $ 2,732 $ 1,083 $ 3,815 $ 986 $ 1,038 $ 2,024 $ 1,044 $ 3,068 10% 12%
Eliquis 864 800 1,664 977 2,641 1,042 3,683 963 1,070 2,033 1,098 3,131 12% 19%
Opdivo 758 697 1,455 762 2,217 830 3,047 776 834 1,610 843 2,453 11% 11%
Orencia 214 196 410 238 648 241 889 222 221 443 226 669 (5)% 3%
Pomalyst/Imnovid 224 223 447 229 676 258 934 261 287 548 265 813 16% 20%
Sprycel 221 203 424 208 632 213 845 195 216 411 205 616 (1)% (3)%
Yervoy 139 115 254 137 391 167 558 162 182 344 202 546 47% 40%
Abraxane 95 90 185 106 291 83 374 89 62 151 55 206 (48)% (29)%
Empliciti 38 38 76 37 113 38 151 34 35 69 34 103 (8)% (9)%
Reblozyl — — — 4 4 11 15 14 18 32 13 45 ** **
Inrebic — — — — — — — 1 1 2 2 4 N/A N/A
Onureg — — — — — — — 1 — 1 — 1 N/A N/A
Zeposia — — — — — 2 2 5 8 13 8 21 N/A N/A
Breyanzi — — — — — — — — — — 1 1 N/A N/A
Abecma — — — — — — — — — — 4 4 N/A N/A
Established Brands
Vidaza 156 126 282 106 388 65 453 49 43 92 35 127 (67)% (67)%
Baraclude 119 118 237 97 334 101 435 109 107 216 103 319 6% (4)%
Other Brands(a) 238 200 438 150 588 152 740 196 193 389 190 579 27% (2)%
Total $ 4,015 $ 3,642 $ 7,657 $ 3,998 $ 11,655 $ 4,286 $ 15,941 $ 4,063 $ 4,315 $ 8,378 $ 4,328 $ 12,706 8% 9%

(a)    Includes products that have lost exclusivity in major markets, OTC brands and royalty revenue.

(b)    The foreign exchange impact on international revenues was favorable 2% for the third quarter and 5% year-to-date. The foreign exchange impact on Prioritized Brands is included below.

Quarter-to-Date Year-to-Date
Revenue Change % Favorable/ (Unfavorable) FX Impact % Revenue Change % Excluding FX Revenue Change % Favorable/ (Unfavorable) FX Impact % Revenue Change % Excluding FX
Revlimid 10% 2% 8% 12% 5% 7%
Eliquis 12% 2% 10% 19% 6% 13%
Opdivo 11% 1% 10% 11% 4% 7%
Orencia (5)% — (5)% 3% 3% —
Pomalyst/Imnovid 16% 1% 15% 20% 4% 16%
Sprycel (1)% — (1)% (3)% 3% (6)%
Yervoy 47% 2% 45% 40% 6% 34%
Abraxane (48)% 1% (49)% (29)% 3% (32)%
Empliciti (8)% (1)% (7)% (9)% 2% (11)%

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)

2020 2021
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 $ 1,420 $ 714 $ 2,134 $ 456 $ 2,590 $ 98 $ 2,688 $ 79 $ 88 $ 167 $ 97 $ 264
Intangible asset impairment — — — — — 575 575 315 — 315 — 315
Employee compensation charges 2 1 3 — 3 1 4 — — — — —
Site exit and other costs 16 13 29 3 32 1 33 23 1 24 — 24
Cost of products sold 1,438 728 2,166 459 2,625 675 3,300 417 89 506 97 603
Employee compensation charges 15 12 27 7 34 241 275 — 1 1 — 1
Site exit and other costs 6 (1) 5 (1) 4 — 4 (1) — (1) 1 —
Marketing, selling and administrative 21 11 32 6 38 241 279 (1) 1 — 1 1
License and asset acquisition charges 25 300 325 203 528 475 1,003 — 780 780 200 980
IPRD impairments — — — — — 470 470 — 230 230 610 840
Inventory purchase price accounting adjustments 17 — 17 8 25 11 36 — — — 1 1
Employee compensation charges 18 15 33 8 41 241 282 1 — 1 — 1
Site exit and other costs 56 39 95 4 99 16 115 — — — 1 1
Research and development 116 354 470 223 693 1,213 1,906 1 1,010 1,011 812 1,823
IPRD charge - MyoKardia acquisition — — — — — 11,438 11,438 — — — — —
Amortization of acquired intangible assets 2,282 2,389 4,671 2,491 7,162 2,526 9,688 2,513 2,547 5,060 2,546 7,606
Interest expense(a) (41) (41) (82) (40) (122) (37) (159) (34) (28) (62) (29) (91)
Contingent consideration 556 (165) 391 (988) (597) (1,160) (1,757) (510) — (510) — (510)
Royalties and licensing income (83) (18) (101) (53) (154) (14) (168) (14) (15) (29) — (29)
Equity investment (gains)/losses 339 (818) (479) (214) (693) (463) (1,156) (608) (154) (762) (465) (1,227)
Integration expenses 174 166 340 195 535 182 717 141 152 293 141 434
Provision for restructuring 160 115 275 176 451 79 530 45 78 123 27 150
Litigation and other settlements — — — — — (239) (239) — — — — —
Reversion excise tax 76 — 76 — 76 — 76 — — — — —
Divestiture losses/(gains) (16) 9 (7) 1 (6) (49) (55) — (11) (11) 2 (9)
Loss on debt redemption — — — — — — — 281 — 281 — 281
Other (income)/expense, net 1,165 (752) 413 (923) (510) (1,701) (2,211) (699) 22 (677) (324) (1,001)
Increase to pretax income 5,022 2,730 7,752 2,256 10,008 14,392 24,400 2,231 3,669 5,900 3,132 9,032
Income taxes on items above (291) (3) (294) (405) (699) (1,034) (1,733) (300) (388) (688) (183) (871)
Income taxes attributed to Otezla® divestiture — 255 255 11 266 — 266 — — — — —
Income taxes attributed to internal transfer of intangible assets — 853 853 — 853 — 853 — — — — —
Income taxes (291) 1,105 814 (394) 420 (1,034) (614) (300) (388) (688) (183) (871)
Increase to net earnings $ 4,731 $ 3,835 $ 8,566 $ 1,862 $ 10,428 $ 13,358 $ 23,786 $ 1,931 $ 3,281 $ 5,212 $ 2,949 $ 8,161

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

BRISTOL-MYERS SQUIBB COMPANY

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

(Unaudited, dollars in millions)

2020 2021
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 $ 7,119 $ 7,430 $ 14,549 $ 8,038 $ 22,587 $ 8,158 $ 30,745 $ 8,232 $ 9,251 $ 17,483 $ 9,333 $ 26,816
Specified items(a) 1,438 728 2,166 459 2,625 675 3,300 417 89 506 97 603
Gross profit excluding specified items 8,557 8,158 16,715 8,497 25,212 8,833 34,045 8,649 9,340 17,989 9,430 27,419
Marketing, selling and administrative 1,606 1,628 3,234 1,706 4,940 2,721 7,661 1,666 1,882 3,548 1,788 5,336
Specified items(a) (21) (11) (32) (6) (38) (241) (279) 1 (1) — (1) (1)
Marketing, selling and administrative excluding specified items 1,585 1,617 3,202 1,700 4,902 2,480 7,382 1,667 1,881 3,548 1,787 5,335
Research and development 2,372 2,522 4,894 2,499 7,393 3,750 11,143 2,225 3,271 5,496 3,251 8,747
Specified items(a) (116) (354) (470) (223) (693) (1,213) (1,906) (1) (1,010) (1,011) (812) (1,823)
Research and development excluding specified items 2,256 2,168 4,424 2,276 6,700 2,537 9,237 2,224 2,261 4,485 2,439 6,924
IPRD charge –MyoKardia acquisition — — — — — 11,438 11,438 — — — — —
Specified items(a) — — — — — (11,438) (11,438) — — — — —
IPRD charge –MyoKardia acquisition excluding specified items — — — — — — — — — — — —
Amortization of acquired intangible assets 2,282 2,389 4,671 2,491 7,162 2,526 9,688 2,513 2,547 5,060 2,546 7,606
Specified items(a) (2,282) (2,389) (4,671) (2,491) (7,162) (2,526) (9,688) (2,513) (2,547) (5,060) (2,546) (7,606)
Amortization of acquired intangible assets excluding specified items — — — — — — — — — — — —
Other (income)/expense, net 1,163 (736) 427 (915) (488) (1,826) (2,314) (702) (2) (704) (409) (1,113)
Specified items(a) (1,165) 752 (413) 923 510 1,701 2,211 699 (22) 677 324 1,001
Other (income)/expense, net excluding specified items (2) 16 14 8 22 (125) (103) (3) (24) (27) (85) (112)

(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)

2020 2021
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/(Loss) before income taxes $ (304) $ 1,627 $ 1,323 $ 2,257 $ 3,580 $ (10,451) $ (6,871) $ 2,530 $ 1,553 $ 4,083 $ 2,157 $ 6,240
Specified items(a) 5,022 2,730 7,752 2,256 10,008 14,392 24,400 2,231 3,669 5,900 3,132 9,032
Earnings before income taxes excluding specified items 4,718 4,357 9,075 4,513 13,588 3,941 17,529 4,761 5,222 9,983 5,289 15,272
Provision/(Benefit) for income taxes 462 1,707 2,169 379 2,548 (424) 2,124 501 492 993 605 1,598
Income taxes on specified items(a) 291 3 294 405 699 1,034 1,733 300 388 688 183 871
Income taxes attributed to Otezla® divestiture(a) — (255) (255) (11) (266) — (266) — — — — —
Income taxes attributed to internal transfer of intangible assets(a) — (853) (853) — (853) — (853) — — — — —
Provision for income taxes excluding tax on specified items and income taxes attributed to Otezla® divestiture and internal transfer of intangible assets 753 602 1,355 773 2,128 610 2,738 801 880 1,681 788 2,469
Noncontrolling Interest 9 5 14 6 20 — 20 8 6 14 6 20
Specified items(a) — — — — — — — — — — — —
Noncontrolling Interest excluding specified items 9 5 14 6 20 — 20 8 6 14 6 20
Net Earnings/(Loss) attributable to BMS used for Diluted EPS Calculation - GAAP (775) (85) (860) 1,872 1,012 (10,027) (9,015) 2,021 1,055 3,076 1,546 4,622
Specified items(a) 4,731 3,835 8,566 1,862 10,428 13,358 23,786 1,931 3,281 5,212 2,949 8,161
Net Earnings attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP 3,956 3,750 7,706 3,734 11,440 3,331 14,771 3,952 4,336 8,288 4,495 12,783
Weighted-average Common Shares Outstanding - Diluted-GAAP 2,258 2,263 2,261 2,290 2,295 2,252 2,258 2,265 2,252 2,258 2,243 2,253
Weighted-average Common Shares Outstanding - Diluted-Non-GAAP 2,298 2,297 2,298 2,290 2,295 2,286 2,293 2,265 2,252 2,258 2,243 2,253
Diluted Earnings/(Loss) Per Share - GAAP* $ (0.34) $ (0.04) $ (0.38) $ 0.82 $ 0.44 $ (4.45) $ (3.99) $ 0.89 $ 0.47 $ 1.36 $ 0.69 $ 2.05
Diluted Earnings Per Share attributable to specified items(a) 2.06 1.67 3.73 0.81 4.54 5.91 10.43 0.85 1.46 2.31 1.31 3.62
Diluted Earnings Per Share - Non-GAAP* $ 1.72 $ 1.63 $ 3.35 $ 1.63 $ 4.98 $ 1.46 $ 6.44 $ 1.74 $ 1.93 $ 3.67 $ 2.00 $ 5.67
Effective Tax Rate (152.0) % 104.9 % 163.9 % 16.8 % 71.2 % 4.1 % (30.9) % 19.8 % 31.7 % 24.3 % 28.0 % 25.6 %
Specified items(a) 168.0 % (91.1) % (149.0) % 0.3 % (55.5) % 11.4 % 46.5 % (3.0) % (14.8) % (7.5) % (13.1) % (9.4) %
Effective Tax Rate excluding specified items 16.0 % 13.8 % 14.9 % 17.1 % 15.7 % 15.5 % 15.6 % 16.8 % 16.9 % 16.8 % 14.9 % 16.2 %

*    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>2020 June 30,<br>2020 September 30,<br>2020 December 31,<br>2020 March 31,<br>2021 June 30,<br>2021 September 30,<br>2021 December 31,<br>2021
Cash and cash equivalents $ 15,817 $ 19,934 $ 19,435 $ 14,546 $ 10,982 $ 11,024 $ 13,540
Marketable debt securities - current 2,505 1,724 1,720 1,285 1,948 1,946 2,123
Marketable debt securities - non-current 651 523 495 433 288 143 46
Cash, cash equivalents and marketable debt securities 18,973 22,181 21,650 16,264 13,218 13,113 15,709
Short-term debt obligations (3,862) (4,819) (3,585) (2,340) (1,777) (2,655) (5,065)
Long-term debt (42,844) (41,853) (41,364) (48,336) (44,505) (42,503) (39,677)
Net debt position $ (27,733) $ (24,491) $ (23,299) $ (34,412) $ (33,064) $ (32,045) $ (29,033)

BRISTOL-MYERS SQUIBB COMPANY

2021 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

Full Year 2021
Pre-tax Tax After-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP $2.68 to $2.83
Projected Specified Items:
Purchase price accounting adjustments(a) 4.60 0.42 4.18
Acquisition, restructuring and integration expenses(b) 0.35 0.08 0.27
Equity investment gains and contingent consideration (0.77) (0.13) (0.64)
Research and development license and asset acquisition charges 0.44 0.06 0.38
Intangible asset impairment 0.51 0.06 0.45
Loss on debt redemption 0.13 0.03 0.10
Other (0.03) (0.01) (0.02)
Total 5.23 0.51 4.72
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP $7.40 to $7.55

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

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

The following table summarizes the company's 2021 financial guidance:
Line item GAAP Non-GAAP
Revenues Increasing high-single digits Increasing high-single digits
Gross margin as a percent of revenue Approximately 79% Approximately 80%
Marketing, selling and administrative expense In line with 2020 Increasing low-single digits
Research and development expense Increasing low-single digits Increasing mid-single digits
Effective tax rate Approximately 26% Approximately 16.5% The GAAP financial results for the full year of 2021 will include specified items, including purchase price accounting adjustments, acquisition and integration expenses, charges associated with restructuring, downsizing and streamlining worldwide operations, research and development license and asset acquisition charges, impairment of intangible assets, divestiture gains or losses, stock compensation resulting from accelerated vesting of Celgene awards, certain retention-related employee compensation charges related to the Celgene transaction and equity investment and contingent value rights fair value adjustments (including fair value adjustments attributed to limited partnership equity method investments), among other items. The 2021 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 2021 on October 27, 2021, including “2021 Financial Guidance” and “Use of non-GAAP Financial Information” therein.
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11

q32021earningspresentati

Q3 2021 Results October 27, 2021

Q3 2021 Results Not for Product Promotional Use Forward Looking Statement and Non-GAAP Financial Information 2 This presentation contains statements about the Company’s future plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated as a result of various important factors, including those 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 Bristol-Myers Squibb website or from Bristol-Myers Squibb Investor Relations. In addition, any forward-looking statements represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change. This presentation includes certain non-generally accepted accounting principles (GAAP) financial measures that we use to describe our company’s performance. 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 statements, however, is not provided due to no reasonably accessible or reliable comparable GAAP measures for such statements and the inherent difficulty in forecasting and quantifying such statements that are necessary for such reconciliation.

Not for Product Promotional Use Q3 2021 Results Giovanni Caforio Board Chair and Chief Executive Officer 3

Q3 2021 Results Not for Product Promotional Use Operational Performance Strong commercial execution • Sales of $11.6B in Q3; +10% YoY • Continued momentum for in-line brands & new product portfolio Pipeline Execution Key milestones • Relatlimab U.S. & EU filing, U.S. priority review with PDUFA of March 2022 • Multiple regulatory accomplishments: Opdivo, Abecma, Zeposia, & mavacamten • ] Financial Strength Strong financial results & outlook • Continued Revenue & EPS growth • Reaffirm 2021 Revenue & raise lower-end of Non-GAAP EPS guidance range • Balance sheet strength & strong cash flow generation; debt repayments of ~$6.0B & executed share repurchases of ~$3.5B YTD Intellectual Property • Successful decision on Eliquis IP; LOE expected in April 2028* Q3 2021 Performance 4*subject to additional appeals and challenges

Q3 2021 Results Not for Product Promotional Use Opdivo (+/- Yervoy) U.S./EU expected approvals: 1L RCC (9ER) , 1L GC (649, O+Chemo), adj Eso (577) adj MIBC (274) 1L Esophageal (CM-648) Opdivo return to annual growth Relatlimab 1L Melanoma w/ Opdivo Ph3 Breyanzi 3L+ DLBCL U.S. / EU approval3 2L TE and TNE DLBCL 3L+ CLL3 Abecma 4L+ MM U.S.1 / EU approval Iberdomide + dex 4L+ MM Ph 1b/2a Deucravacitinib PsO (2nd study) Ph3 & U.S. filing UC Ph2 (POC) Zeposia UC U.S. / EU approval Cendakimab Initiation of Ph3 Factor XIa inh. Total Knee Replacement VTEp Ph2 (POC) Mavacamten oHCM U.S. filing & approval2 Opdivo (+/- Yervoy) Metastatic 1L HCC (CM-9DW) Adjuvant Neo-adj Lung EFS (CM-816) Peri-adj Lung (CM-77T) Bempeg 1L melanoma3 & 1L renal Breyanzi 3L+ Follicular lymphoma Abecma 3L+ MM (KarMMa-3) Ph3 2L+ MM (KarMMa-2) POC CC-92480 4L+ MM Ph1/2 CC-93269 (TCE) Initiation of pivotal trial Deucravacitinib PsO U.S./EU approval CD & Lupus Ph2 (POC) Zeposia CD Ph3 Factor XIa inh. Secondary Stroke Prevention Ph2 (POC) Reblozyl 1L MDS (ESA naïve) COMMANDS Ph3 Ph 1/2 Pipeline >20 POC decisions 5 2021 Key Milestones Execution Scorecard • 2020-2025:  Low to mid-single digit revenue CAGR*  Low double-digit revenue CAGR for Continuing business* • Operating margins low to mid 40%s** • ~$3B of synergies by end of 2022 • $45B - $50B of free- cash flow 2021-2023** Financial Expectations 2022/2023 Key Milestones To be expanded to include regulatory milestones pending future registrational successes On track based on 2021 guidance 1Approved after 4 prior lines of therapy 2 PDUFA January 28, 2022 3 Expected in 2022 *At constant exchange rates – Non-GAAP: there is no reliable or reasonable estimable comparable GAAP metric for this Non-GAAP forward-looking information; **Non-GAAP: there is no reliable or reasonable estimable comparable GAAP metric for this forward-looking information

Q3 2021 Results Not for Product Promotional Use Strong foundation for future growth 6 Strong execution Executing launches & advancing pipeline Significant opportunity for portfolio growth & renewal Foundation Established First/Best-in-Class Assets mavacamten deucravacitinib relatlimab Strong Innovation Engine Key Late-Stage Pipeline Opportunities milvexian iberdomide CC-92480 cendakimab BCMA TCE MORab-202 Strength across 4 therapeutic areas Broad & Diversified pipeline Depth across multiple research platforms Robust Commercial performance Multiple Approvals and launches Disciplined Business development Anticipated Launches

Not for Product Promotional Use David Elkins Chief Financial Officer 7 Q3 2021 Results

Q3 2021 Results Not for Product Promotional Use Net Sales $ in Billions Vs. Prior Year $3.3 11% $2.4 15% $1.9 7% $0.9 10% Strong Q3 performance in key franchises Net Sales $ in Billions Vs. Prior Year $0.9 5% $0.6 1% $0.5 15% $0.3 22% 8 ▲ ▲ ▲ ▲ ▲ ▲ ▲ Q3 2021 Total Sales: $11.6B, up 10% vs PY

Q3 2021 Results Not for Product Promotional Use US: Continued significant demand growth • Continued strong underlying demand • ~14% TRx growth Q3 2021 Eliquis performance 9Rx Source: Symphony Health Significant future growth opportunity • Expect to continue to grow share within an expanding class International: Strong demand growth • Continues to be #1 OAC in key markets Global net sales up 15% in Q3 51% 56% 23% 19% 26% 25% Q3 2020 Q3 2021 TRx Share - US Other NOACs Warfarin Eliquis 60% 63% 14% 12% 26% 25% Q3 2020 Q3 2021 NBRx Share – US

Q3 2021 Results Not for Product Promotional Use Global net sales up 7% in Q3 U.S. • Continued growth (+4% vs. PY) offset by Q2 inventory destocking (~$40m); 5% demand growth QoQ • 1L lung* shares in low double-digits • Leadership position in 1L renal • Strong initial adoption in Upper GI & adj. esophageal; approved in adj. bladder cancer International • Strong growth (+11% vs. PY) driven by increased demand for new indications & expanded access Q3 2021 Opdivo performance 10 24% 24%28% 7% 17% Approx. U.S. Sales Mix Note: percentages approximate based on tumor ranges 30% 23% 25% 4% 18% Approx. Ex-U.S. Sales Mix NSCLC RCC Melanoma Upper GI All others Near term growth drivers • Momentum from recent launches • Potential next launches: ― 1L ESCC (CM-648): PDUFA May ’22 & filed in EU *excluding EGFR/ALK patients

Q3 2021 Results Not for Product Promotional Use Q3 2021 Multiple Myeloma performance 11 $548 $586 $229 $265 Q3 2020 Q3 2021 Global sales growth of 11% • US sales growth of 11% ― Increased use of triplet regimens & longer treatment duration • International sales growth of 10% ― Demand from triplet regimens & maintenance use Global sales growth of 10% • Demand growth from new triplet regimens & use in earlier lines Global Net Sales $2,080 $2,303 $947 $1,044 Q3 2020 Q3 2021 US Ex-US

Q3 2021 Results Not for Product Promotional Use Advancing new product portfolio launches 12 $112 $128 $160 $24 $71 $18 $28 $40 $17 $30 $16 $16 $22 $15 $12 $21 $161 $225 $344 Q1 2021 Q2 2021 Q3 2021 Q3 2021 Global Net Sales Reblozyl Abecma Zeposia Breyanzi Inrebic Onureg • Growth from underlying demand & ~$20-25m inventory build • Encouraging NCCN update • Continue to secure reimbursement in international markets • First-in-class BCMA CAR T • Robust demand continues to exceed supply • Increased demand driven by best-in-class profile • Opportunity to expand into earlier lines (2L LBCL) • Momentum from MS launch • #1 S1P modulator in written Rx in MS • UC launch progressing well - focused on building demand & broadening access • Positive CHMP opinion in UC • Establishing profile in 1L AML response maintenance • Focused on increasing adoption & patient adherence

Q3 2021 Results Not for Product Promotional Use US GAAP Non-GAAP $ in billions, except EPS Q3 2021 Q3 2020 Q3 2021 Q3 2020 Total Revenues, net 11.6 10.5 11.6 10.5 Gross Margin % 80.3% 76.3% 81.1% 80.6% MS&A 1.8 1.7 1.8 1.7 R&D 3.3 2.5 2.4 2.3 Effective Tax Rate 28.0% 16.8% 14.9% 17.1% Diluted EPS 0.69 0.82 2.00 1.63 Diluted Shares Outstanding (# in millions) 2,243 2,290 2,243 2,290 Q3 2021 Financial Performance 13

Q3 2021 Results Not for Product Promotional Use Significant financial flexibility to support a balanced approach to capital allocation 14 $B Q3 2021 Total Cash** ~$15.7B Total Debt ~$44.7B Net Debt Position ~$29.0B *Subject to Board approval **Cash includes cash, cash equivalents and marketable debt securities Committed to reducing debt • ~$6.0B in debt reduction YTD • Maintain strong investment-grade credit ratings Returning capital to shareholders • Continued dividend growth* • Executed ~$3.5B share repurchase YTD; ~$3.0B discretionary authorization available & remain opportunistic Future innovation through business development • Strategically aligned • Scientifically sound • Financially attractive

Q3 2021 Results Not for Product Promotional Use 2021 Guidance 15 GAAP Non-GAAP July (prior) October (revised) July (prior) October (revised) Net Sales High single-digit increase High single-digit increase High single-digit increase High single-digit increase Gross Margin % ~79% ~79% ~80% ~80% MS&A Expense In line with 2020 In line with 2020 Low single-digit increase Low single-digit increase R&D Expense Low single-digit decrease Low single-digit increase Mid single-digit increase Mid single-digit increase Tax Rate ~23% ~26% ~16% ~16.5% Diluted EPS $2.77 - $2.97 $2.68 - $2.83 $7.35 - $7.55 $7.40 - $7.55 Raised lower-end of Non-GAAP EPS guidance range

Q3 2021 Results Not for Product Promotional Use Q&A Giovanni Caforio, M.D. Board Chair, Chief Executive Officer David Elkins Executive VP, Chief Financial Officer 16 Chris Boerner, Ph.D. Executive VP, Chief Commercialization Officer Samit Hirawat, M.D. Executive VP, Chief Medical Officer, Global Drug Development

Q3 2021 Results Not for Product Promotional Use 2021 News Flow 17 Asset Timing Opdivo Approval in 1L renal (CM-9ER) Approved in U.S. & EU Opdivo Approval in 1L gastric (CM-649) Approved in U.S. & EU Opdivo Approval in adjuvant esophageal (CM-577) Approved in U.S. & EU Opdivo Approval in adjuvant MIBC (CM-274) Approved in U.S. Opdivo CM-648 in 1L esophageal U.S. PDUFA - May 28, 2022 MAA under review relatlimab + nivo vs nivo mono 1L Melanoma CA224-047 U.S. PDUFA - March 19, 2022 MAA under review Breyanzi Approval in 3L+ LBCL Approved in U.S. MAA under review2 Breyanzi 2L DLBCL (TRANSFORM) 3L+ CLL (TRANSCEND-CLL) Positive topline June 2021 2H 20212 Asset Timing Abecma Approval in 4L+ MM (KarMMa) Approved in U.S.1 & EU Zeposia Approval in UC (TRUENORTH) Approved in U.S. Positive CHMP Opinion iberdomide + dex Data to be presented at ASH 2021 deucravacitinib Psoriasis Ph3 POETYK PSO-2 (IM011-047) Positive topline Feb 2021 deucravacitinib Ph2 POC in UC (LATTICE-UC) PoC not established milvexian (FXIa inhib) Ph 2 POC in VTEp in TKR Data to be presented at AHA 2021 mavacamten Obstructive HCM (EXPLORER-HCM) U.S. PDUFA - January 28, 2022 MAA under review 1 Approved after 4 prior lines of therapy in U.S. 2 Expected in 2022

Q3 2021 Results Not for Product Promotional Use Hematology Fibrosis HSP47 LPA1 Antagonist Immunology Oncology Data as of October 27, 2021 Anti-Fucosyl GM1 Anti-OX40 TIGIT BispecificAnti-NKG2A Anti-SIRPα1 AR LDD Anti-CTLA-4 NF Anti-CCR8 Anti-CTLA-4 Probody BCMA TCE CD3xPSCA (GEMoaB)2 IL-12 Fc Anti-IL8 Anti-TIGIT BET Inhibitor (BMS-986158) CD19 NEX T BCMA ADC BCMA CAR T (bb21217) TGFβ Inhibitor LSD1 Inhibitor1 iberdomide 1 - In development for solid tumors and hematology; 2 - BMS has an exclusive option to license and/or option to acquire iberdomide MK2 InhibitorAnti-CD40 IL2-CD25 Imm. Tolerance (Anokion)2 cendakimab branebrutinib deucravacitinib Cardiovascular FA-RelaxinFXIa Inhibitor 18 Phase 1 Phase 2 Phase 3 A/I CELMoD (CC-92480) A/I CELMoD (CC-99282) GSPT1 CELMoD (CC-90009) BET Inhibitor1 (CC-90010) CD33 NKE CD47xCD20 Neuroscience Anti-Tau (Prothena)2 AHR Antagonist (Ikena)2 S1PR1 Modulator afimetoran (TLR 7/8 Inhibitor) BET Inhibitor1 (CC-95775) NME FPR-2 Agonist Active Clinical Development Portfolio STING Agonist danicamtiv BCMA NEX T motolimod Cardiac Myosin Inhibitor milvexian (FXIa Inhibitor) mavacamten CD3xCD33 (GEMoaB)2 TYK2 Inhibitor TYK2 Inhibitor (Nimbus)2 GPRC5D CAR T COVID-19 SARS-CoV-2 mAb Duo Anti-CTLA-4 NF-Probody CK1α CELMoD ROMK Inhibitor BTK Inhibitor BCMA NKE ROR1 CAR T Anti-TIM3 farletuzumab - eribulin ADC FAAH/MGLL Dual Inhibitor relatlimab1 bempegal- desleukin linrodostat subcutaneous nivolumab eIF2b Activator pegbelfermin Marketed

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