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): February 2, 2023

_____________________________

BRISTOL-MYERS SQUIBB COMPANY

(Exact name of registrant as specified in its charter)

_____________________________

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

430 E. 29th Street, 14th Floor

New York, New York, 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 February 2, 2023, Bristol-Myers Squibb Company (the “Company”) issued a press release (the “Earnings Press Release”) announcing its financial results for the fourth quarter of 2022 and full year 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 February 2, 2023, the Company posted on its website at www.bms.com a presentation (the “Bristol Myers Presentation”) on certain financial and operating initiatives available for viewing during the Company’s conference call and webcast announcing its financial results for the fourth quarter of 2022 and full year of 2022 at 9:00 a.m. Eastern time on February 2, 2023. 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 Earnings Press Release and 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 (the “Exchange Act”), or otherwise subject to the liabilities thereof, nor shall it be incorporated by reference into future filings by the Company under the Exchange Act or under the Securities Act of 1933, as amended, except to the extent specifically provided in any such filing. Additionally, the submission of the information set forth in this Item 7.01 is not deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely by Regulation FD.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

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

Exhibit<br>No.	Description
99.1	Press release of Bristol-Myers Squibb Company dated February 2, 2023.
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 February 2, 2023.
104	The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).

EXHIBIT INDEX

Exhibit<br>No.	Description
99.1	Press release of Bristol-Myers Squibb Company dated February 2, 2023.
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 February 2, 2023.
104	The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).

SIGNATURES

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

	BRISTOL-MYERS SQUIBB COMPANY
Dated: February 2, 2023	By:	/s/ Kimberly M. Jablonski
	Name:	Kimberly M. Jablonski
	Title:	Corporate Secretary

Document

Exhibit 99.1

Bristol Myers Squibb Reports Fourth Quarter and Full-Year Financial Results for 2022

•Reports Fourth Quarter Revenues of $11.4 Billion; Full-Year Revenues of $46.2 Billion

◦Fourth Quarter Revenues from In-Line Products and New Product Portfolio were $9.0 Billion, an Increase of 7%, or 12% When Adjusted for Foreign Exchange

◦Full-Year Revenues from In-Line Products and New Product Portfolio were $35.4 Billion, an Increase of 9%, or 13% When Adjusted for Foreign Exchange

•Posts Fourth Quarter GAAP EPS of $0.95 and Non-GAAP EPS of $1.82; Includes Net Impact of ($0.01) Per Share for GAAP and Non-GAAP EPS Due to Acquired IPRD Charges and Licensing Income

•Reports Full-Year GAAP EPS of $2.95 and Non-GAAP EPS of $7.70; Includes Net Impact of ($0.24) Per Share for GAAP and Non-GAAP EPS Due to Acquired IPRD Charges and Licensing Income

•Provides GAAP and Non-GAAP Financial Guidance for 2023 Reflecting Continued Revenue and Earnings Growth

(NEW YORK, February 2, 2023) – Bristol Myers Squibb (NYSE:BMY) today reports results for the fourth quarter and full year of 2022, which reflect robust growth of the in-line and new product portfolios, driven by strong commercial execution and continued progress of the company's pipeline.

“2022 was a successful year for our company, one of significant clinical and regulatory achievements that broadened our product portfolio and advanced our pipeline,” said Giovanni Caforio, M.D., board chair and chief executive officer, Bristol Myers Squibb. “We are especially proud to have launched three first-in-class medicines that address serious unmet medical needs for patients. Our financial strength, talented workforce and proven ability to execute will enable us to continue to progress our pipeline and invest in future sources of innovation. With a younger and more diversified portfolio, promising mid-to-late stage registrational assets and a deep early-stage pipeline, I am confident that the company is well positioned for multiple waves of innovation that will support long-term growth.”

Fourth Quarter
amounts in millions, except per share amounts	2021	Change		Change
				Excl. F/X**
Total Revenues	$11,985	(5)	%	(1)	%
Earnings Per Share - GAAP*	1.07	(11)	%	N/A
Earnings Per Share - Non-GAAP*	1.84	(1)	%	N/A
* GAAP and non-GAAP earnings per share include the net impact of Acquired IPRD charges and licensing income of (0.01) per share in the fourth quarter of 2022 and 2021.
** See "Use of Non-GAAP Financial Information."

All values are in US Dollars.

Full Year
amounts in millions, except per share amounts	2021	Change		Change
				Excl. F/X**
Total Revenues	$46,385	—		3	%
Earnings Per Share - GAAP*	3.12	(5)	%	N/A
Earnings Per Share - Non-GAAP*	7.16	8	%	N/A
* GAAP and non-GAAP earnings per share include the net impact of Acquired IPRD charges and licensing income of (0.24) per share in 2022 compared to (0.40) per share in 2021.
** See "Use of Non-GAAP Financial Information."

All values are in US Dollars.

FOURTH QUARTER FINANCIAL RESULTS

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

•Bristol Myers Squibb posted revenues of $11.4 billion, a decrease of 5%, driven by recent LOE products (primarily Revlimid) and foreign exchange impacts, partially offset by in-line products (primarily Opdivo) and our new product portfolio (primarily Opdualag and Abecma). When adjusted for foreign exchange, revenues decreased 1%. Our in-line products and new product portfolio increased 7% to $9.0 billion, or 12% when adjusted for foreign exchange.

•U.S. revenues increased 5% to $7.9 billion. International revenues decreased 22% to $3.5 billion. When adjusted for foreign exchange, international revenues decreased 13%, primarily due to lower demand for 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 77.3% and decreased from 80.3% to 77.9% on a non-GAAP basis primarily due to product mix and higher manufacturing costs.

•On a GAAP and non-GAAP basis, marketing, selling and administrative expenses decreased 4% to $2.3 billion primarily due to foreign exchange.

•On a GAAP and non-GAAP basis, research and development expenses remained constant at $2.5 billion.

•Acquired IPRD expenses decreased from $89 million in 2021 to $52 million in 2022.

•Amortization of acquired intangible assets decreased 3% to $2.3 billion, due to expiration of Abraxane market exclusivity.

•Income tax benefit was $166 million despite pre-tax earnings of $1.9 billion primarily due to the release of income tax reserves. On a non-GAAP basis, the effective tax rate decreased from 15.1% to 10.9% primarily due to the release of income tax reserves, partially offset by jurisdictional earnings mix.

•The company reported net earnings attributable to Bristol Myers Squibb of $2.0 billion, or $0.95 per share, compared to $2.4 billion, or $1.07 per share. In addition to the items discussed above, the net earnings 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 $3.9 billion, or $1.82 per share, compared to non-GAAP net earnings of $4.1 billion, or $1.84 per share.

•In addition to the items discussed above, the earnings per share results in 2022 include the impact of lower weighted-average common shares outstanding.

FOURTH QUARTER PRODUCT REVENUE HIGHLIGHTS

amounts in millions
	Quarter Ended <br>December 31, 2021	% Change from Quarter Ended December 31, 2021	% Change from Quarter Ended December 31, 2021 (Excl. F/X Impact)**
In-Line Products
Eliquis	$2,671	1%	6%
Opdivo	$1,988	11%	16%
Pomalyst/Imnovid	$854	3%	6%
Orencia	$864	6%	9%
Sprycel	$555	4%	8%
Yervoy	$545	4%	9%
Empliciti	$81	(12)%	(7)%
Mature and Other Products*	$441	(7)%	(2)%
Total In-Line Products Revenue	$7,999	4%	9%
New Product Portfolio
Reblozyl	$151	32%	34%
Abecma	$69	81%	87%
Opdualag	—	N/A	N/A
Zeposia	$48	65%	69%
Breyanzi	$40	38%	48%
Onureg	$25	48%	52%
Inrebic	$20	15%	15%
Camzyos	—	N/A	N/A
Sotyktu	—	N/A	N/A
Total New Product Portfolio Revenue	$353	83%	87%
Total In-Line Products and New Product Portfolio Revenue	$8,352	7%	12%
Recent LOE Products
Revlimid	$3,328	(32)%	(31)%
Abraxane	$305	(41)%	(39)%
Total Recent LOE Products Revenue	$3,633	(33)%	(32)%
Total Revenue	$11,985	(5)%	(1)%

All values are in US Dollars.

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

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

FOURTH QUARTER REVENUE HIGHLIGHTS

In-Line Products

Revenues for in-line products were $8.3 billion compared to $8.0 billion, representing an increase of 4%, or 9% when adjusted for foreign exchange. In-line products revenue was largely driven by:

•Eliquis revenues grew 1%, or 6% when adjusted for foreign exchange. U.S. revenues were $1.7 billion compared to $1.5 billion, representing an increase of 15% driven primarily by demand growth and favorable gross to net adjustments. International revenues were $970

million compared to $1.2 billion, representing a decrease of 17% driven by foreign exchange impacts and lower average net selling prices. When adjusted for foreign exchange impacts, Eliquis' international revenues declined 6%.

•Opdivo revenues increased 11%, or 16% when adjusted for foreign exchange. U.S. revenues were $1.3 billion compared to $1.1 billion, representing an increase of 13% driven by higher demand for our newer metastatic and adjuvant indications, partially offset by declining second-line eligibility across tumors and increased competition. International revenues were $951 million compared to $868 million, representing an increase of 10% driven by higher demand as a result of launches for additional indications and core indications and timing of shipments, partially offset by foreign exchange impacts. When adjusted for foreign exchange impacts, Opdivo's international revenues increased 20%.

New Product Portfolio

•New product portfolio revenues grew to $645 million compared to $353 million, representing growth of 83% driven by the launch of Opdualag and higher demand for Abecma and Reblozyl. Excluding foreign exchange, new product portfolio revenues grew 87%.

Recent LOE Products

•Revlimid revenues declined by 32% primarily due to lower demand as a result of generic erosion.

FOURTH QUARTER PRODUCT AND PIPELINE UPDATE

Hematology

Category	Asset	Milestone
Regulatory	Reblozyl®* (luspatercept)	The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has recommended approval of Reblozyl as a treatment for adult patients with anemia associated with non transfusion-dependent beta thalassemia. Reblozyl is being developed and commercialized through a global collaboration with Merck following Merck’s acquisition of Acceleron Pharma, Inc. in November 2021.
	Breyanzi® (lisocabtagene maraleucel)	Japan’s Ministry of Health, Labour and Welfare approved Breyanzi for use in the second-line treatment of patients with relapsed or refractory large B-cell lymphoma regardless of whether autologous hematopoietic stem-cell transplantation is intended. The approval is based on the results of clinical trials in patients with relapsed or refractory aggressive B-cell non-Hodgkin lymphoma after first-line therapy, including global Phase III clinical trials (JCAR017-BCM-003) in patients intended for autologous hematopoietic stem-cell transplantation, Phase II clinical trials (017006) in the United States in patients not intended for autologous hematopoietic stem-cell transplantation, and cohort 2 of Phase II clinical trials (JCAR017-BCM-001) in Europe and Japan.
Clinical & Research	Breyanzi*	Positive topline results from the Phase 2 portion of the TRANSCEND CLL 004, a Phase 1/2, open-label, single-arm, multicenter study evaluating Breyanzi in adults with relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma, showed that the study met the primary endpoint of complete response rate compared to historical control. No new safety signals were reported for Breyanzi in this study.
	Reblozyl	Phase 3 COMMANDS trial met its primary endpoint, demonstrating a highly statistically significant and clinically meaningful improvement in red blood cell transfusion independence with concurrent hemoglobin increase in the first-line treatment of adults with very low-, low-, or intermediate-risk myelodysplastic syndromes who require red blood cell transfusions. No new safety signals were reported.
Pipeline	Multiple Myeloma Portfolio	In December, the company presented new data from across its multiple myeloma portfolio at the 64th American Society of Hematology Annual Meeting and Exposition, including:
	Abecma(R) (idecabtagene vicleucel)	•Two first disclosures of Phase 2 KarMMa-2 trial evaluating Abecma, demonstrating durable responses and predictable safety in patients with multiple myeloma after early relapse from or suboptimal response to stem cell transplant.
	alnuctamab	•First multicenter results from the Phase 1 study of bispecific TCE alnuctamab, administered subcutaneously every four weeks after six months, showed a reduction in inflammatory toxicity relative to intravenous administration, while maintaining anti-tumor activity with deep responses.
GPRC5D CAR T (BMS-986393/CC-95266)	•First disclosure of Phase 1 study for GPRC5D CAR T (BMS-986393/CC-95266) demonstrating deep and durable responses with a manageable safety profile across all dose levels, including patients previously treated with a B-cell maturation antigen-directed CAR T cell therapy.
---	---
mezigdomide	•First results from the dose expansion cohort of the Phase 1/2 study evaluating the novel oral CELMoD agent, mezigdomide with dexamethasone (DEX), showing durable efficacy and a manageable safety profile in patients who were highly refractory to multiple prior therapies.
iberdomide	•New results from a cohort with patients previously exposed to a BCMA-targeted therapy of iberdomide Phase 1/2 study, evaluating the novel oral CELMoD agent with DEX, demonstrating clinically meaningful efficacy and safety regardless of type of prior anti-BCMA treatment.

Immunology

Category	Asset	Milestone
Regulatory	SotyktuTM* (deucrava-citinib)	The CHMP of the EMA has recommended the approval of Sotyktu for the treatment of adults with moderate-to-severe plaque psoriasis. The CHMP recommendation will now be reviewed by the European Commission, which has the authority to approve medicines for the European Union.
Clinical & Research	Zeposia® (ozanimod)	New retrospective analyses from the ongoing Phase 3 DAYBREAK open-label extension (OLE) study of Zeposia in relapsing multiple sclerosis showed that more than 92% of participants who received Zeposia mounted a serological response following COVID-19 vaccination. Interim analyses of the ongoing Phase 3 DAYBREAK OLE study showed that 68% of participants were relapse-free at up to 74 months of treatment. Post hoc analyses of the Phase 3 SUNBEAM, RADIANCE and DAYBREAK OLE studies demonstrated that a greater proportion of patients treated with Zeposia versus interferon beta-1a had a lower annualized rate of brain volume loss.

*Announced in January 2023.

FULL YEAR FINANCIAL RESULTS

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

•Bristol Myers Squibb posted revenues of $46.2 billion, consistent with the prior year, driven by in-line products (primarily Eliquis and Opdivo) and our new product portfolio (primarily Opdualag, Abecma and Reblozyl), offset by recent LOE products (primarily Revlimid) and foreign exchange. When adjusted for foreign exchange, revenues increased 3%. Our in-line products and new product portfolio increased 9% to $35.4 billion, or 13% when adjusted for foreign exchange.

•U.S. revenues increased 9% to $31.8 billion. International revenues decreased 17% to $14.3 billion. When adjusted for foreign exchange, international revenues decreased 8%, primarily due to lower demand for Revlimid as a result of generic erosion, partially offset by in-line products (primarily Opdivo) and our new product portfolio.

•Gross margin decreased from 78.6% to 78.0% and decreased from 79.9% to 78.8% on a non-GAAP basis primarily due to product mix, higher manufacturing costs, partially offset by foreign exchange.

•On a GAAP basis, marketing, selling and administrative expenses increased 2% to $7.8 billion. On a non-GAAP basis, marketing, selling and administrative expenses increased 1% to $7.7 billion.

•On a GAAP basis, research and development expenses decreased 7% to $9.5 billion primarily due to an IPRD impairment charge in 2021. On a non-GAAP basis, research and development expenses decreased 2% to $9.2 billion.

•Acquired IPRD expenses decreased from $1.2 billion to $815 million. Acquired IPRD in 2022 was primarily related to a buyout of a future royalty obligation related to mavacamten and upfront and milestone charges relating to Dragonfly licensing arrangement. Acquired IPRD in 2021 was primarily related to a collaboration agreement with Eisai and Agenus licensing transaction.

•Amortization of acquired intangible assets decreased 4% to $9.6 billion, due to a change in the expected expiration of the market exclusivity period for Pomalyst to the first quarter of 2026 and the expiration of Abraxane market exclusivity.

•The GAAP effective tax rate increased from 13.4% to 17.7% primarily due to an income tax benefit of $1.0 billion in 2021 related to internal transfers of certain intangible assets, partially offset by the release of income tax reserves and jurisdictional earnings mix. The

non-GAAP effective tax rate decreased from 16.0% to 15.3% for the full year primarily due to the release of income tax reserves, partially offset by jurisdictional earnings mix.

•The company reported net earnings attributable to Bristol Myers Squibb of $6.3 billion, or $2.95 per share, compared to $7.0 billion, or $3.12 per share. In addition to the items discussed above, the net earnings include the impact of fair value adjustments on equity investments in both periods and contingent value rights in 2021.

•The company reported non-GAAP net earnings attributable to Bristol Myers Squibb of $16.5 billion, or $7.70 per share, compared to non-GAAP net earnings of $16.1 billion, or $7.16 per share. In addition to the items discussed above, the earnings per share results in 2022 include the impact of lower weighted-average common shares outstanding.

Beginning with the first quarter of 2022, significant R&D charges or other income resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights are no longer excluded from non-GAAP results. These R&D charges that were previously specified are now presented in a new financial statement line item labeled Acquired IPRD. GAAP and non-GAAP earnings per share include the net impact of Acquired IPRD charges and licensing income of ($0.01) per share in the fourth quarter for both periods. GAAP and non-GAAP earnings per share include the net impact of Acquired IPRD charges and licensing income of ($0.24) per share in full-year 2022 and ($0.40) per share in full-year 2021. For purposes of comparability, the non-GAAP financial results for the fourth 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.

FULL YEAR PRODUCT REVENUE HIGHLIGHTS

amounts in millions
	Full Year Ended December 31, 2021	% Change from Full Year Ended December 31, 2021	% Change from Full Year Ended December 31, 2021 (Excl. F/X Impact)***
In-Line Products
Eliquis	$10,762	10%	14%
Opdivo	$7,523	10%	14%
Pomalyst/Imnovid	$3,332	5%	8%
Orencia	$3,306	5%	8%
Sprycel	$2,117	2%	6%
Yervoy	$2,026	5%	10%
Empliciti	$334	(11)%	(7)%
Mature and Other Products*	$1,900	(8)%	(5)%
Total In-Line Products Revenues	$31,300	7%	11%
New Product Portfolio
Reblozyl	$551	30%	32%
Abecma	$164	**	**
Opdualag	—	N/A	N/A
Zeposia	$134	87%	93%
Breyanzi	$87	**	**
Onureg	$73	70%	74%
Inrebic	$74	15%	16%
Camzyos	—	N/A	N/A
Sotyktu	—	N/A	N/A
Total New Product Portfolio Revenues	$1,083	87%	92%
Total In-Line Products and New Product Portfolio Revenues	$32,383	9%	13%
Recent LOE Products
Revlimid	$12,821	(22)%	(21)%
Abraxane	$1,181	(31)%	(30)%
Total Recent LOE Products Revenues	$14,002	(23)%	(22)%
Total Revenue	$46,385	—	3%

All values are in US Dollars.

*    Includes OTC products, royalty revenue and other mature products.

**    In excess of +100%.

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

FULL YEAR REVENUE HIGHLIGHTS

In-Line Products

Revenues for in-line products were $33.3 billion compared to $31.3 billion, representing an increase of 7% or 11% when adjusted for foreign exchange. In-line products revenue was largely driven by:

•Eliquis revenues grew 10%, or 14% when adjusted for foreign exchange. U.S. revenues were $7.8 billion compared to $6.5 billion, representing an increase of 21% driven primarily by

favorable gross to net adjustments and demand growth. International revenues were $4.0 billion compared to $4.3 billion, representing a decrease of 7% driven primarily by foreign exchange impacts and lower average net selling prices. When adjusted for foreign exchange impacts, Eliquis' international revenues increased 4%.

•Opdivo revenues increased 10%, or 14% when adjusted for foreign exchange. U.S. revenues were $4.8 billion compared to $4.2 billion, representing an increase of 15% driven by higher demand for our newer metastatic and adjuvant indications, partially offset by declining second-line eligibility across tumors and increased competition. International revenues were $3.4 billion compared to $3.3 billion, representing an increase of 3% driven by higher demand as a result of launches for additional indications and core indications, partially offset by foreign exchange impacts. When adjusted for foreign exchange impacts, Opdivo's international revenues increased 14%.

New Product Portfolio

•New product portfolio revenues grew to $2.0 billion compared to $1.1 billion, representing growth of 87% driven by the launch of Opdualag and higher demand for Abecma and Reblozyl. Excluding foreign exchange, new product portfolio revenues grew 92%.

Recent LOE Products

•Revlimid revenues declined by 22% primarily due to lower demand as a result of generic erosion.

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.

Financial Guidance

Bristol Myers Squibb provides its 2023 GAAP EPS guidance range of $4.03 - $4.33 and its non-GAAP EPS guidance range of $7.95 - $8.25. Key 2023 GAAP and non-GAAP line-item guidance assumptions are:

•Total revenues are expected to increase by approximately 2% at reported rates and approximately 2% excluding foreign exchange.

◦Revenues from Revlimid are expected to be approximately $6.5 billion.

•Gross margin is expected to be approximately 77% for GAAP and for non-GAAP.

•Operating expenses1 are expected to decrease by mid-single digits for GAAP and decrease by low single digits for non-GAAP.

•An effective tax rate of approximately 22% for GAAP and approximately 17% for non-GAAP.

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

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

Conference Call Information

Bristol Myers Squibb will host a conference call today at 9:00 a.m. ET during which company executives will review 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 conference call by dialing in the U.S. toll free 888-300-3045 or international +1 646-568-1027, conference code: 3734085. 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 February 2 through 11:30 a.m. ET on February 16, 2023, by dialing in the U.S. toll free 800-770-2030 or international +1 647-362-9199, conference code: 3734085.

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 margin, which is gross profit less marketing, selling and administrative expense and research and development expense excluding certain specified items as a percentage of revenues, non-GAAP operating expenses, which is marketing, selling and administrative and research and development expenses

excluding certain specified items, non-GAAP marketing, selling and administrative expenses, which is marketing, selling and administrative expense excluding certain specified items, and non-GAAP research and development expenses, which is research and development expenses excluding certain specified items, are relevant and useful for investors because they allow investors to view performance in a manner similar to the method used by our management and make it easier for investors, analysts and peers to compare our operating performance to other companies in our industry and to compare our year-over-year results.

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

Non-GAAP financial measures such as non-GAAP earnings and related EPS information are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded from non-GAAP earnings and related EPS information because the company believes they neither relate to the ordinary course of the company’s business nor reflect the company’s underlying business performance. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods, including amortization of acquired intangible assets, including product rights that generate a significant portion of our ongoing revenue and will recur until the intangible assets are fully amortized, unwind of inventory purchase price adjustments, acquisition and integration expenses, restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, 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 the unwind of inventory purchase price adjustments, accelerated depreciation and impairment of property, plant and equipment and intangible assets, and stock compensation resulting from acquisition-related equity awards, or currency exchange rates beyond the next twelve months. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on our future GAAP results.

Website Information

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

Cautionary Statement Regarding Forward-Looking Statements

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

company’s product candidates will receive necessary clinical and manufacturing regulatory approvals, that the company’s pipeline products will prove to be commercially successful, that clinical and manufacturing regulatory approvals will be sought or obtained within currently expected timeframes, or that contractual milestones will be achieved.

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

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 DECEMBER 31, 2022 AND 2021

(Unaudited, dollars in millions)

	Worldwide Revenues						U.S. Revenues(c)
	2022		2021		% Change		2022		2021		% Change
In-Line Products
Eliquis	$	2,688	$	2,671	1	%	$	1,718	$	1,496	15	%
Opdivo	2,216		1,988		11	%	1,265		1,120		13	%
Pomalyst/Imnovid	877		854		3	%	625		584		7	%
Orencia	913		864		6	%	710		637		11	%
Sprycel	578		555		4	%	418		351		19	%
Yervoy	568		545		4	%	345		330		5	%
Empliciti	71		81		(12)	%	44		50		(12)	%
Mature and other products(a)	411		441		(7)	%	141		146		(3)	%
Total In-Line Products	8,322		7,999		4	%	5,266		4,714		12	%
New Product Portfolio
Reblozyl	199		151		32	%	157		130		21	%
Abecma	125		69		81	%	94		67		40	%
Opdualag	104		—		N/A		104		—		N/A
Zeposia	79		48		65	%	58		34		71	%
Breyanzi	55		40		38	%	42		38		11	%
Onureg	37		25		48	%	27		22		23	%
Inrebic	23		20		15	%	17		17		—
Camzyos	16		—		N/A		16		—		N/A
Sotyktu	7		—		N/A		7		—		N/A
Total New Product Portfolio	645		353		83	%	522		308		69	%
Total In-Line and New Product Portfolio	8,967		8,352		7	%	5,788		5,022		15	%
Recent LOE Products(b)
Revlimid	2,260		3,328		(32)	%	2,021		2,270		(11)	%
Abraxane	179		305		(41)	%	116		228		(49)	%
Total Recent LOE Products	2,439		3,633		(33)	%	2,137		2,498		(14)	%
Total Revenues	$	11,406	$	11,985	(5)	%	$	7,925	$	7,520	5	%

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

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

(c)    Includes Puerto Rico.

BRISTOL-MYERS SQUIBB COMPANY

PRODUCT REVENUES

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2022 AND 2021

(Unaudited, dollars in millions)

	Worldwide Revenues						U.S. Revenues(c)
	2022		2021		% Change		2022		2021		% Change
In-Line Products
Eliquis	$	11,789	$	10,762	10	%	$	7,786	$	6,456	21	%
Opdivo	8,249		7,523		10	%	4,812		4,202		15	%
Pomalyst/Imnovid	3,497		3,332		5	%	2,438		2,249		8	%
Orencia	3,464		3,306		5	%	2,638		2,410		9	%
Sprycel	2,165		2,117		2	%	1,497		1,297		15	%
Yervoy	2,131		2,026		5	%	1,304		1,265		3	%
Empliciti	296		334		(11)	%	185		200		(8)	%
Mature and other products(a)	1,749		1,900		(8)	%	565		580		(3)	%
Total In-Line Products	33,340		31,300		7	%	21,225		18,659		14	%
New Product Portfolio
Reblozyl	717		551		30	%	591		485		22	%
Abecma	388		164		**		297		158		88	%
Opdualag	252		—		N/A		252		—		N/A
Zeposia	250		134		87	%	177		99		79	%
Breyanzi	182		87		**		151		84		80	%
Onureg	124		73		70	%	95		69		38	%
Inrebic	85		74		15	%	69		67		3	%
Camzyos	24		—		N/A		24		—		N/A
Sotyktu	8		—		N/A		8		—		N/A
Total New Product Portfolio	2,030		1,083		87	%	1,664		962		73	%
Total In-Line and New Product Portfolio	35,370		32,383		9	%	22,889		19,621		17	%
Recent LOE Products(b)
Revlimid	9,978		12,821		(22)	%	8,359		8,695		(4)	%
Abraxane	811		1,181		(31)	%	580		898		(35)	%
Total Recent LOE Products	10,789		14,002		(23)	%	8,939		9,593		(7)	%
Total Revenues	$	46,159	$	46,385	—		$	31,828	$	29,214	9	%

**    In excess of +/- 100%

(a)    Includes 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 TWELVE MONTHS ENDED DECEMBER 31, 2022 AND 2021

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

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2022		2021		2022		2021
Net product sales	$	11,065	$	11,609	$	44,671	$	45,055
Alliance and other revenues	341		376		1,488		1,330
Total Revenues	11,406		11,985		46,159		46,385
Cost of products sold(a)	2,593		2,356		10,137		9,940
Marketing, selling and administrative	2,266		2,354		7,814		7,690
Research and development(b)	2,510		2,518		9,509		10,195
Acquired IPRD(b)	52		89		815		1,159
Amortization of acquired intangible assets	2,343		2,417		9,595		10,023
Other (income)/expense, net	(217)		393		576		(720)
Total Expenses	9,547		10,127		38,446		38,287
Earnings Before Income Taxes	1,859		1,858		7,713		8,098
(Benefit)/Provision for Income Taxes	(166)		(514)		1,368		1,084
Net Earnings	2,025		2,372		6,345		7,014
Noncontrolling Interest	3		—		18		20
Net Earnings Attributable to BMS	$	2,022	$	2,372	$	6,327	$	6,994
Weighted-Average Common Shares Outstanding:
Basic	2,108		2,202		2,130		2,221
Diluted	2,124		2,219		2,146		2,245
Earnings per Common Share:
Basic	$	0.96	$	1.08	$	2.97	$	3.15
Diluted	0.95		1.07		2.95		3.12
Other (income)/expense, net
Interest expense(c)	$	294	$	323	$	1,232	$	1,334
Royalties and licensing income	(316)		(317)		(1,283)		(1,067)
Royalty income - divestitures	(235)		(219)		(832)		(666)
Equity investment (income)/losses	(165)		469		801		(745)
Integration expenses	97		130		440		564
Loss on debt redemption	—		—		266		281
Divestiture gains	—		—		(211)		(9)
Litigation and other settlements	146		33		178		82
Investment income	(82)		(6)		(171)		(39)
Provision for restructuring	15		19		75		169
Contingent consideration	(10)		(32)		(9)		(542)
Other	39		(7)		90		(82)
Other (income)/expense, net	$	(217)	$	393	$	576	$	(720)

(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 TWELVE MONTHS ENDED DECEMBER 31, 2022 AND 2021

(Unaudited, dollars in millions)

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2022		2021(a)		2022		2021(a)
Inventory purchase price accounting adjustments	$	53	$	—	$	293	$	264
Intangible asset impairment	—		—		—		315
Site exit and other costs	20		—		63		24
Cost of products sold	73		—		356		603
Employee compensation charges	—		—		73		1
Site exit and other costs	—		2		6		2
Marketing, selling and administrative	—		2		79		3
IPRD impairments	—		—		98		840
Inventory purchase price accounting adjustments	—		—		130		1
Employee compensation charges	—		—		80		1
Site exit and other costs	—		—		—		1
Research and development	—		—		308		843
Amortization of acquired intangible assets	2,343		2,417		9,595		10,023
Interest expense(b)	(17)		(29)		(83)		(120)
Equity investment losses/(income)	(163)		469		799		(758)
Integration expenses	97		130		440		564
Loss on debt redemption	—		—		266		281
Divestiture gains	—		—		(211)		(9)
Litigation and other settlements	144		—		140		—
Provision for restructuring	15		19		75		169
Contingent consideration	—		(32)		—		(542)
Other	1		—		71		—
Other (income)/expense, net	77		557		1,497		(415)
Increase to pretax income	2,493		2,976		11,835		11,057
Income taxes on items above	(345)		(261)		(1,332)		(993)
Income tax reserve release attributed to Mead Johnson	(225)		—		(225)		—
Income taxes attributed to internal transfers of intangible assets	(72)		(983)		(72)		(983)
Income taxes	(642)		(1,244)		(1,629)		(1,976)
Increase to net earnings	$	1,851	$	1,732	$	10,206	$	9,081

(a)    Revised to exclude significant R&D charges or other income resulting from upfront 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 TWELVE MONTHS ENDED DECEMBER 31, 2022 AND 2021

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

	Three Months Ended December 31, 2022									Twelve Months Ended December 31, 2022
	GAAP			Specified Items(a)			Non-GAAP			GAAP			Specified Items(a)			Non-GAAP
Gross Profit	$	8,813		$	73		$	8,886		$	36,022		$	356		$	36,378
Marketing, selling and administrative	2,266			—			2,266			7,814			(79)			7,735
Research and development	2,510			—			2,510			9,509			(308)			9,201
Amortization of acquired intangible assets	2,343			(2,343)			—			9,595			(9,595)			—
Other (income)/expense, net	(217)			(77)			(294)			576			(1,497)			(921)
Earnings Before Income Taxes	1,859			2,493			4,352			7,713			11,835			19,548
(Benefit)/Provision for Income Taxes	(166)			642			476			1,368			1,629			2,997
Net Earnings Attributable to BMS used for Diluted EPS Calculation	$	2,022		$	1,851		$	3,873		$	6,327		$	10,206		$	16,533
Weighted-Average Common Shares Outstanding - Diluted	2,124			2,124			2,124			2,146			2,146			2,146
Diluted Earnings Per Share	$	0.95		$	0.87		$	1.82		$	2.95		$	4.75		$	7.70
Effective Tax Rate	(8.9)		%	19.8		%	10.9		%	17.7		%	(2.4)		%	15.3		%
	Three Months Ended December 31, 2021									Twelve Months Ended December 31, 2021
	GAAP			Specified Items(a)			Non-GAAP			GAAP			Specified Items(a)			Non-GAAP
Gross Profit	$	9,629		$	—		$	9,629		$	36,445		$	603		$	37,048
Marketing, selling and administrative	2,354			(2)			2,352			7,690			(3)			7,687
Research and development	2,518			—			2,518			10,195			(843)			9,352
Amortization of acquired intangible assets	2,417			(2,417)			—			10,023			(10,023)			—
Other (income)/expense, net	393			(557)			(164)			(720)			415			(305)
Earnings Before Income Taxes	1,858			2,976			4,834			8,098			11,057			19,155
(Benefit)/Provision for Income Taxes	(514)			1,244			730			1,084			1,976			3,060
Net Earnings Attributable to BMS used for Diluted EPS Calculation	$	2,372		$	1,732		$	4,104		$	6,994		$	9,081		$	16,075
Weighted-Average Common Shares Outstanding - Diluted	2,219			2,219			2,219			2,245			2,245			2,245
Diluted Earnings Per Share	$	1.07		$	0.77		$	1.84		$	3.12		$	4.04		$	7.16
Effective Tax Rate	(27.7)		%	42.8		%	15.1		%	13.4		%	2.6		%	16.0		%

(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 DECEMBER 31, 2022 AND DECEMBER 31, 2021

(Unaudited, dollars in millions)

	December 31, 2022		December 31, 2021
Cash and cash equivalents	$	9,123	$	13,979
Marketable debt securities	130		2,987
Cash, cash equivalents and marketable debt securities	9,253		16,966
Short-term debt obligations	(4,264)		(4,948)
Long-term debt	(35,056)		(39,605)
Net debt position	$	(30,067)	$	(27,587)

Media: media@bms.com

Investor Relations: investor.relations@bms.com

24

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		$	7,925		$	31,828		5	%	9	%	—		—
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			3,281			13,497			(22)	%	(17)	%	(9)	%	(9)	%
Other(a)	164			191			355			276			631			221			852			227			192			419			215			634			200			834			(10)	%	(2)	%	—		—
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		$	11,406		$	46,159		(5)	%	—		(4)	%	(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		%	69.5		%	69.0		%
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		%	28.8		%	29.2		%
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		%	1.7		%	1.8		%
Total	100		%	100		%	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		$	11,065		$	44,671		(5)	%	(1)	%
Alliance and other revenues	275			298			573			381			954			376			1,330			340			402			742			405			1,147			341			1,488			(9)	%	12	%
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			11,406			46,159			(5)	%	—
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			2,593			10,137			10	%	2	%
Marketing, selling and administrative	1,666			1,882			3,548			1,788			5,336			2,354			7,690			1,831			1,787			3,618			1,930			5,548			2,266			7,814			(4)	%	2	%
Research and development(b)	2,219			2,478			4,697			2,980			7,677			2,518			10,195			2,260			2,321			4,581			2,418			6,999			2,510			9,509			—		(7)	%
Acquired IPRD(b)	6			793			799			271			1,070			89			1,159			333			400			733			30			763			52			815			(42)	%	(30)	%
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			2,343			9,595			(3)	%	(4)	%
Other (income)/expense, net	(702)			(2)			(704)			(409)			(1,113)			393			(720)			649			284			933			(140)			793			(217)			576			**		**
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			9,547			38,446			(6)	%	—
Earnings before income taxes	2,530			1,553			4,083			2,157			6,240			1,858			8,098			1,687			1,958			3,645			2,209			5,854			1,859			7,713			—		(5)	%
Provision/(benefit) for income taxes	501			492			993			605			1,598			(514)			1,084			404			529			933			601			1,534			(166)			1,368			(68)	%	26	%
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			2,025			6,345			(15)	%	(10)	%
Noncontrolling interest	8			6			14			6			20			—			20			5			8			13			2			15			3			18			N/A		(10)	%
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		$	2,022		$	6,327		(15)	%	(10)	%
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		$	0.95		$	2.95		(11)	%	(5)	%
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			2,124			2,146
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		$	0.57		$	2.19		6	%	9	%
	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		%	77.3		%	78.0		%
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		%	(8.9)		%	17.7		%
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		$	294		$	1,232		(9)	%	(8)	%
Royalties and licensing income	(232)			(253)			(485)			(265)			(750)			(317)			(1,067)			(306)			(287)			(593)			(374)			(967)			(316)			(1,283)			—		20	%
Royalty income - divestiture	(135)			(152)			(287)			(160)			(447)			(219)			(666)			(171)			(221)			(392)			(205)			(597)			(235)			(832)			7	%	25	%
Equity investment losses/(income)	(601)			(148)			(749)			(465)			(1,214)			469			(745)			644			308			952			14			966			(165)			801			**		**
Integration expenses	141			152			293			141			434			130			564			105			124			229			114			343			97			440			(25)	%	(22)	%
Loss/(gain) on debt redemption	281			—			281			—			281			—			281			275			(9)			266			—			266			—			266			N/A		(5)	%
Divestiture (gains)/losses	—			(11)			(11)			2			(9)			—			(9)			(211)			—			(211)			—			(211)			—			(211)			N/A		**
Investment income	(9)			(12)			(21)			(12)			(33)			(6)			(39)			(10)			(27)			(37)			(52)			(89)			(82)			(171)			**		**
Litigation and other settlements	(8)			44			36			13			49			33			82			(37)			25			(12)			44			32			146			178			**		**
Provision for restructuring	45			78			123			27			150			19			169			23			20			43			17			60			15			75			(21)	%	(56)	%
Contingent consideration	(510)			—			(510)			—			(510)			(32)			(542)			1			—			1			—			1			(10)			(9)			(69)	%	(98)	%
Other	(27)			(30)			(57)			(18)			(75)			(7)			(82)			10			38			48			3			51			39			90			**		**
Other (income)/expense, net	$	(702)		$	(2)		$	(704)		$	(409)		$	(1,113)		$	393		$	(720)		$	649		$	284		$	933		$	(140)		$	793		$	(217)		$	576		**		**

*    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 DECEMBER 31, 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	$	11,406		$	11,985			(5)	%		$	11,816	(4)	%	(1)	%
Gross profit	8,813			9,629			(816)	(8)	%	N/A	N/A		N/A		N/A
Gross profit excluding specified items(a)	8,886			9,629			(743)	(8)	%	N/A	N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	77.9		%	80.3		%
Marketing, selling and administrative	2,266			2,354			(88)	(4)	%	70	2,336		3	%	(1)	%
Marketing, selling and administrative excluding specified items(a)	2,266			2,352			(86)	(4)	%	70	2,336		3	%	(1)	%
Marketing, selling and administrative excluding specified items as a % of revenues	19.9		%	19.6		%
Research and development	2,510			2,518			(8)	—		28	2,538		1	%	1	%
Research and development excluding specified items(a)	2,510			2,518			(8)	—		28	2,538		1	%	1	%
Research and development excluding specified items as a % of revenues	22.0		%	21.0		%
YEAR-TO-DATE	2022			2021			Change	% Change		Favorable/(Unfavorable) FX Impact *	2022 Excluding FX		Favorable/(Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	46,159		$	46,385			—			$	47,623	(3)	%	3	%
Gross profit	36,022			36,445			(423)	(1)	%	N/A	N/A		N/A		N/A
Gross profit excluding specified items(a)	36,378			37,048			(670)	(2)	%	N/A	N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	78.8		%	79.9		%
Marketing, selling and administrative	7,814			7,690			124	2	%	207	8,021		2	%	4	%
Marketing, selling and administrative excluding specified items(a)	7,735			7,687			48	1	%	207	7,942		2	%	3	%
Marketing, selling and administrative excluding specified items as a % of revenues	16.8		%	16.6		%
Research and development	9,509			10,195			(686)	(7)	%	102	9,611		1	%	(6)	%
Research and development excluding specified items(a)	9,201			9,352			(151)	(2)	%	102	9,303		1	%	(1)	%
Research and development excluding specified items as a % of revenues	19.9		%	20.2		%

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	$	2,688	$	11,789		$	1,027	1	%	10	%
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		2,216		8,249		228	726		11	%	10	%
Pomalyst/Imnovid	773		854		1,627		851		2,478		854		3,332		826		908		1,734		886		2,620		877		3,497		23	165		3	%	5	%
Orencia	758		814		1,572		870		2,442		864		3,306		792		876		1,668		883		2,551		913		3,464		49	158		6	%	5	%
Sprycel	470		541		1,011		551		1,562		555		2,117		483		544		1,027		560		1,587		578		2,165		23	48		4	%	2	%
Yervoy	456		510		966		515		1,481		545		2,026		515		525		1,040		523		1,563		568		2,131		23	105		4	%	5	%
Empliciti	85		86		171		82		253		81		334		75		77		152		73		225		71		296		(10)	(38)		(12)	%	(11)	%
Mature and other products(a)	506		473		979		480		1,459		441		1,900		462		435		897		441		1,338		411		1,749		(30)	(151)		(7)	%	(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		$	8,322	33,340		323	2,040		4	%	7	%
New Product Portfolio
Reblozyl	112		128		240		160		400		151		551		156		172		328		190		518		199		717		48	166		32	%	30	%
Abecma	—		24		24		71		95		69		164		67		89		156		107		263		125		388		56	224		81	%	**
Opdualag	—		—		—		—		—		—		—		6		58		64		84		148		104		252		104	252		N/A		N/A
Zeposia	18		28		46		40		86		48		134		36		66		102		69		171		79		250		31	116		65	%	87	%
Breyanzi	—		17		17		30		47		40		87		44		39		83		44		127		55		182		15	95		38	%	**
Onureg	15		12		27		21		48		25		73		23		32		55		32		87		37		124		12	51		48	%	70	%
Inrebic	16		16		32		22		54		20		74		18		23		41		21		62		23		85		3	11		15	%	15	%
Camzyos	—		—		—		—		—		—		—		—		3		3		5		8		16		24		16	24		N/A		N/A
Sotyktu	—		—		—		—		—		—		—		—		—		—		1		1		7		8		7	8		N/A		N/A
Total New Product Portfolio	161		225		386		344		730		353		1,083		350		482		832		553		1,385		645		2,030		292	947		83	%	87	%
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		8,967		35,370		615	2,987		7	%	9	%
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		2,260		9,978		(1,068)	(2,843)		(32)	%	(22)	%
Abraxane	314		296		610		266		876		305		1,181		214		241		455		177		632		179		811		(126)	(370)		(41)	%	(31)	%
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		2,439		10,789		(1,194)	(3,213)		(33)	%	(23)	%
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	$	11,406	$	46,159		$	(226)	(5)	%	—

All values are in US Dollars.

**    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 exclusivity.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE REVENUES

FOREIGN EXCHANGE IMPACT (%)

(Unaudited)

	Three Months Ended December 31, 2022			Twelve Months Ended December 31, 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	1%	(5)%	6%	10%	(4)%	14%
Opdivo	11%	(5)%	16%	10%	(4)%	14%
Pomalyst/Imnovid	3%	(3)%	6%	5%	(3)%	8%
Orencia	6%	(3)%	9%	5%	(3)%	8%
Sprycel	4%	(4)%	8%	2%	(4)%	6%
Yervoy	4%	(5)%	9%	5%	(5)%	10%
Empliciti	(12)%	(5)%	(7)%	(11)%	(4)%	(7)%
Mature and other products(a)	(7)%	(5)%	(2)%	(8)%	(3)%	(5)%
Total In-Line Products	4%	(5)%	9%	7%	(4)%	11%
New Product Portfolio
Reblozyl	32%	(2)%	34%	30%	(2)%	32%
Abecma	81%	(6)%	87%	**	**	**
Opdualag	N/A	N/A	N/A	N/A	N/A	N/A
Zeposia	65%	(4)%	69%	87%	(6)%	93%
Breyanzi	38%	(10)%	48%	**	**	**
Onureg	48%	(4)%	52%	70%	(4)%	74%
Inrebic	15%	—	15%	15%	(1)%	16%
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	83%	(4)%	87%	87%	(5)%	92%
Total In-Line Products and New Product Portfolio	7%	(5)%	12%	9%	(4)%	13%
Recent LOE Products(b)
Revlimid	(32)%	(1)%	(31)%	(22)%	(1)%	(21)%
Abraxane	(41)%	(2)%	(39)%	(31)%	(1)%	(30)%
Total Recent LOE Products	(33)%	(1)%	(32)%	(23)%	(1)%	(22)%
Total	(5)%	(4)%	(1)%	—	(3)%	3%

*    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.

**    In excess of +/- 100%.

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

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

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	$	1,718	$	7,786	15	%	21	%
Opdivo	944		1,076		2,020		1,062		3,082		1,120		4,202		1,099		1,205		2,304		1,243		3,547		1,265		4,812		13	%	15	%
Pomalyst/Imnovid	512		567		1,079		586		1,665		584		2,249		557		616		1,173		640		1,813		625		2,438		7	%	8	%
Orencia	536		593		1,129		644		1,773		637		2,410		592		654		1,246		682		1,928		710		2,638		11	%	9	%
Sprycel	275		325		600		346		946		351		1,297		305		372		677		402		1,079		418		1,497		19	%	15	%
Yervoy	294		328		622		313		935		330		1,265		311		326		637		322		959		345		1,304		5	%	3	%
Empliciti	51		51		102		48		150		50		200		47		47		94		47		141		44		185		(12)	%	(8)	%
Mature and other products(a)	152		130		282		152		434		146		580		133		147		280		144		424		141		565		(3)	%	(3)	%
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		5,266		21,225		12	%	14	%
New Product Portfolio
Reblozyl	98		110		208		147		355		130		485		134		144		278		156		434		157		591		21	%	22	%
Abecma	—		24		24		67		91		67		158		56		72		128		75		203		94		297		40	%	88	%
Opdualag	—		—		—		—		—		—		—		6		58		64		84		148		104		252		N/A		N/A
Zeposia	13		20		33		32		65		34		99		21		48		69		50		119		58		177		71	%	79	%
Breyanzi	—		17		17		29		46		38		84		41		33		74		35		109		42		151		11	%	80	%
Onureg	14		12		26		21		47		22		69		19		25		44		24		68		27		95		23	%	38	%
Inrebic	15		15		30		20		50		17		67		15		20		35		17		52		17		69		—		3	%
Camzyos	—		—		—		—		—		—		—		—		3		3		5		8		16		24		N/A		N/A
Sotyktu	—		—		—		—		—		—		—		—		—		—		1		1		7		8		N/A		N/A
Total New Product Portfolio	140		198		338		316		654		308		962		292		403		695		447		1,142		522		1,664		69	%	73	%
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		5,788		22,889		15	%	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		2,021		8,359		(11)	%	(4)	%
Abraxane	225		234		459		211		670		228		898		173		176		349		115		464		116		580		(49)	%	(35)	%
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		2,137		8,939		(14)	%	(7)	%
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	$	7,925	$	31,828	5	%	9	%

**    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 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	$	970	$	4,003	(17)	%	(7)	%
Opdivo	776		834		1,610		843		2,453		868		3,321		824		858		1,682		804		2,486		951		3,437		10	%	3	%
Pomalyst/Imnovid	261		287		548		265		813		270		1,083		269		292		561		246		807		252		1,059		(7)	%	(2)	%
Orencia	222		221		443		226		669		227		896		200		222		422		201		623		203		826		(11)	%	(8)	%
Sprycel	195		216		411		205		616		204		820		178		172		350		158		508		160		668		(22)	%	(19)	%
Yervoy	162		182		344		202		546		215		761		204		199		403		201		604		223		827		4	%	9	%
Empliciti	34		35		69		34		103		31		134		28		30		58		26		84		27		111		(13)	%	(17)	%
Mature and other products(a)	354		343		697		328		1,025		295		1,320		329		288		617		297		914		270		1,184		(8)	%	(10)	%
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		$	3,056	$	12,115	(7)	%	(4)	%
New Product Portfolio
Reblozyl	14		18		32		13		45		21		66		22		28		50		34		84		42		126		100	%	91	%
Abecma	—		—		—		4		4		2		6		11		17		28		32		60		31		91		**		**
Zeposia	5		8		13		8		21		14		35		15		18		33		19		52		21		73		50	%	**
Breyanzi	—		—		—		1		1		2		3		3		6		9		9		18		13		31		**		**
Onureg	1		—		1		—		1		3		4		4		7		11		8		19		10		29		**		**
Inrebic	1		1		2		2		4		3		7		3		3		6		4		10		6		16		100	%	**
Total New Product Portfolio	21		27		48		28		76		45		121		58		79		137		106		243		123		366		**		**
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		3,179		12,481		(5)	%	(2)	%
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		239		1,619		(77)	%	(61)	%
Abraxane	89		62		151		55		206		77		283		41		65		106		62		168		63		231		(18)	%	(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		302		1,850		(73)	%	(58)	%
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	$	3,481	$	14,331	(22)	%	(17)	%

**    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 December 31, 2022			Twelve Months Ended December 31, 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	(17)%	(11)%	(6)%	(7)%	(11)%	4%
Opdivo	10%	(10)%	20%	3%	(11)%	14%
Pomalyst/Imnovid	(7)%	(11)%	4%	(2)%	(10)%	8%
Orencia	(11)%	(13)%	2%	(8)%	(11)%	3%
Sprycel	(22)%	(12)%	(10)%	(19)%	(11)%	(8)%
Yervoy	4%	(13)%	17%	9%	(12)%	21%
Empliciti	(13)%	(13)%	—	(17)%	(12)%	(5)%
Mature and other products(a)	(8)%	(8)%	—	(10)%	(5)%	(5)%
Total In-Line Products	(7)%	(11)%	4%	(4)%	(10)%	6%
New Product Portfolio
Reblozyl	100%	(14)%	**	91%	(18)%	**
Abecma	**	**	**	**	**	**
Zeposia	50%	(14)%	64%	**	**	**
Breyanzi	**	**	**	**	**	**
Onureg	**	**	**	**	**	**
Inrebic	100%	—	100%	**	**	**
Total New Product Portfolio	**	**	**	**	**	**
Total In-Line Products and New Product Portfolio	(5)%	(12)%	7%	(2)%	(10)%	8%
Recent LOE Products(b)
Revlimid	(77)%	(2)%	(75)%	(61)%	(4)%	(57)%
Abraxane	(18)%	(8)%	(10)%	(18)%	(5)%	(13)%
Total Recent LOE Products	(73)%	(3)%	(70)%	(58)%	(3)%	(55)%
Total	(22)%	(9)%	(13)%	(17)%	(9)%	(8)%

*    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.

**    In excess of +/- 100%.

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

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

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	$	53	$	293
Intangible asset impairment	315		—		315		—		315		—		315		—		—		—		—		—		—		—
Site exit and other costs	23		1		24		—		24		—		24		—		43		43		—		43		20		63
Cost of products sold	417		89		506		97		603		—		603		52		145		197		86		283		73		356
Employee compensation charges	—		1		1		—		1		—		1		—		—		—		73		73		—		73
Site exit and other costs	(1)		—		(1)		1		—		2		2		2		4		6		—		6		—		6
Marketing, selling and administrative	(1)		1		—		1		1		2		3		2		4		6		73		79		—		79
IPRD impairments	—		230		230		610		840		—		840		40		—		40		58		98		—		98
Inventory purchase price accounting adjustments	—		—		—		1		1		—		1		87		21		108		22		130		—		130
Employee compensation charges	1		—		1		—		1		—		1		—		—		—		80		80		—		80
Site exit and other costs	—		—		—		1		1		—		1		—		—		—		—		—		—		—
Research and development	1		230		231		612		843		—		843		127		21		148		160		308		—		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		2,343		9,595
Interest expense(b)	(34)		(28)		(62)		(29)		(91)		(29)		(120)		(27)		(21)		(48)		(18)		(66)		(17)		(83)
Equity investment (income)/losses	(608)		(154)		(762)		(465)		(1,227)		469		(758)		643		307		950		12		962		(163)		799
Integration expenses	141		152		293		141		434		130		564		105		124		229		114		343		97		440
Loss/(gain) on debt redemption	281		—		281		—		281		—		281		275		(9)		266		—		266		—		266
Divestiture (gains)/losses	—		(11)		(11)		2		(9)		—		(9)		(211)		—		(211)		—		(211)		—		(211)
Litigation and other settlements	—		—		—		—		—		—		—		(40)		—		(40)		36		(4)		144		140
Provision for restructuring	45		78		123		27		150		19		169		23		20		43		17		60		15		75
Contingent consideration	(510)		—		(510)		—		(510)		(32)		(542)		—		—		—		—		—		—		—
Other	—		—		—		—		—		—		—		—		42		42		28		70		1		71
Other (income)/expense, net	(685)		37		(648)		(324)		(972)		557		(415)		768		463		1,231		189		1,420		77		1,497
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		2,493		11,835
Income taxes on items above	(303)		(292)		(595)		(137)		(732)		(261)		(993)		(398)		(321)		(719)		(268)		(987)		(345)		(1,332)
Income tax reserve release attributed to Mead Johnson	—		—		—		—		—		—		—		—		—		—		—		—		(225)		(225)
Income taxes attributed to internal transfers of certain assets	—		—		—		—		—		(983)		(983)		—		—		—		—		—		(72)		(72)
Income taxes	(303)		(292)		(595)		(137)		(732)		(1,244)		(1,976)		(398)		(321)		(719)		(268)		(987)		(642)		(1,629)
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	$	1,851	$	10,206

(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	$	8,813	$	36,022
Specified items(a)	417		89		506		97		603		—		603		52		145		197		86		283		73		356
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		8,886		36,378
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		2,266		7,814
Specified items(a)	1		(1)		—		(1)		(1)		(2)		(3)		(2)		(4)		(6)		(73)		(79)		—		(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		2,266		7,735
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		2,510		9,509
Specified items(a)	(1)		(230)		(231)		(612)		(843)		—		(843)		(127)		(21)		(148)		(160)		(308)		—		(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		2,510		9,201
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		2,343		9,595
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)		(2,343)		(9,595)
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		(217)		576
Specified items(a)	685		(37)		648		324		972		(557)		415		(768)		(463)		(1,231)		(189)		(1,420)		(77)		(1,497)
Other (income)/expense, net excluding specified items	(17)		(39)		(56)		(85)		(141)		(164)		(305)		(119)		(179)		(298)		(329)		(627)		(294)		(921)

(a)    Refer to the Specified Items schedule for further details. For a description of Non-GAAP financial information, see Bristol Myers Squibb "Use of non-GAAP Financial Information" herein.

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		$	1,859		$	7,713
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			2,493			11,835
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			4,352			19,548
Provision/(benefit) for income taxes	501			492			993			605			1,598			(514)			1,084			404			529			933			601			1,534			(166)			1,368
Income taxes on specified items(a)	303			292			595			137			732			261			993			398			321			719			268			987			345			1,332
Income tax reserve release attributed to Mead Johnson(a)	—			—			—			—			—			—			—			—			—			—			—			—			225			225
Income taxes attributed to internal transfer of certain assets(a)	—			—			—			—			—			983			983			—			—			—			—			—			72			72
Provision for income taxes excluding tax on specified items, income tax reserve release attributed to Mead Johnson and income taxes attributed to internal transfer of certain assets	804			784			1,588			742			2,330			730			3,060			802			850			1,652			869			2,521			476			2,997
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			2,022			6,327
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			1,851			10,206
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			3,873			16,533
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			2,124			2,146
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			2,124			2,146
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		$	0.95		$	2.95
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			0.87			4.75
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		$	1.82		$	7.70
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		%	(8.9)		%	17.7		%
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)		%	19.8		%	(2.4)		%
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		%	10.9		%	15.3		%

*    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. For a description of Non-GAAP financial information, see Bristol Myers Squibb "Use of non-GAAP Financial Information" herein.

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, 2021		March 31,<br>2022		June 30,<br>2022		September 30,<br>2022		December 31, 2022
Cash and cash equivalents	$	10,982	$	11,024	$	13,540	$	13,979	$	12,369	$	10,750	$	7,734	$	9,123
Marketable debt securities - current	1,948		1,946		2,123		2,987		2,599		2,478		1,293		130
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		9,253
Short-term debt obligations	(1,777)		(2,655)		(5,065)		(4,948)		(7,522)		(4,953)		(2,132)		(4,264)
Long-term debt	(44,505)		(42,503)		(39,677)		(39,605)		(37,450)		(37,107)		(36,966)		(35,056)
Net Debt Position	$	(33,064)	$	(32,045)	$	(29,033)	$	(27,587)	$	(30,004)	$	(28,832)	$	(30,071)	$	(30,067)

BRISTOL-MYERS SQUIBB COMPANY

2023 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2023
		Pre-tax		Tax		After-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP							$4.03 to $4.33
Projected Specified Items:
Purchase price accounting adjustments(a)			4.26		0.44		3.82
Acquisition, restructuring and integration expenses(b)			0.13		0.03		0.10
Total			4.39		0.47		3.92
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP							$7.95 to $8.25

(a)    Includes amortization of acquired intangible assets, unwind of inventory purchase price 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 2023 financial guidance:
Line item	GAAP	Non-GAAP
Total reported revenues	~ 2% increase	~ 2% increase
Total revenues Ex-FX(c)	~ 2% increase	~ 2% increase
Revlimid	~ $6.5 billion	~ $6.5 billion
Gross margin	~ 77%	~ 77%
Operating expenses(d)	Mid single-digit decline	Low single-digit decline
Effective tax rate	~ 22%	~ 17%

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

(d)    Operating expenses consist of Marketing, selling and administrative expenses and Research and development expenses, excluding Acquired IPRD expenses.

The GAAP financial results for the full year of 2023 will include specified items, including 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) and Turning Point related charges, among other items. The 2023 financial guidance excludes the impact of any potential future strategic acquisitions and divestitures and any specified items that have not yet been identified and quantified. For a fuller discussion of items that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol Myers Squibb Reports Fourth Quarter and Full Year Financial Results for 2022 on February 2, 2023, including “2023 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 margin, which is gross profit less marketing, selling and administrative expense and research and development expense excluding certain specified items as a percentage of revenues, non-GAAP operating expenses, which is marketing, selling and administrative and research and development expenses excluding certain specified items, non-GAAP marketing, selling and administrative expenses, which is marketing, selling and administrative expense excluding certain specified items, and non-GAAP research and development expenses, which is research and development expenses excluding certain specified items, are relevant and useful for investors because they allow investors to view performance in a manner similar to the method used by our management and make it easier for investors, analysts and peers to compare our operating performance to other companies in our industry and to compare our year-over-year results.

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

Non-GAAP financial measures such as non-GAAP earnings and related EPS information, are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded from non-GAAP earnings and related EPS information because the company believes they neither relate to the ordinary course of the company’s business nor reflect the company’s underlying business performance. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods, including amortization of acquired intangible assets, including product rights that generate a significant portion of our ongoing revenue and will recur until the intangible assets are fully amortized, unwind of inventory purchase price adjustments, acquisition and integration expenses, restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, 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 the release of income tax reserves related to the Mead Johnson split-off transaction, internal transfers of certain assets to streamline 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 will also be available on the company's website at www.bms.com Within the accompanying financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.

Also note that a reconciliation of forward-looking non-GAAP gross margin, non-GAAP operating expenses and non-GAAP tax rate is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not able to reliably predict the impact of the unwind of inventory purchase price adjustments, accelerated depreciation and impairment of property, plant and equipment and intangible assets, and stock

compensation resulting from acquisition-related equity awards, or currency exchange rates beyond the next twelve months. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on our future GAAP results.

15

q42022earningspresentati

Q4 2022 Results February 2, 2023

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Q4 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 Forms 10-Q and 8-K. These documents are available on the U.S. Securities and Exchange Commission’s website, on the Company’s website or from Bristol-Myers Squibb Investor Relations. No forward-looking statements can be guaranteed. In addition, any forward-looking statements and clinical data included herein are presented only as of the date hereof. Except as otherwise required by applicable law, the Company undertakes no obligation to publicly update any of the provided information, whether as a result of new information, future events, changed circumstances or otherwise. This presentation includes certain non-generally accepted accounting principles (“GAAP”) financial measures that we use to describe the Company’s performance. The non-GAAP financial measures are provided as supplemental information and are presented because management has evaluated the Company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the non-GAAP financial measures presented portray the results of the Company’s baseline performance, supplement or enhance management’s, analysts’ and investors’ overall understanding of the Company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. This presentation also provides certain revenues and expenses excluding the impact of foreign exchange (“Ex-FX”). We calculate foreign exchange impacts by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results. Ex-FX financial measures are not accounted for according to GAAP because they remove the effects of currency movements from GAAP results. The non-GAAP information presented herein provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. An explanation of these non-GAAP financial measures and a reconciliation to the most directly comparable financial measure are available on our website at www.bms.com/investors. Also note that a reconciliation of forward-looking non-GAAP operating margin is not provided because a comparable GAAP measure is not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of the unwind of inventory purchase price adjustments, accelerated depreciation and impairment of property, plant and equipment and intangible assets, and stock compensation resulting from acquisition-related equity awards, or currency exchange rates. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results.

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

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Q4 2022 Results Not for Product Promotional Use Q4 & Full Year 2022 Performance 4 Strong Commercial Execution Global Net Sales 3 first-in-class medicines launched in 2022 Q4:~$11.4B (5%) YoY; (1%) Ex-FX* Earnings Per Share (EPS) Q4: GAAP $0.95, (11%) YoY Non-GAAP* $1.82, (1%) YoY Strong Financial Execution In-Line Brands & New Product Portfolio: FY: GAAP $2.95, (5%) YoY; Non-GAAP* $7.70, +8% YoY +9% YoY; +13% Ex-FX*FY:~$35.4B 1Sales growth on reported & ex-FX basis 2023 Guidance Total Sales Non-GAAP EPS* Reflects continued top & bottom-line growth ~2% YoY Growth1 $7.95 - $8.25 $4.03 - $4.33 FY:~$46.2B in-line YoY; +3% Ex-FX* +7% YoY; +12% Ex-FX*Q4:~$9.0B *See “Forward-Looking Statements and Non-GAAP Financial Information” GAAP EPS*

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Q4 2022 Results Not for Product Promotional Use Key Milestones in 2022 Opdivo (+/- Yervoy) U.S./EU expected approvals:  1L ESCC (CM-648)  Neo-adj lung EFS (CM-816) (U.S.)  Adj. RCC (CM-914) Opdualag  1L melanoma U.S. approval  1L melanoma EU approval  Initiation 2L+ CRC Ph3 bempeg  1L melanoma  1L renal  1L bladder  Neo-adj. cis-ineligible MIBC Breyanzi  2L LBCL U.S. approval  3L+ LBCL EU approval Abecma  2L+ MM Ph2 (KarMMa-2)  3L-5L MM Ph3 (KarMMa-3) iberdomide  Initiation 2L+ MM Ph3 (EXCALIBER) Delivered on Our Commitments 5 Milestones represent data readouts unless otherwise specified To be expanded to include regulatory milestones pending future registrational successes Reblozyl  1L MDS Ph3 (COMMANDS) mezigdomide  4L+ MM Ph1/2  Initiation triplet 2L+ MM Ph3 Sotyktu  PsO U.S. approval  SLE Ph2 cendakimab  AD Ph21 Camzyos  oHCM U.S. approval  oHCM Ph3 (VALOR)  Initiation nHCM Ph3 (ODYSSEY- HCM) milvexian  SSP Ph2 1Met primary endpoint; no plan to move to registrational trials

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Not for Product Promotional UseQ4 2022 Results • Camzyos nHCM • Sotyktu SLE • Opdualag 1L NSCLC  Breyanzi 3L+ CLL1 • Breyanzi 3L+ iNHL • Reblozyl MF Planned Next 1-2 Years • Sotyktu PsA • Zeposia CD Milestones Already Delivered that De-Risk 2025–2030 and Beyond  Zeposia MS  Reblozyl 2L TD MDS  Breyanzi 3L+ LBCL  Abecma 5L+  Zeposia UC  Camzyos oHCM  Sotyktu PsO  Opdualag 1L Mel FDC  Breyanzi 2L LBCL  Abecma 3-5L1  Reblozyl 1L MDS1  Onureg AML maint. New Product Portfolio Significantly De-Risked with Important Catalysts Ahead 6 Camzyos Reblozyl Breyanzi Zeposia Sotyktu Other** 2025 $10B - $13B Risk-Adjusted Sales $25B+ Non-Risk Adjusted* 2030 $4B+ $4B+ $4B+ $4B+ $3B+ $3B+ $1B+ Key Milestones Beyond • Opdualag Adj. Mel • Opdualag 2L+ MSS CRC *Non-risk adjusted revenue potential, subject to positive registrational trials and health authority approval **Other includes: Abecma, Onureg, Inrebic, and Opdualag Financial projections may contain non promoted sales, BMS promotes only according to label 1Data in-house, subject to regulatory approval

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Q4 2022 Results Not for Product Promotional Use 2023 Key Milestones Opdivo (+/- Yervoy) Early Stage:  Neo-adjuvant NSCLC Ph3 (CM-816) approval in EU Metastatic  1L mCRPC Ph3 (CM-7DX) Opdualag  1L NSCLC Ph2 repotrectinib  ROS1+ NSCLC (TRIDENT-1) U.S. filing Abecma  3-5L MM Ph3 (KarMMa-3) filing  Initiation NDMM Ph3 (KarMMa-9) Breyanzi  2L TE LBCL EU approval  3L+ CLL Ph1/2 (TRANSCEND-CLL)  3L+ FL Ph2 (TRANSCEND- FL) Near-term Catalysts Across Diversified Portfolio 7Milestones represent data read-outs unless otherwise specified To be expanded to include regulatory milestones pending future registrational successes iberdomide  Initiation of pivotal post-transplant maintenance H2H vs Revlimid Reblozyl  1L MDS (COMMANDS) U.S. filing Sotyktu  Mod-to-severe PsO EU approval1  CD Ph2 (IM011-023)  UC Ph2 (IM011-127) LPA1 Antagonist  Initiation IPF Ph3  PPF Ph2 (IM027- 040) Camzyos  oHCM EU approval milvexian  Initiation Ph3 program2,3 2024/2025 Key Milestones Opdivo (+/- Yervoy) Metastatic:  1L HCC Ph3 (CM-9DW)  1L+ MSI High CRC Ph3 (CM-8HW) Early Stage:  Peri-adj NSCLC Ph3 (CM-77T)  Peri-adj MIBC Ph3 (CM-078)  Adj HCC Ph3 (CM-9DX)  Stage III Unresectable NSCLC Ph3 (CM-73L)  Adj NSCLC Ph3 (ANVIL, co-op group) Opdualag  1L HCC Ph2  2L HCC Ph2  2L+ MSS mCRC Ph3 alnuctamab BCMA TCE  Initiation MM Ph3 Reblozyl  1L MF Ph3 (INDEPENDENCE) cendakimab  EoE Ph3 Sotyktu  PsA Ph3 Zeposia  CD maintenance Ph3 (YELLOWSTONE) 1Positive CHMP opinion received in Jan. ’23 2SSP, ACS, AF trials conducted by Janssen 3SSP Phase 3 trial initiated in Jan. ’23

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Q4 2022 Results Not for Product Promotional Use MYOK, TPTX 15+ Delivered Significant Financial & Portfolio Milestones Through Strong Execution 8 Sales growth High single-digit Non-GAAP EPS growth2 Mid-20s Cost synergies $3B+ $40B+ Significant Operating Cash Flow3 3 First-in-Class Assets Approved in 2022 BD execution Added new indications across portfolio 9New products delivered ~3 Year Financial Achievements1 ~3 Year Portfolio Achievements4 Strengthens Foundation for Portfolio Renewal & Long-Term Growth 3Operating cashflow generated from 2020 to 2022 4Portfolio Achievements from 2H’19 – 2022 1Financial Achievements from 2020-2022; Sales and Non-GAAP EPS based on non-compounded growth 2Non-GAAP EPS calculation excludes Acquired IPR&D impact from the MYOK acquisition in 2020; including this impact, the non-GAAP EPS growth rate would be in excess of 500%

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Q4 2022 Results Not for Product Promotional Use Multiple Paths for Long-Term Growth 9 On track to deliver • Low-to-mid single digit revenue CAGR* • $8B - 10B growth from in-line brands (primarily I-O & Eliquis) • $10B - 13B from New Product Portfolio • 40%+ operating margin** 2025 Revenues LOE Brands 2030 Revenues Additional growth from New Product Portfolio Next Wave of innovation: 6 registrational stage assets Optionality from early- stage pipeline & BD 2025-2030 2020-2025 *At constant exchange rates on a risk-adjusted basis; **See "Forward-Looking Statements and Non-GAAP Financial Information“ and “Bristol Myers Squibb Company Reconciliation of Certain GAAP Line Items to Certain Non-GAAP Line Items” Financial projections may contain non promoted sales, BMS promotes only according to label Continued growth reflected in 2023 guidance

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David Elkins Executive Vice President and Chief Financial Officer 10

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Not for Product Promotional UseQ4 2022 Results Strong Total Company Performance 11 Total Company Sales ~$46.2B in-line YoY, +3% ex-FX $B FY 22 Net Sales* YoY % Ex-FX % Total Company $46.2 - +3% In-Line Products $33.3 +7% +11% New Product Portfolio $2.0 +87% +92% In-Line Products & New Product Portfolio $35.4 +9% +13% Recent LOEs1 $10.8 (23%) (22%) 1Recent LOE Brands = Revlimid & Abraxane $32.4 $35.4 $14.0 $10.8 2021 2022 Recent LOEs In-Line & New Products *Amounts may not add due to rounding

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Not for Product Promotional UseQ4 2022 Results $151 $199 $69 $125 $104 $48 $79 $40 $55 $25 $37 $20 $23 $353 $645 Q4 2021 Q4 2022 $M Reblozyl Abecma Opdualag Zeposia Breyanzi Onureg Inrebic Camzyos Sotyktu $16 New Product Portfolio Sales Performance 12 Sales nearly doubled vs PY $551 $717 $164 $388 $252 $134 $250 $87 $182 $73 $124 $74 $85 $1,083 $2,030 FY 2021 FY 2022 $M Reblozyl Abecma Opdualag Zeposia Breyanzi Onureg Inrebic Camzyos Sotyktu $24 $8 $7

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Not for Product Promotional UseQ4 2022 Results Q4 & Full Year 2022 Solid Tumor product summary 13 Opdivo • U.S. growth driven by demand in 1L lung, 1L renal, 1L gastric, adj. esophageal, adj. bladder cancer & neoadjuvant lung • Ex-U.S. growth from 1L lung, upper GI cancers & timing of shipments vs PY • Continued growth expected from current & expanded indications Opdualag • 3rd approved I-O agent; potential to be a new SOC in 1L melanoma • U.S. growth driven by strong demand; share in the high teens YoY Ex-FX YoY Ex-FX $2,216 +11% +16% $8,249 +10% +14% $568 +4% +9% $2,131 +5% +10% $179 (41%) (39%) $811 (31%) (30%) $104 --- --- $252 --- --- Q4 2022 FY 2022 Global Net Sales ($M)

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Q4 2022 Results Not for Product Promotional Use Q4 & Full Year 2022 Cardiovascular product summary 14 • U.S. robust demand & gross-to-net adjustments offset by timing of wholesaler buying patterns in Q4’22 vs PY • Ex-U.S. continues to be #1 OAC in key international markets; impacted by some generic entry (UK/NL & Canada) & pricing measures YoY Ex-FX YoY Ex-FX $2,688 +1% +6% $11,789 +10% +14% • Significant increase in REMS certified HCPs, total treated patients & commercial dispensed patients • EU approval in oHCM expected mid-year • VALOR: U.S. PDUFA date June 16, 2023 As of Sept 30, 20221 As of Dec 31, 20221 REMS Certified physicians >2000 >2600 Patients in Hub >1100 >1800 Patients on commercial drug >350 >900 First-in-class myosin inhibitorBest-in-class & leading OAC within category Q4 2022 FY 2022 Global Net Sales \($M\) YoY Ex-FX YoY Ex-FX $16 -- -- $24 -- -- Q4 2022 FY 2022 1Source: BMS Internal Analysis

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Q4 2022 Results Not for Product Promotional Use Q4 & Full Year 2022 Hematology product summary 15 Revlimid – Impact from Gx entry; FY 2023 revenue projection ~$6.5B Pomalyst – Increased demand as patients move into earlier lines, extending treatment duration % YoY Ex-FX YoY Ex-FX $2,260 (32%) (31%) $9,978 (22%) (21%) $877 +3% +6% $3,497 +5% +8% $578 +4% +8% $2,165 +2% +6% $71 (12%) (7%) $296 (11%) (7%) Q4 2022 FY 2022 YoY Ex-FX YoY Ex-FX $199 +32% +34% $717 +30% +32% $125 +81% +87% $388 ** ** $55 +38% +48% $182 ** ** $37 +48% +52% $124 +70% +74% $23 +15% +15% $85 +15% +16% Q4 2022 FY 2022 **In excess of 100% Reblozyl • Robust U.S. demand with progress in increasing treatment duration & patient adherence • Continued expansion in international markets based on reimbursement timing Abecma & Breyanzi – Strong demand supported by increased manufacturing capacity Global Net Sales ($M)

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Q4 2022 Results Not for Product Promotional Use Q4 & Full Year 2022 Immunology product summary 16 Zeposia • Strong demand growth including expansion into UC • Continuing to improve formulary access; achieved 0 or 1 step edit across several plans • Very encouraging HCP feedback & strong early adoption • Focused on driving demand to enable broader access in 2024 • Positive CHMP Opinion in mod-to-severe PsO in Jan. ’23 First-in-class selective allosteric TYK2 inhibitor % YoY % Ex-FX % YoY % Ex-FX % $913 +6% +9% $3,464 +5% +8% $79 +65% +69% $250 +87% +93% As of Dec 31, 20221 Volume >2000 TRx Equivalent Market Share2 ~25-30% Source of Business • Systemic-naïve (~1/3) • Otezla-experienced (~1/3) • Biologic-experienced (~1/3) Q4 2022 FY 2022 Global Net Sales ($M) 2Market share of written oral prescriptions in NBRx sourced from BrandImpact ````` YoY Ex-FX YoY Ex-FX $7 -- -- $8 -- -- Q4 2022 FY 2022 1Source: BMS Internal Analysis

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Q4 2022 Results Not for Product Promotional Use US GAAP Non-GAAP $ in billions, except EPS Q4 2022 FY 2022 Q4 2022 FY 2022 Total Revenues, net 11.4 46.2 11.4 46.2 Gross Margin % 77.3% 78% 77.9% 78.8% Operating Expenses1 4.8 17.3 4.8 16.9 Acquired IPR&D 0.1 0.8 0.1 0.8 Amortization of Acquired Intangibles 2.3 9.6 - - Effective Tax Rate (8.9%) 17.7% 10.9% 15.3% Diluted EPS 0.95 2.95 1.82 7.70 Diluted Shares Outstanding (# in millions) 2,124 2,146 2,124 2,146 Q4 & Full Year 2022 Financial Performance 17 US P Non- P* Diluted EPS Impact from Acquired IPR&D2 (0.01) (0.24) (0.01) (0.24) 1 Operating Expenses = MS&A and R&D 2Comprises the net impact from Acquired IPRD & Licensing income *See “Forward-Looking Statements and Non-GAAP Financial Information”

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Q4 2022 Results Not for Product Promotional Use Balanced Approach to Capital Allocation 18 *Cash includes cash, cash equivalents and marketable debt securities **Subject to Board approval $B Q4 2022 Total Cash* ~$9.3B Total Debt ~$39.3B • Prioritize opportunities to further diversify portfolio & strengthen long-term outlook • Debt reduction: ~$5B debt paid in 2022 • Maintain strong investment-grade credit rating Business Development Balance Sheet Strength Returning Cash to Shareholders • Continued annual dividend growth** ‒ 14th consecutive dividend increase • Opportunistic share repurchase ‒ ~$7.2B remaining authorizationStrong operating cash flow generation $4.1 $3.8 $2.3 $3.7 $3.3 Cash flow from Operations $B Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022

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Q4 2022 Results Not for Product Promotional Use Total Net Sales Reported Rates ~2% increase ~2% increase Total Net Sales Ex-FX ~2% increase ~2% increase Revlimid ~$6.5 billion ~$6.5 billion Gross Margin % ~77% ~77% Operating Expenses1 Mid-single digit decline Low-single digit decline Tax Rate ~22% ~17% Diluted EPS $4.03 - $4.33 $7.95 - $8.25 2023 Guidance 19 US GAAP* Non-GAAP* 1Operating Expenses = MS&A and R&D, excluding Acquired IPR&D and Amortization of acquired intangibles *See “Forward-Looking Statements and Non-GAAP Financial Information”

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20 Giovanni Caforio, MD Chairman of the Board, Chief Executive Officer Chris Boerner, PhD Executive VP, Chief Commercialization Officer David Elkins Executive VP, Chief Financial Officer Samit Hirawat, MD Executive VP, Chief Medical Officer, Global Drug Development

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Q4 2022 Results Not for Product Promotional Use Year-Ended December 31 2020 2021 2022 Total Revenues $42,518 $46,385 $46,159 Gross Profit $30,745 $36,445 $36,022 Specified items (a) $3,300 $603 $356 Gross Profit excluding specified items $34,045 $37,048 $36,378 Marketing, Selling and Administrative $7,661 $7,690 $7,814 Specified items (a) ($279) ($3) ($79) Marketing, Selling and Administrative excluding specified items $7,382 $7,687 $7,735 Research and Development $10,048 $10,195 $9,509 Specified items (a) ($903) ($843) ($308) Research and Development excluding specified items $9,145 $9,352 $9,201 Operating margin 31% 40% 41% Specified items (a) 10% 3% 1% Operating margin excluding specified items (b) 41% 43% 42% Bristol Myers Squibb Company Reconciliation of Certain GAAP Line Items to Certain Non-GAAP Line Items 21 (a): An explanation of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measure are available on our website at bms.com/investors. (b): Operating margin on Specified Items represents the difference between the GAAP and Non-GAAP operating margin (Unaudited, dollars in millions)

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