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): August 6, 2020

_____________________________
BRISTOL-MYERS SQUIBB COMPANY
(Exact name of registrant as specified in its charter)
_____________________________

Delaware	001-01136	22-0790350	
(State or other jurisdiction of
incorporation or organization)	(Commission File Number)	(I.R.S Employer
Identification No.)	
430 E. 29th Street, 14th Floor
New York, NY, 10016
(Address of principal executive offices) (zip code)

Registrant’s telephone number, including area code: (212) 546-4000
_____________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered	
Common Stock, $0.10 Par Value	BMY	New York Stock Exchange	
1.000% Notes due 2025	BMY25	New York Stock Exchange	
1.750% Notes due 2035	BMY35	New York Stock Exchange	
Bristol-Myers Squibb Contingent Value Rights	BMY RT	New York Stock Exchange	
Celgene Contingent Value Rights	CELG RT	New York Stock Exchange	

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

			

			
Item 2.02 Results of Operations and Financial Condition.	
On August 6, 2020, Bristol-Myers Squibb Company (the “Company”) issued a press release (the “Earnings Press Release”) announcing its financial results for the second quarter of 2020. A copy of the Earnings Press Release is furnished pursuant to this Item 2.02 as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. Also furnished pursuant to this Item 2.02 as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety is certain supplemental information posted on the Company’s website at www.bms.com.

Item 9.01 Financial Statements and Exhibits.	
(d) Exhibits

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

			
Exhibit
No.		Description	
			
99.1		Press release of Bristol-Myers Squibb Company dated August 6, 2020.	
99.2		Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.	
104		The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).	
EXHIBIT INDEX

			
Exhibit
No.	  	Description	
		
99.1		Press release of Bristol-Myers Squibb Company dated August 6, 2020.	
99.2		Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.	
104		The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).	
SIGNATURES

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

	 	BRISTOL-MYERS SQUIBB COMPANY		
				
Dated: August 6, 2020	 	By:	 	/s/ Katherine R. Kelly		
		Name:	 	Katherine R. Kelly		
		Title:		Corporate Secretary		

Exhibit 99.1

Bristol Myers Squibb Reports Second Quarter 2020 Financial Results
•Reports Second Quarter Revenues of $10.1 Billion
•Posts GAAP Loss Per Share of $0.04 and Non-GAAP EPS of $1.63
•Advances Pipeline with Positive Topline Results for Zeposia in Ulcerative Colitis; Approvals for Opdivo plus Yervoy in Lung Cancer
•Updates 2020 GAAP EPS Guidance Range from $0.37-$0.57 to ($0.06)-$0.09 and Non-GAAP EPS Guidance Range from $6.00-$6.20 to $6.10-$6.25

(NEW YORK, August 6, 2020) – Bristol Myers Squibb (NYSE:BMY) today reports results for the second quarter of 2020, which reflect strong product sales, continued advancement of the pipeline and robust operating performance.

“Our second quarter results reflect the passion and focus of our employees, who continue to introduce new medicines, support patients with serious diseases and deliver strong results during the COVID-19 pandemic,” said Giovanni Caforio, M.D., chairman and chief executive officer, Bristol Myers Squibb. “Our teams drove strong commercial execution while continuing to progress our integration initiatives. With several new product launches and the achievement of multiple milestones from our late-stage pipeline, I am confident that we are building a leading biopharma with a renewed portfolio of transformational medicines. Our financial flexibility and continued opportunities to invest in innovation position us well to deliver for the long-term.”
																		
	Second Quarter	
$ amounts in millions, except per share amounts						
	2020		2019		Change	
Total Revenues	$10,129 	 		$6,273 	 		61 	%	
GAAP Diluted (Loss)/EPS	(0.04)	 		0.87 	 		N/A	
Non-GAAP Diluted EPS	1.63 	 		1.18 	 		38 	%	
Total Pro Forma Revenues*	10,129 	 		10,160 	 		0 	%	
						
* The pro forma revenues assume the company’s acquisition of Celgene (Celgene Acquisition) and its divestiture of Otezla® to Amgen Inc. (Otezla® Divestiture) occurred on January 1, 2019 and exclude foreign currency hedge gains and losses. Management believes that measuring revenue rates on a comparable pro forma basis is an appropriate way for investors to best understand the underlying performance of the business. See “Worldwide Pro Forma Revenue” in Quarterly Package of Financial Information for this quarter, which is available on bms.com/investors/financial-reporting/quarterly-results, for information on the revenue of the company and Celgene on a stand-alone basis for the prior-year period. Otezla® is a trademark of Amgen Inc.

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SECOND QUARTER FINANCIAL RESULTS
All comparisons are made versus the same period in 2019 unless otherwise stated.

•Bristol Myers Squibb posted second quarter revenues of $10.1 billion, an increase of 61% on a reported basis, or 63% when adjusted for foreign exchange. The increase was driven primarily by the impact of the Celgene Acquisition, which was completed on November 20, 2019. Revenues remained consistent on a pro forma basis, as sales were estimated to be negatively impacted by approximately $600 million due mainly to COVID-19 related channel inventory work downs from the first quarter, as well as lower demand resulting from reduced new patient starts and fewer patient visits to physicians in the pandemic.

•U.S. revenues increased 77% to $6.5 billion in the quarter. International revenues increased 40% to $3.6 billion in the quarter. When adjusted for foreign exchange impact, international revenues increased 43%.

•Gross margin as a percentage of revenue increased from 68.6% to 73.4% in the quarter primarily due to product mix, partially offset by the unwinding of inventory purchase price accounting adjustments.

•Marketing, selling and administrative expenses increased 51% to $1.6 billion in the quarter primarily due to $600 million of costs associated with the broader portfolio resulting from the Celgene Acquisition.

•Research and development expenses increased 90% to $2.5 billion in the quarter primarily due to $1.1 billion of costs associated with the broader portfolio resulting from the Celgene Acquisition.

•Amortization of acquired intangible assets was $2.4 billion in the quarter primarily due to the Celgene Acquisition.

•Income taxes were $1.7 billion on pre-tax earnings of $1.6 billion in the quarter primarily due to tax charges resulting from an internal transfer of certain intangible assets and the Otezla® Divestiture and purchase price adjustments. The effective tax rate was 19.0% in the same period a year ago.

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•The company reported net loss attributable to Bristol Myers Squibb of $85 million, or $0.04 per share, in the second quarter, compared to net earnings of $1.4 billion, or $0.87 per share, for the same period a year ago. The results in the current quarter include costs and expenses resulting from purchase price accounting, contingent value rights fair value adjustments and other acquisition and integration expenses.

•The company reported non-GAAP net earnings attributable to Bristol Myers Squibb of $3.8 billion, or $1.63 per share, in the second quarter, compared to net earnings of $1.9 billion, or $1.18 per share, for the same period a year ago. A discussion of the non-GAAP financial measures is included under the “Use of Non-GAAP Financial Information” section.

•Cash, cash equivalents and marketable debt securities were $22.2 billion and debt was $46.7 billion, as of June 30, 2020.
SECOND QUARTER PRODUCT REVENUE HIGHLIGHTS
												
$ amounts in millions				
Product	Quarter Ended June 30, 2020 on Reported Basis	% Change from Quarter Ended June 30, 2019 on Reported Basis	% Change from Quarter Ended June 30, 2019 on Pro Forma Basis**	
Revlimid	$2,884	N/A*	6%	
Eliquis	$2,163	6%	6%	
Opdivo	$1,653	(9)%	(9)%	
Orencia	$750	(4)%	(4)%	
Pomalyst/Imnovid	$745	N/A*	21%	
Sprycel	$511	(6)%	(6)%	
Yervoy	$369	1%	1%	
Abraxane	$308	N/A*	(2)%	
Empliciti	$97	7%	7%	
Reblozyl	$55	N/A*	N/A	
Inrebic	$15	N/A*	N/A	
Zeposia	$1	N/A*	N/A	
* Products were acquired as part of the Celgene Acquisition.
** Pro forma product revenues assume the Celgene Acquisition and the Otezla® Divestiture occurred on January 1, 2019 and exclude foreign currency hedge gains and losses. Management believes that measuring product revenue rates on a comparable pro forma basis is an appropriate way for investors to best understand the underlying performance of the business. See “Worldwide Pro Forma Revenues” in the Quarterly Package of Financial Information for this quarter, which is available on bms.com/investors/financial-reporting/quarterly-results, for information on the product revenue of the company and Celgene for the prior-year period.

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FIRST HALF PRODUCT REVENUE HIGHLIGHTS
												
$ amounts in millions				
Product	Six Months Ended June 30, 2020 on Reported Basis	% Change from Six Months Ended June 30, 2019 on Reported Basis	% Change from Six Months Ended June 30, 2019 on Pro Forma Basis**	
Revlimid	$5,799	N/A*	10%	
Eliquis	$4,804	21%	21%	
Opdivo	$3,419	(6)%	(6)%	
Orencia	$1,464	3%	3%	
Pomalyst/Imnovid	$1,458	N/A*	25%	
Sprycel	$1,032	3%	3%	
Yervoy	$765	2%	2%	
Abraxane	$608	N/A*	2%	
Empliciti	$194	11%	11%	
Reblozyl	$63	N/A*	N/A	
Inrebic	$27	N/A*	N/A	
Zeposia	$1	N/A*	N/A	
* Products were acquired as part of the Celgene Acquisition.
** Pro forma product revenues assume the Celgene Acquisition and the Otezla® Divestiture occurred on January 1, 2019 and exclude foreign currency hedge gains and losses. Management believes that measuring product revenue rates on a comparable pro forma basis is an appropriate way for investors to best understand the underlying performance of the business. See “Worldwide Pro Forma Revenues” in the Quarterly Package of Financial Information for this quarter, which is available on bms.com/investors/financial-reporting/quarterly-results, for information on the product revenue of the company and Celgene for the prior-year period.

SECOND QUARTER PRODUCT AND PIPELINE UPDATE

Cardiovascular

Eliquis

Patent Update
•In August, the Bristol-Myers Squibb-Pfizer Alliance announced the U.S. District Court decision to uphold both the composition of matter patent (US 6,967,208) and formulation patent (US 9,326,945) covering Eliquis® (apixaban). (link)

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Oncology and Hematology

Opdivo

Regulatory
•In June, the company announced the U.S. Food and Drug Administration (U.S. FDA) approval of Opdivo (nivolumab) for the treatment of patients with unresectable advanced, recurrent or metastatic esophageal squamous cell carcinoma (ESCC) after prior fluoropyrimidine-and platinum-based chemotherapy. (link)
•In May, the company announced Opdivo plus Yervoy (ipilimumab) given with two cycles of platinum-doublet chemotherapy was approved by the U.S. FDA for the first-line treatment of adult patients with metastatic or recurrent non-small cell lung cancer (NSCLC) with no EGFR or ALK genomic tumor aberrations. This approval was based on the Phase 3 CheckMate -9LA study. (link)
•In May, the company announced the U.S. FDA approved Opdivo plus Yervoy for the first-line treatment of adult patients with metastatic NSCLC whose tumors express PD-LI>1% as determined by an FDA-approved test, with no EGFR or ALK genomic tumor aberrations. This approval was based on data from Part 1a of the Phase 3 Checkmate -227 study. (link)

Reblozyl

Regulatory
•In June, the company and Acceleron Pharma Inc. announced the European Commission (EC) approved Reblozyl (luspatercept) for the treatment of transfusion-dependent anemia in adult patients with myelodysplastic syndromes (MDS) or beta thalassemia. (link)

ide-cel

Regulatory
•In July, the company and bluebird bio, Inc. announced that the companies submitted the Biologics License Application (BLA) to the U.S. FDA for idecabtagene vicleucel (ide-cel; bb2121) for patients with heavily pre-treated relapsed and refractory multiple myeloma. This submission follows the company’s receipt of a Refusal to File letter from the U.S. FDA in May 2020 following the original BLA submission from March 2020. (link)
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•In May, the company announced that the European Medicines Agency (EMA) validated its Marketing Authorization Application (MAA) for ide-cel; bb2121, the company’s investigational B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T cell immunotherapy co-developed with bluebird bio, Inc., for the treatment of adult patients with multiple myeloma who have received at least three prior therapies, including an immunomodulatory agent, a proteasome inhibitor and an anti-CD38 antibody. (link)

CC-486

Regulatory
•In May, the company announced that the EMA validated its MAA for CC-486 for the maintenance treatment of adult patients with acute myeloid leukemia (AML), who achieved complete remission (CR) or CR with incomplete blood count recovery (CRi), following induction therapy with or without consolidation treatment, and who are not candidates for, or who choose not to proceed to, hematopoietic stem cell transplantation. (link)

Pomalyst

Regulatory
•In May, the company announced that the U.S. FDA approved Pomalyst (pomalidomide) for patients with AIDS-related Kaposi sarcoma whose disease has become resistant to highly active antiretroviral therapy (HAART), or in patients with Kaposi sarcoma who are HIV-negative. (link)

Liso-cel

Regulatory
•In July, the company announced that the EMA validated the MAA for liso-cel (lisocabtagene maraleucel), a CD19-directed chimeric antigen receptor (CAR) T cell therapy for the treatment of adults with relapsed or refractory large B-cell lymphoma after at least two prior therapies. (link)

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Medical Conferences

•In May, at the American Society of Clinical Oncology (ASCO) 2020 Virtual Scientific Program, the company announced important new data and analysis across its cancer portfolio (link), including:
◦First disclosure of data from the Phase 3 CheckMate -9LA trial evaluating Opdivo plus Yervoy given concomitantly with two cycles of chemotherapy, for the first-line treatment of metastatic NSCLC. (link)
◦Three-year follow-up results from the Phase 3 Checkmate -227 trial, demonstrating that Opdivo plus Yervoy provided sustained improvements in overall survival (OS) and additional efficacy measures as a first-line treatment for patients with metastatic NSCLC. (link)
◦First presentation of data from the Phase 2 KarMMA study with bluebird bio, Inc. evaluating the efficacy and safety of the companies’ investigational B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T cell immunotherapy, idecabtagene vicleucel (ide-cel; bb2121), in patients with relapsed and refractory multiple myeloma. (link)
•In June, at the 25th European Hematology Association (EHA), the company announced important new data and analysis from 60 company-sponsored studies, highlighting the company’s approaches to treating blood cancers and other diseases. (link)

Immunology

Zeposia

Commercial
•In June, the company announced the commercial launch and availability of Zeposia (ozanimod), a new oral treatment for relapsing forms of multiple sclerosis, in the U.S. Zeposia was approved by the U.S. FDA on March 25, 2020. (link)

Regulatory
•In May, the company announced the EC approval Zeposia for the treatment of adult patients in the European Union with relapsing forms of multiple sclerosis. (link)

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Clinical
•In June, the company announced results from True North, a pivotal Phase 3 trial evaluating oral Zeposia as an induction and maintenance therapy for adult patients with moderate to severe ulcerative colitis. True North met both primary endpoints of clinical remission in induction at Week 10 and in maintenance at Week 52. (link)

Orencia

Clinical
•In June, at the European E-Congress of Rheumatology (EULAR) 2020, the company announced results from the open-label switch period of Early AMPLE, a Phase IV exploratory biomarker study assessing the differences by which Orencia (abatacept) and adalimumab, interfere with disease progression in moderate-to-severe early rheumatoid arthritis (RA) patients who tested positive (seropositive) for certain autoantibodies. (link)

COVID-19 Pandemic Response
During the current world health crisis, the company continues to take all necessary actions to promote public health by carrying out its mission of providing life-saving medicines to the patients who depend on the company and supporting relief efforts across the globe. (link)

Financial Guidance
Bristol Myers Squibb is updating its 2020 GAAP EPS guidance range from $0.37 - $0.57 to ($0.06) - $0.09. In addition, the company is updating its 2020 non-GAAP EPS guidance range of $6.00 - $6.20 to $6.10 - $6.25. Adjusted 2020 GAAP and non-GAAP line items are:

	GAAP	non-GAAP	
Revenue	$40.5B - $42.0B	$40.5B - $42.0B	
Gross margin as a percentage of revenue	Approximately 74%	Approximately 80%	
Marketing, selling, and administrative expense	$6.5B - $6.7B	$6.5B - $6.7B	
Research and development expense	$9.7B - $9.9B	$9.2B - $9.4B	
Other (income)/expense, net	$0.9B - $1.1B	($0.1B) - $0.1B	
Effective tax rate	Approximately 100%	16-17%	
			
Weighted average diluted shares	Approximately 2.3 Billion	Approximately 2.3 Billion	
			
EPS guidance	($0.06) - $0.09	$6.10 - $6.25	

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The 2020 guidance assumes the peak impact of the current COVID-19 crisis on the business would occur in the second quarter of 2020, with a return to a more stable business environment in the third quarter and minimal impact from the fourth quarter of 2020 onwards. Additional key factors assumed in guidance now include:
•Mid-July foreign exchange and interest rates apply.
•Products that saw significant advanced buying at the end of the first quarter will see that inventory work-down during the rest of the year, mostly in the second quarter, which the company experienced, and to a lesser degree in the third and fourth quarters.
•A reduction in new-to-brand prescriptions, and on physician administered product demand during the second quarter, recovering during the third quarter and fully recovered in the fourth quarter.
•All clinical trial activities are planned to resume by the end of the year where local country restrictions have been lifted.

The financial guidance excludes the impact of any potential future strategic acquisitions and divestitures and any specified items that have not yet been identified and quantified. The 2020 non-GAAP EPS guidance further excludes other specified items as discussed under “Use of Non-GAAP Financial Information.” A reconciliation of non-GAAP financial measures to the most comparable GAAP measure and the reasons why management believes the use of these measures is important are provided in supplemental materials available on the company’s website. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.

Company and Conference Call Information

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

There will be a conference call on August 6 at 8:30 a.m. ET during which company executives will review financial information and address inquiries from investors and analysts. Investors and the general public are invited to listen to a live webcast of the call at http://investor.bms.com or by dialing in the U.S. toll free 800-458-4121 or international 786-789-4772, confirmation code: 8970168, or using this link, which becomes active 15 minutes prior to the
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scheduled start time and entering your information to be connected. Materials related to the call will be available at the same website prior to the conference call.

A replay of the call will be available beginning at 12:00 p.m. ET on August 6 through 12:00 p.m. ET on August 20, 2020. The replay will also be available through http://investor.bms.com or by dialing in the U.S. toll free 888-203-1112 or international 719-457-0820, confirmation code: 8970168.

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

These non-GAAP items are adjusted after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of future operating results. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods, including amortization of acquired intangible assets beginning in the fourth quarter of 2019, including product rights that generate a significant portion of our ongoing revenue, unwind of inventory fair value adjustments, acquisition and integration expenses, restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, R&D charges or other income resulting from upfront or contingent milestone payments in connection with the acquisition or licensing of third-party intellectual property rights, costs of acquiring a priority review voucher, divestiture gains or losses, stock compensation resulting from accelerated vesting of Celgene awards, certain retention-related employee compensation charges related to the Celgene Acquisition, pension, legal and other contractual settlement charges, interest expense on the notes issued in May 2019 incurred prior to the Celgene Acquisition and interest income earned on the net proceeds of those notes, equity investment and contingent value rights fair value adjustments and amortization of fair value adjustments of debt acquired from Celgene in our 2019 exchange offer, among other items. Deferred and current income taxes attributed to these items are also adjusted for considering their individual impact to the overall tax expense, deductibility and jurisdictional tax rates. Certain other significant tax items are also excluded such as the impact resulting from internal transfer of intangible assets and the Otezla® Divestiture. This earnings release also provides international revenues excluding the impact of foreign exchange.

Non-GAAP information is intended to portray the results of the company’s baseline performance, supplement or enhance management, analysts and investors overall understanding of the company’s underlying financial performance and facilitate comparisons among current, past and future periods. For example, non-GAAP earnings and EPS information are indications of the company’s baseline performance before items that are considered by us to not be reflective of the company’s ongoing results. In addition, this information is among the primary indicators that we use as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting for future periods. This information is not intended to be
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considered in isolation or as a substitute for net earnings or diluted EPS prepared in accordance with GAAP and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

Amortization of acquired intangible assets were previously included in non-GAAP earnings and EPS information. These amounts have become significant to the financial results subsequent to the Celgene Acquisition and as a result, have been excluded in the non-GAAP results to better reflect our core operating performance. Comparable prior period non-GAAP results have not been revised to include this adjustment as the related amounts were insignificant ($24 million and $48 million for the three and six months ended June 30, 2019, respectively).

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

Cautionary Statement Regarding Forward-Looking Statements
This earnings release and the related attachments (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. One can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements are likely to relate to, among other things, the company’s ability to execute successfully its strategic plans, including its business development strategy generally and in relation to its ability to realize the projected benefits of the Celgene Acquisition, the full extent of the impact of the COVID-19 pandemic on the company’s operations and the development and commercialization of its products, the expiration of patents or data protection on certain products, including assumptions about the company’s ability to retain patent exclusivity of certain products and the impact, and the result of governmental investigations. No forward-looking statement can be guaranteed, including that the company’s future clinical studies will support the data described in this release, product candidates will receive necessary clinical and manufacturing regulatory approvals, pipeline products will prove to be commercially successful, clinical and manufacturing regulatory approvals
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will be sought or obtained within currently expected timeframes or contractual milestones will be achieved.

Such forward-looking statements are based on historical performance and current expectations and projections about the company’s future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond the company’s control and could cause the company’s future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. Such risks, uncertainties and other matters include, but are not limited to, risks relating to integrating the company’s and Celgene’s business and operations, including with respect to human capital management, portfolio rationalization, finance and accounting systems, sales operations and product distribution, pricing systems and methodologies, data security systems, compliance programs and internal controls processes, on the company’s ability to realize the anticipated benefits from the Celgene Acquisition; the impact of the company’s significant additional indebtedness that it incurred and its issuance of additional shares in connection with the Celgene Acquisition on its ability to operate the combined company; various risks related to public health outbreaks, epidemics and pandemics, including the impact of the COVID-19 pandemic on the company’s operations, the possibility of the COVID-19 pandemic delaying the timing of the FDA’s approval decisions and that the company cannot reasonably assess or predict at this time the full extent of the adverse effect that the COVID-19 pandemic will have on its business, financial condition, results of operations and cash flows; challenges inherent in new product development, including obtaining and maintaining regulatory approval; increasing pricing pressures from market access, pharmaceutical pricing controls and discounting and other restrictions in the United States, the European Union and other regions around the world (including changes in rules and practices of managed care organizations and institutional and governmental purchasers and the proposals contained in the “American Patient First Blueprint” and the executive orders issued by the U.S. federal government in July designed to regulate prices and payment for pharmaceutical products); the possibility of difficulties and delays in product introduction and commercialization; the company’s ability to obtain and protect market exclusivity rights and enforce patents and other intellectual property rights; the risk of certain novel approaches to disease treatment (such as CAR T therapy); industry competition from other manufacturers; the risk of an adverse patent litigation decision or settlement and exposure to other litigation and/or regulatory actions; the impact of any U.S. healthcare reform and legislation or regulatory action in the U.S. and markets outside the U.S. affecting pharmaceutical product pricing, reimbursement or access; changes in tax law and regulations; any decline in the company’s future royalty streams; the failure of the company’s suppliers, vendors, outsourcing partners, alliance partners and other third parties to meet their contractual, regulatory and other obligations; the company’s ability to execute its financial, strategic and operational plans; the company’s ability to identify potential strategic acquisitions, licensing opportunities or other beneficial transactions; the company’s ability to attract and retain key personnel; the company’s ability to effectively manage acquisitions, divestitures, alliances and other portfolio actions and to successfully realize the expected benefits of such actions; the company’s dependency on several key products; potential difficulties, delays and disruptions in manufacturing, distribution or sale of products, including without limitation, interruptions caused by damage to the company’s and the company’s suppliers’ manufacturing sites; regulatory decisions impacting labeling, manufacturing processes and/or other matters; the impact on the company’s competitive position from counterfeit or unregistered versions of its products or stolen products; the adverse impact of cyber-attacks on the company’s information systems or products,
12

including unauthorized disclosure of trade secrets or other confidential data stored in the company’s information systems and networks; political and financial instability of international economies and sovereign risk; interest rate and currency exchange rate fluctuations, credit and foreign exchange risk management; and issuance of new or revised accounting standards. In addition, the 2020 financial guidance provided in this release relies on assumptions about the duration and severity of the COVID-19 pandemic, timing of the return to a more stable business environment, patient and physician behaviors, buying patterns and clinical trial activities (together, the “Recovery Process”), among other things. If the actual Recovery Process differs materially from our assumptions, the impact of COVID-19 on our business could be worse than expected and our results may be negatively impacted.

Forward-looking statements in this earnings release should be evaluated together with the many risks and uncertainties that affect the company’s business and market, particularly those identified in the cautionary statement and risk factors discussion in the company’s Annual Report on Form 10-K for the year ended December 31, 2019, as updated by the company’s subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.
13

BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUES
FOR THE THREE MONTHS ENDED JUNE 30, 2020 AND 2019
(Unaudited, dollars in millions)

 	Worldwide Revenues		U.S. Revenues(b)	
 	2020		2019		% Change		2020		2019		% Change	
Prioritized Brands												
Revlimid	$	2,884 	 		$	— 	 		N/A		$	2,048 	 		$	— 	 		N/A	
Eliquis	2,163 	 		2,042 	 		6 	%		1,363 	 		1,269 	 		7 	%	
Opdivo	1,653 	 		1,823 	 		(9)	%		956 	 		1,112 	 		(14)	%	
Orencia	750 	 		778 	 		(4)	%		554 	 		566 	 		(2)	%	
Pomalyst/Imnovid	745 	 		— 	 		N/A		522 	 		— 	 		N/A	
Sprycel	511 	 		544 	 		(6)	%		308 	 		307 	 		— 	 	
Yervoy	369 	 		367 	 		1 	%		254 	 		253 	 		— 	 	
Abraxane	308 	 		— 	 		N/A		218 	 		— 	 		N/A	
Empliciti	97 	 		91 	 		7 	%		59 	 		63 	 		(6)	%	
Reblozyl	55 	 		— 	 		N/A		55 	 		— 	 		N/A	
Inrebic	15 	 		— 	 		N/A		15 	 		— 	 		N/A	
Zeposia	1 	 		— 	 		N/A		1 	 		— 	 		N/A	
												
Established Brands												
Baraclude	121 	 		147 	 		(18)	%		3 	 		7 	 		(57)	%	
Vidaza	126 	 		— 	 		N/A		— 	 		— 	 		N/A	
Other Brands(a)	331 	 		481 	 		(31)	%		131 	 		90 	 		46 	%	

Total	$	10,129 	 		$	6,273 	 		61 	%		$	6,487 	 		$	3,667 	 		77 	%	
(a) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, over-the-counter brands and royalty revenue. Other Brands includes $83 million worldwide and $66 million U.S. revenues relating to Celgene products for the three months ended June 30, 2020.
(b) Includes Puerto Rico.

14

BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUES
FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2019
(Unaudited, dollars in millions)

 	Worldwide Revenues		U.S. Revenues(b)	
 	2020		2019		% Change		2020		2019		% Change	
Prioritized Brands												
Revlimid	$	5,799 	 		$	— 	 		N/A		$	4,014 	 		$	— 	 		N/A	
Eliquis	4,804 	 		3,967 	 		21 	%		3,140 	 		2,475 	 		27 	%	
Opdivo	3,419 	 		3,624 	 		(6)	%		1,964 	 		2,236 	 		(12)	%	
Orencia	1,464 	 		1,418 	 		3 	%		1,054 	 		1,015 	 		4 	%	
Pomalyst/Imnovid	1,458 	 		— 	 		N/A		1,011 	 		— 	 		N/A	
Sprycel	1,032 	 		1,003 	 		3 	%		608 	 		547 	 		11 	%	
Yervoy	765 	 		751 	 		2 	%		511 	 		528 	 		(3)	%	
Abraxane	608 	 		— 	 		N/A		423 	 		— 	 		N/A	
Empliciti	194 	 		174 	 		11 	%		118 	 		121 	 		(2)	%	
Reblozyl	63 	 		— 	 		N/A		63 	 		— 	 		N/A	
Inrebic	27 	 		— 	 		N/A		27 	 		— 	 		N/A	
Zeposia	1 	 		— 	 		N/A		1 	 		— 	 		N/A	
												
Established Brands												
Baraclude	243 	 		288 	 		(16)	%		6 	 		14 	 		(57)	%	
Vidaza	284 	 		— 	 		N/A		2 	 		— 	 		N/A	
Other Brands(a)	749 	 		968 	 		(23)	%		311 	 		180 	 		73 	%	

Total	$	20,910 	 		$	12,193 	 		71 	%		$	13,253 	 		$	7,116 	 		86 	%	
(a) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, over-the-counter brands and royalty revenue. Other Brands includes $205 million worldwide and $169 million U.S. revenues relating to Celgene products for the six months ended June 30, 2020.
(b) Includes Puerto Rico.
15

BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019
(Unaudited, dollars and shares in millions except per share data)

 	Three Months Ended June 30,		Six Months Ended June 30,	
 	2020(c)		2019		2020(c)		2019	
Net product sales	$	9,817 	 		$	6,031 	 		$	20,358 	 		$	11,744 	 	
Alliance and other revenues	312 	 		242 	 		552 	 		449 	 	
Total Revenues	10,129 	 		6,273 	 		20,910 	 		12,193 	 	
								
Cost of products sold(a)	2,699 	 		1,972 	 		6,361 	 		3,796 	 	
Marketing, selling and administrative	1,628 	 		1,076 	 		3,234 	 		2,082 	 	
Research and development	2,522 	 		1,325 	 		4,894 	 		2,673 	 	
Amortization of acquired intangible assets	2,389 	 		24 	 		4,671 	 		48 	 	
Other (income)/expense, net	(736)	 		100 	 		427 	 		(161)	 	
Total Expenses	8,502 	 		4,497 	 		19,587 	 		8,438 	 	
								
Earnings Before Income Taxes	1,627 	 		1,776 	 		1,323 	 		3,755 	 	
Provision for Income Taxes	1,707 	 		337 	 		2,169 	 		601 	 	
								
Net (Loss)/Earnings	(80)	 		1,439 	 		(846)	 		3,154 	 	
Noncontrolling Interest	5 	 		7 	 		14 	 		12 	 	
Net (Loss)/Earnings Attributable to BMS	$	(85)	 		$	1,432 	 		$	(860)	 		$	3,142 	 	
								
Weighted-Average Common Shares Outstanding:								
Basic	2,263 	 		1,636 	 		2,261 	 		1,635 	 	
Diluted	2,263 	 		1,637 	 		2,261 	 		1,637 	 	
								
(Loss)/Earnings per Common Share:								
Basic	$	(0.04)	 		$	0.88 	 		$	(0.38)	 		$	1.92 	 	
Diluted	(0.04)	 		0.87 	 		(0.38)	 		1.92 	 	
								
Other (income)/expense, net								
Interest expense(b)	$	357 	 		$	123 	 		$	719 	 		$	168 	 	
Pension and postretirement	(2)	 		26 	 		(6)	 		70 	 	
Royalties and licensing income	(311)	 		(303)	 		(721)	 		(611)	 	
Divestiture losses/(gains)	9 	 		8 	 		(7)	 		8 	 	
Acquisition expenses	— 	 		303 	 		— 	 		468 	 	
Contingent consideration	(165)	 		— 	 		391 	 		— 	 	
Investment income	(25)	 		(119)	 		(86)	 		(175)	 	
Integration expenses	166 	 		106 	 		340 	 		128 	 	
Provision for restructuring	115 	 		10 	 		275 	 		22 	 	
Equity investment gains	(818)	 		(71)	 		(479)	 		(246)	 	
Litigation and other settlements	(1)	 		— 	 		31 	 		1 	 	
Transition and other service fees	(50)	 		(2)	 		(111)	 		(4)	 	
Intangible asset impairment	21 	 		15 	 		21 	 		15 	 	
Reversion excise tax	— 	 		— 	 		76 	 		— 	 	
Other	(32)	 		4 	 		(16)	 		(5)	 	
Other (income)/expense, net	$	(736)	 		$	100 	 		$	427 	 		$	(161)	 	
(a) Excludes amortization of acquired intangible assets.
(b) Includes amortization of purchase price adjustments to Celgene debt.
(c) Includes Celgene results of operations for the entire period.

16

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019
(Unaudited, dollars in millions)

 	Three Months Ended June 30,		Six Months Ended June 30,	
 	2020(b)		2019		2020(b)		2019	
Inventory purchase price accounting adjustments	$	714 	 		$	— 	 		$	2,134 	 		$	— 	 	
Employee compensation charges	1 	 		— 	 		3 	 		— 	 	
Site exit and other costs	13 	 		139 	 		29 	 		151 	 	
Cost of products sold	728 	 		139 	 		2,166 	 		151 	 	
								
Employee compensation charges	12 	 		— 	 		27 	 		— 	 	
Site exit and other costs	(1)	 		— 	 		5 	 		1 	 	
Marketing, selling and administrative	11 	 		— 	 		32 	 		1 	 	
								
License and asset acquisition charges	300 	 		25 	 		325 	 		25 	 	
IPRD impairments	— 	 		— 	 		— 	 		32 	 	
Inventory purchase price accounting adjustments	— 	 		— 	 		17 	 		— 	 	
Employee compensation charges	15 	 		— 	 		33 	 		— 	 	
Site exit and other costs	39 	 		19 	 		95 	 		38 	 	
Research and development	354 	 		44 	 		470 	 		95 	 	
								
Amortization of acquired intangible assets	2,389 	 		— 	 		4,671 	 		— 	 	
								
Interest expense(a)	(41)	 		83 	 		(82)	 		83 	 	
Pension and postretirement	— 	 		44 	 		— 	 		93 	 	
Royalties and licensing income	(18)	 		— 	 		(101)	 		— 	 	
Divestiture losses/(gains)	9 	 		8 	 		(7)	 		8 	 	
Acquisition expenses	— 	 		303 	 		— 	 		468 	 	
Contingent consideration	(165)	 		— 	 		391 	 		— 	 	
Investment income	— 	 		(54)	 		— 	 		(54)	 	
Integration expenses	166 	 		106 	 		340 	 		128 	 	
Provision for restructuring	115 	 		10 	 		275 	 		22 	 	
Equity investment gains	(818)	 		(71)	 		(479)	 		(246)	 	

	
Reversion excise tax	— 	 		— 	 		76 	 		— 	 	
	
Other (income)/expense, net	(752)	 		429 	 		413 	 		502 	 	
								
Increase to pretax income	2,730 	 		612 	 		7,752 	 		749 	 	
								
Income taxes on items above	(3)	 		(105)	 		(294)	 		(148)	 	
Income taxes attributed to Otezla® divestiture	255 	 		— 	 		255 	 		— 	 	
Income taxes attributed to internal transfer of intangible assets	853 	 		— 	 		853 	 		— 	 	
Income taxes	1,105 	 		(105)	 		814 	 		(148)	 	
								
Increase to net earnings	$	3,835 	 		$	507 	 		$	8,566 	 		$	601 	 	
(a) Includes amortization of purchase price adjustments to Celgene debt.
(b) Includes Celgene results of operations for the entire period.

17

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019
(Unaudited, dollars and shares in millions except per share data)

	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020	
	GAAP(a)		Specified Items(a)(b)		Non-GAAP(a)		GAAP		Specified Items(a)(b)		Non-GAAP(a)	
Gross Profit	$	7,430 	 		$	728 	 		$	8,158 	 		$	14,549 	 		$	2,166 	 		$	16,715 	 	
Marketing, selling and administrative	1,628 	 		(11)	 		1,617 	 		3,234 	 		(32)	 		3,202 	 	
Research and development	2,522 	 		(354)	 		2,168 	 		4,894 	 		(470)	 		4,424 	 	
Amortization of acquired intangible assets	2,389 	 		(2,389)	 		— 	 		4,671 	 		(4,671)	 		— 	 	
Other (income)/expense, net	(736)	 		752 	 		16 	 		427 	 		(413)	 		14 	 	
Earnings Before Income Taxes	1,627 	 		2,730 	 		4,357 	 		1,323 	 		7,752 	 		9,075 	 	
Provision for Income Taxes	1,707 	 		(1,105)	 		602 	 		2,169 	 		(814)	 		1,355 	 	
Noncontrolling interest	5 	 		— 	 		5 	 		14 	 		— 	 		14 	 	
												
Net (Loss)/Earnings Attributable to BMS used for Diluted EPS Calculation	$	(85)	 		$	3,835 	 		$	3,750 	 		$	(860)	 		$	8,566 	 		$	7,706 	 	
												
Weighted-Average Common Shares Outstanding - Diluted	2,263 	 		2,297 	 		2,297 	 		2,261 	 		2,298 	 		2,298 	 	
Diluted (Loss)/Earnings Per Share	$	(0.04)	 		$	1.67 	 		$	1.63 	 		$	(0.38)	 		$	3.73 	 		$	3.35 	 	
												
Effective Tax Rate	104.9 	%		(91.1)	%		13.8 	%		163.9 	%		(149.0)	%		14.9 	%	
												
	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019	
	GAAP		Specified Items(b)		Non-GAAP		GAAP		Specified Items(b)		Non-GAAP	
Gross Profit	$	4,301 	 		$	139 	 		$	4,440 	 		$	8,397 	 		$	151 	 		$	8,548 	 	
Marketing, selling and administrative	1,076 	 		— 	 		1,076 	 		2,082 	 		(1)	 		2,081 	 	
Research and development	1,325 	 		(44)	 		1,281 	 		2,673 	 		(95)	 		2,578 	 	
Amortization of acquired intangible assets	24 	 		— 	 		24 	 		48 	 		— 	 		48 	 	
Other (income)/expense, net	100 	 		(429)	 		(329)	 		(161)	 		(502)	 		(663)	 	
Earnings Before Income Taxes	1,776 	 		612 	 		2,388 	 		3,755 	 		749 	 		4,504 	 	
Provision for Income Taxes	337 	 		105 	 		442 	 		601 	 		148 	 		749 	 	
Noncontrolling interest	7 	 		— 	 		7 	 		12 	 		— 	 		12 	 	
												
Net Earnings Attributable to BMS used for Diluted EPS Calculation	$	1,432 	 		$	507 	 		$	1,939 	 		$	3,142 	 		$	601 	 		$	3,743 	 	
												
Weighted-Average Common Shares Outstanding - Diluted	1,637 	 		1,637 	 		1,637 	 		1,637 	 		1,637 	 		1,637 	 	
Diluted Earnings Per Share	$	0.87 	 		$	0.31 	 		$	1.18 	 		$	1.92 	 		$	0.37 	 		$	2.29 	 	
												
Effective Tax Rate	19.0 	%		(0.5)	%		18.5 	%		16.0 	%		0.6 	%		16.6 	%	
(a) Includes Celgene results of operations for the entire period.
(b) Refer to the Specified Items schedule for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate.

18

BRISTOL-MYERS SQUIBB COMPANY
NET DEBT CALCULATION
AS OF JUNE 30, 2020 AND DECEMBER 31, 2019
(Unaudited, dollars in millions)

												
	June 30,
2020		December 31,
2019	
Cash and cash equivalents	$	19,934 	 		$	12,346 	 	
Marketable debt securities - current	1,724 	 		3,047 	 	
Marketable debt securities - non-current	523 	 		767 	 	
Cash, cash equivalents and marketable debt securities	22,181 	 		16,160 	 	
	
Short-term debt obligations	(4,819)	 		(3,346)	 	
Long-term debt	(41,853)	 		(43,387)	 	
Net debt position	$	(24,491)	 		$	(30,573)	 	

19

Contact
Media: 609-252-3345, media@bms.com
Investor Relations: Tim Power, 609-252-7509, timothy.power@bms.com; Nina Goworek, 908-673-9711, nina.goworek@bms.com
20

Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
QUARTERLY TREND ANALYSIS OF REVENUES
(Unaudited, dollars in millions)

Revenues	2019		2020		% Change		FX Impact(c)	
 	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(a)		Year(a)		1st Qtr(b)		2nd Qtr(b)		6 Months(b)		3rd Qtr		9 Months		4th Qtr		Year		Qtr vs. Qtr		YTD vs. YTD		Qtr vs. Qtr		YTD vs. YTD	
United States	$	3,449 	 		$	3,667 	 		$	7,116 	 		$	3,472 	 		$	10,588 	 		$	4,754 	 		$	15,342 	 		$	6,766 	 		$	6,487 	 		$	13,253 	 										77%		86%		—		—	
	
Europe	1,480 	 		1,491 	 		2,971 	 		1,445 	 		4,416 	 		1,850 	 		6,266 	 		2,567 	 		2,136 	 		4,703 	 										43%		58%		(3)%		(3)%	
	
Rest of the World	874 	 		988 	 		1,862 	 		976 	 		2,838 	 		1,175 	 		4,013 	 		1,335 	 		1,334 	 		2,669 	 										35%		43%		(4)%		(4)%	
	
Other	117 	 		127 	 		244 	 		114 	 		358 	 		166 	 		524 	 		113 	 		172 	 		285 	 										35%		17%		—		—	
	
Total	$	5,920 	 		$	6,273 	 		$	12,193 	 		$	6,007 	 		$	18,200 	 		$	7,945 	 		$	26,145 	 		$	10,781 	 		$	10,129 	 		$	20,910 	 										61%		71%		(2)%		(2)%	
																																				
% of Revenues	2019		2020									
 	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(a)		Year(a)		1st Qtr(b)		2nd Qtr(b)		6 Months(b)		3rd Qtr		9 Months		4th Qtr		Year									
United States	58.2 	%		58.4 	%		58.3 	%		57.8 	%		58.2 	%		59.8 	%		58.7 	%		62.8 	%		64.0 	%		63.4 	%																	
	
Europe	25.0 	%		23.8 	%		24.4 	%		24.1 	%		24.3 	%		23.3 	%		24.0 	%		23.8 	%		21.1 	%		22.5 	%																	
	
Rest of the World	14.8 	%		15.8 	%		15.3 	%		16.2 	%		15.6 	%		14.8 	%		15.3 	%		12.4 	%		13.2 	%		12.8 	%																	
	
Other	2.0 	%		2.0 	%		2.0 	%		1.9 	%		1.9 	%		2.1 	%		2.0 	%		1.0 	%		1.7 	%		1.3 	%																	
	
Total	100.0 	%		100.0 	%		100.0 	%		100.0 	%		100.0 	%		100.0 	%		100.0 	%		100.0 	%		100.0 	%		100.0 	%																	
(a) Includes Celgene product revenues from November 20, 2019 through December 31, 2019.
(b) Includes Celgene product revenues for the entire period.
(c) Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales.
1

BRISTOL-MYERS SQUIBB COMPANY
EARNINGS FROM OPERATIONS
(Unaudited, dollars and shares in millions except per share data)

 	2019		2020		% Change	
 	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(c)		Year(c)		1st Qtr(d)		2nd Qtr(d)		6 Months(d)		3rd Qtr		9 Months		4th Qtr		Year		Qtr vs. Qtr		YTD vs. YTD	
Net product sales	$	5,713 	 		$	6,031 	 		$	11,744 	 		$	5,768 	 		$	17,512 	 		$	7,662 	 		$	25,174 	 		$	10,541 	 		$	9,817 	 		$	20,358 	 										63%		73%	
Alliance and other revenues	207 	 		242 	 		449 	 		239 	 		688 	 		283 	 		971 	 		240 	 		312 	 		552 	 										29%		23%	
Total Revenues	5,920 	 		6,273 	 		12,193 	 		6,007 	 		18,200 	 		7,945 	 		26,145 	 		10,781 	 		10,129 	 		20,910 	 										61%		71%	
																																
Cost of products sold(a)	1,824 	 		1,972 	 		3,796 	 		1,790 	 		5,586 	 		2,492 	 		8,078 	 		3,662 	 		2,699 	 		6,361 	 										37%		68%	
Marketing, selling and administrative	1,006 	 		1,076 	 		2,082 	 		1,055 	 		3,137 	 		1,734 	 		4,871 	 		1,606 	 		1,628 	 		3,234 	 										51%		55%	
Research and development	1,348 	 		1,325 	 		2,673 	 		1,378 	 		4,051 	 		2,097 	 		6,148 	 		2,372 	 		2,522 	 		4,894 	 										90%		83%	
Amortization of acquired intangible assets	24 	 		24 	 		48 	 		25 	 		73 	 		1,062 	 		1,135 	 		2,282 	 		2,389 	 		4,671 	 										**		**	
Other (income)/expense, net	(261)	 		100 	 		(161)	 		410 	 		249 	 		689 	 		938 	 		1,163 	 		(736)	 		427 	 										**		**	
Total Expenses	3,941 	 		4,497 	 		8,438 	 		4,658 	 		13,096 	 		8,074 	 		21,170 	 		11,085 	 		8,502 	 		19,587 	 										89%		**	
																																
Earnings/(Loss) Before Income Taxes	1,979 	 		1,776 	 		3,755 	 		1,349 	 		5,104 	 		(129)	 		4,975 	 		(304)	 		1,627 	 		1,323 	 										(8)%		(65)%	
Provision for Income Taxes	264 	 		337 	 		601 	 		(17)	 		584 	 		931 	 		1,515 	 		462 	 		1,707 	 		2,169 	 										**		**	
Net (Loss)/Earnings	1,715 	 		1,439 	 		3,154 	 		1,366 	 		4,520 	 		(1,060)	 		3,460 	 		(766)	 		(80)	 		(846)	 										**		**	
Noncontrolling Interest	5 	 		7 	 		12 	 		13 	 		25 	 		(4)	 		21 	 		9 	 		5 	 		14 	 										(29)%		17%	
Net (Loss)/Earnings Attributable to BMS	$	1,710 	 		$	1,432 	 		$	3,142 	 		$	1,353 	 		$	4,495 	 		$	(1,056)	 		$	3,439 	 		$	(775)	 		$	(85)	 		$	(860)	 										**		**	

	
Diluted (Loss)/Earnings per Common Share*	$	1.04 	 		$	0.87 	 		$	1.92 	 		$	0.83 	 		$	2.75 	 		$	(0.55)	 		$	2.01 	 		$	(0.34)	 		$	(0.04)	 		$	(0.38)	 										**		**	
	
Weighted-Average Common Shares Outstanding - Diluted	1,637 	 		1,637 	 		1,637 	 		1,634 	 		1,636 	 		1,918 	 		1,712 	 		2,258 	 		2,263 	 		2,261 	 										—		—	
Dividends declared per common share	$	0.41 	 		$	0.41 	 		$	0.82 	 		$	0.41 	 		$	1.23 	 		$	0.45 	 		$	1.68 	 		$	0.45 	 		$	0.45 	 		$	0.90 	 										10%		10%	
																																
	2019		2020					
% of Total Revenues	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(c)		Year(c)		1st Qtr(d)		2nd Qtr(d)		6 Months(d)		3rd Qtr		9 Months		4th Qtr		Year					
Gross Margin	69.2 	%		68.6 	%		68.9 	%		70.2 	%		69.3 	%		68.6 	%		69.1 	%		66.0 	%		73.4 	%		69.6 	%													
																																
Other Ratios																																
Effective tax rate	13.3 	%		19.0 	%		16.0 	%		(1.3)	%		11.4 	%		(721.7)	%		30.5 	%		(152.0)	%		104.9 	%		163.9 	%													
																																
Other (income)/expense, net	2019		2020		% Change	
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(c)		Year(c)		1st Qtr(d)		2nd Qtr(d)		6 Months(d)		3rd Qtr		9 Months		4th Qtr		Year		Qtr vs. Qtr		YTD vs. YTD	
Interest expense(b)	$	45 	 		$	123 	 		$	168 	 		$	209 	 		$	377 	 		$	279 	 		$	656 	 		$	362 	 		$	357 	 		$	719 	 										**		**	
Pension and postretirement	44 	 		26 	 		70 	 		1,537 	 		1,607 	 		(8)	 		1,599 	 		(4)	 		(2)	 		(6)	 										**		**	
Royalties and licensing income	(308)	 		(303)	 		(611)	 		(356)	 		(967)	 		(393)	 		(1,360)	 		(410)	 		(311)	 		(721)	 										3%		18%	
Divestiture losses/(gains)	— 	 		8 	 		8 	 		(1,179)	 		(1,171)	 		3 	 		(1,168)	 		(16)	 		9 	 		(7)	 										13%		**	
Acquisition expenses	165 	 		303 	 		468 	 		7 	 		475 	 		182 	 		657 	 		— 	 		— 	 		— 	 										(100)%		(100)%	
Contingent consideration	— 	 		— 	 		— 	 		— 	 		— 	 		523 	 		523 	 		556 	 		(165)	 		391 	 										N/A		N/A	
Investment income	(56)	 		(119)	 		(175)	 		(173)	 		(348)	 		(116)	 		(464)	 		(61)	 		(25)	 		(86)	 										(79)%		(51)%	
Integration expenses	22 	 		106 	 		128 	 		96 	 		224 	 		191 	 		415 	 		174 	 		166 	 		340 	 										57%		**	
Provision for restructuring	12 	 		10 	 		22 	 		10 	 		32 	 		269 	 		301 	 		160 	 		115 	 		275 	 										**		**	
Equity investment (gains)/losses	(175)	 		(71)	 		(246)	 		261 	 		15 	 		(294)	 		(279)	 		339 	 		(818)	 		(479)	 										**		95%	
Litigation and other settlements	1 	 		— 	 		1 	 		(1)	 		— 	 		77 	 		77 	 		32 	 		(1)	 		31 	 										N/A		**	
Transition and other service fees	(2)	 		(2)	 		(4)	 		(7)	 		(11)	 		(26)	 		(37)	 		(61)	 		(50)	 		(111)	 										**		**	
Intangible asset impairment	— 	 		15 	 		15 	 		— 	 		15 	 		— 	 		15 	 		— 	 		21 	 		21 	 										40%		40%	
	
Reversion excise tax	— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		76 	 		— 	 		76 	 										N/A		N/A	
Other	(9)	 		4 	 		(5)	 		6 	 		1 	 		2 	 		3 	 		16 	 		(32)	 		(16)	 										**		**	
	
Other (income)/expense, net	$	(261)	 		$	100 	 		$	(161)	 		$	410 	 		$	249 	 		$	689 	 		$	938 	 		$	1,163 	 		$	(736)	 		$	427 	 										**		**	
* Quarterly amounts may not add to the year-to-date amounts, as each period is computed on a discrete basis.
** In excess of +/- 100%.
(a) Excludes amortization of acquired intangible assets.
(b) Includes amortization of purchase price adjustments to Celgene debt.
(c) Includes Celgene results of operations from November 20, 2019 through December 31, 2019.
(d) Includes Celgene results of operations for the entire period.

2

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED JUNE 30, 2020
(Unaudited, dollars in millions)

QUARTER-TO-DATE	2020(b)		2019		$ Change		% Change		Favorable / (Unfavorable) FX Impact $*		2020 Excluding FX		Favorable / (Unfavorable) FX Impact %*		% Change Excluding FX	
Revenues	$	10,129 	 		$	6,273 	 		$	3,856 	 		61 	%		$	(85)	 		$	10,214 	 		(2)	%		63 	%	
Gross profit	7,430 	 		4,301 	 		3,129 	 		73 	%		N/A		N/A		N/A		N/A	
Gross profit excluding specified items(a)	8,158 	 		4,440 	 		3,718 	 		84 	%		N/A		N/A		N/A		N/A	
																
Gross profit excluding specified items as a % of revenues	80.5 	%		70.8 	%													
																
Marketing, selling and administrative	1,628 	 		1,076 	 		552 	 		51 	%		17 	 		1,645 	 		2 	%		53 	%	
Marketing, selling and administrative excluding specified items(a)	1,617 	 		1,076 	 		541 	 		50 	%		17 	 		1,634 	 		2 	%		52 	%	
																
Marketing, selling and administrative excluding specified items as a % of revenues	16.0 	%		17.2 	%													
																
Research and development	2,522 	 		1,325 	 		1,197 	 		90 	%		6 	 		2,528 	 		1 	%		91 	%	
Research and development excluding specified items(a)	2,168 	 		1,281 	 		887 	 		69 	%		6 	 		2,174 	 		1 	%		70 	%	
																
Research and development excluding specified items as a % of revenues	21.4 	%		20.4 	%													
																
YEAR-TO-DATE	2020(b)		2019		$ Change		% Change		Favorable / (Unfavorable) FX Impact $*		2020 Excluding FX		Favorable / (Unfavorable) FX Impact %*		% Change Excluding FX	
Revenues	$	20,910 	 		$	12,193 	 		$	8,717 	 		71 	%		$	(167)	 		$	21,077 	 		(2)	%		73 	%	
Gross profit	14,549 	 		8,397 	 		6,152 	 		73 	%		N/A		N/A		N/A		N/A	
Gross profit excluding specified items(a)	16,715 	 		8,548 	 		8,167 	 		96 	%		N/A		N/A		N/A		N/A	
																
Gross profit excluding specified items as a % of revenues	79.9 	%		70.1 	%													
																
Marketing, selling and administrative	3,234 	 		2,082 	 		1,152 	 		55 	%		29 	 		3,263 	 		2 	%		57 	%	
Marketing, selling and administrative excluding specified items(a)	3,202 	 		2,081 	 		1,121 	 		54 	%		29 	 		3,231 	 		1 	%		55 	%	
																
Marketing, selling and administrative excluding specified items as a % of revenues	15.3 	%		17.1 	%													
																
Research and development	4,894 	 		2,673 	 		2,221 	 		83 	%		10 	 		4,904 	 		— 	 		83 	%	
Research and development excluding specified items(a)	4,424 	 		2,578 	 		1,846 	 		72 	%		10 	 		4,434 	 		— 	 		72 	%	
																
Research and development excluding specified items as a % of revenues	21.2 	%		21.1 	%													
* Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales and expenses.
(a) Refer to the Specified Items schedule for further details.
(b) Includes Celgene results of operations for the entire period.

3

BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)

 	2019		2020		$ Change		% Change	
 	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(b)		Year(b)		1st Qtr(c)		2nd Qtr(c)		6 Months(c)		3rd Qtr		9 Months		4th Qtr		Year		Qtr vs. Qtr		YTD vs. YTD		Qtr vs. Qtr		YTD vs. YTD	
Prioritized Brands																																			
Revlimid	$	— 	 		$	— 	 		$	— 	 		$	— 	 		$	— 	 		$	1,299 	 		$	1,299 	 		$	2,915 	 		$	2,884 	 		$	5,799 	 										$	2,884 	 		$	5,799 	 		N/A		N/A	
Eliquis	1,925 	 		2,042 	 		3,967 	 		1,928 	 		5,895 	 		2,034 	 		7,929 	 		2,641 	 		2,163 	 		4,804 	 										121 	 		837 	 		6%		21%	
Opdivo	1,801 	 		1,823 	 		3,624 	 		1,817 	 		5,441 	 		1,763 	 		7,204 	 		1,766 	 		1,653 	 		3,419 	 										(170)	 		(205)	 		(9)%		(6)%	
Orencia	640 	 		778 	 		1,418 	 		767 	 		2,185 	 		792 	 		2,977 	 		714 	 		750 	 		1,464 	 										(28)	 		46 	 		(4)%		3%	
Pomalyst/Imnovid	— 	 		— 	 		— 	 		— 	 		— 	 		322 	 		322 	 		713 	 		745 	 		1,458 	 										745 	 		1,458 	 		N/A		N/A	
Sprycel	459 	 		544 	 		1,003 	 		558 	 		1,561 	 		549 	 		2,110 	 		521 	 		511 	 		1,032 	 										(33)	 		29 	 		(6)%		3%	
Yervoy	384 	 		367 	 		751 	 		353 	 		1,104 	 		385 	 		1,489 	 		396 	 		369 	 		765 	 										2 	 		14 	 		1%		2%	
Abraxane	— 	 		— 	 		— 	 		— 	 		— 	 		166 	 		166 	 		300 	 		308 	 		608 	 										308 	 		608 	 		N/A		N/A	
Empliciti	83 	 		91 	 		174 	 		89 	 		263 	 		94 	 		357 	 		97 	 		97 	 		194 	 										6 	 		20 	 		7%		11%	
Reblozyl	— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		8 	 		55 	 		63 	 										55 	 		63 	 		N/A		N/A	
Inrebic	— 	 		— 	 		— 	 		— 	 		— 	 		5 	 		5 	 		12 	 		15 	 		27 	 										15 	 		27 	 		N/A		N/A	
Zeposia	— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		1 	 		1 	 										1 	 		1 	 		N/A		N/A	
																																				
Established Brands																																			
Baraclude	141 	 		147 	 		288 	 		145 	 		433 	 		122 	 		555 	 		122 	 		121 	 		243 	 										(26)	 		(45)	 		(18)%		(16)%	
Vidaza	— 	 		— 	 		— 	 		— 	 		— 	 		58 	 		58 	 		158 	 		126 	 		284 	 										126 	 		284 	 		N/A		N/A	
Other Brands(a)	487 	 		481 	 		968 	 		350 	 		1,318 	 		356 	 		1,674 	 		418 	 		331 	 		749 	 										(150)	 		(219)	 		(31)%		(23)%	
																																				
Total	$	5,920 	 		$	6,273 	 		$	12,193 	 		$	6,007 	 		$	18,200 	 		$	7,945 	 		$	26,145 	 		$	10,781 	 		$	10,129 	 		$	20,910 	 										$	3,856 	 		$	8,717 	 		61%		71%	
(a) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue. Other Brands includes $83 million and $205 million relating to Celgene products in the three and six months ended June 30, 2020, respectively.
(b) Includes Celgene product revenues from November 20, 2019 through December 31, 2019.
(c) Includes Celgene product revenues for the entire period.

4

BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE PRO FORMA REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)

 	2019		2020		$ Change		% Change	
 	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(e)		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		Qtr vs. Qtr		YTD vs. YTD		Qtr vs. Qtr		YTD vs. YTD	
Prioritized Brands																																			
Revlimid(a)	$	2,562 	 		$	2,718 	 		$	5,280 	 		$	2,758 	 		$	8,038 	 		$	2,785 	 		$	10,823 	 		$	2,915 	 		$	2,884 	 		$	5,799 	 										$	166 	 		$	519 	 		6%		10%	
Eliquis	1,925 	 		2,042 	 		3,967 	 		1,928 	 		5,895 	 		2,034 	 		7,929 	 		2,641 	 		2,163 	 		4,804 	 										121 	 		837 	 		6%		21%	
Opdivo	1,801 	 		1,823 	 		3,624 	 		1,817 	 		5,441 	 		1,763 	 		7,204 	 		1,766 	 		1,653 	 		3,419 	 										(170)	 		(205)	 		(9)%		(6)%	
Orencia	640 	 		778 	 		1,418 	 		767 	 		2,185 	 		792 	 		2,977 	 		714 	 		750 	 		1,464 	 										(28)	 		46 	 		(4)%		3%	
Pomalyst/Imnovid(a)	554 	 		617 	 		1,171 	 		662 	 		1,833 	 		692 	 		2,525 	 		713 	 		745 	 		1,458 	 										128 	 		287 	 		21%		25%	
Sprycel	459 	 		544 	 		1,003 	 		558 	 		1,561 	 		549 	 		2,110 	 		521 	 		511 	 		1,032 	 										(33)	 		29 	 		(6)%		3%	
Yervoy	384 	 		367 	 		751 	 		353 	 		1,104 	 		385 	 		1,489 	 		396 	 		369 	 		765 	 										2 	 		14 	 		1%		2%	
Abraxane(a)	285 	 		314 	 		599 	 		317 	 		916 	 		336 	 		1,252 	 		300 	 		308 	 		608 	 										(6)	 		9 	 		(2)%		2%	
Empliciti	83 	 		91 	 		174 	 		89 	 		263 	 		94 	 		357 	 		97 	 		97 	 		194 	 										6 	 		20 	 		7%		11%	
Reblozyl(b)	— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		8 	 		55 	 		63 	 										55 	 		63 	 		N/A		N/A	
Inrebic(b)	— 	 		— 	 		— 	 		2 	 		2 	 		9 	 		11 	 		12 	 		15 	 		27 	 										15 	 		27 	 		N/A		N/A	
Zeposia(b)	— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		1 	 		1 	 										1 	 		1 	 		N/A		N/A	
																																				
Established Brands																																			
Baraclude	141 	 		147 	 		288 	 		145 	 		433 	 		122 	 		555 	 		122 	 		121 	 		243 	 										(26)	 		(45)	 		(18)%		(16)%	
Vidaza(a)	148 	 		162 	 		310 	 		146 	 		456 	 		149 	 		605 	 		158 	 		126 	 		284 	 										(36)	 		(26)	 		(22)%		(8)%	
Other Brands(c)	552 	 		557 	 		1,109 	 		420 	 		1,529 	 		393 	 		1,922 	 		418 	 		331 	 		749 	 										(226)	 		(360)	 		(41)%		(32)%	
																																				
Total(d)	$	9,534 	 		$	10,160 	 		$	19,694 	 		$	9,962 	 		$	29,656 	 		$	10,103 	 		$	39,759 	 		$	10,781 	 		$	10,129 	 		$	20,910 	 										$	(31)	 		$	1,216 	 		—		6%	
(a) Products were acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition. All product revenues prior to November 20, 2019 have been recast to exclude foreign currency hedge gains and losses.
(b) Products were acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition.
(c) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue. Reflects Celgene product revenues for the period prior to November 20, 2019, which was the date of the acquisition, for such Celgene products.
(d) All historically reported Celgene revenues have been recast to exclude Otezla® product revenues.
(e) Celgene product revenues for the period of October 1, 2019 through November 19, 2019 are included below:

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

5

BRISTOL-MYERS SQUIBB COMPANY
U.S. REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)

 	2019		2020		% Change	
 	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(c)		Year(c)		1st Qtr(d)		2nd Qtr(d)		6 Months(d)		3rd Qtr		9 Months		4th Qtr		Year		Qtr vs. Qtr		YTD vs. YTD	
Prioritized Brands																																
Revlimid	$	— 	 		$	— 	 		$	— 	 		$	— 	 		$	— 	 		$	899 	 		$	899 	 		$	1,966 	 		$	2,048 	 		$	4,014 	 										N/A		N/A	
Eliquis	1,206 	 		1,269 	 		2,475 	 		1,124 	 		3,599 	 		1,156 	 		4,755 	 		1,777 	 		1,363 	 		3,140 	 										7%		27%	
Opdivo	1,124 	 		1,112 	 		2,236 	 		1,088 	 		3,324 	 		1,020 	 		4,344 	 		1,008 	 		956 	 		1,964 	 										(14)%		(12)%	
Orencia	449 	 		566 	 		1,015 	 		554 	 		1,569 	 		577 	 		2,146 	 		500 	 		554 	 		1,054 	 										(2)%		4%	
Pomalyst/Imnovid	— 	 		— 	 		— 	 		— 	 		— 	 		226 	 		226 	 		489 	 		522 	 		1,011 	 										N/A		N/A	
Sprycel	240 	 		307 	 		547 	 		325 	 		872 	 		319 	 		1,191 	 		300 	 		308 	 		608 	 										—		11%	
Yervoy	275 	 		253 	 		528 	 		222 	 		750 	 		254 	 		1,004 	 		257 	 		254 	 		511 	 										—		(3)%	
Abraxane	— 	 		— 	 		— 	 		— 	 		— 	 		122 	 		122 	 		205 	 		218 	 		423 	 										N/A		N/A	
Empliciti	58 	 		63 	 		121 	 		62 	 		183 	 		63 	 		246 	 		59 	 		59 	 		118 	 										(6)%		(2)%	
Reblozyl	— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		8 	 		55 	 		63 	 										N/A		N/A	
Inrebic	— 	 		— 	 		— 	 		— 	 		— 	 		5 	 		5 	 		12 	 		15 	 		27 	 										N/A		N/A	
Zeposia	— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		1 	 		1 	 										N/A		N/A	
																																
Established Brands																																
Baraclude	7 	 		7 	 		14 	 		2 	 		16 	 		4 	 		20 	 		3 	 		3 	 		6 	 										(57)%		(57)%	
Vidaza	— 	 		— 	 		— 	 		— 	 		— 	 		1 	 		1 	 		2 	 		— 	 		2 	 										N/A		N/A	
Other Brands(a)	90 	 		90 	 		180 	 		95 	 		275 	 		108 	 		383 	 		180 	 		131 	 		311 	 										46%		73%	
																																
Total(b)	$	3,449 	 		$	3,667 	 		$	7,116 	 		$	3,472 	 		$	10,588 	 		$	4,754 	 		$	15,342 	 		$	6,766 	 		$	6,487 	 		$	13,253 	 										77%		86%	
(a) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Other Brands includes $66 million and $169 million relating to Celgene products in the three and six months ended June 30, 2020, respectively.
(b) Includes Puerto Rico.
(c) Includes Celgene product revenues from November 20, 2019 through December 31, 2019.
(d) Includes Celgene product revenues for the entire period.

6

BRISTOL-MYERS SQUIBB COMPANY
U.S. PRO FORMA REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)

 	2019		2020		% Change	
 	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(d)		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		Qtr vs. Qtr		YTD vs. YTD	
Prioritized Brands																																
Revlimid(a)	$	1,686 	 		$	1,810 	 		$	3,496 	 		$	1,902 	 		$	5,398 	 		$	1,914 	 		$	7,312 	 		$	1,966 	 		$	2,048 	 		$	4,014 	 										13%		15%	
Eliquis	1,206 	 		1,269 	 		2,475 	 		1,124 	 		3,599 	 		1,156 	 		4,755 	 		1,777 	 		1,363 	 		3,140 	 										7%		27%	
Opdivo	1,124 	 		1,112 	 		2,236 	 		1,088 	 		3,324 	 		1,020 	 		4,344 	 		1,008 	 		956 	 		1,964 	 										(14)%		(12)%	
Orencia	449 	 		566 	 		1,015 	 		554 	 		1,569 	 		577 	 		2,146 	 		500 	 		554 	 		1,054 	 										(2)%		4%	
Pomalyst/Imnovid(a)	390 	 		447 	 		837 	 		469 	 		1,306 	 		489 	 		1,795 	 		489 	 		522 	 		1,011 	 										17%		21%	
Sprycel	240 	 		307 	 		547 	 		325 	 		872 	 		319 	 		1,191 	 		300 	 		308 	 		608 	 										—		11%	
Yervoy	275 	 		253 	 		528 	 		222 	 		750 	 		254 	 		1,004 	 		257 	 		254 	 		511 	 										—		(3)%	
Abraxane(a)	196 	 		207 	 		403 	 		206 	 		609 	 		237 	 		846 	 		205 	 		218 	 		423 	 										5%		5%	
Empliciti	58 	 		63 	 		121 	 		62 	 		183 	 		63 	 		246 	 		59 	 		59 	 		118 	 										(6)%		(2)%	
Reblozyl(a)	— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		8 	 		55 	 		63 	 										N/A		N/A	
Inrebic(a)	— 	 		— 	 		— 	 		2 	 		2 	 		9 	 		11 	 		12 	 		15 	 		27 	 										N/A		N/A	
Zeposia(a)	— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		1 	 		1 	 										N/A		N/A	
																																
Established Brands																																
Baraclude	7 	 		7 	 		14 	 		2 	 		16 	 		4 	 		20 	 		3 	 		3 	 		6 	 										(57)%		(57)%	
Vidaza(a)	3 	 		3 	 		6 	 		2 	 		8 	 		2 	 		10 	 		2 	 		— 	 		2 	 										(100)%		(67)%	
Other Brands(b)	135 	 		145 	 		280 	 		147 	 		427 	 		136 	 		563 	 		180 	 		131 	 		311 	 										(10)%		11%	
																																
Total(c)	$	5,769 	 		$	6,189 	 		$	11,958 	 		$	6,105 	 		$	18,063 	 		$	6,180 	 		$	24,243 	 		$	6,766 	 		$	6,487 	 		$	13,253 	 										5%		11%	
(a) Products were acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition.
(b) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Reflects Celgene product revenues for the period prior to November 20, 2019, which was the date of the acquisition, for such Celgene products.
(c) Includes Puerto Rico. All historically reported Celgene revenues have been recast to exclude Otezla® product revenues.
(d) Celgene product revenues for the period of October 1, 2019 through November 19, 2019 are included below:

Revlimid	$	1,015 	 	
Pomalyst/Imnovid	263 	 	
Abraxane	115 	 	
Inrebic	4 	 	
Vidaza	1 	 	
Other Brands	28 	 	
Total	$	1,426 	 	
7

BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)

 	2019		2020		% Change(c)	
 	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(b)		Year(b)		1st Qtr(d)		2nd Qtr(d)		6 Months(d)		3rd Qtr		9 Months		4th Qtr		Year		Qtr vs. Qtr		YTD vs. YTD	
Prioritized Brands																																
Revlimid	$	— 	 		$	— 	 		$	— 	 		$	— 	 		$	— 	 		$	400 	 		$	400 	 		$	949 	 		$	836 	 		$	1,785 	 										N/A		N/A	
Eliquis	719 	 		773 	 		1,492 	 		804 	 		2,296 	 		878 	 		3,174 	 		864 	 		800 	 		1,664 	 										3%		12%	
Opdivo	677 	 		711 	 		1,388 	 		729 	 		2,117 	 		743 	 		2,860 	 		758 	 		697 	 		1,455 	 										(2)%		5%	
Orencia	191 	 		212 	 		403 	 		213 	 		616 	 		215 	 		831 	 		214 	 		196 	 		410 	 										(8)%		2%	
Pomalyst/Imnovid	— 	 		— 	 		— 	 		— 	 		— 	 		96 	 		96 	 		224 	 		223 	 		447 	 										N/A		N/A	
Sprycel	219 	 		237 	 		456 	 		233 	 		689 	 		230 	 		919 	 		221 	 		203 	 		424 	 										(14)%		(7)%	
Yervoy	109 	 		114 	 		223 	 		131 	 		354 	 		131 	 		485 	 		139 	 		115 	 		254 	 										1%		14%	
Abraxane	— 	 		— 	 		— 	 		— 	 		— 	 		44 	 		44 	 		95 	 		90 	 		185 	 										N/A		N/A	
Empliciti	25 	 		28 	 		53 	 		27 	 		80 	 		31 	 		111 	 		38 	 		38 	 		76 	 										36%		43%	
																																
Established Brands																																
Baraclude	134 	 		140 	 		274 	 		143 	 		417 	 		118 	 		535 	 		119 	 		118 	 		237 	 										(16)%		(14)%	
Vidaza	— 	 		— 	 		— 	 		— 	 		— 	 		57 	 		57 	 		156 	 		126 	 		282 	 										N/A		N/A	
Other Brands(a)	397 	 		391 	 		788 	 		255 	 		1,043 	 		248 	 		1,291 	 		238 	 		200 	 		438 	 										(49)%		(44)%	
																																
Total	$	2,471 	 		$	2,606 	 		$	5,077 	 		$	2,535 	 		$	7,612 	 		$	3,191 	 		$	10,803 	 		$	4,015 	 		$	3,642 	 		$	7,657 	 										40%		51%	
(a) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Other Brands includes $17 million and $36 million relating to Celgene products in the three and six months ended June 30, 2020, respectively.
(b) Includes Celgene product revenues from November 20, 2019 through December 31, 2019.
(c) The foreign exchange impact on international revenues was unfavorable 3% for both the second quarter and year-to-date. The foreign exchange impact on Prioritized Brands is included below.
(d) Includes Celgene product revenues for the entire period.

	
	Quarter-to-Date	Year-to-Date	
	Revenue Change %	Favorable/ (Unfavorable) FX Impact %	Revenue Change % Excluding FX	Revenue Change %	Favorable/ (Unfavorable) FX Impact %	Revenue Change % Excluding FX	
Eliquis	3%	(2)%	5%	12%	(2)%	14%	
Opdivo	(2)%	(5)%	3%	5%	(5)%	10%	
Orencia	(8)%	(3)%	(5)%	2%	(3)%	5%	
Sprycel	(14)%	(3)%	(11)%	(7)%	(3)%	(4)%	
Yervoy	1%	(5)%	6%	14%	(5)%	19%	
Empliciti	36%	—	36%	43%	(1)%	44%	
8

BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL PRO FORMA REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)

 	2019		2020		% Change	
 	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(d)		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		Qtr vs. Qtr		YTD vs. YTD	
Prioritized Brands																																
Revlimid(a)	$	876 	 		$	908 	 		$	1,784 	 		$	856 	 		$	2,640 	 		$	871 	 		$	3,511 	 		$	949 	 		$	836 	 		$	1,785 	 										(8)%		—	
Eliquis	719 	 		773 	 		1,492 	 		804 	 		2,296 	 		878 	 		3,174 	 		864 	 		800 	 		1,664 	 										3%		12%	
Opdivo	677 	 		711 	 		1,388 	 		729 	 		2,117 	 		743 	 		2,860 	 		758 	 		697 	 		1,455 	 										(2)%		5%	
Orencia	191 	 		212 	 		403 	 		213 	 		616 	 		215 	 		831 	 		214 	 		196 	 		410 	 										(8)%		2%	
Pomalyst/Imnovid(a)	164 	 		170 	 		334 	 		193 	 		527 	 		203 	 		730 	 		224 	 		223 	 		447 	 										31%		34%	
Sprycel	219 	 		237 	 		456 	 		233 	 		689 	 		230 	 		919 	 		221 	 		203 	 		424 	 										(14)%		(7)%	
Yervoy	109 	 		114 	 		223 	 		131 	 		354 	 		131 	 		485 	 		139 	 		115 	 		254 	 										1%		14%	
Abraxane(a)	89 	 		107 	 		196 	 		111 	 		307 	 		99 	 		406 	 		95 	 		90 	 		185 	 										(16)%		(6)%	
Empliciti	25 	 		28 	 		53 	 		27 	 		80 	 		31 	 		111 	 		38 	 		38 	 		76 	 										36%		43%	

																																
Established Brands																																
Baraclude	134 	 		140 	 		274 	 		143 	 		417 	 		118 	 		535 	 		119 	 		118 	 		237 	 										(16)%		(14)%	
Vidaza(a)	145 	 		159 	 		304 	 		144 	 		448 	 		147 	 		595 	 		156 	 		126 	 		282 	 										(21)%		(7)%	
Other Brands(b)	417 	 		412 	 		829 	 		273 	 		1,102 	 		257 	 		1,359 	 		238 	 		200 	 		438 	 										(51)%		(47)%	
																																
Total(c)	$	3,765 	 		$	3,971 	 		$	7,736 	 		$	3,857 	 		$	11,593 	 		$	3,923 	 		$	15,516 	 		$	4,015 	 		$	3,642 	 		$	7,657 	 										(8)%		(1)%	
(a) Products were acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition. All product revenues prior to November 20, 2019 have been recast to exclude foreign currency hedge gains and losses.
(b) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Reflects Celgene product revenues for the period prior to November 20, 2019, which was the date of the acquisition, for such Celgene products.
(c) All historically reported Celgene revenues have been recast to exclude Otezla® product revenues.
(d) Celgene product revenues for the period of October 1, 2019 through November 19, 2019 are included below:

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

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in millions)

 	2019		2020	
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(b)		Year(b)		1st Qtr(c)		2nd Qtr(c)		6 Months(c)		3rd Qtr		9 Months		4th Qtr		Year	
	
Inventory purchase price accounting adjustments	$	— 	 		$	— 	 		$	— 	 		$	— 	 		$	— 	 		$	660 	 		$	660 	 		$	1,420 	 		$	714 	 		$	2,134 	 									
Employee compensation charges	— 	 		— 	 		— 	 		— 	 		— 	 		1 	 		1 	 		2 	 		1 	 		3 	 									
Site exit and other costs	12 	 		139 	 		151 	 		22 	 		173 	 		24 	 		197 	 		16 	 		13 	 		29 	 									
Cost of products sold	12 	 		139 	 		151 	 		22 	 		173 	 		685 	 		858 	 		1,438 	 		728 	 		2,166 	 									
																												
Employee compensation charges	— 	 		— 	 		— 	 		— 	 		— 	 		27 	 		27 	 		15 	 		12 	 		27 	 									
Site exit and other costs	1 	 		— 	 		1 	 		— 	 		1 	 		8 	 		9 	 		6 	 		(1)	 		5 	 									
Marketing, selling and administrative	1 	 		— 	 		1 	 		— 	 		1 	 		35 	 		36 	 		21 	 		11 	 		32 	 									
																												
License and asset acquisition charges	— 	 		25 	 		25 	 		— 	 		25 	 		— 	 		25 	 		25 	 		300 	 		325 	 									
IPRD impairments	32 	 		— 	 		32 	 		— 	 		32 	 		— 	 		32 	 		— 	 		— 	 		— 	 									
Inventory purchase price accounting adjustments	— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		17 	 		— 	 		17 	 									
Employee compensation charges	— 	 		— 	 		— 	 		— 	 		— 	 		33 	 		33 	 		18 	 		15 	 		33 	 									
Site exit and other costs	19 	 		19 	 		38 	 		20 	 		58 	 		109 	 		167 	 		56 	 		39 	 		95 	 									
Research and development	51 	 		44 	 		95 	 		20 	 		115 	 		142 	 		257 	 		116 	 		354 	 		470 	 									
																												
Amortization of acquired intangible assets	— 	 		— 	 		— 	 		— 	 		— 	 		1,062 	 		1,062 	 		2,282 	 		2,389 	 		4,671 	 									
																												
Interest expense(a)	— 	 		83 	 		83 	 		166 	 		249 	 		73 	 		322 	 		(41)	 		(41)	 		(82)	 									
Pension and postretirement	49 	 		44 	 		93 	 		1,545 	 		1,638 	 		(3)	 		1,635 	 		— 	 		— 	 		— 	 									
Royalties and licensing income	— 	 		— 	 		— 	 		(9)	 		(9)	 		(15)	 		(24)	 		(83)	 		(18)	 		(101)	 									
Divestiture losses/(gains)	— 	 		8 	 		8 	 		(1,179)	 		(1,171)	 		3 	 		(1,168)	 		(16)	 		9 	 		(7)	 									
Acquisition expenses	165 	 		303 	 		468 	 		7 	 		475 	 		182 	 		657 	 		— 	 		— 	 		— 	 									
Contingent consideration	— 	 		— 	 		— 	 		— 	 		— 	 		523 	 		523 	 		556 	 		(165)	 		391 	 									
Investment income	— 	 		(54)	 		(54)	 		(99)	 		(153)	 		(44)	 		(197)	 		— 	 		— 	 		— 	 									
Integration expenses	22 	 		106 	 		128 	 		96 	 		224 	 		191 	 		415 	 		174 	 		166 	 		340 	 									
Provision for restructuring	12 	 		10 	 		22 	 		10 	 		32 	 		269 	 		301 	 		160 	 		115 	 		275 	 									
Equity investment (gains)/losses	(175)	 		(71)	 		(246)	 		261 	 		15 	 		(294)	 		(279)	 		339 	 		(818)	 		(479)	 									
Litigation and other settlements	— 	 		— 	 		— 	 		— 	 		— 	 		75 	 		75 	 		— 	 		— 	 		— 	 									

Reversion excise tax	— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		76 	 		— 	 		76 	 									
Other	— 	 		— 	 		— 	 		— 	 		— 	 		2 	 		2 	 		— 	 		— 	 		— 	 									
Other (income)/expense, net	73 	 		429 	 		502 	 		798 	 		1,300 	 		962 	 		2,262 	 		1,165 	 		(752)	 		413 	 									
																												
Increase to pretax income	137 	 		612 	 		749 	 		840 	 		1,589 	 		2,886 	 		4,475 	 		5,022 	 		2,730 	 		7,752 	 									
																												
Income taxes on items above	(43)	 		(105)	 		(148)	 		(275)	 		(423)	 		(264)	 		(687)	 		(291)	 		(3)	 		(294)	 									
Income taxes attributed to Otezla® divestiture	— 	 		— 	 		— 	 		— 	 		— 	 		808 	 		808 	 		— 	 		255 	 		255 	 									
Income taxes attributed to internal transfer of intangible assets	— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		853 	 		853 	 									
Income taxes	(43)	 		(105)	 		(148)	 		(275)	 		(423)	 		544 	 		121 	 		(291)	 		1,105 	 		814 	 									
																												
Increase to net earnings	$	94 	 		$	507 	 		$	601 	 		$	565 	 		$	1,166 	 		$	3,430 	 		$	4,596 	 		$	4,731 	 		$	3,835 	 		$	8,566 	 									

	
	
(a) Includes amortization of purchase price adjustments to Celgene debt.
(b) Includes Celgene results of operations from November 20, 2019 through December 31, 2019.
(c) Includes Celgene results of operations for the entire period.
10

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
(Unaudited, dollars in millions)

 	2019		2020	
 	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(b)		Year(b)		1st Qtr(c)		2nd Qtr(c)		6 Months(c)		3rd Qtr		9 Months		4th Qtr		Year	
Gross Profit	$	4,096 	 		$	4,301 	 		$	8,397 	 		$	4,217 	 		$	12,614 	 		$	5,453 	 		$	18,067 	 		$	7,119 	 		$	7,430 	 		$	14,549 	 									
Specified items(a)	12 	 		139 	 		151 	 		22 	 		173 	 		685 	 		858 	 		1,438 	 		728 	 		2,166 	 									
Gross profit excluding specified items	4,108 	 		4,440 	 		8,548 	 		4,239 	 		12,787 	 		6,138 	 		18,925 	 		8,557 	 		8,158 	 		16,715 	 									
																												
Marketing, selling and administrative	1,006 	 		1,076 	 		2,082 	 		1,055 	 		3,137 	 		1,734 	 		4,871 	 		1,606 	 		1,628 	 		3,234 	 									
Specified items(a)	(1)	 		— 	 		(1)	 		— 	 		(1)	 		(35)	 		(36)	 		(21)	 		(11)	 		(32)	 									
Marketing, selling and administrative excluding specified items	1,005 	 		1,076 	 		2,081 	 		1,055 	 		3,136 	 		1,699 	 		4,835 	 		1,585 	 		1,617 	 		3,202 	 									
																												
Research and development	1,348 	 		1,325 	 		2,673 	 		1,378 	 		4,051 	 		2,097 	 		6,148 	 		2,372 	 		2,522 	 		4,894 	 									
Specified items(a)	(51)	 		(44)	 		(95)	 		(20)	 		(115)	 		(142)	 		(257)	 		(116)	 		(354)	 		(470)	 									
Research and development excluding specified items	1,297 	 		1,281 	 		2,578 	 		1,358 	 		3,936 	 		1,955 	 		5,891 	 		2,256 	 		2,168 	 		4,424 	 									
																												
Amortization of acquired intangible assets	24 	 		24 	 		48 	 		25 	 		73 	 		1,062 	 		1,135 	 		2,282 	 		2,389 	 		4,671 	 									
Specified items(a)	— 	 		— 	 		— 	 		— 	 		— 	 		(1,062)	 		(1,062)	 		(2,282)	 		(2,389)	 		(4,671)	 									
Amortization of acquired intangible assets excluding specified items	24 	 		24 	 		48 	 		25 	 		73 	 		— 	 		73 	 		— 	 		— 	 		— 	 									
																												
Other (income)/expense, net	(261)	 		100 	 		(161)	 		410 	 		249 	 		689 	 		938 	 		1,163 	 		(736)	 		427 	 									
Specified items(a)	(73)	 		(429)	 		(502)	 		(798)	 		(1,300)	 		(962)	 		(2,262)	 		(1,165)	 		752 	 		(413)	 									
Other expense/(income), net excluding specified items	(334)	 		(329)	 		(663)	 		(388)	 		(1,051)	 		(273)	 		(1,324)	 		(2)	 		16 	 		14 	 									
(a) Refer to the Specified Items schedule for further details.
(b) Includes Celgene results of operations from November 20, 2019 through December 31, 2019.
(c) Includes Celgene results of operations for the entire period.

11

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP TO NON-GAAP EPS
(Unaudited, dollars and shares in millions except per share data)

 	2019		2020	
 	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(b)		Year(b)		1st Qtr(c)		2nd Qtr(c)		6 Months(c)		3rd Qtr		9 Months		4th Qtr		Year	
Earnings/(Loss) before income taxes	$	1,979 	 		$	1,776 	 		$	3,755 	 		$	1,349 	 		$	5,104 	 		$	(129)	 		$	4,975 	 		$	(304)	 		$	1,627 	 		$	1,323 	 									
Specified items(a)	137 	 		612 	 		749 	 		840 	 		1,589 	 		2,886 	 		4,475 	 		5,022 	 		2,730 	 		7,752 	 									
Earnings before income taxes excluding specified items	2,116 	 		2,388 	 		4,504 	 		2,189 	 		6,693 	 		2,757 	 		9,450 	 		4,718 	 		4,357 	 		9,075 	 									
																												
Provision for income taxes	264 	 		337 	 		601 	 		(17)	 		584 	 		931 	 		1,515 	 		462 	 		1,707 	 		2,169 	 									
Income taxes on specified items(a)	43 	 		105 	 		148 	 		275 	 		423 	 		264 	 		687 	 		291 	 		3 	 		294 	 									
Income taxes attributed to Otezla® divestiture(a)	— 	 		— 	 		— 	 		— 	 		— 	 		(808)	 		(808)	 		— 	 		(255)	 		(255)	 									
Income taxes attributed to internal transfer of intangible assets(a)	— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		(853)	 		(853)	 									
Provision for income taxes excluding tax on specified items and income taxes attributed to Otezla® divestiture and internal transfer of intangible assets	307 	 		442 	 		749 	 		258 	 		1,007 	 		387 	 		1,394 	 		753 	 		602 	 		1,355 	 									
																												
Noncontrolling Interest	5 	 		7 	 		12 	 		13 	 		25 	 		(4)	 		21 	 		9 	 		5 	 		14 	 									
Specified items(a)	— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 		— 	 									
Noncontrolling Interest excluding specified items	5 	 		7 	 		12 	 		13 	 		25 	 		(4)	 		21 	 		9 	 		5 	 		14 	 									
																												
Net (loss)/earnings attributable to BMS used for Diluted EPS Calculation - GAAP	1,710 	 		1,432 	 		3,142 	 		1,353 	 		4,495 	 		(1,056)	 		3,439 	 		(775)	 		(85)	 		(860)	 									
Specified items(a)	94 	 		507 	 		601 	 		565 	 		1,166 	 		3,430 	 		4,596 	 		4,731 	 		3,835 	 		8,566 	 									
Net earnings attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP	1,804 	 		1,939 	 		3,743 	 		1,918 	 		5,661 	 		2,374 	 		8,035 	 		3,956 	 		3,750 	 		7,706 	 									
																												
Weighted-average Common Shares Outstanding - Diluted-GAAP	1,637 	 		1,637 	 		1,637 	 		1,634 	 		1,636 	 		1,918 	 		1,712 	 		2,258 	 		2,263 	 		2,261 	 									
Weighted-average Common Shares Outstanding - Diluted-Non-GAAP	1,637 	 		1,637 	 		1,637 	 		1,634 	 		1,636 	 		1,941 	 		1,712 	 		2,298 	 		2,297 	 		2,298 	 									
																												
Diluted (Loss)/Earnings Per Share - GAAP*	$	1.04 	 		$	0.87 	 		$	1.92 	 		$	0.83 	 		$	2.75 	 		$	(0.55)	 		$	2.01 	 		$	(0.34)	 		$	(0.04)	 		$	(0.38)	 									
Diluted Earnings Per Share attributable to specified items(a)	0.06 	 		0.31 	 		0.37 	 		0.34 	 		0.71 	 		1.77 	 		2.68 	 		2.06 	 		1.67 	 		3.73 	 									
Diluted Earnings Per Share - Non-GAAP*	$	1.10 	 		$	1.18 	 		$	2.29 	 		$	1.17 	 		$	3.46 	 		$	1.22 	 		$	4.69 	 		$	1.72 	 		$	1.63 	 		$	3.35 	 									
																												
Effective Tax Rate	13.3 	%		19.0 	%		16.0 	%		(1.3)	%		11.4 	%		(721.7)	%		30.5 	%		(152.0)	%		104.9 	%		163.9 	%									
Specified items(a)	1.2 	%		(0.5)	%		0.6 	%		13.1 	%		3.6 	%		735.7 	%		(15.7)	%		168.0 	%		(91.1)	%		(149.0)	%									
Effective Tax Rate excluding specified items	14.5 	%		18.5 	%		16.6 	%		11.8 	%		15.0 	%		14.0 	%		14.8 	%		16.0 	%		13.8 	%		14.9 	%									
* Quarterly amounts may not add to the year-to-date amounts, as each period is computed on a discrete basis.
(a) Refer to the Specified Items schedule for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate.
(b) Includes Celgene results from operations from November 20, 2019 through December 31, 2019.
(c) Includes Celgene results of operations for the entire period.

12

BRISTOL-MYERS SQUIBB COMPANY
SELECTED BALANCE SHEET INFORMATION
(Unaudited, dollars in millions)

	March 31,
2019		June 30,
2019		September 30,
2019		December 31,
2019(a)		March 31,
2020		June 30,
2020		September 30,
2020		December 31,
2020	
Cash and cash equivalents	$	7,335 	 		$	28,404 	 		$	30,489 	 		$	12,346 	 		$	15,817 	 		$	19,934 	 					
Marketable debt securities - current	1,429 	 		953 	 		2,053 	 		3,047 	 		2,505 	 		1,724 	 					
Marketable debt securities - non-current	1,233 	 		994 	 		925 	 		767 	 		651 	 		523 	 					
Cash, cash equivalents and marketable debt securities	9,997 	 		30,351 	 		33,467 	 		16,160 	 		18,973 	 		22,181 	 					
																
Short-term debt obligations	(381)	 		(545)	 		(569)	 		(3,346)	 		(3,862)	 		(4,819)	 					
Long-term debt	(5,635)	 		(24,433)	 		(24,390)	 		(43,387)	 		(42,844)	 		(41,853)	 					
Net (debt)/cash position	$	3,981 	 		$	5,373 	 		$	8,508 	 		$	(30,573)	 		$	(27,733)	 		$	(24,491)	 					
(a) Includes Celgene balances as of December 31, 2019.
13

BRISTOL-MYERS SQUIBB COMPANY
2020 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2020	
	Pre-tax		Tax		After-tax	
Projected Diluted (Loss)/Earnings Attributable to Shareholders per Common Share - GAAP					($0.06) to $0.09	
						
Projected Specified Items:						
Purchase price accounting adjustments(a)	5.31 	 		0.29 	 		5.02 	 	
Acquisition, restructuring and integration expenses(b)	0.61 	 		0.13 	 		0.48 	 	
Equity investment losses and contingent consideration	(0.04)	 		(0.06)	 		0.02 	 	
Research and development license and asset acquisition charges	0.15 	 		— 	 		0.15 	 	
Employee compensation charges(c)	0.04 	 		0.01 	 		0.03 	 	
Divestiture gains and licensing income	(0.03)	 		— 	 		(0.03)	 	
Other	0.01 	 		— 	 		0.01 	 	
Income taxes attributed to Otezla® divestiture and internal transfer of intangible assets	— 	 		(0.48)	 		0.48 	 	
Total	6.05 	 		(0.11)	 		6.16 	 	
						
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP					$6.10 to $6.25	
(a) Includes amortization of acquired intangible assets, unwind of inventory fair value adjustments and amortization of fair value adjustments of debt assumed from Celgene.
(b) Includes acquisition-related financing, transaction, restructuring and integration expenses recognized in Cost of products sold, Research and development and Other (income)/expense, net.
(c) Includes items recognized in Cost of products sold, Marketing, selling and administrative and Research and development.

The following table summarizes the company's 2020 financial guidance:	
	
Line item		GAAP		Non-GAAP	
	
Revenues		$40.5 billion - $42.0 billion		$40.5 billion - $42.0 billion	
					
Gross margin as a percent of revenue		Approximately 74%		Approximately 80%	
					
Marketing, selling and administrative expense		$6.5 billion - $6.7 billion		$6.5 billion - $6.7 billion	
					
Research and development expense		$9.7 billion - $9.9 billion		$9.2 billion - $9.4 billion	
					
Other (income)/expense, net		$0.9 billion - $1.1 billion		($0.1 billion) - $0.1 billion	
					
Effective tax rate		Approximately 100%		16% - 17%	
					
Weighted average diluted shares		Approximately 2.3 billion		Approximately 2.3 billion	

The GAAP financial results for the full year of 2020 will include specified items, including purchase price accounting adjustments, acquisition and integration expenses, charges associated with restructuring, downsizing and streamlining worldwide operations, research and development license and asset acquisition charges, divestiture gains or losses, stock compensation resulting from accelerated vesting of Celgene awards, certain retention-related employee compensation charges related to the Celgene transaction, equity investment and contingent value rights fair value adjustments and tax items resulting from internal transfer of intangible assets and the Otezla® divestiture, among other items. The financial guidance for 2020 excludes the impact of any potential future strategic acquisitions and divestitures and other specified items that have not yet been identified and quantified. For a fuller discussion of items that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol Myers Squibb Reports Second Quarter 2020 Financial Results on August 6, 2020, including “2020 Financial Guidance” and “Use of non-GAAP Financial Information” therein.	
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