Bristol-Myers Squibb (BMY) 8-K Bristol-Myers Squibb Reports Third Quarter 2014 Financial Results

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF REVENUES

(Unaudited, dollars in millions)

Revenues	2013																					2014																	% Change		FX Impact
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD	Qtr vs. Qtr	YTD vs. YTD
Total	$	3,831		$	4,048		$	7,879		$	4,065		$	11,944		$	4,441		$	16,385		$	3,811		$	3,889		$	7,700		$	3,921		$	11,621				(4)%	(3)%	—	—
US and Puerto Rico	1,971			2,045			4,016			2,037			6,053			2,265			8,318			1,765			1,901			3,666			1,968			5,634					(3)%	(7)%	—	—
Europe	946			950			1,896			985			2,881			1,049			3,930			948			908			1,856			814			2,670					(17)%	(7)%	1%	2%
Rest of the World	765			835			1,600			805			2,405			890			3,295			830			811			1,641			838			2,479					4%	3%	(3)%	(4)%
Other	149			218			367			238			605			237			842			268			269			537			301			838					26%	39%	—	—
% of Revenues	2013																					2014
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr	Year
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
US and Puerto Rico	51.4		%	50.5		%	51.0		%	50.1		%	50.7		%	51.0		%	50.8		%	46.3		%	48.9		%	47.6		%	50.2		%	48.5		%
Europe	24.7		%	23.5		%	24.1		%	24.2		%	24.1		%	23.6		%	24.0		%	24.9		%	23.3		%	24.1		%	20.8		%	23.0		%
Rest of the World	20.0		%	20.6		%	20.3		%	19.8		%	20.1		%	20.0		%	20.1		%	21.8		%	20.9		%	21.3		%	21.4		%	21.3		%
Other	3.9		%	5.4		%	4.6		%	5.9		%	5.1		%	5.4		%	5.1		%	7.0		%	6.9		%	7.0		%	7.6		%	7.2		%

1

BRISTOL-MYERS SQUIBB COMPANY

REVENUES AND COMPOSITION OF CHANGE IN REVENUES

FOR THE PERIOD ENDED SEPTEMBER 30, 2014

(Unaudited, dollars in millions)

QUARTER-TO-DATE	Revenues				Analysis of % Change
	2014		2013		Total Change	Volume	Price	Foreign Exchange
US and Puerto Rico	$	1,968	$	2,037	(3)%	(8)%	5%	—
Europe	814		985		(17)%	(12)%	(6)%	1%
Rest of the World	838		805		4%	8%	(1)%	(3)%
Other	301		238		26%	N/A	N/A	—
Total	$	3,921	$	4,065	(4)%	(4)%	—	—
YEAR-TO-DATE	Revenues				Analysis of % Change
	2014		2013		Total Change	Volume	Price	Foreign Exchange
US and Puerto Rico	$	5,634	$	6,053	(7)%	(11)%	4%	—
Europe	2,670		2,881		(7)%	(4)%	(5)%	2%
Rest of the World	2,479		2,405		3%	9%	(2)%	(4)%
Other	838		605		39%	N/A	N/A	—
Total	$	11,621	$	11,944	(3)%	(3)%	—	—

2

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

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

	2013																					2014																	% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Net product sales	$	2,957		$	3,024		$	5,981		$	3,025		$	9,006		$	3,298		$	12,304		$	2,807		$	2,770		$	5,577		$	2,843		$	8,420				(6)%	(7)%
Alliance and other revenues	874			1,024			1,898			1,040			2,938			1,143			4,081			1,004			1,119			2,123			1,078			3,201					4%	9%
Total Revenues	$	3,831		$	4,048		$	7,879		$	4,065		$	11,944		$	4,441		$	16,385		$	3,811		$	3,889		$	7,700		$	3,921		$	11,621				(4)%	(3)%
Cost of products sold	1,063			1,108			2,171			1,175			3,346			1,273			4,619			968			991			1,959			1,007			2,966					(14)%	(11)%
Marketing, selling and administrative	994			1,042			2,036			980			3,016			1,068			4,084			957			951			1,908			1,029			2,937					5%	(3)%
Advertising and product promotion	189			218			407			194			601			254			855			163			187			350			171			521					(12)%	(13)%
Research and development	930			951			1,881			893			2,774			957			3,731			946			1,416			2,362			983			3,345					10%	21%
Other (income)/expense	(19		)	199			180			5			185			20			205			(208		)	(104		)	(312		)	(277		)	(589		)			**	**
Total Expenses	3,157			3,518			6,675			3,247			9,922			3,572			13,494			2,826			3,441			6,267			2,913			9,180					(10)%	(7)%
Earnings Before Income Taxes	$	674		$	530		$	1,204		$	818		$	2,022		$	869		$	2,891		$	985		$	448		$	1,433		$	1,008		$	2,441				23%	21%
Provision for Income Taxes	51			—			51			126			177			134			311			49			114			163			276			439					**	**
Net Earnings	$	623		$	530		$	1,153		$	692		$	1,845		$	735		$	2,580		$	936		$	334		$	1,270		$	732		$	2,002				6%	9%
Net Earnings/(Loss) Attributable to Noncontrolling Interest	14			(6		)	8			—			8			9			17			(1		)	1			—			11			11					**	38%
Net Earnings Attributable to BMS	$	609		$	536		$	1,145		$	692		$	1,837		$	726		$	2,563		$	937		$	333		$	1,270		$	721		$	1,991				4%	8%
Diluted Earnings per Common Share*	$	0.37		$	0.32		$	0.69		$	0.42		$	1.11		$	0.44		$	1.54		$	0.56		$	0.20		$	0.76		$	0.43		$	1.19				2%	7%
Average Common Shares Outstanding - Diluted	1,655			1,660			1,658			1,662			1,659			1,666			1,662			1,666			1,669			1,668			1,670			1,668					—	1%
Dividends declared per common share	$	0.35		$	0.35		$	0.70		$	0.35		$	1.05		$	0.36		$	1.41		$	0.36		$	0.36		$	0.72		$	0.36		$	1.08				3%	3%
	2013																					2014
% of Total Revenues	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr	Year
Gross Margin	72.3		%	72.6		%	72.4		%	71.1		%	72.0		%	71.3		%	71.8		%	74.6		%	74.5		%	74.6		%	74.3		%	74.5		%
Other Ratios
Effective tax rate	7.6		%	—			4.2		%	15.4		%	8.8		%	15.4		%	10.8		%	5.0		%	25.4		%	11.4		%	27.4		%	18.0		%
Other (Income)/Expense	2013																					2014																	% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Interest expense	$	50		$	50		$	100		$	46		$	146		$	53		$	199		$	54		$	46		$	100		$	50		$	150				9%	3%
Investment income	(25		)	(28		)	(53		)	(23		)	(76		)	(28		)	(104		)	(23		)	(28		)	(51		)	(20		)	(71		)			(13)%	(7)%
Provision for restructuring	33			173			206			6			212			14			226			21			16			37			35			72					**	(66)%
Litigation charges/(recoveries)	—			(22		)	(22		)	17			(5		)	25			20			29			(20		)	9			10			19					(41)%	**
Equity in net income of affiliates	(36		)	(50		)	(86		)	(42		)	(128		)	(38		)	(166		)	(36		)	(33		)	(69		)	(12		)	(81		)			(71)%	(37)%
Out-licensed intangible asset impairment	—			—			—			—			—			—			—			—			—			—			18			18					**	**
Gain on sale of product lines, businesses and assets	(1		)	—			(1		)	—			(1		)	(1		)	(2		)	(259		)	7			(252		)	(315		)	(567		)			**	**
Other alliance and licensing income	(57		)	(32		)	(89		)	(31		)	(120		)	(28		)	(148		)	(108		)	(144		)	(252		)	(102		)	(354		)			**	**
Pension curtailments, settlements and special termination benefits	—			101			101			37			138			27			165			64			45			109			28			137					(24)%	(1)%
Other	17			7			24			(5		)	19			(4		)	15			50			7			57			31			88					**	**
	$	(19	)	$	199		$	180		$	5		$	185		$	20		$	205		$	(208	)	$	(104	)	$	(312	)	$	(277	)	$	(589	)			**	**

* Quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations.

** In excess of 100%

3

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED SEPTEMBER 30, 2014

(Unaudited, dollars in millions)

QUARTER-TO-DATE	2014			2013			Growth $		Growth %	Favorable / (Unfavorable) FX Impact $ *			2014 Excluding FX		Favorable / (Unfavorable) FX Impact % *	Growth % Excluding FX
Revenues	$	3,921		$	4,065		(144	)	(4)%	$	(18	)	$	3,939	—	(4)%
Gross profit	2,914			2,890			24		1%	N/A			N/A		N/A	N/A
Gross profit excluding specified items (a)	2,950			2,959			(9	)	—	N/A			N/A		N/A	N/A
Gross profit excluding specified items as a % of revenues	75.2		%	72.8		%
Marketing, selling and administrative	1,029			980			49		5%	5			1,034		1%	6%
Marketing, selling and administrative excluding specified items (a)	931			976			(45	)	(5)%	5			936		1%	(4)%
Advertising and product promotion	171			194			(23	)	(12)%	2			173		1%	(11)%
SG&A excluding specified items as a % of revenues	28.1		%	28.8		%
Research and development	983			893			90		10%	8			991		1%	11%
Research and development excluding specified items (a)	918			893			25		3%	8			926		1%	4%
Research and development excluding specified items as a % of revenues	23.4		%	22.0		%
YEAR-TO-DATE	2014			2013			Growth $		Growth %	Favorable / (Unfavorable) FX Impact $ *			2014 Excluding FX		Favorable / (Unfavorable) FX Impact % *	Growth % Excluding FX
Revenues	$	11,621		$	11,944		(323	)	(3)%	$	(32	)	$	11,653	—	(3)%
Gross profit	8,655			8,598			57		1%	N/A			N/A		N/A	N/A
Gross profit excluding specified items (a)	8,775			8,822			(47	)	(1)	N/A			N/A		N/A	N/A
Gross profit excluding specified items as a % of revenues	75.5		%	73.9		%
Marketing, selling and administrative	2,937			3,016			(79	)	(3)%	16			2,953		1%	(2)%
Marketing, selling and administrative excluding specified items (a)	2,833			3,010			(177	)	(6)%	16			2,849		1%	(5)%
Advertising and product promotion	521			601			(80	)	(13)%	4			525		—	(13)%
SG&A excluding specified items as a % of revenues	28.9		%	30.2		%
Research and development	3,345			2,774			571		21%	6			3,351		—	21%
Research and development excluding specified items (a)	2,774			2,774			—		—	6			2,780		—	—
Research and development excluding specified items as a % of revenues	23.9		%	23.2		%

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

* Foreign exchange (FX) impact determined by the change in a line item's current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact.

4

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE REVENUES FROM OPERATIONS BY PRODUCT

QUARTERLY REVENUES TREND ANALYSIS AND RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT

(Unaudited, dollars in millions)

	2013														2014												Growth $						% Change		EX-FX						FX Impact
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th  Qtr	Year	Qtr vs. Qtr			YTD vs. YTD			Qtr vs. Qtr	YTD vs. YTD	QTD EX-FX $		YTD EX-FX $		Qtr vs. Qtr %	YTD vs. YTD %	Qtr vs. Qtr	YTD vs. YTD
TOTAL	$	3,831	$	4,048	$	7,879	$	4,065	$	11,944	$	4,441	$	16,385	$	3,811	$	3,889	$	7,700	$	3,921	$	11,621			$	(144	)	$	(323	)	(4)%	(3)%	$	3,939	$	11,653	(4)%	(3)%	—	—
Virology(a)
Baraclude(b)	366		371		737		378		1,115		412		1,527		406		369		775		325		1,100				(53		)	(15		)	(14)%	(1)%	324		1,103		(14)%	(1)%	—	—
Hepatitis C Franchise(c)	—		—		—		—		—		—		—		—		—		—		49		49				49			49			N/A	N/A	49		49		N/A	N/A	N/A	N/A
Reyataz	361		431		792		375		1,167		384		1,551		344		362		706		338		1,044				(37		)	(123		)	(10)%	(11)%	342		1,055		(9)%	(10)%	(1)%	(1)%
Sustiva Franchise(d)	387		411		798		389		1,187		427		1,614		319		361		680		357		1,037				(32		)	(150		)	(8)%	(13)%	356		1,029		(8)%	(13)%	—	1%
Oncology(a)
Erbitux	162		171		333		183		516		180		696		169		186		355		187		542				4			26			2%	5%	187		544		2%	5%	N/A	N/A
Opdivo(e)	—		—		—		—		—		—		—		—		—		—		1		1				1			1			N/A	N/A	1		1		N/A	N/A	N/A	N/A
Sprycel	287		312		599		316		915		365		1,280		342		368		710		385		1,095				69			180			22%	20%	387		1,107		22%	21%	(1)%	(1)%
Yervoy	229		233		462		238		700		260		960		271		321		592		350		942				112			242			47%	35%	350		938		47%	34%	—	1%
Neuroscience(a)
Abilify(f)	522		563		1,085		569		1,654		635		2,289		540		555		1,095		449		1,544				(120		)	(110		)	(21)%	(7)%	450		1,539		(21)%	(7)%	—	—
Immunoscience(a)
Orencia(g)	320		352		672		375		1,047		397		1,444		363		402		765		444		1,209				69			162			18%	15%	448		1,222		19%	17%	(1)%	(1)%
Cardiovascular(a)
Eliquis	22		12		34		41		75		71		146		106		171		277		216		493				175			418			**	**	217		494		**	**	N/A	N/A
Diabetes Alliance(h)	358		438		796		432		1,228		455		1,683		179		27		206		42		248				(390		)	(980		)	(90)%	(80)%	43		248		(90)%	(80)%	—	—
Mature Products and All Other(i)	817		754		1,571		769		2,340		855		3,195		772		767		1,539		778		2,317				9			(23		)	1%	(1)%	785		2,324		2%	(1)%	(1)%	—
Total Excluding Diabetes Alliance	3,473		3,610		7,083		3,633		10,716		3,986		14,702		3,632		3,862		7,494		3,879		11,373				246			657			7%	6%	3,896		11,405		7%	6%	—	—

**	In excess of 100%
(a)	Key products listed do not represent all products in the respective therapeutic areas.
(b)	Includes generic sales of entecavir from a U.S. supply and distribution agreement with Par Pharmaceutical Companies, Inc.
(c)	Includes Daklinza (daclatasvir) revenues of $38M for the three and nine months ended September 30, 2014, and includes Sunvepra (asunaprevir) revenues of $11M for the three and nine months ended September 30, 2014.
(d)	The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla. Includes alliance and other revenue of $309M and $328M for the three months ended September 30, 2014 and 2013, respectively, and $894M and $998M for the nine months ended September 30, 2014 and 2013, respectively.
(e)	Includes alliance and other revenue from our alliance with Ono Pharmaceutical Company Ltd. in Japan.
(f)	Includes alliance and other revenue of $410M and $464M for three months ended September 30, 2014 and 2013, respectively, and $1,350M and $1,313M for the nine months ended September 30, 2014 and 2013, respectively.
(g)	Includes Orencia SubQ revenues of $192M and $118M for three months ended September 30, 2014 and 2013, respectively, and $488M and $302M for the nine months ended September 30, 2014 and 2013, respectively.
(h)	The nine months ended September 30, 2014 includes pre-divestiture revenues of Bydureon, Byetta, Farxiga/Forxiga/Xigduo, Onglyza/Kombiglyze, Symlin and Myalept of $153M and post-divestiture revenues of $95M.
(i)	Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue. Includes Plavix revenues of $44M and $42M for the three months ended September 30, 2014 and 2013, respectively, and $137M and $177M for the nine months ended September 30, 2014 and 2013, respectively. Additionally, includes Avapro/Avalide revenues of $56M and $71M for the three months ended September 30, 2014 and 2013, respectively, and $171M and $173M for the nine months ended September 30, 2014 and 2013, respectively.

5

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC REVENUES FROM OPERATIONS BY PRODUCT

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2013														2014												% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
TOTAL(a)	$	1,971	$	2,045	$	4,016	$	2,037	$	6,053	$	2,265	$	8,318	$	1,765	$	1,901	$	3,666	$	1,968	$	5,634			(3)%	(7)%
Virology
Baraclude(b)	68		73		141		67		208		81		289		70		84		154		40		194				(40)%	(7)%
Reyataz	193		200		393		189		582		187		769		176		168		344		169		513				(11)%	(12)%
Sustiva Franchise(c)	251		275		526		259		785		307		1,092		228		266		494		284		778				10%	(1)%
Oncology
Erbitux	158		168		326		180		506		176		682		158		178		336		175		511				(3)%	1%
Sprycel	115		135		250		134		384		157		541		145		163		308		179		487				34%	27%
Yervoy(d)	159		140		299		130		429		148		577		146		173		319		191		510				47%	19%
Neuroscience
Abilify	328		378		706		378		1,084		435		1,519		325		417		742		407		1,149				8%	6%
Immunoscience
Orencia(e)	214		238		452		246		698		256		954		229		254		483		292		775				19%	11%
Cardiovascular
Eliquis	17		5		22		27		49		48		97		61		94		155		113		268				**	**
Diabetes Alliance(f)	292		320		612		308		920		322		1,242		114		—		114		—		114				(100)%	(88)%
Mature Products and All Other(g)	176		113		289		119		408		148		556		113		104		217		118		335				(1)%	(18)%
Total Excluding Diabetes Alliance	1,679		1,725		3,404		1,729		5,133		1,943		7,076		1,651		1,901		3,552		1,968		5,520				14%	8%

**	In excess of 100%
(a)	Domestic revenues include United States and Puerto Rico.
(b)	Includes generic sales of entecavir from a U.S. supply and distribution agreement with Par Pharmaceutical Companies, Inc.
(c)	The Sustiva Franchise includes sales of Sustiva, as well as revenue from sales of bulk efavirenz included in the combination therapy, Atripla.
(d)	Nine months ended September 30, 2013 includes $25 million of net sales that were previously deferred until sufficient historical experience to estimate sales returns was developed. The following table provides a reconciliation of the net impact of reversal of previously deferred net sales.

	2014		2013		% Change
	3rd Qtr	9 Months	3rd Qtr	9 Months	Qtr vs. Qtr	YTD vs. YTD
Yervoy Revenues As Reported	191	510	130	429	47%	19%
Reversal of deferred revenues, net	—	—	—	(25)	—	(100)%
Yervoy Revenues - Adjusted	191	510	130	404	47%	26%

(e)	Includes Orencia SubQ revenues of $129M and $91M for three months ended September 30, 2014 and 2013, respectively, and $327M and $244M for the nine months ended September 30, 2014 and 2013, respectively.
(f)	Includes Bydureon, Byetta, Farxiga, Onglyza/Kombiglyze and Symlin and Myalept.
(g)	Represents all other products sold in the U.S., including those which have lost exclusivity in major markets.

6

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES FROM OPERATIONS BY PRODUCT

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2013														2014												% Change		FX Impact
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD	Qtr vs. Qtr	YTD vs. YTD
TOTAL	$	1,860	$	2,003	$	3,863	$	2,028	$	5,891	$	2,176	$	8,067	$	2,046	$	1,988	$	4,034	$	1,953	$	5,987			(4)%	2%	(1)%	—
Virology
Baraclude	298		298		596		311		907		331		1,238		336		285		621		285		906				(8)%	—	—	—
Hepatitis C Franchise(a)	—		—		—		—		—		—		—		—		—		—		49		49				N/A	N/A	N/A	N/A
Reyataz	168		231		399		186		585		197		782		168		194		362		169		531				(9)%	(9)%	(2)%	(2)%
Sustiva Franchise(b)	136		136		272		130		402		120		522		91		95		186		73		259				(44)%	(36)%	—	2%
Oncology
Erbitux	4		3		7		3		10		4		14		11		8		19		12		31				**	**	N/A	N/A
Opdivo(c)	—		—		—		—		—		—		—		—		—		—		1		1				N/A	N/A	N/A	N/A
Sprycel	172		177		349		182		531		208		739		197		205		402		206		608				13%	15%	(2)%	(2)%
Yervoy	70		93		163		108		271		112		383		125		148		273		159		432				47%	59%	1%	1%
Neuroscience
Abilify(d)	194		185		379		191		570		200		770		215		138		353		42		395				(78)%	(31)%	(1)%	1%
Immunoscience
Orencia	106		114		220		129		349		141		490		134		148		282		152		434				18%	24%	(2)%	(4)%
Cardiovascular
Eliquis	5		7		12		14		26		23		49		45		77		122		103		225				**	**	N/A	N/A
Diabetes Alliance(e)	66		118		184		124		308		133		441		65		27		92		42		134				(66)%	(56)%	—	—
Mature Products and All Other(f)	641		641		1,282		650		1,932		707		2,639		659		663		1,322		660		1,982				2%	3%	(1)%	—
Total Excluding Diabetes Alliance	1,794		1,885		3,679		1,904		5,583		2,043		7,626		1,981		1,961		3,942		1,911		5,853				—	5%	(1)%	(1)%

**	In excess of 100%
(a)	Includes Daklinza (daclatasvir) revenues of $38M for the three and nine months ended September 30, 2014, and includes Sunvepra (asunaprevir) revenues of $11M for the three and nine months ended September 30, 2014.
(b)	The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla.
(c)	Includes alliance and other revenue from our alliance with Ono Pharmaceutical Company Ltd. in Japan.
(d)	Includes revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.
(e)	Includes Bydureon, Byetta, Forxiga/Xigduo, Onglyza/Kombiglyze, Symlin and Myalept.
(f)	Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue.

7

BRISTOL-MYERS SQUIBB COMPANY

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

(Unaudited, dollars in millions)

	2013																					2014
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr	Year
Gross Profit	$	2,768		$	2,940		$	5,708		$	2,890		$	8,598		$	3,168		$	11,766		$	2,843		$	2,898		$	5,741		$	2,914		$	8,655
Specified items (a)	85			70			155			69			224			102			326			45			39			84			36			120
Gross profit excluding specified items	2,853			3,010			5,863			2,959			8,822			3,270			12,092			2,888			2,937			5,825			2,950			8,775
Marketing, selling and administrative	994			1,042			2,036			980			3,016			1,068			4,084			957			951			1,908			1,029			2,937
Specified items (a)	(1		)	(1		)	(2		)	(4		)	(6		)	(10		)	(16		)	(3		)	(3		)	(6		)	(98		)	(104		)
Marketing, selling and administrative excluding specified items	993			1,041			2,034			976			3,010			1,058			4,068			954			948			1,902			931			2,833
Research and development	930			951			1,881			893			2,774			957			3,731			946			1,416			2,362			983			3,345
Specified items (a)	—			—			—			—			—			(16		)	(16		)	(48		)	(458		)	(506		)	(65		)	(571		)
Research and development excluding specified items	930			951			1,881			893			2,774			941			3,715			898			958			1,856			918			2,774
Other (income)/expense	(19		)	199			180			5			185			20			205			(208		)	(104		)	(312		)	(277		)	(589		)
Specified items (a)	(19		)	(239		)	(258		)	(43		)	(301		)	(39		)	(340		)	88			(67		)	21			203			224
Other (income)/expense excluding specified items	(38		)	(40		)	(78		)	(38		)	(116		)	(19		)	(135		)	(120		)	(171		)	(291		)	(74		)	(365		)
Effective Tax Rate	7.6		%	—			4.2		%	15.4		%	8.8		%	15.4		%	10.8		%	5.0		%	25.4		%	11.4		%	27.4		%	18.0		%
Specified items (a)	3.4		%	13.8		%	8.3		%	2.4		%	5.6		%	2.5		%	4.6		%	18.0		%	(4.1		)%	10.7		%	(3.2		)%	4.8		%
Effective Tax Rate excluding specified items	11.0		%	13.8		%	12.5		%	17.8		%	14.4		%	17.9		%	15.4		%	23.0		%	21.3		%	22.1		%	24.2		%	22.8		%

(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.

8

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)

	2013																					2014
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr	Year
Accelerated depreciation, asset impairment and other shutdown costs	$	—		$	—		$	—		$	—		$	—		$	36		$	36		$	45		$	39		$	84		$	36		$	120
Amortization of acquired Amylin intangible assets	138			137			275			137			412			137			549			—			—			—			—			—
Amortization of Amylin alliance proceeds	(67		)	(67		)	(134		)	(68		)	(202		)	(71		)	(273		)	—			—			—			—			—
Amortization of Amylin inventory adjustment	14			—			14			—			14			—			14			—			—			—			—			—
Cost of products sold	85			70			155			69			224			102			326			45			39			84			36			120
Additional year of Branded Prescription Drug Fee	—			—			—			—			—			—			—			—			—			—			96			96
Process standardization implementation costs	1			1			2			4			6			10			16			3			3			6			2			8
Marketing, selling and administrative	1			1			2			4			6			10			16			3			3			6			98			104
Upfront, milestone and other payments	—			—			—			—			—			16			16			15			148			163			65			228
IPRD impairments	—			—			—			—			—			—			—			33			310			343			—			343
Research and development	—			—			—			—			—			16			16			48			458			506			65			571
Provision for restructuring	33			173			206			6			212			14			226			21			16			37			35			72
Gain on sale of product lines, businesses and assets	—			—			—			—			—			—			—			(259		)	12			(247		)	(315		)	(562		)
Pension curtailments, settlements and special termination benefits	—			99			99			37			136			25			161			64			45			109			28			137
Acquisition and alliance related items(a)	—			(10		)	(10		)	—			(10		)	—			(10		)	16			17			33			39			72
Litigation charges/(recoveries)	—			(23		)	(23		)	—			(23		)	—			(23		)	25			(23		)	2			10			12
Loss on debt redemption	—			—			—			—			—			—			—			45			—			45			—			45
Upfront, milestone and other licensing receipts	(14		)	—			(14		)	—			(14		)	—			(14		)	—			—			—			—			—
Other (income)/expense	19			239			258			43			301			39			340			(88		)	67			(21		)	(203		)	(224		)
Increase/(decrease) to pretax income	105			310			415			116			531			167			698			8			567			575			(4		)	571
Income tax on items above	(35		)	(116		)	(151		)	(40		)	(191		)	(51		)	(242		)	(179		)	(102		)	(281		)	33			(248		)
Increase/(decrease) to net earnings	$	70		$	194		$	264		$	76		$	340		$	116		$	456		$	(171	)	$	465		$	294		$	29		$	323

(a) Includes $16 million of additional year of Branded Prescription Drug Fee.

9

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

(Unaudited, dollars in millions)

	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Cash and cash equivalents	$	1,355		$	1,821		$	1,771		$	3,586		$	5,225		$	4,282		$	4,851
Marketable securities - current	1,178			978			951			939			1,834			2,893			2,370
Marketable securities - long term	3,242			3,223			3,623			3,747			3,558			3,876			4,328
Cash, cash equivalents and marketable securities	5,775			6,022			6,345			8,272			10,617			11,051			11,549
Short-term borrowings and current portion of long-term debt	(1,372		)	(764		)	(680		)	(359		)	(281		)	(365		)	(401		)
Long-term debt	(6,522		)	(6,442		)	(6,532		)	(7,981		)	(7,367		)	(7,372		)	(7,267		)
Net cash/(debt) position	$	(2,119	)	$	(1,184	)	$	(867	)	$	(68	)	$	2,969		$	3,314		$	3,881

10

BRISTOL-MYERS SQUIBB COMPANY

2014 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2014
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	$1.15 to $1.25
Projected Specified Items:
Downsizing and streamlining of worldwide operations	0.15
Upfront and milestone payments, net	0.12
Gain on diabetes business divestiture and other related impacts	(0.27	)
Pension settlements	0.33
Impairment Charges	0.13
Additional year of Branded Prescription Drug Fee	0.07
Other	0.02
Total	0.55
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	$1.70 to $1.80

Gross margin as a percentage of revenues on a GAAP and non-GAAP basis for the nine months ended September 30, 2014 was 74.5% and 75.5%, respectively. On a non-GAAP basis, the Company projects gross margin as a percentage of revenues for the full year 2014 between 75% and 76%. There is no reliable comparable GAAP measure for this forward-looking information on gross margin. See "—Reconciliation of GAAP and non-GAAP Growth Dollars and Percentages Excluding Foreign Exchange Impact".

Research and development expenses on a GAAP and non-GAAP basis for the nine months ended September 30, 2014 were $3.3 billion and $2.8 billion, respectively. On a non-GAAP basis, the Company projects research and development expense for the full year 2014 to grow in the mid single digit range compared to 2013. It is estimated that 30% to 45% of the research and development expenses in 2014 will be incurred on late-stage development programs. There is no reliable comparable GAAP measure for this forward-looking information on research and development. See "—Reconciliation of Certain non-GAAP Line Items to Certain GAAP Line Items".

Marketing, selling and administrative expenses on a GAAP and non-GAAP basis for the nine months ended September 30, 2014 were $2.9 billion and $2.8 billion, respectively. On a GAAP basis, expenses for the nine months ended September 30, 2014 included specified items of $104 million. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2014 to decrease in the mid single digit range compared to 2013. There is no reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See "—Reconciliation of Certain non-GAAP Line Items to Certain GAAP Line Items".

The effective tax rate on a GAAP basis for the nine months ended September 30, 2014 was 18.0%. On a non-GAAP basis, for the nine months ended September 30, 2014 the effective tax rate was 22.8%. On a non-GAAP basis, the Company projects an annual effective tax rate of between 19% and 20%. There is no reliable comparable GAAP measure for this forward-looking information on the tax rate. See "—Reconciliation of Certain non-GAAP Line Items to Certain GAAP Line Items".

The GAAP financial results for the full year 2014 will include specified items, including gains on divestitures, expected charges associated with downsizing and streamlining worldwide operations, in-process research and development (IPRD) and asset impairments, upfront and milestone payments, restructuring, charges and recoveries relating to significant legal proceedings, pension related items and additional charges related to the Branded Prescription Drug Fee.  The GAAP financial results for the full year 2014 could also include other specified items that have not yet been identified and quantified, including any gains or losses from acquisitions or divestitures, additional upfront, milestone and other licensing payments, charges for IPRD and licensed asset impairments, charges and recoveries relating to significant legal proceedings, restructuring activities and significant tax events. For a fuller discussion of certain litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Reports Third Quarter 2014 Financial Results, October 24, 2014 including “2014 Financial Guidance” and “Use of non-GAAP Financial Information” therein. 

11