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

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF REVENUES

(Unaudited, dollars in millions)

Revenues	2014																					2015																	% 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	$	3,811		$	3,889		$	7,700		$	3,921		$	11,621		$	4,258		$	15,879		$	4,041		$	4,163		$	8,204		$	4,069		$	12,273				4%	6%	(7)%	(7)%
US and Puerto Rico	1,765			1,901			3,666			1,968			5,634			2,082			7,716			2,044			1,837			3,881			2,044			5,925					4%	5%	—	—
Europe	948			908			1,856			814			2,670			922			3,592			782			974			1,756			813			2,569					—	(4)%	(17)%	(19)%
Rest of the World	830			811			1,641			838			2,479			980			3,459			1,019			1,124			2,143			1,027			3,170					23%	28%	(17)%	(15)%
Other	268			269			537			301			838			274			1,112			196			228			424			185			609					(39)%	(27)%	N/A	N/A
% of Revenues	2014																					2015
	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	46.3		%	48.9		%	47.6		%	50.2		%	48.5		%	48.9		%	48.6		%	50.6		%	44.1		%	47.3		%	50.2		%	48.3		%
Europe	24.9		%	23.3		%	24.1		%	20.8		%	23.0		%	21.7		%	22.6		%	19.4		%	23.4		%	21.4		%	20.0		%	20.9		%
Rest of the World	21.8		%	20.9		%	21.3		%	21.4		%	21.3		%	23.0		%	21.8		%	25.2		%	27.0		%	26.1		%	25.2		%	25.8		%
Other	7.0		%	6.9		%	7.0		%	7.6		%	7.2		%	6.4		%	7.0		%	4.8		%	5.5		%	5.2		%	4.6		%	5.0		%

1

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

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

	2014																					2015																	% 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	$	2,807		$	2,770		$	5,577		$	2,843		$	8,420		$	3,240		$	11,660		$	3,059		$	3,572		$	6,631		$	3,552		$	10,183				25%	21%
Alliance and other revenues	1,004			1,119			2,123			1,078			3,201			1,018			4,219			982			591			1,573			517			2,090					(52)%	(35)%
Total Revenues	$	3,811		$	3,889		$	7,700		$	3,921		$	11,621		$	4,258		$	15,879		$	4,041		$	4,163		$	8,204		$	4,069		$	12,273				4%	6%
Cost of products sold	968			991			1,959			1,007			2,966			966			3,932			847			1,013			1,860			1,097			2,957					9%	—
Marketing, selling and administrative	957			951			1,908			1,029			2,937			1,151			4,088			894			968			1,862			983			2,845					(4)%	(3)%
Advertising and product promotion	163			187			350			171			521			213			734			135			167			302			193			495					13%	(5)%
Research and development	946			1,416			2,362			983			3,345			1,189			4,534			1,016			1,856			2,872			1,132			4,004					15%	20%
Other (income)/expense	(208		)	(104		)	(312		)	(277		)	(589		)	799			210			(299		)	107			(192		)	(323		)	(515		)			17%	(13)%
Total Expenses	2,826			3,441			6,267			2,913			9,180			4,318			13,498			2,593			4,111			6,704			3,082			9,786					6%	7%
Earnings/(Loss) Before Income Taxes	$	985		$	448		$	1,433		$	1,008		$	2,441		$	(60	)	$	2,381		$	1,448		$	52		$	1,500		$	987		$	2,487				(2)%	2%
Provision for Income Taxes	49			114			163			276			439			(87		)	352			249			162			411			257			668					(7)%	52%
Net Earnings/(Loss)	$	936		$	334		$	1,270		$	732		$	2,002		$	27		$	2,029		$	1,199		$	(110	)	$	1,089		$	730		$	1,819				—	(9)%
Net Earnings/(Loss) Attributable to Noncontrolling Interest	(1		)	1			—			11			11			14			25			13			20			33			24			57					**	**
Net Earnings/(Loss) Attributable to BMS	$	937		$	333		$	1,270		$	721		$	1,991		$	13		$	2,004		$	1,186		$	(130	)	$	1,056		$	706		$	1,762				(2)%	(12)%
Diluted Earnings/(Loss) per Common Share*	$	0.56		$	0.20		$	0.76		$	0.43		$	1.19		$	0.01		$	1.20		$	0.71		$	(0.08	)	$	0.63		$	0.42		$	1.05				(2)%	(12)%
Average Common Shares Outstanding - Diluted	1,666			1,669			1,668			1,670			1,668			1,673			1,670			1,676			1,667			1,677			1,678			1,677					—	1%
Dividends declared per common share	$	0.36		$	0.36		$	0.72		$	0.36		$	1.08		$	0.37		$	1.45		$	0.37		$	0.37		$	0.74		$	0.37		$	1.11				3%	3%
	2014																					2015
% of Total Revenues	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr	Year
Gross Margin	74.6		%	74.5		%	74.6		%	74.3		%	74.5		%	77.3		%	75.2		%	79.0		%	75.7		%	77.3		%	73.0		%	75.9		%
Other Ratios
Effective tax rate	5.0		%	25.4		%	11.4		%	27.4		%	18.0		%	145.0		%	14.8		%	17.2		%	311.5		%	27.4		%	26.0		%	26.9		%
Other (Income)/Expense	2014																					2015																	% 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	$	54		$	46		$	100		$	50		$	150		$	53		$	203		$	51		$	49		$	100		$	41		$	141				(18)%	(6)%
Investment income	(23		)	(28		)	(51		)	(20		)	(71		)	(30		)	(101		)	(30		)	(26		)	(56		)	(18		)	(74		)			(10)%	4%
Provision for restructuring	21			16			37			35			72			91			163			12			28			40			10			50					(71)%	(31)%
Litigation charges/(recoveries)	29			(20		)	9			10			19			4			23			12			4			16			(2		)	14					**	(26)%
Equity in net income of affiliates	(36		)	(33		)	(69		)	(12		)	(81		)	(26		)	(107		)	(26		)	(22		)	(48		)	(19		)	(67		)			58%	(17)%
Out-licensed intangible asset impairment	—			—			—			18			18			11			29			13			—			13			—			13					(100)%	(28)%
Gain on sale of product lines, businesses and assets	(259		)	7			(252		)	(315		)	(567		)	3			(564		)	(154		)	(8		)	(162		)	(208		)	(370		)			(34)%	(35)%
Other alliance and licensing income	(108		)	(144		)	(252		)	(102		)	(354		)	(50		)	(404		)	(161		)	(124		)	(285		)	(187		)	(472		)			83%	33%
Pension curtailments, settlements and special termination benefits	64			45			109			28			137			740			877			27			36			63			48			111					71%	(19)%
Loss on debt redemption	45			—			45			—			45			—			45			—			180			180			—			180					—	**
Other	5			7			12			31			43			3			46			(43		)	(10		)	(53		)	12			(41		)			(61)%	**
	$	(208	)	$	(104	)	$	(312	)	$	(277	)	$	(589	)	$	799		$	210		$	(299	)	$	107		$	(192	)	$	(323	)	$	(515	)			17%	(13)%

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

** In excess of +/- 100%

2

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED SEPTEMBER 30, 2015

(Unaudited, dollars in millions)

QUARTER-TO-DATE	2015			2014			Growth $			Growth %	Favorable / (Unfavorable) FX Impact $ *			2015 Excluding FX		Favorable / (Unfavorable) FX Impact % *	Growth % Excluding FX
Revenues	$	4,069		$	3,921		$	148		4%	$	(290	)	$	4,359	(7)%	11%
Gross profit	2,972			2,914			58			2%	N/A			N/A		N/A	N/A
Gross profit excluding specified items(a)	2,987			2,950			37			1%	N/A			N/A		N/A	N/A
Gross profit excluding specified items as a % of revenues	73.4		%	75.2		%
Marketing, selling and administrative	983			1,029			(46		)	(4)%	71			1,054		6%	2%
Marketing, selling and administrative excluding specified items(a)	981			931			50			5%	71			1,052		8%	13%
Advertising and product promotion	193			171			22			13%	10			203		6%	19%
SG&A excluding specified items as a % of revenues	28.9		%	28.1		%
Research and development	1,132			983			149			15%	23			1,155		2%	17%
Research and development excluding specified items(a)	1,023			918			105			11%	23			1,046		3%	14%
Research and development excluding specified items as a % of revenues	25.1		%	23.4		%
YEAR-TO-DATE	2015			2014			Growth $			Growth %	Favorable / (Unfavorable) FX Impact $ *			2015 Excluding FX		Favorable / (Unfavorable) FX Impact % *	Growth % Excluding FX
Revenues	$	12,273		$	11,621		$	652		6%	$	(887	)	$	13,160	(7)%	13%
Gross profit	9,316			8,655			661			8%	N/A			N/A		N/A	N/A
Gross profit excluding specified items(a)	9,390			8,775			615			7%	N/A			N/A		N/A	N/A
Gross profit excluding specified items as a % of revenues	76.5		%	75.5		%
Marketing, selling and administrative	2,845			2,937			(92		)	(3)%	196			3,041		7%	4%
Marketing, selling and administrative excluding specified items(a)	2,839			2,833			6			—	196			3,035		7%	7%
Advertising and product promotion	495			521			(26		)	(5)%	30			525		6%	1%
SG&A excluding specified items as a % of revenues	27.2		%	28.9		%
Research and development	4,004			3,345			659			20%	67			4,071		2%	22%
Research and development excluding specified items(a)	2,862			2,774			88			3%	67			2,929		3%	6%
Research and development excluding specified items as a % of revenues	23.3		%	23.9		%

(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.

3

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)

	2014														2015												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 $		YTD $		Qtr vs. Qtr %	YTD vs. YTD %	Qtr vs. Qtr	YTD vs. YTD
TOTAL	$	3,811	$	3,889	$	7,700	$	3,921	$	11,621	$	4,258	$	15,879	$	4,041	$	4,163	$	8,204	$	4,069	$	12,273			$	148		$	652		4%	6%	$	4,359	$	13,160	11%	13%	(7)%	(7)%
Virology(a)
Baraclude	406		369		775		325		1,100		341		1,441		340		343		683		320		1,003				(5		)	(97		)	(2)%	(9)%	351		1,087		8%	(1)%	(10)%	(8)%
Hepatitis C Franchise(b)	—		—		—		49		49		207		256		264		479		743		402		1,145				353			1,096			**	**	451		1,338		**	**	N/A	N/A
Reyataz Franchise	344		362		706		338		1,044		318		1,362		294		303		597		270		867				(68		)	(177		)	(20)%	(17)%	288		924		(15)%	(11)%	(5)%	(6)%
Sustiva Franchise(c)	319		361		680		357		1,037		407		1,444		290		317		607		333		940				(24		)	(97		)	(7)%	(9)%	334		945		(6)%	(9)%	(1)%	—
Oncology(a)
Erbitux	169		186		355		187		542		181		723		165		169		334		167		501				(20		)	(41		)	(11)%	(8)%	168		502		(10)%	(7)%	(1)%	(1)%
Opdivo	—		—		—		1		1		5		6		40		122		162		305		467				304			466			**	**	310		472		**	**	N/A	N/A
Sprycel	342		368		710		385		1,095		398		1,493		375		405		780		411		1,191				26			96			7%	9%	447		1,295		16%	18%	(9)%	(9)%
Yervoy	271		321		592		350		942		366		1,308		325		296		621		240		861				(110		)	(81		)	(31)%	(9)%	261		937		(25)%	(1)%	(6)%	(8)%
Neuroscience(a)
Abilify(d)	540		555		1,095		449		1,544		476		2,020		554		107		661		46		707				(403		)	(837		)	(90)%	(54)%	51		720		(89)%	(53)%	(1)%	(1)%
Immunoscience(a)
Orencia(e)	363		402		765		444		1,209		443		1,652		400		461		861		484		1,345				40			136			9%	11%	514		1,428		16%	18%	(7)%	(7)%
Cardiovascular(a)
Eliquis	106		171		277		216		493		281		774		355		437		792		466		1,258				250			765			**	**	508		1,368		**	**	N/A	N/A
Mature Products and All Other(f)	951		794		1,745		820		2,565		835		3,400		639		724		1,363		625		1,988				(195		)	(577		)	(24)%	(22)%	676		2,144		(18)%	(16)%	(6)%	(6)%
Total Excluding Diabetes Alliance	3,632		3,862		7,494		3,879		11,373		4,211		15,584		3,987		4,099		8,086		4,016		12,102				137			729			4%	6%	4,306		12,989		11%	14%	(7)%	(8)%

**	In excess of 100%
(a)	Key products listed do not represent all products in the respective therapeutic areas.
(b)	Includes Daklinza (daclatasvir) revenues of $330 million and $38 million for the three months ended September 30, 2015 and 2014, respectively, and $892 million and $38 million for the nine months ended September 30, 2015 and 2014, respectively. Additionally, includes Sunvepra (asunaprevir) revenues of $72 million and $11 million for the three months ended September 30, 2015 and 2014, respectively, and $253 million and $11 million for the nine months ended September 30, 2015 and 2014, respectively.
(c)	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 $296 million and $309 million for the three months ended September 30, 2015 and 2014, respectively, and $823 million and $894 million for the nine months ended September 30, 2015 and 2014, respectively.
(d)	Includes alliance and other revenue of $19 million and $410 million for the three months ended September 30, 2015 and 2014, respectively, and $597 million and $1,350 million for the nine months ended September 30, 2015 and 2014, respectively. BMS's U.S. commercialization rights to Abilify expired on April 20, 2015.
(e)	Includes Orencia SubQ revenues of $227 million and $192 million for the three months ended September 30, 2015 and 2014, respectively, and $610 million and $488 million for the nine months ended September 30, 2015 and 2014, respectively.
(f)	Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue. Includes Diabetes Alliance revenues of $53 million and $42 million for the three months ended September 30, 2015 and 2014, respectively, and $171 million and $248 million for the nine months ended September 30, 2015 and 2014, respectively.

4

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC REVENUES FROM OPERATIONS BY PRODUCT

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2014														2015												% 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)	$	1,765	$	1,901	$	3,666	$	1,968	$	5,634	$	2,082	$	7,716	$	2,044	$	1,837	$	3,881	$	2,044	$	5,925			4%	5%
Virology
Baraclude	70		84		154		40		194		21		215		46		37		83		25		108				(38)%	(44)%
Hepatitis C Franchise(b)	—		—		—		—		—		—		—		—		—		—		111		111				N/A	N/A
Reyataz Franchise	176		168		344		169		513		176		689		143		157		300		149		449				(12)%	(12)%
Sustiva Franchise(c)	228		266		494		284		778		340		1,118		234		258		492		280		772				(1)%	(1)%
Oncology
Erbitux	158		178		336		175		511		171		682		157		165		322		165		487				(6)%	(5)%
Opdivo	—		—		—		—		—		1		1		38		107		145		268		413				N/A	N/A
Sprycel	145		163		308		179		487		184		671		181		205		386		215		601				20%	23%
Yervoy	146		173		319		191		510		199		709		181		136		317		121		438				(37)%	(14)%
Neuroscience
Abilify	325		417		742		407		1,149		423		1,572		508		67		575		18		593				(96)%	(48)%
Immunoscience
Orencia(d)	229		254		483		292		775		289		1,064		259		310		569		330		899				13%	16%
Cardiovascular
Eliquis	61		94		155		113		268		136		404		200		243		443		245		688				**	**
Mature Products and All Other(e)	227		104		331		118		449		142		591		97		152		249		117		366				(1)%	(18)%
Total Excluding Diabetes Alliance	1,651		1,901		3,552		1,968		5,520		2,086		7,606		2,044		1,834		3,878		2,044		5,922				4%	7%

**	In excess of 100%
(a)	Domestic revenues include United States and Puerto Rico.
(b)	Includes Daklinza (daclastasvir) revenues of $111 million for the three and nine months ended September 30, 2015.
(c)	The Sustiva Franchise includes sales of Sustiva, as well as revenue from sales of bulk efavirenz included in the combination therapy, Atripla.
(d)	Includes Orencia SubQ revenues of $146 million and $129 million for the three months September 30, 2015 and 2014, respectively, and $393 million and $327 million for the nine months ended September 30, 2015 and 2014, respectively.
(e)	Represents all other products sold in the U.S., including those which have lost exclusivity in major markets.

5

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES FROM OPERATIONS BY PRODUCT

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2014														2015												% 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	$	2,046	$	1,988	$	4,034	$	1,953	$	5,987	$	2,176	$	8,163	$	1,997	$	2,326	$	4,323	$	2,025	$	6,348			4%	6%	(15)%	(15)%
Virology
Baraclude	336		285		621		285		906		320		1,226		294		306		600		295		895				4%	(1)%	(10)%	(9)%
Hepatitis C Franchise(a)	—		—		—		49		49		207		256		264		479		743		291		1,034				**	**	N/A	N/A
Reyataz Franchise	168		194		362		169		531		142		673		151		146		297		121		418				(28)%	(21)%	(10)%	(10)%
Sustiva Franchise(b)	91		95		186		73		259		67		326		56		59		115		53		168				(27)%	(35)%	(2)%	(2)%
Oncology
Erbitux	11		8		19		12		31		10		41		8		4		12		2		14				(83)%	(55)%	(8)%	(3)%
Opdivo	—		—		—		1		1		4		5		2		15		17		37		54				**	**	N/A	N/A
Sprycel	197		205		402		206		608		214		822		194		200		394		196		590				(5)%	(3)%	(18)%	(17)%
Yervoy	125		148		273		159		432		167		599		144		160		304		119		423				(25)%	(2)%	(13)%	(18)%
Neuroscience
Abilify(c)	215		138		353		42		395		53		448		46		40		86		28		114				(33)%	(71)%	(12)%	(3)%
Immunoscience
Orencia	134		148		282		152		434		154		588		141		151		292		154		446				1%	3%	(21)%	(19)%
Cardiovascular
Eliquis	45		77		122		103		225		145		370		155		194		349		221		570				**	**	N/A	N/A
Mature Products and All Other(d)	724		690		1,414		702		2,116		693		2,809		542		572		1,114		508		1,622				(28)%	(23)%	(7)%	(7)%
Total Excluding Diabetes Alliance	1,981		1,961		3,942		1,911		5,853		2,125		7,978		1,943		2,265		4,208		1,972		6,180				3%	6%	(15)%	(15)%

**	In excess of 100%
(a)	Includes Daklinza (daclatasvir) revenues of $219 million and $38 million for the three months ended September 30, 2015 and 2014, respectively, and $781 million and $38 million for the nine months ended September 30, 2015 and 2014, respectively. Additionally, includes Sunvepra (asunaprevir) revenues of $72 million and $11 million for the three months ended September 30, 2015 and 2014, respectively, and $253 million and $11 million for the nine months ended September 30, 2015 and 2014, respectively.
(b)	The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla.
(c)	Includes revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.
(d)	Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue.

6

BRISTOL-MYERS SQUIBB COMPANY

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

(Unaudited, dollars in millions)

	2014																					2015
	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	$	2,843		$	2,898		$	5,741		$	2,914		$	8,655		$	3,292		$	11,947		$	3,194		$	3,150		$	6,344		$	2,972		$	9,316
Specified items(a)	45			39			84			36			120			31			151			34			25			59			15			74
Gross profit excluding specified items	2,888			2,937			5,825			2,950			8,775			3,323			12,098			3,228			3,175			6,403			2,987			9,390
Marketing, selling and administrative	957			951			1,908			1,029			2,937			1,151			4,088			894			968			1,862			983			2,845
Specified items(a)	(3		)	(3		)	(6		)	(98		)	(104		)	(1		)	(105		)	(1		)	(3		)	(4		)	(2		)	(6		)
Marketing, selling and administrative excluding specified items	954			948			1,902			931			2,833			1,150			3,983			893			965			1,858			981			2,839
Research and development	946			1,416			2,362			983			3,345			1,189			4,534			1,016			1,856			2,872			1,132			4,004
Specified items(a)	(48		)	(458		)	(506		)	(65		)	(571		)	(50		)	(621		)	(162		)	(871		)	(1,033		)	(109		)	(1,142		)
Research and development excluding specified items	898			958			1,856			918			2,774			1,139			3,913			854			985			1,839			1,023			2,862
Other (income)/expense	(208		)	(104		)	(312		)	(277		)	(589		)	799			210			(299		)	107			(192		)	(323		)	(515		)
Specified items(a)	88			(67		)	21			203			224			(850		)	(626		)	122			(237		)	(115		)	227			112
Other (income)/expense excluding specified items	(120		)	(171		)	(291		)	(74		)	(365		)	(51		)	(416		)	(177		)	(130		)	(307		)	(96		)	(403		)
Effective Tax Rate	5.0		%	25.4		%	11.4		%	27.4		%	18.0		%	145.0		%	14.8		%	17.2		%	311.5		%	27.4		%	26.0		%	26.9		%
Specified items(a)	18.0		%	(4.1		)%	10.7		%	(3.2		)%	4.8		%	(135.0		)%	5.1		%	3.6		%	(288.1		)%	(5.5		)%	(1.8		)%	(4.4		)%
Effective Tax Rate excluding specified items	23.0		%	21.3		%	22.1		%	24.2		%	22.8		%	10.0		%	19.9		%	20.8		%	23.4		%	21.9		%	24.2		%	22.5		%

(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.

7

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)

	2014																					2015
	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
Cost of products sold(a)	$	45		$	39		$	84		$	36		$	120		$	31		$	151		$	34		$	25		$	59		$	15		$	74
Additional year of Branded Prescription Drug Fee	—			—			—			96			96			—			96			—			—			—			—			—
Process standardization implementation costs	3			3			6			2			8			1			9			1			3			4			2			6
Marketing, selling and administrative	3			3			6			98			104			1			105			1			3			4			2			6
Upfront, milestone and other payments	15			148			163			65			228			50			278			162			869			1,031			94			1,125
IPRD impairments	33			310			343			—			343			—			343			—			—			—			—			—
Accelerated depreciation and other shutdown costs	—			—			—			—			—			—			—			—			2			2			15			17
Research and development	48			458			506			65			571			50			621			162			871			1,033			109			1,142
Provision for restructuring	21			16			37			35			72			91			163			12			28			40			10			50
Gain on sale of product lines, businesses and assets	(259		)	12			(247		)	(315		)	(562		)	3			(559		)	(152		)	(8		)	(160		)	(198		)	(358		)
Pension curtailments, settlements and special termination benefits	64			45			109			28			137			740			877			27			36			63			48			111
Acquisition and alliance related items(b)	16			17			33			39			72			—			72			(36		)	—			(36		)	(87		)	(123		)
Litigation charges/(recoveries)	25			(23		)	2			10			12			15			27			14			1			15			—			15
Out-licensed intangible asset impairment	—			—			—			—			—			11			11			13			—			13			—			13
Loss on debt redemption	45			—			45			—			45			—			45			—			180			180			—			180
Upfront, milestone and other licensing receipts	—			—			—			—			—			(10		)	(10		)	—			—			—			—			—
Other (income)/expense	(88		)	67			(21		)	(203		)	(224		)	850			626			(122		)	237			115			(227		)	(112		)
Increase/(decrease) to pretax income	8			567			575			(4		)	571			932			1,503			75			1,136			1,211			(101		)	1,110
Income tax on items above	(179		)	(102		)	(281		)	33			(248		)	(297		)	(545		)	(68		)	(116		)	(184		)	43			(141		)
Specified tax charge(c)	—			—			—			—			—			123			123			—			—			—			—			—
Income taxes	(179		)	(102		)	(281		)	33			(248		)	(174		)	(422		)	(68		)	(116		)	(184		)	43			(141		)
Increase/(decrease) to net earnings	$	(171	)	$	465		$	294		$	29		$	323		$	758		$	1,081		$	7		$	1,020		$	1,027		$	(58	)	$	969

(a) Specified items in cost of products sold are accelerated depreciation, asset impairment and other shutdown costs.

(b) Includes $16 million of additional year of Branded Prescription Drug Fee in the third quarter of 2014.

(c) The 2014 specified tax charge relates to transfer pricing matters.

8

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

(Unaudited, dollars in millions)

	March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Cash and cash equivalents	$	5,225		$	4,282		$	4,851		$	5,571		$	6,294		$	4,199		$	3,975
Marketable securities - current	1,834			2,893			2,370			1,864			1,313			1,277			1,438
Marketable securities - long term	3,558			3,876			4,328			4,408			4,279			4,632			4,627
Cash, cash equivalents and marketable securities	10,617			11,051			11,549			11,843			11,886			10,108			10,040
Short-term borrowings and current portion of long-term debt	(281		)	(365		)	(401		)	(590		)	(330		)	(755		)	(642		)
Long-term debt	(7,367		)	(7,372		)	(7,267		)	(7,242		)	(7,127		)	(6,615		)	(6,632		)
Net cash position	$	2,969		$	3,314		$	3,881		$	4,011		$	4,429		$	2,738		$	2,766

9

BRISTOL-MYERS SQUIBB COMPANY

2015 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2015
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	$1.02 to $1.07
Projected Specified Items:
Downsizing and streamlining of worldwide operations	(0.02	)
Upfront and milestone payments, net	0.75
Pension Related items	0.06
Impairments	0.01
Other	0.03
Total	0.83
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	$1.85 to $1.90

Gross margin as a percentage of revenues on a GAAP and non-GAAP basis for the nine months ended September 30, 2015 was 75.9% and 76.5%, respectively. On a non-GAAP basis, the Company projects gross margin as a percentage of revenues for the full year 2015 to be approximately 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, 2015 were $4.0 billion and $2.9 billion, respectively. On a non-GAAP basis, the Company projects research and development expense for the full year 2015 to increase in the mid-single-digit range compared to 2014. It is estimated that 30% to 45% of the research and development expenses in 2015 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, 2015 were $2.8 billion. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2015 to decrease in the low- to mid-single-digit range compared to 2014. 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, 2015 was 26.9%. On a non-GAAP basis, for the nine months ended September 30, 2015 the effective tax rate was 22.5%. On a non-GAAP basis, the Company projects an annual effective tax rate of approximately 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 2015 will include specified items, including gains on divestitures, expected charges associated with downsizing and streamlining worldwide operations, in-process research and development (IPRD) , upfront and milestone payments, restructuring and pension related items.  The GAAP financial results for the full year 2015 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 2015 Financial Results, October 27, 2015 including “2015 Financial Guidance” and “Use of non-GAAP Financial Information” therein. 

10