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	2015																					2016																	% 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
US and Puerto Rico	$	2,044		$	1,837		$	3,881		$	2,044		$	5,925		$	2,263		$	8,188		$	2,537		$	2,688		$	5,225		$	2,790		$	8,015				36%	35%	—	—
Europe	782			974			1,756			813			2,569			922			3,491			870			1,039			1,909			946			2,855					16%	11%	(2)%	(2)%
Rest of the World	1,019			1,124			2,143			1,027			3,170			972			4,142			840			1,013			1,853			1,069			2,922					4%	(8)%	(3)%	(4)%
Other	196			228			424			185			609			130			739			144			131			275			117			392					(37)%	(36)%	N/A	N/A
Total	$	4,041		$	4,163		$	8,204		$	4,069		$	12,273		$	4,287		$	16,560		$	4,391		$	4,871		$	9,262		$	4,922		$	14,184				21%	16%	(1)%	(1)%
% of Revenues	2015																					2016
	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
US and Puerto Rico	50.6		%	44.1		%	47.3		%	50.2		%	48.3		%	52.8		%	49.4		%	57.8		%	55.2		%	56.4		%	56.7		%	56.5		%
Europe	19.4		%	23.4		%	21.4		%	20.0		%	20.9		%	21.5		%	21.1		%	19.8		%	21.3		%	20.6		%	19.2		%	20.1		%
Rest of the World	25.2		%	27.0		%	26.1		%	25.2		%	25.8		%	22.7		%	25.0		%	19.1		%	20.8		%	20.0		%	21.7		%	20.6		%
Other	4.8		%	5.5		%	5.2		%	4.6		%	5.0		%	3.0		%	4.5		%	3.3		%	2.7		%	3.0		%	2.4		%	2.8		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

1

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

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

	2015																					2016																	% 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	$	3,059		$	3,572		$	6,631		$	3,552		$	10,183		$	3,862		$	14,045		$	3,964		$	4,432		$	8,396		$	4,492		$	12,888				26%		27%
Alliance and other revenues	982			591			1,573			517			2,090			425			2,515			427			439			866			430			1,296					(17)%		(38)%
Total Revenues	$	4,041		$	4,163		$	8,204		$	4,069		$	12,273		$	4,287		$	16,560		$	4,391		$	4,871		$	9,262		$	4,922		$	14,184				21%		16%
Cost of products sold	847			1,013			1,860			1,097			2,957			952			3,909			1,052			1,206			2,258			1,305			3,563					19%		20%
Marketing, selling and administrative	1,029			1,135			2,164			1,176			3,340			1,501			4,841			1,068			1,238			2,306			1,144			3,450					(3)%		3%
Research and development	1,016			1,856			2,872			1,132			4,004			1,916			5,920			1,136			1,266			2,402			1,138			3,540					1%		(12)%
Other (income)/expense	(299		)	107			(192		)	(323		)	(515		)	328			(187		)	(520		)	(454		)	(974		)	(224		)	(1,198		)			(31)%		**
Total Expenses	2,593			4,111			6,704			3,082			9,786			4,697			14,483			2,736			3,256			5,992			3,363			9,355					9%		(4)%
Earnings/(Loss) Before Income Taxes	$	1,448		$	52		$	1,500		$	987		$	2,487		$	(410	)	$	2,077		$	1,655		$	1,615		$	3,270		$	1,559		$	4,829				58%		94%
Provision for/(Benefit from) Income Taxes	249			162			411			257			668			(222		)	446			449			427			876			344			1,220					34%		83%
Net Earnings/(Loss)	$	1,199		$	(110	)	$	1,089		$	730		$	1,819		$	(188	)	$	1,631		$	1,206		$	1,188		$	2,394		$	1,215		$	3,609				66%		98%
Net Earnings Attributable to Noncontrolling Interest	13			20			33			24			57			9			66			11			22			33			13			46					(46)%		(19)%
Net Earnings/(Loss) Attributable to BMS	$	1,186		$	(130	)	$	1,056		$	706		$	1,762		$	(197	)	$	1,565		$	1,195		$	1,166		$	2,361		$	1,202		$	3,563				70%		**
Diluted Earnings/(Loss) per Common Share*	$	0.71		$	(0.08	)	$	0.63		$	0.42		$	1.05		$	(0.12	)	$	0.93		$	0.71		$	0.69		$	1.41		$	0.72		$	2.12				71%		**
Average Common Shares Outstanding - Diluted	1,676			1,667			1,677			1,678			1,677			1,669			1,679			1,680			1,679			1,679			1,679			1,679					—		—
Dividends declared per common share	$	0.37		$	0.37		$	0.74		$	0.37		$	1.11		$	0.38		$	1.49		$	0.38		$	0.38		$	0.76		$	0.38		$	1.14				3%		3%
	2015																					2016
% 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	79.0		%	75.7		%	77.3		%	73.0		%	75.9		%	77.8		%	76.4		%	76.0		%	75.2		%	75.6		%	73.5		%	74.9		%
Other Ratios
Effective tax rate	17.2		%	311.5		%	27.4		%	26.0		%	26.9		%	54.1		%	21.5		%	27.1		%	26.4		%	26.8		%	22.1		%	25.3		%
Other (Income)/Expense	2015																					2016																	% 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	$	51		$	49		$	100		$	41		$	141		$	43		$	184		$	43		$	42		$	85		$	42		$	127				2	%	(10	)%
Investment income	(30		)	(26		)	(56		)	(18		)	(74		)	(27		)	(101		)	(24		)	(25		)	(49		)	(32		)	(81		)			78	%	9	%
Provision for restructuring	12			28			40			10			50			68			118			4			18			22			19			41					90	%	(18	)%
Litigation and other settlements	12			4			16			(2		)	14			145			159			43			6			49			(1		)	48					(50	)%	**
Equity in net income of affiliates	(26		)	(22		)	(48		)	(19		)	(67		)	(16		)	(83		)	(26		)	(20		)	(46		)	(19		)	(65		)			—		(3	)%
Divestiture (gains)/losses	(154		)	(8		)	(162		)	(208		)	(370		)	174			(196		)	(270		)	(283		)	(553		)	(21		)	(574		)			(90	)%	55	%
Royalties and licensing income	(98		)	(97		)	(195		)	(63		)	(258		)	(125		)	(383		)	(254		)	(167		)	(421		)	(158		)	(579		)			**		**
Transition and other service fees	(27		)	(27		)	(54		)	(37		)	(91		)	(31		)	(122		)	(53		)	(74		)	(127		)	(57		)	(184		)			54	%	**
Pension charges	27			36			63			48			111			49			160			22			25			47			19			66					(60	)%	(41	)%
Intangible asset impairment	13			—			13			—			13			—			13			15			—			15			—			15					—		15	%
Equity investment impairment	—			—			—			—			—			—			—			—			45			45			—			45					—		N/A
Written option adjustment	(36		)	—			(36		)	(87		)	(123		)	—			(123		)	—			—			—			—			—					(100	)%	(100	)%
Loss on debt redemption	—			180			180			—			180			—			180			—			—			—			—			—					—		(100	)%
Other	(43		)	(10		)	(53		)	12			(41		)	48			7			(20		)	(21		)	(41		)	(16		)	(57		)			**		39	%
	$	(299	)	$	107		$	(192	)	$	(323	)	$	(515	)	$	328		$	(187	)	$	(520	)	$	(454	)	$	(974	)	$	(224	)	$	(1,198	)			(31	)%	**

*	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, 2016

(Unaudited, dollars in millions)

QUARTER-TO-DATE	2016			2015			Growth $			Growth %	Favorable / (Unfavorable) FX Impact $ *			2016 Excluding FX		Favorable / (Unfavorable) FX Impact % *	Growth % Excluding FX
Revenues	$	4,922		$	4,069		$	853		21%	$	(37	)	$	4,959	(1)%	22%
Gross profit	3,617			2,972			645			22%	N/A			N/A		N/A	N/A
Gross profit excluding specified items(a)	3,624			2,987			637			21%	N/A			N/A		N/A	N/A
Gross profit excluding specified items as a % of revenues	73.6		%	73.4		%
Marketing, selling and administrative	1,144			1,176			(32		)	(3)%	12			1,156		1%	(2)%
Marketing, selling and administrative excluding specified items(a)	1,144			1,174			(30		)	(3)%	12			1,156		1%	(2)%
MS&A excluding specified items as a % of revenues	23.2		%	28.9		%
Research and development	1,138			1,132			6			1%	1			1,139		—	1%
Research and development excluding specified items(a)	1,079			1,023			56			5%	2			1,081		1%	6%
Research and development excluding specified items as a % of revenues	21.9		%	25.1		%
YEAR-TO-DATE	2016			2015			Growth $			Growth %	Favorable / (Unfavorable) FX Impact $ *			2016 Excluding FX		Favorable / (Unfavorable) FX Impact % *	Growth % Excluding FX
Revenues	$	14,184		$	12,273		$	1,911		16%	$	(177	)	$	14,361	(1)%	17%
Gross profit	10,621			9,316			1,305			14%	N/A			N/A		N/A	N/A
Gross profit excluding specified items(a)	10,636			9,390			1,246			13%	N/A			N/A		N/A	N/A
Gross profit excluding specified items as a % of revenues	75.0		%	76.5		%
Marketing, selling and administrative	3,450			3,340			110			3%	49			3,499		2%	5%
Marketing, selling and administrative excluding specified items(a)	3,450			3,334			116			3%	49			3,499		2%	5%
MS&A excluding specified items as a % of revenues	24.3		%	27.2		%
Research and development	3,540			4,004			(464		)	(12)%	12			3,552		1%	(11)%
Research and development excluding specified items(a)	3,191			2,862			329			11%	12			3,203		1%	12%
Research and development excluding specified items as a % of revenues	22.5		%	23.3		%

(a)	Refer to the Specified Items schedule for further details.
*	Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales and expenses.

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)

	2015														2016												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
Oncology(a)
Empliciti	$	—	$	—	$	—	$	—	$	—	$	3	$	3	$	28	$	34	$	62	$	41	$	103			$	41		$	103		N/A		N/A		$	41	$	103	N/A		N/A		N/A		N/A
Erbitux	165		169		334		167		501		—		501		—		—		—		—		—				(167		)	(501		)	(100	)%	(100	)%	—		—		(100	)%	(100	)%	—		—
Opdivo	40		122		162		305		467		475		942		704		840		1,544		920		2,464				615			1,997			**		**		925		2,472		**		**		N/A		N/A
Sprycel	375		405		780		411		1,191		429		1,620		407		451		858		472		1,330				61			139			15	%	12	%	475		1,347		16	%	13	%	(1	)%	(1	)%
Yervoy	325		296		621		240		861		265		1,126		263		241		504		285		789				45			(72		)	19	%	(8	)%	296		811		23	%	(6	)%	(4	)%	(2	)%
Cardiovascular(a)
Eliquis	355		437		792		466		1,258		602		1,860		734		777		1,511		884		2,395				418			1,137			90	%	90	%	872		2,380		87	%	89	%	3	%	1	%
Immunoscience(a)
Orencia(b)	400		461		861		484		1,345		540		1,885		475		593		1,068		572		1,640				88			295			18	%	22	%	571		1,650		18	%	23	%	—		(1	)%
Virology(a)
Baraclude	340		343		683		320		1,003		309		1,312		291		299		590		306		896				(14		)	(107		)	(4	)%	(11	)%	304		905		(5	)%	(10	)%	1	%	(1	)%
Hepatitis C Franchise(c)	264		479		743		402		1,145		458		1,603		427		546		973		379		1,352				(23		)	207			(6	)%	18	%	383		1,372		(5	)%	20	%	(1	)%	(2	)%
Reyataz Franchise	294		303		597		270		867		272		1,139		221		247		468		238		706				(32		)	(161		)	(12	)%	(19	)%	247		739		(9	)%	(15	)%	(3	)%	(4	)%
Sustiva Franchise(d)	290		317		607		333		940		312		1,252		273		271		544		275		819				(58		)	(121		)	(17	)%	(13	)%	275		819		(17	)%	(13	)%	—		—
Neuroscience(a)
Abilify(e)	554		107		661		46		707		39		746		33		35		68		29		97				(17		)	(610		)	(37	)%	(86	)%	29		101		(37	)%	(86	)%	—		—
Mature Products and All Other(f)	639		724		1,363		625		1,988		583		2,571		535		537		1,072		521		1,593				(104		)	(395		)	(17	)%	(20	)%	541		1,662		(13	)%	(16	)%	(4	)%	(4	)%
Total	$	4,041	$	4,163	$	8,204	$	4,069	$	12,273	$	4,287	$	16,560	$	4,391	$	4,871	$	9,262	$	4,922	$	14,184			$	853		$	1,911		21	%	16	%	$	4,959	$	14,361	22	%	17	%	(1	)%	(1	)%
Total Excluding Erbitux	$	3,876	$	3,994	$	7,870	$	3,902	$	11,772	$	4,287	$	16,059	$	4,391	$	4,871	$	9,262	$	4,922	$	14,184			$	1,020		$	2,412		26	%	20	%	$	4,959	$	14,361	27	%	22	%	(1	)%	(2	)%

**	In excess of +/- 100%
(a)	Key products listed do not represent all products in the respective therapeutic areas.
(b)	Includes Orencia SubQ revenues of $276 million and $227 million for the three months ended September 30, 2016 and 2015, respectively, and $784 million and $610 million for the nine months ended September 30, 2016 and 2015, respectively.
(c)	Includes Daklinza (daclatasvir) revenues of $372 million and $330 million for the three months ended September 30, 2016 and 2015, respectively, and $1,329 million and $892 million for the nine months ended September 30, 2016 and 2015, respectively. Additionally, includes Sunvepra (asunaprevir) revenues of $7 million and $72 million for the three months ended September 30, 2016 and 2015, respectively, and $23 million and $253 million for the nine months ended September 30, 2016 and 2015, respectively.
(d)	The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla. Includes alliance revenue of $239 million and $296 million for the three months ended September 30, 2016 and 2015, respectively, and $717 million and $823 million for the nine months ended September 30, 2016 and 2015, respectively.
(e)	Includes alliance revenue of $19 million for the three months ended September 30, 2015 and $597 million for the nine months ended September 30, 2015. BMS's U.S. commercialization rights to Abilify expired in April 2015.
(f)	Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue.
	Note: 2015 year-to-date revenues of new and inline brands grew 41% excluding Abilify, Baraclude and the Sustiva Franchise.

4

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC REVENUES FROM OPERATIONS BY PRODUCT

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2015														2016												% 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
Oncology
Empliciti	$	—	$	—	$	—	$	—	$	—	$	3	$	3	$	28	$	33	$	61	$	36	$	97			N/A	N/A
Erbitux	157		165		322		165		487		—		487		—		—		—		—		—				(100)%	(100)%
Opdivo	38		107		145		268		413		410		823		594		643		1,237		712		1,949				**	**
Sprycel	181		205		386		215		601		228		829		210		233		443		259		702				20%	17%
Yervoy	181		136		317		121		438		164		602		199		179		378		222		600				83%	37%
Cardiovascular
Eliquis	200		243		443		245		688		335		1,023		468		444		912		512		1,424				**	**
Immunoscience
Orencia(a)	259		310		569		330		899		372		1,271		321		401		722		387		1,109				17%	23%
Virology
Baraclude	46		37		83		25		108		27		135		17		15		32		17		49				(32)%	(55)%
Hepatitis C Franchise(b)	—		—		—		111		111		212		323		259		294		553		192		745				73%	**
Reyataz Franchise	143		157		300		149		449		142		591		120		122		242		125		367				(16)%	(18)%
Sustiva Franchise(c)	234		258		492		280		772		269		1,041		228		227		455		234		689				(16)%	(11)%
Neuroscience
Abilify	508		67		575		18		593		7		600		—		—		—		—		—				(100)%	(100)%
Mature Products and All Other(d)	97		152		249		117		366		94		460		93		97		190		94		284				(20)%	(22)%
Total(e)	$	2,044	$	1,837	$	3,881	$	2,044	$	5,925	$	2,263	$	8,188	$	2,537	$	2,688	$	5,225	$	2,790	$	8,015			36%	35%

**	In excess of +/- 100%
(a)	Includes Orencia SubQ revenues of $174 million and $146 million for the three months ended September 30, 2016 and 2015, respectively, and $490 million and $393 million for the nine months ended September 30, 2016 and 2015, respectively.
(b)	Includes revenues of Daklinza (daclastasvir) only, which was launched in the U.S. in the third quarter of 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)	Represents all other products sold in the U.S., including those which have lost exclusivity.
(e)	Domestic revenues include United States and Puerto Rico.

5

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES FROM OPERATIONS BY PRODUCT

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2015														2016												% 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
Oncology
Empliciti	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1	$	1	$	5	$	6			N/A	N/A	N/A	N/A
Erbitux	8		4		12		2		14		—		14		—		—		—		—		—				(100)%	(100)%	—	—
Opdivo	2		15		17		37		54		65		119		110		197		307		208		515				**	**	N/A	N/A
Sprycel	194		200		394		196		590		201		791		197		218		415		213		628				9%	6%	(1)%	(3)%
Yervoy	144		160		304		119		423		101		524		64		62		126		63		189				(47)%	(55)%	(8)%	(5)%
Cardiovascular
Eliquis	155		194		349		221		570		267		837		266		333		599		372		971				68%	70%	5%	2%
Immunoscience
Orencia	141		151		292		154		446		168		614		154		192		346		185		531				20%	19%	1%	(2)%
Virology
Baraclude	294		306		600		295		895		282		1,177		274		284		558		289		847				(2)%	(5)%	1%	(1)%
Hepatitis C Franchise(a)	264		479		743		291		1,034		246		1,280		168		252		420		187		607				(36)%	(41)%	(1)%	(2)%
Reyataz Franchise	151		146		297		121		418		130		548		101		125		226		113		339				(7)%	(19)%	(8)%	(8)%
Sustiva Franchise(b)	56		59		115		53		168		43		211		45		44		89		41		130				(23)%	(23)%	—	—
Neuroscience
Abilify(c)	46		40		86		28		114		32		146		33		35		68		29		97				4%	(15)%	4%	(4)%
Mature Products and All Other(d)	542		572		1,114		508		1,622		489		2,111		442		440		882		427		1,309				(16)%	(19)%	(5)%	(4)%
Total	$	1,997	$	2,326	$	4,323	$	2,025	$	6,348	$	2,024	$	8,372	$	1,854	$	2,183	$	4,037	$	2,132	$	6,169			5%	(3)%	(2)%	(3)%

**	In excess of +/- 100%
(a)	Includes Daklinza (daclatasvir) revenues of $180 million and $219 million for the three months ended September 30, 2016 and 2015, respectively, and $584 million and $781 million for the nine months ended September 30, 2016 and 2015, respectively. Additionally, includes Sunvepra (asunaprevir) revenues of $7 million and $72 million for the three months ended September 30, 2016 and 2015, respectively, and $23 million and $253 million for the nine months ended September 30, 2016 and 2015, 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 GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS

(Unaudited, dollars in millions)

	2015																					2016
	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	$	3,194		$	3,150		$	6,344		$	2,972		$	9,316		$	3,335		$	12,651		$	3,339		$	3,665		$	7,004		$	3,617		$	10,621
Specified items(a)	34			25			59			15			74			10			84			4			4			8			7			15
Gross profit excluding specified items	3,228			3,175			6,403			2,987			9,390			3,345			12,735			3,343			3,669			7,012			3,624			10,636
Marketing, selling and administrative	1,029			1,135			2,164			1,176			3,340			1,501			4,841			1,068			1,238			2,306			1,144			3,450
Specified items(a)	(1		)	(3		)	(4		)	(2		)	(6		)	(4		)	(10		)	—			—			—			—			—
Marketing, selling and administrative excluding specified items	1,028			1,132			2,160			1,174			3,334			1,497			4,831			1,068			1,238			2,306			1,144			3,450
Research and development	1,016			1,856			2,872			1,132			4,004			1,916			5,920			1,136			1,266			2,402			1,138			3,540
Specified items(a)	(162		)	(871		)	(1,033		)	(109		)	(1,142		)	(741		)	(1,883		)	(138		)	(152		)	(290		)	(59		)	(349		)
Research and development excluding specified items	854			985			1,839			1,023			2,862			1,175			4,037			998			1,114			2,112			1,079			3,191
Other (income)/expense	(299		)	107			(192		)	(323		)	(515		)	328			(187		)	(520		)	(454		)	(974		)	(224		)	(1,198		)
Specified items(a)	122			(237		)	(115		)	227			112			(428		)	(316		)	185			234			419			(22		)	397
Other (income)/expense excluding specified items	(177		)	(130		)	(307		)	(96		)	(403		)	(100		)	(503		)	(335		)	(220		)	(555		)	(246		)	(801		)
Effective Tax Rate	17.2		%	311.5		%	27.4		%	26.0		%	26.9		%	54.1		%	21.5		%	27.1		%	26.4		%	26.8		%	22.1		%	25.3		%
Specified items(a)	3.6		%	(288.1		)%	(5.5		)%	(1.8		)%	(4.4		)%	(39.0		)%	(0.3		)%	(4.4		)%	(3.6		)%	(4.0		)%	(1.0		)%	(3.1		)%
Effective Tax Rate excluding specified items	20.8		%	23.4		%	21.9		%	24.2		%	22.5		%	15.1		%	21.2		%	22.7		%	22.8		%	22.8		%	21.1		%	22.2		%

(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)

	2015																					2016
	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)	$	34		$	25		$	59		$	15		$	74		$	10		$	84		$	4		$	4		$	8		$	7		$	15
Marketing, selling and administrative	1			3			4			2			6			4			10			—			—			—			—			—
License and asset acquisition charges	162			869			1,031			94			1,125			554			1,679			125			139			264			45			309
IPRD impairments	—			—			—			—			—			160			160			—			—			—			—			—
Other	—			2			2			15			17			27			44			13			13			26			14			40
Research and development	162			871			1,033			109			1,142			741			1,883			138			152			290			59			349
Provision for restructuring	12			28			40			10			50			65			115			4			18			22			19			41
Divestiture (gains)/losses	(152		)	(8		)	(160		)	(198		)	(358		)	171			(187		)	(269		)	(277		)	(546		)	(13		)	(559		)
Pension charges	27			36			63			48			111			49			160			22			25			47			19			66
Written option adjustment	(36		)	—			(36		)	(87		)	(123		)	—			(123		)	—			—			—			—			—
Litigation and other settlements	14			1			15			—			15			143			158			43			—			43			(3		)	40
Intangible asset impairment	13			—			13			—			13			—			13			15			—			15			—			15
Loss on debt redemption	—			180			180			—			180			—			180			—			—			—			—			—
Other (income)/expense	(122		)	237			115			(227		)	(112		)	428			316			(185		)	(234		)	(419		)	22			(397		)
Increase/(decrease) to pretax income	75			1,136			1,211			(101		)	1,110			1,183			2,293			(43		)	(78		)	(121		)	88			(33		)
Income tax on items above	(68		)	(116		)	(184		)	43			(141		)	(339		)	(480		)	83			76			159			(3		)	156
Increase/(decrease) to net earnings	$	7		$	1,020		$	1,027		$	(58	)	$	969		$	844		$	1,813		$	40		$	(2	)	$	38		$	85		$	123

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

8

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

(Unaudited, dollars in millions)

	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Cash and cash equivalents	$	6,294		$	4,199		$	3,975		$	2,385		$	2,644		$	2,934		$	3,432
Marketable securities - current	1,313			1,277			1,438			1,885			1,663			1,717			2,128
Marketable securities - non-current	4,279			4,632			4,627			4,660			3,689			3,281			3,035
Cash, cash equivalents and marketable securities	11,886			10,108			10,040			8,930			7,996			7,932			8,595
Short-term borrowings and current portion of long-term debt	(330		)	(755		)	(642		)	(139		)	(106		)	(155		)	(990		)
Long-term debt	(7,127		)	(6,615		)	(6,632		)	(6,550		)	(6,593		)	(6,581		)	(5,836		)
Net cash position	$	4,429		$	2,738		$	2,766		$	2,241		$	1,297		$	1,196		$	1,769

9

	BRISTOL-MYERS SQUIBB COMPANY
2016 AND 2017 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS
	EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2016						Full Year 2017
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP					$2.62 to $2.72						$2.47 to $2.67
Projected Specified Items:
Restructuring, accelerated depreciation and other shutdown costs (1)	0.16		0.05		0.11		0.40		0.14		0.26
Divestiture gains	(0.35	)	(0.12	)	(0.23	)	(0.06	)	(0.02	)	(0.04	)
Research and development license and asset acquisition charges	0.26		0.01		0.25		0.11		—		0.11
Pension charges	0.05		0.02		0.03		0.08		0.03		0.05
Litigation and other	(0.01	)	(0.03	)	0.02		—		—		—
Total	0.11		(0.07	)	0.18		0.53		0.15		0.38
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP					$2.80 to $2.90						$2.85 to $3.05
(1) Includes items recognized in Cost of products sold, Research and development and Other (income)/expense.
Note - The above per-share amounts include certain rounding adjustments.

The following table summarizes the company's 2016 financial guidance:
Line item	GAAP	Non-GAAP
Gross margin as a percent of revenue	Approximately 75%	Approximately 75%
Marketing, selling and administrative expense	Remain flat to 2015 levels	Remain flat to 2015 levels
Research and development expense	Decreasing 30% to 35% compared to 2015	Increase in the high-single digit range compared to 2015
Effective tax rate	25% - 26%	22% - 23%

The GAAP financial results for the full year 2016 will include specified items, including gains on divestitures, charges associated with downsizing and streamlining worldwide operations, in-process research and development (IPRD), license and asset acquisition charges, charges related to significant legal proceedings, licensed asset impairments, restructuring and pension charges.  The GAAP financial results for 2016 and 2017 could also include other specified items that have not yet been identified and quantified, including any additional gains or losses from divestitures, license and asset acquisition charges, charges for IPRD and licensed asset impairments, recoveries relating to significant legal proceedings 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 2016 Financial Results, October 27, 2016 including “2016 & 2017 Financial Guidance” and “Use of non-GAAP Financial Information” therein. 

10