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

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF REVENUES

(Unaudited, dollars in millions)

Revenues	2016																					2017													% 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
United States	$	2,537		$	2,688		$	5,225		$	2,790		$	8,015		$	2,705		$	10,720		$	2,738		$	2,865		$	5,603						7	%	7	%	—		—
Europe	870			1,039			1,909			946			2,855			1,360			4,215			1,146			1,188			2,334							14	%	22	%	(4	)%	(5	)%
Rest of the World	840			1,013			1,853			1,069			2,922			1,042			3,964			925			963			1,888							(5	)%	2	%	(2	)%	—
Other	144			131			275			117			392			136			528			120			128			248							(2	)%	(10	)%	N/A		N/A
Total	$	4,391		$	4,871		$	9,262		$	4,922		$	14,184		$	5,243		$	19,427		$	4,929		$	5,144		$	10,073						6	%	9	%	(1	)%	(1	)%
% of Revenues	2016																					2017
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr	9 Months	4th Qtr	Year
United States	57.8		%	55.2		%	56.4		%	56.7		%	56.5		%	51.6		%	55.2		%	55.5		%	55.7		%	55.6		%
Europe	19.8		%	21.3		%	20.6		%	19.2		%	20.1		%	25.9		%	21.7		%	23.3		%	23.1		%	23.2		%
Rest of the World	19.1		%	20.8		%	20.0		%	21.7		%	20.6		%	19.9		%	20.4		%	18.8		%	18.7		%	18.7		%
Other	3.3		%	2.7		%	3.0		%	2.4		%	2.8		%	2.6		%	2.7		%	2.4		%	2.5		%	2.5		%
Total	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)

	2016																					2017													% 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	$	3,964		$	4,432		$	8,396		$	4,492		$	12,888		$	4,814		$	17,702		$	4,580		$	4,770		$	9,350						8	%	11	%
Alliance and other revenues	427			439			866			430			1,296			429			1,725			349			374			723							(15	)%	(17	)%
Total Revenues	$	4,391		$	4,871		$	9,262		$	4,922		$	14,184		$	5,243		$	19,427		$	4,929		$	5,144		$	10,073						6	%	9	%
Cost of products sold	1,052			1,206			2,258			1,305			3,563			1,383			4,946			1,259			1,562			2,821							30	%	25	%
Marketing, selling and administrative	1,068			1,238			2,306			1,144			3,450			1,461			4,911			1,074			1,167			2,241							(6	)%	(3	)%
Research and development	1,136			1,266			2,402			1,138			3,540			1,400			4,940			1,288			1,659			2,947							31	%	23	%
Other (income)/expense	(520		)	(454		)	(974		)	(224		)	(1,198		)	(87		)	(1,285		)	(647		)	(539		)	(1,186		)					19	%	22	%
Total Expenses	2,736			3,256			5,992			3,363			9,355			4,157			13,512			2,974			3,849			6,823							18	%	14	%
Earnings Before Income Taxes	$	1,655		$	1,615		$	3,270		$	1,559		$	4,829		$	1,086		$	5,915		$	1,955		$	1,295		$	3,250						(20	)%	(1	)%
Provision for Income Taxes	449			427			876			344			1,220			188			1,408			429			373			802							(13	)%	(8	)%
Net Earnings	$	1,206		$	1,188		$	2,394		$	1,215		$	3,609		$	898		$	4,507		$	1,526		$	922		$	2,448						(22	)%	2	%
Net Earnings/(Loss) Attributable to Noncontrolling Interest	11			22			33			13			46			4			50			(48		)	6			(42		)					(73	)%	**
Net Earnings Attributable to BMS	$	1,195		$	1,166		$	2,361		$	1,202		$	3,563		$	894		$	4,457		$	1,574		$	916		$	2,490						(21	)%	5	%
Diluted Earnings per Common Share*	$	0.71		$	0.69		$	1.41		$	0.72		$	2.12		$	0.53		$	2.65		$	0.94		$	0.56		$	1.50						(19	)%	6	%
Average Common Shares Outstanding - Diluted	1,680			1,679			1,679			1,679			1,679			1,680			1,680			1,671			1,650			1,660							(2	)%	(1	)%
Dividends declared per common share	$	0.38		$	0.38		$	0.76		$	0.38		$	1.14		$	0.39		$	1.53		$	0.39		$	0.39		$	0.78						3	%	3	%
	2016																					2017
% 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	76.0		%	75.2		%	75.6		%	73.5		%	74.9		%	73.6		%	74.5		%	74.5		%	69.6		%	72.0		%
Other Ratios
Effective tax rate	27.1		%	26.4		%	26.8		%	22.1		%	25.3		%	17.3		%	23.8		%	21.9		%	28.8		%	24.7		%
Other (Income)/Expense	2016																					2017													% 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	$	43		$	42		$	85		$	42		$	127		$	40		$	167		$	45		$	52		$	97						24	%	14	%
Investment income	(24		)	(25		)	(49		)	(32		)	(81		)	(24		)	(105		)	(33		)	(34		)	(67		)					36	%	37	%
Provision for restructuring	4			18			22			19			41			68			109			164			15			179							(17	)%	**
Litigation and other settlements	43			6			49			(1		)	48			(1		)	47			(484		)	(5		)	(489		)					**		**
Equity in net income of affiliates	(26		)	(20		)	(46		)	(19		)	(65		)	(12		)	(77		)	(18		)	(20		)	(38		)					—		(17	)%
Divestiture gains	(270		)	(283		)	(553		)	(21		)	(574		)	(2		)	(576		)	(127		)	—			(127		)					(100	)%	(77	)%
Royalties and licensing income	(254		)	(167		)	(421		)	(158		)	(579		)	(140		)	(719		)	(199		)	(685		)	(884		)					**		**
Transition and other service fees	(53		)	(74		)	(127		)	(57		)	(184		)	(54		)	(238		)	(7		)	(13		)	(20		)					(82	)%	(84	)%
Pension charges	22			25			47			19			66			25			91			33			36			69							44	%	47	%
Intangible asset impairments	15			—			15			—			15			—			15			—			—			—							—		(100	)%
Equity investment impairment	—			45			45			—			45			—			45			—			—			—							(100	)%	(100	)%
Loss on debt redemption	—			—			—			—			—			—			—			—			109			109							N/A		N/A
Other	(20		)	(21		)	(41		)	(16		)	(57		)	13			(44		)	(21		)	6			(15		)					**		(63	)%
	$	(520	)	$	(454	)	$	(974	)	$	(224	)	$	(1,198	)	$	(87	)	$	(1,285	)	$	(647	)	$	(539	)	$	(1,186	)					19	%	22	%

*	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 JUNE 30, 2017

(Unaudited, dollars in millions)

QUARTER-TO-DATE	2017			2016			Growth $			Growth %		Favorable / (Unfavorable) FX Impact $ *			2017 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Revenues	$	5,144		$	4,871		$	273		6	%	$	(58	)	$	5,202	(1	)%	7	%
Gross profit	3,582			3,665			(83		)	(2	)%	N/A			N/A		N/A		N/A
Gross profit excluding specified items(a)	3,712			3,669			43			1	%	N/A			N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	72.2		%	75.3		%
Research and development	1,659			1,266			393			31	%	4			1,663		—		31	%
Research and development excluding specified items(a)	1,170			1,114			56			5	%	4			1,174		—		5	%
Research and development excluding specified items as a % of revenues	22.7		%	22.9		%
YEAR-TO-DATE	2017			2016			Growth $			Growth %		Favorable / (Unfavorable) FX Impact $ *			2017 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Revenues	$	10,073		$	9,262		$	811		9	%	$	(97	)	$	10,170	(1	)%	10	%
Gross profit	7,252			7,004			248			4	%	N/A			N/A		N/A		N/A
Gross profit excluding specified items(a)	7,382			7,012			370			5	%	N/A			N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	73.3		%	75.7		%
Research and development	2,947			2,402			545			23	%	8			2,955		—		23	%
Research and development excluding specified items(a)	2,261			2,112			149			7	%	8			2,269		—		7	%
Research and development excluding specified items as a % of revenues	22.4		%	22.8		%

(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

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2016														2017										Growth $						% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr			YTD vs. YTD			Qtr vs. Qtr		YTD vs. YTD
Prioritized Brands
Opdivo	$	704	$	840	$	1,544	$	920	$	2,464	$	1,310	$	3,774	$	1,127	$	1,195	$	2,322					$	355		$	778		42	%	50	%
Eliquis	734		777		1,511		884		2,395		948		3,343		1,101		1,176		2,277						399			766			51	%	51	%
Orencia(a)	475		593		1,068		572		1,640		625		2,265		535		650		1,185						57			117			10	%	11	%
Sprycel	407		451		858		472		1,330		494		1,824		463		506		969						55			111			12	%	13	%
Yervoy	263		241		504		285		789		264		1,053		330		322		652						81			148			34	%	29	%
Empliciti	28		34		62		41		103		47		150		53		55		108						21			46			62	%	74	%
Established Brands
Hepatitis C Franchise(b)	427		546		973		379		1,352		226		1,578		162		112		274						(434		)	(699		)	(79	)%	(72	)%
Baraclude	291		299		590		306		896		296		1,192		282		273		555						(26		)	(35		)	(9	)%	(6	)%
Sustiva Franchise(c)	273		271		544		275		819		246		1,065		184		188		372						(83		)	(172		)	(31	)%	(32	)%
Reyataz Franchise	221		247		468		238		706		206		912		193		188		381						(59		)	(87		)	(24	)%	(19	)%
Other Brands	568		572		1,140		550		1,690		581		2,271		499		479		978						(93		)	(162		)	(16	)%	(14	)%
Total	$	4,391	$	4,871	$	9,262	$	4,922	$	14,184	$	5,243	$	19,427	$	4,929	$	5,144	$	10,073					$	273		$	811		6	%	9	%

(a)	Includes Orencia SubQ revenues of $336 million and $292 million for the three months ended June 30, 2017 and 2016, respectively, and $580 million and $508 million for the six months ended June 30, 2017 and 2016, respectively.
(b)	Includes Daklinza (daclatasvir) revenues of $105 million and $537 million for the three months ended June 30, 2017 and 2016, respectively, and $263 million and $957 million for the six months ended June 30, 2017 and 2016, respectively.
(c)	The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla. Includes alliance revenue of $163 million and $237 million for the three months ended June 30, 2017 and 2016, respectively, and $321 million and $478 million for the six months ended June 30, 2017 and 2016, respectively.

4

BRISTOL-MYERS SQUIBB COMPANY

U.S. REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2016														2017										% 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
Prioritized Brands
Opdivo	$	594	$	643	$	1,237	$	712	$	1,949	$	715	$	2,664	$	761	$	768	$	1,529					19	%	24	%
Eliquis	468		444		912		512		1,424		539		1,963		699		703		1,402						58	%	54	%
Orencia(a)	321		401		722		387		1,109		423		1,532		362		449		811						12	%	12	%
Sprycel	210		233		443		259		702		267		969		247		281		528						21	%	19	%
Yervoy	199		179		378		222		600		202		802		243		245		488						37	%	29	%
Empliciti	28		33		61		36		97		36		133		36		37		73						12	%	20	%
Established Brands
Hepatitis C Franchise(b)	259		294		553		192		745		82		827		42		30		72						(90	)%	(87	)%
Baraclude	17		15		32		17		49		17		66		14		12		26						(20	)%	(19	)%
Sustiva Franchise(c)	228		227		455		234		689		212		901		153		161		314						(29	)%	(31	)%
Reyataz Franchise	120		122		242		125		367		117		484		88		87		175						(29	)%	(28	)%
Other Brands	93		97		190		94		284		95		379		93		92		185						(5	)%	(3	)%
Total(d)	$	2,537	$	2,688	$	5,225	$	2,790	$	8,015	$	2,705	$	10,720	$	2,738	$	2,865	$	5,603					7	%	7	%

(a)	Includes Orencia SubQ revenues of $218 million and $184 million for the three months ended June 30, 2017 and 2016, respectively, and $364 million and $316 million for the six months ended June 30, 2017 and 2016, respectively.
(b)	Includes revenues of Daklinza (daclastasvir) only.
(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 United States and Puerto Rico.

5

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2016														2017										% 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
Prioritized Brands
Opdivo	$	110	$	197	$	307	$	208	$	515	$	595	$	1,110	$	366	$	427	$	793					**		**
Eliquis	266		333		599		372		971		409		1,380		402		473		875						42	%	46	%
Orencia	154		192		346		185		531		202		733		173		201		374						5	%	8	%
Sprycel	197		218		415		213		628		227		855		216		225		441						3	%	6	%
Yervoy	64		62		126		63		189		62		251		87		77		164						24	%	30	%
Empliciti	—		1		1		5		6		11		17		17		18		35						**		**
Established Brands
Hepatitis C Franchise(a)	168		252		420		187		607		144		751		120		82		202						(67	)%	(52	)%
Baraclude	274		284		558		289		847		279		1,126		268		261		529						(8	)%	(5	)%
Sustiva Franchise(b)	45		44		89		41		130		34		164		31		27		58						(39	)%	(35	)%
Reyataz Franchise	101		125		226		113		339		89		428		105		101		206						(19	)%	(9	)%
Other Brands	475		475		950		456		1,406		486		1,892		406		387		793						(19	)%	(17	)%
Total(c)	$	1,854	$	2,183	$	4,037	$	2,132	$	6,169	$	2,538	$	8,707	$	2,191	$	2,279	$	4,470					4	%	11	%

**	In excess of +/- 100%
(a)	Includes Daklinza (daclatasvir) revenues of $75 million and $243 million for the three months ended June 30, 2017 and 2016, respectively, and $191 million and $404 million for the six months ended June 30, 2017 and 2016, respectively.
(b)	The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla.
(c)	When adjusted for foreign exchange impact, total revenues increased 7% for the second quarter and 13% year to date.

6

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)

	2016																					2017
	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
Impairment charges	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	127		$	127
Accelerated depreciation and other shutdown costs	4			4			8			7			15			6			21			—			3			3
Cost of products sold	4			4			8			7			15			6			21			—			130			130
License and asset acquisition charges	125			139			264			45			309			130			439			50			393			443
IPRD impairments	—			—			—			—			—			13			13			75			—			75
Accelerated depreciation and other	13			13			26			14			40			43			83			72			96			168
Research and development	138			152			290			59			349			186			535			197			489			686
Provision for restructuring	4			18			22			19			41			68			109			164			15			179
Divestiture gains	(269		)	(277		)	(546		)	(13		)	(559		)	—			(559		)	(100		)	—			(100		)
Pension charges	22			25			47			19			66			25			91			33			36			69
Litigation and other settlements	43			—			43			(3		)	40			—			40			(481		)	—			(481		)
Intangible asset impairments	15			—			15			—			15			—			15			—			—			—
Loss on debt redemption	—			—			—			—			—			—			—			—			109			109
Royalties and licensing income	—			—			—			—			—			(10		)	(10		)	—			(497		)	(497		)
Other (income)/expense	(185		)	(234		)	(419		)	22			(397		)	83			(314		)	(384		)	(337		)	(721		)
Increase/(decrease) to pretax income	(43		)	(78		)	(121		)	88			(33		)	275			242			(187		)	282			95
Income taxes on specified items	83			76			159			(3		)	156			(105		)	51			72			20			92
Increase/(decrease) to net earnings	40			(2		)	38			85			123			170			293			(115		)	302			187
Noncontrolling interest	—			—			—			—			—			—			—			(59		)	—			(59		)
Increase/(decrease) to net earnings used for diluted Non-GAAP EPS calculation	$	40		$	(2	)	$	38		$	85		$	123		$	170		$	293		$	(174	)	$	302		$	128

7

BRISTOL-MYERS SQUIBB COMPANY

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

(Unaudited, dollars in millions)

	2016																					2017
	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	$	3,339		$	3,665		$	7,004		$	3,617		$	10,621		$	3,860		$	14,481		$	3,670		$	3,582		$	7,252
Specified items(a)	4			4			8			7			15			6			21			—			130			130
Gross profit excluding specified items	3,343			3,669			7,012			3,624			10,636			3,866			14,502			3,670			3,712			7,382
Research and development	1,136			1,266			2,402			1,138			3,540			1,400			4,940			1,288			1,659			2,947
Specified items(a)	(138		)	(152		)	(290		)	(59		)	(349		)	(186		)	(535		)	(197		)	(489		)	(686		)
Research and development excluding specified items	998			1,114			2,112			1,079			3,191			1,214			4,405			1,091			1,170			2,261
Other (income)/expense	(520		)	(454		)	(974		)	(224		)	(1,198		)	(87		)	(1,285		)	(647		)	(539		)	(1,186		)
Specified items(a)	185			234			419			(22		)	397			(83		)	314			384			337			721
Other (income)/expense excluding specified items	(335		)	(220		)	(555		)	(246		)	(801		)	(170		)	(971		)	(263		)	(202		)	(465		)

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

8

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP TO NON-GAAP EPS

(Unaudited, dollars in millions)

	2016																					2017
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr	9 Months	4th Qtr	Year
Earnings before income taxes	$	1,655		$	1,615		$	3,270		$	1,559		$	4,829		$	1,086		$	5,915		$	1,955		$	1,295		$	3,250
Specified items(a)	(43		)	(78		)	(121		)	88			(33		)	275			242			(187		)	282			95
Earnings before income taxes excluding specified items	1,612			1,537			3,149			1,647			4,796			1,361			6,157			1,768			1,577			3,345
Provision for income taxes	449			427			876			344			1,220			188			1,408			429			373			802
Tax on specified items(a)	83			76			159			(3		)	156			(105		)	51			72			20			92
Provision for income taxes excluding tax on specified items	366			351			717			347			1,064			293			1,357			357			353			710
Net Earnings/(Loss) Attributable to Noncontrolling Interest	11			22			33			13			46			4			50			(48		)	6			(42		)
Specified items(a)	—			—			—			—			—			—			—			(59		)	—			(59		)
Net Earnings Attributable to Noncontrolling Interest excluding specified items	11			22			33			13			46			4			50			11			6			17
Net earnings attributable to BMS used for Diluted EPS Calculation - GAAP	1,195			1,166			2,361			1,202			3,563			894			4,457			1,574			916			2,490
Specified items(a)	40			(2		)	38			85			123			170			293			(174		)	302			128
Net earnings attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP	1,235			1,164			2,399			1,287			3,686			1,064			4,750			1,400			1,218			2,618
Weighted-average Common shares Outstanding - Diluted- GAAP	1,680			1,679			1,679			1,679			1,679			1,680			1,680			1,671			1,650			1,660
Weighted-average Common shares Outstanding - Diluted- Non-GAAP	1,680			1,679			1,679			1,679			1,679			1,680			1,680			1,671			1,650			1,660
Diluted Earnings Per Share - GAAP	$	0.71		$	0.69		$	1.41		$	0.72		$	2.12		$	0.53		$	2.65		$	0.94		$	0.56		$	1.50
Diluted Earnings Per Share attributable to specified items	0.03			—			0.02			0.05			0.08			0.10			0.18			(0.10		)	0.18			0.08
Diluted Earnings Per Share - Non-GAAP	$	0.74		$	0.69		$	1.43		$	0.77		$	2.20		$	0.63		$	2.83		$	0.84		$	0.74		$	1.58
Effective Tax Rate	27.1		%	26.4		%	26.8		%	22.1		%	25.3		%	17.3		%	23.8		%	21.9		%	28.8		%	24.7		%
Specified items (a)	(4.4		)%	(3.6		)%	(4.0		)%	(1.0		)%	(3.1		)%	4.2		%	(1.8		)%	(1.7		)%	(6.4		)%	(3.5		)%
Effective Tax Rate excluding specified items	22.7		%	22.8		%	22.8		%	21.1		%	22.2		%	21.5		%	22.0		%	20.2		%	22.4		%	21.2		%

(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.

9

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

(Unaudited, dollars in millions)

	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017	December 31, 2017
Cash and cash equivalents	$	2,644		$	2,934		$	3,432		$	4,237		$	3,910		$	3,470
Marketable securities - current	1,663			1,717			2,128			2,113			2,199			3,035
Marketable securities - non-current	3,689			3,281			3,035			2,719			2,685			2,580
Cash, cash equivalents and marketable securities	7,996			7,932			8,595			9,069			8,794			9,085
Short-term debt obligations	(106		)	(155		)	(990		)	(992		)	(1,197		)	(1,306		)
Long-term debt	(6,593		)	(6,581		)	(5,836		)	(5,716		)	(7,237		)	(6,911		)
Net cash position	$	1,297		$	1,196		$	1,769		$	2,361		$	360		$	868

10

BRISTOL-MYERS SQUIBB COMPANY

2017 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2017
	Pre-tax		Tax		After-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP					$2.66 to $2.76
Projected Specified Items:
Restructuring, accelerated depreciation and other shutdown costs (1)	0.41		0.12		0.29
Divestiture gains and licensing income	(0.36	)	(0.13	)	(0.23	)
Research and development license and asset acquisition charges	0.32		0.06		0.26
Pension charges	0.11		0.04		0.07
Litigation and other settlements	(0.29	)	(0.10	)	(0.19	)
Debt redemption loss and other	0.08		0.04		0.04
Total	0.27		0.03		0.24
Projected Diluted Earnings Attributable to Shareholders per Common Share - non-GAAP					$2.90 to $3.00
(1) Includes items recognized in Cost of products sold, Research and development and Other (income)/expense.

The following table summarizes the company's 2017 financial guidance:
Line item	GAAP	Non-GAAP
Gross margin as a percent of revenue	Approximately 72%-73%	Approximately 72%-73%
Marketing, selling and administrative expense	Decrease in mid to high-single digits compared to 2016	Decrease in mid to high-single digits compared to 2016
Research and development expense	Increase in the high-teens digits compared to 2016	Increase in the low double digits compared to 2016
Effective tax rate	Approximately 23%	Approximately 21%

The GAAP financial results for the full year 2017 will include specified items, including gains on divestitures, upfront payments from out-licensed assets, charges associated with restructuring, downsizing and streamlining worldwide operations, license and asset acquisition charges, litigation and other settlements, licensed asset impairments, pension charges and loss on debt redemption.  The GAAP financial results for 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, licensed asset impairments, litigation and other settlements and significant tax events, among other items. 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 Second Quarter 2017 Financial Results, July 27, 2017 including “2017 Financial Guidance” and “Use of non-GAAP Financial Information” therein. 

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