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	2017																					2018													% 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	$	2,738		$	2,865		$	5,603		$	2,864		$	8,467		$	2,891		$	11,358		$	2,778		$	3,230		$	6,008						13	%	7	%	—		—
Europe	1,146			1,188			2,334			1,262			3,596			1,392			4,988			1,406			1,408			2,814							19	%	21	%	9	%	12	%
Rest of the World	925			963			1,888			970			2,858			1,019			3,877			873			923			1,796							(4	)%	(5	)%	1	%	2	%
Other	120			128			248			158			406			147			553			136			143			279							12	%	13	%	N/A		N/A
Total	$	4,929		$	5,144		$	10,073		$	5,254		$	15,327		$	5,449		$	20,776		$	5,193		$	5,704		$	10,897						11	%	8	%	2	%	3	%
% of Revenues	2017																					2018
	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	55.5		%	55.7		%	55.6		%	54.5		%	55.2		%	53.1		%	54.7		%	53.5		%	56.6		%	55.1		%
Europe	23.3		%	23.1		%	23.2		%	24.0		%	23.5		%	25.5		%	24.0		%	27.1		%	24.7		%	25.8		%
Rest of the World	18.8		%	18.7		%	18.7		%	18.5		%	18.6		%	18.7		%	18.7		%	16.8		%	16.2		%	16.5		%
Other	2.4		%	2.5		%	2.5		%	3.0		%	2.7		%	2.7		%	2.6		%	2.6		%	2.5		%	2.6		%
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)

	2017																					2018													% 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	$	4,580		$	4,770		$	9,350		$	4,862		$	14,212		$	5,046		$	19,258		$	4,972		$	5,461		$	10,433						14	%	12	%
Alliance and other revenues	349			374			723			392			1,115			403			1,518			221			243			464							(35	)%	(36	)%
Total Revenues	$	4,929		$	5,144		$	10,073		$	5,254		$	15,327		$	5,449		$	20,776		$	5,193		$	5,704		$	10,897						11	%	8	%
Cost of products sold	1,265			1,569			2,834			1,579			4,413			1,681			6,094			1,584			1,625			3,209							4	%	13	%
Marketing, selling and administrative	1,085			1,187			2,272			1,163			3,435			1,316			4,751			980			1,131			2,111							(5	)%	(7	)%
Research and development	1,303			1,679			2,982			1,561			4,543			1,939			6,482			1,250			2,435			3,685							45	%	24	%
Other income (net)	(679		)	(586		)	(1,265		)	(232		)	(1,497		)	(185		)	(1,682		)	(400		)	(4		)	(404		)					(99	)%	(68	)%
Total Expenses	2,974			3,849			6,823			4,071			10,894			4,751			15,645			3,414			5,187			8,601							35	%	26	%
Earnings Before Income Taxes	$	1,955		$	1,295		$	3,250		$	1,183		$	4,433		$	698		$	5,131		$	1,779		$	517		$	2,296						(60	)%	(29	)%
Provision for Income Taxes	429			373			802			327			1,129			3,027			4,156			284			135			419							(64	)%	(48	)%
Net Earnings/(Loss)	$	1,526		$	922		$	2,448		$	856		$	3,304		$	(2,329	)	$	975		$	1,495		$	382		$	1,877						(59	)%	(23	)%
Net Earnings/(Loss) Attributable to Noncontrolling Interest	(48		)	6			(42		)	11			(31		)	(1		)	(32		)	9			9			18							50	%	**
Net Earnings/(Loss) Attributable to BMS	$	1,574		$	916		$	2,490		$	845		$	3,335		$	(2,328	)	$	1,007		$	1,486		$	373		$	1,859						(59	)%	(25	)%
Diluted Earnings/(Loss) per Common Share*	$	0.94		$	0.56		$	1.50		$	0.51		$	2.02		$	(1.42	)	$	0.61		$	0.91		$	0.23		$	1.13						(59	)%	(25	)%
Average Common Shares Outstanding - Diluted	1,671			1,650			1,660			1,645			1,655			1,635			1,652			1,640			1,636			1,638							(1	)%	(1	)%
Dividends declared per common share	$	0.39		$	0.39		$	0.78		$	0.39		$	1.17		$	0.40		$	1.57		$	0.40		$	0.40		$	0.80						3	%	3	%
	2017																					2018
% 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	74.3		%	69.5		%	71.9		%	69.9		%	71.2		%	69.2		%	70.7		%	69.5		%	71.5		%	70.6		%
Other Ratios
Effective tax rate	21.9		%	28.8		%	24.7		%	27.6		%	25.5		%	433.7		%	81.0		%	16.0		%	26.1		%	18.2		%
Other income (net)	2017																					2018													% 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	$	45		$	52		$	97		$	48		$	145		$	51		$	196		$	46		$	45		$	91						(13	)%	(6	)%
Investment income	(26		)	(29		)	(55		)	(32		)	(87		)	(39		)	(126		)	(36		)	(38		)	(74		)					31	%	35	%
Loss/(gain) on equity investments	(7		)	(5		)	(12		)	(5		)	(17		)	(11		)	(28		)	(15		)	356			341							**		**
Provision for restructuring	164			15			179			28			207			86			293			20			37			57							**		(68	)%
Litigation and other settlements	(484		)	(5		)	(489		)	—			(489		)	2			(487		)	—			(1		)	(1		)					(80	)%	(100	)%
Equity in net income of affiliates	(18		)	(20		)	(38		)	(21		)	(59		)	(16		)	(75		)	(24		)	(27		)	(51		)					35	%	34	%
Divestiture (gains)/losses	(127		)	—			(127		)	1			(126		)	(38		)	(164		)	(45		)	(25		)	(70		)					N/A		(45	)%
Royalties and licensing income	(199		)	(685		)	(884		)	(209		)	(1,093		)	(258		)	(1,351		)	(367		)	(353		)	(720		)					(48	)%	(19	)%
Transition and other service fees	(7		)	(13		)	(20		)	(12		)	(32		)	(5		)	(37		)	(4		)	(1		)	(5		)					(92	)%	(75	)%
Pension and postretirement	1			(11		)	(10		)	(19		)	(29		)	28			(1		)	(11		)	(19		)	(30		)					73		**
Intangible asset impairment	—			—			—			—			—			—			—			64			—			64							—		N/A
Equity investment impairment	—			—			—			—			—			5			5			—			—			—							—		—
Loss on debt redemption	—			109			109			—			109			—			109			—			—			—							(100	)%	(100	)%
Other	(21		)	6			(15		)	(11		)	(26		)	10			(16		)	(28		)	22			(6		)					**		(60	)%
	$	(679	)	$	(586	)	$	(1,265	)	$	(232	)	$	(1,497	)	$	(185	)	$	(1,682	)	$	(400	)	$	(4	)	$	(404	)					(99	)%	(68	)%

*	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, 2018

(Unaudited, dollars in millions)

QUARTER-TO-DATE	2018			2017			Growth $			Growth %		Favorable / (Unfavorable) FX Impact $ *			2018 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Revenues	$	5,704		$	5,144		$	560		11	%	$	107		$	5,597	2	%	9	%
Gross profit	4,079			3,575			504			14	%	N/A			N/A		N/A		N/A
Gross profit excluding specified items (a)	4,093			3,705			388			10	%	N/A			N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	71.8		%	72.0		%
Marketing, selling and administrative	1,131			1,187			(56		)	(5	)%	(20		)	1,111		(1	)%	(6	)%
Marketing, selling and administrative excluding specified items (a)	1,131			1,187			(56		)	(5	)%	(20		)	1,111		(1	)%	(6	)%
Marketing, selling and administrative excluding specified items as a % of revenues	19.8		%	23.1		%
Research and development	2,435			1,679			756			45	%	(9		)	2,426		(1	)%	44	%
Research and development excluding specified items (a)	1,341			1,190			151			13	%	(9		)	1,332		(1	)%	12	%
Research and development excluding specified items as a % of revenues	23.5		%	23.1		%
YEAR-TO-DATE	2018			2017			Growth $			Growth %		Favorable / (Unfavorable) FX Impact $ *			2018 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Revenues	$	10,897		$	10,073		$	824		8	%	$	308		$	10,589	3	%	5	%
Gross profit	7,688			7,239			449			6	%	N/A			N/A		N/A		N/A
Gross profit excluding specified items (a)	7,715			7,369			346			5	%	N/A			N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	70.8		%	73.2		%
Marketing, selling and administrative	2,111			2,272			(161		)	(7	)%	(55		)	2,056		(3	)%	(10	)%
Marketing, selling and administrative excluding specified items (a)	2,110			2,272			(162		)	(7	)%	(55		)	2,055		(3	)%	(10	)%
Marketing, selling and administrative excluding specified items as a % of revenues	19.4		%	22.6		%
Research and development	3,685			2,982			703			24	%	(31		)	3,654		(1	)%	23	%
Research and development excluding specified items (a)	2,511			2,296			215			9	%	(25		)	2,486		(1	)%	8	%
Research and development excluding specified items as a % of revenues	23.0		%	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)

	2017														2018										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	$	1,127	$	1,195	$	2,322	$	1,265	$	3,587	$	1,361	$	4,948	$	1,511	$	1,627	$	3,138					$	432		$	816		36	%	35	%
Eliquis	1,101		1,176		2,277		1,232		3,509		1,363		4,872		1,506		1,650		3,156						474			879			40	%	39	%
Orencia	535		650		1,185		632		1,817		662		2,479		593		711		1,304						61			119			9	%	10	%
Sprycel	463		506		969		509		1,478		527		2,005		438		535		973						29			4			6	%	—
Yervoy	330		322		652		323		975		269		1,244		249		315		564						(7		)	(88		)	(2	)%	(13	)%
Empliciti	53		55		108		60		168		63		231		55		64		119						9			11			16	%	10	%
Established Brands
Baraclude	282		273		555		264		819		233		1,052		225		179		404						(94		)	(151		)	(34	)%	(27	)%
Sustiva Franchise(a)	184		188		372		183		555		174		729		84		73		157						(115		)	(215		)	(61	)%	(58	)%
Reyataz Franchise	193		188		381		174		555		143		698		124		117		241						(71		)	(140		)	(38	)%	(37	)%
Hepatitis C Franchise(b)	162		112		274		73		347		59		406		3		12		15						(100		)	(259		)	(89	)%	(95	)%
Other Brands	499		479		978		539		1,517		595		2,112		405		421		826						(58		)	(152		)	(12	)%	(16	)%
Total	$	4,929	$	5,144	$	10,073	$	5,254	$	15,327	$	5,449	$	20,776	$	5,193	$	5,704	$	10,897					$	560		$	824		11	%	8	%

(a)	The Sustiva Franchise includes sales of Sustiva, BMS's share of Atripla revenues in Europe, and U.S. Atripla royalty revenue beginning January 1, 2018.
(b)	Includes Daklinza (daclatasvir) and Sunvepra (asunaprevir) revenues.

4

BRISTOL-MYERS SQUIBB COMPANY

U.S. REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2017														2018											% 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	$	761	$	768	$	1,529	$	778	$	2,307	$	795	$	3,102	$	938	$	1,024		$	1,962					33	%	28	%
Eliquis	699		703		1,402		717		2,119		768		2,887		885		979			1,864						39	%	33	%
Orencia(a)	362		449		811		432		1,243		461		1,704		385		501			886						12	%	9	%
Sprycel	247		281		528		278		806		299		1,105		214		310			524						10	%	(1	)%
Yervoy	243		245		488		239		727		181		908		162		228			390						(7	)%	(20	)%
Empliciti	36		37		73		39		112		39		151		37		41			78						11	%	7	%
Established Brands
Baraclude	14		12		26		14		40		13		53		10		9			19						(25	)%	(27	)%
Sustiva Franchise(b)	153		161		314		157		471		151		622		10		8			18						(95	)%	(94	)%
Reyataz Franchise	88		87		175		85		260		67		327		51		54			105						(38	)%	(40	)%
Hepatitis C Franchise(c)	42		30		72		24		96		13		109		5		(2		)	3						**		(96	)%
Other Brands	93		92		185		101		286		104		390		81		78			159						(15	)%	(14	)%
Total(d)	$	2,738	$	2,865	$	5,603	$	2,864	$	8,467	$	2,891	$	11,358	$	2,778	$	3,230		$	6,008					13	%	7	%

**	In excess of +/- 100%
(a)	In 2018, U.S. Sustiva Franchise revenues include sales of Sustiva only.
(b)	Includes revenues of Daklinza (daclastasvir) only.
(c)	Includes United States and Puerto Rico.

5

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2017														2018											% 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	$	366	$	427	$	793	$	487	$	1,280	$	566	$	1,846	$	573		$	603	$	1,176					41	%	48	%
Eliquis	402		473		875		515		1,390		595		1,985		621			671		1,292						42	%	48	%
Orencia	173		201		374		200		574		201		775		208			210		418						4	%	12	%
Sprycel	216		225		441		231		672		228		900		224			225		449						—		2	%
Yervoy	87		77		164		84		248		88		336		87			87		174						13	%	6	%
Empliciti	17		18		35		21		56		24		80		18			23		41						28	%	17	%
Established Brands
Baraclude	268		261		529		250		779		220		999		215			170		385						(35	)%	(27	)%
Sustiva Franchise(a)	31		27		58		26		84		23		107		74			65		139						**		**
Reyataz Franchise	105		101		206		89		295		76		371		73			63		136						(38	)%	(34	)%
Hepatitis C Franchise(b)	120		82		202		49		251		46		297		(2		)	14		12						(83	)%	(94	)%
Other Brands	406		387		793		438		1,231		491		1,722		324			343		667						(11	)%	(16	)%
Total(c)	$	2,191	$	2,279	$	4,470	$	2,390	$	6,860	$	2,558	$	9,418	$	2,415		$	2,474	$	4,889					9	%	9	%

**	In excess of +/- 100%
(a)	The Sustiva Franchise includes BMS's share of Atripla revenues in Europe, and U.S. Atripla royalty revenue beginning January 1, 2018.
(b)	Includes Daklinza (daclatasvir) and Sunvepra (asunaprevir) revenues.
(c)	When adjusted for foreign exchange impact, total revenues increased 4% for the second quarter.

6

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)

	2017																					2018
	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		$	1		$	128		$	18		$	146		$	10		$	—		$	10
Accelerated depreciation and other shutdown costs	—			3			3			—			3			—			3			3			14			17
Cost of products sold	—			130			130			1			131			18			149			13			14			27
Marketing, selling and administrative	—			—			—			—			—			1			1			1			—			1
License and asset acquisition charges	50			393			443			310			753			377			1,130			60			1,075			1,135
IPRD impairments	75			—			75			—			75			—			75			—			—			—
Site exit costs and other	72			96			168			64			232			151			383			20			19			39
Research and development	197			489			686			374			1,060			528			1,588			80			1,094			1,174
Loss/(gain) on equity investments	—			—			—			—			—			—			—			(15		)	356			341
Provision for restructuring	164			15			179			28			207			86			293			20			37			57
Litigation and other settlements	(481		)	—			(481		)	—			(481		)	—			(481		)	—			—			—
Divestiture gains	(100		)	—			(100		)	—			(100		)	(26		)	(126		)	(43		)	(25		)	(68		)
Royalties and licensing income	—			(497		)	(497		)	—			(497		)	—			(497		)	(50		)	(25		)	(75		)
Pension and postretirement	33			36			69			22			91			71			162			31			37			68
Intangible asset impairment	—			—			—			—			—			—			—			64			—			64
Loss on debt redemption	—			109			109			—			109			—			109			—			—			—
Other income (net)	(384		)	(337		)	(721		)	50			(671		)	131			(540		)	7			380			387
Increase/(decrease) to pretax income	(187		)	282			95			425			520			678			1,198			101			1,488			1,589
Income taxes on specified items	72			20			92			(41		)	51			(138		)	(87		)	(8		)	(218		)	(226		)
Income taxes attributed to U.S. tax reform	—			—			—			—			—			2,911			2,911			(32		)	3			(29		)
Income taxes	72			20			92			(41		)	51			2,773			2,824			(40		)	(215		)	(255		)
Increase/(decrease) to net earnings	(115		)	302			187			384			571			3,451			4,022			61			1,273			1,334
Noncontrolling interest	(59		)	—			(59		)	—			(59		)	—			(59		)	—			—			—
Increase/(decrease) to net earnings used for diluted Non-GAAP EPS calculation	$	(174	)	$	302		$	128		$	384		$	512		$	3,451		$	3,963		$	61		$	1,273		$	1,334

7

BRISTOL-MYERS SQUIBB COMPANY

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

(Unaudited, dollars in millions)

	2017																					2018
	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	$	3,664		$	3,575		$	7,239		$	3,675		$	10,914		$	3,768		$	14,682		$	3,609		$	4,079		$	7,688
Specified items (a)	—			130			130			1			131			18			149			13			14			27
Gross profit excluding specified items	3,664			3,705			7,369			3,676			11,045			3,786			14,831			3,622			4,093			7,715
Marketing, selling and administrative	1,085			1,187			2,272			1,163			3,435			1,316			4,751			980			1,131			2,111
Specified items (a)	—			—			—			—			—			(1		)	(1		)	(1		)	—			(1		)
Marketing, selling and administrative excluding specified items	1,085			1,187			2,272			1,163			3,435			1,315			4,750			979			1,131			2,110
Research and development	1,303			1,679			2,982			1,561			4,543			1,939			6,482			1,250			2,435			3,685
Specified items (a)	(197		)	(489		)	(686		)	(374		)	(1,060		)	(528		)	(1,588		)	(80		)	(1,094		)	(1,174		)
Research and development excluding specified items	1,106			1,190			2,296			1,187			3,483			1,411			4,894			1,170			1,341			2,511
Other income (net)	(679		)	(586		)	(1,265		)	(232		)	(1,497		)	(185		)	(1,682		)	(400		)	(4		)	(404		)
Specified items (a)	384			337			721			(50		)	671			(131		)	540			(7		)	(380		)	(387		)
Other income (net) excluding specified items	(295		)	(249		)	(544		)	(282		)	(826		)	(316		)	(1,142		)	(407		)	(384		)	(791		)

(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)

	2017																					2018
	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	$	1,955		$	1,295		$	3,250		$	1,183		$	4,433		$	698		$	5,131		$	1,779		$	517		$	2,296
Specified items(a)	(187		)	282			95			425			520			678			1,198			101			1,488			1,589
Earnings before income taxes excluding specified items	1,768			1,577			3,345			1,608			4,953			1,376			6,329			1,880			2,005			3,885
Provision for income taxes	429			373			802			327			1,129			3,027			4,156			284			135			419
Tax on specified items(a)	72			20			92			(41		)	51			(138		)	(87		)	(8		)	(218		)	(226		)
Income taxes attributed to U.S. tax reform(a)	—			—			—			—			—			2,911			2,911			(32		)	3			(29		)
Provision for income taxes excluding tax on specified items and income taxes attributed to U.S. tax reform	357			353			710			368			1,078			254			1,332			324			350			674
Net Earnings/(Loss) Attributable to Noncontrolling Interest	(48		)	6			(42		)	11			(31		)	(1		)	(32		)	9			9			18
Specified items(a)	(59		)	—			(59		)	—			(59		)	—			(59		)	—			—			—
Net Earnings/(Loss) Attributable to Noncontrolling Interest excluding specified items	11			6			17			11			28			(1		)	27			9			9			18
Net Earnings/(Loss) Attributable to BMS used for Diluted EPS Calculation - GAAP	1,574			916			2,490			845			3,335			(2,328		)	1,007			1,486			373			1,859
Specified items(a)	(174		)	302			128			384			512			3,451			3,963			61			1,273			1,334
Net Earnings Attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP	1,400			1,218			2,618			1,229			3,847			1,123			4,970			1,547			1,646			3,193
Weighted-average Common Shares Outstanding - Diluted- GAAP	1,671			1,650			1,660			1,645			1,655			1,635			1,652			1,640			1,636			1,638
Weighted-average Common Shares Outstanding - Diluted- Non-GAAP	1,671			1,650			1,660			1,645			1,655			1,642			1,652			1,640			1,636			1,638
Diluted Earnings/(Loss) Per Share - GAAP	$	0.94		$	0.56		$	1.50		$	0.51		$	2.02		$	(1.42	)	$	0.61		$	0.91		$	0.23		$	1.13
Diluted Earnings/(Loss) Per Share Attributable to Specified Items	(0.10		)	0.18			0.08			0.24			0.30			2.10			2.40			0.03			0.78			0.82
Diluted Earnings Per Share - Non-GAAP	$	0.84		$	0.74		$	1.58		$	0.75		$	2.32		$	0.68		$	3.01		$	0.94		$	1.01		$	1.95
Effective Tax Rate	21.9		%	28.8		%	24.7		%	27.6		%	25.5		%	433.7		%	81.0		%	16.0		%	26.1		%	18.2		%
Specified items (a)	(1.7		)%	(6.4		)%	(3.5		)%	(4.7		)%	(3.7		)%	(415.2		)%	(60.0		)%	1.2		%	(8.6		)%	(0.9		)%
Effective Tax Rate excluding specified items	20.2		%	22.4		%	21.2		%	22.9		%	21.8		%	18.5		%	21.0		%	17.2		%	17.5		%	17.3		%

(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, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018	December 31, 2018
Cash and cash equivalents	$	3,910		$	3,470		$	4,644		$	5,421		$	5,342		$	4,999
Marketable securities - current	2,199			3,035			2,478			1,391			1,428			1,076
Marketable securities - non-current	2,685			2,580			2,526			2,480			2,252			2,117
Cash, cash equivalents and marketable securities	8,794			9,085			9,648			9,292			9,022			8,192
Short-term debt obligations	(1,197		)	(1,306		)	(1,461		)	(987		)	(1,925		)	(1,716		)
Long-term debt	(7,237		)	(6,911		)	(6,982		)	(6,975		)	(5,775		)	(5,671		)
Net cash position	$	360		$	868		$	1,205		$	1,330		$	1,322		$	805

10

BRISTOL-MYERS SQUIBB COMPANY

2018 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2018
	Pre-tax		Tax		After-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP					$2.68 to $2.78
Projected Specified Items:
Restructuring, accelerated depreciation and other exit costs (1)	0.16		0.03		0.13
Divestiture gains and licensing income	(0.14	)	(0.04	)	(0.10	)
Research and development license and asset acquisition charges	0.69		0.14		0.55
Pension charges	0.08		0.02		0.06
Loss/(gain) on equity investments	0.21		(0.01	)	0.22
Other	0.04		0.03		0.01
Total	1.04		0.17		0.87
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP					$3.55 to $3.65
(1) Includes items recognized in Cost of products sold, Research and development and Other income (net).

The following table summarizes the company's 2018 financial guidance:
Line item	GAAP	Non-GAAP
Worldwide revenues	Increasing in the mid- to high-single digits	Increasing in the mid- to high-single digits
Gross margin as a percent of revenue	Approximately 70%	Approximately 70%
Marketing, selling and administrative expense	Decreasing in the low- to mid-single digit range	Decreasing in the low- to mid-single digit range
Research and development expense	Increasing in the low-single digits	Increasing in the high-single digits
Effective tax rate	Between 17%-18%	Between 17%-18%

The GAAP financial results for the full year 2018 will include specified items, including charges associated with restructuring, downsizing and streamlining worldwide operations, gains/losses on divestitures and equity investments, license and asset acquisition charges, pension charges and other specified items that have not yet been identified and quantified, including litigation and other settlements, licensed asset impairments and finalization of the deemed repatriation tax, among other items. For a fuller discussion of items that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Reports Second Quarter 2018 Financial Results, July 26, 2018 including “2018 Financial Guidance” and “Use of non-GAAP Financial Information” therein.

11