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	2018																					2019													% 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	$	2,778		$	3,230		$	6,008		$	3,235		$	9,243		$	3,343		$	12,586		$	3,449		$	3,667		$	7,116						14	%	18	%	—		—
Europe	1,406			1,408			2,814			1,365			4,179			1,479			5,658			1,480			1,491			2,971							6	%	6	%	(7	)%	(7	)%
Rest of the World	873			923			1,796			932			2,728			1,005			3,733			874			988			1,862							7	%	4	%	(7	)%	(7	)%
Other	136			143			279			159			438			146			584			117			127			244							(11	)%	(13	)%	N/A		N/A
Total	$	5,193		$	5,704		$	10,897		$	5,691		$	16,588		$	5,973		$	22,561		$	5,920		$	6,273		$	12,193						10	%	12	%	(3	)%	(3	)%
% of Revenues	2018																					2019
	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	53.5		%	56.6		%	55.1		%	56.8		%	55.7		%	56.0		%	55.8		%	58.2		%	58.4		%	58.3		%
Europe	27.1		%	24.7		%	25.8		%	24.0		%	25.2		%	24.8		%	25.1		%	25.0		%	23.8		%	24.4		%
Rest of the World	16.8		%	16.2		%	16.5		%	16.4		%	16.5		%	16.8		%	16.5		%	14.8		%	15.8		%	15.3		%
Other	2.6		%	2.5		%	2.6		%	2.8		%	2.6		%	2.4		%	2.6		%	2.0		%	2.0		%	2.0		%
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)

	2018																					2019													% 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	$	4,972		$	5,461		$	10,433		$	5,433		$	15,866		$	5,715		$	21,581		$	5,713		$	6,031		$	11,744						10	%	13	%
Alliance and other revenues	221			243			464			258			722			258			980			207			242			449							—		(3	)%
Total Revenues	$	5,193		$	5,704		$	10,897		$	5,691		$	16,588		$	5,973		$	22,561		$	5,920		$	6,273		$	12,193						10	%	12	%
Cost of products sold	1,584			1,625			3,209			1,648			4,857			1,690			6,547			1,844			1,992			3,836							23	%	20	%
Marketing, selling and administrative	980			1,131			2,111			1,104			3,215			1,336			4,551			1,006			1,076			2,082							(5	)	(1	)%
Research and development	1,250			2,435			3,685			1,280			4,965			1,380			6,345			1,351			1,328			2,679							(45	)%	(27	)%
Other income (net)	(400		)	(4		)	(404		)	(508		)	(912		)	62			(850		)	(260		)	101			(159		)					**		(61	)%
Total Expenses	3,414			5,187			8,601			3,524			12,125			4,468			16,593			3,941			4,497			8,438							(13	)%	(2	)%
Earnings Before Income Taxes	$	1,779		$	517		$	2,296		$	2,167		$	4,463		$	1,505		$	5,968		$	1,979		$	1,776		$	3,755						**		64	%
Provision for Income Taxes	284			135			419			255			674			347			1,021			264			337			601							**		43	%
Net Earnings	$	1,495		$	382		$	1,877		$	1,912		$	3,789		$	1,158		$	4,947		$	1,715		$	1,439		$	3,154						**		68	%
Noncontrolling Interest	9			9			18			11			29			(2		)	27			5			7			12							(22	)%	(33	)%
Net Earnings Attributable to BMS	$	1,486		$	373		$	1,859		$	1,901		$	3,760		$	1,160		$	4,920		$	1,710		$	1,432		$	3,142						**		69	%
Diluted Earnings per Common Share*	$	0.91		$	0.23		$	1.13		$	1.16		$	2.30		$	0.71		$	3.01		$	1.04		$	0.87		$	1.92						**		70	%
Average Common Shares Outstanding - Diluted	1,640			1,636			1,638			1,636			1,637			1,637			1,637			1,637			1,637			1,637							—		—
Dividends declared per common share	$	0.40		$	0.40		$	0.80		$	0.40		$	1.20		$	0.41		$	1.61		$	0.41		$	0.41		$	0.82						3	%	3	%
	2018																					2019
% 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	69.5		%	71.5		%	70.6		%	71.0		%	70.7		%	71.7		%	71.0		%	68.9		%	68.2		%	68.5		%
Other Ratios
Effective tax rate	16.0		%	26.1		%	18.2		%	11.8		%	15.1		%	23.1		%	17.1		%	13.3		%	19.0		%	16.0		%
Other income (net)	2018																					2019													% 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	$	46		$	45		$	91		$	44		$	135		$	48		$	183		$	45		$	123		$	168						**		85	%
Investment income	(36		)	(38		)	(74		)	(44		)	(118		)	(55		)	(173		)	(56		)	(119		)	(175		)					**		**
Equity investments (gains)/losses	(15		)	356			341			(97		)	244			268			512			(175		)	(71		)	(246		)					**		**
Provision for restructuring	20			37			57			45			102			29			131			12			10			22							(73	)%	(61	)%
Acquisition expenses	—			—			—			—			—			—			—			165			303			468							N/A		N/A
Integration expenses	—			—			—			—			—			—			—			22			106			128							N/A		N/A
Litigation and other settlements	—			(1		)	(1		)	11			10			66			76			1			—			1							(100	)%	**
Equity in net income of affiliates	(24		)	(27		)	(51		)	(22		)	(73		)	(20		)	(93		)	—			—			—							(100	)%	(100	)%
Divestiture losses/(gains)	(45		)	(25		)	(70		)	(108		)	(178		)	—			(178		)	—			8			8							**		**
Royalties and licensing income	(367		)	(353		)	(720		)	(338		)	(1,058		)	(295		)	(1,353		)	(308		)	(303		)	(611		)					(14	)%	(15	)%
Transition and other service fees	(4		)	(1		)	(5		)	—			(5		)	(7		)	(12		)	(2		)	(2		)	(4		)					100	%	(20	)%
Pension and postretirement	(11		)	(19		)	(30		)	(10		)	(40		)	13			(27		)	44			26			70							**		**
Intangible asset impairment	64			—			64			—			64			—			64			—			15			15							N/A		(77	)%
Other	(28		)	22			(6		)	11			5			15			20			(8		)	5			(3		)					(77	)%	(50	)%
	$	(400	)	$	(4	)	$	(404	)	$	(508	)	$	(912	)	$	62		$	(850	)	$	(260	)	$	101		$	(159	)					**		(61	)%

*	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, 2019

(Unaudited, dollars in millions)

QUARTER-TO-DATE	2019			2018			Growth $			Growth %		Favorable / (Unfavorable) FX Impact $ *			2019 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Revenues	$	6,273		$	5,704		$	569		10	%	$	(163	)	$	6,436	(3	)%	13	%
Gross profit	4,281			4,079			202			5	%	N/A			N/A		N/A		N/A
Gross profit excluding specified items(a)	4,420			4,093			327			8	%	N/A			N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	70.5		%	71.8		%
Marketing, selling and administrative	1,076			1,131			(55		)	(5	)%	33			1,109		3	%	(2	)%
Marketing, selling and administrative excluding specified items(a)	1,076			1,131			(55		)	(5	)%	33			1,109		3	%	(2	)%
Marketing, selling and administrative excluding specified items as a % of revenues	17.2		%	19.8		%
Research and development	1,328			2,435			(1,107		)	(45	)%	12			1,340		—		(45	)%
Research and development excluding specified items(a)	1,284			1,341			(57		)	(4	)%	12			1,296		1	%	(3	)%
Research and development excluding specified items as a % of revenues	20.5		%	23.5		%
YEAR-TO-DATE	2019			2018			Growth $			Growth %		Favorable / (Unfavorable) FX Impact $ *			2019 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Revenues	$	12,193		$	10,897		$	1,296		12	%	$	(351	)	$	12,544	(3	)%	15	%
Gross profit	8,357			7,688			669			9	%	N/A			N/A		N/A		N/A
Gross profit excluding specified items(a)	8,508			7,715			793			10	%	N/A			N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	69.8		%	70.8		%
Marketing, selling and administrative	2,082			2,111			(29		)	(1	)%	65			2,147		3	%	2	%
Marketing, selling and administrative excluding specified items(a)	2,081			2,110			(29		)	(1	)%	65			2,146		3	%	2	%
Marketing, selling and administrative excluding specified items as a % of revenues	17.1		%	19.4		%
Research and development	2,679			3,685			(1,006		)	(27	)%	24			2,703		—		(27	)%
Research and development excluding specified items(a)	2,584			2,511			73			3	%	24			2,608		1	%	4	%
Research and development excluding specified items as a % of revenues	21.2		%	23.0		%

(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)

	2018														2019										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	$	1,511	$	1,627	$	3,138	$	1,793	$	4,931	$	1,804	$	6,735	$	1,801	$	1,823	$	3,624					$	196		$	486		12	%	15	%
Eliquis	1,506		1,650		3,156		1,577		4,733		1,705		6,438		1,925		2,042		3,967						392			811			24	%	26	%
Orencia	593		711		1,304		675		1,979		731		2,710		640		778		1,418						67			114			9	%	9	%
Sprycel	438		535		973		491		1,464		536		2,000		459		544		1,003						9			30			2	%	3	%
Yervoy	249		315		564		382		946		384		1,330		384		367		751						52			187			17	%	33	%
Empliciti	55		64		119		59		178		69		247		83		91		174						27			55			42	%	46	%
Established Brands
Baraclude	225		179		404		175		579		165		744		141		147		288						(32		)	(116		)	(18	)%	(29	)%
Other Brands(a)	616		623		1,239		539		1,778		579		2,357		487		481		968						(142		)	(271		)	(23	)%	(22	)%
Total	$	5,193	$	5,704	$	10,897	$	5,691	$	16,588	$	5,973	$	22,561	$	5,920	$	6,273	$	12,193					$	569		$	1,296		10	%	12	%

(a) Includes Sustiva, Reyataz, Daklinza and all other products that lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue.

4

BRISTOL-MYERS SQUIBB COMPANY

U.S. REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2018														2019										% 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	$	938	$	1,024	$	1,962	$	1,141	$	3,103	$	1,136	$	4,239	$	1,124	$	1,112	$	2,236					9	%	14	%
Eliquis	885		979		1,864		917		2,781		979		3,760		1,206		1,269		2,475						30	%	33	%
Orencia	385		501		886		474		1,360		515		1,875		449		566		1,015						13	%	15	%
Sprycel	214		310		524		267		791		300		1,091		240		307		547						(1	)%	4	%
Yervoy	162		228		390		278		668		273		941		275		253		528						11	%	35	%
Empliciti	37		41		78		41		119		45		164		58		63		121						54	%	55	%
Established Brands
Baraclude	10		9		19		6		25		7		32		7		7		14						(22	)%	(26	)%
Other Brands(a)	147		138		285		111		396		88		484		90		90		180						(35	)%	(37	)%
Total(b)	$	2,778	$	3,230	$	6,008	$	3,235	$	9,243	$	3,343	$	12,586	$	3,449	$	3,667	$	7,116					14	%	18	%

(a)	Includes Sustiva, Reyataz, Daklinza and all other products that lost exclusivity.
(b)	Includes United States and Puerto Rico.

5

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2018														2019										% 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	$	573	$	603	$	1,176	$	652	$	1,828	$	668	$	2,496	$	677	$	711	$	1,388					18	%	18	%
Eliquis	621		671		1,292		660		1,952		726		2,678		719		773		1,492						15	%	15	%
Orencia	208		210		418		201		619		216		835		191		212		403						1	%	(4	)%
Sprycel	224		225		449		224		673		236		909		219		237		456						5	%	2	%
Yervoy	87		87		174		104		278		111		389		109		114		223						31	%	28	%
Empliciti	18		23		41		18		59		24		83		25		28		53						22	%	29	%
Established Brands
Baraclude	215		170		385		169		554		158		712		134		140		274						(18	)%	(29	)%
Other Brands(a)	469		485		954		428		1,382		491		1,873		397		391		788						(19	)%	(17	)%
Total(b)	$	2,415	$	2,474	$	4,889	$	2,456	$	7,345	$	2,630	$	9,975	$	2,471	$	2,606	$	5,077					5	%	4	%

(a)	Includes Sustiva, Reyataz, Daklinza and all other products that lost exclusivity in major markets, OTC brands and royalty revenue.
(b)	The foreign exchange impact on international revenues was unfavorable 7% for the second quarter and year-to-date. The foreign exchange impact on Prioritized Brands is included below.

	Quarter-to-Date						Year-to-Date
	Revenue Change %		Favorable/ (Unfavorable) FX Impact %		Revenue Change % Excluding FX		Revenue Change %		Favorable/ (Unfavorable) FX Impact %		Revenue Change % Excluding FX
Opdivo	18	%	(8	)%	26	%	18	%	(10	)%	28	%
Eliquis	15	%	(6	)%	21	%	15	%	(7	)%	22	%
Orencia	1	%	(6	)%	7	%	(4	)%	(7	)%	3	%
Sprycel	5	%	(5	)%	10	%	2	%	(5	)%	7	%
Yervoy	31	%	(8	)%	39	%	28	%	(9	)%	37	%

6

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)

	2018																					2019
	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	$	10		$	—		$	10		$	—		$	10		$	7		$	17		$	—		$	109		$	109			��
Accelerated depreciation and other shutdown costs	3			14			17			13			30			11			41			12			30			42
Cost of products sold	13			14			27			13			40			18			58			12			139			151
Marketing, selling and administrative	1			—			1			—			1			1			2			1			—			1
License and asset acquisition charges	60			1,075			1,135			—			1,135			—			1,135			—			25			25
IPRD impairments	—			—			—			—			—			—			—			32			—			32
Site exit costs and other	20			19			39			18			57			22			79			19			19			38
Research and development	80			1,094			1,174			18			1,192			22			1,214			51			44			95
Interest expense	—			—			—			—			—			—			—			—			83			83
Investment income	—			—			—			—			—			—			—			—			(54		)	(54		)
Equity investment (gains)/losses	(15		)	356			341			(97		)	244			268			512			(175		)	(71		)	(246		)
Provision for restructuring	20			37			57			45			102			29			131			12			10			22
Acquisition expenses	—			—			—			—			—			—			—			165			303			468
Integration expenses	—			—			—			—			—			—			—			22			106			128
Litigation and other settlements	—			—			—			—			—			70			70			—			—			—
Divestiture losses/(gains)	(43		)	(25		)	(68		)	(108		)	(176		)	(1		)	(177		)	—			8			8
Royalties and licensing income	(50		)	(25		)	(75		)	—			(75		)	—			(75		)	—			—			—
Pension and postretirement	31			37			68			27			95			26			121			49			44			93
Intangible asset impairment	64			—			64			—			64			—			64			—			—			—
Other income (net)	7			380			387			(133		)	254			392			646			73			429			502
Increase/(decrease) to pretax income	101			1,488			1,589			(102		)	1,487			433			1,920			137			612			749
Income taxes on items above	(8		)	(218		)	(226		)	1			(225		)	(43		)	(268		)	(43		)	(105		)	(148		)
Income taxes attributed to U.S. tax reform	(32		)	3			(29		)	(20		)	(49		)	(7		)	(56		)	—			—			—
Income taxes	(40		)	(215		)	(255		)	(19		)	(274		)	(50		)	(324		)	(43		)	(105		)	(148		)
Increase/(decrease) to net earnings	$	61		$	1,273		$	1,334		$	(121	)	$	1,213		$	383		$	1,596		$	94		$	507		$	601

7

BRISTOL-MYERS SQUIBB COMPANY

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

(Unaudited, dollars in millions)

	2018																				2019
	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	$	3,609		4,079		$	7,688		$	4,043		$	11,731		$	4,283		$	16,014		$	4,076		$	4,281		$	8,357
Specified items(a)	13			14		27			13			40			18			58			12			139			151
Gross profit excluding specified items	3,622			4,093		7,715			4,056			11,771			4,301			16,072			4,088			4,420			8,508
Marketing, selling and administrative	980			1,131		2,111			1,104			3,215			1,336			4,551			1,006			1,076			2,082
Specified items(a)	(1		)	—		(1		)	—			(1		)	(1		)	(2		)	(1		)	—			(1		)
Marketing, selling and administrative excluding specified items	979			1,131		2,110			1,104			3,214			1,335			4,549			1,005			1,076			2,081
Research and development	1,250			2,435		3,685			1,280			4,965			1,380			6,345			1,351			1,328			2,679
Specified items(a)	(80		)	(1,094	)	(1,174		)	(18		)	(1,192		)	(22		)	(1,214		)	(51		)	(44		)	(95		)
Research and development excluding specified items	1,170			1,341		2,511			1,262			3,773			1,358			5,131			1,300			1,284			2,584
Other income (net)	(400		)	(4	)	(404		)	(508		)	(912		)	62			(850		)	(260		)	101			(159		)
Specified items(a)	(7		)	(380	)	(387		)	133			(254		)	(392		)	(646		)	(73		)	(429		)	(502		)
Other income (net) excluding specified items	(407		)	(384	)	(791		)	(375		)	(1,166		)	(330		)	(1,496		)	(333		)	(328		)	(661		)

(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)

	2018																					2019
	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	$	1,779		$	517		$	2,296		$	2,167		$	4,463		$	1,505		$	5,968		$	1,979		$	1,776		$	3,755
Specified items(a)	101			1,488			1,589			(102		)	1,487			433			1,920			137			612			749
Earnings before income taxes excluding specified items	1,880			2,005			3,885			2,065			5,950			1,938			7,888			2,116			2,388			4,504
Provision for income taxes	284			135			419			255			674			347			1,021			264			337			601
Tax on specified items(a)	(8		)	(218		)	(226		)	1			(225		)	(43		)	(268		)	(43		)	(105		)	(148		)
Income taxes attributed to U.S. tax reform(a)	(32		)	3			(29		)	(20		)	(49		)	(7		)	(56		)	—			—			—
Provision for income taxes excluding tax on specified items and income taxes attributed to U.S. tax reform	324			350			674			274			948			397			1,345			307			442			749
Noncontrolling Interest	9			9			18			11			29			(2		)	27			5			7			12
Specified items(a)	—			—			—			—			—			—			—			—			—			—
Noncontrolling Interest excluding specified items	9			9			18			11			29			(2		)	27			5			7			12
Net Earnings Attributable to BMS used for Diluted EPS Calculation - GAAP	1,486			373			1,859			1,901			3,760			1,160			4,920			1,710			1,432			3,142
Specified items(a)	61			1,273			1,334			(121		)	1,213			383			1,596			94			507			601
Net Earnings Attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP	1,547			1,646			3,193			1,780			4,973			1,543			6,516			1,804			1,939			3,743
Weighted-average Common Shares Outstanding - Diluted- GAAP	1,640			1,636			1,638			1,636			1,637			1,637			1,637			1,637			1,637			1,637
Weighted-average Common Shares Outstanding - Diluted- Non-GAAP	1,640			1,636			1,638			1,636			1,637			1,637			1,637			1,637			1,637			1,637
Diluted Earnings Per Share - GAAP	$	0.91		$	0.23		$	1.13		$	1.16		$	2.30		$	0.71		$	3.01		$	1.04		$	0.87		$	1.92
Diluted Earnings/(Loss) Per Share Attributable to Specified Items	0.03			0.78			0.82			(0.07		)	0.74			0.23			0.97			0.06			0.31			0.37
Diluted Earnings Per Share - Non-GAAP	$	0.94		$	1.01		$	1.95		$	1.09		$	3.04		$	0.94		$	3.98		$	1.10		$	1.18		$	2.29
Effective Tax Rate	16.0		%	26.1		%	18.2		%	11.8		%	15.1		%	23.1		%	17.1		%	13.3		%	19.0		%	16.0		%
Specified items(a)	1.2		%	(8.6		)%	(0.9		)%	1.5		%	0.8		%	(2.6		)%	—			1.2		%	(0.5		)%	0.6		%
Effective Tax Rate excluding specified items	17.2		%	17.5		%	17.3		%	13.3		%	15.9		%	20.5		%	17.1		%	14.5		%	18.5		%	16.6		%

(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, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019			September 30, 2019	December 31, 2019
Cash and cash equivalents	$	5,342		$	4,999		$	5,408		$	6,911		$	7,335		$	28,404
Marketable securities - current	1,428			1,076			1,422			1,973			1,429			953
Marketable securities - non-current	2,252			2,117			2,017			1,775			1,233			994
Cash, cash equivalents and marketable securities	9,022			8,192			8,847			10,659			9,997			30,351
Short-term debt obligations	(1,925		)	(1,716		)	(1,620		)	(1,703		)	(381		)	(545		)
Long-term debt	(5,775		)	(5,671		)	(5,687		)	(5,646		)	(5,635		)	(24,433		)
Net cash position	$	1,322		$	805		$	1,540		$	3,310		$	3,981		$	5,373

10

BRISTOL-MYERS SQUIBB COMPANY

2019 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2019
	Pre-tax		Tax		After-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP					$3.73 to $3.83
Projected Specified Items:
Restructuring, accelerated depreciation and other exit costs(1)	0.18		0.02		0.16
Divestiture gains and licensing income	(0.79	)	(0.11	)	(0.68	)
Research and development license and asset acquisition charges	0.03		—		0.03
Pension charges	0.95		0.21		0.74
Equity investment gains	(0.10	)	(0.02	)	(0.08	)
Acquisition and integration expenses(2)	0.39		0.09		0.30
Total	0.66		0.19		0.47
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP					$4.20 to $4.30
(1) Includes items recognized in Cost of products sold, Research and development and Other income (net).
(2) Includes acquisition-related financing, transaction and integration expenses.

The following table summarizes the company's 2019 financial guidance:
Line item	GAAP	Non-GAAP
Worldwide revenues	Increasing in the mid-single digits	Increasing in the mid-single digits
Gross margin as a percent of revenue	Approximately 70%	Approximately 70%
Marketing, selling and administrative expense	Decreasing in the mid-single digit range	Decreasing in the mid-single digit range
Research and development expense	Decreasing in the low-double digits	Increasing in the mid-single digits
Effective tax rate	Approximately 14%	Approximately 16%

The GAAP financial results for the full year of 2019 will include specified items, including acquisition and integration expenses, charges associated with restructuring, downsizing and streamlining worldwide operations, divestiture gains or losses, research and development license and asset acquisition charges, pension charges, interest expense on the new notes issued in May 2019 in connection with our pending acquisition of Celgene and interest income earned on the net proceeds of those notes, among other items. The financial guidance for 2019 excludes the impact of any potential future strategic acquisitions and divestitures, including any impact of the Celgene acquisition other than expenses incurred in 2019, and other specified items that have not yet been identified and quantified, including litigation and other settlements, licensed asset impairments and equity investment gains or losses, 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 Financial Results on July 25, 2019, including “2019 Financial Guidance” and “Use of non-GAAP Financial Information” therein.

11