Bristol-Myers Squibb (BMY) 8-K Bristol Myers Squibb Reports Strong First Quarter 2020 Financial Results

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF REVENUES

(Unaudited, dollars in millions)

Revenues	2019																					2020									% Change				FX Impact(c)
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(a)			Year(a)			1st Qtr(b)			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	$	3,449		$	3,667		$	7,116		$	3,472		$	10,588		$	4,754		$	15,342		$	6,766								96	%	96	%	—		—
Europe	1,480			1,491			2,971			1,445			4,416			1,850			6,266			2,567									73	%	73	%	(3	)%	(3	)%
Rest of the World	874			988			1,862			976			2,838			1,175			4,013			1,335									53	%	53	%	(5	)%	(5	)%
Other	117			127			244			114			358			166			524			113									(3	)%	(3	)%	N/A		N/A
Total	$	5,920		$	6,273		$	12,193		$	6,007		$	18,200		$	7,945		$	26,145		$	10,781								82	%	82	%	(1	)%	(1	)%
% of Revenues	2019																					2020
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(a)			Year(a)			1st Qtr(b)			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year
United States	58.2		%	58.4		%	58.3		%	57.8		%	58.2		%	59.8		%	58.7		%	62.8		%
Europe	25.0		%	23.8		%	24.4		%	24.1		%	24.3		%	23.3		%	24.0		%	23.8		%
Rest of the World	14.8		%	15.8		%	15.3		%	16.2		%	15.6		%	14.8		%	15.3		%	12.4		%
Other	2.0		%	2.0		%	2.0		%	1.9		%	1.9		%	2.1		%	2.0		%	1.0		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

(a) Includes Celgene product revenues from November 20, 2019 through December 31, 2019.

(b) Includes Celgene product revenues for the three months ended March 31, 2020.

(c) Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales.

1

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

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

	2019																					2020									% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(c)			Year(c)			1st Qtr(d)			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Net product sales	$	5,713		$	6,031		$	11,744		$	5,768		$	17,512		$	7,662		$	25,174		$	10,541								85	%	85	%
Alliance and other revenues	207			242			449			239			688			283			971			240									16	%	16	%
Total Revenues	5,920			6,273			12,193			6,007			18,200			7,945			26,145			10,781									82	%	82	%
Cost of products sold(a)	1,824			1,972			3,796			1,790			5,586			2,492			8,078			3,662									**		**
Marketing, selling and administrative	1,006			1,076			2,082			1,055			3,137			1,734			4,871			1,606									60	%	60	%
Research and development	1,348			1,325			2,673			1,378			4,051			2,097			6,148			2,372									76	%	76	%
Amortization of acquired intangible assets	24			24			48			25			73			1,062			1,135			2,282									**		**
Other expense/(income), net	(261		)	100			(161		)	410			249			689			938			1,163									**		**
Total Expenses	3,941			4,497			8,438			4,658			13,096			8,074			21,170			11,085									**		**
(Loss)/Earnings Before Income Taxes	1,979			1,776			3,755			1,349			5,104			(129		)	4,975			(304		)							**		**
Provision for Income Taxes	264			337			601			(17		)	584			931			1,515			462									75	%	75	%
Net (Loss)/Earnings	1,715			1,439			3,154			1,366			4,520			(1,060		)	3,460			(766		)							**		**
Noncontrolling Interest	5			7			12			13			25			(4		)	21			9									80	%	80	%
Net (Loss)/Earnings Attributable to BMS	$	1,710		$	1,432		$	3,142		$	1,353		$	4,495		$	(1,056	)	$	3,439		$	(775	)							**		**
Diluted (Loss)/Earnings per Common Share*	$	1.04		$	0.87		$	1.92		$	0.83		$	2.75		$	(0.55	)	$	2.01		$	(0.34	)							**		**
Weighted-Average Common Shares Outstanding - Diluted	1,637			1,637			1,637			1,634			1,636			1,918			1,712			2,258									—		—
Dividends declared per common share	$	0.41		$	0.41		$	0.82		$	0.41		$	1.23		$	0.45		$	1.68		$	0.45								10	%	10	%
	2019																					2020
% of Total Revenues	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(c)			Year(c)			1st Qtr(d)			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year
Gross Margin	69.2		%	68.6		%	68.9		%	70.2		%	69.3		%	68.6		%	69.1		%	66.0		%
Other Ratios
Effective tax rate	13.3		%	19.0		%	16.0		%	(1.3		)%	11.4		%	(721.7		)%	30.5		%	(152.0		)%
Other expense/(income), net	2019																					2020									% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(c)			Year(c)			1st Qtr(d)			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Interest expense(b)	$	45		$	123		$	168		$	209		$	377		$	279		$	656		$	362								**		**
Pension and postretirement	44			26			70			1,537			1,607			(8		)	1,599			(4		)							**		**
Royalties and licensing income	(308		)	(303		)	(611		)	(356		)	(967		)	(393		)	(1,360		)	(410		)							33	%	33	%
Divestiture (gains)/losses	—			8			8			(1,179		)	(1,171		)	3			(1,168		)	(16		)							N/A		N/A
Acquisition expenses	165			303			468			7			475			182			657			—									(100	)%	(100	)%
Contingent consideration	—			—			—			—			—			523			523			556									N/A		N/A
Investment income	(56		)	(119		)	(175		)	(173		)	(348		)	(116		)	(464		)	(61		)							9	%	9	%
Integration expenses	22			106			128			96			224			191			415			174									**		**
Provision for restructuring	12			10			22			10			32			269			301			160									**		**
Equity investment losses/(gains)	(175		)	(71		)	(246		)	261			15			(294		)	(279		)	339									**		**
Litigation and other settlements	1			—			1			(1		)	—			77			77			32									**		**
Transition and other service fees	(2		)	(2		)	(4		)	(7		)	(11		)	(26		)	(37		)	(61		)							**		**
Intangible asset impairment	—			15			15			—			15			—			15			—									N/A		N/A
Reversion excise tax	—			—			—			—			—			—			—			76									N/A		N/A
Other	(9		)	4			(5		)	6			1			2			3			16									**		**
Other expense/(income), net	$	(261	)	$	100		$	(161	)	$	410		$	249		$	689		$	938		$	1,163								**		**

* Quarterly amounts may not add to the year-to-date amounts, as each period is computed on a discrete basis.

** In excess of +/- 100%.

(a) Excludes amortization of acquired intangible assets.

(b) Includes amortization of purchase price adjustments to Celgene debt.

(c) Includes Celgene results of operations from November 20, 2019 through December 31, 2019.

(d) Includes Celgene results of operations for the three months ended March 31, 2020.

2

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED MARCH 31, 2020

(Unaudited, dollars in millions)

QUARTER-TO-DATE	2020(b)			2019			$ Change		% Change		Favorable / (Unfavorable) FX Impact $*			2020 Excluding FX		Favorable / (Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	10,781		$	5,920		$	4,861	82	%	$	(82	)	$	10,863	(1	)%	83	%
Gross profit	7,119			4,096			3,023		74	%	N/A			N/A		N/A		N/A
Gross profit excluding specified items(a)	8,557			4,108			4,449		108	%	N/A			N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	79.4		%	69.4		%
Marketing, selling and administrative	1,606			1,006			600		60	%	12			1,618		1	%	61	%
Marketing, selling and administrative excluding specified items(a)	1,585			1,005			580		58	%	12			1,597		1	%	59	%
Marketing, selling and administrative excluding specified items as a % of revenues	14.7		%	17.0		%
Research and development	2,372			1,348			1,024		76	%	4			2,376		—		76	%
Research and development excluding specified items(a)	2,256			1,297			959		74	%	4			2,260		—		74	%
Research and development excluding specified items as a % of revenues	20.9		%	21.9		%

* Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales and expenses.

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

(b) Includes Celgene results of operations for the three months ended March 31, 2020.

3

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2019														2020								$ Change						% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(b)		Year(b)		1st Qtr(c)		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
Revlimid	$	—	$	—	$	—	$	—	$	—	$	1,299	$	1,299	$	2,915							$	2,915		$	2,915		N/A		N/A
Eliquis	1,925		2,042		3,967		1,928		5,895		2,034		7,929		2,641								716			716			37	%	37	%
Opdivo	1,801		1,823		3,624		1,817		5,441		1,763		7,204		1,766								(35		)	(35		)	(2	)%	(2	)%
Orencia	640		778		1,418		767		2,185		792		2,977		714								74			74			12	%	12	%
Pomalyst/Imnovid	—		—		—		—		—		322		322		713								713			713			N/A		N/A
Sprycel	459		544		1,003		558		1,561		549		2,110		521								62			62			14	%	14	%
Yervoy	384		367		751		353		1,104		385		1,489		396								12			12			3	%	3	%
Abraxane	—		—		—		—		—		166		166		300								300			300			N/A		N/A
Empliciti	83		91		174		89		263		94		357		97								14			14			17	%	17	%
Reblozyl	—		—		—		—		—		—		—		8								8			8			N/A		N/A
Inrebic	—		—		—		—		—		5		5		12								12			12			N/A		N/A
Established Brands
Baraclude	141		147		288		145		433		122		555		122								(19		)	(19		)	(13	)%	(13	)%
Vidaza	—		—		—		—		—		58		58		158								158			158			N/A		N/A
Other Brands(a)	487		481		968		350		1,318		356		1,674		418								(69		)	(69		)	(14	)%	(14	)%
Total	$	5,920	$	6,273	$	12,193	$	6,007	$	18,200	$	7,945	$	26,145	$	10,781							$	4,861		$	4,861		82	%	82	%

(a) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue. Other Brands includes $122 million relating to Celgene products in the three months ended March 31, 2020.

(b) Includes Celgene product revenues from November 20, 2019 through December 31, 2019.

(c) Includes Celgene product revenues for the three months ended March 31, 2020.

4

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE PRO FORMA REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2019														2020								$ Change						% Change(f)
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(e)		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
Revlimid(a)	$	2,562	$	2,718	$	5,280	$	2,758	$	8,038	$	2,785	$	10,823	$	2,915							$	353		$	353		14	%	14	%
Eliquis	1,925		2,042		3,967		1,928		5,895		2,034		7,929		2,641								716			716			37	%	37	%
Opdivo	1,801		1,823		3,624		1,817		5,441		1,763		7,204		1,766								(35		)	(35		)	(2	)%	(2	)%
Orencia	640		778		1,418		767		2,185		792		2,977		714								74			74			12	%	12	%
Pomalyst/Imnovid(a)	554		617		1,171		662		1,833		692		2,525		713								159			159			29	%	29	%
Sprycel	459		544		1,003		558		1,561		549		2,110		521								62			62			14	%	14	%
Yervoy	384		367		751		353		1,104		385		1,489		396								12			12			3	%	3	%
Abraxane(a)	285		314		599		317		916		336		1,252		300								15			15			5	%	5	%
Empliciti	83		91		174		89		263		94		357		97								14			14			17	%	17	%
Reblozyl(b)	—		—		—		—		—		—		—		8								8			8			N/A		N/A
Inrebic(b)	—		—		—		2		2		9		11		12								12			12			N/A		N/A
Established Brands
Baraclude	141		147		288		145		433		122		555		122								(19		)	(19		)	(13	)%	(13	)%
Vidaza(a)	148		162		310		146		456		149		605		158								10			10			7	%	7	%
Other Brands(c)	552		557		1,109		420		1,529		393		1,922		418								(134		)	(134		)	(24	)%	(24	)%
Total(d)	$	9,534	$	10,160	$	19,694	$	9,962	$	29,656	$	10,103	$	39,759	$	10,781							$	1,247		$	1,247		13	%	13	%

(a) Products were acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition. All product revenues prior to November 20, 2019 have been recast to exclude foreign currency hedge gains and losses.

(b) Product was acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition.

(c) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue. Reflects Celgene product revenues for the period prior to November 20, 2019, which was the date of the acquisition, for such Celgene products.

(d) All historically reported Celgene revenues have been recast to exclude Otezla^® product revenues.

(e) Celgene product revenues for the period of October 1, 2019 through November 19, 2019 are included below:

Revlimid	$	1,486
Pomalyst/Imnovid	370
Abraxane	170
Inrebic	4
Vidaza	91
Other Brands	37
Total	$	2,158

(f) Changes in buying patterns resulting from the COVID-19 pandemic contributed approximately $500 million of revenues in the three months ended March 31, 2020. Excluding the impact of the COVID-19 pandemic, total revenues increased 8% in the three months ended March 31, 2020 as compared to the prior year period. Eliquis revenues benefitted by approximately $350 million due to COVID-19 related buying patterns in the three months ended March 31, 2020. Excluding the impact of the COVID-19 pandemic, Eliquis revenues increased 19% in the three months ended March 31, 2020 as compared to the prior year period.

	1st Qtr					$ Change			% Change			1st Qtr					$ Change			% Change
	2019		2020									2019		2020
Total revenues	$	9,534	$	10,781		$	1,247		13	%	Eliquis revenues	$	1,925	$	2,641		$	716		37	%
Less: COVID-19 impact	—		(500		)	(500		)			Less: COVID-19 impact	—		(350		)	(350		)
Total revenues excluding COVID-19 impact	$	9,534	$	10,281		$	747		8	%	Eliquis revenues excluding COVID-19 impact	$	1,925	$	2,291		$	366		19	%

5

BRISTOL-MYERS SQUIBB COMPANY

U.S. REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2019														2020								% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(c)		Year(c)		1st Qtr(d)		2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Prioritized Brands
Revlimid	$	—	$	—	$	—	$	—	$	—	$	899	$	899	$	1,966							N/A		N/A
Eliquis	1,206		1,269		2,475		1,124		3,599		1,156		4,755		1,777								47	%	47	%
Opdivo	1,124		1,112		2,236		1,088		3,324		1,020		4,344		1,008								(10	)%	(10	)%
Orencia	449		566		1,015		554		1,569		577		2,146		500								11	%	11	%
Pomalyst/Imnovid	—		—		—		—		—		226		226		489								N/A		N/A
Sprycel	240		307		547		325		872		319		1,191		300								25	%	25	%
Yervoy	275		253		528		222		750		254		1,004		257								(7	)%	(7	)%
Abraxane	—		—		—		—		—		122		122		205								N/A		N/A
Empliciti	58		63		121		62		183		63		246		59								2	%	2	%
Reblozyl	—		—		—		—		—		—		—		8								N/A		N/A
Inrebic	—		—		—		—		—		5		5		12								N/A		N/A
Established Brands
Baraclude	7		7		14		2		16		4		20		3								(57	)%	(57	)%
Vidaza	—		—		—		—		—		1		1		2								N/A		N/A
Other Brands(a)	90		90		180		95		275		108		383		180								100	%	100	%
Total(b)	$	3,449	$	3,667	$	7,116	$	3,472	$	10,588	$	4,754	$	15,342	$	6,766							96	%	96	%

(a) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Other Brands includes $103 million relating to Celgene products in the three months ended March 31, 2020.

(b) Includes United States and Puerto Rico.

(c) Includes Celgene product revenues from November 20, 2019 through December 31, 2019.

(d) Includes Celgene product revenues for the three months ended March 31, 2020.

6

BRISTOL-MYERS SQUIBB COMPANY

U.S. PRO FORMA REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2019														2020								% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(d)		Year		1st Qtr		2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Prioritized Brands
Revlimid(a)	$	1,686	$	1,810	$	3,496	$	1,902	$	5,398	$	1,914	$	7,312	$	1,966							17	%	17	%
Eliquis	1,206		1,269		2,475		1,124		3,599		1,156		4,755		1,777								47	%	47	%
Opdivo	1,124		1,112		2,236		1,088		3,324		1,020		4,344		1,008								(10	)%	(10	)%
Orencia	449		566		1,015		554		1,569		577		2,146		500								11	%	11	%
Pomalyst/Imnovid(a)	390		447		837		469		1,306		489		1,795		489								25	%	25	%
Sprycel	240		307		547		325		872		319		1,191		300								25	%	25	%
Yervoy	275		253		528		222		750		254		1,004		257								(7	)%	(7	)%
Abraxane(a)	196		207		403		206		609		237		846		205								5	%	5	%
Empliciti	58		63		121		62		183		63		246		59								2	%	2	%
Reblozyl(a)	—		—		—		—		—		—		—		8								N/A		N/A
Inrebic(a)	—		—		—		2		2		9		11		12								N/A		N/A
Established Brands
Baraclude	7		7		14		2		16		4		20		3								(57	)%	(57	)%
Vidaza(a)	3		3		6		2		8		2		10		2								(33	)%	(33	)%
Other Brands(b)	135		145		280		147		427		136		563		180								33	%	33	%
Total(c)	$	5,769	$	6,189	$	11,958	$	6,105	$	18,063	$	6,180	$	24,243	$	6,766							17	%	17	%

(a) Products were acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition.

(b) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Reflects Celgene product revenues for the period prior to November 20, 2019, which was the date of the acquisition, for such Celgene products.

(c) Includes United States and Puerto Rico. All historically reported Celgene revenues have been recast to exclude Otezla^® product revenues.

(d) Celgene product revenues for the period of October 1, 2019 through November 19, 2019 are included below:

Revlimid	$	1,015
Pomalyst/Imnovid	263
Abraxane	115
Inrebic	4
Vidaza	1
Other Brands	28
Total	$	1,426

7

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2019														2020								% Change(c)
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(b)		Year(b)		1st Qtr(d)		2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Prioritized Brands
Revlimid	$	—	$	—	$	—	$	—	$	—	$	400	$	400	$	949							N/A		N/A
Eliquis	719		773		1,492		804		2,296		878		3,174		864								20	%	20	%
Opdivo	677		711		1,388		729		2,117		743		2,860		758								12	%	12	%
Orencia	191		212		403		213		616		215		831		214								12	%	12	%
Pomalyst/Imnovid	—		—		—		—		—		96		96		224								N/A		N/A
Sprycel	219		237		456		233		689		230		919		221								1	%	1	%
Yervoy	109		114		223		131		354		131		485		139								28	%	28	%
Abraxane	—		—		—		—		—		44		44		95								N/A		N/A
Empliciti	25		28		53		27		80		31		111		38								52	%	52	%
Established Brands
Baraclude	134		140		274		143		417		118		535		119								(11	)%	(11	)%
Vidaza	—		—		—		—		—		57		57		156								N/A		N/A
Other Brands(a)	397		391		788		255		1,043		248		1,291		238								(40	)%	(40	)%
Total	$	2,471	$	2,606	$	5,077	$	2,535	$	7,612	$	3,191	$	10,803	$	4,015							62	%	62	%

(a) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Other Brands includes $19 million relating to Celgene products in the three months ended March 31, 2020.

(b) Includes Celgene product revenues from November 20, 2019 through December 31, 2019.

(c) The foreign exchange impact on international revenues was unfavorable 3% for both the first quarter and year-to-date. The foreign exchange impact on Prioritized Brands is included below.

(d) Includes Celgene product revenues for the three months ended March 31, 2020.

	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
Eliquis	20	%	(3	)%	23	%	20	%	(3	)%	23	%
Opdivo	12	%	(5	)%	17	%	12	%	(5	)%	17	%
Orencia	12	%	(4	)%	16	%	12	%	(4	)%	16	%
Sprycel	1	%	(3	)%	4	%	1	%	(3	)%	4	%
Yervoy	28	%	(4	)%	32	%	28	%	(4	)%	32	%
Empliciti	52	%	(1	)%	53	%	52	%	(1	)%	53	%

8

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL PRO FORMA REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2019														2020								% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(d)		Year		1st Qtr		2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Prioritized Brands
Revlimid(a)	$	876	$	908	$	1,784	$	856	$	2,640	$	871	$	3,511	$	949							8	%	8	%
Eliquis	719		773		1,492		804		2,296		878		3,174		864								20	%	20	%
Opdivo	677		711		1,388		729		2,117		743		2,860		758								12	%	12	%
Orencia	191		212		403		213		616		215		831		214								12	%	12	%
Pomalyst/Imnovid(a)	164		170		334		193		527		203		730		224								37	%	37	%
Sprycel	219		237		456		233		689		230		919		221								1	%	1	%
Yervoy	109		114		223		131		354		131		485		139								28	%	28	%
Abraxane(a)	89		107		196		111		307		99		406		95								7	%	7	%
Empliciti	25		28		53		27		80		31		111		38								52	%	52	%
Established Brands
Baraclude	134		140		274		143		417		118		535		119								(11	)%	(11	)%
Vidaza(a)	145		159		304		144		448		147		595		156								8	%	8	%
Other Brands(b)	417		412		829		273		1,102		257		1,359		238								(43	)%	(43	)%
Total(c)	$	3,765	$	3,971	$	7,736	$	3,857	$	11,593	$	3,923	$	15,516	$	4,015							7	%	7	%

(a) Products were acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition. All product revenues prior to November 20, 2019 have been recast to exclude foreign currency hedge gains and losses.

(b) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Reflects Celgene product revenues for the period prior to November 20, 2019, which was the date of the acquisition, for such Celgene products.

(c) All historically reported Celgene revenues have been recast to exclude Otezla^® product revenues.

(d) Celgene product revenues for the period of October 1, 2019 through November 19, 2019 are included below:

Revlimid	$	471
Pomalyst/Imnovid	107
Abraxane	55
Vidaza	90
Other Brands	9
Total	$	732

9

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)

	2019																					2020
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(b)			Year(b)			1st Qtr(c)			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year
Inventory purchase price accounting adjustments	$	—		$	—		$	—		$	—		$	—		$	660		$	660		$	1,420
Employee compensation charges	—			—			—			—			—			1			1			2
Site exit and other costs	12			139			151			22			173			24			197			16
Cost of products sold	12			139			151			22			173			685			858			1,438
Employee compensation charges	—			—			—			—			—			27			27			15
Site exit and other costs	1			—			1			—			1			8			9			6
Marketing, selling and administrative	1			—			1			—			1			35			36			21
License and asset acquisition charges	—			25			25			—			25			—			25			25
IPRD impairments	32			—			32			—			32			—			32			—
Inventory purchase price accounting adjustments	—			—			—			—			—			—			—			17
Employee compensation charges	—			—			—			—			—			33			33			18
Site exit and other costs	19			19			38			20			58			109			167			56
Research and development	51			44			95			20			115			142			257			116
Amortization of acquired intangible assets	—			—			—			—			—			1,062			1,062			2,282
Interest expense(a)	—			83			83			166			249			73			322			(41		)
Pension and postretirement	49			44			93			1,545			1,638			(3		)	1,635			—
Royalties and licensing income	—			—			—			(9		)	(9		)	(15		)	(24		)	(83		)
Divestiture (gains)/losses	—			8			8			(1,179		)	(1,171		)	3			(1,168		)	(16		)
Acquisition expenses	165			303			468			7			475			182			657			—
Contingent consideration	—			—			—			—			—			523			523			556
Investment income	—			(54		)	(54		)	(99		)	(153		)	(44		)	(197		)	—
Integration expenses	22			106			128			96			224			191			415			174
Provision for restructuring	12			10			22			10			32			269			301			160
Equity investment losses/(gains)	(175		)	(71		)	(246		)	261			15			(294		)	(279		)	339
Litigation and other settlements	—			—			—			—			—			75			75			—
Reversion excise tax	—			—			—			—			—			—			—			76
Other	—			—			—			—			—			2			2			—
Other expense/(income), net	73			429			502			798			1,300			962			2,262			1,165
Increase to pretax income	137			612			749			840			1,589			2,886			4,475			5,022
Income taxes on items above	(43		)	(105		)	(148		)	(275		)	(423		)	(264		)	(687		)	(291		)
Income taxes attributed to Otezla® divestiture	—			—			—			—			—			808			808			—
Income taxes	(43		)	(105		)	(148		)	(275		)	(423		)	544			121			(291		)
Increase to net earnings	$	94		$	507		$	601		$	565		$	1,166		$	3,430		$	4,596		$	4,731

(a) Includes amortization of purchase price adjustments to Celgene debt.

(b) Includes Celgene results of operations from November 20, 2019 through December 31, 2019.

(c) Includes Celgene results of operations for the three months ended March 31, 2020.

10

BRISTOL-MYERS SQUIBB COMPANY

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

(Unaudited, dollars in millions)

	2019																					2020
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(b)			Year(b)			1st Qtr(c)			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year
Gross Profit	$	4,096		$	4,301		$	8,397		$	4,217		$	12,614		$	5,453		$	18,067		$	7,119
Specified items(a)	12			139			151			22			173			685			858			1,438
Gross profit excluding specified items	4,108			4,440			8,548			4,239			12,787			6,138			18,925			8,557
Marketing, selling and administrative	1,006			1,076			2,082			1,055			3,137			1,734			4,871			1,606
Specified items(a)	(1		)	—			(1		)	—			(1		)	(35		)	(36		)	(21		)
Marketing, selling and administrative excluding specified items	1,005			1,076			2,081			1,055			3,136			1,699			4,835			1,585
Research and development	1,348			1,325			2,673			1,378			4,051			2,097			6,148			2,372
Specified items(a)	(51		)	(44		)	(95		)	(20		)	(115		)	(142		)	(257		)	(116		)
Research and development excluding specified items	1,297			1,281			2,578			1,358			3,936			1,955			5,891			2,256
Amortization of acquired intangible assets	24			24			48			25			73			1,062			1,135			2,282
Specified items(a)	—			—			—			—			—			(1,062		)	(1,062		)	(2,282		)
Amortization of acquired intangible assets excluding specified items	24			24			48			25			73			—			73			—
Other expense/(income), net	(261		)	100			(161		)	410			249			689			938			1,163
Specified items(a)	(73		)	(429		)	(502		)	(798		)	(1,300		)	(962		)	(2,262		)	(1,165		)
Other expense/(income), net excluding specified items	(334		)	(329		)	(663		)	(388		)	(1,051		)	(273		)	(1,324		)	(2		)

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

(b) Includes Celgene results of operations from November 20, 2019 through December 31, 2019.

(c) Includes Celgene results of operations for the three months ended March 31, 2020.

11

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP TO NON-GAAP EPS

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

	2019																					2020
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(b)			Year(b)			1st Qtr(c)			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year
(Loss)/earnings before income taxes	$	1,979		$	1,776		$	3,755		$	1,349		$	5,104		$	(129	)	$	4,975		$	(304	)
Specified items(a)	137			612			749			840			1,589			2,886			4,475			5,022
Earnings before income taxes excluding specified items	2,116			2,388			4,504			2,189			6,693			2,757			9,450			4,718
Provision for income taxes	264			337			601			(17		)	584			931			1,515			462
Income taxes on specified items(a)	43			105			148			275			423			264			687			291
Income taxes attributed to Otezla® divestiture(a)	—			—			—			—			—			(808		)	(808		)	—
Provision for income taxes excluding tax on specified items and income taxes attributed to Otezla® divestiture	307			442			749			258			1,007			387			1,394			753
Noncontrolling Interest	5			7			12			13			25			(4		)	21			9
Specified items(a)	—			—			—			—			—			—			—			—
Noncontrolling Interest excluding specified items	5			7			12			13			25			(4		)	21			9
Net (loss)/earnings attributable to BMS used for Diluted EPS Calculation - GAAP	1,710			1,432			3,142			1,353			4,495			(1,056		)	3,439			(775		)
Specified items(a)	94			507			601			565			1,166			3,430			4,596			4,731
Net earnings attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP	1,804			1,939			3,743			1,918			5,661			2,374			8,035			3,956
Weighted-average Common Shares Outstanding - Diluted-GAAP	1,637			1,637			1,637			1,634			1,636			1,918			1,712			2,258
Weighted-average Common Shares Outstanding - Diluted-Non-GAAP	1,637			1,637			1,637			1,634			1,636			1,941			1,712			2,298
Diluted (Loss)/Earnings Per Share - GAAP*	$	1.04		$	0.87		$	1.92		$	0.83		$	2.75		$	(0.55	)	$	2.01		$	(0.34	)
Diluted Earnings Per Share attributable to specified items(a)	0.06			0.31			0.37			0.34			0.71			1.77			2.68			2.06
Diluted Earnings Per Share - Non-GAAP*	$	1.10		$	1.18		$	2.29		$	1.17		$	3.46		$	1.22		$	4.69		$	1.72
Effective Tax Rate	13.3		%	19.0		%	16.0		%	(1.3		)%	11.4		%	(721.7		)%	30.5		%	(152.0		)%
Specified items(a)	1.2		%	(0.5		)%	0.6		%	13.1		%	3.6		%	735.7		%	(15.7		)%	168.0		%
Effective Tax Rate excluding specified items	14.5		%	18.5		%	16.6		%	11.8		%	15.0		%	14.0		%	14.8		%	16.0		%

* Quarterly amounts may not add to the year-to-date amounts, as each period is computed on a discrete basis.

(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.

(b) Includes Celgene results from operations from November 20, 2019 through December 31, 2019.

(c) Includes Celgene results of operations for the three months ended March 31, 2020.

12

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

(Unaudited, dollars in millions)

	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019(a)			March 31, 2020			June 30, 2020	September 30, 2020	December 31, 2020
Cash and cash equivalents	$	7,335		$	28,404		$	30,489		$	12,346		$	15,817
Marketable debt securities - current	1,429			953			2,053			3,047			2,505
Marketable debt securities - non-current	1,233			994			925			767			651
Cash, cash equivalents and marketable debt securities	9,997			30,351			33,467			16,160			18,973
Short-term debt obligations	(381		)	(545		)	(569		)	(3,346		)	(3,862		)
Long-term debt	(5,635		)	(24,433		)	(24,390		)	(43,387		)	(42,844		)
Net (debt)/cash position	$	3,981		$	5,373		$	8,508		$	(30,573	)	$	(27,733	)

(a) Includes Celgene balances as of December 31, 2019.

13

BRISTOL-MYERS SQUIBB COMPANY

2020 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2020
	Pre-tax		Tax		After-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP					$0.37 to $0.57
Projected Specified Items:
Purchase price accounting adjustments(a)	5.18		0.45		4.73
Acquisition, restructuring and integration expenses(b)	0.53		0.11		0.42
Equity investment losses and contingent consideration	0.39		0.01		0.38
Research and development license and asset acquisition charges	0.08		0.01		0.07
Employee compensation charges(c)	0.04		0.01		0.03
Divestiture gains and licensing income	(0.04	)	(0.01	)	(0.03	)
Other	0.03		—		0.03
Total	6.21		0.58		5.63
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP					$6.00 to $6.20

(a) Includes amortization of acquired intangible assets, unwind of inventory fair value adjustments and amortization of fair value adjustments of debt assumed from Celgene.

(b) Includes acquisition-related financing, transaction, restructuring and integration expenses recognized in Cost of products sold, Research and development and Other expense/(income), net.

(c) Includes items recognized in Cost of products sold, Marketing, selling and administrative and Research and development.

The following table summarizes the company's 2020 financial guidance:
Line item	GAAP	Non-GAAP
Revenues	$40.0 billion - $42.0 billion	$40.0 billion - $42.0 billion
Gross margin as a percent of revenue	Approximately 74%	Approximately 80%
Marketing, selling and administrative expense	$6.5 billion - $6.7 billion	$6.5 billion - $6.7 billion
Research and development expense	$9.5 billion - $9.7 billion	$9.2 billion - $9.4 billion
Other expense/(income), net	$1.7 billion - $1.9 billion	$0.1 billion - ($0.1 billion)
Effective tax rate	Approximately 61%	Approximately 17%
Weighted average diluted shares	Approximately 2.3 billion	Approximately 2.3 billion

The GAAP financial results for the full year of 2020 will include specified items, including purchase price accounting adjustments, acquisition and integration expenses, charges associated with restructuring, downsizing and streamlining worldwide operations, research and development license and asset acquisition charges, divestiture gains or losses, stock compensation resulting from accelerated vesting of Celgene awards, certain retention-related compensation charges related to the Celgene transaction, pension charges and equity investment and contingent value rights fair value adjustments, among other items. The financial guidance for 2020 excludes the impact of any potential future strategic acquisitions and divestitures and other specified items that have not yet been identified and quantified. 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 Strong First Quarter Financial Results on May 7, 2020, including “2020 Financial Guidance” and “Use of non-GAAP Financial Information” therein.

14