Bristol-Myers Squibb (BMY) 8-K Bristol Myers Squibb Reports Fourth Quarter and Full-Year Financial Results for 2020

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(b)			6 Months(b)			3rd Qtr(b)			9 Months(b)			4th Qtr(b)			Year(b)			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		$	6,487		$	13,253		$	6,542		$	19,795		$	6,782		$	26,577		43	%	73	%	—		—
Europe	1,480			1,491			2,971			1,445			4,416			1,850			6,266			2,567			2,136			4,703			2,453			7,156			2,697			9,853			46	%	57	%	7	%	1	%
Rest of the World	874			988			1,862			976			2,838			1,175			4,013			1,335			1,334			2,669			1,361			4,030			1,427			5,457			21	%	36	%	1	%	(2)	%
Other	117			127			244			114			358			166			524			113			172			285			184			469			162			631			(2)	%	20	%	—		—
Total	$	5,920		$	6,273		$	12,193		$	6,007		$	18,200		$	7,945		$	26,145		$	10,781		$	10,129		$	20,910		$	10,540		$	31,450		$	11,068		$	42,518		39	%	63	%	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(b)			6 Months(b)			3rd Qtr(b)			9 Months(b)			4th Qtr(b)			Year(b)
United States	58.2		%	58.4		%	58.3		%	57.8		%	58.2		%	59.8		%	58.7		%	62.8		%	64.0		%	63.4		%	62.1		%	62.9		%	61.3		%	62.5		%
Europe	25.0		%	23.8		%	24.4		%	24.1		%	24.3		%	23.3		%	24.0		%	23.8		%	21.1		%	22.5		%	23.3		%	22.8		%	24.4		%	23.2		%
Rest of the World	14.8		%	15.8		%	15.3		%	16.2		%	15.6		%	14.8		%	15.3		%	12.4		%	13.2		%	12.8		%	12.9		%	12.8		%	12.9		%	12.8		%
Other	2.0		%	2.0		%	2.0		%	1.9		%	1.9		%	2.1		%	2.0		%	1.0		%	1.7		%	1.3		%	1.7		%	1.5		%	1.4		%	1.5		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

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

(b)    Includes Celgene product revenues for the entire period.

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

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(d)			6 Months(d)			3rd Qtr(d)			9 Months(d)			4th Qtr(d)			Year(d)			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		$	9,817		$	20,358		$	10,197		$	30,555		$	10,766		$	41,321		41	%	64	%
Alliance and other revenues	207			242			449			239			688			283			971			240			312			552			343			895			302			1,197			7	%	23	%
Total Revenues	5,920			6,273			12,193			6,007			18,200			7,945			26,145			10,781			10,129			20,910			10,540			31,450			11,068			42,518			39	%	63	%
Cost of products sold(a)	1,824			1,972			3,796			1,790			5,586			2,492			8,078			3,662			2,699			6,361			2,502			8,863			2,910			11,773			17	%	46	%
Marketing, selling and administrative	1,006			1,076			2,082			1,055			3,137			1,734			4,871			1,606			1,628			3,234			1,706			4,940			2,721			7,661			57	%	57	%
Research and development	1,348			1,325			2,673			1,378			4,051			2,097			6,148			2,372			2,522			4,894			2,499			7,393			3,750			11,143			79	%	81	%
IPRD charge - MyoKardia acquisition	—			—			—			—			—			—			—			—			—			—			—			—			11,438			11,438			N/A		N/A
Amortization of acquired intangible assets	24			24			48			25			73			1,062			1,135			2,282			2,389			4,671			2,491			7,162			2,526			9,688			**		**
Other (income)/expense, net	(261)			100			(161)			410			249			689			938			1,163			(736)			427			(915)			(488)			(1,826)			(2,314)			**		**
Total Expenses	3,941			4,497			8,438			4,658			13,096			8,074			21,170			11,085			8,502			19,587			8,283			27,870			21,519			49,389			**		**
(Loss)/Earnings Before Income Taxes	1,979			1,776			3,755			1,349			5,104			(129)			4,975			(304)			1,627			1,323			2,257			3,580			(10,451)			(6,871)			**		**
Provision/(Benefit) for Income Taxes	264			337			601			(17)			584			931			1,515			462			1,707			2,169			379			2,548			(424)			2,124			**		40	%
Net (Loss)/Earnings	1,715			1,439			3,154			1,366			4,520			(1,060)			3,460			(766)			(80)			(846)			1,878			1,032			(10,027)			(8,995)			**		**
Noncontrolling Interest	5			7			12			13			25			(4)			21			9			5			14			6			20			—			20			(100)	%	(5)	%
Net (Loss)/Earnings Attributable to BMS	$	1,710		$	1,432		$	3,142		$	1,353		$	4,495		$	(1,056)		$	3,439		$	(775)		$	(85)		$	(860)		$	1,872		$	1,012		$	(10,027)		$	(9,015)		**		**
Diluted (Loss)/Earnings per Common Share*	$	1.04		$	0.87		$	1.92		$	0.83		$	2.75		$	(0.55)		$	2.01		$	(0.34)		$	(0.04)		$	(0.38)		$	0.82		$	0.44		$	(4.45)		$	(3.99)		**		**
Weighted-Average Common Shares Outstanding - Diluted	1,637			1,637			1,637			1,634			1,636			1,918			1,712			2,258			2,263			2,261			2,290			2,295			2,252			2,258			—		—
Dividends declared per common share	$	0.41		$	0.41		$	0.82		$	0.41		$	1.23		$	0.45		$	1.68		$	0.45		$	0.45		$	0.90		$	0.45		$	1.35		$	0.49		$	1.84		9	%	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(d)			6 Months(d)			3rd Qtr(d)			9 Months(d)			4th Qtr(d)			Year(d)
Gross Margin	69.2		%	68.6		%	68.9		%	70.2		%	69.3		%	68.6		%	69.1		%	66.0		%	73.4		%	69.6		%	76.3		%	71.8		%	73.7		%	72.3		%
Other Ratios
Effective tax rate	13.3		%	19.0		%	16.0		%	(1.3)		%	11.4		%	(721.7)		%	30.5		%	(152.0)		%	104.9		%	163.9		%	16.8		%	71.2		%	4.1		%	(30.9)		%
Other (income)/expense, net	2019																					2020																					% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(c)			Year(c)			1st Qtr(d)			2nd Qtr(d)			6 Months(d)			3rd Qtr(d)			9 Months(d)			4th Qtr(d)			Year(d)			Qtr vs. Qtr		YTD vs. YTD
Interest expense(b)	$	45		$	123		$	168		$	209		$	377		$	279		$	656		$	362		$	357		$	719		$	346		$	1,065		$	355		$	1,420		27	%	**
Contingent consideration	—			—			—			—			—			523			523			556			(165)			391			(988)			(597)			(1,160)			(1,757)			**		**
Royalties and licensing income	(308)			(303)			(611)			(356)			(967)			(393)			(1,360)			(410)			(311)			(721)			(403)			(1,124)			(403)			(1,527)			3	%	12	%
Equity investment (gains)/losses	(175)			(71)			(246)			261			15			(290)			(275)			338			(818)			(480)			(244)			(724)			(504)			(1,228)			74	%	**
Integration expenses	22			106			128			96			224			191			415			174			166			340			195			535			182			717			(5)	%	73	%
Provision for restructuring	12			10			22			10			32			269			301			160			115			275			176			451			79			530			(71)	%	76	%
Litigation and other settlements	1			—			1			(1)			—			77			77			32			(1)			31			10			41			(235)			(194)			**		**
Transition and other service fees	(2)			(2)			(4)			(7)			(11)			(26)			(37)			(61)			(50)			(111)			(18)			(129)			(20)			(149)			(23)	%	**
Investment income	(56)			(119)			(175)			(173)			(348)			(116)			(464)			(61)			(25)			(86)			(13)			(99)			(22)			(121)			(81)	%	(74)	%
Reversion excise tax	—			—			—			—			—			—			—			76			—			76			—			76			—			76			**		**
Divestiture (gains)/losses	—			8			8			(1,179)			(1,171)			3			(1,168)			(16)			9			(7)			1			(6)			(49)			(55)			**		(95)	%
Intangible asset impairment	—			15			15			—			15			—			15			—			21			21			—			21			—			21			**		40	%
Pension and postretirement	44			26			70			1,537			1,607			(8)			1,599			(4)			(2)			(6)			—			(6)			(7)			(13)			(13)	%	**
Acquisition expenses	165			303			468			7			475			182			657			—			—			—			—			—			—			—			(100)	%	(100)	%
Other	(9)			4			(5)			6			1			(2)			(1)			17			(32)			(15)			23			8			(42)			(34)			**		**
Other (income)/expense, net	$	(261)		$	100		$	(161)		$	410		$	249		$	689		$	938		$	1,163		$	(736)		$	427		$	(915)		$	(488)		$	(1,826)		$	(2,314)		**		**

*    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 entire period.

2

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED DECEMBER 31, 2020

(Unaudited, dollars in millions)

QUARTER-TO-DATE	2020(b)			2019(c)			$ Change		% Change		Favorable/(Unfavorable) FX Impact $*		2020 Excluding FX		Favorable/(Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	11,068		$	7,945		$	3,123	39	%	$	131	$	10,937	1	%	38	%
Gross profit	8,158			5,453			2,705		50	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)	8,833			6,138			2,695		44	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	79.8		%	77.3		%
Marketing, selling and administrative	2,721			1,734			987		57	%	(23)		2,698		(1)	%	56	%
Marketing, selling and administrative excluding specified items(a)	2,480			1,699			781		46	%	(23)		2,457		(1)	%	45	%
Marketing, selling and administrative excluding specified items as a % of revenues	22.4		%	21.4		%
Research and development	3,750			2,097			1,653		79	%	(9)		3,741		(1)	%	78	%
Research and development excluding specified items(a)	2,537			1,955			582		30	%	(9)		2,528		(1)	%	29	%
Research and development excluding specified items as a % of revenues	22.9		%	24.6		%
YEAR-TO-DATE	2020(b)			2019(c)			$ Change		% Change		Favorable/(Unfavorable) FX Impact $*		2020 Excluding FX		Favorable/(Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	42,518		$	26,145		$	16,373	63	%	$	(10)	$	42,528	—		63	%
Gross profit	30,745			18,067			12,678		70	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)	34,045			18,925			15,120		80	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	80.1		%	72.4		%
Marketing, selling and administrative	7,661			4,871			2,790		57	%	2		7,663		—		57	%
Marketing, selling and administrative excluding specified items(a)	7,382			4,835			2,547		53	%	2		7,384		—		53	%
Marketing, selling and administrative excluding specified items as a % of revenues	17.4		%	18.5		%
Research and development	11,143			6,148			4,995		81	%	—		11,143		—		81	%
Research and development excluding specified items(a)	9,237			5,891			3,346		57	%	—		9,237		—		57	%
Research and development excluding specified items as a % of revenues	21.7		%	22.5		%

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

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

(b)    Includes Celgene results of operations for the entire period.

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

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(c)		6 Months(c)		3rd Qtr(c)		9 Months(c)		4th Qtr(c)		Year(c)		Qtr vs. Qtr		YTD vs. YTD		Qtr vs. Qtr		YTD vs. YTD
Prioritized Brands
Revlimid	$	—	$	—	$	—	$	—	$	—	$	1,299	$	1,299	$	2,915	$	2,884	$	5,799	$	3,027	$	8,826	$	3,280	$	12,106	$	1,981	$	10,807	**		**
Eliquis	1,925		2,042		3,967		1,928		5,895		2,034		7,929		2,641		2,163		4,804		2,095		6,899		2,269		9,168		235		1,239		12	%	16	%
Opdivo	1,801		1,823		3,624		1,817		5,441		1,763		7,204		1,766		1,653		3,419		1,780		5,199		1,793		6,992		30		(212)		2	%	(3)	%
Orencia	640		778		1,418		767		2,185		792		2,977		714		750		1,464		826		2,290		867		3,157		75		180		9	%	6	%
Pomalyst/Imnovid	—		—		—		—		—		322		322		713		745		1,458		777		2,235		835		3,070		513		2,748		**		**
Sprycel	459		544		1,003		558		1,561		549		2,110		521		511		1,032		544		1,576		564		2,140		15		30		3	%	1	%
Yervoy	384		367		751		353		1,104		385		1,489		396		369		765		446		1,211		471		1,682		86		193		22	%	13	%
Abraxane	—		—		—		—		—		166		166		300		308		608		342		950		297		1,247		131		1,081		79	%	**
Empliciti	83		91		174		89		263		94		357		97		97		194		96		290		91		381		(3)		24		(3)	%	7	%
Reblozyl	—		—		—		—		—		—		—		8		55		63		96		159		115		274		115		274		N/A		N/A
Inrebic	—		—		—		—		—		5		5		12		15		27		13		40		15		55		10		50		**		**
Onureg	—		—		—		—		—		—		—		—		—		—		3		3		14		17		14		17		N/A		N/A
Zeposia	—		—		—		—		—		—		—		—		1		1		2		3		9		12		9		12		N/A		N/A
Established Brands
Vidaza	—		—		—		—		—		58		58		158		126		284		106		390		65		455		7		397		12	%	**
Baraclude	141		147		288		145		433		122		555		122		121		243		100		343		104		447		(18)		(108)		(15)	%	(19)	%
Other Brands(a)	487		481		968		350		1,318		356		1,674		418		331		749		287		1,036		279		1,315		(77)		(359)		(22)	%	(21)	%
Total	$	5,920	$	6,273	$	12,193	$	6,007	$	18,200	$	7,945	$	26,145	$	10,781	$	10,129	$	20,910	$	10,540	$	31,450	$	11,068	$	42,518	$	3,123	$	16,373	39	%	63	%

**    In excess of +/- 100%.

(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 $308 million and $37 million relating to Celgene products for the years ended December 31, 2020 and 2019, respectively.

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

(c)    Includes Celgene product revenues for the entire period.

4

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE PRO FORMA 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(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	$	2,884	$	5,799	$	3,027	$	8,826	$	3,280	$	12,106	$	495	$	1,283	18	%	12	%
Eliquis	1,925		2,042		3,967		1,928		5,895		2,034		7,929		2,641		2,163		4,804		2,095		6,899		2,269		9,168		235		1,239		12	%	16	%
Opdivo	1,801		1,823		3,624		1,817		5,441		1,763		7,204		1,766		1,653		3,419		1,780		5,199		1,793		6,992		30		(212)		2	%	(3)	%
Orencia	640		778		1,418		767		2,185		792		2,977		714		750		1,464		826		2,290		867		3,157		75		180		9	%	6	%
Pomalyst/Imnovid(a)	554		617		1,171		662		1,833		692		2,525		713		745		1,458		777		2,235		835		3,070		143		545		21	%	22	%
Sprycel	459		544		1,003		558		1,561		549		2,110		521		511		1,032		544		1,576		564		2,140		15		30		3	%	1	%
Yervoy	384		367		751		353		1,104		385		1,489		396		369		765		446		1,211		471		1,682		86		193		22	%	13	%
Abraxane(a)	285		314		599		317		916		336		1,252		300		308		608		342		950		297		1,247		(39)		(5)		(12)	%	—
Empliciti	83		91		174		89		263		94		357		97		97		194		96		290		91		381		(3)		24		(3)	%	7	%
Reblozyl(b)	—		—		—		—		—		—		—		8		55		63		96		159		115		274		115		274		N/A		N/A
Inrebic(b)	—		—		—		2		2		9		11		12		15		27		13		40		15		55		6		44		67	%	**
Onureg(b)	—		—		—		—		—		—		—		—		—		—		3		3		14		17		14		17		N/A		N/A
Zeposia(b)	—		—		—		—		—		—		—		—		1		1		2		3		9		12		9		12		N/A		N/A
Established Brands
Vidaza(a)	148		162		310		146		456		149		605		158		126		284		106		390		65		455		(84)		(150)		(56)	%	(25)	%
Baraclude	141		147		288		145		433		122		555		122		121		243		100		343		104		447		(18)		(108)		(15)	%	(19)	%
Other Brands(c)	552		557		1,109		420		1,529		393		1,922		418		331		749		287		1,036		279		1,315		(114)		(607)		(29)	%	(32)	%
Total(d)	$	9,534	$	10,160	$	19,694	$	9,962	$	29,656	$	10,103	$	39,759	$	10,781	$	10,129	$	20,910	$	10,540	$	31,450	$	11,068	$	42,518	$	965	$	2,759	10	%	7	%

**    In excess of +/- 100%.

(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)    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.

(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 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

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(d)		6 Months(d)		3rd Qtr(d)		9 Months(d)		4th Qtr(d)		Year(d)		Qtr vs. Qtr		YTD vs. YTD
Prioritized Brands
Revlimid	$	—	$	—	$	—	$	—	$	—	$	899	$	899	$	1,966	$	2,048	$	4,014	$	2,080	$	6,094	$	2,197	$	8,291	**		**
Eliquis	1,206		1,269		2,475		1,124		3,599		1,156		4,755		1,777		1,363		3,140		1,118		4,258		1,227		5,485		6	%	15	%
Opdivo	1,124		1,112		2,236		1,088		3,324		1,020		4,344		1,008		956		1,964		1,018		2,982		963		3,945		(6)	%	(9)	%
Orencia	449		566		1,015		554		1,569		577		2,146		500		554		1,054		588		1,642		626		2,268		8	%	6	%
Pomalyst/Imnovid	—		—		—		—		—		226		226		489		522		1,011		548		1,559		577		2,136		**		**
Sprycel	240		307		547		325		872		319		1,191		300		308		608		336		944		351		1,295		10	%	9	%
Yervoy	275		253		528		222		750		254		1,004		257		254		511		309		820		304		1,124		20	%	12	%
Abraxane	—		—		—		—		—		122		122		205		218		423		236		659		214		873		75	%	**
Empliciti	58		63		121		62		183		63		246		59		59		118		59		177		53		230		(16)	%	(7)	%
Reblozyl	—		—		—		—		—		—		—		8		55		63		92		155		104		259		N/A		N/A
Inrebic	—		—		—		—		—		5		5		12		15		27		13		40		15		55		**		**
Onureg	—		—		—		—		—		—		—		—		—		—		3		3		14		17		N/A		N/A
Zeposia	—		—		—		—		—		—		—		—		1		1		2		3		7		10		N/A		N/A
Established Brands
Vidaza	—		—		—		—		—		1		1		2		—		2		—		2		—		2		(100)	%	100	%
Baraclude	7		7		14		2		16		4		20		3		3		6		3		9		3		12		(25)	%	(40)	%
Other Brands(a)	90		90		180		95		275		108		383		180		131		311		137		448		127		575		18	%	50	%
Total(b)	$	3,449	$	3,667	$	7,116	$	3,472	$	10,588	$	4,754	$	15,342	$	6,766	$	6,487	$	13,253	$	6,542	$	19,795	$	6,782	$	26,577	43	%	73	%

**    In excess of +/- 100%.

(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 $295 million and $27 million relating to Celgene products in the years ended December 31, 2020 and 2019, respectively.

(b)    Includes Puerto Rico.

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

(d)    Includes Celgene product revenues for the entire period.

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	$	2,048	$	4,014	$	2,080	$	6,094	$	2,197	$	8,291	15	%	13	%
Eliquis	1,206		1,269		2,475		1,124		3,599		1,156		4,755		1,777		1,363		3,140		1,118		4,258		1,227		5,485		6	%	15	%
Opdivo	1,124		1,112		2,236		1,088		3,324		1,020		4,344		1,008		956		1,964		1,018		2,982		963		3,945		(6)	%	(9)	%
Orencia	449		566		1,015		554		1,569		577		2,146		500		554		1,054		588		1,642		626		2,268		8	%	6	%
Pomalyst/Imnovid(a)	390		447		837		469		1,306		489		1,795		489		522		1,011		548		1,559		577		2,136		18	%	19	%
Sprycel	240		307		547		325		872		319		1,191		300		308		608		336		944		351		1,295		10	%	9	%
Yervoy	275		253		528		222		750		254		1,004		257		254		511		309		820		304		1,124		20	%	12	%
Abraxane(a)	196		207		403		206		609		237		846		205		218		423		236		659		214		873		(10)	%	3	%
Empliciti	58		63		121		62		183		63		246		59		59		118		59		177		53		230		(16)	%	(7)	%
Reblozyl(a)	—		—		—		—		—		—		—		8		55		63		92		155		104		259		N/A		N/A
Inrebic(a)	—		—		—		2		2		9		11		12		15		27		13		40		15		55		67	%	**
Onureg(a)	—		—		—		—		—		—		—		—		—		—		3		3		14		17		N/A		N/A
Zeposia(a)	—		—		—		—		—		—		—		—		1		1		2		3		7		10		N/A		N/A
Established Brands
Vidaza(a)	3		3		6		2		8		2		10		2		—		2		—		2		—		2		(100)	%	(80)	%
Baraclude	7		7		14		2		16		4		20		3		3		6		3		9		3		12		(25)	%	(40)	%
Other Brands(b)	135		145		280		147		427		136		563		180		131		311		137		448		127		575		(7)	%	2	%
Total(c)	$	5,769	$	6,189	$	11,958	$	6,105	$	18,063	$	6,180	$	24,243	$	6,766	$	6,487	$	13,253	$	6,542	$	19,795	$	6,782	$	26,577	10	%	10	%

**    In excess of +/- 100%.

(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 Puerto Rico. All historically reported Celgene revenues have been recast to exclude Otezla® product revenues.

(d)    Celgene product revenues for the period 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(d)
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(b)		Year(b)		1st Qtr(c)		2nd Qtr(c)		6 Months(c)		3rd Qtr(c)		9 Months(c)		4th Qtr(c)		Year(c)		Qtr vs. Qtr		YTD vs. YTD
Prioritized Brands
Revlimid	$	—	$	—	$	—	$	—	$	—	$	400	$	400	$	949	$	836	$	1,785	$	947	$	2,732	$	1,083	$	3,815	**		**
Eliquis	719		773		1,492		804		2,296		878		3,174		864		800		1,664		977		2,641		1,042		3,683		19	%	16	%
Opdivo	677		711		1,388		729		2,117		743		2,860		758		697		1,455		762		2,217		830		3,047		12	%	7	%
Orencia	191		212		403		213		616		215		831		214		196		410		238		648		241		889		12	%	7	%
Pomalyst/Imnovid	—		—		—		—		—		96		96		224		223		447		229		676		258		934		**		**
Sprycel	219		237		456		233		689		230		919		221		203		424		208		632		213		845		(7)	%	(8)	%
Yervoy	109		114		223		131		354		131		485		139		115		254		137		391		167		558		27	%	15	%
Abraxane	—		—		—		—		—		44		44		95		90		185		106		291		83		374		89	%	**
Empliciti	25		28		53		27		80		31		111		38		38		76		37		113		38		151		23	%	36	%
Reblozyl	—		—		—		—		—		—		—		—		—		—		4		4		11		15		N/A		N/A
Zeposia	—		—		—		—		—		—		—		—		—		—		—		—		2		2		N/A		N/A
Established Brands
Vidaza	—		—		—		—		—		57		57		156		126		282		106		388		65		453		14	%	**
Baraclude	134		140		274		143		417		118		535		119		118		237		97		334		101		435		(14)	%	(19)	%
Other Brands(a)	397		391		788		255		1,043		248		1,291		238		200		438		150		588		152		740		(39)	%	(43)	%
Total	$	2,471	$	2,606	$	5,077	$	2,535	$	7,612	$	3,191	$	10,803	$	4,015	$	3,642	$	7,657	$	3,998	$	11,655	$	4,286	$	15,941	34	%	48	%

**    In excess of +/- 100%.

(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 $13 million and $10 million relating to Celgene products in the years ended December 31, 2020 and 2019, respectively.

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

(c)    Includes Celgene product revenues for the entire period.

(d)    The foreign exchange impact on international revenues was favorable 4% for the fourth quarter and unfavorable less than 1% 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
Revlimid	**	6%	**	**	6%	**
Eliquis	19%	6%	13%	16%	2%	14%
Opdivo	12%	2%	10%	7%	(2)%	9%
Orencia	12%	3%	9%	7%	(1)%	8%
Pomalyst/Imnovid	**	7%	**	**	7%	**
Sprycel	(7)%	2%	(9)%	(8)%	(1)%	(7)%
Yervoy	27%	3%	24%	15%	(1)%	16%
Abraxane	89%	3%	86%	**	3%	**
Empliciti	23%	6%	17%	36%	2%	34%

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	$	836	$	1,785	$	947	$	2,732	$	1,083	$	3,815	24	%	9	%
Eliquis	719		773		1,492		804		2,296		878		3,174		864		800		1,664		977		2,641		1,042		3,683		19	%	16	%
Opdivo	677		711		1,388		729		2,117		743		2,860		758		697		1,455		762		2,217		830		3,047		12	%	7	%
Orencia	191		212		403		213		616		215		831		214		196		410		238		648		241		889		12	%	7	%
Pomalyst/Imnovid(a)	164		170		334		193		527		203		730		224		223		447		229		676		258		934		27	%	28	%
Sprycel	219		237		456		233		689		230		919		221		203		424		208		632		213		845		(7)	%	(8)	%
Yervoy	109		114		223		131		354		131		485		139		115		254		137		391		167		558		27	%	15	%
Abraxane(a)	89		107		196		111		307		99		406		95		90		185		106		291		83		374		(16)	%	(8)	%
Empliciti	25		28		53		27		80		31		111		38		38		76		37		113		38		151		23	%	36	%
Reblozyl(a)	—		—		—		—		—		—		—		—		—		—		4		4		11		15		N/A		N/A
Zeposia(a)	—		—		—		—		—		—		—		—		—		—		—		—		2		2		N/A		N/A
Established Brands
Vidaza(a)	145		159		304		144		448		147		595		156		126		282		106		388		65		453		(56)	%	(24)	%
Baraclude	134		140		274		143		417		118		535		119		118		237		97		334		101		435		(14)	%	(19)	%
Other Brands(b)	417		412		829		273		1,102		257		1,359		238		200		438		150		588		152		740		(41)	%	(46)	%
Total(c)	$	3,765	$	3,971	$	7,736	$	3,857	$	11,593	$	3,923	$	15,516	$	4,015	$	3,642	$	7,657	$	3,998	$	11,655	$	4,286	$	15,941	9	%	3	%

(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 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(c)		6 Months(c)		3rd Qtr(c)		9 Months(c)		4th Qtr(c)		Year(c)
Inventory purchase price accounting adjustments	$	—	$	—	$	—	$	—	$	—	$	660	$	660	$	1,420	$	714	$	2,134	$	456	$	2,590	$	98	$	2,688
Intangible asset impairment	—		—		—		—		—		—		—		—		—		—		—		—		575		575
Employee compensation charges	—		—		—		—		—		1		1		2		1		3		—		3		1		4
Site exit and other costs	12		139		151		22		173		24		197		16		13		29		3		32		1		33
Cost of products sold	12		139		151		22		173		685		858		1,438		728		2,166		459		2,625		675		3,300
Employee compensation charges	—		—		—		—		—		27		27		15		12		27		7		34		241		275
Site exit and other costs	1		—		1		—		1		8		9		6		(1)		5		(1)		4		—		4
Marketing, selling and administrative	1		—		1		—		1		35		36		21		11		32		6		38		241		279
License and asset acquisition charges	—		25		25		—		25		—		25		25		300		325		203		528		475		1,003
IPRD impairments	32		—		32		—		32		—		32		—		—		—		—		—		470		470
Inventory purchase price accounting adjustments	—		—		—		—		—		—		—		17		—		17		8		25		11		36
Employee compensation charges	—		—		—		—		—		33		33		18		15		33		8		41		241		282
Site exit and other costs	19		19		38		20		58		109		167		56		39		95		4		99		16		115
Research and development	51		44		95		20		115		142		257		116		354		470		223		693		1,213		1,906
IPRD charge - MyoKardia acquisition	—		—		—		—		—		—		—		—		—		—		—		—		11,438		11,438
Amortization of acquired intangible assets	—		—		—		—		—		1,062		1,062		2,282		2,389		4,671		2,491		7,162		2,526		9,688
Interest expense(a)	—		83		83		166		249		73		322		(41)		(41)		(82)		(40)		(122)		(37)		(159)
Contingent consideration	—		—		—		—		—		523		523		556		(165)		391		(988)		(597)		(1,160)		(1,757)
Royalties and licensing income	—		—		—		(9)		(9)		(15)		(24)		(83)		(18)		(101)		(53)		(154)		(14)		(168)
Equity investment (gains)/losses	(175)		(71)		(246)		261		15		(294)		(279)		339		(818)		(479)		(214)		(693)		(463)		(1,156)
Integration expenses	22		106		128		96		224		191		415		174		166		340		195		535		182		717
Provision for restructuring	12		10		22		10		32		269		301		160		115		275		176		451		79		530
Litigation and other settlements	—		—		—		—		—		75		75		—		—		—		—		—		(239)		(239)
Investment income	—		(54)		(54)		(99)		(153)		(44)		(197)		—		—		—		—		—		—		—
Reversion excise tax	—		—		—		—		—		—		—		76		—		76		—		76		—		76
Divestiture (gains)/losses	—		8		8		(1,179)		(1,171)		3		(1,168)		(16)		9		(7)		1		(6)		(49)		(55)
Pension and postretirement	49		44		93		1,545		1,638		(3)		1,635		—		—		—		—		—		—		—
Acquisition expenses	165		303		468		7		475		182		657		—		—		—		—		—		—		—
Other	—		—		—		—		—		2		2		—		—		—		—		—		—		—
Other (income)/expense, net	73		429		502		798		1,300		962		2,262		1,165		(752)		413		(923)		(510)		(1,701)		(2,211)
Increase to pretax income	137		612		749		840		1,589		2,886		4,475		5,022		2,730		7,752		2,256		10,008		14,392		24,400
Income taxes on items above	(43)		(105)		(148)		(275)		(423)		(264)		(687)		(291)		(3)		(294)		(405)		(699)		(1,034)		(1,733)
Income taxes attributed to Otezla® divestiture	—		—		—		—		—		808		808		—		255		255		11		266		—		266
Income taxes attributed to internal transfer of intangible assets	—		—		—		—		—		—		—		—		853		853		—		853		—		853
Income taxes	(43)		(105)		(148)		(275)		(423)		544		121		(291)		1,105		814		(394)		420		(1,034)		(614)
Increase to net earnings	$	94	$	507	$	601	$	565	$	1,166	$	3,430	$	4,596	$	4,731	$	3,835	$	8,566	$	1,862	$	10,428	$	13,358	$	23,786

(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 entire period.

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(c)		6 Months(c)		3rd Qtr(c)		9 Months(c)		4th Qtr(c)		Year(c)
Gross Profit	$	4,096	$	4,301	$	8,397	$	4,217	$	12,614	$	5,453	$	18,067	$	7,119	$	7,430	$	14,549	$	8,038	$	22,587	$	8,158	$	30,745
Specified items(a)	12		139		151		22		173		685		858		1,438		728		2,166		459		2,625		675		3,300
Gross profit excluding specified items	4,108		4,440		8,548		4,239		12,787		6,138		18,925		8,557		8,158		16,715		8,497		25,212		8,833		34,045
Marketing, selling and administrative	1,006		1,076		2,082		1,055		3,137		1,734		4,871		1,606		1,628		3,234		1,706		4,940		2,721		7,661
Specified items(a)	(1)		—		(1)		—		(1)		(35)		(36)		(21)		(11)		(32)		(6)		(38)		(241)		(279)
Marketing, selling and administrative excluding specified items	1,005		1,076		2,081		1,055		3,136		1,699		4,835		1,585		1,617		3,202		1,700		4,902		2,480		7,382
Research and development	1,348		1,325		2,673		1,378		4,051		2,097		6,148		2,372		2,522		4,894		2,499		7,393		3,750		11,143
Specified items(a)	(51)		(44)		(95)		(20)		(115)		(142)		(257)		(116)		(354)		(470)		(223)		(693)		(1,213)		(1,906)
Research and development excluding specified items	1,297		1,281		2,578		1,358		3,936		1,955		5,891		2,256		2,168		4,424		2,276		6,700		2,537		9,237
IPRD charge - MyoKardia acquisition	—		—		—		—		—		—		—		—		—		—		—		—		11,438		11,438
Specified items(a)	—		—		—		—		—		—		—		—		—		—		—		—		(11,438)		(11,438)
IPRD charge - MyoKardia acquisition excluding specified items	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Amortization of acquired intangible assets	24		24		48		25		73		1,062		1,135		2,282		2,389		4,671		2,491		7,162		2,526		9,688
Specified items(a)	—		—		—		—		—		(1,062)		(1,062)		(2,282)		(2,389)		(4,671)		(2,491)		(7,162)		(2,526)		(9,688)
Amortization of acquired intangible assets excluding specified items	24		24		48		25		73		—		73		—		—		—		—		—		—		—
Other (income)/expense, net	(261)		100		(161)		410		249		689		938		1,163		(736)		427		(915)		(488)		(1,826)		(2,314)
Specified items(a)	(73)		(429)		(502)		(798)		(1,300)		(962)		(2,262)		(1,165)		752		(413)		923		510		1,701		2,211
Other (income)/expense, net excluding specified items	(334)		(329)		(663)		(388)		(1,051)		(273)		(1,324)		(2)		16		14		8		22		(125)		(103)

(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 entire period.

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(c)			6 Months(c)			3rd Qtr(c)			9 Months(c)			4th Qtr(c)			Year(c)
(Loss)/earnings before income taxes	$	1,979		$	1,776		$	3,755		$	1,349		$	5,104		$	(129)		$	4,975		$	(304)		$	1,627		$	1,323		$	2,257		$	3,580		$	(10,451)		$	(6,871)
Specified items(a)	137			612			749			840			1,589			2,886			4,475			5,022			2,730			7,752			2,256			10,008			14,392			24,400
Earnings before income taxes excluding specified items	2,116			2,388			4,504			2,189			6,693			2,757			9,450			4,718			4,357			9,075			4,513			13,588			3,941			17,529
Provision/(benefit) for income taxes	264			337			601			(17)			584			931			1,515			462			1,707			2,169			379			2,548			(424)			2,124
Income taxes on specified items(a)	43			105			148			275			423			264			687			291			3			294			405			699			1,034			1,733
Income taxes attributed to Otezla® divestiture(a)	—			—			—			—			—			(808)			(808)			—			(255)			(255)			(11)			(266)			—			(266)
Income taxes attributed to internal transfer of intangible assets(a)	—			—			—			—			—			—			—			—			(853)			(853)			—			(853)			—			(853)
Provision for income taxes excluding tax on specified items and income taxes attributed to Otezla® divestiture and internal transfer of intangible assets	307			442			749			258			1,007			387			1,394			753			602			1,355			773			2,128			610			2,738
Noncontrolling Interest	5			7			12			13			25			(4)			21			9			5			14			6			20			—			20
Specified items(a)	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Noncontrolling Interest excluding specified items	5			7			12			13			25			(4)			21			9			5			14			6			20			—			20
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)			(85)			(860)			1,872			1,012			(10,027)			(9,015)
Specified items(a)	94			507			601			565			1,166			3,430			4,596			4,731			3,835			8,566			1,862			10,428			13,358			23,786
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			3,750			7,706			3,734			11,440			3,331			14,771
Weighted-average Common Shares Outstanding - Diluted-GAAP	1,637			1,637			1,637			1,634			1,636			1,918			1,712			2,258			2,263			2,261			2,290			2,295			2,252			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			2,297			2,298			2,290			2,295			2,286			2,293
Diluted (Loss)/Earnings Per Share - GAAP*	$	1.04		$	0.87		$	1.92		$	0.83		$	2.75		$	(0.55)		$	2.01		$	(0.34)		$	(0.04)		$	(0.38)		$	0.82		$	0.44		$	(4.45)		$	(3.99)
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			1.67			3.73			0.81			4.54			5.91			10.43
Diluted Earnings Per Share - Non-GAAP*	$	1.10		$	1.18		$	2.29		$	1.17		$	3.46		$	1.22		$	4.69		$	1.72		$	1.63		$	3.35		$	1.63		$	4.98		$	1.46		$	6.44
Effective Tax Rate	13.3		%	19.0		%	16.0		%	(1.3)		%	11.4		%	(721.7)		%	30.5		%	(152.0)		%	104.9		%	163.9		%	16.8		%	71.2		%	4.1		%	(30.9)		%
Specified items(a)	1.2		%	(0.5)		%	0.6		%	13.1		%	3.6		%	735.7		%	(15.7)		%	168.0		%	(91.1)		%	(149.0)		%	0.3		%	(55.5)		%	11.4		%	46.5		%
Effective Tax Rate excluding specified items	14.5		%	18.5		%	16.6		%	11.8		%	15.0		%	14.0		%	14.8		%	16.0		%	13.8		%	14.9		%	17.1		%	15.7		%	15.5		%	15.6		%

*    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 from operations for the entire period.

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	$	19,934	$	19,435	$	14,546
Marketable debt securities - current	1,429		953		2,053		3,047		2,505		1,724		1,720		1,285
Marketable debt securities - non-current	1,233		994		925		767		651		523		495		433
Cash, cash equivalents and marketable debt securities	9,997		30,351		33,467		16,160		18,973		22,181		21,650		16,264
Short-term debt obligations	(381)		(545)		(569)		(3,346)		(3,862)		(4,819)		(3,585)		(2,340)
Long-term debt	(5,635)		(24,433)		(24,390)		(43,387)		(42,844)		(41,853)		(41,364)		(48,336)
Net (debt)/cash position	$	3,981	$	5,373	$	8,508	$	(30,573)	$	(27,733)	$	(24,491)	$	(23,299)	$	(34,412)

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

13

BRISTOL-MYERS SQUIBB COMPANY

2021 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2021
		Pre-tax	Tax	After-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP				$3.12 to $3.32
Projected Specified Items:
Purchase price accounting adjustments(a)		4.53	0.42	4.11
Acquisition, restructuring and integration expenses(b)		0.31	0.07	0.24
Contingent consideration		(0.23)	—	(0.23)
Research and development license and asset acquisition charges		0.16	0.03	0.13
Other		(0.03)	(0.01)	(0.02)
Total		4.74	0.51	4.23
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP				$7.35 to $7.55

(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 restructuring and integration expenses recognized primarily in Other (income)/expense, net.

The following table summarizes the company's 2021 financial guidance:
Line item	GAAP	Non-GAAP
Revenues	Increasing high-single digits	Increasing high-single digits
Gross margin as a percent of revenue	Approximately 80.5%	Approximately 80.5%
Marketing, selling and administrative expense	In line with 2020	Increasing low-single digits
Research and development expense	Decreasing high-single digits	Increasing mid-single digits
Effective tax rate	Approximately 22%	Approximately 16%

The GAAP financial results for the full year of 2021 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 employee compensation charges related to the Celgene transaction and equity investment and contingent value rights fair value adjustments, among other items. The 2021 financial guidance excludes the impact of any potential future strategic acquisitions and divestitures and any 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 Fourth Quarter and Full-Year Financial Results for 2020 on February 4, 2021, including “2021 Financial Guidance” and “Use of non-GAAP Financial Information” therein.

14