Bristol-Myers Squibb (BMY) 8-K Bristol Myers Squibb Reports Second Quarter Financial Results for 2021

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF REVENUES

(Unaudited, dollars in millions)

Revenues	2020																					2021													% Change		FX Impact(b)
	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	$	6,766		$	6,487		$	13,253		$	6,542		$	19,795		$	6,782		$	26,577		$	7,010		$	7,388		$	14,398						14%	9%	—	—
Europe	2,567			2,136			4,703			2,453			7,156			2,697			9,853			2,553			2,689			5,242							26%	11%	10%	9%
Rest of the World	1,335			1,334			2,669			1,361			4,030			1,427			5,457			1,346			1,435			2,781							8%	4%	4%	3%
Other(a)	113			172			285			184			469			162			631			164			191			355							11%	25%	—	—
Total	$	10,781		$	10,129		$	20,910		$	10,540		$	31,450		$	11,068		$	42,518		$	11,073		$	11,703		$	22,776						16%	9%	3%	2%
% of Revenues	2020																					2021
	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	62.8		%	64.0		%	63.4		%	62.1		%	62.9		%	61.3		%	62.5		%	63.3		%	63.1		%	63.2		%
Europe	23.8		%	21.1		%	22.5		%	23.3		%	22.8		%	24.4		%	23.2		%	23.1		%	23.0		%	23.0		%
Rest of the World	12.4		%	13.2		%	12.8		%	12.9		%	12.8		%	12.9		%	12.8		%	12.2		%	12.3		%	12.2		%
Other	1.0		%	1.7		%	1.3		%	1.7		%	1.5		%	1.4		%	1.5		%	1.4		%	1.6		%	1.6		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

(a)    Other revenues include royalties and alliance-related revenues for products not sold by our regional commercial organizations.

(b)    Foreign exchange impacts were derived by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results.

1

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

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

	2020																					2021													% 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	$	10,541		$	9,817		$	20,358		$	10,197		$	30,555		$	10,766		$	41,321		$	10,798		$	11,405		$	22,203						16%	9%
Alliance and other revenues	240			312			552			343			895			302			1,197			275			298			573							(4)%	4%
Total Revenues	10,781			10,129			20,910			10,540			31,450			11,068			42,518			11,073			11,703			22,776							16%	9%
Cost of products sold(a)	3,662			2,699			6,361			2,502			8,863			2,910			11,773			2,841			2,452			5,293							(9)%	(17)%
Marketing, selling and administrative	1,606			1,628			3,234			1,706			4,940			2,721			7,661			1,666			1,882			3,548							16%	10%
Research and development	2,372			2,522			4,894			2,499			7,393			3,750			11,143			2,225			3,271			5,496							30%	12%
IPRD charge - MyoKardia acquisition	—			—			—			—			—			11,438			11,438			—			—			—							N/A	N/A
Amortization of acquired intangible assets	2,282			2,389			4,671			2,491			7,162			2,526			9,688			2,513			2,547			5,060							7%	8%
Other (income)/expense, net	1,163			(736)			427			(915)			(488)			(1,826)			(2,314)			(702)			(2)			(704)							(100)%	**
Total Expenses	11,085			8,502			19,587			8,283			27,870			21,519			49,389			8,543			10,150			18,693							19%	(5)%
Earnings/(Loss) Before Income Taxes	(304)			1,627			1,323			2,257			3,580			(10,451)			(6,871)			2,530			1,553			4,083							(5)%	**
Provision/(Benefit) for Income Taxes	462			1,707			2,169			379			2,548			(424)			2,124			501			492			993							(71)%	(54)%
Net Earnings/(Loss)	(766)			(80)			(846)			1,878			1,032			(10,027)			(8,995)			2,029			1,061			3,090							**	**
Noncontrolling Interest	9			5			14			6			20			—			20			8			6			14							20%	—
Net Earnings/(Loss) Attributable to BMS	$	(775)		$	(85)		$	(860)		$	1,872		$	1,012		$	(10,027)		$	(9,015)		$	2,021		$	1,055		$	3,076						**	**
Diluted Earnings/(Loss) per Common Share*	$	(0.34)		$	(0.04)		$	(0.38)		$	0.82		$	0.44		$	(4.45)		$	(3.99)		$	0.89		$	0.47		$	1.36						**	**
Weighted-Average Common Shares Outstanding - Diluted	2,258			2,263			2,261			2,290			2,295			2,252			2,258			2,265			2,252			2,258							—	—
Dividends declared per common share	$	0.45		$	0.45		$	0.90		$	0.45		$	1.35		$	0.49		$	1.84		$	0.49		$	0.49		$	0.98						9%	9%
	2020																					2021
% 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	66.0		%	73.4		%	69.6		%	76.3		%	71.8		%	73.7		%	72.3		%	74.3		%	79.0		%	76.8		%
Other Ratios
Effective tax rate	(152.0)		%	104.9		%	163.9		%	16.8		%	71.2		%	4.1		%	(30.9)		%	19.8		%	31.7		%	24.3		%
Other (income)/expense, net	2020																					2021													% 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(b)	$	362		$	357		$	719		$	346		$	1,065		$	355		$	1,420		$	353		$	330		$	683						(8)%	(5)%
Contingent consideration	556			(165)			391			(988)			(597)			(1,160)			(1,757)			(510)			—			(510)							(100)%	**
Royalties and licensing income	(410)			(311)			(721)			(403)			(1,124)			(403)			(1,527)			(367)			(405)			(772)							30%	7%
Equity investment (gains)/losses	338			(818)			(480)			(244)			(724)			(504)			(1,228)			(601)			(148)			(749)							(82)%	56%
Integration expenses	174			166			340			195			535			182			717			141			152			293							(8)%	(14)%
Provision for restructuring	160			115			275			176			451			79			530			45			78			123							(32)%	(55)%
Litigation and other settlements	32			(1)			31			10			41			(235)			(194)			(8)			44			36							**	16%
Transition and other service fees	(61)			(50)			(111)			(18)			(129)			(20)			(149)			(15)			(22)			(37)							(56)%	(67)%
Investment income	(61)			(25)			(86)			(13)			(99)			(22)			(121)			(9)			(12)			(21)							(52)%	(76)%
Reversion excise tax	76			—			76			—			76			—			76			—			—			—							N/A	(100)%
Divestiture (gains)/losses	(16)			9			(7)			1			(6)			(49)			(55)			—			(11)			(11)							**	57%
Intangible asset impairment	—			21			21			—			21			—			21			—			—			—							(100)%	(100)%
Loss on debt redemption	—			—			—			—			—			—			—			281			—			281							N/A	N/A
Other	13			(34)			(21)			23			2			(49)			(47)			(12)			(8)			(20)							(76)%	(5)%
Other (income)/expense, net	$	1,163		$	(736)		$	427		$	(915)		$	(488)		$	(1,826)		$	(2,314)		$	(702)		$	(2)		$	(704)						(100)%	**

*    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.

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, 2021

(Unaudited, dollars in millions)

QUARTER-TO-DATE	2021			2020			$ Change		% Change		Favorable / (Unfavorable) FX Impact $*		2021 Excluding FX		Favorable / (Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	11,703		$	10,129		$	1,574	16	%	$	276	$	11,427	3	%	13	%
Gross profit	9,251			7,430			1,821		25	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)	9,340			8,158			1,182		14	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	79.8		%	80.5		%
Marketing, selling and administrative	1,882			1,628			254		16	%	(38)		1,844		(3)	%	13	%
Marketing, selling and administrative excluding specified items(a)	1,881			1,617			264		16	%	(38)		1,843		(2)	%	14	%
Marketing, selling and administrative excluding specified items as a % of revenues	16.1		%	16.0		%
Research and development	3,271			2,522			749		30	%	(16)		3,255		(1)	%	29	%
Research and development excluding specified items(a)	2,261			2,168			93		4	%	(16)		2,245		—		4	%
Research and development excluding specified items as a % of revenues	19.3		%	21.4		%
YEAR-TO-DATE	2021			2020			$ Change		% Change		Favorable / (Unfavorable) FX Impact $*		2021 Excluding FX		Favorable / (Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	22,776		$	20,910		$	1,866	9	%	$	499	$	22,277	2	%	7	%
Gross profit	17,483			14,549			2,934		20	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)	17,989			16,715			1,274		8	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	79.0		%	79.9		%
Marketing, selling and administrative	3,548			3,234			314		10	%	(66)		3,482		(2)	%	8	%
Marketing, selling and administrative excluding specified items(a)	3,548			3,202			346		11	%	(66)		3,482		(2)	%	9	%
Marketing, selling and administrative excluding specified items as a % of revenues	15.6		%	15.3		%
Research and development	5,496			4,894			602		12	%	(28)		5,468		—		12	%
Research and development excluding specified items(a)	4,485			4,424			61		1	%	(28)		4,457		—		1	%
Research and development excluding specified items as a % of revenues	19.7		%	21.2		%

*    Foreign exchange impacts were derived by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results.

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

3

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2020														2021										$ Change				% 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
Revlimid	$	2,915	$	2,884	$	5,799	$	3,027	$	8,826	$	3,280	$	12,106	$	2,944	$	3,202	$	6,146					$	318	$	347	11%	6%
Eliquis	2,641		2,163		4,804		2,095		6,899		2,269		9,168		2,886		2,792		5,678						629		874		29%	18%
Opdivo	1,766		1,653		3,419		1,780		5,199		1,793		6,992		1,720		1,910		3,630						257		211		16%	6%
Orencia	714		750		1,464		826		2,290		867		3,157		758		814		1,572						64		108		9%	7%
Pomalyst/Imnovid	713		745		1,458		777		2,235		835		3,070		773		854		1,627						109		169		15%	12%
Sprycel	521		511		1,032		544		1,576		564		2,140		470		541		1,011						30		(21)		6%	(2)%
Yervoy	396		369		765		446		1,211		471		1,682		456		510		966						141		201		38%	26%
Abraxane	300		308		608		342		950		297		1,247		314		296		610						(12)		2		(4)%	—
Empliciti	97		97		194		96		290		91		381		85		86		171						(11)		(23)		(11)%	(12)%
Reblozyl	8		55		63		96		159		115		274		112		128		240						73		177		**	**
Inrebic	12		15		27		13		40		15		55		16		16		32						1		5		7%	19%
Onureg	—		—		—		3		3		14		17		15		12		27						12		27		N/A	N/A
Zeposia	—		1		1		2		3		9		12		18		28		46						27		45		**	**
Breyanzi	—		—		—		—		—		—		—		—		17		17						17		17		N/A	N/A
Abecma	—		—		—		—		—		—		—		—		24		24						24		24		N/A	N/A
Established Brands
Vidaza	158		126		284		106		390		65		455		54		45		99						(81)		(185)		(64)%	(65)%
Baraclude	122		121		243		100		343		104		447		113		109		222						(12)		(21)		(10)%	(9)%
Other Brands(a)	418		331		749		287		1,036		279		1,315		339		319		658						(12)		(91)		(4)%	(12)%
Total	$	10,781	$	10,129	$	20,910	$	10,540	$	31,450	$	11,068	$	42,518	$	11,073	$	11,703	$	22,776					$	1,574	$	1,866	16%	9%

**    In excess of +/- 100%.

(a)    Includes products that have 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)

	2020														2021										% 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
Revlimid	$	1,966	$	2,048	$	4,014	$	2,080	$	6,094	$	2,197	$	8,291	$	1,958	$	2,164	$	4,122					6%	3%
Eliquis	1,777		1,363		3,140		1,118		4,258		1,227		5,485		1,923		1,722		3,645						26%	16%
Opdivo	1,008		956		1,964		1,018		2,982		963		3,945		944		1,076		2,020						13%	3%
Orencia	500		554		1,054		588		1,642		626		2,268		536		593		1,129						7%	7%
Pomalyst/Imnovid	489		522		1,011		548		1,559		577		2,136		512		567		1,079						9%	7%
Sprycel	300		308		608		336		944		351		1,295		275		325		600						6%	(1)%
Yervoy	257		254		511		309		820		304		1,124		294		328		622						29%	22%
Abraxane	205		218		423		236		659		214		873		225		234		459						7%	9%
Empliciti	59		59		118		59		177		53		230		51		51		102						(14)%	(14)%
Reblozyl	8		55		63		92		155		104		259		98		110		208						100%	**
Inrebic	12		15		27		13		40		15		55		15		15		30						—	11%
Onureg	—		—		—		3		3		14		17		14		12		26						N/A	N/A
Zeposia	—		1		1		2		3		7		10		13		20		33						**	**
Breyanzi	—		—		—		—		—		—		—		—		17		17						N/A	N/A
Abecma	—		—		—		—		—		—		—		—		24		24						N/A	N/A
Established Brands
Vidaza	2		—		2		—		2		—		2		5		2		7						N/A	**
Baraclude	3		3		6		3		9		3		12		4		2		6						(33)%	—
Other Brands(a)	180		131		311		137		448		127		575		143		126		269						(4)%	(14)%
Total(b)	$	6,766	$	6,487	$	13,253	$	6,542	$	19,795	$	6,782	$	26,577	$	7,010	$	7,388	$	14,398					14%	9%

**    In excess of +/- 100%.

(a)    Includes products that have lost exclusivity in major markets, OTC brands and royalty revenue.

(b)    Includes Puerto Rico.

5

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2020														2021										% Change(b)
	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
Revlimid	$	949	$	836	$	1,785	$	947	$	2,732	$	1,083	$	3,815	$	986	$	1,038	$	2,024					24%	13%
Eliquis	864		800		1,664		977		2,641		1,042		3,683		963		1,070		2,033						34%	22%
Opdivo	758		697		1,455		762		2,217		830		3,047		776		834		1,610						20%	11%
Orencia	214		196		410		238		648		241		889		222		221		443						13%	8%
Pomalyst/Imnovid	224		223		447		229		676		258		934		261		287		548						29%	23%
Sprycel	221		203		424		208		632		213		845		195		216		411						6%	(3)%
Yervoy	139		115		254		137		391		167		558		162		182		344						58%	35%
Abraxane	95		90		185		106		291		83		374		89		62		151						(31)%	(18)%
Empliciti	38		38		76		37		113		38		151		34		35		69						(8)%	(9)%
Reblozyl	—		—		—		4		4		11		15		14		18		32						N/A	N/A
Inrebic	—		—		—		—		—		—		—		1		1		2						N/A	N/A
Onureg	—		—		—		—		—		—		—		1		—		1						N/A	N/A
Zeposia	—		—		—		—		—		2		2		5		8		13						N/A	N/A
Established Brands
Vidaza	156		126		282		106		388		65		453		49		43		92						(66)%	(67)%
Baraclude	119		118		237		97		334		101		435		109		107		216						(9)%	(9)%
Other Brands(a)	238		200		438		150		588		152		740		196		193		389						(4)%	(11)%
Total	$	4,015	$	3,642	$	7,657	$	3,998	$	11,655	$	4,286	$	15,941	$	4,063	$	4,315	$	8,378					18%	9%

(a)    Includes products that have lost exclusivity in major markets, OTC brands and royalty revenue.

(b)    The foreign exchange impact on international revenues was favorable 8% for the second quarter and 7% 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	24%	8%	16%	13%	7%	6%
Eliquis	34%	10%	24%	22%	9%	13%
Opdivo	20%	7%	13%	11%	5%	6%
Orencia	13%	6%	7%	8%	5%	3%
Pomalyst/Imnovid	29%	6%	23%	23%	6%	17%
Sprycel	6%	4%	2%	(3)%	4%	(7)%
Yervoy	58%	10%	48%	35%	7%	28%
Abraxane	(31)%	5%	(36)%	(18)%	4%	(22)%
Empliciti	(8)%	3%	(11)%	(9)%	4%	(13)%

6

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)

	2020														2021
	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
Inventory purchase price accounting adjustments	$	1,420	$	714	$	2,134	$	456	$	2,590	$	98	$	2,688	$	79	$	88	$	167
Intangible asset impairment	—		—		—		—		—		575		575		315		—		315
Employee compensation charges	2		1		3		—		3		1		4		—		—		—
Site exit and other costs	16		13		29		3		32		1		33		23		1		24
Cost of products sold	1,438		728		2,166		459		2,625		675		3,300		417		89		506
Employee compensation charges	15		12		27		7		34		241		275		—		1		1
Site exit and other costs	6		(1)		5		(1)		4		—		4		(1)		—		(1)
Marketing, selling and administrative	21		11		32		6		38		241		279		(1)		1		—
License and asset acquisition charges	25		300		325		203		528		475		1,003		—		780		780
IPRD impairments	—		—		—		—		—		470		470		—		230		230
Inventory purchase price accounting adjustments	17		—		17		8		25		11		36		—		—		—
Employee compensation charges	18		15		33		8		41		241		282		1		—		1
Site exit and other costs	56		39		95		4		99		16		115		—		—		—
Research and development	116		354		470		223		693		1,213		1,906		1		1,010		1,011
IPRD charge - MyoKardia acquisition	—		—		—		—		—		11,438		11,438		—		—		—
Amortization of acquired intangible assets	2,282		2,389		4,671		2,491		7,162		2,526		9,688		2,513		2,547		5,060
Interest expense(a)	(41)		(41)		(82)		(40)		(122)		(37)		(159)		(34)		(28)		(62)
Contingent consideration	556		(165)		391		(988)		(597)		(1,160)		(1,757)		(510)		—		(510)
Royalties and licensing income	(83)		(18)		(101)		(53)		(154)		(14)		(168)		(14)		(15)		(29)
Equity investment (gains)/losses	339		(818)		(479)		(214)		(693)		(463)		(1,156)		(608)		(154)		(762)
Integration expenses	174		166		340		195		535		182		717		141		152		293
Provision for restructuring	160		115		275		176		451		79		530		45		78		123
Litigation and other settlements	—		—		—		—		—		(239)		(239)		—		—		—
Reversion excise tax	76		—		76		—		76		—		76		—		—		—
Divestiture (gains)/losses	(16)		9		(7)		1		(6)		(49)		(55)		—		(11)		(11)
Loss on debt redemption	—		—		—		—		—		—		—		281		—		281
Other (income)/expense, net	1,165		(752)		413		(923)		(510)		(1,701)		(2,211)		(699)		22		(677)
Increase to pretax income	5,022		2,730		7,752		2,256		10,008		14,392		24,400		2,231		3,669		5,900
Income taxes on items above	(291)		(3)		(294)		(405)		(699)		(1,034)		(1,733)		(300)		(388)		(688)
Income taxes attributed to Otezla® divestiture	—		255		255		11		266		—		266		—		—		—
Income taxes attributed to internal transfer of intangible assets	—		853		853		—		853		—		853		—		—		—
Income taxes	(291)		1,105		814		(394)		420		(1,034)		(614)		(300)		(388)		(688)
Increase to net earnings	$	4,731	$	3,835	$	8,566	$	1,862	$	10,428	$	13,358	$	23,786	$	1,931	$	3,281	$	5,212

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

7

BRISTOL-MYERS SQUIBB COMPANY

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

(Unaudited, dollars in millions)

	2020														2021
	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	$	7,119	$	7,430	$	14,549	$	8,038	$	22,587	$	8,158	$	30,745	$	8,232	$	9,251	$	17,483
Specified items(a)	1,438		728		2,166		459		2,625		675		3,300		417		89		506
Gross profit excluding specified items	8,557		8,158		16,715		8,497		25,212		8,833		34,045		8,649		9,340		17,989
Marketing, selling and administrative	1,606		1,628		3,234		1,706		4,940		2,721		7,661		1,666		1,882		3,548
Specified items(a)	(21)		(11)		(32)		(6)		(38)		(241)		(279)		1		(1)		—
Marketing, selling and administrative excluding specified items	1,585		1,617		3,202		1,700		4,902		2,480		7,382		1,667		1,881		3,548
Research and development	2,372		2,522		4,894		2,499		7,393		3,750		11,143		2,225		3,271		5,496
Specified items(a)	(116)		(354)		(470)		(223)		(693)		(1,213)		(1,906)		(1)		(1,010)		(1,011)
Research and development excluding specified items	2,256		2,168		4,424		2,276		6,700		2,537		9,237		2,224		2,261		4,485
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	2,282		2,389		4,671		2,491		7,162		2,526		9,688		2,513		2,547		5,060
Specified items(a)	(2,282)		(2,389)		(4,671)		(2,491)		(7,162)		(2,526)		(9,688)		(2,513)		(2,547)		(5,060)
Amortization of acquired intangible assets excluding specified items	—		—		—		—		—		—		—		—		—		—
Other (income)/expense, net	1,163		(736)		427		(915)		(488)		(1,826)		(2,314)		(702)		(2)		(704)
Specified items(a)	(1,165)		752		(413)		923		510		1,701		2,211		699		(22)		677
Other (income)/expense, net excluding specified items	(2)		16		14		8		22		(125)		(103)		(3)		(24)		(27)

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

8

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP TO NON-GAAP EPS

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

	2020																					2021
	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/(Loss) before income taxes	$	(304)		$	1,627		$	1,323		$	2,257		$	3,580		$	(10,451)		$	(6,871)		$	2,530		$	1,553		$	4,083
Specified items(a)	5,022			2,730			7,752			2,256			10,008			14,392			24,400			2,231			3,669			5,900
Earnings before income taxes excluding specified items	4,718			4,357			9,075			4,513			13,588			3,941			17,529			4,761			5,222			9,983
Provision/(Benefit) for income taxes	462			1,707			2,169			379			2,548			(424)			2,124			501			492			993
Income taxes on specified items(a)	291			3			294			405			699			1,034			1,733			300			388			688
Income taxes attributed to Otezla® divestiture(a)	—			(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	753			602			1,355			773			2,128			610			2,738			801			880			1,681
Noncontrolling Interest	9			5			14			6			20			—			20			8			6			14
Specified items(a)	—			—			—			—			—			—			—			—			—			—
Noncontrolling Interest excluding specified items	9			5			14			6			20			—			20			8			6			14
Net Earnings/(Loss) attributable to BMS used for Diluted EPS Calculation - GAAP	(775)			(85)			(860)			1,872			1,012			(10,027)			(9,015)			2,021			1,055			3,076
Specified items(a)	4,731			3,835			8,566			1,862			10,428			13,358			23,786			1,931			3,281			5,212
Net Earnings attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP	3,956			3,750			7,706			3,734			11,440			3,331			14,771			3,952			4,336			8,288
Weighted-average Common Shares Outstanding - Diluted-GAAP	2,258			2,263			2,261			2,290			2,295			2,252			2,258			2,265			2,252			2,258
Weighted-average Common Shares Outstanding - Diluted-Non-GAAP	2,298			2,297			2,298			2,290			2,295			2,286			2,293			2,265			2,252			2,258
Diluted Earnings/(Loss) Per Share - GAAP*	$	(0.34)		$	(0.04)		$	(0.38)		$	0.82		$	0.44		$	(4.45)		$	(3.99)		$	0.89		$	0.47		$	1.36
Diluted Earnings Per Share attributable to specified items(a)	2.06			1.67			3.73			0.81			4.54			5.91			10.43			0.85			1.46			2.31
Diluted Earnings Per Share - Non-GAAP*	$	1.72		$	1.63		$	3.35		$	1.63		$	4.98		$	1.46		$	6.44		$	1.74		$	1.93		$	3.67
Effective Tax Rate	(152.0)		%	104.9		%	163.9		%	16.8		%	71.2		%	4.1		%	(30.9)		%	19.8		%	31.7		%	24.3		%
Specified items(a)	168.0		%	(91.1)		%	(149.0)		%	0.3		%	(55.5)		%	11.4		%	46.5		%	(3.0)		%	(14.8)		%	(7.5)		%
Effective Tax Rate excluding specified items	16.0		%	13.8		%	14.9		%	17.1		%	15.7		%	15.5		%	15.6		%	16.8		%	16.9		%	16.8		%

*    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.

9

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

(Unaudited, dollars in millions)

	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021		June 30, 2021		September 30, 2021	December 31, 2021
Cash and cash equivalents	$	15,817	$	19,934	$	19,435	$	14,546	$	10,982	$	11,024
Marketable debt securities - current	2,505		1,724		1,720		1,285		1,948		1,946
Marketable debt securities - non-current	651		523		495		433		288		143
Cash, cash equivalents and marketable debt securities	18,973		22,181		21,650		16,264		13,218		13,113
Short-term debt obligations	(3,862)		(4,819)		(3,585)		(2,340)		(1,777)		(2,655)
Long-term debt	(42,844)		(41,853)		(41,364)		(48,336)		(44,505)		(42,503)
Net debt position	$	(27,733)	$	(24,491)	$	(23,299)	$	(34,412)	$	(33,064)	$	(32,045)

10

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				$2.77 to $2.97
Projected Specified Items:
Purchase price accounting adjustments(a)		4.57	0.41	4.16
Acquisition, restructuring and integration expenses(b)		0.36	0.08	0.28
Equity investment gains and contingent consideration		(0.57)	(0.07)	(0.50)
Research and development license and asset acquisition charges		0.44	0.06	0.38
Intangible asset impairment		0.24	0.05	0.19
Loss on debt redemption		0.13	0.03	0.10
Other		(0.03)	—	(0.03)
Total		5.14	0.56	4.58
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 79%	Approximately 80%
Marketing, selling and administrative expense	In line with 2020	Increasing low-single digits
Research and development expense	Decreasing low-single digits	Increasing mid-single digits
Effective tax rate	Approximately 23%	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, impairment of intangible assets, 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 (including fair value adjustments attributed to limited partnership equity method investments), 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 Second Quarter Financial Results for 2021 on July 28, 2021, including “2021 Financial Guidance” and “Use of non-GAAP Financial Information” therein.

11