Bristol-Myers Squibb 8K Bristol Myers Squibb Reports Fourth Quarter and Full-Year Financial Results for 2021 | BMY 4 Feb 22

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		$	7,296		$	21,694		$	7,520		$	29,214		11	%	10	%	—		—

Europe	2,567			2,136			4,703			2,453			7,156			2,697			9,853			2,553			2,689			5,242			2,661			7,903			2,784			10,687			3	%	8	%	(3)	%	3	%

Rest of the World	1,335			1,334			2,669			1,361			4,030			1,427			5,457			1,346			1,435			2,781			1,391			4,172			1,460			5,632			2	%	3	%	(4)	%	1	%

Other(a)	113			172			285			184			469			162			631			164			191			355			276			631			221			852			36	%	35	%	—		—

Total	$	10,781		$	10,129		$	20,910		$	10,540		$	31,450		$	11,068		$	42,518		$	11,073		$	11,703		$	22,776		$	11,624		$	34,400		$	11,985		$	46,385		8	%	9	%	(1)	%	1	%

% 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		%	62.8		%	63.1		%	62.7		%	63.0		%

Europe	23.8		%	21.1		%	22.5		%	23.3		%	22.8		%	24.4		%	23.2		%	23.1		%	23.0		%	23.0		%	22.9		%	23.0		%	23.2		%	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		%	12.0		%	12.1		%	12.2		%	12.1		%

Other	1.0		%	1.7		%	1.3		%	1.7		%	1.5		%	1.4		%	1.5		%	1.4		%	1.6		%	1.6		%	2.3		%	1.8		%	1.9		%	1.9		%

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) 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.

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		$	11,243		$	33,446		$	11,609		$	45,055		8	%	9	%
Alliance and other revenues	240			312			552			343			895			302			1,197			275			298			573			381			954			376			1,330			25	%	11	%
Total Revenues	10,781			10,129			20,910			10,540			31,450			11,068			42,518			11,073			11,703			22,776			11,624			34,400			11,985			46,385			8	%	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			2,291			7,584			2,356			9,940			(19)	%	(16)	%
Marketing, selling and administrative	1,606			1,628			3,234			1,706			4,940			2,721			7,661			1,666			1,882			3,548			1,788			5,336			2,354			7,690			(13)	%	—
Research and development	2,372			2,522			4,894			2,499			7,393			3,750			11,143			2,225			3,271			5,496			3,251			8,747			2,607			11,354			(30)	%	2	%
IPRD charge - MyoKardia acquisition	—			—			—			—			—			11,438			11,438			—			—			—			—			—			—			—			(100)	%	(100)	%
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			2,546			7,606			2,417			10,023			(4)	%	3	%
Other (income)/expense, net	1,163			(736)			427			(915)			(488)			(1,826)			(2,314)			(702)			(2)			(704)			(409)			(1,113)			393			(720)			**		(69)	%
Total Expenses	11,085			8,502			19,587			8,283			27,870			21,519			49,389			8,543			10,150			18,693			9,467			28,160			10,127			38,287			(53)	%	(22)	%

Earnings/(Loss) Before Income Taxes	(304)			1,627			1,323			2,257			3,580			(10,451)			(6,871)			2,530			1,553			4,083			2,157			6,240			1,858			8,098			**		**
Provision/(Benefit) for Income Taxes	462			1,707			2,169			379			2,548			(424)			2,124			501			492			993			605			1,598			(514)			1,084			21	%	(49)	%
Net Earnings/(Loss)	(766)			(80)			(846)			1,878			1,032			(10,027)			(8,995)			2,029			1,061			3,090			1,552			4,642			2,372			7,014			**		**
Noncontrolling Interest	9			5			14			6			20			—			20			8			6			14			6			20			—			20			N/A		—
Net Earnings/(Loss) Attributable to BMS	$	(775)		$	(85)		$	(860)		$	1,872		$	1,012		$	(10,027)		$	(9,015)		$	2,021		$	1,055		$	3,076		$	1,546		$	4,622		$	2,372		$	6,994		**		**

Net Earnings used for Diluted EPS Calculation				$	333		$	1,270		$	721		$	1,991											$	333		$	1,270		$	721		$	1,991								(38)%		11%

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		$	0.69		$	2.05		$	1.07		$	3.12		**		**

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			2,243			2,253			2,219			2,245			—		—
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		$	0.49		$	1.47		$	0.54		$	2.01		10	%	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		%	80.3		%	78.0		%	80.3		%	78.6		%

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		%	28.0		%	25.6		%	(27.7)		%	13.4		%

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		$	328		$	1,011		$	323		$	1,334		(9)	%	(6)	%
Royalties and licensing income	(410)			(311)			(721)			(403)			(1,124)			(403)			(1,527)			(367)			(405)			(772)			(425)			(1,197)			(536)			(1,733)			33	%	13	%
Equity investment (gains)/losses	338			(818)			(480)			(244)			(724)			(504)			(1,228)			(601)			(148)			(749)			(465)			(1,214)			469			(745)			**		(39)	%
Integration expenses	174			166			340			195			535			182			717			141			152			293			141			434			130			564			(29)	%	(21)	%
Contingent consideration	556			(165)			391			(988)			(597)			(1,160)			(1,757)			(510)			—			(510)			—			(510)			(32)			(542)			(97)	%	(69)	%
Loss on debt redemption	—			—			—			—			—			—			—			281			—			281			—			281			—			281			N/A		**
Provision for restructuring	160			115			275			176			451			79			530			45			78			123			27			150			19			169			(76)	%	(68)	%
Litigation and other settlements	32			(1)			31			10			41			(235)			(194)			(8)			44			36			13			49			33			82			**		**
Transition and other service fees	(61)			(50)			(111)			(18)			(129)			(20)			(149)			(15)			(22)			(37)			(6)			(43)			(6)			(49)			(70)	%	(67)	%
Investment income	(61)			(25)			(86)			(13)			(99)			(22)			(121)			(9)			(12)			(21)			(12)			(33)			(6)			(39)			(73)	%	(68)	%
Divestiture (gains)/losses	(16)			9			(7)			1			(6)			(49)			(55)			—			(11)			(11)			2			(9)			—			(9)			(100)	%	(84)	%
Reversion excise tax	76			—			76			—			76			—			76			—			—			—			—			—			—			—			N/A		(100)	%
Intangible asset impairment	—			21			21			—			21			—			21			—			—			—			—			—			—			—			N/A		(100)	%
Other	13			(34)			(21)			23			2			(49)			(47)			(12)			(8)			(20)			(12)			(32)			(1)			(33)			(98)	%	(30)	%

Other (income)/expense, net	$	1,163		$	(736)		$	427		$	(915)		$	(488)		$	(1,826)		$	(2,314)		$	(702)		$	(2)		$	(704)		$	(409)		$	(1,113)		$	393		$	(720)		**		(69)	%

* 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.

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	2021			2020			$ Change		% Change		Favorable/(Unfavorable) FX Impact $*		2020 Excluding FX		Favorable/(Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	11,985		$	11,068		$	917	8	%	$	(124)	$	12,109	(1)	%	9	%
Gross profit	9,629			8,158			1,471		18	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)	9,629			8,833			796		9	%	N/A		N/A		N/A		N/A

Gross profit excluding specified items as a % of revenues	80.3		%	79.8		%

Marketing, selling and administrative	2,354			2,721			(367)		(13)	%	17		2,371		—		(13)	%
Marketing, selling and administrative excluding specified items(a)	2,352			2,480			(128)		(5)	%	17		2,369		1	%	(4)	%

Marketing, selling and administrative excluding specified items as a % of revenues	19.6		%	22.4		%

Research and development	2,607			3,750			(1,143)		(30)	%	6		2,613		—		(30)	%
Research and development excluding specified items(a)	2,607			2,537			70		3	%	6		2,613		—		3	%

Research and development excluding specified items as a % of revenues	21.8		%	22.9		%


YEAR-TO-DATE	2021			2020			$ Change		% Change		Favorable/(Unfavorable) FX Impact $*		2020 Excluding FX		Favorable/(Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	46,385		$	42,518		$	3,867	9	%	$	435	$	45,950	1	%	8	%
Gross profit	36,445			30,745			5,700		19	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)	37,048			34,045			3,003		9	%	N/A		N/A		N/A		N/A

Gross profit excluding specified items as a % of revenues	79.9		%	80.1		%

Marketing, selling and administrative	7,690			7,661			29		—		(59)		7,631		—		—
Marketing, selling and administrative excluding specified items(a)	7,687			7,382			305		4	%	(59)		7,628		(1)	%	3	%

Marketing, selling and administrative excluding specified items as a % of revenues	16.6		%	17.4		%

Research and development	11,354			11,143			211		2	%	(21)		11,333		—		2	%
Research and development excluding specified items(a)	9,531			9,237			294		3	%	(21)		9,510		—		3	%

Research and development excluding specified items as a % of revenues	20.5		%	21.7		%

* 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.

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

Revlimid	$	2,915	$	2,884	$	5,799	$	3,027	$	8,826	$	3,280	$	12,106	$	2,944	$	3,202	$	6,146	$	3,347	$	9,493	$	3,328	$	12,821	$	48	$	715	1	%	6	%
Eliquis	2,641		2,163		4,804		2,095		6,899		2,269		9,168		2,886		2,792		5,678		2,413		8,091		2,671		10,762		402		1,594		18	%	17	%
Opdivo	1,766		1,653		3,419		1,780		5,199		1,793		6,992		1,720		1,910		3,630		1,905		5,535		1,988		7,523		195		531		11	%	8	%
Pomalyst/Imnovid	713		745		1,458		777		2,235		835		3,070		773		854		1,627		851		2,478		854		3,332		19		262		2	%	9	%
Orencia	714		750		1,464		826		2,290		867		3,157		758		814		1,572		870		2,442		864		3,306		(3)		149		—		5	%
Sprycel	521		511		1,032		544		1,576		564		2,140		470		541		1,011		551		1,562		555		2,117		(9)		(23)		(2)	%	(1)	%
Yervoy	396		369		765		446		1,211		471		1,682		456		510		966		515		1,481		545		2,026		74		344		16	%	20	%
Abraxane	300		308		608		342		950		297		1,247		314		296		610		266		876		305		1,181		8		(66)		3	%	(5)	%
Reblozyl	8		55		63		96		159		115		274		112		128		240		160		400		151		551		36		277		31	%	**
Empliciti	97		97		194		96		290		91		381		85		86		171		82		253		81		334		(10)		(47)		(11)	%	(12)	%
Abecma	—		—		—		—		—		—		—		—		24		24		71		95		69		164		69		164		N/A		N/A
Zeposia	—		1		1		2		3		9		12		18		28		46		40		86		48		134		39		122		**		**
Breyanzi	—		—		—		—		—		—		—		—		17		17		30		47		40		87		40		87		N/A		N/A
Inrebic	12		15		27		13		40		15		55		16		16		32		22		54		20		74		5		19		33	%	35	%
Onureg	—		—		—		3		3		14		17		15		12		27		21		48		25		73		11		56		79	%	**
Mature and other brands(a)	698		578		1,276		493		1,769		448		2,217		506		473		979		480		1,459		441		1,900		(7)		(317)		(2)	%	(14)	%






Total	$	10,781	$	10,129	$	20,910	$	10,540	$	31,450	$	11,068	$	42,518	$	11,073	$	11,703	$	22,776	$	11,624	$	34,400	$	11,985	$	46,385	$	917	$	3,867	8	%	9	%

** In excess of +/- 100%.

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

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

Revlimid	$	1,966	$	2,048	$	4,014	$	2,080	$	6,094	$	2,197	$	8,291	$	1,958	$	2,164	$	4,122	$	2,303	$	6,425	$	2,270	$	8,695	3	%	5	%
Eliquis	1,777		1,363		3,140		1,118		4,258		1,227		5,485		1,923		1,722		3,645		1,315		4,960		1,496		6,456		22	%	18	%
Opdivo	1,008		956		1,964		1,018		2,982		963		3,945		944		1,076		2,020		1,062		3,082		1,120		4,202		16	%	7	%
Pomalyst/Imnovid	489		522		1,011		548		1,559		577		2,136		512		567		1,079		586		1,665		584		2,249		1	%	5	%
Orencia	500		554		1,054		588		1,642		626		2,268		536		593		1,129		644		1,773		637		2,410		2	%	6	%
Sprycel	300		308		608		336		944		351		1,295		275		325		600		346		946		351		1,297		—		—
Yervoy	257		254		511		309		820		304		1,124		294		328		622		313		935		330		1,265		9	%	13	%
Abraxane	205		218		423		236		659		214		873		225		234		459		211		670		228		898		7	%	3	%
Reblozyl	8		55		63		92		155		104		259		98		110		208		147		355		130		485		25	%	87	%
Empliciti	59		59		118		59		177		53		230		51		51		102		48		150		50		200		(6)	%	(13)	%
Abecma	—		—		—		—		—		—		—		—		24		24		67		91		67		158		N/A		N/A
Zeposia	—		1		1		2		3		7		10		13		20		33		32		65		34		99		**		**
Breyanzi	—		—		—		—		—		—		—		—		17		17		29		46		38		84		N/A		N/A
Inrebic	12		15		27		13		40		15		55		15		15		30		20		50		17		67		13	%	22	%
Onureg	—		—		—		3		3		14		17		14		12		26		21		47		22		69		57	%	**
Mature and other brands(a)	185		134		319		140		459		130		589		152		130		282		152		434		146		580		12	%	(2)	%





Total(b)	$	6,766	$	6,487	$	13,253	$	6,542	$	19,795	$	6,782	$	26,577	$	7,010	$	7,388	$	14,398	$	7,296	$	21,694	$	7,520	$	29,214	11	%	10	%

** In excess of +/- 100%.

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

(b) Includes Puerto Rico.

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

Revlimid	$	949	$	836	$	1,785	$	947	$	2,732	$	1,083	$	3,815	$	986	$	1,038	$	2,024	$	1,044	$	3,068	$	1,058	$	4,126	(2)	%	8	%
Eliquis	864		800		1,664		977		2,641		1,042		3,683		963		1,070		2,033		1,098		3,131		1,175		4,306		13	%	17	%
Opdivo	758		697		1,455		762		2,217		830		3,047		776		834		1,610		843		2,453		868		3,321		5	%	9	%
Pomalyst/Imnovid	224		223		447		229		676		258		934		261		287		548		265		813		270		1,083		5	%	16	%
Orencia	214		196		410		238		648		241		889		222		221		443		226		669		227		896		(6)	%	1	%
Sprycel	221		203		424		208		632		213		845		195		216		411		205		616		204		820		(4)	%	(3)	%
Yervoy	139		115		254		137		391		167		558		162		182		344		202		546		215		761		29	%	36	%
Abraxane	95		90		185		106		291		83		374		89		62		151		55		206		77		283		(7)	%	(24)	%
Reblozyl	—		—		—		4		4		11		15		14		18		32		13		45		21		66		91	%	**
Empliciti	38		38		76		37		113		38		151		34		35		69		34		103		31		134		(18)	%	(11)	%
Abecma	—		—		—		—		—		—		—		—		—		—		4		4		2		6		N/A		N/A
Zeposia	—		—		—		—		—		2		2		5		8		13		8		21		14		35		**		**
Breyanzi	—		—		—		—		—		—		—		—		—		—		1		1		2		3		N/A		N/A
Inrebic	—		—		—		—		—		—		—		1		1		2		2		4		3		7		N/A		N/A
Onureg	—		—		—		—		—		—		—		1		—		1		—		1		3		4		N/A		N/A
Mature and other brands(a)	513		444		957		353		1,310		318		1,628		354		343		697		328		1,025		295		1,320		(7)	%	(19)	%






Total	$	4,015	$	3,642	$	7,657	$	3,998	$	11,655	$	4,286	$	15,941	$	4,063	$	4,315	$	8,378	$	4,328	$	12,706	$	4,465	$	17,171	4	%	8	%

** In excess of +/- 100%.

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

(b) The foreign exchange impact on international revenues was unfavorable 3% for the fourth quarter and favorable 3% year-to-date. The foreign exchange impact on key 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	(2)%	(3)%	1%	8%	3%	5%
Eliquis	13%	(3)%	16%	17%	3%	14%
Opdivo	5%	(3)%	8%	9%	2%	7%
Pomalyst/Imnovid	5%	(4)%	9%	16%	2%	14%
Orencia	(6)%	(4)%	(2)%	1%	2%	(1)%
Sprycel	(4)%	(5)%	1%	(3)%	1%	(4)%
Yervoy	29%	(3)%	32%	36%	2%	34%
Abraxane	(7)%	(1)%	(6)%	(24)%	3%	(27)%

Empliciti	(18)%	(6)%	(12)%	(11)%	—	(11)%

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	$	97	$	264	$	—	$	264
Intangible asset impairment	—		—		—		—		—		575		575		315		—		315		—		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		—		24		—		24
Cost of products sold	1,438		728		2,166		459		2,625		675		3,300		417		89		506		97		603		—		603

Employee compensation charges	15		12		27		7		34		241		275		—		1		1		—		1		—		1
Site exit and other costs	6		(1)		5		(1)		4		—		4		(1)		—		(1)		1		—		2		2
Marketing, selling and administrative	21		11		32		6		38		241		279		(1)		1		—		1		1		2		3

License and asset acquisition charges	25		300		325		203		528		475		1,003		—		780		780		200		980		—		980
IPRD impairments	—		—		—		—		—		470		470		—		230		230		610		840		—		840
Inventory purchase price accounting adjustments	17		—		17		8		25		11		36		—		—		—		1		1		—		1
Employee compensation charges	18		15		33		8		41		241		282		1		—		1		—		1		—		1
Site exit and other costs	56		39		95		4		99		16		115		—		—		—		1		1		—		1
Research and development	116		354		470		223		693		1,213		1,906		1		1,010		1,011		812		1,823		—		1,823

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		2,546		7,606		2,417		10,023

Interest expense(a)	(41)		(41)		(82)		(40)		(122)		(37)		(159)		(34)		(28)		(62)		(29)		(91)		(29)		(120)
Royalties and licensing income	(83)		(18)		(101)		(53)		(154)		(14)		(168)		(14)		(15)		(29)		—		(29)		(43)		(72)
Equity investment (gains)/losses	339		(818)		(479)		(214)		(693)		(463)		(1,156)		(608)		(154)		(762)		(465)		(1,227)		469		(758)
Integration expenses	174		166		340		195		535		182		717		141		152		293		141		434		130		564
Contingent consideration	556		(165)		391		(988)		(597)		(1,160)		(1,757)		(510)		—		(510)		—		(510)		(32)		(542)
Loss on debt redemption	—		—		—		—		—		—		—		281		—		281		—		281		—		281
Provision for restructuring	160		115		275		176		451		79		530		45		78		123		27		150		19		169
Litigation and other settlements	—		—		—		—		—		(239)		(239)		—		—		—		—		—		—		—

Divestiture (gains)/losses	(16)		9		(7)		1		(6)		(49)		(55)		—		(11)		(11)		2		(9)		—		(9)
Reversion excise tax	76		—		76		—		76		—		76		—		—		—		—		—		—		—






Other (income)/expense, net	1,165		(752)		413		(923)		(510)		(1,701)		(2,211)		(699)		22		(677)		(324)		(1,001)		514		(487)

Increase to pretax income	5,022		2,730		7,752		2,256		10,008		14,392		24,400		2,231		3,669		5,900		3,132		9,032		2,933		11,965

Income taxes on items above	(291)		(3)		(294)		(405)		(699)		(1,034)		(1,733)		(300)		(388)		(688)		(183)		(871)		(251)		(1,122)
Income taxes attributed to Otezla® divestiture	—		255		255		11		266		—		266		—		—		—		—		—		—		—
Income taxes attributed to internal transfers of intangible assets	—		853		853		—		853		—		853		—		—		—		—		—		(983)		(983)

Income taxes	(291)		1,105		814		(394)		420		(1,034)		(614)		(300)		(388)		(688)		(183)		(871)		(1,234)		(2,105)

Increase to net earnings	$	4,731	$	3,835	$	8,566	$	1,862	$	10,428	$	13,358	$	23,786	$	1,931	$	3,281	$	5,212	$	2,949	$	8,161	$	1,699	$	9,860

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

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	$	9,333	$	26,816	$	9,629	$	36,445
Specified items(a)	1,438		728		2,166		459		2,625		675		3,300		417		89		506		97		603		—		603
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		9,430		27,419		9,629		37,048

Marketing, selling and administrative	1,606		1,628		3,234		1,706		4,940		2,721		7,661		1,666		1,882		3,548		1,788		5,336		2,354		7,690
Specified items(a)	(21)		(11)		(32)		(6)		(38)		(241)		(279)		1		(1)		—		(1)		(1)		(2)		(3)
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		1,787		5,335		2,352		7,687

Research and development	2,372		2,522		4,894		2,499		7,393		3,750		11,143		2,225		3,271		5,496		3,251		8,747		2,607		11,354
Specified items(a)	(116)		(354)		(470)		(223)		(693)		(1,213)		(1,906)		(1)		(1,010)		(1,011)		(812)		(1,823)		—		(1,823)
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		2,439		6,924		2,607		9,531

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		2,546		7,606		2,417		10,023
Specified items(a)	(2,282)		(2,389)		(4,671)		(2,491)		(7,162)		(2,526)		(9,688)		(2,513)		(2,547)		(5,060)		(2,546)		(7,606)		(2,417)		(10,023)
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)		(409)		(1,113)		393		(720)
Specified items(a)	(1,165)		752		(413)		923		510		1,701		2,211		699		(22)		677		324		1,001		(514)		487
Other (income)/expense, net excluding specified items	(2)		16		14		8		22		(125)		(103)		(3)		(24)		(27)		(85)		(112)		(121)		(233)

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

For a description of Non-GAAP financial information, see Bristol Myers Squibb "Use of non-GAAP Financial Information" herein.

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		$	2,157		$	6,240		$	1,858		$	8,098
Specified items(a)	5,022			2,730			7,752			2,256			10,008			14,392			24,400			2,231			3,669			5,900			3,132			9,032			2,933			11,965
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			5,289			15,272			4,791			20,063

Provision/(Benefit) for income taxes	462			1,707			2,169			379			2,548			(424)			2,124			501			492			993			605			1,598			(514)			1,084
Income taxes on specified items(a)	291			3			294			405			699			1,034			1,733			300			388			688			183			871			251			1,122
Income taxes attributed to Otezla® divestiture(a)	—			(255)			(255)			(11)			(266)			—			(266)			—			—			—			—			—			—			—
Income taxes attributed to internal transfers of intangible assets(a)	—			(853)			(853)			—			(853)			—			(853)			—			—			—			—			—			983			983
Provision for income taxes excluding tax on specified items and income taxes attributed to Otezla® divestiture and internal transfers of intangible assets	753			602			1,355			773			2,128			610			2,738			801			880			1,681			788			2,469			720			3,189

Noncontrolling Interest	9			5			14			6			20			—			20			8			6			14			6			20			—			20
Specified items(a)	—			—			—			—			—			—			—			—			—			—			—			—			—			—
Noncontrolling Interest excluding specified items	9			5			14			6			20			—			20			8			6			14			6			20			—			20

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			1,546			4,622			2,372			6,994
Specified items(a)	4,731			3,835			8,566			1,862			10,428			13,358			23,786			1,931			3,281			5,212			2,949			8,161			1,699			9,860
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			4,495			12,783			4,071			16,854

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			2,243			2,253			2,219			2,245
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			2,243			2,253			2,219			2,245

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		$	0.69		$	2.05		$	1.07		$	3.12
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			1.31			3.62			0.76			4.39
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		$	2.00		$	5.67		$	1.83		$	7.51

Effective Tax Rate	(152.0)		%	104.9		%	163.9		%	16.8		%	71.2		%	4.1		%	(30.9)		%	19.8		%	31.7		%	24.3		%	28.0		%	25.6		%	(27.7)		%	13.4		%
Specified items(a)	168.0		%	(91.1)		%	(149.0)		%	0.3		%	(55.5)		%	11.4		%	46.5		%	(3.0)		%	(14.8)		%	(7.5)		%	(13.1)		%	(9.4)		%	42.7		%	2.5		%
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		%	14.9		%	16.2		%	15.0		%	15.9		%

* 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.

For a description of Non-GAAP financial information, see Bristol Myers Squibb "Use of non-GAAP Financial Information" herein.

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	$	13,540	$	13,979
Marketable debt securities - current	2,505		1,724		1,720		1,285		1,948		1,946		2,123		2,987
Marketable debt securities - non-current	651		523		495		433		288		143		46		—
Cash, cash equivalents and marketable debt securities	18,973		22,181		21,650		16,264		13,218		13,113		15,709		16,966

Short-term debt obligations	(3,862)		(4,819)		(3,585)		(2,340)		(1,777)		(2,655)		(5,065)		(4,948)
Long-term debt	(42,844)		(41,853)		(41,364)		(48,336)		(44,505)		(42,503)		(39,677)		(39,605)
Net debt position	$	(27,733)	$	(24,491)	$	(23,299)	$	(34,412)	$	(33,064)	$	(32,045)	$	(29,033)	$	(27,587)

BRISTOL-MYERS SQUIBB COMPANY

2022 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS


	Full Year 2022
		Pre-tax	Tax	After-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP				$3.37 to $3.67

Projected Specified Items:
Purchase price accounting adjustments(a)		4.54	0.41	4.13
Acquisition, restructuring and integration expenses(b)		0.23	0.06	0.17


Other		(0.04)	(0.02)	(0.02)
Total		4.73	0.45	4.28

Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP				$7.65 to $7.95

(a) Includes amortization of acquired intangible assets, unwind of inventory purchase price 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 2022 financial guidance:

Line item

GAAP

Non-GAAP

Revenues

Increasing low-single digits

Gross margin

Approximately 78%

Operating expenses(c)

Decreasing by approximately 10%

In-line with 2021

Effective tax rate

Approximately 24%

Approximately 16.5%


The GAAP financial results for the full year of 2022 will include specified items, including but not limited to purchase price accounting adjustments, integration expenses, charges associated with restructuring, downsizing and streamlining worldwide operations. The 2022 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 2021 on February 4, 2022, including “2022 Financial Guidance” and “Use of non-GAAP Financial Information” therein.

BRISTOL-MYERS SQUIBB COMPANY

USE OF NON-GAAP FINANCIAL INFORMATION

In discussing financial results and guidance, the company refers to financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this supplementary information to the earnings release that are calculated and presented in accordance with GAAP and are presented because management has evaluated the company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the non-GAAP financial measures presented portray the results of the company’s baseline performance, supplement or enhance management, analysts and investors overall understanding of the company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. This information is among the primary indicators that we use as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting for future periods. In addition, non-GAAP gross margin, which is gross profit excluding certain specified items as a percentage of revenues, non-GAAP marketing, selling and administrative expenses, which is marketing, selling and administrative expense excluding certain specified items, and non-GAAP research and development expenses, which is research and development expenses excluding certain specified items, are relevant and useful for investors because they allow investors to view performance in a manner similar to the method used by our management and make it easier for investors, analysts and peers to compare our operating performance to other companies in our industry and to compare our year-over-year results.

This supplementary information to the earnings release also provides certain revenues and expenses as well as non-GAAP measures excluding the impact of foreign exchange. We calculate foreign exchange impacts 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.

Non-GAAP financial measures such as non-GAAP earnings and related EPS information are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded from non-GAAP earnings and related EPS information because the company believes they neither relate to the ordinary course of the company’s business nor reflect the company’s underlying business performance. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods, including amortization of acquired intangible assets, including product rights that generate a significant portion of our ongoing revenue and will recur until the intangible assets are fully amortized, unwind of inventory purchase price adjustments, acquisition and integration expenses, restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, R&D charges or other income resulting from up-front or contingent milestone payments in connection with the acquisition or licensing of third-party intellectual property rights, divestiture gains or losses, stock compensation resulting from accelerated vesting of Celgene awards, certain retention-related employee compensation charges related to the Celgene transaction, pension, legal and other contractual settlement charges, equity investment and contingent value rights fair value adjustments (including fair value adjustments attributed to limited partnership equity method investments beginning in 2021) and amortization of fair value adjustments of debt acquired from Celgene in our 2019 exchange offer, among other items. Certain other significant tax items are also excluded such as the impact resulting from internal transfers due to streamlining our legal entity structure subsequent to the Celgene acquisition and the global intangible low taxed income tax change upon finalization of the Otezla* divestiture in 2020. Deferred and current income taxes attributed to these items are also adjusted for considering their individual impact to the overall tax expense, deductibility and jurisdictional tax rates.

Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related financial measures presented in the press release that are prepared in accordance with GAAP and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

Reconciliations of the non-GAAP financial measures to the most comparable GAAP measures are provided in the accompanying financial tables. Within the accompanying financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.

Also note that a reconciliation of the forward-looking revenue (ex-FX), free cash flow and non-GAAP operating margin measures is not provided due to the inherent difficulty in forecasting and quantifying items that are necessary for such reconciliation. Namely, we are not able to reliably predict the impact of specified items or currency exchange rates beyond the next twelve months. As a result, the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is not available without unreasonable effort. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on our future GAAP results.

Bristol-Myers Squibb (BMY) 8-KBristol Myers Squibb Reports Fourth Quarter and Full-Year Financial Results for 2021