Bristol-Myers Squibb 8K Bristol Myers Squibb Reports Third Quarter Financial Results for 2022 | BMY 26 Oct 22

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF REVENUES

(Unaudited, dollars in millions)


Revenues	2021																					2022																	% 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	$	7,010		$	7,388		$	14,398		$	7,296		$	21,694		$	7,520		$	29,214		$	7,694		$	8,268		$	15,962		$	7,941		$	23,903				9%	10%	—	—
International	3,899			4,124			8,023			4,052			12,075			4,244			16,319			3,727			3,427			7,154			3,062			10,216					(24)%	(15)%	(10)%	(9)%
Other(a)	164			191			355			276			631			221			852			227			192			419			215			634					(22)%	—	—	—
Total	$	11,073		$	11,703		$	22,776		$	11,624		$	34,400		$	11,985		$	46,385		$	11,648		$	11,887		$	23,535		$	11,218		$	34,753				(3)%	1%	(3)%	(3)%

% of Revenues	2021																					2022
	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	63.3		%	63.1		%	63.2		%	62.8		%	63.1		%	62.7		%	63.0		%	66.1		%	69.6		%	67.8		%	70.8		%	68.8		%
International	35.3		%	35.3		%	35.2		%	34.9		%	35.1		%	35.4		%	35.1		%	32.0		%	28.8		%	30.4		%	27.3		%	29.4		%
Other(a)	1.4		%	1.6		%	1.6		%	2.3		%	1.8		%	1.9		%	1.9		%	1.9		%	1.6		%	1.8		%	1.9		%	1.8		%
Total	100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%

(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)


	2021																					2022																	% 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	$	10,798		$	11,405		$	22,203		$	11,243		$	33,446		$	11,609		$	45,055		$	11,308		$	11,485		$	22,793		$	10,813		$	33,606				(4)%	—
Alliance and other revenues	275			298			573			381			954			376			1,330			340			402			742			405			1,147					6%	20%
Total Revenues	11,073			11,703			22,776			11,624			34,400			11,985			46,385			11,648			11,887			23,535			11,218			34,753					(3)%	1%

Cost of products sold(a)	2,841			2,452			5,293			2,291			7,584			2,356			9,940			2,471			2,720			5,191			2,353			7,544					3%	(1)%
Marketing, selling and administrative	1,666			1,882			3,548			1,788			5,336			2,354			7,690			1,831			1,787			3,618			1,930			5,548					8%	4%
Research and development(b)	2,219			2,478			4,697			2,980			7,677			2,518			10,195			2,260			2,321			4,581			2,418			6,999					(19)%	(9)%
Acquired IPRD(b)	6			793			799			271			1,070			89			1,159			333			400			733			30			763					(89)%	(29)%
Amortization of acquired intangible assets	2,513			2,547			5,060			2,546			7,606			2,417			10,023			2,417			2,417			4,834			2,418			7,252					(5)%	(5)%
Other (income)/expense, net	(702)			(2)			(704)			(409)			(1,113)			393			(720)			649			284			933			(140)			793					(66)%	**
Total Expenses	8,543			10,150			18,693			9,467			28,160			10,127			38,287			9,961			9,929			19,890			9,009			28,899					(5)%	3%

Earnings Before Income Taxes	2,530			1,553			4,083			2,157			6,240			1,858			8,098			1,687			1,958			3,645			2,209			5,854					2%	(6)%
Provision/(Benefit) for Income Taxes	501			492			993			605			1,598			(514)			1,084			404			529			933			601			1,534					(1)%	(4)%
Net Earnings	2,029			1,061			3,090			1,552			4,642			2,372			7,014			1,283			1,429			2,712			1,608			4,320					4%	(7)%
Noncontrolling Interest	8			6			14			6			20			—			20			5			8			13			2			15					(67)%	(25)%
Net Earnings Attributable to BMS	$	2,021		$	1,055		$	3,076		$	1,546		$	4,622		$	2,372		$	6,994		$	1,278		$	1,421		$	2,699		$	1,606		$	4,305				4%	(7)%

Diluted Earnings per Common Share*	$	0.89		$	0.47		$	1.36		$	0.69		$	2.05		$	1.07		$	3.12		$	0.59		$	0.66		$	1.25		$	0.75		$	2.00				9%	(2)%
Weighted-Average Common Shares Outstanding - Diluted	2,265			2,252			2,258			2,243			2,253			2,219			2,245			2,164			2,149			2,157			2,148			2,154
Dividends declared per common share	$	0.49		$	0.49		$	0.98		$	0.49		$	1.47		$	0.54		$	2.01		$	0.54		$	0.54		$	1.08		$	0.54		$	1.62				10%	10%

	2021																					2022
% 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	74.3		%	79.0		%	76.8		%	80.3		%	78.0		%	80.3		%	78.6		%	78.8		%	77.1		%	77.9		%	79.0		%	78.3		%
Other Ratios
Effective tax rate	19.8		%	31.7		%	24.3		%	28.0		%	25.6		%	(27.7)		%	13.4		%	23.9		%	27.0		%	25.6		%	27.2		%	26.2		%



Other (income)/expense, net	2021																					2022																	% 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(c)	$	353		$	330		$	683		$	328		$	1,011		$	323		$	1,334		$	326		$	313		$	639		$	299		$	938				(9)%	(7)%
Royalties and licensing income	(367)			(405)			(772)			(425)			(1,197)			(536)			(1,733)			(477)			(508)			(985)			(579)			(1,564)					36%	31%
Equity investment losses/(income)	(601)			(148)			(749)			(465)			(1,214)			469			(745)			644			308			952			14			966					**	**
Integration expenses	141			152			293			141			434			130			564			105			124			229			114			343					(19)%	(21)%
Contingent consideration	(510)			—			(510)			—			(510)			(32)			(542)			1			—			1			—			1					N/A	**
Loss/(gain) on debt redemption	281			—			281			—			281			—			281			275			(9)			266			—			266					N/A	(5)%
Provision for restructuring	45			78			123			27			150			19			169			23			20			43			17			60					(37)%	(60)%
Litigation and other settlements	(8)			44			36			13			49			33			82			(37)			25			(12)			44			32					**	(35)%



Divestiture (gains)/losses	—			(11)			(11)			2			(9)			—			(9)			(211)			—			(211)			—			(211)					(100)%	**




Other	(36)			(42)			(78)			(30)			(108)			(13)			(121)			—			11			11			(49)			(38)					63%	(65)%
Other (income)/expense, net	$	(702)		$	(2)		$	(704)		$	(409)		$	(1,113)		$	393		$	(720)		$	649		$	284		$	933		$	(140)		$	793				(66)%	**

* 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) Research and development charges resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights have been reclassified to the Acquired IPRD line item beginning with the first quarter of 2022. Prior period results have been revised for comparability.

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED SEPTEMBER 30, 2022

(Unaudited, dollars in millions)


QUARTER-TO-DATE	2022			2021			$ Change		% Change		Favorable / (Unfavorable) FX Impact $*		2022 Excluding FX		Favorable / (Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	11,218		$	11,624		$	(406)	(3)	%	$	(450)	$	11,668	(3)	%	—
Gross profit	8,865			9,333			(468)		(5)	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)	8,951			9,430			(479)		(5)	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	79.8		%	81.1		%

Marketing, selling and administrative	1,930			1,788			142		8	%	62		1,992		3	%	11	%
Marketing, selling and administrative excluding specified items(a)	1,857			1,787			70		4	%	62		1,919		3	%	7	%
Marketing, selling and administrative excluding specified items as a % of revenues	16.6		%	15.4		%

Research and development	2,418			2,980			(562)		(19)	%	33		2,451		1	%	(18)	%
Research and development excluding specified items(a)	2,258			2,368			(110)		(5)	%	33		2,291		2	%	(3)	%
Research and development excluding specified items as a % of revenues	20.1		%	20.4		%

YEAR-TO-DATE	2022			2021			$ Change		% Change		Favorable / (Unfavorable) FX Impact $*		2022 Excluding FX		Favorable / (Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	34,753		$	34,400		$	353	1	%	$	(1,054)	$	35,807	(3)	%	4	%
Gross profit	27,209			26,816			393		1	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)	27,492			27,419			73		—		N/A		N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	79.1		%	79.7		%

Marketing, selling and administrative	5,548			5,336			212		4	%	138		5,686		3	%	7	%
Marketing, selling and administrative excluding specified items(a)	5,469			5,335			134		3	%	137		5,606		2	%	5	%
Marketing, selling and administrative excluding specified items as a % of revenues	15.7		%	15.5		%

Research and development	6,999			7,677			(678)		(9)	%	74		7,073		1	%	(8)	%
Research and development excluding specified items(a)	6,691			6,834			(143)		(2)	%	74		6,765		1	%	(1)	%
Research and development excluding specified items as a % of revenues	19.3		%	19.9		%

* 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)


	2021														2022												$ 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
In-Line Products
Eliquis	$	2,886	$	2,792	$	5,678	$	2,413	$	8,091	$	2,671	$	10,762	$	3,211	$	3,235	$	6,446	$	2,655	$	9,101			$	242	$	1,010	10	%	12	%
Opdivo	1,720		1,910		3,630		1,905		5,535		1,988		7,523		1,923		2,063		3,986		2,047		6,033				142		498		7	%	9	%
Pomalyst/Imnovid	773		854		1,627		851		2,478		854		3,332		826		908		1,734		886		2,620				35		142		4	%	6	%
Orencia	758		814		1,572		870		2,442		864		3,306		792		876		1,668		883		2,551				13		109		1	%	4	%
Sprycel	470		541		1,011		551		1,562		555		2,117		483		544		1,027		560		1,587				9		25		2	%	2	%
Yervoy	456		510		966		515		1,481		545		2,026		515		525		1,040		523		1,563				8		82		2	%	6	%
Empliciti	85		86		171		82		253		81		334		75		77		152		73		225				(9)		(28)		(11)	%	(11)	%
Mature and other products(a)	506		473		979		480		1,459		441		1,900		462		435		897		441		1,338				(39)		(121)		(8)	%	(8)	%
Total In-Line Products	7,654		7,980		15,634		7,667		23,301		7,999		31,300		8,287		8,663		16,950		8,068		25,018				401		1,717		5	%	7	%
New Product Portfolio
Reblozyl	112		128		240		160		400		151		551		156		172		328		190		518				30		118		19	%	30	%
Abecma	—		24		24		71		95		69		164		67		89		156		107		263				36		168		51	%	**
Zeposia	18		28		46		40		86		48		134		36		66		102		69		171				29		85		73	%	99	%
Breyanzi	—		17		17		30		47		40		87		44		39		83		44		127				14		80		47	%	**
Inrebic	16		16		32		22		54		20		74		18		23		41		21		62				(1)		8		(5)	%	15	%
Onureg	15		12		27		21		48		25		73		23		32		55		32		87				11		39		52	%	81	%
Opdualag	—		—		—		—		—		—		—		6		58		64		84		148				84		148		N/A		N/A
Camzyos	—		—		—		—		—		—		—		—		3		3		5		8				5		8		N/A		N/A
Sotyktu	—		—		—		—		—		—		—		—		—		—		1		1				1		1		N/A		N/A
Total New Product Portfolio	161		225		386		344		730		353		1,083		350		482		832		553		1,385				209		655		61	%	90	%
Total In-Line Products and New Product Portfolio	7,815		8,205		16,020		8,011		24,031		8,352		32,383		8,637		9,145		17,782		8,621		26,403				610		2,372		8	%	10	%
Recent LOE Products(b)
Revlimid	$	2,944	$	3,202	$	6,146	$	3,347	$	9,493	$	3,328	$	12,821	$	2,797	$	2,501	$	5,298	$	2,420	$	7,718			(927)		(1,775)		(28)	%	(19)	%
Abraxane	314		296		610		266		876		305		1,181		214		241		455		177		632				(89)		(244)		(33)	%	(28)	%
Total Recent LOE Products	3,258		3,498		6,756		3,613		10,369		3,633		14,002		3,011		2,742		5,753		2,597		8,350				(1,016)		(2,019)		(28)	%	(19)	%

Total	$	11,073	$	11,703	$	22,776	$	11,624	$	34,400	$	11,985	$	46,385	$	11,648	$	11,887	$	23,535	$	11,218	$	34,753			(406)		353		(3)	%	1	%

** In excess of +/- 100%.

(a) Includes over-the-counter (OTC) products, royalty revenue and other mature products.

(b) Recent LOE products includes products with significant expected decline in revenue from a prior reporting period as a result of a loss of exclusivity.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE REVENUES

FOREIGN EXCHANGE IMPACT (%)

(Unaudited)



	Three Months Ended September 30, 2022			Nine Months Ended September 30, 2022
	Revenue Change %	Favorable/ (Unfavorable) FX Impact %	Revenue Change % Excluding FX	Revenue Change %	Favorable/ (Unfavorable) FX Impact %	Revenue Change % Excluding FX
In-Line Products
Eliquis	10%	(6)%	16%	12%	(5)%	17%
Opdivo	7%	(6)%	13%	9%	(4)%	13%
Pomalyst/Imnovid	4%	(4)%	8%	6%	(3)%	9%
Orencia	1%	(4)%	5%	4%	(3)%	7%
Sprycel	2%	(5)%	7%	2%	(4)%	6%
Yervoy	2%	(5)%	7%	6%	(4)%	10%
Empliciti	(11)%	(6)%	(5)%	(11)%	(5)%	(6)%
Mature and other products(a)	(8)%	(4)%	(4)%	(8)%	(3)%	(5)%
Total In-Line Products	5%	(5)%	10%	7%	(4)%	11%
New Product Portfolio
Reblozyl	19%	(3)%	22%	30%	(2)%	32%
Abecma	51%	(8)%	59%	**	**	**
Zeposia	73%	(10)%	83%	99%	(8)%	**
Breyanzi	47%	(3)%	50%	**	**	**
Inrebic	(5)%	(5)%	—	15%	(2)%	17%
Onureg	52%	(5)%	57%	81%	(4)%	85%
Opdualag	N/A	N/A	N/A	N/A	N/A	N/A
Camzyos	N/A	N/A	N/A	N/A	N/A	N/A
Sotyktu	N/A	N/A	N/A	N/A	N/A	N/A
Total New Product Portfolio	61%	(5)%	66%	90%	(4)%	94%
Total In-Line Products and New Product Portfolio	8%	(5)%	13%	10%	(4)%	14%
Recent LOE Products(b)
Revlimid	(28)%	(1)%	(27)%	(19)%	(1)%	(18)%
Abraxane	(33)%	(1)%	(32)%	(28)%	(1)%	(27)%
Total Recent LOE Products	(28)%	(1)%	(27)%	(19)%	(1)%	(18)%

Total	(3)%	(3)%	—	1%	(3)%	4%

** In excess of +/- 100%.

(a) Includes over-the-counter (OTC) products, royalty revenue and other mature products.

(b) Recent LOE products includes products with significant expected decline in revenue from a prior reporting period as a result of a loss of exclusivity.

BRISTOL-MYERS SQUIBB COMPANY

U.S. REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)


	2021														2022												% 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
In-Line Products
Eliquis	$	1,923	$	1,722	$	3,645	$	1,315	$	4,960	$	1,496	$	6,456	$	2,147	$	2,192	$	4,339	$	1,729	$	6,068			31%	22%
Opdivo	944		1,076		2,020		1,062		3,082		1,120		4,202		1,099		1,205		2,304		1,243		3,547				17%	15%
Pomalyst/Imnovid	512		567		1,079		586		1,665		584		2,249		557		616		1,173		640		1,813				9%	9%
Orencia	536		593		1,129		644		1,773		637		2,410		592		654		1,246		682		1,928				6%	9%
Sprycel	275		325		600		346		946		351		1,297		305		372		677		402		1,079				16%	14%
Yervoy	294		328		622		313		935		330		1,265		311		326		637		322		959				3%	3%
Empliciti	51		51		102		48		150		50		200		47		47		94		47		141				(2)%	(6)%
Mature and other products(a)	152		130		282		152		434		146		580		133		147		280		144		424				(5)%	(2)%
Total In-Line Products	4,687		4,792		9,479		4,466		13,945		4,714		18,659		5,191		5,559		10,750		5,209		15,959				17%	14%
New Product Portfolio
Reblozyl	98		110		208		147		355		130		485		134		144		278		156		434				6%	22%
Abecma	—		24		24		67		91		67		158		56		72		128		75		203				12%	**
Zeposia	13		20		33		32		65		34		99		21		48		69		50		119				56%	83%
Breyanzi	—		17		17		29		46		38		84		41		33		74		35		109				21%	**
Inrebic	15		15		30		20		50		17		67		15		20		35		17		52				(15)%	4%
Onureg	14		12		26		21		47		22		69		19		25		44		24		68				14%	45%
Opdualag	—		—		—		—		—		—		—		6		58		64		84		148				N/A	N/A
Camzyos	—		—		—		—		—		—		—		—		3		3		5		8				N/A	N/A
Sotyktu	—		—		—		—		—		—		—		—		—		—		1		1				N/A	N/A
Total New Product Portfolio	140		198		338		316		654		308		962		292		403		695		447		1,142				41%	75%
Total In-Line Products and New Product Portfolio	4,827		4,990		9,817		4,782		14,599		5,022		19,621		5,483		5,962		11,445		5,656		17,101				18%	17%
Recent LOE Products(b)
Revlimid	1,958		2,164		4,122		2,303		6,425		2,270		8,695		2,038		2,130		4,168		2,170		6,338				(6)%	(1)%
Abraxane	225		234		459		211		670		228		898		173		176		349		115		464				(45)%	(31)%
Total Recent LOE Products	2,183		2,398		4,581		2,514		7,095		2,498		9,593		2,211		2,306		4,517		2,285		6,802				(9)%	(4)%

Total(c)	$	7,010	$	7,388	$	14,398	$	7,296	$	21,694	$	7,520	$	29,214	$	7,694	$	8,268	$	15,962	$	7,941	$	23,903			9%	10%

** In excess of +/- 100%.

(a) Includes OTC products, royalty revenue and other mature products.

(b) Recent LOE products includes products with significant expected decline in revenue from a prior reporting period as a result of a loss of exclusivity.

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)


	2021														2022												% 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
In-Line Products
Eliquis	$	963	$	1,070	$	2,033	$	1,098	$	3,131	$	1,175	$	4,306	$	1,064	$	1,043	$	2,107	$	926	$	3,033				(16)	%	(3)	%
Opdivo	776		834		1,610		843		2,453		868		3,321		824		858		1,682		804		2,486					(5)	%	1	%
Pomalyst/Imnovid	261		287		548		265		813		270		1,083		269		292		561		246		807					(7)	%	(1)	%
Orencia	222		221		443		226		669		227		896		200		222		422		201		623					(11)	%	(7)	%
Sprycel	195		216		411		205		616		204		820		178		172		350		158		508					(23)	%	(18)	%
Yervoy	162		182		344		202		546		215		761		204		199		403		201		604					—		11	%
Empliciti	34		35		69		34		103		31		134		28		30		58		26		84					(24)	%	(18)	%
Mature and other products(a)	354		343		697		328		1,025		295		1,320		329		288		617		297		914					(9)	%	(11)	%
Total In-Line Products	2,967		3,188		6,155		3,201		9,356		3,285		12,641		3,096		3,104		6,200		2,859		9,059					(11)	%	(3)	%
New Product Portfolio
Reblozyl	14		18		32		13		45		21		66		22		28		50		34		84					**		87	%
Abecma	—		—		—		4		4		2		6		11		17		28		32		60					**		**
Zeposia	5		8		13		8		21		14		35		15		18		33		19		52					**		**
Breyanzi	—		—		—		1		1		2		3		3		6		9		9		18					**		**
Inrebic	1		1		2		2		4		3		7		3		3		6		4		10					100	%	**
Onureg	1		—		1		—		1		3		4		4		7		11		8		19					N/A		**


Total New Product Portfolio	21		27		48		28		76		45		121		58		79		137		106		243					**		**
Total In-Line Products and New Product Portfolio	2,988		3,215		6,203		3,229		9,432		3,330		12,762		3,154		3,183		6,337		2,965		9,302					(8)	%	(1)	%
Recent LOE Products(b)
Revlimid	986		1,038		2,024		1,044		3,068		1,058		4,126		759		371		1,130		250		1,380					(76)	%	(55)	%
Abraxane	89		62		151		55		206		77		283		41		65		106		62		168					13	%	(18)	%
Total Recent LOE Products	1,075		1,100		2,175		1,099		3,274		1,135		4,409		800		436		1,236		312		1,548					(72)	%	(53)	%

Total	$	4,063	$	4,315	$	8,378	$	4,328	$	12,706	$	4,465	$	17,171	$	3,954	$	3,619	$	7,573	$	3,277	$	10,850				(24)	%	(15)	%

** In excess of +/- 100%.

(a) Includes OTC products, royalty revenue and other mature products.

(b) Recent LOE products include products with significant expected decline in revenue from a prior reporting period as a result of a loss of market exclusivity.

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES

FOREIGN EXCHANGE IMPACT (%)

(Unaudited)


	Three Months Ended September 30, 2022			Nine Months Ended September 30, 2022
	Revenue Change %	Favorable/ (Unfavorable) FX Impact %	Revenue Change % Excluding FX	Revenue Change %	Favorable/ (Unfavorable) FX Impact %	Revenue Change % Excluding FX
In-Line Products
Eliquis	(16)%	(14)%	(2)%	(3)%	(11)%	8%
Opdivo	(5)%	(13)%	8%	1%	(10)%	11%
Pomalyst/Imnovid	(7)%	(13)%	6%	(1)%	(10)%	9%
Orencia	(11)%	(13)%	2%	(7)%	(10)%	3%
Sprycel	(23)%	(13)%	(10)%	(18)%	(11)%	(7)%
Yervoy	—	(14)%	14%	11%	(12)%	23%
Empliciti	(24)%	(15)%	(9)%	(18)%	(11)%	(7)%
Mature and other products(a)	(9)%	(5)%	(4)%	(11)%	(4)%	(7)%
Total In-Line Products	(11)%	(13)%	2%	(3)%	(9)%	6%
New Product Portfolio
Reblozyl	**	**	**	87%	(20)%	**
Abecma	**	**	**	**	**	**
Zeposia	**	**	**	**	**	**
Breyanzi	**	**	**	**	**	**
Inrebic	100%	(50)%	**	**	**	**
Onureg	N/A	N/A	N/A	**	**	**


Total New Product Portfolio	**	**	**	**	**	**
Total In-Line Products and New Product Portfolio	(8)%	(13)%	5%	(1)%	(10)%	9%
Recent LOE Products(b)
Revlimid	(76)%	(3)%	(73)%	(55)%	(4)%	(51)%
Abraxane	13%	(7)%	20%	(18)%	(4)%	(14)%
Total Recent LOE Products	(72)%	(4)%	(68)%	(53)%	(4)%	(49)%

Total	(24)%	(10)%	(14)%	(15)%	(9)%	(6)%

** In excess of +/- 100%.

(a) Includes over-the-counter (OTC) products, royalty revenue and other mature products.

(b) Recent LOE products includes products with significant expected decline in revenue from a prior reporting period as a result of a loss of exclusivity.

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)


	2021(a)														2022
	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	$	79	$	88	$	167	$	97	$	264	$	—	$	264	$	52	$	102	$	154	$	86	$	240
Intangible asset impairment	315		—		315		—		315		—		315		—		—		—		—		—
Site exit and other costs	23		1		24		—		24		—		24		—		43		43		—		43
Cost of products sold	417		89		506		97		603		—		603		52		145		197		86		283

Employee compensation charges	—		1		1		—		1		—		1		—		—		—		73		73
Site exit and other costs	(1)		—		(1)		1		—		2		2		2		4		6		—		6
Marketing, selling and administrative	(1)		1		—		1		1		2		3		2		4		6		73		79

IPRD impairments	—		230		230		610		840		—		840		40		—		40		58		98
Inventory purchase price accounting adjustments	—		—		—		1		1		—		1		87		21		108		22		130
Employee compensation charges	1		—		1		—		1		—		1		—		—		—		80		80
Site exit and other costs	—		—		—		1		1		—		1		—		—		—		—		—
Research and development	1		230		231		612		843		—		843		127		21		148		160		308

Amortization of acquired intangible assets	2,513		2,547		5,060		2,546		7,606		2,417		10,023		2,417		2,417		4,834		2,418		7,252

Interest expense(b)	(34)		(28)		(62)		(29)		(91)		(29)		(120)		(27)		(21)		(48)		(18)		(66)
Equity investment losses/(income)	(608)		(154)		(762)		(465)		(1,227)		469		(758)		643		307		950		12		962
Integration expenses	141		152		293		141		434		130		564		105		124		229		114		343
Contingent consideration	(510)		—		(510)		—		(510)		(32)		(542)		—		—		—		—		—

Loss on debt redemption	281		—		281		—		281		—		281		275		(9)		266		—		266
Provision for restructuring	45		78		123		27		150		19		169		23		20		43		17		60
Litigation and other settlements	—		—		—		—		—		—		—		(40)		—		(40)		36		(4)


Divestiture (gains)/losses	—		(11)		(11)		2		(9)		—		(9)		(211)		—		(211)		—		(211)


Other	—		—		—		—		—		—		—		—		42		42		28		70
Other (income)/expense, net	(685)		37		(648)		(324)		(972)		557		(415)		768		463		1,231		189		1,420

Increase to pretax income	2,245		2,904		5,149		2,932		8,081		2,976		11,057		3,366		3,050		6,416		2,926		9,342

Income taxes on items above	(303)		(292)		(595)		(137)		(732)		(261)		(993)		(398)		(321)		(719)		(268)		(987)

Income taxes attributed to internal transfer of intangible assets	—		—		—		—		—		(983)		(983)		—		—		—		—		—
Income taxes	(303)		(292)		(595)		(137)		(732)		(1,244)		(1,976)		(398)		(321)		(719)		(268)		(987)

Increase to net earnings	$	1,942	$	2,612	$	4,554	$	2,795	$	7,349	$	1,732	$	9,081	$	2,968	$	2,729	$	5,697	$	2,658	$	8,355

(a) Revised to exclude significant R&D charges or other income resulting from up-front and contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights (including related income tax impacts).

(b) 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)


	2021														2022
	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	$	8,232	$	9,251	$	17,483	$	9,333	$	26,816	$	9,629	$	36,445	$	9,177	$	9,167	$	18,344	$	8,865	$	27,209
Specified items(a)	417		89		506		97		603		—		603		52		145		197		86		283
Gross profit excluding specified items	8,649		9,340		17,989		9,430		27,419		9,629		37,048		9,229		9,312		18,541		8,951		27,492

Marketing, selling and administrative	1,666		1,882		3,548		1,788		5,336		2,354		7,690		1,831		1,787		3,618		1,930		5,548
Specified items(a)	1		(1)		—		(1)		(1)		(2)		(3)		(2)		(4)		(6)		(73)		(79)
Marketing, selling and administrative excluding specified items	1,667		1,881		3,548		1,787		5,335		2,352		7,687		1,829		1,783		3,612		1,857		5,469

Research and development	2,219		2,478		4,697		2,980		7,677		2,518		10,195		2,260		2,321		4,581		2,418		6,999
Specified items(a)	(1)		(230)		(231)		(612)		(843)		—		(843)		(127)		(21)		(148)		(160)		(308)
Research and development excluding specified items	2,218		2,248		4,466		2,368		6,834		2,518		9,352		2,133		2,300		4,433		2,258		6,691





Amortization of acquired intangible assets	2,513		2,547		5,060		2,546		7,606		2,417		10,023		2,417		2,417		4,834		2,418		7,252
Specified items(a)	(2,513)		(2,547)		(5,060)		(2,546)		(7,606)		(2,417)		(10,023)		(2,417)		(2,417)		(4,834)		(2,418)		(7,252)
Amortization of acquired intangible assets excluding specified items	—		—		—		—		—		—		—		—		—		—		—		—

Other (income)/expense, net	(702)		(2)		(704)		(409)		(1,113)		393		(720)		649		284		933		(140)		793
Specified items(a)	685		(37)		648		324		972		(557)		415		(768)		(463)		(1,231)		(189)		(1,420)
Other (income)/expense, net excluding specified items	(17)		(39)		(56)		(85)		(141)		(164)		(305)		(119)		(179)		(298)		(329)		(627)

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

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP TO NON-GAAP EPS

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


	2021																					2022
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr	Year
Earnings before income taxes	$	2,530		$	1,553		$	4,083		$	2,157		$	6,240		$	1,858		$	8,098		$	1,687		$	1,958		$	3,645		$	2,209		$	5,854
Specified items(a)	2,245			2,904			5,149			2,932			8,081			2,976			11,057			3,366			3,050			6,416			2,926			9,342
Earnings before income taxes excluding specified items	4,775			4,457			9,232			5,089			14,321			4,834			19,155			5,053			5,008			10,061			5,135			15,196

Provision/(Benefit) for income taxes	501			492			993			605			1,598			(514)			1,084			404			529			933			601			1,534
Income taxes on specified items(a)	303			292			595			137			732			261			993			398			321			719			268			987

Income taxes attributed to internal transfer of intangible assets(a)	—			—			—			—			—			983			983			—			—			—			—			—
Provision for income taxes excluding tax on specified items and income taxes attributed to internal transfer of intangible assets	804			784			1,588			742			2,330			730			3,060			802			850			1,652			869			2,521





Net Earnings attributable to BMS used for Diluted EPS Calculation - GAAP	2,021			1,055			3,076			1,546			4,622			2,372			6,994			1,278			1,421			2,699			1,606			4,305
Specified items(a)	1,942			2,612			4,554			2,795			7,349			1,732			9,081			2,968			2,729			5,697			2,658			8,355
Net Earnings attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP	3,963			3,667			7,630			4,341			11,971			4,104			16,075			4,246			4,150			8,396			4,264			12,660

Weighted-average Common Shares Outstanding - Diluted-GAAP	2,265			2,252			2,258			2,243			2,253			2,219			2,245			2,164			2,149			2,157			2,148			2,154
Weighted-average Common Shares Outstanding - Diluted-Non-GAAP	2,265			2,252			2,258			2,243			2,253			2,219			2,245			2,164			2,149			2,157			2,148			2,154

Diluted Earnings Per Share - GAAP*	$	0.89		$	0.47		$	1.36		$	0.69		$	2.05		$	1.07		$	3.12		$	0.59		$	0.66		$	1.25		$	0.75		$	2.00
Diluted Earnings Per Share attributable to specified items(a)	0.85			1.16			2.02			1.24			3.26			0.77			4.04			1.37			1.27			2.64			1.24			3.88
Diluted Earnings Per Share - Non-GAAP*	$	1.74		$	1.63		$	3.38		$	1.93		$	5.31		$	1.84		$	7.16		$	1.96		$	1.93		$	3.89		$	1.99		$	5.88

Effective Tax Rate	19.8		%	31.7		%	24.3		%	28.0		%	25.6		%	(27.7)		%	13.4		%	23.9		%	27.0		%	25.6		%	27.2		%	26.2		%
Specified items(a)	(3.0)		%	(14.1)		%	(7.1)		%	(13.4)		%	(9.3)		%	42.8		%	2.6		%	(8.0)		%	(10.0)		%	(9.2)		%	(10.3)		%	(9.6)		%
Effective Tax Rate excluding specified items	16.8		%	17.6		%	17.2		%	14.6		%	16.3		%	15.1		%	16.0		%	15.9		%	17.0		%	16.4		%	16.9		%	16.6		%

* 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.

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

(Unaudited, dollars in millions)


	March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Cash and cash equivalents	$	10,982	$	11,024	$	13,540	$	13,979	$	12,369	$	10,750	$	7,734
Marketable debt securities - current	1,948		1,946		2,123		2,987		2,599		2,478		1,293
Marketable debt securities - non-current	288		143		46		—		—		—		—
Cash, cash equivalents and marketable debt securities	13,218		13,113		15,709		16,966		14,968		13,228		9,027

Short-term debt obligations	(1,777)		(2,655)		(5,065)		(4,948)		(7,522)		(4,953)		(2,132)
Long-term debt	(44,505)		(42,503)		(39,677)		(39,605)		(37,450)		(37,107)		(36,966)
Net debt position	$	(33,064)	$	(32,045)	$	(29,033)	$	(27,587)	$	(30,004)	$	(28,832)	$	(30,071)

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(a)				$2.54 to $2.84
Projected Specified Items:
Purchase price accounting adjustments(b)		4.63	0.48	4.15
Acquisition, restructuring and integration expenses(c)		0.29	0.06	0.23
Equity investment losses		0.45	0.05	0.40
Intangible asset impairment		0.05	0.01	0.04
Divestiture gains		(0.10)	(0.02)	(0.08)
Turning Point unvested equity awards		0.07	0.01	0.06
Loss on debt redemption		0.12	0.03	0.09
Other		0.01	—	0.01
Total		5.52	0.62	4.90

Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP(a)				$7.44 to $7.74

(a) Includes net impact of ($0.22) from acquired IPRD and licensing income incurred year-to-date.

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

(c) 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

Total net sales

Approximately $46.0 Billion

Recent LOE products(d)

Approximately $10.0 billion or double-digit decline

Revlimid

$9.0-$9.5 billion

In-Line Products & New Product Portfolio

Approximately $36.0 billion or low double-digit increase

Gross margin

Approximately 78%

Approximately 79%

Operating expenses(e)

Mid single-digit decline

Low single-digit decline

Effective tax rate

Approximately 24%

Approximately 16.5%

(d) Recent LOE products include Revlimid and Abraxane.

(e) Operating expenses consist of Marketing, selling and administrative expenses and Research and development expenses, excluding acquired IPRD expenses.


The GAAP financial results for the full year of 2022 will include specified items, including purchase price accounting adjustments, acquisition and integration expenses, charges associated with restructuring, downsizing and streamlining worldwide operations, impairment of intangible assets, loss on debt redemption, divestiture gains or losses and equity investment (including fair value adjustments attributed to limited partnership equity method investments), Turning Point related charges, among other items. 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 Third Quarter Financial Results for 2022 on October 25, 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. In addition, non-GAAP gross margin, which is gross profit excluding certain specified items as a percentage of revenues, non-GAAP operating expenses, which is marketing, selling and administrative and research and development expenses excluding certain specified items, 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, divestiture gains or losses, stock compensation resulting from acquisition-related equity awards, 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) 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. 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.

Beginning with the first quarter of 2022, significant R&D charges or other income resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights are no longer excluded from our non-GAAP financial measures. We made these changes to our presentation of non-GAAP financial measures following comments from and discussions with the U.S. Securities and Exchange Commission. For purposes of comparability, the non-GAAP financial measures for the prior periods have been updated to reflect this change.

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 and also available on the company's website at www.bms.com 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 forward-looking, non-GAAP gross margin, non-GAAP operating expenses and non-GAAP tax rate, is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be 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. 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 Third Quarter Financial Results for 2022