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Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
QUARTERLY TREND ANALYSIS OF REVENUES
(Unaudited, dollars in millions)
Revenues20212022% Change
FX Impact(b)
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD vs. YTDQtr vs. QtrYTD vs. YTD
United States$7,010 $7,388 $14,398 $7,296 $21,694 $7,520 $29,214 $7,694 10%10%——
Europe2,553 2,689 5,242 2,661 7,903 2,784 10,687 2,413 (5)%(5)%(6)%(6)%
Rest of the World1,346 1,435 2,781 1,391 4,172 1,460 5,632 1,314 (2)%(2)%(4)%(4)%
Other(a)
164 191 355 276 631 221 852 227 38%38%——
Total$11,073 $11,703 $22,776 $11,624 $34,400 $11,985 $46,385 $11,648 5%5%(2)%(2)%
% of Revenues20212022
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear
United States63.3 %63.1 %63.2 %62.8 %63.1 %62.7 %63.0 %66.1 %
Europe 23.1 %23.0 %23.0 %22.9 %23.0 %23.2 %23.0 %20.7 %
Rest of the World12.2 %12.3 %12.2 %12.0 %12.1 %12.2 %12.1 %11.3 %
Other1.4 %1.6 %1.6 %2.3 %1.8 %1.9 %1.9 %1.9 %
Total100.0 %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)
 20212022% Change
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD vs. YTD
Net product sales$10,798 $11,405 $22,203 $11,243 $33,446 $11,609 $45,055 $11,308 5%5%
Alliance and other revenues275 298 573 381 954 376 1,330 340 24%24%
Total Revenues11,073 11,703 22,776 11,624 34,400 11,985 46,385 11,648 5%5%
Cost of products sold(a)
2,841 2,452 5,293 2,291 7,584 2,356 9,940 2,471 (13)%(13)%
Marketing, selling and administrative1,666 1,882 3,548 1,788 5,336 2,354 7,690 1,831 10%10%
Research and development(b)
2,219 2,478 4,697 2,980 7,677 2,518 10,195 2,260 2%2%
Acquired IPRD(b)
6 793 799 271 1,070 89 1,159 333 ****
Amortization of acquired intangible assets2,513 2,547 5,060 2,546 7,606 2,417 10,023 2,417 (4)%(4)%
Other (income)/expense, net(702)(2)(704)(409)(1,113)393 (720)649 ****
Total Expenses8,543 10,150 18,693 9,467 28,160 10,127 38,287 9,961 17%17%
Earnings Before Income Taxes2,530 1,553 4,083 2,157 6,240 1,858 8,098 1,687 (33)%(33)%
Provision/(Benefit) for Income Taxes501 492 993 605 1,598 (514)1,084 404 (19)%(19)%
Net Earnings2,029 1,061 3,090 1,552 4,642 2,372 7,014 1,283 (37)%(37)%
Noncontrolling Interest8 6 14 6 20 — 20 5 (38)%(38)%
Net Earnings Attributable to BMS$2,021 $1,055 $3,076 $1,546 $4,622 $2,372 $6,994 $1,278 (37)%(37)%
Diluted Earnings per Common Share*$0.89 $0.47 $1.36 $0.69 $2.05 $1.07 $3.12 $0.59 (34)%(34)%
Weighted-Average Common Shares Outstanding - Diluted2,265 2,252 2,258 2,243 2,253 2,219 2,245 2,164 ——
Dividends declared per common share$0.49 $0.49 $0.98 $0.49 $1.47 $0.54 $2.01 $0.54 10%10%
20212022
% of Total Revenues1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear
Gross Margin74.3 %79.0 %76.8 %80.3 %78.0 %80.3 %78.6 %78.8 %
Other Ratios
Effective tax rate19.8 %31.7 %24.3 %28.0 %25.6 %(27.7)%13.4 %23.9 %
Other (income)/expense, net20212022% Change
1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD vs. YTD
Interest expense(c)
$353 $330 $683 $328 $1,011 $323 $1,334 $326 (8)%(8)%
Royalties and licensing income(367)(405)(772)(425)(1,197)(536)(1,733)(477)30%30%
Equity investment losses/(gains)(601)(148)(749)(465)(1,214)469 (745)644 ****
Integration expenses141 152 293 141 434 130 564 105 (26)%(26)%
Contingent consideration(510)— (510)— (510)(32)(542)1 ****
Loss on debt redemption281 — 281 — 281 — 281 275 (2)%(2)%
Provision for restructuring45 78 123 27 150 19 169 23 (49)%(49)%
Litigation and other settlements(8)44 36 13 49 33 82 (37)****
Transition and other service fees(15)(22)(37)(6)(43)(6)(49)(1)(93)%(93)%
Investment income(9)(12)(21)(12)(33)(6)(39)(10)11%11%
Divestiture (gains)/losses— (11)(11)2 (9)— (9)(211)****
Other(12)(8)(20)(12)(32)(1)(33)11 ****
Other (income)/expense, net$(702)$(2)$(704)$(409)$(1,113)$393 $(720)$649 ****
*    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.
(c)    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 MARCH 31, 2022
(Unaudited, dollars in millions)
QUARTER-TO-DATE20222021$ Change% ChangeFavorable / (Unfavorable) FX Impact $*
2022 Excluding FX
Favorable / (Unfavorable) FX Impact %*% Change Excluding FX
Revenues$11,648 $11,073 $575 5 %$(232)$11,880 (2)%7 %
Gross profit9,177 8,232 945 11 %N/A N/A N/AN/A
Gross profit excluding specified items(a)
9,229 8,649 580 7 %N/A N/A N/AN/A
Gross profit excluding specified items as a % of revenues79.2 %78.1 %
Marketing, selling and administrative1,831 1,666 165 10 %26 1,857 1 %11 %
Marketing, selling and administrative excluding specified items(a)
1,829 1,667 162 10 %26 1,855 1 %11 %
Marketing, selling and administrative excluding specified items as a % of revenues15.7 %15.1 %
Research and development2,260 2,219 41 2 %13 2,273 — 2 %
Research and development excluding specified items(a)
2,133 2,218 (85)(4)%13 2,146 1 %(3)%
Research and development excluding specified items as a % of revenues18.3 %20.0 %
*    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)
 20212022$ Change% Change
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD vs. YTDQtr vs. QtrYTD vs. YTD
In-Line Products
Eliquis$2,886 $2,792 $5,678 $2,413 $8,091 $2,671 $10,762 $3,211 $325 $325 11%11%
Opdivo1,720 1,910 3,630 1,905 5,535 1,988 7,523 1,923 203 203 12%12%
Pomalyst/Imnovid773 854 1,627 851 2,478 854 3,332 826 53 53 7%7%
Orencia758 814 1,572 870 2,442 864 3,306 792 34 34 4%4%
Sprycel470 541 1,011 551 1,562 555 2,117 483 13 13 3%3%
Yervoy456 510 966 515 1,481 545 2,026 515 59 59 13%13%
Empliciti85 86 171 82 253 81 334 75 (10)(10)(12)%(12)%
Mature and other products(a)
506 473 979 480 1,459 441 1,900 462 (44)(44)(9)%(9)%
Total In-Line Products7,654 7,980 15,634 7,667 23,301 7,999 31,300 8,287 633 633 8%8%
New Product Portfolio
Reblozyl112 128 240 160 400 151 551 156 44 44 39%39%
Abecma— 24 24 71 95 69 164 67 67 67 NANA
Zeposia18 28 46 40 86 48 134 36 18 18 100%100%
Breyanzi— 17 17 30 47 40 87 44 44 44 NANA
Inrebic16 16 32 22 54 20 74 18 2 2 13%13%
Onureg15 12 27 21 48 25 73 23 8 8 53%53%
Opdualag— — — — — — — 6 6 6 NANA
Total New Product Portfolio161 225 386 344 730 353 1,083 350 189 189 ****
Recent LOE Products(b)
Revlimid2,944 3,202 6,146 3,347 9,493 3,328 12,821 2,797 (147)(147)(5)%(5)%
Abraxane314 296 610 266 876 305 1,181 214 (100)(100)(32)%(32)%
Total Recent LOE Products3,258 3,498 6,756 3,613 10,369 3,633 14,002 3,011 (247)(247)(8)%(8)%
Total$11,073 $11,703 $22,776 $11,624 $34,400 $11,985 $46,385 $11,648 $575 $575 5%5%
**    In excess of +/- 100%.
(a)    Includes products that have lost exclusivity in major markets, 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.

4

BRISTOL-MYERS SQUIBB COMPANY
U.S. REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
 20212022% Change
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD vs. YTD
In-Line Products
Eliquis1,923 1,722 3,645 1,315 4,960 1,496 6,456 2,147 12%12%
Opdivo944 1,076 2,020 1,062 3,082 1,120 4,202 1,099 16%16%
Pomalyst/Imnovid512 567 1,079 586 1,665 584 2,249 557 9%9%
Orencia536 593 1,129 644 1,773 637 2,410 592 10%10%
Sprycel275 325 600 346 946 351 1,297 305 11%11%
Yervoy294 328 622 313 935 330 1,265 311 6%6%
Empliciti51 51 102 48 150 50 200 47 (8)%(8)%
Mature and other products(a)
152 130 282 152 434 146 580 133 (13)%(13)%
Total In-Line Products4,687 4,792 9,479 4,466 13,945 4,714 18,659 5,191 11%11%
New Product Portfolio
Reblozyl98 110 208 147 355 130 485 134 37%37%
Abecma— 24 24 67 91 67 158 56 NAN/A
Zeposia13 20 33 32 65 34 99 21 62%62%
Breyanzi— 17 17 29 46 38 84 41 NANA
Inrebic15 15 30 20 50 17 67 15 ——
Onureg14 12 26 21 47 22 69 19 36%36%
Opdualag— — — — — — — 6 NANA
Total New Product Portfolio140 198 338 316 654 308 962 292 ****
Recent LOE Products(b)
Revlimid$1,958 $2,164 $4,122 $2,303 $6,425 $2,270 $8,695 $2,038 4%4%
Abraxane225 234 459 211 670 228 898 173 (23)%(23)%
Total Recent LOE Products2,183 2,398 4,581 2,514 7,095 2,498 9,593 2,211 1%1%
Total(c)
$7,010 $7,388 $14,398 $7,296 $21,694 $7,520 $29,214 $7,694 10%10%
**    In excess of +/- 100%.
(a)    Includes products that have lost exclusivity in major markets, 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.
(c)    Includes Puerto Rico.
5

BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
 20212022
% Change(c)
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD vs. YTD
In-Line Products
Eliquis963 1,070 2,033 1,098 3,131 1,175 4,306 1,064 10%10%
Opdivo776 834 1,610 843 2,453 868 3,321 824 6%6%
Pomalyst/Imnovid261 287 548 265 813 270 1,083 269 3%3%
Orencia222 221 443 226 669 227 896 200 (10)%(10)%
Sprycel195 216 411 205 616 204 820 178 (9)%(9)%
Yervoy162 182 344 202 546 215 761 204 26%26%
Empliciti34 35 69 34 103 31 134 28 (18)%(18)%
Mature and other products(a)
354 343 697 328 1,025 295 1,320 329 (7)%(7)%
Total In-Line Products2,967 3,188 6,155 3,201 9,356 3,285 12,641 3,096 4%4%
New Product Portfolio
Reblozyl14 18 32 13 45 21 66 22 57%57%
Abecma— — — 4 4 2 6 11 NANA
Zeposia5 8 13 8 21 14 35 15 ****
Breyanzi— — — 1 1 2 3 3 NANA
Inrebic1 1 2 2 4 3 7 3 ****
Onureg1 — 1 — 1 3 4 4 ****
Total New Product Portfolio21 27 48 28 76 45 121 58 ****
Recent LOE Products(b)
Revlimid$986 $1,038 $2,024 $1,044 $3,068 $1,058 $4,126 $759 (23)%(23)%
Abraxane89 62 151 55 206 77 283 41 (54)%(54)%
Total Recent LOE Products1,075 1,100 2,175 1,099 3,274 1,135 4,409 800 (26)%(26)%
Total$4,063 $4,315 $8,378 $4,328 $12,706 $4,465 $17,171 $3,954 (3)%(3)%
(a)    Includes products that have lost exclusivity in major markets, 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 market exclusivity.
(c)    The foreign exchange impact on international revenues was unfavorable 6% for the first quarter. The foreign exchange impact on select products is included below.
Quarter-to-DateYear-to-Date
Revenue Change %Favorable/ (Unfavorable) FX Impact %Revenue Change % Excluding FXRevenue Change %Favorable/ (Unfavorable) FX Impact %Revenue Change % Excluding FX
Eliquis10%(7)%17%10%(7)%17%
Opdivo6%(7)%13%6%(7)%13%
Pomalyst/Imnovid3%(6)%9%3%(6)%9%
Orencia(10)%(6)%(4)%(10)%(6)%(4)%
Sprycel(9)%(7)%(2)%(9)%(7)%(2)%
Yervoy26%(8)%34%26%(8)%34%
Empliciti(18)%(6)%(12)%(18)%(6)%(12)%
Revlimid(23)%(4)%(19)%(23)%(4)%(19)%
Abraxane(54)%(2)%(52)%(54)%(2)%(52)%
6

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in millions)
 
2021(a)
2022
1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear
Inventory purchase price accounting adjustments$79 $88 $167 $97 $264 $— $264 $52 
Intangible asset impairment315 — 315 — 315 — 315 — 
Site exit and other costs23 1 24 — 24 — 24 — 
Cost of products sold417 89 506 97 603 — 603 52 
Employee compensation charges— 1 1 — 1 — 1 — 
Site exit and other costs(1)— (1)1 — 2 2 2 
Marketing, selling and administrative(1)1 — 1 1 2 3 2 
IPRD impairments— 230 230 610 840 — 840 40 
Inventory purchase price accounting adjustments— — — 1 1 — 1 87 
Employee compensation charges1 — 1 — 1 — 1 — 
Site exit and other costs— — — 1 1 — 1 — 
Research and development1 230 231 612 843 — 843 127 
Amortization of acquired intangible assets2,513 2,547 5,060 2,546 7,606 2,417 10,023 2,417 
Interest expense(b)
(34)(28)(62)(29)(91)(29)(120)(27)
Equity investment (gains)/losses(608)(154)(762)(465)(1,227)469 (758)643 
Integration expenses141 152 293 141 434 130 564 105 
Contingent consideration(510)— (510)— (510)(32)(542)— 
Loss on debt redemption281 — 281 — 281 — 281 275 
Provision for restructuring45 78 123 27 150 19 169 23 
Litigation and other settlements— — — — — — — (40)
Divestiture (gains)/losses— (11)(11)2 (9)— (9)(211)
Other (income)/expense, net(685)37 (648)(324)(972)557 (415)768 
Increase to pretax income2,245 2,904 5,149 2,932 8,081 2,976 11,057 3,366 
Income taxes on items above(303)(292)(595)(137)(732)(261)(993)(398)
Income taxes attributed to internal transfer of intangible assets— — — — — (983)(983)— 
Income taxes(303)(292)(595)(137)(732)(1,244)(1,976)(398)
Increase to net earnings$1,942 $2,612 $4,554 $2,795 $7,349 $1,732 $9,081 $2,968 
(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.
7

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
(Unaudited, dollars in millions)
 20212022
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear
Gross Profit$8,232 $9,251 $17,483 $9,333 $26,816 $9,629 $36,445 $9,177 
Specified items(a)
417 89 506 97 603 — 603 52 
Gross profit excluding specified items8,649 9,340 17,989 9,430 27,419 9,629 37,048 9,229 
Marketing, selling and administrative1,666 1,882 3,548 1,788 5,336 2,354 7,690 1,831 
Specified items(a)
1 (1)— (1)(1)(2)(3)(2)
Marketing, selling and administrative excluding specified items1,667 1,881 3,548 1,787 5,335 2,352 7,687 1,829 
Research and development2,225 3,271 5,496 3,251 8,747 2,607 11,354 2,260 
Specified items(a)
(1)(230)(31)(612)(843)— (843)(127)
Research and development excluding specified items2,224 3,041 5,465 2,639 7,904 2,607 10,511 2,133 
Amortization of acquired intangible assets2,513 2,547 5,060 2,546 7,606 2,417 10,023 2,417 
Specified items(a)
(2,513)(2,547)(5,060)(2,546)(7,606)(2,417)(10,023)(2,417)
Amortization of acquired intangible assets excluding specified items— — — — — — — — 
Other (income)/expense, net(702)(2)(704)(409)(1,113)393 (720)649 
Specified items(a)
685 (37)648 324 972 (557)415 (768)
Other (income)/expense, net excluding specified items(17)(39)(56)(85)(141)(164)(305)(119)
(a)    Refer to the Specified Items schedule for further details.


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BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP TO NON-GAAP EPS
(Unaudited, dollars and shares in millions except per share data)
 20212022
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear
Earnings before income taxes$2,530 $1,553 $4,083 $2,157 $6,240 $1,858 $8,098 $1,687 
Specified items(a)
2,245 2,904 5,149 2,932 8,081 2,976 11,057 3,366 
Earnings before income taxes excluding specified items4,775 4,457 9,232 5,089 14,321 4,834 19,155 5,053 
Provision/(Benefit) for income taxes501 492 993 605 1,598 (514)1,084 404 
Income taxes on specified items(a)
303 292 595 137 732 261 993 398 
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 assets804 784 1,588 742 2,330 730 3,060 802 
Noncontrolling Interest8 6 14 6 20 — 20 5 
Specified items(a)
— — — — — — — — 
Noncontrolling Interest excluding specified items8 6 14 6 20 — 20 5 
Net Earnings attributable to BMS used for Diluted EPS Calculation - GAAP2,021 1,055 3,076 1,546 4,622 2,372 6,994 1,278 
Specified items(a)
1,942 2,612 4,554 2,795 7,349 1,732 9,081 2,968 
Net Earnings attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP3,963 3,667 7,630 4,341 11,971 4,104 16,075 4,246 
Weighted-average Common Shares Outstanding - Diluted-GAAP2,265 2,252 2,258 2,243 2,253 2,219 2,245 2,164 
Weighted-average Common Shares Outstanding - Diluted-Non-GAAP2,265 2,252 2,258 2,243 2,253 2,219 2,245 2,164 
Diluted Earnings Per Share - GAAP*$0.89 $0.47 $1.36 $0.69 $2.05 $1.07 $3.12 $0.59 
Diluted Earnings Per Share attributable to specified items(a)
0.85 1.16 2.02 1.24 3.26 0.78 4.04 1.37 
Diluted Earnings Per Share - Non-GAAP*$1.74 $1.63 $3.38 $1.93 $5.31 $1.85 $7.16 $1.96 
Effective Tax Rate19.8 %31.7 %24.3 %28.0 %25.6 %(27.7)%13.4 %23.9 %
Specified items(a)
(3.0)%(14.1)%(7.1)%(13.4)%(9.3)%42.8 %2.6 %(8.0)%
Effective Tax Rate excluding specified items16.8 %17.6 %17.2 %14.6 %16.3 %15.1 %16.0 %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.

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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 $12,369 
Marketable debt securities - current1,948 1,946 2,123 2,987 2,599 
Marketable debt securities - non-current288 143 46 — — 
Cash, cash equivalents and marketable debt securities13,218 13,113 15,709 16,966 14,968 
Short-term debt obligations(1,777)(2,655)(5,065)(4,948)(7,522)
Long-term debt(44,505)(42,503)(39,677)(39,605)(37,450)
Net debt position$(33,064)$(32,045)$(29,033)$(27,587)$(30,004)
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BRISTOL-MYERS SQUIBB COMPANY
2022 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS
Full Year 2022
Pre-taxTaxAfter-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP(a)
$2.92 to $3.22
Projected Specified Items:
Purchase price accounting adjustments(b)
4.54 0.50 4.04 
Acquisition, restructuring and integration expenses(c)
0.25 0.06 0.19 
Equity investment losses0.30 0.03 0.27 
Intangible asset impairment0.02 — 0.02 
Divestiture gains(0.10)(0.02)(0.08)
Loss on debt redemption0.13 0.03 0.10 
Other(0.02)— (0.02)
Total5.12 0.60 4.52 
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP(a)
$7.44 to $7.74
(a)    Net impact of ($0.21) from acquired IPRD and licensing income due to ($0.10) incurred in the first quarter of 2022 and an additional ($0.11) due to the buyout of a future royalty obligation related to mavacamten that occurred in April 2022. Excluding these adjustments, the outlook for non-GAAP EPS is unchanged.
(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 itemGAAPNon-GAAP
Total net salesIn-line with 2021In-line with 2021
Recent LOE products(d)
Approximately $10.0 billion or double-digit declineApproximately $10.0 billion or double-digit decline
Revlimid$9.0-$9.5 billion$9.0-$9.5 billion
In-line products & new product portfolioApproximately $36.5 billion or low double-digit increaseApproximately $36.5 billion or low double-digit increase
Gross marginApproximately 78%Approximately 78%
Operating expenses(e)
Mid single-digit declineLow single-digit decline
Effective tax rateApproximately 22%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, divestiture gains or losses and equity investment (including fair value adjustments attributed to limited partnership equity method investments), 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 First Quarter Financial Results for 2022 on April 29, 2022, including “2022 Financial Guidance” and “Use of non-GAAP Financial Information” therein.
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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 operating margin, which is operating income excluding certain specified items as a percentage of revenues, non-GAAP free cash flow, which is non-GAAP net earnings plus adjustments related to cash generated from operating activities and cash paid for capital expenditures, 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, 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) 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 are making 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 each of the four quarters of 2021 and the year ended December 31, 2021 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. 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 free cash flow and operating margin are 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.
12