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Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
QUARTERLY TREND ANALYSIS OF REVENUES
(Unaudited, dollars in millions)
Revenues
2020
2021
% 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$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 %— — 
Europe2,567 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 World1,335 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 Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear
United States62.8 %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 World12.4 %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 %
Other1.0 %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 %
Total100.0 %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.

1

BRISTOL-MYERS SQUIBB COMPANY
EARNINGS FROM OPERATIONS
(Unaudited, dollars and shares in millions except per share data)
 
2020
2021
% Change
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD 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 $45,055 8 %9 %
Alliance and other revenues240 312 552 343 895 302 1,197 275 298 573 381 954 376 1,330 25 %11 %
Total Revenues10,781 10,129 20,910 10,540 31,450 11,068 42,518 11,073 11,703 22,776 11,624 34,400 11,985 46,385 8 %9 %
Cost of products sold(a)
3,662 2,699 6,361 2,502 8,863 2,910 11,773 2,841 2,452 5,293 2,291 7,584 2,356 9,940 (19)%(16)%
Marketing, selling and administrative1,606 1,628 3,234 1,706 4,940 2,721 7,661 1,666 1,882 3,548 1,788 5,336 2,354 7,690 (13)%— 
Research and development2,372 2,522 4,894 2,499 7,393 3,750 11,143 2,225 3,271 5,496 3,251 8,747 2,607 11,354 (30)%2 %
IPRD charge - MyoKardia acquisition— — — — — 11,438 11,438 — — — — — — — (100)%(100)%
Amortization of acquired intangible assets2,282 2,389 4,671 2,491 7,162 2,526 9,688 2,513 2,547 5,060 2,546 7,606 2,417 10,023 (4)%3 %
Other (income)/expense, net1,163 (736)427 (915)(488)(1,826)(2,314)(702)(2)(704)(409)(1,113)393 (720)**(69)%
Total Expenses11,085 8,502 19,587 8,283 27,870 21,519 49,389 8,543 10,150 18,693 9,467 28,160 10,127 38,287 (53)%(22)%
Earnings/(Loss) Before Income Taxes(304)1,627 1,323 2,257 3,580 (10,451)(6,871)2,530 1,553 4,083 2,157 6,240 1,858 8,098 ****
Provision/(Benefit) for Income Taxes462 1,707 2,169 379 2,548 (424)2,124 501 492 993 605 1,598 (514)1,084 21 %(49)%
Net Earnings/(Loss)(766)(80)(846)1,878 1,032 (10,027)(8,995)2,029 1,061 3,090 1,552 4,642 2,372 7,014 ****
Noncontrolling Interest9 5 14 6 20 — 20 8 6 14 6 20 — 20 N/A— 
Net Earnings/(Loss) Attributable to BMS$(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 - Diluted2,258 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 Revenues1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear
Gross Margin66.0 %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 Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD 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)/losses338 (818)(480)(244)(724)(504)(1,228)(601)(148)(749)(465)(1,214)469 (745)**(39)%
Integration expenses174 166 340 195 535 182 717 141 152 293 141 434 130 564 (29)%(21)%
Contingent consideration556 (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 restructuring160 115 275 176 451 79 530 45 78 123 27 150 19 169 (76)%(68)%
Litigation and other settlements32 (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 tax76 — 76 — 76 — 76 — — — — — — — N/A(100)%
Intangible asset impairment— 21 21 — 21 — 21 — — — — — — — N/A(100)%
Other13 (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.


2

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED DECEMBER 31, 2020
(Unaudited, dollars in millions)
QUARTER-TO-DATE
2021
2020
$ Change% ChangeFavorable/(Unfavorable) FX Impact $*2020 Excluding FXFavorable/(Unfavorable) FX Impact %*% Change Excluding FX
Revenues$11,985 $11,068 $917 8 %$(124)$12,109 (1)%9 %
Gross profit9,629 8,158 1,471 18 %N/A N/A N/AN/A
Gross profit excluding specified items(a)
9,629 8,833 796 9 %N/A N/A N/AN/A
Gross profit excluding specified items as a % of revenues80.3 %79.8 %
Marketing, selling and administrative2,354 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 revenues19.6 %22.4 %
Research and development2,607 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 revenues21.8 %22.9 %
YEAR-TO-DATE
2021
2020
$ Change% ChangeFavorable/(Unfavorable) FX Impact $*2020 Excluding FXFavorable/(Unfavorable) FX Impact %*% Change Excluding FX
Revenues$46,385 $42,518 $3,867 9 %$435 $45,950 1 %8 %
Gross profit36,445 30,745 5,700 19 %N/A N/A N/AN/A
Gross profit excluding specified items(a)
37,048 34,045 3,003 9 %N/A N/A N/AN/A
Gross profit excluding specified items as a % of revenues79.9 %80.1 %
Marketing, selling and administrative7,690 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 revenues16.6 %17.4 %
Research and development11,354 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 revenues20.5 %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.


3

BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
 
2020
2021
$ Change% Change
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD vs. YTDQtr vs. QtrYTD 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 %
Eliquis2,641 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 %
Opdivo1,766 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/Imnovid713 745 1,458 777 2,235 835 3,070 773 854 1,627 851 2,478 854 3,332 19 262 2 %9 %
Orencia714 750 1,464 826 2,290 867 3,157 758 814 1,572 870 2,442 864 3,306 (3)149 — 5 %
Sprycel521 511 1,032 544 1,576 564 2,140 470 541 1,011 551 1,562 555 2,117 (9)(23)(2)%(1)%
Yervoy396 369 765 446 1,211 471 1,682 456 510 966 515 1,481 545 2,026 74 344 16 %20 %
Abraxane300 308 608 342 950 297 1,247 314 296 610 266 876 305 1,181 8 (66)3 %(5)%
Reblozyl8 55 63 96 159 115 274 112 128 240 160 400 151 551 36 277 31 %**
Empliciti97 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/AN/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/AN/A
Inrebic12 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.

4

BRISTOL-MYERS SQUIBB COMPANY
U.S. REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
 
2020
2021
% Change
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD 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 %
Eliquis1,777 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 %
Opdivo1,008 956 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/Imnovid489 522 1,011 548 1,559 577 2,136 512 567 1,079 586 1,665 584 2,249 1 %5 %
Orencia500 554 1,054 588 1,642 626 2,268 536 593 1,129 644 1,773 637 2,410 2 %6 %
Sprycel300 308 608 336 944 351 1,295 275 325 600 346 946 351 1,297 — — 
Yervoy257 254 511 309 820 304 1,124 294 328 622 313 935 330 1,265 9 %13 %
Abraxane205 218 423 236 659 214 873 225 234 459 211 670 228 898 7 %3 %
Reblozyl8 55 63 92 155 104 259 98 110 208 147 355 130 485 25 %87 %
Empliciti59 59 118 59 177 53 230 51 51 102 48 150 50 200 (6)%(13)%
Abecma— — — — — — — — 24 24 67 91 67 158 N/AN/A
Zeposia— 1 1 2 3 7 10 13 20 33 32 65 34 99 ****
Breyanzi— — — — — — — — 17 17 29 46 38 84 N/AN/A
Inrebic12 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.

5

BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
 
2020
2021
% Change(b)
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD 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 %
Eliquis864 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 %
Opdivo758 697 1,455 762 2,217 830 3,047 776 834 1,610 843 2,453 868 3,321 5 %9 %
Pomalyst/Imnovid224 223 447 229 676 258 934 261 287 548 265 813 270 1,083 5 %16 %
Orencia214 196 410 238 648 241 889 222 221 443 226 669 227 896 (6)%1 %
Sprycel221 203 424 208 632 213 845 195 216 411 205 616 204 820 (4)%(3)%
Yervoy139 115 254 137 391 167 558 162 182 344 202 546 215 761 29 %36 %
Abraxane95 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 %**
Empliciti38 38 76 37 113 38 151 34 35 69 34 103 31 134 (18)%(11)%
Abecma— — — — — — — — — — 4 4 2 6 N/AN/A
Zeposia— — — — — 2 2 5 8 13 8 21 14 35 ****
Breyanzi— — — — — — — — — — 1 1 2 3 N/AN/A
Inrebic— — — — — — — 1 1 2 2 4 3 7 N/AN/A
Onureg— — — — — — — 1 — 1 — 1 3 4 N/AN/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-DateYear-to-Date
Revenue Change %Favorable/ (Unfavorable) FX Impact %Revenue Change % Excluding FXRevenue Change %Favorable/ (Unfavorable) FX Impact %Revenue Change % Excluding FX
Revlimid(2)%(3)%1%8%3%5%
Eliquis13%(3)%16%17%3%14%
Opdivo5%(3)%8%9%2%7%
Pomalyst/Imnovid5%(4)%9%16%2%14%
Orencia(6)%(4)%(2)%1%2%(1)%
Sprycel(4)%(5)%1%(3)%1%(4)%
Yervoy29%(3)%32%36%2%34%
Abraxane(7)%(1)%(6)%(24)%3%(27)%
Empliciti(18)%(6)%(12)%(11)%—(11)%
6

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in millions)
 
2020
2021
1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear
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 charges2 1 3 — 3 1 4 — — — — — — — 
Site exit and other costs16 13 29 3 32 1 33 23 1 24 — 24 — 24 
Cost of products sold1,438 728 2,166 459 2,625 675 3,300 417 89 506 97 603 — 603 
Employee compensation charges15 12 27 7 34 241 275 — 1 1 — 1 — 1 
Site exit and other costs6 (1)5 (1)4 — 4 (1)— (1)1 — 2 2 
Marketing, selling and administrative21 11 32 6 38 241 279 (1)1 — 1 1 2 3 
License and asset acquisition charges25 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 adjustments17 — 17 8 25 11 36 — — — 1 1 — 1 
Employee compensation charges18 15 33 8 41 241 282 1 — 1 — 1 — 1 
Site exit and other costs56 39 95 4 99 16 115 — — — 1 1 — 1 
Research and development116 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 assets2,282 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)/losses339 (818)(479)(214)(693)(463)(1,156)(608)(154)(762)(465)(1,227)469 (758)
Integration expenses174 166 340 195 535 182 717 141 152 293 141 434 130 564 
Contingent consideration556 (165)391 (988)(597)(1,160)(1,757)(510)— (510)— (510)(32)(542)
Loss on debt redemption— — — — — — — 281 — 281 — 281 — 281 
Provision for restructuring160 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 tax76 — 76 — 76 — 76 — — — — — — — 
Other (income)/expense, net1,165 (752)413 (923)(510)(1,701)(2,211)(699)22 (677)(324)(1,001)514 (487)
Increase to pretax income5,022 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.

7

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
(Unaudited, dollars in millions)
 
2020
2021
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear
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 items8,557 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 administrative1,606 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 items1,585 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 development2,372 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 items2,256 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 assets2,282 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, net1,163 (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.

8

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP TO NON-GAAP EPS
(Unaudited, dollars and shares in millions except per share data)
 
2020
2021
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear
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 $8,098 
Specified items(a)
5,022 2,730 7,752 2,256 10,008 14,392 24,400 2,231 3,669 5,900 3,132 9,032 2,933 11,965 
Earnings before income taxes excluding specified items4,718 4,357 9,075 4,513 13,588 3,941 17,529 4,761 5,222 9,983 5,289 15,272 4,791 20,063 
Provision/(Benefit) for income taxes462 1,707 2,169 379 2,548 (424)2,124 501 492 993 605 1,598 (514)1,084 
Income taxes on specified items(a)
291 3 294 405 699 1,034 1,733 300 388 688 183 871 251 1,122 
Income taxes attributed to Otezla® divestiture(a)
— (255)(255)(11)(266)— (266)— — — — — — — 
Income taxes attributed to internal transfers of intangible assets(a)
— (853)(853)— (853)— (853)— — — — — 983 983 
Provision for income taxes excluding tax on specified items and income taxes attributed to Otezla® divestiture and internal transfers of intangible assets
753 602 1,355 773 2,128 610 2,738 801 880 1,681 788 2,469 720 3,189 
Noncontrolling Interest9 5 14 6 20 — 20 8 6 14 6 20 — 20 
Specified items(a)
— — — — — — — — — — — — — — 
Noncontrolling Interest excluding specified items9 5 14 6 20 — 20 8 6 14 6 20 — 20 
Net Earnings/(Loss) Attributable to BMS used for Diluted EPS Calculation - GAAP(775)(85)(860)1,872 1,012 (10,027)(9,015)2,021 1,055 3,076 1,546 4,622 2,372 6,994 
Specified items(a)
4,731 3,835 8,566 1,862 10,428 13,358 23,786 1,931 3,281 5,212 2,949 8,161 1,699 9,860 
Net Earnings Attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP3,956 3,750 7,706 3,734 11,440 3,331 14,771 3,952 4,336 8,288 4,495 12,783 4,071 16,854 
Weighted-average Common Shares Outstanding - Diluted-GAAP2,258 2,263 2,261 2,290 2,295 2,252 2,258 2,265 2,252 2,258 2,243 2,253 2,219 2,245 
Weighted-average Common Shares Outstanding - Diluted-Non-GAAP2,298 2,297 2,298 2,290 2,295 2,286 2,293 2,265 2,252 2,258 2,243 2,253 2,219 2,245 
Diluted Earnings/(Loss) Per Share - GAAP*$(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 items16.0 %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.

9

BRISTOL-MYERS SQUIBB COMPANY
SELECTED BALANCE SHEET INFORMATION
(Unaudited, dollars in millions)
March 31,
2020		June 30,
2020		September 30,
2020		December 31, 2020March 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 $13,979 
Marketable debt securities - current2,505 1,724 1,720 1,285 1,948 1,946 2,123 2,987 
Marketable debt securities - non-current651 523 495 433 288 143 46 — 
Cash, cash equivalents and marketable debt securities18,973 22,181 21,650 16,264 13,218 13,113 15,709 16,966 
Short-term debt obligations(3,862)(4,819)(3,585)(2,340)(1,777)(2,655)(5,065)(4,948)
Long-term debt(42,844)(41,853)(41,364)(48,336)(44,505)(42,503)(39,677)(39,605)
Net debt position$(27,733)$(24,491)$(23,299)$(34,412)$(33,064)$(32,045)$(29,033)$(27,587)




10

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$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)
Total4.73 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 itemGAAPNon-GAAP
RevenuesIncreasing low-single digitsIncreasing low-single digits
Gross marginApproximately 78%Approximately 78%
Operating expenses(c)
Decreasing by approximately 10%In-line with 2021
Effective tax rateApproximately 24%Approximately 16.5%
(c)    Operating expenses consist of marketing, selling and administrative expenses and research and development expenses.

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.
11

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.
12