Try our mobile app

Published: 2021-10-27 00:00:00 ET
<<<  go to BMY company page
HTTP/1.1 200 OK HTTP/1.1 200 OK X-Crawlera-Slave: 23.19.98.18:8800 X-Crawlera-Version: 1.60.1 accept-ranges: bytes content-type: text/html last-modified: Wed, 27 Oct 2021 13:47:11 GMT server: AmazonS3 x-amz-id-2: 84ul/OGRHdsAnY9BrFyUglu81FhfXNTXSS0/9qYarcz0ieVvGpg/KcIRT1dKfSMGHLsMhIrdIoM= x-amz-meta-mode: 33188 x-amz-meta-s3cmd-attrs: uid:504/gname:fitrprnt/uname:fitrprnt/gid:504/mode:33184/mtime:1635342425/atime:1635342425/md5:1cd4b4b4a2446a3f6a108ea8a54112e6/ctime:1635342427 x-amz-replication-status: COMPLETED x-amz-request-id: BPNPSHMPKZHG3XNK x-amz-version-id: qJ0K0maiybw9Uueg7qFl_A68ykW81fLl x-content-type-options: nosniff x-frame-options: SAMEORIGIN x-xss-protection: 1; mode=block x-akamai-transformed: 9 39666 0 pmb=mTOE,2 expires: Fri, 07 Apr 2023 02:52:56 GMT cache-control: max-age=0, no-cache, no-store pragma: no-cache date: Fri, 07 Apr 2023 02:52:56 GMT vary: Accept-Encoding akamai-x-true-ttl: -1 strict-transport-security: max-age=31536000 ; includeSubDomains ; preload set-cookie: ak_bmsc=5C9926AF72DD54BF590F3D21F39EB952~000000000000000000000000000000~YAAQzh3fF/a/3FKHAQAAk5uhWRMkpoo0faqNF+y6n5OgkrAgVXmrOTpdHfLZKES9Osk0mXdcnEsA3jrQNYg4pZ3oMaf9KJkDVE3HWK4DVHWqAb5+WLS4mS9WqTutp0N7ZNUkPza5oCqhxZcf/aqJIwomXL7LubST3sW9jLFHVtTadQ2AA9kYfI39/wJ426/ISObiRntK0Qk1AI2TU9LzPYYI05kwWVU+LsQVK97cNBw3YuSuzjyMxUz5ztJQHTb9ByBRHxeggAiaUfw4JTtVH1yHZjCXzcfrYW9GxOyKs0RKTaB2Y/Ln1J/XqqQ6Q0c4gwmSKH6pmpnPRif5uXDgXqdx0BeVPYeFPo7S/Bpltq8R316MeVD0ugc8J4aO7/N4ZZrQH3A=; Domain=.sec.gov; Path=/; Expires=Fri, 07 Apr 2023 04:52:55 GMT; Max-Age=7199; HttpOnly set-cookie: bm_mi=758E85A5394D885FDDA8C658AB3769B8~YAAQzh3fF/e/3FKHAQAAk5uhWRO3vF4/WsHB+WnCn5peZHOrqNwRiofI2GsSiNE5I2V6G4Mfwqrws3WvAawA1/6HdS7EfK//1jtqLRJZc03luN5cVuOW22PO0MwE+4GOUy5AU68EiaONm5bS4P8XuvLqp8dxiup86OjUQVgiF1t8WfeR5yDG/r3A5FbUvMJ+JUibQ1MYnTVlmWzmKggB0pmYCL+obayo1ZEffE9czDjTOyDgtxSUBcRKyKYmpsuJcJ1ONMlY+4pUq+i1y/w7Hu/pqD5H/nSBaz3Wq6tvsNOfNxlZq6BG11OLKz2zTbs5lABRmAqDhmoNBcqY+pMFCQz35Mg09pGciH0JYWj+YAjBC+a7RsOxiTHlEVwLKsT2G3vGEgqA~1; Domain=.sec.gov; Path=/; Expires=Fri, 07 Apr 2023 02:52:56 GMT; Max-Age=0; Secure Transfer-Encoding: chunked Proxy-Connection: close Connection: close EX-99.2 3 q32021ex992.htm CERTAIN SUPPLEMENTAL INFORMATION Document

Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
QUARTERLY TREND ANALYSIS OF REVENUES
(Unaudited, dollars in millions)
Revenues20202021% 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 12%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 8%10%2%6%
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 2%4%1%2%
Other(a)
113 172 285 184 469 162 631 164 191 355 276 631 50%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 10%9%—1%
% of Revenues20202021
 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 %
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 %
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 %
Other1.0 %1.7 %1.3 %1.7 %1.5 %1.4 %1.5 %1.4 %1.6 %1.6 %2.3 %1.8 %
Total100.0 %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)
 20202021% 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 $33,446 10%9%
Alliance and other revenues240 312 552 343 895 302 1,197 275 298 573 381 954 11%7%
Total Revenues10,781 10,129 20,910 10,540 31,450 11,068 42,518 11,073 11,703 22,776 11,624 34,400 10%9%
Cost of products sold(a)
3,662 2,699 6,361 2,502 8,863 2,910 11,773 2,841 2,452 5,293 2,291 7,584 (8)%(14)%
Marketing, selling and administrative1,606 1,628 3,234 1,706 4,940 2,721 7,661 1,666 1,882 3,548 1,788 5,336 5%8%
Research and development2,372 2,522 4,894 2,499 7,393 3,750 11,143 2,225 3,271 5,496 3,251 8,747 30%18%
IPRD charge - MyoKardia acquisition— — — — — 11,438 11,438 — — — — — N/AN/A
Amortization of acquired intangible assets2,282 2,389 4,671 2,491 7,162 2,526 9,688 2,513 2,547 5,060 2,546 7,606 2%6%
Other (income)/expense, net1,163 (736)427 (915)(488)(1,826)(2,314)(702)(2)(704)(409)(1,113)(55)%**
Total Expenses11,085 8,502 19,587 8,283 27,870 21,519 49,389 8,543 10,150 18,693 9,467 28,160 14%1%
Earnings/(Loss) Before Income Taxes(304)1,627 1,323 2,257 3,580 (10,451)(6,871)2,530 1,553 4,083 2,157 6,240 (4)%74%
Provision/(Benefit) for Income Taxes462 1,707 2,169 379 2,548 (424)2,124 501 492 993 605 1,598 60%(37)%
Net Earnings/(Loss)(766)(80)(846)1,878 1,032 (10,027)(8,995)2,029 1,061 3,090 1,552 4,642 (17)%**
Noncontrolling Interest9 5 14 6 20 — 20 8 6 14 6 20 ——
Net Earnings/(Loss) Attributable to BMS$(775)$(85)$(860)$1,872 $1,012 $(10,027)$(9,015)$2,021 $1,055 $3,076 $1,546 $4,622 (17)%**
Diluted Earnings/(Loss) per Common Share*$(0.34)$(0.04)$(0.38)$0.82 $0.44 $(4.45)$(3.99)$0.89 $0.47 $1.36 $0.69 $2.05 (16)%**
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 ——
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 9%9%
20202021
% 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 %
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 %
Other (income)/expense, net20202021% 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 (5)%(5)%
Contingent consideration556 (165)391 (988)(597)(1,160)(1,757)(510)— (510)— (510)(100)%(15)%
Royalties and licensing income(410)(311)(721)(403)(1,124)(403)(1,527)(367)(405)(772)(425)(1,197)5%6%
Equity investment (gains)/losses338 (818)(480)(244)(724)(504)(1,228)(601)(148)(749)(465)(1,214)91%68%
Integration expenses174 166 340 195 535 182 717 141 152 293 141 434 (28)%(19)%
Provision for restructuring160 115 275 176 451 79 530 45 78 123 27 150 (85)%(67)%
Litigation and other settlements32 (1)31 10 41 (235)(194)(8)44 36 13 49 30%20%
Transition and other service fees(61)(50)(111)(18)(129)(20)(149)(15)(22)(37)(6)(43)(67)%(67)%
Investment income(61)(25)(86)(13)(99)(22)(121)(9)(12)(21)(12)(33)(8)%(67)%
Reversion excise tax76 — 76 — 76 — 76 — — — — — N/A(100)%
Divestiture losses/(gains)(16)9 (7)1 (6)(49)(55)— (11)(11)2 (9)100%50%
Intangible asset impairment— 21 21 — 21 — 21 — — — — — N/A(100)%
Loss on debt redemption— — — — — — — 281 — 281 — 281 N/AN/A
Other13 (34)(21)23 2 (49)(47)(12)(8)(20)(12)(32)****
Other (income)/expense, net$1,163 $(736)$427 $(915)$(488)$(1,826)$(2,314)$(702)$(2)$(704)$(409)$(1,113)(55)%**
*    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 SEPTEMBER 30, 2021
(Unaudited, dollars in millions)
QUARTER-TO-DATE20212020$ Change% ChangeFavorable / (Unfavorable) FX Impact $*
2021 Excluding FX
Favorable / (Unfavorable) FX Impact %*% Change Excluding FX
Revenues$11,624 $10,540 $1,084 10 %$60 $11,564 — 10 %
Gross profit9,333 8,038 1,295 16 %N/A N/A N/AN/A
Gross profit excluding specified items(a)
9,430 8,497 933 11 %N/A N/A N/AN/A
Gross profit excluding specified items as a % of revenues81.1 %80.6 %
Marketing, selling and administrative1,788 1,706 82 5 %(10)1,778 (1)%4 %
Marketing, selling and administrative excluding specified items(a)
1,787 1,700 87 5 %(10)1,777 — 5 %
Marketing, selling and administrative excluding specified items as a % of revenues15.4 %16.1 %
Research and development3,251 2,499 752 30 %(3)3,248 — 30 %
Research and development excluding specified items(a)
2,439 2,276 163 7 %(3)2,436 — 7 %
Research and development excluding specified items as a % of revenues21.0 %21.6 %
YEAR-TO-DATE20212020$ Change% ChangeFavorable / (Unfavorable) FX Impact $*
2021 Excluding FX
Favorable / (Unfavorable) FX Impact %*% Change Excluding FX
Revenues$34,400 $31,450 $2,950 9 %$559 $33,841 1 %8 %
Gross profit26,816 22,587 4,229 19 %N/AN/AN/AN/A
Gross profit excluding specified items(a)
27,419 25,212 2,207 9 %N/AN/AN/AN/A
Gross profit excluding specified items as a % of revenues79.7 %80.2 %
Marketing, selling and administrative5,336 4,940 396 8 %(76)5,260 (2)%6 %
Marketing, selling and administrative excluding specified items(a)
5,335 4,902 433 9 %(76)5,259 (2)%7 %
Marketing, selling and administrative excluding specified items as a % of revenues15.5 %15.6 %
Research and development8,747 7,393 1,354 18 %(31)8,716 — 18 %
Research and development excluding specified items(a)
6,924 6,700 224 3 %(31)6,893 — 3 %
Research and development excluding specified items as a % of revenues20.1 %21.3 %
*    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)
 20202021$ Change% Change
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD vs. YTDQtr vs. QtrYTD vs. YTD
Prioritized Brands
Revlimid$2,915 $2,884 $5,799 $3,027 $8,826 $3,280 $12,106 $2,944 $3,202 $6,146 $3,347 $9,493 $320 $667 11%8%
Eliquis2,641 2,163 4,804 2,095 6,899 2,269 9,168 2,886 2,792 5,678 2,413 8,091 318 1,192 15%17%
Opdivo1,766 1,653 3,419 1,780 5,199 1,793 6,992 1,720 1,910 3,630 1,905 5,535 125 336 7%6%
Orencia714 750 1,464 826 2,290 867 3,157 758 814 1,572 870 2,442 44 152 5%7%
Pomalyst/Imnovid713 745 1,458 777 2,235 835 3,070 773 854 1,627 851 2,478 74 243 10%11%
Sprycel521 511 1,032 544 1,576 564 2,140 470 541 1,011 551 1,562 7 (14)1%(1)%
Yervoy396 369 765 446 1,211 471 1,682 456 510 966 515 1,481 69 270 15%22%
Abraxane300 308 608 342 950 297 1,247 314 296 610 266 876 (76)(74)(22)%(8)%
Empliciti97 97 194 96 290 91 381 85 86 171 82 253 (14)(37)(15)%(13)%
Reblozyl8 55 63 96 159 115 274 112 128 240 160 400 64 241 67%**
Inrebic12 15 27 13 40 15 55 16 16 32 22 54 9 14 69%35%
Onureg— — — 3 3 14 17 15 12 27 21 48 18 45 ****
Zeposia— 1 1 2 3 9 12 18 28 46 40 86 38 83 ****
Breyanzi— — — — — — — — 17 17 30 47 30 47 N/AN/A
Abecma— — — — — — — — 24 24 71 95 71 95 N/AN/A
Established Brands
Vidaza158 126 284 106 390 65 455 54 45 99 36 135 (70)(255)(66)%(65)%
Baraclude122 121 243 100 343 104 447 113 109 222 105 327 5 (16)5%(5)%
Other Brands(a)
418 331 749 287 1,036 279 1,315 339 319 658 339 997 52 (39)18%(4)%
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 $1,084 $2,950 10%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)
 20202021% Change
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD vs. YTD
Prioritized Brands
Revlimid$1,966 $2,048 $4,014 $2,080 $6,094 $2,197 $8,291 $1,958 $2,164 $4,122 $2,303 $6,425 11%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 18%16%
Opdivo1,008 956 1,964 1,018 2,982 963 3,945 944 1,076 2,020 1,062 3,082 4%3%
Orencia500 554 1,054 588 1,642 626 2,268 536 593 1,129 644 1,773 10%8%
Pomalyst/Imnovid489 522 1,011 548 1,559 577 2,136 512 567 1,079 586 1,665 7%7%
Sprycel300 308 608 336 944 351 1,295 275 325 600 346 946 3%—
Yervoy257 254 511 309 820 304 1,124 294 328 622 313 935 1%14%
Abraxane205 218 423 236 659 214 873 225 234 459 211 670 (11)%2%
Empliciti59 59 118 59 177 53 230 51 51 102 48 150 (19)%(15)%
Reblozyl8 55 63 92 155 104 259 98 110 208 147 355 60%**
Inrebic12 15 27 13 40 15 55 15 15 30 20 50 54%25%
Onureg— — — 3 3 14 17 14 12 26 21 47 ****
Zeposia— 1 1 2 3 7 10 13 20 33 32 65 ****
Breyanzi— — — — — — — — 17 17 29 46 N/AN/A
Abecma— — — — — — — — 24 24 67 91 N/AN/A
Established Brands
Vidaza2 — 2 — 2 — 2 5 2 7 1 8 N/A**
Baraclude3 3 6 3 9 3 12 4 2 6 2 8 (33)%(11)%
Other Brands(a)
180 131 311 137 448 127 575 143 126 269 149 418 9%(7)%
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 12%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)
 20202021
% Change(b)
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD vs. YTD
Prioritized Brands
Revlimid$949 $836 $1,785 $947 $2,732 $1,083 $3,815 $986 $1,038 $2,024 $1,044 $3,068 10%12%
Eliquis864 800 1,664 977 2,641 1,042 3,683 963 1,070 2,033 1,098 3,131 12%19%
Opdivo758 697 1,455 762 2,217 830 3,047 776 834 1,610 843 2,453 11%11%
Orencia214 196 410 238 648 241 889 222 221 443 226 669 (5)%3%
Pomalyst/Imnovid224 223 447 229 676 258 934 261 287 548 265 813 16%20%
Sprycel221 203 424 208 632 213 845 195 216 411 205 616 (1)%(3)%
Yervoy139 115 254 137 391 167 558 162 182 344 202 546 47%40%
Abraxane95 90 185 106 291 83 374 89 62 151 55 206 (48)%(29)%
Empliciti38 38 76 37 113 38 151 34 35 69 34 103 (8)%(9)%
Reblozyl— — — 4 4 11 15 14 18 32 13 45 ****
Inrebic— — — — — — — 1 1 2 2 4 N/AN/A
Onureg— — — — — — — 1 — 1 — 1 N/AN/A
Zeposia— — — — — 2 2 5 8 13 8 21 N/AN/A
Breyanzi— — — — — — — — — — 1 1 N/AN/A
Abecma— — — — — — — — — — 4 4 N/AN/A
Established Brands
Vidaza156 126 282 106 388 65 453 49 43 92 35 127 (67)%(67)%
Baraclude119 118 237 97 334 101 435 109 107 216 103 319 6%(4)%
Other Brands(a)
238 200 438 150 588 152 740 196 193 389 190 579 27%(2)%
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 8%9%
(a)    Includes products that have lost exclusivity in major markets, OTC brands and royalty revenue.
(b)    The foreign exchange impact on international revenues was favorable 2% for the third quarter and 5% year-to-date. The foreign exchange impact on Prioritized 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
Revlimid10%2%8%12%5%7%
Eliquis12%2%10%19%6%13%
Opdivo11%1%10%11%4%7%
Orencia(5)%—(5)%3%3%—
Pomalyst/Imnovid16%1%15%20%4%16%
Sprycel(1)%—(1)%(3)%3%(6)%
Yervoy47%2%45%40%6%34%
Abraxane(48)%1%(49)%(29)%3%(32)%
Empliciti(8)%(1)%(7)%(9)%2%(11)%
6

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in millions)
 20202021
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 
Intangible asset impairment— — — — — 575 575 315 — 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 
Cost of products sold1,438 728 2,166 459 2,625 675 3,300 417 89 506 97 603 
Employee compensation charges15 12 27 7 34 241 275 — 1 1 — 1 
Site exit and other costs6 (1)5 (1)4 — 4 (1)— (1)1 — 
Marketing, selling and administrative21 11 32 6 38 241 279 (1)1 — 1 1 
License and asset acquisition charges25 300 325 203 528 475 1,003 — 780 780 200 980 
IPRD impairments— — — — — 470 470 — 230 230 610 840 
Inventory purchase price accounting adjustments17 — 17 8 25 11 36 — — — 1 1 
Employee compensation charges18 15 33 8 41 241 282 1 — 1 — 1 
Site exit and other costs56 39 95 4 99 16 115 — — — 1 1 
Research and development116 354 470 223 693 1,213 1,906 1 1,010 1,011 812 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 
Interest expense(a)
(41)(41)(82)(40)(122)(37)(159)(34)(28)(62)(29)(91)
Contingent consideration556 (165)391 (988)(597)(1,160)(1,757)(510)— (510)— (510)
Royalties and licensing income(83)(18)(101)(53)(154)(14)(168)(14)(15)(29)— (29)
Equity investment (gains)/losses339 (818)(479)(214)(693)(463)(1,156)(608)(154)(762)(465)(1,227)
Integration expenses174 166 340 195 535 182 717 141 152 293 141 434 
Provision for restructuring160 115 275 176 451 79 530 45 78 123 27 150 
Litigation and other settlements— — — — — (239)(239)— — — — — 
Reversion excise tax76 — 76 — 76 — 76 — — — — — 
Divestiture losses/(gains)(16)9 (7)1 (6)(49)(55)— (11)(11)2 (9)
Loss on debt redemption— — — — — — — 281 — 281 — 281 
Other (income)/expense, net1,165 (752)413 (923)(510)(1,701)(2,211)(699)22 (677)(324)(1,001)
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 
Income taxes on items above(291)(3)(294)(405)(699)(1,034)(1,733)(300)(388)(688)(183)(871)
Income taxes attributed to Otezla® divestiture
— 255 255 11 266 — 266 — — — — — 
Income taxes attributed to internal transfer of intangible assets— 853 853 — 853 — 853 — — — — — 
Income taxes(291)1,105 814 (394)420 (1,034)(614)(300)(388)(688)(183)(871)
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 
(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)
 20202021
 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 
Specified items(a)
1,438 728 2,166 459 2,625 675 3,300 417 89 506 97 603 
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 
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 
Specified items(a)
(21)(11)(32)(6)(38)(241)(279)1 (1)— (1)(1)
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 
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 
Specified items(a)
(116)(354)(470)(223)(693)(1,213)(1,906)(1)(1,010)(1,011)(812)(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 
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 
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)
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)
Specified items(a)
(1,165)752 (413)923 510 1,701 2,211 699 (22)677 324 1,001 
Other (income)/expense, net excluding specified items(2)16 14 8 22 (125)(103)(3)(24)(27)(85)(112)
(a)    Refer to the Specified Items schedule for further details.


8

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP TO NON-GAAP EPS
(Unaudited, dollars and shares in millions except per share data)
 20202021
 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 $6,240 
Specified items(a)
5,022 2,730 7,752 2,256 10,008 14,392 24,400 2,231 3,669 5,900 3,132 9,032 
Earnings before income taxes excluding specified items4,718 4,357 9,075 4,513 13,588 3,941 17,529 4,761 5,222 9,983 5,289 15,272 
Provision/(Benefit) for income taxes462 1,707 2,169 379 2,548 (424)2,124 501 492 993 605 1,598 
Income taxes on specified items(a)
291 3 294 405 699 1,034 1,733 300 388 688 183 871 
Income taxes attributed to Otezla® divestiture(a)
— (255)(255)(11)(266)— (266)— — — — — 
Income taxes attributed to internal transfer of intangible assets(a)
— (853)(853)— (853)— (853)— — — — — 
Provision for income taxes excluding tax on specified items and income taxes attributed to Otezla® divestiture and internal transfer of intangible assets
753 602 1,355 773 2,128 610 2,738 801 880 1,681 788 2,469 
Noncontrolling Interest9 5 14 6 20 — 20 8 6 14 6 20 
Specified items(a)
— — — — — — — — — — — — 
Noncontrolling Interest excluding specified items9 5 14 6 20 — 20 8 6 14 6 20 
Net Earnings/(Loss) attributable to BMS used for Diluted EPS Calculation - GAAP(775)(85)(860)1,872 1,012 (10,027)(9,015)2,021 1,055 3,076 1,546 4,622 
Specified items(a)
4,731 3,835 8,566 1,862 10,428 13,358 23,786 1,931 3,281 5,212 2,949 8,161 
Net Earnings attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP3,956 3,750 7,706 3,734 11,440 3,331 14,771 3,952 4,336 8,288 4,495 12,783 
Weighted-average Common Shares Outstanding - Diluted-GAAP2,258 2,263 2,261 2,290 2,295 2,252 2,258 2,265 2,252 2,258 2,243 2,253 
Weighted-average Common Shares Outstanding - Diluted-Non-GAAP2,298 2,297 2,298 2,290 2,295 2,286 2,293 2,265 2,252 2,258 2,243 2,253 
Diluted Earnings/(Loss) Per Share - GAAP*$(0.34)$(0.04)$(0.38)$0.82 $0.44 $(4.45)$(3.99)$0.89 $0.47 $1.36 $0.69 $2.05 
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 
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 
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 %
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)%
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 %
*    Quarterly amounts may not add to the year-to-date amounts, as each period is computed on a discrete basis.
(a)    Refer to the Specified Items schedule for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate.

9

BRISTOL-MYERS SQUIBB COMPANY
SELECTED BALANCE SHEET INFORMATION
(Unaudited, dollars in millions)
March 31,
2020		June 30,
2020		September 30,
2020		December 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021
Cash and cash equivalents$15,817 $19,934 $19,435 $14,546 $10,982 $11,024 $13,540 
Marketable debt securities - current2,505 1,724 1,720 1,285 1,948 1,946 2,123 
Marketable debt securities - non-current651 523 495 433 288 143 46 
Cash, cash equivalents and marketable debt securities18,973 22,181 21,650 16,264 13,218 13,113 15,709 
Short-term debt obligations(3,862)(4,819)(3,585)(2,340)(1,777)(2,655)(5,065)
Long-term debt(42,844)(41,853)(41,364)(48,336)(44,505)(42,503)(39,677)
Net debt position$(27,733)$(24,491)$(23,299)$(34,412)$(33,064)$(32,045)$(29,033)
10

BRISTOL-MYERS SQUIBB COMPANY
2021 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS
Full Year 2021
Pre-taxTaxAfter-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP$2.68 to $2.83
Projected Specified Items:
Purchase price accounting adjustments(a)
4.60 0.42 4.18 
Acquisition, restructuring and integration expenses(b)
0.35 0.08 0.27 
Equity investment gains and contingent consideration(0.77)(0.13)(0.64)
Research and development license and asset acquisition charges0.44 0.06 0.38 
Intangible asset impairment0.51 0.06 0.45 
Loss on debt redemption0.13 0.03 0.10 
Other(0.03)(0.01)(0.02)
Total5.23 0.51 4.72 
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP$7.40 to $7.55
(a)    Includes amortization of acquired intangible assets, unwind of inventory fair value adjustments and amortization of fair value adjustments of debt assumed from Celgene.
(b)    Includes acquisition-related restructuring and integration expenses recognized primarily in Other (income)/expense, net.
The following table summarizes the company's 2021 financial guidance:
Line itemGAAPNon-GAAP
RevenuesIncreasing high-single digitsIncreasing high-single digits
Gross margin as a percent of revenueApproximately 79%Approximately 80%
Marketing, selling and administrative expenseIn line with 2020Increasing low-single digits
Research and development expenseIncreasing low-single digitsIncreasing mid-single digits
Effective tax rateApproximately 26%Approximately 16.5%
The GAAP financial results for the full year of 2021 will include specified items, including purchase price accounting adjustments, acquisition and integration expenses, charges associated with restructuring, downsizing and streamlining worldwide operations, research and development license and asset acquisition charges, impairment of intangible assets, divestiture gains or losses, stock compensation resulting from accelerated vesting of Celgene awards, certain retention-related employee compensation charges related to the Celgene transaction and equity investment and contingent value rights fair value adjustments (including fair value adjustments attributed to limited partnership equity method investments), among other items. The 2021 financial guidance excludes the impact of any potential future strategic acquisitions and divestitures and any specified items that have not yet been identified and quantified. For a fuller discussion of items that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol Myers Squibb Reports Third Quarter Financial Results for 2021 on October 27, 2021, including “2021 Financial Guidance” and “Use of non-GAAP Financial Information” therein.
11