Document

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF REVENUES

(Unaudited, dollars in millions)


Revenues	2019																					2020																	% Change		FX Impact(c)
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(a)			Year(a)			1st Qtr(b)			2nd Qtr(b)			6 Months(b)			3rd Qtr(b)			9 Months(b)			4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD	Qtr vs. Qtr	YTD vs. YTD
United States	$	3,449		$	3,667		$	7,116		$	3,472		$	10,588		$	4,754		$	15,342		$	6,766		$	6,487		$	13,253		$	6,542		$	19,795				88%	87%	—	—

Europe	1,480			1,491			2,971			1,445			4,416			1,850			6,266			2,567			2,136			4,703			2,453			7,156					70%	62%	4%	(1)%

Rest of the World	874			988			1,862			976			2,838			1,175			4,013			1,335			1,334			2,669			1,361			4,030					39%	42%	(3)%	(4)%

Other	117			127			244			114			358			166			524			113			172			285			184			469					61%	31%	—	—

Total	$	5,920		$	6,273		$	12,193		$	6,007		$	18,200		$	7,945		$	26,145		$	10,781		$	10,129		$	20,910		$	10,540		$	31,450				75%	73%	—	(1)%

% of Revenues	2019																					2020
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(a)			Year(a)			1st Qtr(b)			2nd Qtr(b)			6 Months(b)			3rd Qtr(b)			9 Months(b)			4th Qtr	Year
United States	58.2		%	58.4		%	58.3		%	57.8		%	58.2		%	59.8		%	58.7		%	62.8		%	64.0		%	63.4		%	62.1		%	62.9		%

Europe	25.0		%	23.8		%	24.4		%	24.1		%	24.3		%	23.3		%	24.0		%	23.8		%	21.1		%	22.5		%	23.3		%	22.8		%

Rest of the World	14.8		%	15.8		%	15.3		%	16.2		%	15.6		%	14.8		%	15.3		%	12.4		%	13.2		%	12.8		%	12.9		%	12.8		%

Other	2.0		%	2.0		%	2.0		%	1.9		%	1.9		%	2.1		%	2.0		%	1.0		%	1.7		%	1.3		%	1.7		%	1.5		%

Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

(a) Includes Celgene product revenues from November 20, 2019 through December 31, 2019.

(b) Includes Celgene product revenues for the entire period.

(c) Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales.

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

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


	2019																					2020																	% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(c)			Year(c)			1st Qtr(d)			2nd Qtr(d)			6 Months(d)			3rd Qtr(d)			9 Months(d)			4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Net product sales	$	5,713		$	6,031		$	11,744		$	5,768		$	17,512		$	7,662		$	25,174		$	10,541		$	9,817		$	20,358		$	10,197		$	30,555				77%	74%
Alliance and other revenues	207			242			449			239			688			283			971			240			312			552			343			895					44%	30%
Total Revenues	5,920			6,273			12,193			6,007			18,200			7,945			26,145			10,781			10,129			20,910			10,540			31,450					75%	73%

Cost of products sold(a)	1,824			1,972			3,796			1,790			5,586			2,492			8,078			3,662			2,699			6,361			2,502			8,863					40%	59%
Marketing, selling and administrative	1,006			1,076			2,082			1,055			3,137			1,734			4,871			1,606			1,628			3,234			1,706			4,940					62%	57%
Research and development	1,348			1,325			2,673			1,378			4,051			2,097			6,148			2,372			2,522			4,894			2,499			7,393					81%	82%
Amortization of acquired intangible assets	24			24			48			25			73			1,062			1,135			2,282			2,389			4,671			2,491			7,162					**	**
Other (income)/expense, net	(261)			100			(161)			410			249			689			938			1,163			(736)			427			(915)			(488)					**	**
Total Expenses	3,941			4,497			8,438			4,658			13,096			8,074			21,170			11,085			8,502			19,587			8,283			27,870					78%	**

Earnings/(Loss) Before Income Taxes	1,979			1,776			3,755			1,349			5,104			(129)			4,975			(304)			1,627			1,323			2,257			3,580					67%	(30)%
Provision/(Benefit) for Income Taxes	264			337			601			(17)			584			931			1,515			462			1,707			2,169			379			2,548					**	**
Net Earnings/(Loss)	1,715			1,439			3,154			1,366			4,520			(1,060)			3,460			(766)			(80)			(846)			1,878			1,032					37%	(77)%
Noncontrolling Interest	5			7			12			13			25			(4)			21			9			5			14			6			20					(54)%	(20)%
Net Earnings/(Loss) Attributable to BMS	$	1,710		$	1,432		$	3,142		$	1,353		$	4,495		$	(1,056)		$	3,439		$	(775)		$	(85)		$	(860)		$	1,872		$	1,012				38%	(77)%



Diluted Earnings/(Loss) per Common Share*	$	1.04		$	0.87		$	1.92		$	0.83		$	2.75		$	(0.55)		$	2.01		$	(0.34)		$	(0.04)		$	(0.38)		$	0.82		$	0.44				(1)%	(84)%

Weighted-Average Common Shares Outstanding - Diluted	1,637			1,637			1,637			1,634			1,636			1,918			1,712			2,258			2,263			2,261			2,290			2,295					—	—
Dividends declared per common share	$	0.41		$	0.41		$	0.82		$	0.41		$	1.23		$	0.45		$	1.68		$	0.45		$	0.45		$	0.90		$	0.45		$	1.35				10%	10%

	2019																					2020
% of Total Revenues	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(c)			Year(c)			1st Qtr(d)			2nd Qtr(d)			6 Months(d)			3rd Qtr(d)			9 Months(d)			4th Qtr	Year
Gross Margin	69.2		%	68.6		%	68.9		%	70.2		%	69.3		%	68.6		%	69.1		%	66.0		%	73.4		%	69.6		%	76.3		%	71.8		%

Other Ratios
Effective tax rate	13.3		%	19.0		%	16.0		%	(1.3)		%	11.4		%	(721.7)		%	30.5		%	(152.0)		%	104.9		%	163.9		%	16.8		%	71.2		%

Other (income)/expense, net	2019																					2020																	% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(c)			Year(c)			1st Qtr(d)			2nd Qtr(d)			6 Months(d)			3rd Qtr(d)			9 Months(d)			4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Interest expense(b)	$	45		$	123		$	168		$	209		$	377		$	279		$	656		$	362		$	357		$	719		$	346		$	1,065				66%	**
Pension and postretirement	44			26			70			1,537			1,607			(8)			1,599			(4)			(2)			(6)			—			(6)					(100)%	**
Royalties and licensing income	(308)			(303)			(611)			(356)			(967)			(393)			(1,360)			(410)			(311)			(721)			(403)			(1,124)					13%	16%
Divestiture losses/(gains)	—			8			8			(1,179)			(1,171)			3			(1,168)			(16)			9			(7)			1			(6)					**	(99)%
Acquisition expenses	165			303			468			7			475			182			657			—			—			—			—			—					(100)%	(100)%
Contingent consideration	—			—			—			—			—			523			523			556			(165)			391			(988)			(597)					N/A	N/A
Investment income	(56)			(119)			(175)			(173)			(348)			(116)			(464)			(61)			(25)			(86)			(13)			(99)					(92)%	(72)%
Integration expenses	22			106			128			96			224			191			415			174			166			340			195			535					**	**
Provision for restructuring	12			10			22			10			32			269			301			160			115			275			176			451					**	**
Equity investment (gains)/losses	(175)			(71)			(246)			261			15			(290)			(275)			338			(818)			(480)			(244)			(724)					**	**
Litigation and other settlements	1			—			1			(1)			—			77			77			32			(1)			31			10			41					**	N/A
Transition and other service fees	(2)			(2)			(4)			(7)			(11)			(26)			(37)			(61)			(50)			(111)			(18)			(129)					**	**
Intangible asset impairment	—			15			15			—			15			—			15			—			21			21			—			21					N/A	40%

Reversion excise tax	—			—			—			—			—			—			—			76			—			76			—			76					N/A	N/A
Other	(9)			4			(5)			6			1			(2)			(1)			17			(32)			(15)			23			8					**	**

Other (income)/expense, net	$	(261)		$	100		$	(161)		$	410		$	249		$	689		$	938		$	1,163		$	(736)		$	427		$	(915)		$	(488)				**	**

* 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.

(d) Includes Celgene results of operations for the entire period.

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED SEPTEMBER 30, 2020

(Unaudited, dollars in millions)


QUARTER-TO-DATE	2020(b)			2019			$ Change		% Change		Favorable / (Unfavorable) FX Impact $*		2020 Excluding FX		Favorable / (Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	10,540		$	6,007		$	4,533	75	%	$	26	$	10,514	—		75	%
Gross profit	8,038			4,217			3,821		91	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)	8,497			4,239			4,258		100	%	N/A		N/A		N/A		N/A

Gross profit excluding specified items as a % of revenues	80.6		%	70.6		%

Marketing, selling and administrative	1,706			1,055			651		62	%	(3)		1,703		(1)	%	61	%
Marketing, selling and administrative excluding specified items(a)	1,700			1,055			645		61	%	(3)		1,697		—		61	%

Marketing, selling and administrative excluding specified items as a % of revenues	16.1		%	17.6		%

Research and development	2,499			1,378			1,121		81	%	(1)		2,498		—		81	%
Research and development excluding specified items(a)	2,276			1,358			918		68	%	(1)		2,275		—		68	%

Research and development excluding specified items as a % of revenues	21.6		%	22.6		%

YEAR-TO-DATE	2020(b)			2019			$ Change		% Change		Favorable / (Unfavorable) FX Impact $*		2020 Excluding FX		Favorable / (Unfavorable) FX Impact %*		% Change Excluding FX
Revenues	$	31,450		$	18,200		$	13,250	73	%	$	(141)	$	31,591	(1)	%	74	%
Gross profit	22,587			12,614			9,973		79	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)	25,212			12,787			12,425		97	%	N/A		N/A		N/A		N/A

Gross profit excluding specified items as a % of revenues	80.2		%	70.3		%

Marketing, selling and administrative	4,940			3,137			1,803		57	%	25		4,965		1	%	58	%
Marketing, selling and administrative excluding specified items(a)	4,902			3,136			1,766		56	%	25		4,927		1	%	57	%

Marketing, selling and administrative excluding specified items as a % of revenues	15.6		%	17.2		%

Research and development	7,393			4,051			3,342		82	%	9		7,402		1	%	83	%
Research and development excluding specified items(a)	6,700			3,936			2,764		70	%	9		6,709		—		70	%

Research and development excluding specified items as a % of revenues	21.3		%	21.6		%

* Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales and expenses.

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

(b) Includes Celgene results of operations for the entire period.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)


	2019														2020												$ Change				% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(b)		Year(b)		1st Qtr(c)		2nd Qtr(c)		6 Months(c)		3rd Qtr(c)		9 Months(c)		4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD		Qtr vs. Qtr	YTD vs. YTD
Prioritized Brands
Revlimid	$	—	$	—	$	—	$	—	$	—	$	1,299	$	1,299	$	2,915	$	2,884	$	5,799	$	3,027	$	8,826			$	3,027	$	8,826	N/A	N/A
Eliquis	1,925		2,042		3,967		1,928		5,895		2,034		7,929		2,641		2,163		4,804		2,095		6,899				167		1,004		9%	17%
Opdivo	1,801		1,823		3,624		1,817		5,441		1,763		7,204		1,766		1,653		3,419		1,780		5,199				(37)		(242)		(2)%	(4)%
Orencia	640		778		1,418		767		2,185		792		2,977		714		750		1,464		826		2,290				59		105		8%	5%
Pomalyst/Imnovid	—		—		—		—		—		322		322		713		745		1,458		777		2,235				777		2,235		N/A	N/A
Sprycel	459		544		1,003		558		1,561		549		2,110		521		511		1,032		544		1,576				(14)		15		(3)%	1%
Yervoy	384		367		751		353		1,104		385		1,489		396		369		765		446		1,211				93		107		26%	10%
Abraxane	—		—		—		—		—		166		166		300		308		608		342		950				342		950		N/A	N/A
Empliciti	83		91		174		89		263		94		357		97		97		194		96		290				7		27		8%	10%
Reblozyl	—		—		—		—		—		—		—		8		55		63		96		159				96		159		N/A	N/A
Inrebic	—		—		—		—		—		5		5		12		15		27		13		40				13		40		N/A	N/A
Zeposia	—		—		—		—		—		—		—		—		1		1		2		3				2		3		N/A	N/A
Onureg	—		—		—		—		—		—		—		—		—		—		3		3				3		3		N/A	N/A

Established Brands
Baraclude	141		147		288		145		433		122		555		122		121		243		100		343				(45)		(90)		(31)%	(21)%
Vidaza	—		—		—		—		—		58		58		158		126		284		106		390				106		390		N/A	N/A
Other Brands(a)	487		481		968		350		1,318		356		1,674		418		331		749		287		1,036				(63)		(282)		(18)%	(21)%

Total	$	5,920	$	6,273	$	12,193	$	6,007	$	18,200	$	7,945	$	26,145	$	10,781	$	10,129	$	20,910	$	10,540	$	31,450			$	4,533	$	13,250	75%	73%

(a) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue. Other Brands includes $57 million and $262 million relating to Celgene products in the three and nine months ended September 30, 2020, respectively.

(b) Includes Celgene product revenues from November 20, 2019 through December 31, 2019.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE PRO FORMA REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)


	2019														2020												$ Change				% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(e)		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
Prioritized Brands
Revlimid(a)	$	2,562	$	2,718	$	5,280	$	2,758	$	8,038	$	2,785	$	10,823	$	2,915	$	2,884	$	5,799	$	3,027	$	8,826			$	269	$	788	10%	10%
Eliquis	1,925		2,042		3,967		1,928		5,895		2,034		7,929		2,641		2,163		4,804		2,095		6,899				167		1,004		9%	17%
Opdivo	1,801		1,823		3,624		1,817		5,441		1,763		7,204		1,766		1,653		3,419		1,780		5,199				(37)		(242)		(2)%	(4)%
Orencia	640		778		1,418		767		2,185		792		2,977		714		750		1,464		826		2,290				59		105		8%	5%
Pomalyst/Imnovid(a)	554		617		1,171		662		1,833		692		2,525		713		745		1,458		777		2,235				115		402		17%	22%
Sprycel	459		544		1,003		558		1,561		549		2,110		521		511		1,032		544		1,576				(14)		15		(3)%	1%
Yervoy	384		367		751		353		1,104		385		1,489		396		369		765		446		1,211				93		107		26%	10%
Abraxane(a)	285		314		599		317		916		336		1,252		300		308		608		342		950				25		34		8%	4%
Empliciti	83		91		174		89		263		94		357		97		97		194		96		290				7		27		8%	10%
Reblozyl(b)	—		—		—		—		—		—		—		8		55		63		96		159				96		159		N/A	N/A
Inrebic(b)	—		—		—		2		2		9		11		12		15		27		13		40				11		38		**	**
Zeposia(b)	—		—		—		—		—		—		—		—		1		1		2		3				2		3		N/A	N/A
Onureg(b)	—		—		—		—		—		—		—		—		—		—		3		3				3		3		N/A	N/A

Established Brands
Baraclude	141		147		288		145		433		122		555		122		121		243		100		343				(45)		(90)		(31)%	(21)%
Vidaza(a)	148		162		310		146		456		149		605		158		126		284		106		390				(40)		(66)		(27)%	(14)%
Other Brands(c)	552		557		1,109		420		1,529		393		1,922		418		331		749		287		1,036				(133)		(493)		(32)%	(32)%

Total(d)	$	9,534	$	10,160	$	19,694	$	9,962	$	29,656	$	10,103	$	39,759	$	10,781	$	10,129	$	20,910	$	10,540	$	31,450			$	578	$	1,794	6%	6%

(a) Products were acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition. All product revenues prior to November 20, 2019 have been recast to exclude foreign currency hedge gains and losses.

(b) Products were acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition.

(c) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue. Reflects Celgene product revenues for the period prior to November 20, 2019, which was the date of the acquisition, for such Celgene products.

(d) All historically reported Celgene revenues have been recast to exclude Otezla® product revenues.

(e) Celgene product revenues for the period of October 1, 2019 through November 19, 2019 are included below:


Revlimid	$	1,486
Pomalyst/Imnovid	370
Abraxane	170
Inrebic	4
Vidaza	91
Other Brands	37
Total	$	2,158

BRISTOL-MYERS SQUIBB COMPANY

U.S. REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)


	2019														2020												% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(c)		Year(c)		1st Qtr(d)		2nd Qtr(d)		6 Months(d)		3rd Qtr(d)		9 Months(d)		4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Prioritized Brands
Revlimid	$	—	$	—	$	—	$	—	$	—	$	899	$	899	$	1,966	$	2,048	$	4,014	$	2,080	$	6,094			N/A	N/A
Eliquis	1,206		1,269		2,475		1,124		3,599		1,156		4,755		1,777		1,363		3,140		1,118		4,258				(1)%	18%
Opdivo	1,124		1,112		2,236		1,088		3,324		1,020		4,344		1,008		956		1,964		1,018		2,982				(6)%	(10)%
Orencia	449		566		1,015		554		1,569		577		2,146		500		554		1,054		588		1,642				6%	5%
Pomalyst/Imnovid	—		—		—		—		—		226		226		489		522		1,011		548		1,559				N/A	N/A
Sprycel	240		307		547		325		872		319		1,191		300		308		608		336		944				3%	8%
Yervoy	275		253		528		222		750		254		1,004		257		254		511		309		820				39%	9%
Abraxane	—		—		—		—		—		122		122		205		218		423		236		659				N/A	N/A
Empliciti	58		63		121		62		183		63		246		59		59		118		59		177				(5)%	(3)%
Reblozyl	—		—		—		—		—		—		—		8		55		63		92		155				N/A	N/A
Inrebic	—		—		—		—		—		5		5		12		15		27		13		40				N/A	N/A
Zeposia	—		—		—		—		—		—		—		—		1		1		2		3				N/A	N/A
Onureg	—		—		—		—		—		—		—		—		—		—		3		3				N/A	N/A

Established Brands
Baraclude	7		7		14		2		16		4		20		3		3		6		3		9				50%	(44)%
Vidaza	—		—		—		—		—		1		1		2		—		2		—		2				N/A	N/A
Other Brands(a)	90		90		180		95		275		108		383		180		131		311		137		448				44%	63%

Total(b)	$	3,449	$	3,667	$	7,116	$	3,472	$	10,588	$	4,754	$	15,342	$	6,766	$	6,487	$	13,253	$	6,542	$	19,795			88%	87%

(a) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Other Brands includes $68 million and $237 million relating to Celgene products in the three and nine months ended September 30, 2020, respectively.

(b) Includes Puerto Rico.

(d) Includes Celgene product revenues for the entire period.

BRISTOL-MYERS SQUIBB COMPANY

U.S. PRO FORMA REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)


	2019														2020												% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(d)		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Prioritized Brands
Revlimid(a)	$	1,686	$	1,810	$	3,496	$	1,902	$	5,398	$	1,914	$	7,312	$	1,966	$	2,048	$	4,014	$	2,080	$	6,094			9%	13%
Eliquis	1,206		1,269		2,475		1,124		3,599		1,156		4,755		1,777		1,363		3,140		1,118		4,258				(1)%	18%
Opdivo	1,124		1,112		2,236		1,088		3,324		1,020		4,344		1,008		956		1,964		1,018		2,982				(6)%	(10)%
Orencia	449		566		1,015		554		1,569		577		2,146		500		554		1,054		588		1,642				6%	5%
Pomalyst/Imnovid(a)	390		447		837		469		1,306		489		1,795		489		522		1,011		548		1,559				17%	19%
Sprycel	240		307		547		325		872		319		1,191		300		308		608		336		944				3%	8%
Yervoy	275		253		528		222		750		254		1,004		257		254		511		309		820				39%	9%
Abraxane(a)	196		207		403		206		609		237		846		205		218		423		236		659				15%	8%
Empliciti	58		63		121		62		183		63		246		59		59		118		59		177				(5)%	(3)%
Reblozyl(a)	—		—		—		—		—		—		—		8		55		63		92		155				N/A	N/A
Inrebic(a)	—		—		—		2		2		9		11		12		15		27		13		40				**	**
Zeposia(a)	—		—		—		—		—		—		—		—		1		1		2		3				N/A	N/A
Onureg(a)	—		—		—		—		—		—		—		—		—		—		3		3				N/A	N/A

Established Brands
Baraclude	7		7		14		2		16		4		20		3		3		6		3		9				50%	(44)%
Vidaza(a)	3		3		6		2		8		2		10		2		—		2		—		2				(100)%	(75)%
Other Brands(b)	135		145		280		147		427		136		563		180		131		311		137		448				(7)%	5%

Total(c)	$	5,769	$	6,189	$	11,958	$	6,105	$	18,063	$	6,180	$	24,243	$	6,766	$	6,487	$	13,253	$	6,542	$	19,795			7%	10%

(a) Products were acquired as part of the Celgene acquisition. Reflects product revenues for the period prior to November 20, 2019, which was the date of the acquisition.

(b) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Reflects Celgene product revenues for the period prior to November 20, 2019, which was the date of the acquisition, for such Celgene products.

(c) Includes Puerto Rico. All historically reported Celgene revenues have been recast to exclude Otezla® product revenues.

(d) Celgene product revenues for the period of October 1, 2019 through November 19, 2019 are included below:


Revlimid	$	1,015
Pomalyst/Imnovid	263
Abraxane	115
Inrebic	4
Vidaza	1
Other Brands	28
Total	$	1,426

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)


	2019														2020												% Change(c)
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(b)		Year(b)		1st Qtr(d)		2nd Qtr(d)		6 Months(d)		3rd Qtr(d)		9 Months(d)		4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Prioritized Brands
Revlimid	$	—	$	—	$	—	$	—	$	—	$	400	$	400	$	949	$	836	$	1,785	$	947	$	2,732			N/A	N/A
Eliquis	719		773		1,492		804		2,296		878		3,174		864		800		1,664		977		2,641				22%	15%
Opdivo	677		711		1,388		729		2,117		743		2,860		758		697		1,455		762		2,217				5%	5%
Orencia	191		212		403		213		616		215		831		214		196		410		238		648				12%	5%
Pomalyst/Imnovid	—		—		—		—		—		96		96		224		223		447		229		676				N/A	N/A
Sprycel	219		237		456		233		689		230		919		221		203		424		208		632				(11)%	(8)%
Yervoy	109		114		223		131		354		131		485		139		115		254		137		391				5%	10%
Abraxane	—		—		—		—		—		44		44		95		90		185		106		291				N/A	N/A
Empliciti	25		28		53		27		80		31		111		38		38		76		37		113				37%	41%
Reblozyl	—		—		—		—		—		—		—		—		—		—		4		4				N/A	N/A

Established Brands
Baraclude	134		140		274		143		417		118		535		119		118		237		97		334				(32)%	(20)%
Vidaza	—		—		—		—		—		57		57		156		126		282		106		388				N/A	N/A
Other Brands(a)	397		391		788		255		1,043		248		1,291		238		200		438		150		588				(41)%	(44)%

Total	$	2,471	$	2,606	$	5,077	$	2,535	$	7,612	$	3,191	$	10,803	$	4,015	$	3,642	$	7,657	$	3,998	$	11,655			58%	53%

(a) Includes Sustiva, Reyataz, Daklinza and all other BMS and Celgene products acquired as part of the Celgene acquisition that have lost exclusivity in major markets, OTC brands and royalty revenue. Other Brands includes $(11) million and $25 million relating to Celgene products in the three and nine months ended September 30, 2020, respectively.

(b) Includes Celgene product revenues from November 20, 2019 through December 31, 2019.

(c) The foreign exchange impact on international revenues was favorable 1% for the third quarter and unfavorable 2% year-to-date. The foreign exchange impact on Prioritized Brands is included below.

(d) Includes Celgene product revenues for the entire period.



	Quarter-to-Date			Year-to-Date
	Revenue Change %	Favorable/ (Unfavorable) FX Impact %	Revenue Change % Excluding FX	Revenue Change %	Favorable/ (Unfavorable) FX Impact %	Revenue Change % Excluding FX
Eliquis	22%	4%	18%	15%	—	15%
Opdivo	5%	(1)%	6%	5%	(4)%	9%
Orencia	12%	(1)%	13%	5%	(2)%	7%
Sprycel	(11)%	—	(11)%	(8)%	(2)%	(6)%
Yervoy	5%	1%	4%	10%	(3)%	13%
Empliciti	37%	3%	34%	41%	1%	40%

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL PRO FORMA REVENUES

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)


	2019														2020												% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(d)		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Prioritized Brands
Revlimid(a)	$	876	$	908	$	1,784	$	856	$	2,640	$	871	$	3,511	$	949	$	836	$	1,785	$	947	$	2,732			11%	3%
Eliquis	719		773		1,492		804		2,296		878		3,174		864		800		1,664		977		2,641				22%	15%
Opdivo	677		711		1,388		729		2,117		743		2,860		758		697		1,455		762		2,217				5%	5%
Orencia	191		212		403		213		616		215		831		214		196		410		238		648				12%	5%
Pomalyst/Imnovid(a)	164		170		334		193		527		203		730		224		223		447		229		676				19%	28%
Sprycel	219		237		456		233		689		230		919		221		203		424		208		632				(11)%	(8)%
Yervoy	109		114		223		131		354		131		485		139		115		254		137		391				5%	10%
Abraxane(a)	89		107		196		111		307		99		406		95		90		185		106		291				(5)%	(5)%
Empliciti	25		28		53		27		80		31		111		38		38		76		37		113				37%	41%
Reblozyl(a)	—		—		—		—		—		—		—		—		—		—		4		4				N/A	N/A


Established Brands
Baraclude	134		140		274		143		417		118		535		119		118		237		97		334				(32)%	(20)%
Vidaza(a)	145		159		304		144		448		147		595		156		126		282		106		388				(26)%	(13)%
Other Brands(b)	417		412		829		273		1,102		257		1,359		238		200		438		150		588				(45)%	(47)%

Total(c)	$	3,765	$	3,971	$	7,736	$	3,857	$	11,593	$	3,923	$	15,516	$	4,015	$	3,642	$	7,657	$	3,998	$	11,655			4%	1%

(d) Celgene product revenues for the period of October 1, 2019 through November 19, 2019 are included below:


Revlimid	$	471
Pomalyst/Imnovid	107
Abraxane	55

Vidaza	90
Other Brands	9
Total	$	732

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)


	2019														2020
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(b)		Year(b)		1st Qtr(c)		2nd Qtr(c)		6 Months(c)		3rd Qtr(c)		9 Months(c)		4th Qtr	Year

Inventory purchase price accounting adjustments	$	—	$	—	$	—	$	—	$	—	$	660	$	660	$	1,420	$	714	$	2,134	$	456	$	2,590
Employee compensation charges	—		—		—		—		—		1		1		2		1		3		—		3
Site exit and other costs	12		139		151		22		173		24		197		16		13		29		3		32
Cost of products sold	12		139		151		22		173		685		858		1,438		728		2,166		459		2,625

Employee compensation charges	—		—		—		—		—		27		27		15		12		27		7		34
Site exit and other costs	1		—		1		—		1		8		9		6		(1)		5		(1)		4
Marketing, selling and administrative	1		—		1		—		1		35		36		21		11		32		6		38

License and asset acquisition charges	—		25		25		—		25		—		25		25		300		325		203		528
IPRD impairments	32		—		32		—		32		—		32		—		—		—		—		—
Inventory purchase price accounting adjustments	—		—		—		—		—		—		—		17		—		17		8		25
Employee compensation charges	—		—		—		—		—		33		33		18		15		33		8		41
Site exit and other costs	19		19		38		20		58		109		167		56		39		95		4		99
Research and development	51		44		95		20		115		142		257		116		354		470		223		693

Amortization of acquired intangible assets	—		—		—		—		—		1,062		1,062		2,282		2,389		4,671		2,491		7,162

Interest expense(a)	—		83		83		166		249		73		322		(41)		(41)		(82)		(40)		(122)
Pension and postretirement	49		44		93		1,545		1,638		(3)		1,635		—		—		—		—		—
Royalties and licensing income	—		—		—		(9)		(9)		(15)		(24)		(83)		(18)		(101)		(53)		(154)
Divestiture losses/(gains)	—		8		8		(1,179)		(1,171)		3		(1,168)		(16)		9		(7)		1		(6)
Acquisition expenses	165		303		468		7		475		182		657		—		—		—		—		—
Contingent consideration	—		—		—		—		—		523		523		556		(165)		391		(988)		(597)
Investment income	—		(54)		(54)		(99)		(153)		(44)		(197)		—		—		—		—		—
Integration expenses	22		106		128		96		224		191		415		174		166		340		195		535
Provision for restructuring	12		10		22		10		32		269		301		160		115		275		176		451
Equity investment (gains)/losses	(175)		(71)		(246)		261		15		(294)		(279)		339		(818)		(479)		(214)		(693)
Litigation and other settlements	—		—		—		—		—		75		75		—		—		—		—		—


Reversion excise tax	—		—		—		—		—		—		—		76		—		76		—		76
Other	—		—		—		—		—		2		2		—		—		—		—		—
Other (income)/expense, net	73		429		502		798		1,300		962		2,262		1,165		(752)		413		(923)		(510)

Increase to pretax income	137		612		749		840		1,589		2,886		4,475		5,022		2,730		7,752		2,256		10,008

Income taxes on items above	(43)		(105)		(148)		(275)		(423)		(264)		(687)		(291)		(3)		(294)		(405)		(699)
Income taxes attributed to Otezla® divestiture	—		—		—		—		—		808		808		—		255		255		11		266
Income taxes attributed to internal transfer of intangible assets	—		—		—		—		—		—		—		—		853		853		—		853
Income taxes	(43)		(105)		(148)		(275)		(423)		544		121		(291)		1,105		814		(394)		420

Increase to net earnings	$	94	$	507	$	601	$	565	$	1,166	$	3,430	$	4,596	$	4,731	$	3,835	$	8,566	$	1,862	$	10,428

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

(b) Includes Celgene results of operations from November 20, 2019 through December 31, 2019.

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS

(Unaudited, dollars in millions)


	2019														2020
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr(b)		Year(b)		1st Qtr(c)		2nd Qtr(c)		6 Months(c)		3rd Qtr(c)		9 Months(c)		4th Qtr	Year
Gross Profit	$	4,096	$	4,301	$	8,397	$	4,217	$	12,614	$	5,453	$	18,067	$	7,119	$	7,430	$	14,549	$	8,038	$	22,587
Specified items(a)	12		139		151		22		173		685		858		1,438		728		2,166		459		2,625
Gross profit excluding specified items	4,108		4,440		8,548		4,239		12,787		6,138		18,925		8,557		8,158		16,715		8,497		25,212

Marketing, selling and administrative	1,006		1,076		2,082		1,055		3,137		1,734		4,871		1,606		1,628		3,234		1,706		4,940
Specified items(a)	(1)		—		(1)		—		(1)		(35)		(36)		(21)		(11)		(32)		(6)		(38)
Marketing, selling and administrative excluding specified items	1,005		1,076		2,081		1,055		3,136		1,699		4,835		1,585		1,617		3,202		1,700		4,902

Research and development	1,348		1,325		2,673		1,378		4,051		2,097		6,148		2,372		2,522		4,894		2,499		7,393
Specified items(a)	(51)		(44)		(95)		(20)		(115)		(142)		(257)		(116)		(354)		(470)		(223)		(693)
Research and development excluding specified items	1,297		1,281		2,578		1,358		3,936		1,955		5,891		2,256		2,168		4,424		2,276		6,700

Amortization of acquired intangible assets	24		24		48		25		73		1,062		1,135		2,282		2,389		4,671		2,491		7,162
Specified items(a)	—		—		—		—		—		(1,062)		(1,062)		(2,282)		(2,389)		(4,671)		(2,491)		(7,162)
Amortization of acquired intangible assets excluding specified items	24		24		48		25		73		—		73		—		—		—		—		—

Other (income)/expense, net	(261)		100		(161)		410		249		689		938		1,163		(736)		427		(915)		(488)
Specified items(a)	(73)		(429)		(502)		(798)		(1,300)		(962)		(2,262)		(1,165)		752		(413)		923		510
Other expense/(income), net excluding specified items	(334)		(329)		(663)		(388)		(1,051)		(273)		(1,324)		(2)		16		14		8		22

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

(b) Includes Celgene results of operations from November 20, 2019 through December 31, 2019.

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP TO NON-GAAP EPS

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


	2019																					2020
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr(b)			Year(b)			1st Qtr(c)			2nd Qtr(c)			6 Months(c)			3rd Qtr(c)			9 Months(c)			4th Qtr	Year
Earnings/(Loss) before income taxes	$	1,979		$	1,776		$	3,755		$	1,349		$	5,104		$	(129)		$	4,975		$	(304)		$	1,627		$	1,323		$	2,257		$	3,580
Specified items(a)	137			612			749			840			1,589			2,886			4,475			5,022			2,730			7,752			2,256			10,008
Earnings before income taxes excluding specified items	2,116			2,388			4,504			2,189			6,693			2,757			9,450			4,718			4,357			9,075			4,513			13,588

Provision/(Benefit) for income taxes	264			337			601			(17)			584			931			1,515			462			1,707			2,169			379			2,548
Income taxes on specified items(a)	43			105			148			275			423			264			687			291			3			294			405			699
Income taxes attributed to Otezla® divestiture(a)	—			—			—			—			—			(808)			(808)			—			(255)			(255)			(11)			(266)
Income taxes attributed to internal transfer of intangible assets(a)	—			—			—			—			—			—			—			—			(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	307			442			749			258			1,007			387			1,394			753			602			1,355			773			2,128

Noncontrolling Interest	5			7			12			13			25			(4)			21			9			5			14			6			20
Specified items(a)	—			—			—			—			—			—			—			—			—			—			—			—
Noncontrolling Interest excluding specified items	5			7			12			13			25			(4)			21			9			5			14			6			20

Net Earnings/(Loss) attributable to BMS used for Diluted EPS Calculation - GAAP	1,710			1,432			3,142			1,353			4,495			(1,056)			3,439			(775)			(85)			(860)			1,872			1,012
Specified items(a)	94			507			601			565			1,166			3,430			4,596			4,731			3,835			8,566			1,862			10,428
Net Earnings attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP	1,804			1,939			3,743			1,918			5,661			2,374			8,035			3,956			3,750			7,706			3,734			11,440

Weighted-average Common Shares Outstanding - Diluted-GAAP	1,637			1,637			1,637			1,634			1,636			1,918			1,712			2,258			2,263			2,261			2,290			2,295
Weighted-average Common Shares Outstanding - Diluted-Non-GAAP	1,637			1,637			1,637			1,634			1,636			1,941			1,712			2,298			2,297			2,298			2,290			2,295

Diluted Earnings/(Loss) Per Share - GAAP*	$	1.04		$	0.87		$	1.92		$	0.83		$	2.75		$	(0.55)		$	2.01		$	(0.34)		$	(0.04)		$	(0.38)		$	0.82		$	0.44
Diluted Earnings Per Share attributable to specified items(a)	0.06			0.31			0.37			0.34			0.71			1.77			2.68			2.06			1.67			3.73			0.81			4.54
Diluted Earnings Per Share - Non-GAAP*	$	1.10		$	1.18		$	2.29		$	1.17		$	3.46		$	1.22		$	4.69		$	1.72		$	1.63		$	3.35		$	1.63		$	4.98

Effective Tax Rate	13.3		%	19.0		%	16.0		%	(1.3)		%	11.4		%	(721.7)		%	30.5		%	(152.0)		%	104.9		%	163.9		%	16.8		%	71.2		%
Specified items(a)	1.2		%	(0.5)		%	0.6		%	13.1		%	3.6		%	735.7		%	(15.7)		%	168.0		%	(91.1)		%	(149.0)		%	0.3		%	(55.5)		%
Effective Tax Rate excluding specified items	14.5		%	18.5		%	16.6		%	11.8		%	15.0		%	14.0		%	14.8		%	16.0		%	13.8		%	14.9		%	17.1		%	15.7		%

* 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.

(b) Includes Celgene results of operations from November 20, 2019 through December 31, 2019.

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

(Unaudited, dollars in millions)


	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019(a)		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Cash and cash equivalents	$	7,335	$	28,404	$	30,489	$	12,346	$	15,817	$	19,934	$	19,435
Marketable debt securities - current	1,429		953		2,053		3,047		2,505		1,724		1,720
Marketable debt securities - non-current	1,233		994		925		767		651		523		495
Cash, cash equivalents and marketable debt securities	9,997		30,351		33,467		16,160		18,973		22,181		21,650

Short-term debt obligations	(381)		(545)		(569)		(3,346)		(3,862)		(4,819)		(3,585)
Long-term debt	(5,635)		(24,433)		(24,390)		(43,387)		(42,844)		(41,853)		(41,364)
Net (debt)/cash position	$	3,981	$	5,373	$	8,508	$	(30,573)	$	(27,733)	$	(24,491)	$	(23,299)

(a) Includes Celgene balances as of December 31, 2019.

BRISTOL-MYERS SQUIBB COMPANY

2020 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS


	Full Year 2020
		Pre-tax	Tax	After-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP				$0.47 to $0.57

Projected Specified Items:
Purchase price accounting adjustments(a)		5.33	0.44	4.89
Acquisition, restructuring and integration expenses(b)		0.63	0.13	0.50
Equity investment gains and contingent consideration		(0.57)	(0.09)	(0.48)
Research and development license and asset acquisition charges		0.44	0.05	0.39
Employee compensation charges(c)		0.04	0.01	0.03
Divestiture gains and licensing income		(0.07)	(0.02)	(0.05)
Other		0.01	—	0.01
Income taxes attributed to Otezla® divestiture and internal transfer of intangible assets		—	(0.49)	0.49
Total		5.81	0.03	5.78

Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP				$6.25 to $6.35

(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 financing, transaction, restructuring and integration expenses recognized in Cost of products sold, Research and development and Other (income)/expense, net.

(c) Includes items recognized in Cost of products sold, Marketing, selling and administrative and Research and development.

The following table summarizes the company's 2020 financial guidance:

Line item

GAAP

Non-GAAP

Revenues

$41.5 billion - $42.0 billion

Gross margin as a percent of revenue

Approximately 74%

Approximately 80%

Marketing, selling and administrative expense

Approximately $6.9 billion

Research and development expense

Approximately $10.4 billion

Approximately $9.2 billion

Other (income)/expense, net

($0.1 billion) - ($0.3 billion)

($0.1 billion) - $0.1 billion

Effective tax rate

Approximately 69%

Approximately 16%

Weighted average diluted shares

Approximately 2.3 billion


The GAAP financial results for the full year of 2020 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, divestiture gains or losses, stock compensation resulting from accelerated vesting of Celgene awards, certain retention-related employee compensation charges related to the Celgene transaction, equity investment and contingent value rights fair value adjustments and tax items resulting from internal transfer of intangible assets and the Otezla® divestiture, among other items. The 2020 financial guidance excludes the impact of any potential future strategic acquisitions and divestitures, including any impact of the MyoKardia acquisition, 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 2020 Financial Results on November 5, 2020, including “2020 Financial Guidance” and “Use of non-GAAP Financial Information” therein.