Form 8-K - Current report

Name	Symbol	Market	Type
Bristol Myers Squibb Company (PK)	USOTC:BMYMP	OTCMarkets	Preference Share

	Price Change	% Change	Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Traded	Last Trade
	-61.49	-6.91%	828.50	800.55	889.00	889.99	795.00	795.00	59	17:25:58

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________

FORM 8-K

_____________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 26, 2024

_____________________________

BRISTOL-MYERS SQUIBB COMPANY

(Exact name of registrant as specified in its charter)

_____________________________


Delaware	001-01136	22-0790350
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S Employer Identification No.)

Route 206 & Province Line Road, Princeton, New Jersey 08543

(Address of principal executive offices) (Zip Code)

(Registrant’s telephone number, including area code): (609) 252-4621

_____________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.10 Par Value	BMY	New York Stock Exchange
1.000% Notes due 2025	BMY25	New York Stock Exchange
1.750% Notes due 2035	BMY35	New York Stock Exchange
Celgene Contingent Value Rights	CELG RT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.

On July 26, 2024, Bristol-Myers Squibb Company (the “Company”) issued a press release (the “Earnings Press Release”) announcing its financial results for the second quarter of 2024. A copy of the Earnings Press Release is furnished pursuant to this Item 2.02 as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein in its entirety.


Item 7.01 Regulation FD Disclosure.

On July 26, 2024, the Company posted on its website at www.bms.com a presentation (the “Bristol Myers Presentation”) on certain financial and operating initiatives available for viewing during the Company’s conference call and webcast announcing its financial results for the second quarter of 2024 at 8:00 a.m. Eastern time. A copy of the Bristol Myers Presentation is furnished pursuant to this Item 7.01 as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. The Earnings Press Release and the Bristol Myers Presentation include references to non-GAAP financial information. Reconciliations between the non-GAAP financial measures and the comparable GAAP financial measures and the reasons for the presentation of such non-GAAP financial measures, are available in the Earnings Press Release which is included as Exhibit 99.1 hereto. The Bristol Myers Presentation should be read in conjunction with the Earnings Press Release. The Company reserves the right to discontinue availability of the Bristol Myers Presentation from its website at any time.

Pursuant to General Instruction B.2. to Form 8-K, the information set forth in this Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities thereof, nor shall it be incorporated by reference into future filings by the Company under the Exchange Act or under the Securities Act of 1933, as amended, except to the extent specifically provided in any such filing. Additionally, the submission of the information set forth in this Item 7.01 is not deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely by Regulation FD.


Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are furnished as part of this Current Report on Form 8-K:



Exhibit No.						Description

99.1						Press release of Bristol-Myers Squibb Company dated July 26, 2024
99.2						Presentation Materials of Bristol-Myers Squibb Company dated July 26, 2024
104						The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BRISTOL-MYERS SQUIBB COMPANY

Dated: July 26, 2024

By:

/s/ Amy Fallone

Name:

Amy Fallone

Title:

Corporate Secretary

Exhibit 99.1

Bristol Myers Squibb Reports Second Quarter Financial Results for 2024

Results Underscore Continued Progress on Commercial Execution, Driving the Growth Portfolio and Pipeline Advancement

•Second Quarter Revenues were $12.2 Billion, increasing 9% (+11% Adjusting for Foreign Exchange)

•Growth Portfolio Revenues were $5.6 Billion, increasing 18% (+21% Adjusting for Foreign Exchange)

•GAAP EPS was $0.83 and Non-GAAP EPS was $2.07; Includes Net Impact of $(0.04) Per Share for GAAP EPS and Non-GAAP EPS Due to Acquired IPRD Charges and Licensing Income

•Achieved U.S. Approval of Breyanzi in Both Follicular Lymphoma and Mantle Cell Lymphoma; Subcutaneous Nivolumab Under Regulatory Review in the U.S. and E.U.

•Raising 2024 Non-GAAP Guidance

(PRINCETON, N.J., July 26, 2024) – Bristol Myers Squibb (NYSE: BMY) today reports results for the second quarter of 2024.

“Our second quarter results reflect progress against our strategy to position BMS for long-term, sustainable growth,” said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. “As we move into the second half of the year, we remain focused on prioritizing opportunities with the greatest growth potential and impact for patients, including the anticipated U.S. launch of KarXT. We're also driving operational excellence throughout the company, becoming more agile and strengthening execution."


	Second Quarter
$ in millions, except per share amounts	2024	2023	Change		Change Excl. F/X**
Total Revenues	$12,201	$11,226	9	%	11	%
Earnings Per Share — GAAP*	0.83	0.99	(16)	%	N/A
Earnings Per Share — Non-GAAP* **	2.07	1.75	18	%	N/A
Acquired IPRD charge and Licensing Income Net Impact on Earnings Per Share	(0.04)	(0.05)	N/A		N/A

* GAAP and Non-GAAP earnings per share include the net impact of Acquired IPRD charges and licensing income.

** See "Use of Non-GAAP Financial Information".

SECOND QUARTER RESULTS

All comparisons are made versus the same period in 2023 unless otherwise stated.

•Bristol Myers Squibb posted second quarter revenues of $12.2 billion, an increase of 9%, or 11% when adjusted for foreign exchange impacts, primarily driven by the Growth Portfolio and Eliquis.

•U.S. revenues increased 13% to $8.8 billion, primarily due to the Growth and Legacy Portfolios.

•International revenues decreased 1% to $3.4 billion, primarily due to the negative impact from foreign exchange of 7% and Revlimid, partially offset by Opdivo.

•On a GAAP basis, gross margin decreased from 74.4% to 73.2%, primarily due to a one-time impairment charge related to marketed product rights. On a non-GAAP basis, gross margin increased from 75.0% to 75.6% due to product mix.

•On a GAAP and non-GAAP basis, marketing, selling and administrative expenses remained relatively flat at $1.9 billion.

•On a GAAP basis, research and development expenses increased 28% to $2.9 billion, primarily due to an IPRD impairment charge resulting from the decision to discontinue further development of alnuctamab. On a non-GAAP basis, research and development expenses remained relatively flat at $2.3 billion.

•On a GAAP and non-GAAP basis, Acquired IPRD decreased to $132 million from $158 million. On a GAAP and non-GAAP basis, licensing income was $37 million compared to $20 million.

•On a GAAP basis, amortization of acquired intangible assets increased 7% to $2.4 billion, primarily due to the RayzeBio acquisition in 2024 and approval of Augtyro in the fourth quarter of 2023.

•On a GAAP basis, income tax benefit was $398 million despite pre-tax earnings of $1.3 billion, primarily due to the release of income tax reserves. On a non-GAAP basis, effective tax rate changed from 16.9% to 14.1%, primarily due to the release of income tax reserves.

•On a GAAP basis, the company reported net income attributable to Bristol Myers Squibb of $1.7 billion, or $0.83 per share, during the second quarter of 2024 compared to $2.1 billion, or $0.99 per share, for the same period a year ago. In addition to the items above, the decrease was also due to higher interest expense resulting from new debt issuance to fund recent acquisitions. The company reported non-GAAP net earnings attributable to Bristol Myers Squibb of $4.2 billion, or $2.07 per share, during the second quarter of 2024 compared to $3.7 billion, or $1.75 per share, for the same period a year ago.

SECOND QUARTER PRODUCT REVENUE HIGHLIGHTS


($ amounts in millions)	Quarter Ended June 30, 2024						% Change from Quarter Ended June 30, 2023						% Change from Quarter Ended June 30, 2023 Ex-F/X**
	U.S.		Int'l (c)		WW(d)		U.S.		Int'l(c)		WW(d)		Int'l(c)		WW(d)
Growth Portfolio
Opdivo	$	1,406	$	981	$	2,387	15	%	6	%	11	%	18	%	16	%
Orencia	742		206		948		7	%	(11)	%	2	%	(2)	%	5	%
Yervoy	404		226		630		10	%	4	%	8	%	11	%	10	%
Reblozyl	348		77		425		96	%	38	%	82	%	41	%	82	%
Opdualag	223		12		235		48	%	*		53	%	*		53	%
Abecma	54		41		95		(53)	%	*		(28)	%	*		(27)	%
Zeposia	111		40		151		52	%	48	%	51	%	48	%	51	%
Breyanzi	122		31		153		47	%	82	%	53	%	94	%	55	%
Camzyos	130		9		139		*		N/A		*		N/A		*
Sotyktu	41		12		53		71	%	*		*		*		*
Augtyro	7		—		7		N/A		N/A		N/A		N/A		N/A
Krazati	29		3		32		N/A		N/A		N/A		N/A		N/A
Other Growth Products(a)	168		173		341		4	%	30	%	16	%	35	%	18	%
Total Growth Portfolio	3,785		1,811		5,596		21	%	11	%	18	%	21	%	21	%
Legacy Portfolio
Eliquis	2,544		872		3,416		10	%	(2)	%	7	%	—	%	7	%
Revlimid	1,165		188		1,353		(4)	%	(24)	%	(8)	%	(20)	%	(7)	%
Pomalyst/Imnovid	716		243		959		27	%	(14)	%	13	%	(11)	%	14	%
Sprycel	341		83		424		6	%	(39)	%	(7)	%	(34)	%	(6)	%
Abraxane	154		77		231		(18)	%	8	%	(10)	%	25	%	(6)	%
Other Legacy Products(b)	96		126		222		16	%	(24)	%	(10)	%	(19)	%	(8)	%
Total Legacy Portfolio	5,016		1,589		6,605		7	%	(11)	%	2	%	(8)	%	3	%
Total Revenues	$	8,801	$	3,400	$	12,201	13	%	(1)	%	9	%	6	%	11	%

* In excess of +100%.

** See "Use of Non-GAAP Financial Information".

(a) Includes Nulojix, Onureg, Inrebic, Empliciti and royalty revenue.

(b) Includes other mature brands.

(c) Beginning in 2024, Puerto Rico revenues are included in International revenues. Prior period amounts have been reclassified to conform to the current presentation.

(d) Worldwide (WW) includes U.S. and International (Int'l).

SECOND QUARTER PRODUCT REVENUE HIGHLIGHTS

Growth Portfolio

Growth Portfolio worldwide revenues increased to $5.6 billion compared to $4.7 billion in the prior year period, representing growth of 18% on a reported basis, or 21% when adjusted for foreign exchange impacts. Growth Portfolio revenues were primarily driven by higher demand for Opdivo, Reblozyl, Camzyos and Opdualag, partially offset by Abecma.

Legacy Portfolio

Revenues for the Legacy Portfolio in the second quarter were $6.6 billion compared to $6.5 billion in the prior year period, representing growth of 2% on a reported basis, or 3% when adjusted for

foreign exchange impacts. Legacy Portfolio revenues were driven by higher demand for Eliquis and Pomalyst, partially offset by a decline in Revlimid due to generic erosion.

PRODUCT AND PIPELINE UPDATE

Bristol Myers Squibb recently achieved several important clinical and regulatory milestones.

Today, the company is announcing that the Phase 3 trial evaluating the efficacy and safety of cendakimab in patients with eosinophilic esophagitis (EoE) met both co-primary endpoints. The company will work with key investigators to present detailed results at an upcoming medical conference.

Multiple regulatory approvals were received during the second quarter, including U.S. Food and Drug Administration (FDA) approval for Breyanzi to expand into follicular lymphoma and mantle cell lymphoma. In addition, the FDA and the European Medicines Agency (EMA) are each currently evaluating an application from the company for the approval of subcutaneous nivolumab.

Oncology


Category	Asset	Milestone
Regulatory	Opdivo® (nivolumab) + Yervoy® (ipilimumab)	The EMA validated the Type II variation application for Opdivo plus Yervoy as a potential first-line treatment option for adult patients with unresectable or advanced hepatocellular carcinoma (HCC) who have not received prior systemic therapy. The application was based on results from the Phase 3 CheckMate -9DW trial. Validation confirms the submission is complete and begins the EMA's centralized review procedure.
	Krazati® (adagrasib)	The FDA granted accelerated approval for Krazati in combination with cetuximab as a targeted treatment option for adult patients with KRASG12C-mutated locally advanced or metastatic colorectal cancer (CRC), as determined by an FDA-approved test, who have received prior treatment with fluoropyrimidine-, oxaliplatin-, and irinotecan-based chemotherapy. The approval is based on results from the Phase 1/2 KRYSTAL-1 study.
	Subcutaneous nivolumab	The EMA validated the extension application to introduce a new route of administration (subcutaneous use) for nivolumab that includes a new pharmaceutical form (solution for injection) and a new strength (600 mg/vial) across multiple previously approved adult solid tumor indications as monotherapy, monotherapy maintenance following completion of nivolumab plus ipilimumab combination therapy, or in combination with chemotherapy or cabozantinib. The validation, based on results from the Phase 3 CheckMate -67T trial, confirms the submission is complete and begins the EMA’s centralized review procedure.


	Augtyro™ (repotrectinib)	The FDA granted accelerated approval of Augtyro for the treatment of adult and pediatric patients 12 years of age and older with solid tumors that have a neurotrophic tyrosine receptor kinase (NTRK) gene fusion, are locally advanced or metastatic or where surgical resection is likely to result in severe morbidity, and have progressed following treatment or have no satisfactory alternative therapy. The approval is based on results from the Phase 1/2 TRIDENT-1 trial.
	Opdivo	The European Commission (EC) approved Opdivo in combination with cisplatin and gemcitabine for the first-line treatment of adult patients with unresectable or metastatic urothelial carcinoma (UC). The approval makes Opdivo in combination with cisplatin and gemcitabine the first concurrent immunotherapy-chemotherapy approved for the treatment of adult patients with unresectable or metastatic UC in the first-line setting in the European Union. The approval is based on the results from the CheckMate -901 trial.
	Opdivo + Yervoy	The EMA validated the Type II variation application for Opdivo plus Yervoy for the first-line treatment of adult patients with microsatellite instability–high or mismatch repair deficient metastatic CRC. The application is based on results from the Phase 3 CheckMate -8HW trial. Validation of the application confirms the submission is complete and begins the EMA’s centralized review process.
	Subcutaneous nivolumab	The FDA accepted the Biologics License Application (BLA) for the subcutaneous formulation of nivolumab co-formulated with Halozyme’s proprietary recombinant human hyaluronidase across all previously approved adult, solid tumor Opdivo indications as monotherapy, monotherapy maintenance following completion of Opdivo plus Yervoy combination therapy, or in combination with chemotherapy or cabozantinib. The FDA assigned a Prescription Drug User Fee Act (PDUFA) goal date of December 29, 2024.
Clinical & Research	Opdivo + Yervoy	Results from the Phase 3 CheckMate -9DW trial showed the dual immunotherapy combination of Opdivo plus Yervoy meaningfully improved overall survival, the trial’s primary endpoint, compared to investigator’s choice of lenvatinib or sorafenib as a first-line treatment for patients with unresectable HCC. The results also demonstrated a statistically significant and clinically meaningful improvement in the key secondary endpoint of objective response rate.
	Krazati	Results from the Phase 3 KRYSTAL-12 study evaluating Krazati compared to standard of care chemotherapy in patients with locally advanced or metastatic KRASG12C -mutated NSCLC who had previously received platinum-based chemotherapy, concurrently or sequentially with anti-PD-(L)1 therapy demonstrated a statistically significant and clinically meaningful improvement in progression-free survival (PFS), the study’s primary endpoint. The KRYSTAL-12 study remains ongoing to assess the additional key secondary endpoint of overall survival.
	Opdivo + Yervoy	The Phase 3 CheckMate -73L trial did not meet its primary endpoint of PFS in unresectable, locally advanced stage III NSCLC. CheckMate -73L evaluated Opdivo with concurrent chemoradiotherapy (CCRT) followed by Opdivo plus Yervoy versus CCRT followed by durvalumab in patients with unresectable stage III NSCLC.

Hematology


Category			Asset			Milestone


Regulatory	Breyanzi® (lisocabtagene maraleucel)	The FDA approved Breyanzi for the treatment of adult patients with relapsed or refractory mantle cell lymphoma (MCL) who have received at least two prior lines of systemic therapy, including a Bruton tyrosine kinase inhibitor. This FDA approval is based on results from the MCL cohort of the Phase 1 TRANSCEND NHL 001 trial.
	Breyanzi	The FDA granted accelerated approval for Breyanzi for the treatment of adult patients with relapsed or refractory follicular lymphoma (FL) who have received two or more prior lines of systemic therapy. The approval is based on results from the Phase 2 TRANSCEND FL trial.

Immunology


Category	Asset	Milestone
Clinical & Research	cendakimab	The pivotal Phase 3 trial evaluating the efficacy and safety of cendakimab in patients with EoE met both co-primary endpoints, demonstrating statistically significant reductions versus placebo in symptoms (dysphagia days) and esophageal eosinophil counts after 24 weeks of treatment. The overall safety profile of cendakimab through 48 weeks of treatment in the Phase 3 trial was consistent with previously reported EoE Phase 2 trial results, and no new safety signals were identified.
	Sotyktu® (deucravacitinib)	Four-year results from the POETYK PSO long-term extension trial of Sotyktu treatment in adult patients with moderate-to-severe plaque psoriasis showed that, after four years of continuous Sotyktu treatment, clinical response was maintained in more than seven out of 10 patients for Psoriasis Area and Severity Index 75. In addition, the safety profile of Sotyktu at Year 4 remained consistent with the established safety profile, with no new safety signals identified.

Financial Guidance

Bristol Myers Squibb is raising portions of its 2024 line-item guidance as noted below.

2024 Line-Item Guidance


	Non-GAAP2
	April (Prior)	July (Updated)
Total Revenues	Low single-digit increase	Upper end of low single-digit range
Total Revenues (excl. F/X)	Low single-digit increase	Upper end of low single-digit range
Gross Margin %	~74%	Between ~74% and ~75%
Operating Expenses1	Low single-digit increase	No Change
Other income/(expense)	~($250M)	~($50M)
Effective tax rate	~69%	~66%
Diluted EPS	$0.40 - $0.70	$0.60 - $0.90

1 Operating Expenses = MS&A and R&D, excluding Acquired IPRD and Amortization of acquired intangible assets.

2 See "Use of Non-GAAP Financial Information."

The 2024 financial guidance excludes the impact of any potential future strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of future Acquired IPRD charges. To the extent we have quantified the impact of significant R&D charges or other income resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights, we may update this information from time to time on our website www.bms.com, in the "Investors" section. Non-GAAP guidance assumes current exchange rates. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.

A reconciliation of forward-looking non-GAAP measures, including non-GAAP EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. See "Cautionary Statement Regarding Forward-Looking Statements" and "Use of Non-GAAP Financial Information."

Environmental, Social & Governance (ESG)

As a leading biopharmaceutical company, Bristol Myers Squibb's passion for making an impact extends beyond the discovery, development and delivery of innovative medicines that help patients prevail over serious diseases. To learn more about our priorities and goals, please visit our latest ESG report.

•In June 2024, Bristol Myers Squibb was added to the 2023 Dow Jones Sustainability Index North America. This reflects the company's evolved strategy and meaningful progress on its ESG efforts.

•On May 22, 2024, the company announced ASPIRE (Accessibility, Sustainability, Patient-centric, Impact, Responsibility and Equity), a 10-year strategy to advance access to the company's innovative treatments and help patients in low- and middle-income countries (LMICs) gain access to potentially life-saving medicines. This strategy supports the company's

commitment to reach more than 200,000 patients in LMICs by 2033 with its innovative treatments.

Conference Call Information

Bristol Myers Squibb will host a conference call today, Friday, July 26, 2024, at 8:00 a.m. ET, during which company executives will review quarterly financial results and address inquiries from investors and analysts. Investors and the general public are invited to listen to a live webcast of the call at http://investor.bms.com.

Investors and the public can register for the live conference call here. Those unable to register can access the live conference call by dialing in the U.S. toll-free 1-833-816-1116 or international +1 412-317-0705. Materials related to the call will be available at http://investor.bms.com prior to the start of the conference call.

A replay of the webcast will be available at http://investor.bms.com approximately three hours after the conference call concludes. A replay of the conference call will be available beginning at 11:30 a.m. ET on July 26, 2024, through 11:30 a.m. ET on August 9, 2024, by dialing in the U.S. toll free 1-877-344-7529 or international +1 412-317-0088, confirmation code: 2169814.

About Bristol Myers Squibb

Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, X (formerly Twitter), YouTube, Facebook, and Instagram.

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For more information, contact:

Media: media@bms.com

Investor Relations: investor.relations@bms.com

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 press 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's, analysts' and investors' overall understanding of the company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. In addition, non-GAAP gross margin, which is gross profit excluding certain specified items, as a percentage of revenues, non-GAAP operating margin, which is gross profit less marketing, selling and administrative expenses and research and development expenses excluding certain specified items as a percentage of revenues, non-GAAP operating expenses, which is marketing, selling and administrative and research and development expenses excluding certain specified items, non-GAAP marketing, selling and administrative expenses, which is marketing, selling and administrative expenses 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 earnings release and the accompanying tables also provide certain revenues and expenses as well as non-GAAP measures excluding the impact of foreign exchange ("Ex-Fx"). 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. Ex-Fx financial measures are not accounted for according to GAAP because they remove the effects of currency movements from GAAP 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, costs of acquiring a priority review voucher, divestiture gains or losses, stock compensation resulting from acquisition-related equity awards, pension, legal and other contractual settlement charges, equity investment and contingent value rights fair value adjustments (including fair value adjustments attributed to limited partnership equity method investments), income resulting from the change in control of the Nimbus Therapeutics TYK2 Program and amortization of fair value adjustments of debt acquired from Celgene in our 2019 exchange offer, among other items. 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. Certain other significant tax items are also excluded such as the impact resulting from a non-U.S. tax ruling regarding the deductibility of a statutory impairment of subsidiary investments and release of income tax reserves relating to the Celgene acquisition.

Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related financial measures presented in the press release that are prepared in accordance with GAAP and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

Reconciliations of the non-GAAP financial measures to the most comparable GAAP measures are provided in the accompanying financial tables and will also be available on the company’s website at www.bms.com. Within the accompanying financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.

Website Information

We routinely post important information for investors on our website, BMS.com, in the “Investors” section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, Securities and Exchange Commission ("SEC") filings, public conference calls, presentations and webcasts. We may also use social media channels to communicate with our investors and the public about our company, our products and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels are not incorporated by reference into, and are not a part of, this document.

Cautionary Statement Regarding Forward-Looking Statements

This earnings release and the related attachments (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the company’s 2024 financial guidance, plans and strategy, including its business development and capital allocation strategy, ESG priorities and goals, anticipated developments in the company’s pipeline, expectations with respect to the company’s future market position and the projected benefits of the company’s alliances and other business development activities. These statements may be identified by the fact that they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. All statements that are not statements of historical facts are, or

may be deemed to be, forward-looking statements. No forward-looking statement can be guaranteed and there is no assurance that the company will achieve its financial guidance and long-term targets, that the company’s future clinical studies will support the data described in this release, that the company’s product candidates will receive necessary clinical and manufacturing regulatory approvals, that the company’s pipeline products will prove to be commercially successful, that clinical and manufacturing regulatory approvals will be sought or obtained within currently expected timeframes, or that contractual milestones will be achieved.

Forward-looking statements are based on current expectations and projections about the company’s future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond the company’s control and could cause the company’s future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. Such risks, uncertainties and other matters include, but are not limited to: increasing pricing pressures from market access, pharmaceutical pricing controls and discounting; market actions taken by private and government payers to manage drug utilization and contain costs; the company’s ability to retain patent exclusivity of certain products; regulatory changes that result in lower prices, lower reimbursement rates and smaller populations for whom payers will reimburse; changes under the 340B Drug Pricing Program; the company’s ability to obtain and maintain regulatory approval for its product candidates; the company’s ability to obtain and protect market exclusivity rights and enforce patents and other intellectual property rights; the possibility of difficulties and delays in product introduction and commercialization; increasing industry competition; potential difficulties, delays and disruptions in manufacturing, distribution or sale of products; the company’s ability to identify potential strategic acquisitions, licensing opportunities or other beneficial transactions; failure to complete, or delays in completing, collaborations, acquisitions, divestitures, alliances and other portfolio actions and the failure to achieve anticipated benefits from such transactions and actions; the risk of an adverse patent litigation decision or settlement and exposure to other litigation and/or regulatory actions or investigations; the impact of any healthcare reform and legislation or regulatory action in the United States and international markets; increasing market penetration of lower-priced generic products; the failure of the company’s suppliers, vendors, outsourcing partners, alliance partners and other third parties to meet their contractual, regulatory and other obligations; the impact of counterfeit or unregistered versions of the company’s products and from stolen products; product label changes or other measures that could reduce the product's market acceptance for the company's products and result in declining sales; safety or efficacy concerns regarding the company’s products or any product in the same class as the company’s products; the risk of cyber-attacks on the company’s information systems or products and unauthorized disclosure of trade secrets or other confidential data; the company’s ability to execute its financial, strategic and operational plans; the company’s dependency on several key products; any decline in the company’s future royalty streams; the company’s ability to attract and retain key personnel; the impact of the company’s significant indebtedness; political and financial instability of international economies and sovereign risk; interest rate and currency exchange rate fluctuations, credit and foreign exchange risk management; risks relating to the use of social media platforms; the impact of our exclusive forum provision in our by-laws for certain lawsuits on our stockholders’ ability to obtain a judicial forum that they find favorable for such lawsuits; issuance of new or revised accounting standards; and risks relating to public health outbreaks, epidemics and pandemics.

Forward-looking statements in this earnings release should be evaluated together with the many risks and uncertainties that affect the company’s business and market, particularly those identified

in the cautionary statement and risk factors discussion in the company’s Annual Report on Form 10-K for the year ended December 31, 2023, as updated by the company’s subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the SEC. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Net product sales	$	11,925	$	10,917	$	23,484	$	21,965
Alliance and other revenues	276		309		582		598
Total Revenues	12,201		11,226		24,066		22,563

Cost of products sold(a)	3,267		2,876		6,199		5,442
Marketing, selling and administrative	1,928		1,934		4,295		3,696
Research and development	2,899		2,258		5,594		4,579
Acquired IPRD	132		158		13,081		233
Amortization of acquired intangible assets	2,416		2,257		4,773		4,513
Other (income)/expense, net	273		(116)		354		(529)
Total Expenses	10,915		9,367		34,296		17,934

(Loss)/Earnings Before Income Taxes	1,286		1,859		(10,230)		4,629
Provision for Income Taxes	(398)		(218)		(6)		285
Net (Loss)/Earnings	1,684		2,077		(10,224)		4,344
Noncontrolling Interest	4		4		7		9
Net (Loss)/Earnings Attributable to BMS	$	1,680	$	2,073	$	(10,231)	$	4,335

Weighted-Average Common Shares Outstanding:
Basic	2,027		2,093		2,025		2,096
Diluted	2,029		2,102		2,025		2,107

(Loss)/Earnings per Common Share:
Basic	$	0.83	$	0.99	$	(5.05)	$	2.07
Diluted	0.83		0.99		(5.05)		2.06

Other (income)/expense, net
Interest expense(b)	$	521	$	282	$	946	$	570
Royalty and licensing income	(191)		(340)		(352)		(703)
Royalty income - divestitures	(265)		(218)		(536)		(406)
Equity investment (gains)/losses	(107)		58		(209)		213
Integration expenses	74		59		145		126


Litigation and other settlements	69		(7)		71		(332)
Investment income	(87)		(95)		(270)		(197)
Provision for restructuring	260		113		480		180
Acquisition expense	1		—		50		—

Other	(2)		32		29		20
Other (income)/expense, net	$	273	$	(116)	$	354	$	(529)

(a) Excludes amortization of acquired intangible assets.

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

BRISTOL-MYERS SQUIBB COMPANY

PRODUCT REVENUES

FOR THE THREE MONTHS ENDED JUNE 30, 2024 AND 2023

(Unaudited, dollars in millions)


													Change vs. 2023
	2024						2023						GAAP						Excl. F/X**
	U.S.		Int'l (c)		WW (d)		U.S.		Int'l (c)		WW (d)		U.S.		Int'l (c)		WW (d)		U.S.		Int'l (c)		WW (d)
Growth Portfolio
Opdivo	$	1,406	$	981	$	2,387	$	1,221	$	924	$	2,145	15	%	6	%	11	%	15	%	18	%	16	%
Orencia	742		206		948		695		232		927		7	%	(11)	%	2	%	7	%	(2)	%	5	%
Yervoy	404		226		630		368		217		585		10	%	4	%	8	%	10	%	11	%	10	%
Reblozyl	348		77		425		178		56		234		96	%	38	%	82	%	96	%	41	%	82	%
Opdualag	223		12		235		151		3		154		48	%	*		53	%	48	%	*		53	%
Abecma	54		41		95		115		17		132		(53)	%	*		(28)	%	(53)	%	*		(27)	%
Zeposia	111		40		151		73		27		100		52	%	48	%	51	%	52	%	48	%	51	%
Breyanzi	122		31		153		83		17		100		47	%	82	%	53	%	47	%	94	%	55	%
Camzyos	130		9		139		46		—		46		*		N/A		*		*		N/A		*
Sotyktu	41		12		53		24		1		25		71	%	*		*		71	%	*		*
Augtyro	7		—		7		—		—		—		N/A		N/A		N/A		N/A		N/A		N/A
Krazati	29		3		32		—		—		—		N/A		N/A		N/A		N/A		N/A		N/A
Other Growth Products(a)	168		173		341		162		133		295		4	%	30	%	16	%	4	%	35	%	18	%
Total Growth Portfolio	3,785		1,811		5,596		3,116		1,627		4,743		21	%	11	%	18	%	21	%	21	%	21	%
Legacy Portfolio
Eliquis	2,544		872		3,416		2,311		893		3,204		10	%	(2)	%	7	%	10	%	—	%	7	%
Revlimid	1,165		188		1,353		1,219		249		1,468		(4)	%	(24)	%	(8)	%	(4)	%	(20)	%	(7)	%
Pomalyst/Imnovid	716		243		959		565		282		847		27	%	(14)	%	13	%	27	%	(11)	%	14	%
Sprycel	341		83		424		323		135		458		6	%	(39)	%	(7)	%	6	%	(34)	%	(6)	%
Abraxane	154		77		231		187		71		258		(18)	%	8	%	(10)	%	(18)	%	25	%	(6)	%
Other Legacy Products(b)	96		126		222		83		165		248		16	%	(24)	%	(10)	%	16	%	(19)	%	(8)	%
Total Legacy Portfolio	5,016		1,589		6,605		4,688		1,795		6,483		7	%	(11)	%	2	%	7	%	(8)	%	3	%
Total Revenues	$	8,801	$	3,400	$	12,201	$	7,804	$	3,422	$	11,226	13	%	(1)	%	9	%	13	%	6	%	11	%

* In excess of +100%.

** See "Use of Non-GAAP Financial Information".

(a) Includes Onureg, Inrebic, Nulojix, Empliciti and royalty revenues.

(b) Includes other mature brands.

(c) Beginning in 2024, Puerto Rico revenues are included in International revenues. Prior period amounts have been reclassified to conform to the current presentation.

(d) Worldwide (WW) includes U.S. and International (Int'l).

BRISTOL-MYERS SQUIBB COMPANY

PRODUCT REVENUES

FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(Unaudited, dollars in millions)


													Change vs. 2023
	2024						2023						GAAP						Excl. F/X**
	U.S.		Int'l (c)		WW (d)		U.S.		Int'l (c)		WW (d)		U.S.		Int'l (c)		WW (d)		U.S.		Int'l (c)		WW (d)
Growth Portfolio
Opdivo	$	2,561	$	1,904	$	4,465	$	2,502	$	1,845	$	4,347	2	%	3	%	3	%	2	%	13	%	7	%
Orencia	1,314		432		1,746		1,246		445		1,691		5	%	(3)	%	3	%	5	%	5	%	5	%
Yervoy	772		441		1,213		680		413		1,093		14	%	7	%	11	%	14	%	14	%	14	%
Reblozyl	641		138		779		334		106		440		92	%	30	%	77	%	92	%	32	%	78	%
Opdualag	421		20		441		267		4		271		58	%	*		63	%	58	%	*		63	%
Abecma	106		71		177		233		46		279		(55)	%	54	%	(37)	%	(55)	%	61	%	(35)	%
Zeposia	183		78		261		124		54		178		48	%	44	%	47	%	48	%	44	%	47	%
Breyanzi	209		51		260		141		30		171		48	%	70	%	52	%	48	%	77	%	53	%
Camzyos	207		16		223		75		—		75		*		N/A		*		*		N/A		*
Sotyktu	75		22		97		39		2		41		92	%	*		*		92	%	*		*
Augtyro	13		—		13		—		—		—		N/A		N/A		N/A		N/A		N/A		N/A
Krazati	50		3		53		—		—		—		N/A		N/A		N/A		N/A		N/A		N/A
Other Growth Products(a)	316		344		660		306		269		575		3	%	28	%	15	%	3	%	33	%	17	%
Total Growth Portfolio	6,868		3,520		10,388		5,947		3,214		9,161		15	%	10	%	13	%	15	%	18	%	16	%
Legacy Portfolio
Eliquis	5,365		1,771		7,136		4,838		1,789		6,627		11	%	(1)	%	8	%	11	%	—	%	8	%
Revlimid	2,618		404		3,022		2,742		476		3,218		(5)	%	(15)	%	(6)	%	(5)	%	(11)	%	(5)	%
Pomalyst/Imnovid	1,313		511		1,824		1,106		573		1,679		19	%	(11)	%	9	%	19	%	(9)	%	9	%
Sprycel	623		175		798		612		275		887		2	%	(36)	%	(10)	%	2	%	(32)	%	(9)	%
Abraxane	299		149		448		348		149		497		(14)	%	—	%	(10)	%	(14)	%	17	%	(5)	%
Other Legacy Products(b)	191		259		450		163		331		494		17	%	(22)	%	(9)	%	17	%	(19)	%	(7)	%
Total Legacy Portfolio	10,409		3,269		13,678		9,809		3,593		13,402		6	%	(9)	%	2	%	6	%	(6)	%	3	%
Total Revenues	$	17,277	$	6,789	$	24,066	$	15,756	$	6,807	$	22,563	10	%	—	%	7	%	10	%	5	%	8	%

* In excess of +100%.

** See "Use of Non-GAAP Financial Information".

(a) Includes Onureg, Inrebic, Nulojix, Empliciti and royalty revenues.

(b) Includes other mature brands.

(c) Beginning in 2024, Puerto Rico revenues are included in International revenues. Prior period amounts have been reclassified to conform to the current presentation.

(d) Worldwide (WW) includes U.S. and International (Int'l).

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES(a)

FOREIGN EXCHANGE IMPACT (%)

(Unaudited)


	Three Months Ended June 30, 2024			Six Months Ended June 30, 2024
	Revenue Change %	F/X % Favorable/ (Unfavorable) **	Revenue Change % Ex- F/X **	Revenue Change %	F/X % Favorable/ (Unfavorable) **	Revenue Change % Ex- F/X **
Growth Portfolio
Opdivo	6%	(12)%	18%	3%	(10)%	13%
Orencia	(11)%	(9)%	(2)%	(3)%	(8)%	5%
Yervoy	4%	(7)%	11%	7%	(7)%	14%
Reblozyl	38%	(3)%	41%	30%	(2)%	32%
Opdualag	*	*	*	*	*	*
Abecma	*	*	*	54%	(7)%	61%
Zeposia	48%	—%	48%	44%	—%	44%
Breyanzi	82%	(12)%	94%	70%	(7)%	77%
Camzyos	N/A	N/A	N/A	N/A	N/A	N/A
Sotyktu	*	*	*	*	*	*
Augtyro	N/A	N/A	N/A	N/A	N/A	N/A
Krazati	N/A	N/A	N/A	N/A	N/A	N/A
Other Growth Products(b)	30%	(5)%	35%	28%	(5)%	33%
Total Growth Portfolio	11%	(10)%	21%	10%	(8)%	18%
Legacy Portfolio
Eliquis	(2)%	(2)%	—%	(1)%	(1)%	—%
Revlimid	(24)%	(4)%	(20)%	(15)%	(4)%	(11)%
Pomalyst/Imnovid	(14)%	(3)%	(11)%	(11)%	(2)%	(9)%
Sprycel	(39)%	(5)%	(34)%	(36)%	(4)%	(32)%
Abraxane	8%	(17)%	25%	—%	(17)%	17%
Other Legacy Products(c)	(24)%	(5)%	(19)%	(22)%	(3)%	(19)%
Total Legacy Portfolio	(11)%	(3)%	(8)%	(9)%	(3)%	(6)%
Total Revenues	(1)%	(7)%	6%	—%	(5)%	5%

* In excess of +100%.

** See "Use of Non-GAAP Financial Information".

(a) Beginning in 2024, Puerto Rico revenues are included in International revenues. Prior period amounts have been reclassified to conform to the current presentation.

(b) Includes Onureg, Nulojix, Empliciti and royalty revenues.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE REVENUES(a)

FOREIGN EXCHANGE IMPACT (%)

(Unaudited)


	Three Months Ended June 30, 2024			Six Months Ended June 30, 2024
	Revenue Change %	F/X % Favorable/ (Unfavorable) **	Revenue Change % Ex- F/X **	Revenue Change %	F/X % Favorable/ (Unfavorable) **	Revenue Change % Ex- F/X **
Growth Portfolio
Opdivo	11%	(5)%	16%	3%	(4)%	7%
Orencia	2%	(3)%	5%	3%	(2)%	5%
Yervoy	8%	(2)%	10%	11%	(3)%	14%
Reblozyl	82%	—%	82%	77%	(1)%	78%
Opdualag	53%	—%	53%	63%	—%	63%
Abecma	(28)%	(1)%	(27)%	(37)%	(2)%	(35)%
Zeposia	51%	—%	51%	47%	—%	47%
Breyanzi	53%	(2)%	55%	52%	(1)%	53%
Camzyos	*	*	*	*	*	*
Sotyktu	*	*	*	*	*	*
Augtyro	N/A	N/A	N/A	N/A	N/A	N/A
Krazati	N/A	N/A	N/A	N/A	N/A	N/A
Other Growth Products(b)	16%	(2)%	18%	15%	(2)%	17%
Total Growth Portfolio	18%	(3)%	21%	13%	(3)%	16%
Legacy Portfolio
Eliquis	7%	—%	7%	8%	—%	8%
Revlimid	(8)%	(1)%	(7)%	(6)%	(1)%	(5)%
Pomalyst/Imnovid	13%	(1)%	14%	9%	—%	9%
Sprycel	(7)%	(1)%	(6)%	(10)%	(1)%	(9)%
Abraxane	(10)%	(4)%	(6)%	(10)%	(5)%	(5)%
Other Legacy Products(c)	(10)%	(2)%	(8)%	(9)%	(2)%	(7)%
Total Legacy Portfolio	2%	(1)%	3%	2%	(1)%	3%
Total Revenues	9%	(2)%	11%	7%	(1)%	8%

* In excess of +100%.

** See "Use of Non-GAAP Financial Information".

(a) Worldwide (WW) includes U.S. and International (Int'l).

(b) Includes Onureg, Nulojix, Empliciti and royalty revenues.

BRISTOL-MYERS SQUIBB COMPANY

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

(Unaudited, dollars in millions)


THREE MONTHS	2024			2023			Change $		Change %		Favorable / (Unfavorable) F/X $ **		2024 Excl. F/X **		Favorable / (Unfavorable) F/X % **		% Change Excl. F/X **









Revenues	$	12,201		$	11,226		$	975	9	%	$	(224)	$	12,425	(2)	%	11	%
Gross profit	8,934			8,350			584		7	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)	9,230			8,417			813		10	%	N/A		N/A		N/A		N/A

Gross margin(b)	73.2		%	74.4		%
Gross margin excluding specified items	75.6		%	75.0		%

Marketing, selling and administrative	1,928			1,934			(6)		—	%	31		1,959		1	%	1	%
Marketing, selling and administrative excluding specified items(a)	1,922			1,914			8		—	%	31		1,953		2	%	2	%

Research and development	2,899			2,258			641		28	%	15		2,914		1	%	29	%
Research and development excluding specified items(a)	2,295			2,252			43		2	%	15		2,310		1	%	3	%

Operating margin(c)	33.7		%	37.0		%
Operating margin excluding specified items	41.1		%	37.9		%





SIX MONTHS	2024			2023			Change $		Change %		Favorable / (Unfavorable) F/X $ **		2024 Excl. F/X **		Favorable / (Unfavorable) F/X % **		% Change Excl. F/X **
Revenues	$	24,066		$	22,563		$	1,503	7	%	$	(377)	$	24,443	(1)	%	8	%
Gross profit	17,867			17,121			746		4	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)	18,185			17,242			943		5	%	N/A		N/A		N/A		N/A

Gross margin(b)	74.2		%	75.9		%
Gross margin excluding specified items	75.6		%	76.4		%

Marketing, selling and administrative	4,295			3,696			599		16	%	52		4,347		2	%	18	%
Marketing, selling and administrative excluding specified items(a)	3,911			3,676			235		6	%	52		3,963		2	%	8	%

Research and development	5,594			4,579			1,015		22	%	24		5,618		1	%	23	%
Research and development excluding specified items(a)	4,641			4,458			183		4	%	24		4,665		1	%	5	%

Operating margin(c)	33.2		%	39.2		%
Operating margin excluding specified items	40.0		%	40.4		%

* 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.

** See "Use of Non-GAAP Financial Information".

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

(b) Represents gross profit as a percentage of Revenues.

(c) Operating margin represents gross profit less marketing, selling and administrative expenses and research and development expenses, as a percentage of Revenues.

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023








Inventory purchase price accounting adjustments	$	13	$	31	$	21	$	84
Intangible asset impairment	280		—		280		—

Site exit and other costs	3		36		17		37
Cost of products sold	296		67		318		121

Acquisition related charges(a)	—		—		372		—
Site exit and other costs	6		20		12		20
Marketing, selling and administrative	6		20		384		20

IPRD impairments	590		—		590		20
Priority review voucher	—		—		—		95

Acquisition related charges(a)	—		—		348		—
Site exit and other costs	14		6		15		6
Research and development	604		6		953		121

Amortization of acquired intangible assets	2,416		2,257		4,773		4,513


Interest expense(b)	(12)		(13)		(25)		(27)

Equity investment (gain)/losses	(107)		58		(209)		208
Acquisition expenses	1		—		50		—
Integration expenses	74		59		145		126


Litigation and other settlements	61		—		61		(335)

Provision for restructuring	260		113		480		180




Other	—		—		10		(5)
Other (income)/expense, net	277		217		512		147

Increase to Earnings before income taxes	3,599		2,567		6,940		4,922

Income taxes on items above	(585)		(311)		(925)		(604)

Income tax reserve releases	(502)		—		(502)		—

Income taxes attributed to a non-U.S. tax ruling	—		(656)		—		(656)

Income taxes	(1,087)		(967)		(1,427)		(1,260)

Increase to net earnings	$	2,512	$	1,600	$	5,513	$	3,662

(a) Includes cash settlement of unvested stock awards, and other related costs incurred in connection with the recent acquisitions of Karuna, RayzeBio and Mirati.

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

BRISTOL-MYERS SQUIBB COMPANY

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

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


	Three Months Ended June 30, 2024									Six Months Ended June 30, 2024
	GAAP			Specified Items(a)			Non-GAAP			GAAP			Specified Items(a)			Non-GAAP
Gross profit	$	8,934		$	296		$	9,230		$	17,867		$	318		$	18,185
Marketing, selling and administrative	1,928			(6)			1,922			4,295			(384)			3,911
Research and development	2,899			(604)			2,295			5,594			(953)			4,641
Amortization of acquired intangible assets	2,416			(2,416)			—			4,773			(4,773)			—
Other (income)/expense, net	273			(277)			(4)			354			(512)			(158)
Earnings/(Loss) before income taxes	1,286			3,599			4,885			(10,230)			6,940			(3,290)
Provision for income taxes	(398)			1,087			689			(6)			1,427			1,421
Net earnings/(loss) attributable to BMS used for diluted EPS calculation	$	1,680		$	2,512		$	4,192		$	(10,231)		$	5,513		$	(4,718)

Weighted-average common shares outstanding—diluted	2,029			2,029			2,029			2,025			2,025			2,025
Diluted earnings/(loss) per share	$	0.83		$	1.24		$	2.07		$	(5.05)		$	2.72		$	(2.33)

Effective tax rate	(30.9)		%	45.0		%	14.1		%	0.1		%	(43.3)		%	(43.2)		%

	Three Months Ended June 30, 2023									Six Months Ended June 30, 2023
	GAAP			Specified Items(a)			Non-GAAP			GAAP			Specified Items(a)			Non-GAAP
Gross profit	$	8,350		$	67		$	8,417		$	17,121		$	121		$	17,242
Marketing, selling and administrative	1,934			(20)			1,914			3,696			(20)			3,676
Research and development	2,258			(6)			2,252			4,579			(121)			4,458
Amortization of acquired intangible assets	2,257			(2,257)			—			4,513			(4,513)			—
Other (income)/expense, net	(116)			(217)			(333)			(529)			(147)			(676)
Earnings before income taxes	1,859			2,567			4,426			4,629			4,922			9,551
Provision for income taxes	(218)			967			749			285			1,260			1,545
Net earnings attributable to BMS used for diluted EPS calculation	$	2,073		$	1,600		$	3,673		$	4,335		$	3,662		$	7,997

Weighted-average common shares outstanding—diluted	2,102			2,102			2,102			2,107			2,107			2,107
Diluted earnings per share	$	0.99		$	0.76		$	1.75		$	2.06		$	1.74		$	3.80

Effective tax rate	(11.7)		%	28.6		%	16.9		%	6.2		%	10.0		%	16.2		%

(a) Refer to the Specified Items schedule above for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate.

BRISTOL-MYERS SQUIBB COMPANY

NET DEBT CALCULATION

AS OF JUNE 30, 2024 AND DECEMBER 31, 2023

(Unaudited, dollars in millions)


	June 30, 2024		December 31, 2023

Cash and cash equivalents	$	6,293	$	11,464
Marketable debt securities - current	360		816
Marketable debt securities - non-current	357		364
Cash, cash equivalents and marketable debt securities	$	7,010	$	12,644
Short-term debt obligations	(3,531)		(3,119)
Long-term debt	(48,858)		(36,653)
Net debt position	$	(45,379)	$	(27,128)

Q2 2024 Results July 26, 2024

Q2 2024 Results Not for Product Promotional Use Forward Looking Statements and Non-GAAP Financial Information 2 This presentation contains statements about Bristol-Myers Squibb Company’s (the “Company”) future financial results, plans, business development strategy, anticipated clinical trials, results and regulatory approvals that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Actual results may differ materially from those expressed in, or implied by, these statements as a result of various factors, including, but not limited to: (i) new laws and regulations, (ii) our ability to obtain, protect and maintain market exclusivity rights and enforce patents and other intellectual property rights, (iii) our ability to achieve expected clinical, regulatory and contractual milestones on expected timelines or at all, (iv) difficulties or delays in the development and commercialization of new products, (v) difficulties or delays in our clinical trials and the manufacturing, distribution and sale of our products, (vi) adverse outcomes in legal or regulatory proceedings, (vii) risks relating to acquisitions, divestitures, alliances, joint ventures and other portfolio actions and (viii) political and financial instability, including changes in general economic conditions. These and other important factors are discussed in the Company’s most recent annual report on Form 10-K and reports on Forms 10-Q and 8-K. These documents are available on the U.S. Securities and Exchange Commission’s website, on the Company’s website or from Bristol-Myers Squibb Investor Relations. No forward-looking statements can be guaranteed. In addition, any forward-looking statements and clinical data included herein are presented only as of the date hereof. Except as otherwise required by applicable law, the Company undertakes no obligation to publicly update any of the provided information, whether as a result of new information, future events, changed circumstances or otherwise. This presentation includes certain non-generally accepted accounting principles (“GAAP”) financial measures that we use to describe the Company’s performance. The non-GAAP financial measures are provided as supplemental information 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’s, analysts’ and investors’ overall understanding of the Company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. This presentation also provides certain revenues and expenses excluding the impact of foreign exchange (“Ex-FX”). 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. Ex-FX financial measures are not accounted for according to GAAP because they remove the effects of currency movements from GAAP results. The non-GAAP information presented herein provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. An explanation of these non-GAAP financial measures and a reconciliation to the most directly comparable financial measure are available on our website at www.bms.com/investors. Also note that a reconciliation of forward-looking non-GAAP measures, including non-GAAP earnings per share (EPS), to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results.

Chris Boerner, PhD Board Chair and Chief Executive Officer 3 Q2 2024 Results

Q2 2024 Results Not for Product Promotional Use Research & Development Q2 2024 performance 4 Commercial • Subcutaneous nivolumab: potential to extend durability of IO business — U.S. FDA PDUFA date: December 29, 2024 — EU application under review *See “Forward-Looking Statements and Non-GAAP Financial Information” 1. Not an exhaustive list of assets, programs, or indications $4.7 $5.6 $6.5 $6.6 $11.2 $12.2 Q2 2023 Q2 2024 Legacy Growth $ in billions +82% Growth portfolio revenues: +18% or +21% Ex-FX* YoY >100% +53% >100% +53% Achieved multiple clinical & regulatory milestones1

Q2 2024 Results Not for Product Promotional Use 5 Focusing on transformational medicines where we have a competitive advantage Driving operational excellence throughout the organization Strategically allocating capital for long-term growth and returns Accelerating delivery of important medicines to more patients Reshaping BMS for sustained top-tier growth & value creation

Q2 2024 Results Not for Product Promotional Use Focusing pipeline in core therapeutic areas where we have competitive advantage 6 ImmunologyHematology Neuroscience Transformational programs to: —Control inflammation —Reset immune memory —Promote homeostasis Developing new treatments: —Neuropsychiatry —Neurodegeneration Leveraging deep expertise across: —Thrombosis —Heart failure —Cardiomyopathies Advancing first-in-class and/or best-in-class medicines CardiovascularOncology Extending in IO & broadening beyond IO with novel modalities: —Cell Therapies —Degraders —ADCs —Radiopharmaceuticals

Q2 2024 Results Not for Product Promotional Use KarXT: First-in-class M1/M4 with multi-billion-dollar potential 7 Schizophrenia1 ~1.6M people2 treated in U.S. ~70% of patients on current therapies are not well managed 1. Subject to positive registrational trials and regulatory approval 2. DRG – Clarivate, as of July 2023 U.S. FDA PDUFA date: September 26, 2024 Adjunctive Schizophrenia Alzheimer’s Psychosis Alzheimer’s Agitation Bipolar I Disorder Alzheimer’s Cognition Autism Spectrum Disorder (Irritability) Registrational study Planned study Phase 3 data 2025 Phase 3 data 2026 Future Initiations Newly Planned Indications Future growth drivers1 Launch preparations underway

Q2 2024 Results Not for Product Promotional Use 8 Expanding in IO & diversifying beyond IO Accelerating return in Neuroscience Expanding in Immunology U.S. FDA PDUFA date: September 26th Phase 3 PsA data readout POETYK-PsA-I & II Strengthening pipeline momentum in the near term U.S. FDA PDUFA date: December 29th Present Phase 2 data & initiate Phase 3 trial in 1L NSCLC 2H 2024 key milestones*1 Phase 1 data readout in severe, refractory SLE PRMT5i Phase 1 data readout in advanced solid tumors *See “Forward-Looking Statements and Non-GAAP Financial Information” 1. Subject to positive registrational trials and regulatory approval KarXT SC Nivolumab CD19 NEX-T

Q2 2024 Results Not for Product Promotional Use Pipeline enters catalyst-rich period starting next year 9 • Reblozyl 1L TD MF associated anemia (INDEPENDENCE) • Opdualag Adjuvant Melanoma • Camzyos nHCM (ODYSSEY) • Sotyktu SLE (POETYK-SLE I & II) • KarXT Adjunctive Schizophrenia (ARISE) • KarXT Alzheimer’s Psychosis (ADEPT) • EGFR x HER3 ADC Advanced solid tumors • Krazati 1L NSCLC (TPS <50%) • RYZ101 ES-SCLC • Golcadomide 1L FL (GOLSEEK II) • MYK-224 HFpEF (AURORA) Growth Products indication expansion1 NME registrational data 2025–2026 key milestones* *See “Forward-Looking Statements and Non-GAAP Financial Information” 1. Subject to positive registrational trials and regulatory approval Key early-stage data • Milvexian LIBREXIA program • LPA1 IPF (ALOFT) • Iberdomide 2L+ MM (EXCALIBER-RRMM) • Mezigdomide 2L+ MM (SUCCESSOR I & II) • GPRC5D CAR T 4L+ MM (QUINTESSENTIAL) • RYZ101 2L+ GEP-NETs

Q2 2024 Results Not for Product Promotional Use 2024 Guidance Highlights*1 Total Revenues Reported Rates Upper end of low single-digit range Total Revenues Ex-FX Upper end of low single-digit range Non-GAAP EPS2 Increasing range to $0.60 - $0.90 Raising our 2024 outlook 10 *The Company does not reconcile forward-looking non-GAAP measures. See “Forward-Looking Statements and Non-GAAP Financial Information” 1. 2024 EPS Guidance excludes the impact of any potential future strategic acquisitions, divestitures, specified items, and the impact of future Acquired IPRD charges; 2. Includes the net impact of Acquired IPRD and licensing income through Q2 2024. Guidance excludes the impact of any potential future strategic acquisitions, divestitures, specified items, and the impact of future Acquired IPRD charges.

David Elkins Executive Vice President and Chief Financial Officer 11 Q2 2024 Results

Q2 2024 Results Not for Product Promotional Use Composition of revenue continues to transition to the Growth Portfolio 12 $4.7 $5.6 $6.5 $6.6 Q2 2023 Q2 2024 Legacy Growth Growth Portfolio Other Growth Brands1 Legacy Portfolio Other Mature Brands *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Other Growth Brands: Onureg, Inrebic, Nulojix, Empliciti, & Royalty revenues $ in billions +3% Ex-FX* +18% YoY +2% YoY +21% Ex-FX* +9% YoY, +11% Ex-FX*

Q2 2024 Results Not for Product Promotional Use Q2 2024 Oncology product summary 13 Opdivo: • U.S. sales growth vs. PY including favorable inventory dynamics • Ex-U.S. demand growth & expanded access Opdualag: • U.S. growth driven by strong demand; achieved ~25%-30% market share1 in 1L melanoma • Focused on driving share from PD-1 mono (<15%), dual IO, & BRAF/MEK settings Krazati: • Focused on increasing demand & new patient share in 2L+ NSCLC Global Net Sales *See “Forward-Looking Statements and Non-GAAP Financial Information” 1. BMS Internal Analysis $M YoY % Ex-FX* % $2,387 +11% +16% $630 +8% +10% $235 +53% +53% $231 (10%) (6%) $32 --- --- $7 --- ---

Q2 2024 Results Not for Product Promotional Use Q2 2024 Cardiovascular product summary 14 Eliquis: Best-in-class & leading OAC within category • U.S. growth driven by strong underlying demand • #1 OAC in key Ex-U.S. markets Camzyos1: First-in-class myosin inhibitor • Strong increase in total treated & commercial dispensed patients in U.S. ‒Momentum strengthening in new patient starts • Ex-U.S. expansion based on reimbursement timing Global Net Sales % $M YoY % Ex-FX* % $3,416 +7% +7% $139 ** ** As of Mar 31, 2024 Jun 30, 2024 Patients in hub2 ~7,500 ~8,900 Patients on commercial drug2 ~5,600 ~6,900 *See “Forward-Looking Statements and Non-GAAP Financial Information”; **In excess of 100%; 1. Sequential sales Q1 to Q2 include ~$15M GTN benefit 2. BMS internal analysis & patient figures are U.S. only

Q2 2024 Results Not for Product Promotional Use Q2 2024 Hematology product summary 15 Reblozyl: • Strong demand in 1L MDS-associated anemia • Increasing market share across both RS positive and RS negative populations • Securing reimbursement across Ex-U.S. markets Breyanzi: • Growth driven by expanded manufacturing capacity and increased demand across LBCL as well as recently approved expanded indications 1 $M YoY % Ex-FX* % $1,353 (8%) (7%) $959 +13% +14% $425 +82% +82% $424 (7%) (6%) $153 +53% +55% $95 (28%) (27%) Global Net Sales *See “Forward-Looking Statements and Non-GAAP Financial Information”

Q2 2024 Results Not for Product Promotional Use Q2 2024 Immunology product summary 16 Sotyktu1,2: First-in-class TYK2 inhibitor • Achieved 26% sequential growth in commercially paid scripts in the U.S. • Continued focus on demand growth and access improvements Global Net Sales *See “Forward-Looking Statements and Non-GAAP Financial Information”; **In excess of +100%; 1. Q1 & Q2 2024 sales include clinical trial sales of ~$2M & ~$5M, respectively; 2. Q2 sales include (~$10M) GTN impact including ($6M) adjustment from Q1; 3. Symphony Health, an ICON plc Company, Metys® U.S. TRx data Q3’23 Q4’23 Q1’24 Q2’24 ~6,500 ~8,700 ~9,800 ~12,300 Sotyktu Commercially Paid Scripts3 % $M YoY % Ex-FX* % $948 +2% +5% $151 +51% +51% $53 ** **

Q2 2024 Results Not for Product Promotional Use US GAAP Non-GAAP $ in billions, except EPS Q2 2024 Q2 2023 Q2 2024 Q2 2023 Total Revenues, net 12.2 11.2 12.2 11.2 Gross Margin % 73.2% 74.4% 75.6% 75.0% Operating Expenses1 4.8 4.2 4.2 4.2 Acquired IPR&D 0.1 0.2 0.1 0.2 Amortization of Acquired Intangibles 2.4 2.3 - - Effective Tax Rate (30.9%) (11.7%) 14.1% 16.9% Diluted EPS 0.83 0.99 2.07 1.75 Diluted Shares Outstanding (# in millions) 2,029 2,102 2,029 2,102 Q2 2024 Financial Performance 17 US P Non- P* Diluted EPS Impact from Acquired IPR&D2 (0.04) (0.05) (0.04) (0.05) *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Operating Expenses = MS&A and R&D; 2. Represents the net impact from Acquired IPRD & Licensing income reported in Q2

Q2 2024 Results Not for Product Promotional Use Strategic approach to Capital Allocation 18 *Cash includes cash, cash equivalents and marketable debt securities; **Subject to Board approval $B Q2 2024 Total Cash* ~$7.0 Total Debt ~$52.4 • Pursue opportunities and partnerships to diversify portfolio & strengthen long-term outlook • Maintain strong investment-grade credit rating • Planned debt pay down of ~$10B over 2 years • Reduced total debt by ~$3.1B in Q2 Business Development Balance Sheet Strength Returning Cash to Shareholders • Remain committed to our dividend** • ~$5B in share repurchase authorization remaining as of June 30, 2024 Strong operating cash flow generation $1.9 $4.8 $4.3 $2.8 $2.3 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Cash flow from Operations $B

Q2 2024 Results Not for Product Promotional Use April (Prior) July (Updated) Total Revenues Reported Rates Low single-digit increase Upper end of low single-digit range Total Revenues Ex-FX Low single-digit increase Upper end of low single-digit range Gross Margin % ~74% Between ~74% and ~75% Operating Expenses1 Low single-digit increase No change Other Income/ (Expense) ~($250M) ~($50M) Tax Rate2 ~69% ~66% Diluted EPS2 $0.40 - $0.70 $0.60 - $0.90 Revised 2024 Guidance 19 Non-GAAP* *The Company does not reconcile forward-looking non-GAAP measures. See "Forward-Looking Statements and Non-GAAP Financial Information”; 1. Operating Expenses = MS&A and R&D, excluding Acquired IPR&D and Amortization of acquired intangibles; 2. Includes the net impact of Acquired IPRD and licensing income through Q2 2024. Guidance excludes the impact of any potential future strategic acquisitions, divestitures, specified items, and the impact of future Acquired IPRD charges. Key Highlights • Total Revenues (reported & Ex-FX) are expected to be at the upper end of low-single digit range • Gross Margin updated due to sales mix • Operating Expenses are expected to be at upper end of low single-digit range • Other Income/(Expense) updated mainly due to royalties • Underlying Tax Rate excluding Acquired IPR&D: • Q2 at ~14.2% • FY’24 estimated at ~18%

Q2 2024 Results Not for Product Promotional Use Delivering on focused strategic execution in Q2 20 Return to Neuroscience Driving Sustainable Growth Q2 Performance • Multiple regulatory approvals & clinical development milestones achieved • Near-to-mid-term catalysts strengthen long-term outlook • Topline growth: +9% or +11% Ex-FX* • Growth portfolio: +18% or +21% Ex-FX* Advancing our Pipeline Raising FY 2024 Non-GAAP Guidance *See “Forward-Looking Statements and Non-GAAP Financial Information” • Focusing on Transformational Medicines • Driving Operational Excellence • Strategically Allocating Capital • KarXT: First-in-class medicine with multi-billion-dollar potential set to launch in schizophrenia • U.S. FDA PDUFA date: September 26, 2024

Chris Boerner, PhD Board Chair, Chief Executive Officer David Elkins Executive VP, Chief Financial Officer Samit Hirawat, MD Executive VP, Chief Medical Officer, Global Drug Development Adam Lenkowsky Executive VP, Chief Commercialization Officer 21 Q2 2024 Results Q&A

Document and Entity Information Document and Entity Information	Jul. 26, 2024
Document Information [Line Items]
Entity Incorporation, State or Country Code	DE
Entity File Number	001-01136
Entity Tax Identification Number	22-0790350
Entity Registrant Name	BRISTOL-MYERS SQUIBB COMPANY
Document Period End Date	Jul. 26, 2024
Amendment Flag	false
City Area Code	609
Local Phone Number	252-4621
Entity Address, Postal Zip Code	08543
Entity Address, Address Line One	Route 206 & Province Line Road
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Central Index Key	0000014272
Document Type	8-K
Document Period End Date	Jul. 26, 2024
Entity Address, Address Line One	Route 206 & Province Line Road
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08543
City Area Code	609
Local Phone Number	252-4621
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000014272
Amendment Flag	false
Common Stock $0.10 Par Value [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.10 Par Value
Trading Symbol	BMY
Security Exchange Name	NYSE
1.000% Notes due 2025 [Member]
Document Information [Line Items]
Title of 12(b) Security	1.000% Notes due 2025
Trading Symbol	BMY25
Security Exchange Name	NYSE
1.750% Notes due 2035 [Member]
Document Information [Line Items]
Title of 12(b) Security	1.750% Notes due 2035
Trading Symbol	BMY35
Security Exchange Name	NYSE
Celgene Contingent Value Rights [Member]
Document Information [Line Items]
Title of 12(b) Security	Celgene Contingent Value Rights
Trading Symbol	CELG RT
Security Exchange Name	NYSE

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BMYMP Bristol Myers Squibb Company (PK)