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): April 28, 2015

BRISTOL-MYERS SQUIBB COMPANY
(Exact Name of Registrant as Specified in its Charter)

 

					
 	 	 	 	 	
Delaware	 	1-1136	 	22-0790350	
(State or Other
Jurisdiction of
Incorporation)	 	(Commission File
Number)	 	(IRS Employer
Identification
Number)	
345 Park Avenue
New York, NY 10154
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: (212) 546-4000
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))	

 

	
	
Item 2.02. Results of Operations and Financial Condition.	

On April 28, 2015, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the first quarter of 2015. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. Also furnished and incorporated by reference as Exhibit 99.2 is certain supplemental information posted on the Company’s website at www.bms.com .

	
	
Item 9.01. Financial Statements and Exhibits.	

(d) Exhibits.

		
 	 	
99.1	Press release of Bristol-Myers Squibb Company dated April 28, 2015.	
 	 	
99.2	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com  not included in the press release.	

SIGNATURES

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

	
						
 	 	BRISTOL-MYERS SQUIBB COMPANY	 	
 	 	 	 	
Dated: April 28, 2015	 	By:	 	/s/ Sandra Leung	 	
 	 	Name:	 	Sandra Leung	 	
 	 	Title:	 	General Counsel and Corporate Secretary	 	

EXHIBIT INDEX

	

Exhibit No.	Description	
 	 	
99.1	Press release of Bristol-Myers Squibb Company dated April 28, 2015.	
 	 	
99.2	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com  not included in the press release.	

Exhibit 99.1

Bristol-Myers Squibb Reports First Quarter Financial Results

•	Reports Revenues of $4.0 Billion in the First Quarter	
		
•	Posts First Quarter GAAP and Non-GAAP EPS of $0.71	
		
•	Achieves Key Data and Regulatory Milestones Across Portfolio	
		
•	Completes Strategic Transactions in Immuno-Oncology and Cardiovascular, Supporting the Company’s Evolving Portfolio	
		
•	Adjusts 2015 GAAP EPS Guidance Range to $0.96 - $1.06 and Non-GAAP EPS Guidance Range to $1.60 - $1.70	

(NEW YORK, April 28, 2015) - Bristol-Myers Squibb Company (NYSE:BMY) today reported results for the first quarter of 2015, which were highlighted by strong global sales for key brands, important regulatory and clinical milestones in immuno-oncology (I-O) and across the company’s portfolio, and the completion of several strategic transactions that will advance the company’s leadership in I-O and strengthen its pipeline in cardiovascular and genetically defined diseases.

“We have started the year off with strong sales among new and inline brands, including Yervoy, Eliquis, our hepatitis C franchise and Opdivo , and brought important new medicines to patients with cancer and HIV,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. “We continued to advance our pipeline with key regulatory and clinical progress across our portfolio and invested in several important business development opportunities that will help strengthen our future portfolio.”

	
											
 	First Quarter	
$ amounts in millions, except per share amounts	 	 	 	 	 	
 	2015	 	2014	 	Change	
Total Revenues	$	4,041		 	$	3,811		 	6	%	
GAAP Diluted EPS	0.71		 	0.56		 	27	%	
Non-GAAP Diluted EPS	0.71		 	0.46		 	54	%	

1

FIRST QUARTER FINANCIAL RESULTS

•	Bristol-Myers Squibb posted first quarter 2015 revenues of $4.0 billion, an increase of 6% compared to the same period a year ago. Excluding the divested Diabetes Alliance, global revenues increased 10% or 17% adjusted for foreign exchange impact.	

•	U.S. revenues increased 16% to $2.0 billion in the quarter compared to the same period a year ago. International revenues decreased 2% to $2.0 billion.	

•	Gross margin as a percentage of revenues was 79.0% in the quarter compared to 74.6% in the same period a year ago.	

•	Marketing, selling and administrative expenses decreased 7% to $894 million in the quarter.	

•	Advertising and product promotion spending decreased 17% to $135 million in the quarter.	

•	Research and development expenses increased 7% to $1.0 billion in the quarter.	

•	The effective tax rate was 17.2% in the quarter, compared to 5.0% in the first quarter last year. Income taxes in 2014 included tax benefits attributed to the diabetes divestiture.	

•	The company reported net earnings attributable to Bristol-Myers Squibb of $1.2 billion, or $0.71 per share, in the quarter compared to $937 million, or $0.56 per share, a year ago.	

•	The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $1.2 billion, or $0.71 per share, in the first quarter, compared to $766 million, or $0.46 per share, for the same period in 2014. An overview of specified items is discussed under the “Use of Non-GAAP Financial Information” section.	

•	Cash, cash equivalents and marketable securities were $11.9 billion, with a net cash position of $4.4 billion, as of March 31, 2015.	

2

FIRST QUARTER PRODUCT AND PIPELINE UPDATE

Bristol-Myers Squibb’s global sales in the first quarter included Eliquis , which grew by $249 million, Yervoy , which grew 20%, Orencia and Sprycel , which grew 10% each, Daklinza and Sunvepra , which had combined sales of $264 million, and Opdivo, which had sales of $40 million.

Opdivo
		
•	In April, the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency adopted a positive opinion recommending that Opdivo be granted approval for use in both first-line and previously treated patients with advanced (unresectable or metastatic) melanoma. This is the first positive opinion given by the CHMP for a PD-1 immune checkpoint inhibitor, and it will now be reviewed by the European Commission, which has the authority to approve medicines for the European Union (EU).	

•	In April, at the American Association for Cancer Research meeting in Philadelphia, the company announced positive results from CheckMate -069, a Phase 2 trial evaluating a regimen of Opdivo+Yervoy versus Yervoy alone in patients with previously untreated advanced melanoma. Patients with BRAF wild-type mutation status treated with the Opdivo+Yervoy regimen experienced a higher objective response rate (ORR) of 61% (n=44/72) - the primary study endpoint - compared to 11% (n=4/37) for patients administered Yervoy monotherapy (P<0.001). Complete responses were also reported in 22% (n=16) of patients with BRAF wild-type mutation status administered the Opdivo+Yervoy regimen and in no patients who received Yervoy monotherapy. Similar results were also observed in BRAF mutation-positive patients. The results were published in The New England Journal of Medicine .	

•	In April, the company announced that an open-label, randomized Phase 3 study evaluating Opdivo versus docetaxel in previously treated patients with advanced non-squamous non-small cell lung cancer (NSCLC) was stopped early because an assessment conducted by the independent Data Monitoring Committee concluded that the study met its endpoint, demonstrating superior overall survival in patients receiving Opdivo compared to the control arm.	

•	In March, the FDA approved Opdivo for the treatment of patients with metastatic squamous NSCLC with progression on or after platinum-based chemotherapy. Opdivo is the first and only PD-1 therapy to demonstrate overall survival in previously treated metastatic squamous NSCLC.	

3

Orencia
		
•	In April, the CHMP adopted a positive opinion approving the ClickJect Pre-Filled Pen, a new autoinjector delivery device for Orencia for use in adult patients in the E.U. who have moderate to severe active rheumatoid arthritis in combination with methotrexate after inadequate disease-modifying anti-rheumatic drug (DMARD) response.	

Yervoy
		
•	In March, the FDA accepted for filing and review the sBLA for Yervoy for the adjuvant treatment of patients with stage 3 melanoma who are at high risk of recurrence following complete surgical resection. The projected FDA action date is October 28, 2015.	

Daklinza
		
•	In April, the company announced that primary endpoints were successfully met in ALLY-1, a Phase 3 clinical trial evaluating a 12-week regimen of daclatasvir and sofosbuvir once-daily with ribavirin for the treatment of patients with chronic hepatitis C virus (HCV) with either advanced cirrhosis or post-liver transplant recurrence of HCV. The data was presented as a late-breaker at the European Association for the Study of the Liver annual meeting in Vienna. Daclatasvir is marketed as Daklinza in the E.U. and Japan.	

•	In March, the FDA accepted the company’s resubmitted New Drug Application (NDA) to use daclatasvir in combination with sofosbuvir to treat chronic HCV genotype 3. The original NDA was amended to include data from ALLY-3, a Phase 3 trial that showed high cure rates for the combination, with sustained virologic response 12 weeks after treatment (SVR12) in 90% of treatment-naïve and 86% of treatment-experienced genotype 3 HCV patients. SVR12 rates were higher (96%) in non-cirrhotic genotype 3 patients, regardless of treatment history. The FDA will review the submission within a six-month timeframe.	

4

		
•	In February, the company announced results from ALLY-2, a Phase 3 clinical trial evaluating the investigational once-daily combination of daclatasvir and sofosbuvir for the treatment of patients with chronic HCV coinfected with HIV. Among ALLY-2 patients treated for 12 weeks (treatment-naïve and -experienced), 97% (n=149/153) achieved cure (sustained virologic response 12 weeks after treatment; SVR12). The study met the primary endpoint, with 96% (n=80/83) of treatment-naïve genotype 1 patients achieving SVR12. Treatment with daclatasvir in combination with sofosbuvir in this study showed high SVR rates, with no discontinuations due to adverse events, and no serious adverse events related to study medications throughout the treatment phase.	

Evotaz
		
•	In January, the FDA approved Evotaz (atazanavir 300 mg and cobicistat 150 mg) tablets in combination with other antiretroviral agents for the treatment of HIV-1 infection in adults.	

HIV
		
•	In February, at the 2015 Conference on Retroviruses and Opportunistic Infections (CROI) in Seattle, the company announced data supporting further clinical development of BMS-955176, an investigational compound designed to prevent the maturation of HIV-1. The Phase 2a study findings confirm the antiretroviral activity of BMS-955176 as an HIV-1 maturation inhibitor.	

•	In February, also at CROI, the company announced data from a Phase 2b trial of BMS-663068, an investigational compound designed as an HIV-1 attachment inhibitor, in treatment-experienced HIV-1 patients. In the study comparing BMS-663068 to Reyataz and ritonavir, virologic response rates (HIV-1 RNA <50 c/mL) and immunologic reconstitution were similar across both arms of the trial through 48 weeks. Based on the positive results of the Phase 2b trial, a Phase 3 clinical trial of the attachment inhibitor in heavily treatment-experienced patients began in February 2015.	

Erbitux
		
•	In April, the company announced an agreement with Lilly to transfer rights to Erbitux in North America, including the U.S., Canada, and Puerto Rico, from Bristol-Myers Squibb to Lilly. Rights include, but are not limited to, full commercialization and manufacturing operational responsibilities.	

5

FIRST QUARTER BUSINESS DEVELOPMENT UPDATE

•	In April, the company completed its acquisition of Flexus Biosciences, Inc., a privately held biotechnology company focused on discovering and developing novel anti-cancer therapeutics. The transaction, which was announced in February, includes full rights to F001287, Flexus’ lead preclinical, small-molecule IDO1-inhibitor targeted for IND filing in the second half of 2015 and an IDO/TDO discovery program that includes its IDO-selective, IDO/TDO dual and TDO-selective compound libraries.	

•	In April, the company announced an agreement with uniQure N.V. that provides Bristol-Myers Squibb with exclusive access to uniQure’s gene therapy technology platform for multiple targets in cardiovascular diseases. The collaboration includes uniQure’s proprietary gene therapy program for congestive heart failure that is intended to restore the heart’s ability to synthesize S100A1, a calcium sensor and master regulator of heart function, and thereby improve clinical outcomes for patients with reduced ejection fraction. Beyond cardiovascular diseases, the agreement also includes the potential for target-exclusive collaboration in other disease areas. In total, the companies may collaborate on 10 targets, including S100A1.	

•	In March, the company acquired an exclusive global license to Novo Nordisk’s discovery biologics research program focused on modulating the innate immune system as a therapy for autoimmune diseases.	

•	In March, the company acquired an exclusive option to license and commercialize PROSTVAC ® , Bavarian Nordic’s investigational Phase 3 prostate-specific antigen-targeting cancer immunotherapy in development for the treatment of asymptomatic or minimally symptomatic metastatic castration-resistant prostate cancer.	

•	In February, the company announced an agreement with Rigel Pharmaceuticals, Inc. for the discovery, development and commercialization of cancer immunotherapies based on Rigel’s extensive portfolio of small molecule TGF beta receptor kinase inhibitors. The collaboration will focus on developing a new class of therapeutics aimed at increasing the immune system’s activity against various cancers either as monotherapy or in combination with immune checkpoint inhibitors, including Opdivo and Yervoy .	

PROSTVAC ® is a registered trademark of BN Immunotherapeutics, Inc.
2015 FINANCIAL GUIDANCE

Bristol-Myers Squibb is adjusting its 2015 GAAP EPS guidance range from $1.55 - $1.70 to $0.96 - $1.06 primarily due to upfront payments for business development transactions. The company is also adjusting non-GAAP EPS guidance range from $1.55 - $1.70 to $1.60 - $1.70. Both GAAP and non-GAAP guidance assume current exchange rates. Key 2015 non-GAAP line-item guidance assumptions remain unchanged.

The financial guidance for 2015 excludes the impact of any potential future strategic acquisitions and divestitures, and any specified items that have not yet been identified and quantified. The non-GAAP 2015 guidance also excludes other specified items as discussed under “Use of Non-GAAP Financial Information.” Details reconciling adjusted non-GAAP amounts with the amounts reflecting specified items are provided in supplemental materials available on the company’s website.

Use of Non-GAAP Financial Information

This press release contains non-GAAP financial measures, including non-GAAP earnings and related earnings per share information. These measures are adjusted to exclude certain costs, expenses, significant gains and losses and other specified items. Among the items in GAAP measures but excluded for purposes of determining adjusted earnings and other adjusted measures are: restructuring and other exit costs; accelerated depreciation charges; IPRD and asset impairments; charges and recoveries relating to significant legal proceedings; upfront, milestone and other payments for in-licensing or acquisition of products that have not achieved regulatory approval which are immediately expensed; pension settlement charges; significant tax events and additional charges related to the Branded Prescription Drug Fee. This information is intended to enhance an investor’s overall understanding of the company’s past financial performance and prospects for the future. Non-GAAP financial measures provide the company and its investors with an indication of the company’s baseline performance before items that are considered by the company not to be reflective of the company’s ongoing results. The company uses non-GAAP gross profit, non-GAAP marketing, selling and administrative expense, non-GAAP research and development expense, and non-GAAP other income and expense measures to set internal budgets, manage costs, allocate resources, and plan and forecast future periods. Non-GAAP effective tax rate measures are primarily used to plan and forecast future periods. Non-GAAP earnings and earnings per share measures are primary indicators the company uses as a basis for evaluating company performance, setting incentive compensation targets, and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.

6

Statement on Cautionary Factors

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as "anticipate", "estimates", "should", "expect", "guidance", "project", "intend", "plan", "believe" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, effects of the continuing implementation of governmental laws and regulations related to Medicare, Medicaid, Medicaid managed care organizations and entities under the Public Health Service 340B program, pharmaceutical rebates and reimbursement, market factors, competitive product development and approvals, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, changes to business or tax planning strategies which take into account assumptions about the continued extension of the R&D tax credit, difficulties and delays in product development, manufacturing or sales including any potential future recalls, patent positions and the ultimate outcome of any litigation matter. These factors also include the company’s ability to execute successfully its strategic plans, including its business development strategy, the expiration of patents or data protection on certain products, including assumptions about the company’s ability to retain patent exclusivity of certain products, and the impact and result of governmental investigations. There can be no guarantees with respect to pipeline products that future clinical studies will support the data described in this release, that the compounds will receive necessary regulatory approvals, or that they will prove to be commercially successful; nor are there guarantees that regulatory approvals will be sought, or sought within currently expected timeframes, or that contractual milestones will be achieved. For further details and a discussion of these and other risks and uncertainties, see the company's periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

7

Company and Conference Call Information

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, please visit www.bms.com or follow us on Twitter at http://twitter.com/bmsnews.
There will be a conference call on April 28, 2015, at 11 a.m. EDT during which company executives will review financial information 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 or by dialing in the U.S. toll free 877-201-0168 or international 647-788-4901, confirmation code: 23528703. Materials related to the call will be available at the same website prior to the conference call.
For more information, contact: Ken Dominski, 609-252-5251, ken.dominski@bms.com, Communications; John Elicker, 609-252-4611, john.elicker@bms.com, Ranya Dajani, 609-252-5330, ranya.dajani@bms.com, Investor Relations.

8

BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014
(Unaudited, dollars in millions)

																							
 	 	Worldwide Revenues	 	U.S. Revenues	
 	 	2015	 	2014	 	%
Change	 	2015	 	2014	 	%
Change	
Three Months Ended March 31,	 	 	 	 	 	 	 	 	 	 	 	 	
Key Products	 	 	 	 	 	 	 	 	 	 	 	 	
Virology	 	 	 	 	 	 	 	 	 	 	 	 	
Baraclude	 	$	340		 	$	406		 	(16	)%	 	$	46		 	$	70		 	(34	)%	
Hepatitis C Franchise	 	264		 	—		 	N/A		 	—		 	—		 	N/A		
Reyataz Franchise	 	294		 	344		 	(15	)%	 	143		 	176		 	(19	)%	
Sustiva Franchise	 	290		 	319		 	(9	)%	 	234		 	228		 	3	 %	
Oncology	 	 	 	 	 	 	 	 	 	 	 	 	
Erbitux (a)	 	165		 	169		 	(2	)%	 	157		 	158		 	(1	)%	
Opdivo	 	40		 	—		 	N/A		 	38		 	—		 	N/A		
Sprycel	 	375		 	342		 	10	 %	 	181		 	145		 	25	 %	
Yervoy	 	325		 	271		 	20	 %	 	181		 	146		 	24	 %	
Neuroscience	 	 	 	 	 	 	 	 	 	 	 	 	
Abilify (b)	 	554		 	540		 	3	 %	 	508		 	325		 	56	 %	
Immunoscience	 	 	 	 	 	 	 	 	 	 	 	 	
Orencia	 	400		 	363		 	10	 %	 	259		 	229		 	13	 %	
Cardiovascular	 	 	 	 	 	 	 	 	 	 	 	 	
Eliquis	 	355		 	106		 	**		 	200		 	61		 	**		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Mature Products and All Other	 	639		 	951		 	(33	)%	 	97		 	227		 	(57	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	4,041		 	3,811		 	6	 %	 	2,044		 	1,765		 	16	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Excluding Diabetes Alliance	 	3,987		 	3,632		 	10	 %	 	2,044		 	1,651		 	24	 %	

	
		
**	In excess of 100%	
 	 	
(a)	Erbitux  is a trademark of ImClone LLC. ImClone LLC is a wholly-owned subsidiary of Eli Lilly and Company.	
(b)	Abilify  is a trademark of Otsuka Pharmaceutical Co., Ltd.	

9

BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014
(Unaudited, dollars and shares in millions except per share data)

	
									
 	 	Three Months Ended 
 March 31,	
 	 	2015	 	2014	
Net product sales	 	$	3,059		 	$	2,807		
Alliance and other revenues	 	982		 	1,004		
Total Revenues	 	4,041		 	3,811		
 	 	 	 	 	
Cost of products sold	 	847		 	968		
Marketing, selling and administrative	 	894		 	957		
Advertising and product promotion	 	135		 	163		
Research and development	 	1,016		 	946		
Other (income)/expense	 	(299	)	 	(208	)	
Total Expenses	 	2,593		 	2,826		
 	 	 	 	 	
Earnings Before Income Taxes	 	1,448		 	985		
Provision for Income Taxes	 	249		 	49		
 	 	 	 	 	
Net Earnings	 	1,199		 	936		
Net Earnings/(Loss) Attributable to Noncontrolling Interest	 	13		 	(1	)	
Net Earnings Attributable to BMS	 	$	1,186		 	$	937		
 	 	 	 	 	
Earnings per Common Share	 	 	 	 	
Basic	 	$	0.71		 	$	0.57		
Diluted	 	$	0.71		 	$	0.56		
 	 	 	 	 	
Average Common Shares Outstanding:	 	 	 	 	
Basic	 	1,663		 	1,652		
Diluted	 	1,676		 	1,666		
 	 	 	 	 	
Other (Income)/Expense	 	 	 	 	
Interest expense	 	$	51		 	$	54		
Investment income	 	(30	)	 	(23	)	
Provision for restructuring	 	12		 	21		
Litigation charges	 	12		 	29		
Equity in net income of affiliates	 	(26	)	 	(36	)	
Out-licensed intangible asset impairment	 	13		 	—		
Gain on sale of product lines, businesses and assets	 	(154	)	 	(259	)	
Other alliance and licensing income	 	(161	)	 	(108	)	
Pension curtailments, settlements and special termination benefits	 	27		 	64		
Other	 	(43	)	 	50		
Other (income)/expense	 	$	(299	)	 	$	(208	)	

10

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014
(Unaudited, dollars in millions)

	
									
 	 	Three Months Ended 
 March 31,	
 	 	2015	 	2014	
Cost of products sold (a)	 	$	34		 	$	45		
 	 	 	 	 	
Marketing, selling and administrative (b)	 	1		 	3		
 	 	 	 	 	
Upfront, milestone and other payments	 	162		 	15		
IPRD impairments	 	—		 	33		
Research and development	 	162		 	48		
 	 	 	 	 	
Provision for restructuring	 	12		 	21		
Gain on sale of product lines, businesses and assets	 	(152	)	 	(259	)	
Pension curtailments, settlements and special termination benefits	 	27		 	64		
Acquisition and alliance related items	 	(36	)	 	16		
Litigation charges	 	14		 	25		
Out-licensed intangible asset impairment	 	13		 	—		
Loss on debt redemption	 	—		 	45		
Other (income)/expense	 	(122	)	 	(88	)	
 	 	 	 	 	
Increase to pretax income	 	75		 	8		
 	 	 	 	 	
Income tax on items above	 	(68	)	 	(179	)	
 	 	 	 	 	
Increase/(decrease) to net earnings	 	$	7		 	$	(171	)	

(a) Specified items in cost of products sold are accelerated depreciation, asset impairment and other shutdown costs.
(b) Specified items in marketing, selling and administrative are process standardization implementation costs.

11

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS
FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014
(Unaudited, dollars in millions)

	
													
Three Months Ended March 31, 2015	 	GAAP	 	Specified
Items*	 	Non
GAAP	
Gross Profit	 	$	3,194		 	$	34		 	$	3,228		
Marketing, selling and administrative	 	894		 	(1	)	 	893		
Research and development	 	1,016		 	(162	)	 	854		
Other (income)/expense	 	(299	)	 	122		 	(177	)	
Effective Tax Rate	 	17.2	%	 	3.6	%	 	20.8	%	
 	 	 	 	 	 	 	
Three Months Ended March 31, 2014	 	GAAP	 	Specified
Items*	 	Non
GAAP	
Gross Profit	 	$	2,843		 	$	45		 	$	2,888		
Marketing, selling and administrative	 	957		 	(3	)	 	954		
Research and development	 	946		 	(48	)	 	898		
Other (income)/expense	 	(208	)	 	88		 	(120	)	
Effective Tax Rate	 	5.0	%	 	18.0	%	 	23.0	%	

		
*	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.	

12

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF NON-GAAP EPS TO GAAP EPS
FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014
(Unaudited, dollars and shares in millions except per share data)

	
									
 	 	Three Months Ended 
 March 31,	
 	 	2015	 	2014	
Net Earnings Attributable to BMS used for Diluted EPS Calculation - GAAP	 	$	1,186		 	$	937		
Less Specified Items*	 	7		 	(171	)	
Net Earnings used for Diluted EPS Calculation – Non-GAAP	 	$	1,193		 	$	766		
 	 	 	 	 	
Average Common Shares Outstanding – Diluted	 	1,676		 	1,666		
 	 	 	 	 	
Diluted Earnings Per Share — GAAP	 	$	0.71		 	$	0.56		
Diluted EPS Attributable to Specified Items	 	—		 	(0.10	)	
Diluted Earnings Per Share — Non-GAAP	 	$	0.71		 	$	0.46		

		
*	Refer to the Specified Items schedule for further details.	

13

BRISTOL-MYERS SQUIBB COMPANY
NET CASH/(DEBT) CALCULATION
AS OF MARCH 31, 2015 AND DECEMBER 31, 2014
(Unaudited, dollars in millions)

	
									
 	 	March 31, 2015	 	December 31, 2014	
Cash and cash equivalents	 	$	6,294		 	$	5,571		
Marketable securities - current	 	1,313		 	1,864		
Marketable securities - long term	 	4,279		 	4,408		
     Cash, cash equivalents and marketable securities	 	11,886		 	11,843		
Short-term borrowings and current portion of long-term debt	 	(330	)	 	(590	)	
Long-term debt	 	(7,127	)	 	(7,242	)	
     Net cash position	 	$	4,429		 	$	4,011		

14

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY
QUARTERLY TREND ANALYSIS OF REVENUES
(Unaudited, dollars in millions)

																																																					
Revenues	 	2014	 	2015	 	% Change	 	FX Impact	
 	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	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	
Total	 	$	3,811		 	$	3,889		 	$	7,700		 	$	3,921		 	$	11,621		 	$	4,258		 	$	15,879		 	$	4,041		 	 	 	 	 	 	 	 	 	 	 	 	 	6%	 	6%	 	(7)%	 	(7)%	
    US and Puerto Rico	 	1,765		 	1,901		 	3,666		 	1,968		 	5,634		 	2,082		 	7,716		 	2,044		 	 	 	 	 	 	 	 	 	 	 	 	 	16%	 	16%	 	—	 	—	
    Europe	 	948		 	908		 	1,856		 	814		 	2,670		 	922		 	3,592		 	782		 	 	 	 	 	 	 	 	 	 	 	 	 	(18)%	 	(18)%	 	(16)%	 	(16)%	
    Rest of the World	 	830		 	811		 	1,641		 	838		 	2,479		 	980		 	3,459		 	1,019		 	 	 	 	 	 	 	 	 	 	 	 	 	23%	 	23%	 	(13)%	 	(13)%	
    Other	 	268		 	269		 	537		 	301		 	838		 	274		 	1,112		 	196		 	 	 	 	 	 	 	 	 	 	 	 	 	(27)%	 	(27)%	 	N/A	 	N/A	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% of Revenues	 	2014	 	2015	 	 	 	 	 	 	 	 	
 	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	 	 	 	 	 	 	 	
Total	 	100.0	%	 	100.0	%	 	100.0	%	 	100.0	%	 	100.0	%	 	100.0	%	 	100.0	%	 	100.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
    US and Puerto Rico	 	46.3	%	 	48.9	%	 	47.6	%	 	50.2	%	 	48.5	%	 	48.9	%	 	48.6	%	 	50.6	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
    Europe	 	24.9	%	 	23.3	%	 	24.1	%	 	20.8	%	 	23.0	%	 	21.7	%	 	22.6	%	 	19.4	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
    Rest of the World	 	21.8	%	 	20.9	%	 	21.3	%	 	21.4	%	 	21.3	%	 	23.0	%	 	21.8	%	 	25.2	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
    Other	 	7.0	%	 	6.9	%	 	7.0	%	 	7.6	%	 	7.2	%	 	6.4	%	 	7.0	%	 	4.8	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

1

BRISTOL-MYERS SQUIBB COMPANY
EARNINGS FROM OPERATIONS
(Unaudited, dollars and shares in millions except per share data)

																																																	
 	 	2014	 	2015	 	% Change	
 	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	YTD vs. YTD	
Net product sales	 	$	2,807		 	$	2,770		 	$	5,577		 	$	2,843		 	$	8,420		 	$	3,240		 	$	11,660		 	$	3,059		 	 	 	 	 	 	 	 	 	 	 	 	 	9%	 	9%	
Alliance and other revenues	 	1,004		 	1,119		 	2,123		 	1,078		 	3,201		 	1,018		 	4,219		 	982		 	 	 	 	 	 	 	 	 	 	 	 	 	(2)%	 	(2)%	
Total Revenues	 	$	3,811		 	$	3,889		 	$	7,700		 	$	3,921		 	$	11,621		 	$	4,258		 	$	15,879		 	$	4,041		 	 	 	 	 	 	 	 	 	 	 	 	 	6%	 	6%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of products sold	 	968		 	991		 	1,959		 	1,007		 	2,966		 	966		 	3,932		 	847		 	 	 	 	 	 	 	 	 	 	 	 	 	(13)%	 	(13)%	
Marketing, selling and administrative	 	957		 	951		 	1,908		 	1,029		 	2,937		 	1,151		 	4,088		 	894		 	 	 	 	 	 	 	 	 	 	 	 	 	(7)%	 	(7)%	
Advertising and product promotion	 	163		 	187		 	350		 	171		 	521		 	213		 	734		 	135		 	 	 	 	 	 	 	 	 	 	 	 	 	(17)%	 	(17)%	
Research and development	 	946		 	1,416		 	2,362		 	983		 	3,345		 	1,189		 	4,534		 	1,016		 	 	 	 	 	 	 	 	 	 	 	 	 	7%	 	7%	
Other (income)/expense	 	(208	)	 	(104	)	 	(312	)	 	(277	)	 	(589	)	 	799		 	210		 	(299	)	 	 	 	 	 	 	 	 	 	 	 	 	 	44%	 	44%	
Total Expenses	 	2,826		 	3,441		 	6,267		 	2,913		 	9,180		 	4,318		 	13,498		 	2,593		 	 	 	 	 	 	 	 	 	 	 	 	 	(8)%	 	(8)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings Before Income Taxes	 	$	985		 	$	448		 	$	1,433		 	$	1,008		 	$	2,441		 	$	(60	)	 	$	2,381		 	$	1,448		 	 	 	 	 	 	 	 	 	 	 	 	 	47%	 	47%	
Provision for Income Taxes	 	49		 	114		 	163		 	276		 	439		 	(87	)	 	352		 	249		 	 	 	 	 	 	 	 	 	 	 	 	 	**	 	**	
Net Earnings	 	$	936		 	$	334		 	$	1,270		 	$	732		 	$	2,002		 	$	27		 	$	2,029		 	$	1,199		 	 	 	 	 	 	 	 	 	 	 	 	 	28%	 	28%	
Net Earnings/(Loss) Attributable to Noncontrolling Interest	 	(1	)	 	1		 	—		 	11		 	11		 	14		 	25		 	13		 	 	 	 	 	 	 	 	 	 	 	 	 	**	 	**	
Net Earnings Attributable to BMS	 	$	937		 	$	333		 	$	1,270		 	$	721		 	$	1,991		 	$	13		 	$	2,004		 	$	1,186		 	 	 	 	 	 	 	 	 	 	 	 	 	27%	 	27%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings per Common Share*	 	$	0.56		 	$	0.20		 	$	0.76		 	$	0.43		 	$	1.19		 	$	0.01		 	$	1.20		 	$	0.71		 	 	 	 	 	 	 	 	 	 	 	 	 	27%	 	27%	
Average Common Shares Outstanding - Diluted	 	1,666		 	1,669		 	1,668		 	1,670		 	1,668		 	1,673		 	1,670		 	1,676		 	 	 	 	 	 	 	 	 	 	 	 	 	1%	 	1%	
Dividends declared per common share	 	$	0.36		 	$	0.36		 	$	0.72		 	$	0.36		 	$	1.08		 	$	0.37		 	$	1.45		 	$	0.37		 	 	 	 	 	 	 	 	 	 	 	 	 	3%	 	3%	

 	 	2014	 	2015	 	 	 	 	
% of Total Revenues	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	 	 	 	
Gross Margin	 	74.6	%	 	74.5	%	 	74.6	%	 	74.3	%	 	74.5	%	 	77.3	%	 	75.2	%	 	79.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Ratios	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective tax rate	 	5.0	%	 	25.4	%	 	11.4	%	 	27.4	%	 	18.0	%	 	145.0	%	 	14.8	%	 	17.2	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other (Income)/Expense	 	2014	 	2015	 	% Change	
 	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	YTD vs. YTD	
Interest expense	 	$	54		 	$	46		 	$	100		 	$	50		 	$	150		 	$	53		 	$	203		 	$	51		 	 	 	 	 	 	 	 	 	 	 	 	 	(6)%	 	(6)%	
Investment income	 	(23	)	 	(28	)	 	(51	)	 	(20	)	 	(71	)	 	(30	)	 	(101	)	 	(30	)	 	 	 	 	 	 	 	 	 	 	 	 	 	30%	 	30%	
Provision for restructuring	 	21		 	16		 	37		 	35		 	72		 	91		 	163		 	12		 	 	 	 	 	 	 	 	 	 	 	 	 	(43)%	 	(43)%	
Litigation charges/(recoveries)	 	29		 	(20	)	 	9		 	10		 	19		 	4		 	23		 	12		 	 	 	 	 	 	 	 	 	 	 	 	 	(59)%	 	(59)%	
Equity in net income of affiliates	 	(36	)	 	(33	)	 	(69	)	 	(12	)	 	(81	)	 	(26	)	 	(107	)	 	(26	)	 	 	 	 	 	 	 	 	 	 	 	 	 	(28)%	 	(28)%	
Out-licensed intangible asset impairment	 	—		 	—		 	—		 	18		 	18		 	11		 	29		 	13		 	 	 	 	 	 	 	 	 	 	 	 	 	N/A	 	N/A	
Gain on sale of product lines, businesses and assets	 	(259	)	 	7		 	(252	)	 	(315	)	 	(567	)	 	3		 	(564	)	 	(154	)	 	 	 	 	 	 	 	 	 	 	 	 	 	(41)%	 	(41)%	
Other alliance and licensing income	 	(108	)	 	(144	)	 	(252	)	 	(102	)	 	(354	)	 	(50	)	 	(404	)	 	(161	)	 	 	 	 	 	 	 	 	 	 	 	 	 	49%	 	49%	
Pension curtailments, settlements and special termination benefits	 	64		 	45		 	109		 	28		 	137		 	740		 	877		 	27		 	 	 	 	 	 	 	 	 	 	 	 	 	(58)%	 	(58)%	
Other	 	50		 	7		 	57		 	31		 	88		 	3		 	91		 	(43	)	 	 	 	 	 	 	 	 	 	 	 	 	 	**	 	**	
 	 	$	(208	)	 	$	(104	)	 	$	(312	)	 	$	(277	)	 	$	(589	)	 	$	799		 	$	210		 	$	(299	)	 	 	 	 	 	 	 	 	 	 	 	 	 	44%	 	44%	

	
* Quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations.	
** In excess of 100%	

2

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT  
FOR THE PERIOD ENDED MARCH 31, 2015
(Unaudited, dollars in millions)

	
																											
QUARTER-TO-DATE	 	2015	 	2014	 	Growth $	 	Growth %	 	Favorable /
(Unfavorable)
FX Impact $ *	 	2015
Excluding FX	 	Favorable /
(Unfavorable)
FX Impact % *	 	Growth %
Excluding FX	
Revenues	 	$	4,041		 	$	3,811		 	$	230		 	6%	 	$	(256	)	 	$	4,297		 	(7)%	 	13%	
Gross profit	 	3,194		 	2,843		 	351		 	12%	 	N/A		 	N/A		 	N/A	 	N/A	
Gross profit excluding specified items (a)	 	3,228		 	2,888		 	340		 	12%	 	N/A		 	N/A		 	N/A	 	N/A	
          Gross profit excluding specified items as a % of revenues	 	79.9	%	 	75.8	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing, selling and administrative	 	894		 	957		 	(63	)	 	(7)%	 	51		 	945		 	6%	 	(1)%	
Marketing, selling and administrative excluding specified items (a)	 	893		 	954		 	(61	)	 	(6)%	 	51		 	944		 	5%	 	(1)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Advertising and product promotion	 	135		 	163		 	(28	)	 	(17)%	 	8		 	143		 	5%	 	(12)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
         SG&A excluding specified items as a % of revenues	 	25.4	%	 	29.3	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Research and development	 	1,016		 	946		 	70		 	7%	 	21		 	1,037		 	3%	 	10%	
Research and development excluding specified items (a)	 	854		 	898		 	(44	)	 	(5)%	 	21		 	875		 	2%	 	(3)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
         Research and development excluding specified items as a % of revenues	 	21.1	%	 	23.6	%	 	 	 	 	 	 	 	 	 	 	 	 	

				
(a) Refer to the Specified Items schedule for further details.	
* Foreign exchange (FX) impact determined by the change in a line item's current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact.	

3

BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE REVENUES FROM OPERATIONS BY PRODUCT
QUARTERLY REVENUES TREND ANALYSIS AND RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
(Unaudited, dollars in millions)

																																																																									
 	 	2014	 	2015	 	Growth $	 	% Change	 	EX-FX	 	FX Impact	
 	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	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	 	QTD $	 	YTD $	 	Qtr vs. Qtr %	 	YTD vs. YTD %	 	Qtr vs. Qtr	 	YTD vs. YTD	
TOTAL	 	$	3,811		 	$	3,889		 	$	7,700		 	$	3,921		 	$	11,621		 	$	4,258		 	$	15,879		 	$	4,041		 	 	 	 	 	 	 	 	 	 	 	 	 	$	230		 	$	230		 	6%	 	6%	 	$	4,297		 	$	4,297		 	13%	 	13%	 	(7)%	 	(7)%	
Virology (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Baraclude	 	406		 	369		 	775		 	325		 	1,100		 	341		 	1,441		 	340		 	 	 	 	 	 	 	 	 	 	 	 	 	(66	)	 	(66	)	 	(16)%	 	(16)%	 	366		 	366		 	(10)%	 	(10)%	 	(6)%	 	(6)%	
Hepatitis C Franchise (b)	 	—		 	—		 	—		 	49		 	49		 	207		 	256		 	264		 	 	 	 	 	 	 	 	 	 	 	 	 	264		 	264		 	N/A	 	N/A	 	308		 	308		 	N/A	 	N/A	 	N/A	 	N/A	
Reyataz Franchise	 	344		 	362		 	706		 	338		 	1,044		 	318		 	1,362		 	294		 	 	 	 	 	 	 	 	 	 	 	 	 	(50	)	 	(50	)	 	(15)%	 	(15)%	 	313		 	313		 	(9)%	 	(9)%	 	(6)%	 	(6)%	
Sustiva Franchise (c)	 	319		 	361		 	680		 	357		 	1,037		 	407		 	1,444		 	290		 	 	 	 	 	 	 	 	 	 	 	 	 	(29	)	 	(29	)	 	(9)%	 	(9)%	 	291		 	291		 	(9)%	 	(9)%	 	—	 	—	
Oncology (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Erbitux	 	169		 	186		 	355		 	187		 	542		 	181		 	723		 	165		 	 	 	 	 	 	 	 	 	 	 	 	 	(4	)	 	(4	)	 	(2)%	 	(2)%	 	165		 	165		 	(2)%	 	(2)%	 	—	 	—	
Opdivo	 	—		 	—		 	—		 	1		 	1		 	5		 	6		 	40		 	 	 	 	 	 	 	 	 	 	 	 	 	40		 	40		 	N/A	 	N/A	 	40		 	40		 	N/A	 	N/A	 	N/A	 	N/A	
Sprycel	 	342		 	368		 	710		 	385		 	1,095		 	398		 	1,493		 	375		 	 	 	 	 	 	 	 	 	 	 	 	 	33		 	33		 	10%	 	10%	 	408		 	408		 	19%	 	19%	 	(9)%	 	(9)%	
Yervoy	 	271		 	321		 	592		 	350		 	942		 	366		 	1,308		 	325		 	 	 	 	 	 	 	 	 	 	 	 	 	54		 	54		 	20%	 	20%	 	350		 	350		 	29%	 	29%	 	(9)%	 	(9)%	
Neuroscience (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Abilify (d)	 	540		 	555		 	1,095		 	449		 	1,544		 	476		 	2,020		 	554		 	 	 	 	 	 	 	 	 	 	 	 	 	14		 	14		 	3%	 	3%	 	558		 	558		 	3%	 	3%	 	—	 	—	
Immunoscience (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Orencia (e)	 	363		 	402		 	765		 	444		 	1,209		 	443		 	1,652		 	400		 	 	 	 	 	 	 	 	 	 	 	 	 	37		 	37		 	10%	 	10%	 	425		 	425		 	17%	 	17%	 	(7)%	 	(7)%	
Cardiovascular (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Eliquis	 	106		 	171		 	277		 	216		 	493		 	281		 	774		 	355		 	 	 	 	 	 	 	 	 	 	 	 	 	249		 	249		 	**	 	**	 	382		 	382		 	**	 	**	 	N/A	 	N/A	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mature Products and All Othe r (f)	 	951		 	794		 	1,745		 	820		 	2,565		 	835		 	3,400		 	639		 	 	 	 	 	 	 	 	 	 	 	 	 	(312	)	 	(312	)	 	(33)%	 	(33)%	 	691		 	691		 	(27)%	 	(27)%	 	(6)%	 	(6)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Excluding Diabetes Alliance	 	3,632		 	3,862		 	7,494		 	3,879		 	11,373		 	4,211		 	15,584		 	3,987		 	 	 	 	 	 	 	 	 	 	 	 	 	355		 	355		 	10%	 	10%	 	4,243		 	4,243		 	17%	 	17%	 	(7)%	 	(7)%	

		
**	In excess of 100%	
(a)	Key products listed do not represent all products in the respective therapeutic areas.	
(b)	Includes Daklinza (daclatasvir) revenues of $180M and Sunvepra (asunaprevir) revenues of $84M for the three months ended March 31, 2015.	
(c)	The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla. Includes alliance and other revenue of $251M and $272M for the three months ended March 31, 2015 and 2014, respectively.	
(d)	Includes alliance and other revenue of $508M and $441M for three months ended March 31, 2015 and 2014, respectively.	
(e)	Includes Orencia SubQ revenues of $176M and $136M for three months ended March 31, 2015 and 2014, respectively.	
(f)	Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue. Includes Diabetes Alliance revenues of $54M and $179M for the three months ended March 31, 2015 and 2014, respectively.	

4

BRISTOL-MYERS SQUIBB COMPANY
DOMESTIC REVENUES FROM OPERATIONS BY PRODUCT
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)

																																																	
 	 	2014	 	2015	 	% Change	
 	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	YTD vs. YTD	
TOTAL (a)	 	$	1,765		 	$	1,901		 	$	3,666		 	$	1,968		 	$	5,634		 	$	2,082		 	$	7,716		 	$	2,044		 	 	 	 	 	 	 	 	 	 	 	 	 	16%	 	16%	
Virology	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Baraclude	 	70		 	84		 	154		 	40		 	194		 	21		 	215		 	46		 	 	 	 	 	 	 	 	 	 	 	 	 	(34)%	 	(34)%	
Reyataz Franchise	 	176		 	168		 	344		 	169		 	513		 	176		 	689		 	143		 	 	 	 	 	 	 	 	 	 	 	 	 	(19)%	 	(19)%	
Sustiva Franchise (b)	 	228		 	266		 	494		 	284		 	778		 	340		 	1,118		 	234		 	 	 	 	 	 	 	 	 	 	 	 	 	3%	 	3%	
Oncology	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Erbitux	 	158		 	178		 	336		 	175		 	511		 	171		 	682		 	157		 	 	 	 	 	 	 	 	 	 	 	 	 	(1)%	 	(1)%	
Opdivo	 	—		 	—		 	—		 	—		 	—		 	1		 	1		 	38		 	 	 	 	 	 	 	 	 	 	 	 	 	N/A	 	N/A	
Sprycel	 	145		 	163		 	308		 	179		 	487		 	184		 	671		 	181		 	 	 	 	 	 	 	 	 	 	 	 	 	25%	 	25%	
Yervoy	 	146		 	173		 	319		 	191		 	510		 	199		 	709		 	181		 	 	 	 	 	 	 	 	 	 	 	 	 	24%	 	24%	
Neuroscience	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Abilify	 	325		 	417		 	742		 	407		 	1,149		 	423		 	1,572		 	508		 	 	 	 	 	 	 	 	 	 	 	 	 	56%	 	56%	
Immunoscience	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Orencia (c)	 	229		 	254		 	483		 	292		 	775		 	289		 	1,064		 	259		 	 	 	 	 	 	 	 	 	 	 	 	 	13%	 	13%	
Cardiovascular	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Eliquis	 	61		 	94		 	155		 	113		 	268		 	136		 	404		 	200		 	 	 	 	 	 	 	 	 	 	 	 	 	**	 	**	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mature Products and All Other (d)	 	227		 	104		 	331		 	118		 	449		 	142		 	591		 	97		 	 	 	 	 	 	 	 	 	 	 	 	 	(57)%	 	(57)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Excluding Diabetes Alliance	 	1,651		 	1,901		 	3,552		 	1,968		 	5,520		 	2,086		 	7,606		 	2,044		 	 	 	 	 	 	 	 	 	 	 	 	 	24%	 	24%	

		
**	 In excess of 100%	
(a)	Domestic revenues include United States and Puerto Rico.	
(b)	The Sustiva Franchise includes sales of Sustiva, as well as revenue from sales of bulk efavirenz included in the combination therapy, Atripla.	
(c)	Includes Orencia SubQ revenues of $111M and $94M for the three months ended March 31, 2015 and 2014, respectively.	
(d)	Represents all other products sold in the U.S., including those which have lost exclusivity in major markets.	

5

BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL REVENUES FROM OPERATIONS BY PRODUCT
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)

																																																					
 	 	2014	 	2015	 	% Change	 	FX Impact	
 	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	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	
TOTAL	 	$	2,046		 	$	1,988		 	$	4,034		 	$	1,953		 	$	5,987		 	$	2,176		 	$	8,163		 	$	1,997		 	 	 	 	 	 	 	 	 	 	 	 	 	(2)%	 	(2)%	 	(12)%	 	(12)%	
Virology	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Baraclude	 	336		 	285		 	621		 	285		 	906		 	320		 	1,226		 	294		 	 	 	 	 	 	 	 	 	 	 	 	 	(13)%	 	(13)%	 	(8)%	 	(8)%	
Hepatitis C Franchise (a)	 	—		 	—		 	—		 	49		 	49		 	207		 	256		 	264		 	 	 	 	 	 	 	 	 	 	 	 	 	N/A	 	N/A	 	N/A	 	N/A	
Reyataz Franchise	 	168		 	194		 	362		 	169		 	531		 	142		 	673		 	151		 	 	 	 	 	 	 	 	 	 	 	 	 	(10)%	 	(10)%	 	(12)%	 	(12)%	
Sustiva Franchise (b)	 	91		 	95		 	186		 	73		 	259		 	67		 	326		 	56		 	 	 	 	 	 	 	 	 	 	 	 	 	(38)%	 	(38)%	 	(2)%	 	(2)%	
Oncology	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Erbitux	 	11		 	8		 	19		 	12		 	31		 	10		 	41		 	8		 	 	 	 	 	 	 	 	 	 	 	 	 	(27)%	 	(27)%	 	—	 	—	
Opdivo	 	—		 	—		 	—		 	1		 	1		 	4		 	5		 	2		 	 	 	 	 	 	 	 	 	 	 	 	 	N/A	 	N/A	 	N/A	 	N/A	
Sprycel	 	197		 	205		 	402		 	206		 	608		 	214		 	822		 	194		 	 	 	 	 	 	 	 	 	 	 	 	 	(2)%	 	(2)%	 	(17)%	 	(17)%	
Yervoy	 	125		 	148		 	273		 	159		 	432		 	167		 	599		 	144		 	 	 	 	 	 	 	 	 	 	 	 	 	15%	 	15%	 	(21)%	 	(21)%	
Neuroscience	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Abilify (c)	 	215		 	138		 	353		 	42		 	395		 	53		 	448		 	46		 	 	 	 	 	 	 	 	 	 	 	 	 	(79)%	 	(79)%	 	(2)%	 	(2)%	
Immunoscience	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Orencia	 	134		 	148		 	282		 	152		 	434		 	154		 	588		 	141		 	 	 	 	 	 	 	 	 	 	 	 	 	5%	 	5%	 	(19)%	 	(19)%	
Cardiovascular	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Eliquis	 	45		 	77		 	122		 	103		 	225		 	145		 	370		 	155		 	 	 	 	 	 	 	 	 	 	 	 	 	**	 	**	 	N/A	 	N/A	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mature Products and All Other (d)	 	724		 	690		 	1,414		 	702		 	2,116		 	693		 	2,809		 	542		 	 	 	 	 	 	 	 	 	 	 	 	 	(25)%	 	(25)%	 	(7)%	 	(7)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Excluding Diabetes Alliance	 	1,981		 	1,961		 	3,942		 	1,911		 	5,853		 	2,125		 	7,978		 	1,943		 	 	 	 	 	 	 	 	 	 	 	 	 	(2)%	 	(2)%	 	(13)%	 	(13)%	

	
		
**	In excess of 100%	
(a)	Includes Daklinza (daclatasvir) revenues of $180M and Sunvepra (asunaprevir) revenues of $84M for the three months ended March 31, 2015.	
(b)	The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla.	
(c)	Includes revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
(d)	Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue.	

6

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS
(Unaudited, dollars in millions)

																																													
 	 	2014	 	2015	
 	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	
Gross Profit	 	$	2,843		 	$	2,898		 	$	5,741		 	$	2,914		 	$	8,655		 	$	3,292		 	$	11,947		 	$	3,194		 	 	 	 	 	 	 	 	 	 	 	 	
Specified items (a)	 	45		 	39		 	84		 	36		 	120		 	31		 	151		 	34		 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit excluding specified items	 	2,888		 	2,937		 	5,825		 	2,950		 	8,775		 	3,323		 	12,098		 	3,228		 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			 	 	 	 	 	 	 	 	 	 	 	 	
Marketing, selling and administrative	 	957		 	951		 	1,908		 	1,029		 	2,937		 	1,151		 	4,088		 	894		 	 	 	 	 	 	 	 	 	 	 	 	
Specified items (a)	 	(3	)	 	(3	)	 	(6	)	 	(98	)	 	(104	)	 	(1	)	 	(105	)	 	(1	)	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing, selling and administrative excluding specified items	 	954		 	948		 	1,902		 	931		 	2,833		 	1,150		 	3,983		 	893		 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			 	 	 	 	 	 	 	 	 	 	 	 	
Research and development	 	946		 	1,416		 	2,362		 	983		 	3,345		 	1,189		 	4,534		 	1,016		 	 	 	 	 	 	 	 	 	 	 	 	
Specified items (a)	 	(48	)	 	(458	)	 	(506	)	 	(65	)	 	(571	)	 	(50	)	 	(621	)	 	(162	)	 	 	 	 	 	 	 	 	 	 	 	 	
Research and development excluding specified items	 	898		 	958		 	1,856		 	918		 	2,774		 	1,139		 	3,913		 	854		 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			 	 	 	 	 	 	 	 	 	 	 	 	
Other (income)/expense	 	(208	)	 	(104	)	 	(312	)	 	(277	)	 	(589	)	 	799		 	210		 	(299	)	 	 	 	 	 	 	 	 	 	 	 	 	
Specified items (a)	 	88		 	(67	)	 	21		 	203		 	224		 	(850	)	 	(626	)	 	122		 	 	 	 	 	 	 	 	 	 	 	 	
Other (income)/expense excluding specified items	 	(120	)	 	(171	)	 	(291	)	 	(74	)	 	(365	)	 	(51	)	 	(416	)	 	(177	)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			 	 	 	 	 	 	 	 	 	 	 	 	
Effective Tax Rate	 	5.0	%	 	25.4	 %	 	11.4	%	 	27.4	 %	 	18.0	%	 	145.0	 %	 	14.8	%	 	17.2	%	 	 	 	 	 	 	 	 	 	 	 	 	
Specified items (a)	 	18.0	%	 	(4.1	)%	 	10.7	%	 	(3.2	)%	 	4.8	%	 	(135.0	)%	 	5.1	%	 	3.6	%	 	 	 	 	 	 	 	 	 	 	 	 	
Effective Tax Rate excluding specified items	 	23.0	%	 	21.3	 %	 	22.1	%	 	24.2	 %	 	22.8	%	 	10.0	 %	 	19.9	%	 	20.8	%	 	 	 	 	 	 	 	 	 	 	 	 	

	
	
(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.	

7

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in millions)

																																													
 	 	2014	 	2015	
 	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	
Cost of products sold (a)	 	$	45		 	$	39		 	$	84		 	$	36		 	$	120		 	$	31		 	$	151		 	$	34		 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Additional year of Branded Prescription Drug Fee	 	—		 	—		 	—		 	96		 	96		 	—		 	96		 	—		 	 	 	 	 	 	 	 	 	 	 	 	
Process standardization implementation costs	 	3		 	3		 	6		 	2		 	8		 	1		 	9		 	1		 	 	 	 	 	 	 	 	 	 	 	 	
Marketing, selling and administrative	 	3		 	3		 	6		 	98		 	104		 	1		 	105		 	1		 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Upfront, milestone and other payments	 	15		 	148		 	163		 	65		 	228		 	50		 	278		 	162		 	 	 	 	 	 	 	 	 	 	 	 	
IPRD impairments	 	33		 	310		 	343		 	—		 	343		 	—		 	343		 	—		 	 	 	 	 	 	 	 	 	 	 	 	
Research and development	 	48		 	458		 	506		 	65		 	571		 	50		 	621		 	162		 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for restructuring	 	21		 	16		 	37		 	35		 	72		 	91		 	163		 	12		 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of product lines, businesses and assets	 	(259	)	 	12		 	(247	)	 	(315	)	 	(562	)	 	3		 	(559	)	 	(152	)	 	 	 	 	 	 	 	 	 	 	 	 	
Pension curtailments, settlements and special termination benefits	 	64		 	45		 	109		 	28		 	137		 	740		 	877		 	27		 	 	 	 	 	 	 	 	 	 	 	 	
Acquisition and alliance related items (b)	 	16		 	17		 	33		 	39		 	72		 	—		 	72		 	(36	)	 	 	 	 	 	 	 	 	 	 	 	 	
Litigation charges/(recoveries)	 	25		 	(23	)	 	2		 	10		 	12		 	15		 	27		 	14		 	 	 	 	 	 	 	 	 	 	 	 	
Out-licensed intangible asset impairment	 	—		 	—		 	—		 	—		 	—		 	11		 	11		 	13		 	 	 	 	 	 	 	 	 	 	 	 	
Loss on debt redemption	 	45		 	—		 	45		 	—		 	45		 	—		 	45		 	—		 	 	 	 	 	 	 	 	 	 	 	 	
Upfront, milestone and other licensing receipts	 	—		 	—		 	—		 	—		 	—		 	(10	)	 	(10	)	 	—		 	 	 	 	 	 	 	 	 	 	 	 	
Other (income)/expense	 	(88	)	 	67		 	(21	)	 	(203	)	 	(224	)	 	850		 	626		 	(122	)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Increase/(decrease) to pretax income	 	8		 	567		 	575		 	(4	)	 	571		 	932		 	1,503		 	75		 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income tax on items above	 	(179	)	 	(102	)	 	(281	)	 	33		 	(248	)	 	(297	)	 	(545	)	 	(68	)	 	 	 	 	 	 	 	 	 	 	 	 	
Specified tax charge (c)	 	—		 	—		 	—		 	—		 	—		 	123		 	123		 	—		 	 	 	 	 	 	 	 	 	 	 	 	
Income taxes	 	(179	)	 	(102	)	 	(281	)	 	33		 	(248	)	 	(174	)	 	(422	)	 	(68	)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Increase/(decrease) to net earnings	 	$	(171	)	 	$	465		 	$	294		 	$	29		 	$	323		 	$	758		 	$	1,081		 	$	7		 	 	 	 	 	 	 	 	 	 	 	 	

	
(a) Specified items in cost of products sold are accelerated depreciation, asset impairment and other shutdown costs.	
(b) Includes $16 million of additional year of Branded Prescription Drug Fee in the third quarter of 2014.	
(c) The 2014 specified tax charge relates to transfer pricing matters.	

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BRISTOL-MYERS SQUIBB COMPANY
SELECTED BALANCE SHEET INFORMATION
(Unaudited, dollars in millions)

	
																											
 	 	March 31,
2014	 	June 30,
2014	 	September 30,
2014	 	December 31,
2014	 	March 31,
2015	 	June 30,
2015	 	September 30,
2015	 	December 31,
2015	
Cash and cash equivalents	 	$	5,225		 	$	4,282		 	$	4,851		 	$	5,571		 	$	6,294		 	 	 	 	 	 	
Marketable securities - current	 	1,834		 	2,893		 	2,370		 	1,864		 	1,313		 	 	 	 	 	 	
Marketable securities - long term	 	3,558		 	3,876		 	4,328		 	4,408		 	4,279		 	 	 	 	 	 	
     Cash, cash equivalents and marketable securities	 	10,617		 	11,051		 	11,549		 	11,843		 	11,886		 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 			 	 	 	 	 	 	
Short-term borrowings and current portion of long-term debt	 	(281	)	 	(365	)	 	(401	)	 	(590	)	 	(330	)	 	 	 	 	 	 	
Long-term debt	 	(7,367	)	 	(7,372	)	 	(7,267	)	 	(7,242	)	 	(7,127	)	 	 	 	 	 	 	
     Net cash position	 	$	2,969		 	$	3,314		 	$	3,881		 	$	4,011		 	$	4,429		 	 	 	 	 	 	

9

BRISTOL-MYERS SQUIBB COMPANY
2015 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS

	
			
 	Full Year 2015	
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	 $0.96 to $1.06		
Projected Specified Items:	 	
Downsizing and streamlining of worldwide operations	(0.03	)	
Upfront and milestone payments, net	0.56		
Pension Related items	0.04		
Impairments	0.01		
Other	0.06		
Total	0.64		
 	 	
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	 $1.60 to $1.70		

										
Gross margin as a percentage of revenues on a GAAP and non-GAAP basis for the three months ended March 31, 2015 was 79.0% and 79.9%, respectively. On a non-GAAP basis, the Company projects gross margin as a percentage of revenues for the full year 2015 to be approximately 74%. There is no reliable comparable GAAP measure for this forward-looking information on gross margin. See "—Reconciliation of GAAP and non-GAAP Growth Dollars and Percentages Excluding Foreign Exchange Impact".	
 	 	 	 	 	 	 	 	 	 	
Research and development expenses on a GAAP and non-GAAP basis for the three months ended March 31, 2015 were $1.0 billion and $854 million, respectively. On a non-GAAP basis, the Company projects research and development expense for the full year 2015 to decrease in the low-single-digit range compared to 2014. It is estimated that 30% to 45% of the research and development expenses in 2015 will be incurred on late-stage development programs. There is no reliable comparable GAAP measure for this forward-looking information on research and development. See "—Reconciliation of Certain non-GAAP Line Items to Certain GAAP Line Items".	
 	 	 	 	 	 	 	 	 	 	
Marketing, selling and administrative expenses on a GAAP and non-GAAP basis for the three months ended March 31, 2015 were $894 million and $893 million, respectively. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2015 to decrease in the mid- to high-single-digit range compared to 2014. There is no reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See "—Reconciliation of Certain non-GAAP Line Items to Certain GAAP Line Items".	
 	 	 	 	 	 	 	 	 	 	
The effective tax rate on a GAAP basis for the three months ended March 31, 2015 was 17.2%. On a non-GAAP basis, for the three months ended March 31, 2015 the effective tax rate was 20.8%. On a non-GAAP basis, the Company projects an annual effective tax rate of approximately 19%. There is no reliable comparable GAAP measure for this forward-looking information on the tax rate. See "—Reconciliation of Certain non-GAAP Line Items to Certain GAAP Line Items".	
 	 	 	 	 	 	 	 	 	 	
The GAAP financial results for the full year 2015 will include specified items, including gains on divestitures, expected charges associated with downsizing and streamlining worldwide operations, in-process research and development (IPRD) , upfront and milestone payments, restructuring and pension related items.  The GAAP financial results for the full year 2015 could also include other specified items that have not yet been identified and quantified, including any gains or losses from acquisitions or divestitures, additional upfront, milestone and other licensing payments, charges for IPRD and licensed asset impairments, charges and recoveries relating to significant legal proceedings, restructuring activities and significant tax events. For a fuller discussion of certain litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Reports First Quarter 2015 Financial Results, April 28, 2015 including “2015 Financial Guidance” and “Use of non-GAAP Financial Information” therein. 	

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