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 24, 2014

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 July 24, 2014, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the second quarter of 2014. 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 July 24, 2014.	
 	 	
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: July 24, 2014	 	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 July 24, 2014.	
 	 	
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 Second Quarter 2014 Financial Results

•	Posts Second Quarter GAAP EPS of $0.20 and Non-GAAP EPS of $0.48	
		
•	Achieves Important Regulatory Milestones across Portfolio	
		
◦	Approval for Daklinza+Sunvepra Dual Regimen in Japan	
		
◦	Positive Advisory Opinions for Daklinza and Eliquis in Europe	
		
◦	Plans for Third Quarter Submission of a Biologics License Application in the U.S. for	
Opdivo for Previously Treated Advanced Melanoma
		
•	Announces Strategic Immuno-Oncology Collaboration with Ono Pharmaceutical Co., Ltd.	
		
•	Adjusts 2014 GAAP EPS Guidance Range to $1.50-$1.60 and Confirms Non-GAAP EPS Guidance Range of $1.70-$1.80	

NEW YORK (July 24, 2014) - Bristol-Myers Squibb Company (NYSE:BMY) today reported financial results for the second quarter of 2014, which was highlighted by strong global sales for the company’s key brands; the achievement of important regulatory milestones for key brands in Japan, Europe and the U.S.; a new strategic immuno-oncology collaboration agreement with Ono Pharmaceutical Co., Ltd.; and the initiation of several research collaborations that will strengthen the company’s leadership position in immuno-oncology. In addition, the company adjusted 2014 GAAP guidance and confirmed 2014 non-GAAP guidance.
“During the second quarter we delivered strong financial and operating results, invested in key business development opportunities, and achieved important regulatory milestones for products in HCV and immuno-oncology,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. “These results reflect the promise of our late-stage pipeline, the strong performance of our in-line products and the continued success of our strategy in driving growth for the company.”

	
											
 	Second Quarter	
$ amounts in millions, except per share amounts	 	 	 	 	 	
 	2014	 	2013	 	Change	
Total Revenues	$	3,889		 	$	4,048		 	(4	)%	
GAAP Diluted EPS	0.20		 	0.32		 	(38	)%	
Non-GAAP Diluted EPS	0.48		 	0.44		 	9	 %	

1

SECOND QUARTER FINANCIAL RESULTS
		
•	Bristol-Myers Squibb posted second quarter 2014 revenues of $3.9 billion, a decrease of 4% compared to the same period a year ago. Excluding the divested Diabetes Alliance, global revenues increased 7%.	

•	U.S. revenues decreased 7% to $1.9 billion in the quarter compared to the same period a year ago. International revenues decreased 1% to $2.0 billion.	

•	Gross margin as a percentage of revenues was 74.5% in the quarter compared to 72.6% in the same period a year ago.	

•	Marketing, selling and administrative expenses decreased 9% to $951 million in the quarter.	

•	Advertising and product promotion spending decreased 14% to $187 million in the quarter.	

•	Research and development expenses increased 49% to $1.4 billion in the quarter and included impairment and acquisition-related charges of $458 million.	

•	The effective tax rate on earnings before income taxes was 25.4% in the quarter, compared to 0% in the second quarter last year. Income taxes in the second quarter last year reflect a more favorable earnings mix between high and low tax jurisdictions, primarily driven by specified items.	

•	The company reported net earnings attributable to Bristol-Myers Squibb of $333 million, or $0.20 per share, in the quarter compared to $536 million, or $0.32 per share, a year ago.	

•	The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $798 million, or $0.48 per share, in the second quarter, compared to $730 million, or $0.44 per share, for the same period in 2013. An overview of specified items is discussed under the “Use of Non-GAAP Financial Information” section.	

•	Cash, cash equivalents and marketable securities were $11.1 billion, with a net cash position of $3.3 billion, as of June 30, 2014.	

2

SECOND QUARTER PRODUCT AND PIPELINE UPDATE

Bristol-Myers Squibb’s global sales in the second quarter included Eliquis , which grew by $159 million, Yervoy , which grew 38%, Sprycel , which grew 18%, and Orencia , which grew 14%.

Daklinza+Sunvepra

•	In July, the company announced that the Japanese Ministry of Health, Labor and Welfare has approved Daklinza (daclatasvir), the company’s potent, pan-genotypic NS5A replication complex inhibitor ( in vitro ), and Sunvepra (asunaprevir), the company’s NS3/4A protease inhibitor. The approvals are Japan’s first for an all-oral, interferon- and ribavirin-free treatment regimen for patients with genotype 1 chronic hepatitis C virus infection, particularly those with compensated cirrhosis. The Daklinza + Sunvepra Dual Regimen provides a new treatment alternative that can lead to cure for many patients in Japan who currently have no treatment options. Daklinza and Sunvepra are expected to be commercially available in Japan in early September.	

•	In June, the company announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency has adopted a positive opinion recommending that Daklinza be granted approval for use in combination with other medicinal products for the treatment of chronic hepatitis C virus infection in adults. This is the first positive opinion given by the CHMP for an NS5A inhibitor. It will now be reviewed by the European Commission (EC), which has the authority to approve medicines for all European Union (EU) member states plus Iceland and Norway.	

•	In April, the company announced the submission of New Drug Applications (NDAs) for Daklinza and Sunvepra to the U.S. Food and Drug Administration (FDA). The data submitted in the NDAs support use of the Daklinza + Sunvepra Dual Regimen in patients with genotype 1b hepatitis C. The Daklinza NDA also seeks approval for use of this compound in combination with other agents for multiple genotypes. The FDA accepted the submissions for filing and assigned both submissions priority review with a user fee goal date of November 30, 2014.	

3

Opdivo

•	In July, the company announced that, following discussions with the FDA, the company is planning a third quarter submission of a Biologics License Application (BLA) for Opdivo (nivolumab) for previously treated advanced melanoma. This will mark the second tumor type for which Bristol-Myers Squibb has a regulatory submission under way for Opdivo in the U.S. In April, the company initiated a rolling BLA submission for Opdivo in third-line squamous cell non-small cell lung cancer (NSCLC). The company expects to complete the first submission by the end of the year.	

•	In June, the company announced that a randomized, blinded comparative Phase III study evaluating Opdivo versus dacarbazine in patients with previously untreated BRAF wild-type advanced melanoma (CheckMate -066) was stopped early because an analysis conducted by the independent Data Monitoring Committee showed evidence of superior overall survival in patients receiving Opdivo compared to the control arm.	

•	Also in June, at the American Society of Clinical Oncology (ASCO) meeting in Chicago, the company announced results from several clinical trials for Opdivo , both as monotherapy and in combination with Yervoy , in advanced cancers of the lungs, skin and kidneys. Bristol-Myers Squibb is at the forefront of research and discovery in the field of immuno-oncology and these data add to the growing body of research from its leading immuno-oncology pipeline, further supporting the scientific rationale for the potential of these checkpoint inhibitors as single agents or as part of a combination regimen.	

•	In May, the FDA granted Opdivo Breakthrough Therapy Designation for the treatment of patients with Hodgkin lymphoma after failure of autologous stem cell transplant and brentuximab. The designation is based on data from a cohort of patients with Hodgkin lymphoma in the company’s ongoing Phase Ib study of relapsed and refractory hematological malignancies.	

Eliquis

•	In July, the company and its partner, Pfizer, announced that the first patient has enrolled in a Phase IV clinical trial assessing the effectiveness and safety of Eliquis in patients with nonvalvular atrial fibrillation undergoing cardioversion.	

4

		
•	In June, the company and its partner, Pfizer, announced that CHMP has adopted a positive opinion recommending that Eliquis be granted marketing authorization for the treatment of deep vein thrombosis (DVT) and pulmonary embolism (PE), and the prevention of recurrent DVT and PE, in adults. The CHMP’s positive opinion will now be reviewed by the EC, which has the authority to approve medicines for all EU member states plus Iceland and Norway.	

Elotuzumab

•	In May, the company and its partner, AbbVie, announced that the FDA has granted elotuzumab, an investigational humanized monoclonal antibody, Breakthrough Therapy Designation for use in combination with lenalidomide and dexamethasone for the treatment of multiple myeloma in patients who have received one or more prior therapies. The designation is based on findings from a randomized Phase II, open-label study that evaluated two dose levels of elotuzumab in combination with lenalidomide and low-dose dexamethasone in previously-treated patients, including the 10 mg/kg dose that is being studied in Phase III trials.	

Yervoy

•	In June, at the ASCO meeting in Chicago, the company announced results from a Phase III randomized, double-blind study demonstrating that Yervoy 10 mg/kg (n=475) significantly improved recurrence-free survival (RFS, the length of time before recurrence or death) vs. placebo (n=476) for patients with Stage 3 melanoma who are at high risk of recurrence following complete surgical resection, an adjuvant setting. A 25% reduction in the risk of recurrence or death was observed. At three years, an estimated 46.5% of patients treated with Yervoy were free of disease recurrence compared to an estimated 34.8% of patients on placebo. The median RFS was 26.1 months for Yervoy vs. 17.1 months for placebo, with a median follow-up of 2.7 years.	

Orencia

•	In June, at the European League Against Rheumatism meeting in Paris, the company presented data from the Phase IIIb AVERT trial showing that treatment with Orencia , a T-cell co-stimulation modulator, in combination with methotrexate (MTX) achieved significantly higher rates of DAS-defined (DAS28 CRP <2.6) remission at 12 months than treatment with standard of care agent MTX (60.9% vs. 45.2%, respectively), in biologic and MTX-naïve patients with early active rheumatoid arthritis (RA). A small but statistically significantly higher number of patients treated with Orencia plus MTX, versus MTX alone, for 12 months maintained remission 6 months after all RA treatment, including Orencia , MTX or steroids, was withdrawn.	

5

Baraclude

•	In June, the U.S. Court of Appeals for the Federal Circuit denied the company’s appeal of a February 2013 ruling by the U.S. District Court for the District of Delaware that found invalid the patent covering Baraclude (U.S. patent 5,206,244). In July, the company filed a petition for an en banc rehearing of the case by the full U.S. Court of Appeals.	

SECOND QUARTER BUSINESS DEVELOPMENT UPDATE

•	In July, the company and Ono Pharmaceutical Co., Ltd., signed a collaboration agreement to jointly develop and commercialize Opdivo , Yervoy and three immunotherapy agents in early clinical development as single agents and combination regimens in Japan, South Korea and Taiwan. Also in July, Ono announced that Opdivo received manufacturing and marketing approval in Japan for the treatment of unresectable melanoma. Opdivo is the first PD-1 immune checkpoint inhibitor to receive regulatory approval anywhere in the world.	

•	In June, the company and Syngene International announced a five-year extension of their drug discovery and development collaboration at the Biocon Bristol-Myers Squibb Research Center in Bangalore, India.	

•	In May, the company announced a clinical trial collaboration with Incyte Corporation to evaluate the safety, tolerability and preliminary efficacy of a combination regimen of Opdivo and INCB24360, Incyte’s oral indoleamine dioxygenase-1 inhibitor, in a Phase I/II study.	

•	In May, the company also announced a clinical trial collaboration with Celldex Therapeutics to evaluate the safety, tolerability and preliminary efficacy of Opdivo and varlilumab , Celldex’s CD27 targeting investigational antibody, in a Phase I/II study. Multiple tumor types will be explored in the study, which could potentially include NSCLC, metastatic melanoma, ovarian, colorectal and squamous cell head and neck cancers.	

•	In May, the company and CytomX Therapeutics announced a worldwide research collaboration and license agreement to discover, develop and commercialize novel therapies against multiple immuno-oncology targets using CytomX’s proprietary Probody ™ Platform.	

6

SECOND QUARTER RESEARCH & DEVELOPMENT UPDATE

•	In June, the company announced a collaboration with Duke University, through its Duke Clinical Research Institute (DCRI), that will focus on clinical trial transparency. The company will expand access to a broader set of clinical trial information from in-scope company-sponsored studies and enable an independent scientific review through DCRI of requests from researchers that meet pre-specified requirements.	

2014 FINANCIAL GUIDANCE

Bristol-Myers Squibb is adjusting its 2014 GAAP EPS guidance range from $1.70-$1.80 to $1.50-$1.60 as a result of impairment and expected additional restructuring charges. The company is also confirming its non-GAAP EPS guidance range of $1.70-$1.80. Both GAAP and non-GAAP guidance assume current exchange rates and that we retain exclusivity on Baraclude sales in the U.S. at least through the end of 2014. Key 2014 non-GAAP line-item guidance assumptions remain unchanged.  

The financial guidance for 2014 does not include the impact of any potential strategic acquisition and divestitures, or any specified items that have not yet been identified and quantified. The non-GAAP 2014 guidance also excludes 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 of products that have not achieved regulatory approval which are immediately expensed; net amortization of acquired intangible assets and deferred income related to Amylin; pension settlement charges ; and significant tax events. 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.

7

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.

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 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.

8

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 http://www.bms.com or follow us on Twitter at http://twitter.com/bmsnews.
There will be a conference call on July 24, 2014, at 10:30 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 913-312-6681, confirmation code: 3903092. Materials related to the call will be available at the same website prior to the conference call.
For more information, contact: Laura Hortas, 609-252-4587, laura.hortas@bms.com, Communications; John Elicker, 609-252-4611, john.elicker@bms.com, Ranya Dajani, 609-252-5330, ranya.dajani@bms.com, or Ryan Asay, 609-252-5020, ryan.asay@bms.com, Investor Relations.

9

BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE MONTHS ENDED JUNE 30, 2014 AND 2013
(Unaudited, dollars in millions)

																							
 	 	Worldwide Revenues	 	U.S. Revenues	
 	 	2014	 	2013	 	%
Change	 	2014	 	2013	 	%
Change	
Three Months Ended June 30,	 	 	 	 	 	 	 	 	 	 	 	 	
Key Products	 	 	 	 	 	 	 	 	 	 	 	 	
Virology	 	 	 	 	 	 	 	 	 	 	 	 	
Baraclude	 	$	369		 	$	371		 	(1	)%	 	$	84		 	$	73		 	15	 %	
Reyataz	 	362		 	431		 	(16	)%	 	168		 	200		 	(16	)%	
Sustiva Franchise	 	361		 	411		 	(12	)%	 	266		 	275		 	(3	)%	
Oncology	 	 	 	 	 	 	 	 	 	 	 	 	
Erbitux (a)	 	186		 	171		 	9	 %	 	178		 	168		 	6	 %	
Sprycel	 	368		 	312		 	18	 %	 	163		 	135		 	21	 %	
Yervoy	 	321		 	233		 	38	 %	 	173		 	140		 	24	 %	
Neuroscience	 	 	 	 	 	 	 	 	 	 	 	 	
Abilify (b)	 	555		 	563		 	(1	)%	 	417		 	378		 	10	 %	
Immunoscience	 	 	 	 	 	 	 	 	 	 	 	 	
Orencia	 	402		 	352		 	14	 %	 	254		 	238		 	7	 %	
Cardiovascular	 	 	 	 	 	 	 	 	 	 	 	 	
Eliquis	 	171		 	12		 	**		 	94		 	5		 	**		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Diabetes Alliance	 	27		 	438		 	(94	)%	 	—		 	320		 	(100	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Mature Products and All Other	 	767		 	754		 	2	 %	 	104		 	113		 	(8	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	3,889		 	4,048		 	(4	)%	 	1,901		 	2,045		 	(7	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Excluding Diabetes Alliance	 	3,862		 	3,610		 	7	 %	 	1,901		 	1,725		 	10	 %	

	
		
**	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.	

10

BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013
(Unaudited, dollars in millions)

																							
 	 	Worldwide Revenues	 	U.S. Revenues	
 	 	2014	 	2013	 	%
Change	 	2014	 	2013	 	%
Change	
Six Months Ended June 30,	 	 	 	 	 	 	 	 	 	 	 	 	
Key Products	 	 	 	 	 	 	 	 	 	 	 	 	
Virology	 	 	 	 	 	 	 	 	 	 	 	 	
Baraclude	 	$	775		 	$	737		 	5	 %	 	$	154		 	$	141		 	9	 %	
Reyataz	 	706		 	792		 	(11	)%	 	344		 	393		 	(12	)%	
Sustiva Franchise	 	680		 	798		 	(15	)%	 	494		 	526		 	(6	)%	
Oncology	 	 	 	 	 	 	 	 	 	 	 	 	
Erbitux	 	355		 	333		 	7	 %	 	336		 	326		 	3	 %	
Sprycel	 	710		 	599		 	19	 %	 	308		 	250		 	23	 %	
Yervoy	 	592		 	462		 	28	 %	 	319		 	299		 	7	 %	
Neuroscience	 	 	 	 	 	 	 	 	 	 	 	 	
Abilify	 	1,095		 	1,085		 	1	 %	 	742		 	706		 	5	 %	
Immunoscience	 	 	 	 	 	 	 	 	 	 	 	 	
Orencia	 	765		 	672		 	14	 %	 	483		 	452		 	7	 %	
Cardiovascular	 	 	 	 	 	 	 	 	 	 	 	 	
Eliquis	 	277		 	34		 	**		 	155		 	22		 	**		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Diabetes Alliance	 	206		 	796		 	(74	)%	 	114		 	612		 	(81	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Mature Products and All Other	 	1,539		 	1,571		 	(2	)%	 	217		 	289		 	(25	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	7,700		 	7,879		 	(2	)%	 	3,666		 	4,016		 	(9	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Excluding Diabetes Alliance	 	7,494		 	7,083		 	6	 %	 	3,552		 	3,404		 	4	 %	

	
		
**	In excess of 100%	

11

BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013
(Unaudited, dollars and shares in millions except per share data)

	
																	
 	 	Three Months Ended   June 30,	 	Six Months Ended 
 June 30,	
 	 	2014	 	2013	 	2014	 	2013	
Net product sales	 	$	2,770		 	$	3,024		 	$	5,577		 	$	5,981		
Alliance and other revenues	 	1,119		 	1,024		 	2,123		 	1,898		
Total Revenues	 	3,889		 	4,048		 	7,700		 	7,879		
 	 	 	 	 	 	 	 	 	
Cost of products sold	 	991		 	1,108		 	1,959		 	2,171		
Marketing, selling and administrative	 	951		 	1,042		 	1,908		 	2,036		
Advertising and product promotion	 	187		 	218		 	350		 	407		
Research and development	 	1,416		 	951		 	2,362		 	1,881		
Other (income)/expense	 	(104	)	 	199		 	(312	)	 	180		
Total Expenses	 	3,441		 	3,518		 	6,267		 	6,675		
 	 	 	 	 	 	 	 	 	
Earnings Before Income Taxes	 	448		 	530		 	1,433		 	1,204		
Provision for Income Taxes	 	114		 	—		 	163		 	51		
 	 	 	 	 	 	 	 	 	
Net Earnings	 	334		 	530		 	1,270		 	1,153		
Net Earnings/(Loss) Attributable to Noncontrolling Interest	 	1		 	(6	)	 	—		 	8		
Net Earnings Attributable to BMS	 	$	333		 	$	536		 	$	1,270		 	$	1,145		
 	 	 	 	 	 	 	 	 	
Earnings per Common Share	 	 	 	 	 	 	 	 	
Basic	 	$	0.20		 	$	0.33		 	$	0.77		 	$	0.70		
Diluted	 	$	0.20		 	$	0.32		 	$	0.76		 	$	0.69		
 	 	 	 	 	 	 	 	 	
Average Common Shares Outstanding:	 	 	 	 	 	 	 	 	
Basic	 	1,657		 	1,644		 	1,655		 	1,641		
Diluted	 	1,669		 	1,660		 	1,668		 	1,658		
 	 	 	 	 	 	 	 	 	
Other (Income)/Expense	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Interest expense	 	$	46		 	$	50		 	$	100		 	$	100		
Investment income	 	(28	)	 	(28	)	 	(51	)	 	(53	)	
Provision for restructuring	 	16		 	173		 	37		 	206		
Litigation charges/(recoveries)	 	(20	)	 	(22	)	 	9		 	(22	)	
Equity in net income of affiliates	 	(33	)	 	(50	)	 	(69	)	 	(86	)	
Gain on sale of product lines, businesses and assets	 	7		 	—		 	(252	)	 	(1	)	
Other alliance and licensing income	 	(144	)	 	(32	)	 	(252	)	 	(89	)	
Pension curtailments, settlements and special termination benefits	 	45		 	101		 	109		 	101		
Other	 	7		 	7		 	57		 	24		
Other (income)/expense	 	$	(104	)	 	$	199		 	$	(312	)	 	$	180		

12

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013
(Unaudited, dollars in millions)

	
																	
 	 	Three Months Ended   June 30,	 	Six Months Ended 
 June 30,	
 	 	2014	 	2013	 	2014	 	2013	
Accelerated depreciation, asset impairment and other shutdown costs	 	$	39		 	$	—		 	$	84		 	$	—		
Amortization of acquired Amylin intangible assets	 	—		 	137		 	—		 	275		
Amortization of Amylin alliance proceeds	 	—		 	(67	)	 	—		 	(134	)	
Amortization of Amylin inventory adjustment	 	—		 	—		 	—		 	14		
Cost of products sold	 	39		 	70		 	84		 	155		
 	 	 	 	 	 	 	 	 	
Marketing, selling and administrative*	 	3		 	1		 	6		 	2		
 	 	 	 	 	 	 	 	 	
Upfront, milestone and other payments	 	148		 	—		 	163		 	—		
IPRD impairments	 	310		 	—		 	343		 	—		
Research and development	 	458		 	—		 	506		 	—		
 	 	 	 	 	 	 	 	 	
Provision for restructuring	 	16		 	173		 	37		 	206		
Gain on sale of product lines, businesses and assets	 	12		 	—		 	(247	)	 	—		
Pension curtailments, settlements and special termination benefits	 	45		 	99		 	109		 	99		
Acquisition and alliance related items	 	17		 	(10	)	 	33		 	(10	)	
Litigation charges/(recoveries)	 	(23	)	 	(23	)	 	2		 	(23	)	
Loss on debt redemption	 	—		 	—		 	45		 	—		
Upfront, milestone and other licensing receipts	 	—		 	—		 	—		 	(14	)	
Other (income)/expense	 	67		 	239		 	(21	)	 	258		
 	 	 	 	 	 	 	 	 	
Increase to pretax income	 	567		 	310		 	575		 	415		
Income tax on items above	 	(102	)	 	(116	)	 	(281	)	 	(151	)	
Increase to net earnings	 	$	465		 	$	194		 	$	294		 	$	264		

	
	
* Specified items in marketing, selling and administrative are process standardization implementation costs.	

13

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS
FOR THE THREE MONTHS ENDED JUNE 30, 2014 AND 2013
(Unaudited, dollars in millions)

	
													
Three months ended June 30, 2014	 	GAAP	 	Specified
Items*	 	Non
GAAP	
Gross Profit	 	$	2,898		 	$	39		 	$	2,937		
Marketing, selling and administrative	 	951		 	(3	)	 	948		
Research and development	 	1,416		 	(458	)	 	958		
Other (income)/expense	 	(104	)	 	(67	)	 	(171	)	
Effective Tax Rate	 	25.4	%	 	(4.1	)%	 	21.3	%	
 	 	 	 	 	 	 	
Three months ended June 30, 2013	 	GAAP	 	Specified
Items*	 	Non
GAAP	
Gross Profit	 	$	2,940		 	$	70		 	$	3,010		
Marketing, selling and administrative	 	1,042		 	(1	)	 	1,041		
Research and development	 	951		 	—		 	951		
Other (income)/expense	 	199		 	(239	)	 	(40	)	
Effective Tax Rate	 	—		 	13.8	 %	 	13.8	%	

		
*	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.	

14

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS
FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013
(Unaudited, dollars in millions)

	
													
Six Months Ended June 30, 2014	 	GAAP	 	Specified
Items*	 	Non
GAAP	
Gross Profit	 	$	5,741		 	$	84		 	$	5,825		
Marketing, selling and administrative	 	1,908		 	(6	)	 	1,902		
Research and development	 	2,362		 	(506	)	 	1,856		
Other (income)/expense	 	(312	)	 	21		 	(291	)	
Effective Tax Rate	 	11.4	%	 	10.7	%	 	22.1	%	
 	 	 	 	 	 	 	
Six Months Ended June 30, 2013	 	GAAP	 	Specified
Items*	 	Non
GAAP	
Gross Profit	 	$	5,708		 	$	155		 	$	5,863		
Marketing, selling and administrative	 	2,036		 	(2	)	 	2,034		
Research and development	 	1,881		 	—		 	1,881		
Other (income)/expense	 	180		 	(258	)	 	(78	)	
Effective Tax Rate	 	4.2	%	 	8.3	%	 	12.5	%	

		
*	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.	

15

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF NON-GAAP EPS TO GAAP EPS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013
(Unaudited, dollars and shares in millions except per share data)

	
																	
 	 	Three Months Ended   June 30,	 	Six Months Ended 
 June 30,	
 	 	2014	 	2013	 	2014	 	2013	
Net Earnings Attributable to BMS used for Diluted EPS Calculation - GAAP	 	$	333		 	$	536		 	$	1,270		 	$	1,145		
Less Specified Items*	 	465		 	194		 	294		 	264		
Net Earnings used for Diluted EPS Calculation – Non-GAAP	 	$	798		 	$	730		 	$	1,564		 	$	1,409		
 	 	 	 	 	 	 	 	 	
Average Common Shares Outstanding – Diluted	 	1,669		 	1,660		 	1,668		 	1,658		
 	 	 	 	 	 	 	 	 	
Diluted Earnings Per Share — GAAP	 	$	0.20		 	$	0.32		 	$	0.76		 	$	0.69		
Diluted EPS Attributable to Specified Items	 	0.28		 	0.12		 	0.18		 	0.16		
Diluted Earnings Per Share — Non-GAAP	 	$	0.48		 	$	0.44		 	$	0.94		 	$	0.85		

		
*	Refer to the Specified Items schedule for further details.	

16

BRISTOL-MYERS SQUIBB COMPANY
NET CASH/(DEBT) CALCULATION
AS OF JUNE 30, 2014 AND MARCH 31, 2014
(Unaudited, dollars in millions)

	
									
 	 	June 30, 2014	 	March 31, 2014	
Cash and cash equivalents	 	$	4,282		 	$	5,225		
Marketable securities - current	 	2,893		 	1,834		
Marketable securities - long term	 	3,876		 	3,558		
     Cash, cash equivalents and marketable securities	 	11,051		 	10,617		
Short-term borrowings and current portion of long-term debt	 	(365	)	 	(281	)	
Long-term debt	 	(7,372	)	 	(7,367	)	
     Net cash position	 	$	3,314		 	$	2,969		

17

Exhibit 99.2

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

																																																									
Revenues	 	2013	 	2014	 	% 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	 	$	3,831		 	$	4,048		 	$	7,879		 	$	4,065		 	$	11,944		 	$	4,441		 	$	16,385		 	$	3,811		 	$	3,889		 	$	7,700		 	 	 	 	 	 	 	 	 	(4)%	 	(2)%	 	—	 	—	
    US and Puerto Rico	 	1,971		 	2,045		 	4,016		 	2,037		 	6,053		 	2,265		 	8,318		 	1,765		 	1,901		 	3,666		 	 	 	 	 	 	 	 	 	(7)%	 	(9)%	 	—	 	—	
    Europe	 	946		 	950		 	1,896		 	985		 	2,881		 	1,049		 	3,930		 	948		 	908		 	1,856		 	 	 	 	 	 	 	 	 	(4)%	 	(2)%	 	4%	 	3%	
    Rest of the World	 	765		 	835		 	1,600		 	805		 	2,405		 	890		 	3,295		 	830		 	811		 	1,641		 	 	 	 	 	 	 	 	 	(3)%	 	3%	 	(4)%	 	(5)%	
    Other	 	149		 	218		 	367		 	238		 	605		 	237		 	842		 	268		 	269		 	537		 	 	 	 	 	 	 	 	 	23%	 	46%	 	—	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% of Revenues	 	2013	 	2014	 	 	 	 	 	 	 	 	
 	 	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	%	 	100.0	%	 	100.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
    US and Puerto Rico	 	51.4	%	 	50.5	%	 	51.0	%	 	50.1	%	 	50.7	%	 	51.0	%	 	50.8	%	 	46.3	%	 	48.9	%	 	47.6	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
    Europe	 	24.7	%	 	23.5	%	 	24.1	%	 	24.2	%	 	24.1	%	 	23.6	%	 	24.0	%	 	24.9	%	 	23.3	%	 	24.1	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
    Rest of the World	 	20.0	%	 	20.6	%	 	20.3	%	 	19.8	%	 	20.1	%	 	20.0	%	 	20.1	%	 	21.8	%	 	20.9	%	 	21.3	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
    Other	 	3.9	%	 	5.4	%	 	4.6	%	 	5.9	%	 	5.1	%	 	5.4	%	 	5.1	%	 	7.0	%	 	6.9	%	 	7.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

1

BRISTOL-MYERS SQUIBB COMPANY
REVENUES AND COMPOSITION OF CHANGE IN REVENUES
FOR THE PERIOD ENDED JUNE 30, 2014
(Unaudited, dollars in millions)

																	
QUARTER-TO-DATE	 	Revenues	 	Analysis of % Change	
 	 	2014	 	2013	 	Total Change	 	Volume	 	Price	 	Foreign Exchange	
US and Puerto Rico	 	$	1,901		 	$	2,045		 	(7)%	 	(12)%	 	5%	 	—	
Europe	 	908		 	950		 	(4)%	 	(1)%	 	(7)%	 	4%	
Rest of the World	 	811		 	835		 	(3)%	 	3%	 	(2)%	 	(4)%	
Other	 	269		 	218		 	23%	 	N/A	 	N/A	 	—	
Total	 	$	3,889		 	$	4,048		 	(4)%	 	(5)%	 	1%	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	
YEAR-TO-DATE	 	Revenues	 	Analysis of % Change	
 	 	2014	 	2013	 	Total Change	 	Volume	 	Price	 	Foreign Exchange	
US and Puerto Rico	 	$	3,666		 	$	4,016		 	(9)%	 	(12)%	 	3%	 	—	
Europe	 	1,856		 	1,896		 	(2)%	 	2%	 	(7)%	 	3%	
Rest of the World	 	1,641		 	1,600		 	3%	 	10%	 	(2)%	 	(5)%	
Other	 	537		 	367		 	46%	 	N/A	 	N/A	 	—	
Total	 	$	7,700		 	$	7,879		 	(2)%	 	(2)%	 	—	 	—	

2

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

																																																					
 	 	2013	 	2014	 	% 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	 	$	2,957		 	$	3,024		 	$	5,981		 	$	3,025		 	$	9,006		 	$	3,298		 	$	12,304		 	$	2,807		 	$	2,770		 	$	5,577		 	 	 	 	 	 	 	 	 	(8)%	 	(7)%	
Alliance and other revenues	 	874		 	1,024		 	1,898		 	1,040		 	2,938		 	1,143		 	4,081		 	1,004		 	1,119		 	2,123		 	 	 	 	 	 	 	 	 	9%	 	12%	
Total Revenues	 	$	3,831		 	$	4,048		 	$	7,879		 	$	4,065		 	$	11,944		 	$	4,441		 	$	16,385		 	$	3,811		 	$	3,889		 	$	7,700		 	 	 	 	 	 	 	 	 	(4)%	 	(2)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of products sold	 	1,063		 	1,108		 	2,171		 	1,175		 	3,346		 	1,273		 	4,619		 	968		 	991		 	1,959		 	 	 	 	 	 	 	 	 	(11)%	 	(10)%	
Marketing, selling and administrative	 	994		 	1,042		 	2,036		 	980		 	3,016		 	1,068		 	4,084		 	957		 	951		 	1,908		 	 	 	 	 	 	 	 	 	(9)%	 	(6)%	
Advertising and product promotion	 	189		 	218		 	407		 	194		 	601		 	254		 	855		 	163		 	187		 	350		 	 	 	 	 	 	 	 	 	(14)%	 	(14)%	
Research and development	 	930		 	951		 	1,881		 	893		 	2,774		 	957		 	3,731		 	946		 	1,416		 	2,362		 	 	 	 	 	 	 	 	 	49%	 	26%	
Other (income)/expense	 	(19	)	 	199		 	180		 	5		 	185		 	20		 	205		 	(208	)	 	(104	)	 	(312	)	 	 	 	 	 	 	 	 	 	**	 	**	
Total Expenses	 	3,157		 	3,518		 	6,675		 	3,247		 	9,922		 	3,572		 	13,494		 	2,826		 	3,441		 	6,267		 	 	 	 	 	 	 	 	 	(2)%	 	(6)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings Before Income Taxes	 	$	674		 	$	530		 	$	1,204		 	$	818		 	$	2,022		 	$	869		 	$	2,891		 	$	985		 	$	448		 	$	1,433		 	 	 	 	 	 	 	 	 	(15)%	 	19%	
Provision for Income Taxes	 	51		 	—		 	51		 	126		 	177		 	134		 	311		 	49		 	114		 	163		 	 	 	 	 	 	 	 	 	—	 	**	
Net Earnings	 	$	623		 	$	530		 	$	1,153		 	$	692		 	$	1,845		 	$	735		 	$	2,580		 	$	936		 	$	334		 	$	1,270		 	 	 	 	 	 	 	 	 	(37)%	 	10%	
Net Earnings/(Loss) Attributable to Noncontrolling Interest	 	14		 	(6	)	 	8		 	—		 	8		 	9		 	17		 	(1	)	 	1		 	—		 	 	 	 	 	 	 	 	 	**	 	(100)%	
Net Earnings Attributable to BMS	 	$	609		 	$	536		 	$	1,145		 	$	692		 	$	1,837		 	$	726		 	$	2,563		 	$	937		 	$	333		 	$	1,270		 	 	 	 	 	 	 	 	 	(38)%	 	11%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings per Common Share*	 	$	0.37		 	$	0.32		 	$	0.69		 	$	0.42		 	$	1.11		 	$	0.44		 	$	1.54		 	$	0.56		 	$	0.20		 	$	0.76		 	 	 	 	 	 	 	 	 	(38)%	 	10%	
Average Common Shares Outstanding - Diluted	 	1,655		 	1,660		 	1,658		 	1,662		 	1,659		 	1,666		 	1,662		 	1,666		 	1,669		 	1,668		 	 	 	 	 	 	 	 	 	1%	 	1%	
Dividends declared per common share	 	$	0.35		 	$	0.35		 	$	0.70		 	$	0.35		 	$	1.05		 	$	0.36		 	$	1.41		 	$	0.36		 	$	0.36		 	$	0.72		 	 	 	 	 	 	 	 	 	3%	 	3%	

 	 	2013	 	2014	 	 	 	 	
% 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	 	72.3	%	 	72.6	%	 	72.4	%	 	71.1	%	 	72.0	%	 	71.3	%	 	71.8	%	 	74.6	%	 	74.5	%	 	74.6	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Ratios	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective tax rate	 	7.6	%	 	—		 	4.2	%	 	15.4	%	 	8.8	%	 	15.4	%	 	10.8	%	 	5.0	%	 	25.4	%	 	11.4	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other (Income)/Expense	 	2013	 	2014	 	% 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	 	$	50		 	$	50		 	$	100		 	$	46		 	$	146		 	$	53		 	$	199		 	$	54		 	$	46		 	$	100		 	 	 	 	 	 	 	 	 	(8)%	 	—	
Investment income	 	(25	)	 	(28	)	 	(53	)	 	(23	)	 	(76	)	 	(28	)	 	(104	)	 	(23	)	 	(28	)	 	(51	)	 	 	 	 	 	 	 	 	 	—	 	4%	
Provision for restructuring	 	33		 	173		 	206		 	6		 	212		 	14		 	226		 	21		 	16		 	37		 	 	 	 	 	 	 	 	 	(91)%	 	(82)%	
Litigation charges/(recoveries)	 	—		 	(22	)	 	(22	)	 	17		 	(5	)	 	25		 	20		 	29		 	(20	)	 	9		 	 	 	 	 	 	 	 	 	9%	 	**	
Equity in net income of affiliates	 	(36	)	 	(50	)	 	(86	)	 	(42	)	 	(128	)	 	(38	)	 	(166	)	 	(36	)	 	(33	)	 	(69	)	 	 	 	 	 	 	 	 	 	34%	 	20%	
Gain on sale of product lines, businesses and assets	 	(1	)	 	—		 	(1	)	 	—		 	(1	)	 	(1	)	 	(2	)	 	(259	)	 	7		 	(252	)	 	 	 	 	 	 	 	 	 	N/A	 	**	
Other alliance and licensing income	 	(57	)	 	(32	)	 	(89	)	 	(31	)	 	(120	)	 	(28	)	 	(148	)	 	(108	)	 	(144	)	 	(252	)	 	 	 	 	 	 	 	 	 	**	 	**	
Pension curtailments, settlements and special termination benefits	 	—		 	101		 	101		 	37		 	138		 	27		 	165		 	64		 	45		 	109		 	 	 	 	 	 	 	 	 	(55)%	 	8%	
Other	 	17		 	7		 	24		 	(5	)	 	19		 	(4	)	 	15		 	50		 	7		 	57		 	 	 	 	 	 	 	 	 	—	 	**	
 	 	$	(19	)	 	$	199		 	$	180		 	$	5		 	$	185		 	$	20		 	$	205		 	$	(208	)	 	$	(104	)	 	$	(312	)	 	 	 	 	 	 	 	 	 	**	 	**	

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

3

 BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED JUNE 30, 2014
(Unaudited, dollars in millions)
QUARTER-TO-DATE

																										
 	 	2014	 	2013	 	Growth $	 	Growth %	 	Favorable /
(Unfavorable)
FX Impact $ *	 	2014
Excluding FX	 	Favorable /
(Unfavorable)
FX Impact % *	 	Growth %
Excluding FX	
Revenues	 	$	3,889		 	$	4,048		 	(159	)	 	(4)%	 	$	10		 	$	3,879		 	—	 	(4)%	
Gross profit	 	2,898		 	2,940		 	(42	)	 	(1)%	 	N/A		 	N/A		 	N/A	 	N/A	
Gross profit excluding specified items (a)	 	2,937		 	3,010		 	(73	)	 	(2)%	 	N/A		 	N/A		 	N/A	 	N/A	
          Gross profit excluding specified items as a % of revenues	 	75.5	%	 	74.4	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing, selling and administrative	 	951		 	1,042		 	(91	)	 	(9)%	 	2		 	953		 	—	 	(9)%	
Marketing, selling and administrative excluding specified items (a)	 	948		 	1,041		 	(93	)	 	(9)%	 	2		 	950		 	—	 	(9)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Advertising and product promotion	 	187		 	218		 	(31	)	 	(14)%	 	—		 	187		 	—	 	(14)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
         SG&A excluding specified items as a % of revenues	 	29.2	%	 	31.1	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Research and development	 	1,416		 	951		 	465		 	49%	 	(4	)	 	1,412		 	(1)%	 	48%	
Research and development excluding specified items (a)	 	958		 	951		 	7		 	1%	 	(4	)	 	954		 	(1)%	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
         Research and development excluding specified items as a % of revenues	 	24.6	%	 	23.5	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
YEAR-TO-DATE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	2014	 	2013	 	Growth $	 	Growth %	 	Favorable /
(Unfavorable)
FX Impact $ *	 	2014
Excluding FX	 	Favorable /
(Unfavorable)
FX Impact % *	 	Growth %
Excluding FX	
Revenues	 	$	7,700		 	$	7,879		 	(179	)	 	(2)%	 	$	(14	)	 	$	7,714		 	—	 	(2)%	
Gross profit	 	5,741		 	5,708		 	33		 	1%	 	N/A		 	N/A		 	N/A	 	N/A	
Gross profit excluding specified items (a)	 	5,825		 	5,863		 	(38	)	 	(1)%	 	N/A		 	N/A		 	N/A	 	N/A	
          Gross profit excluding specified items as a % of revenues	 	75.6	%	 	74.4	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing, selling and administrative	 	1,908		 	2,036		 	(128	)	 	(6)%	 	11		 	1,919		 	—	 	(6)%	
Marketing, selling and administrative excluding specified items (a)	 	1,902		 	2,034		 	(132	)	 	(6)%	 	11		 	1,913		 	—	 	(6)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Advertising and product promotion	 	350		 	407		 	(57	)	 	(14)%	 	2		 	352		 	—	 	(14)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
         SG&A excluding specified items as a % of revenues	 	29.2	%	 	31.0	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Research and development	 	2,362		 	1,881		 	481		 	26%	 	(2	)	 	2,360		 	(1)%	 	25%	
Research and development excluding specified items (a)	 	1,856		 	1,881		 	(25	)	 	(1)%	 	(2	)	 	1,854		 	—	 	(1)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
         Research and development excluding specified items as a % of revenues	 	24.1	%	 	23.9	%	 	 	 	 	 	 	 	 	 	 	 	 	

				
(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.	

4

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)

																																																																													
 	 	2013	 	2014	 	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 EX-FX $	 	YTD EX-FX $	 	Qtr
vs.
Qtr %	 	YTD vs. YTD %	 	Qtr vs. Qtr	 	YTD vs. YTD	
TOTAL	 	$	3,831		 	$	4,048		 	$	7,879		 	$	4,065		 	$	11,944		 	$	4,441		 	$	16,385		 	$	3,811		 	$	3,889		 	$	7,700		 	 	 	 	 	 	 	 	 	$	(159	)	 	$	(179	)	 	(4)%	 	(2)%	 	$	3,879		 	$	7,714		 	(4)%	 	(2)%	 	—	 	—	
Virology (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Baraclude	 	366		 	371		 	737		 	378		 	1,115		 	412		 	1,527		 	406		 	369		 	775		 	 	 	 	 	 	 	 	 	(2	)	 	38		 	(1)%	 	5%	 	367		 	779		 	(1)%	 	6%	 	1%	 	(1)%	
Reyataz	 	361		 	431		 	792		 	375		 	1,167		 	384		 	1,551		 	344		 	362		 	706		 	 	 	 	 	 	 	 	 	(69	)	 	(86	)	 	(16)%	 	(11)%	 	365		 	713		 	(15)%	 	(10)%	 	(1)%	 	(1)%	
Sustiva Franchise (b)	 	387		 	411		 	798		 	389		 	1,187		 	427		 	1,614		 	319		 	361		 	680		 	 	 	 	 	 	 	 	 	(50	)	 	(118	)	 	(12)%	 	(15)%	 	356		 	673		 	(13)%	 	(16)%	 	1%	 	1%	
Oncology (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Erbitux	 	162		 	171		 	333		 	183		 	516		 	180		 	696		 	169		 	186		 	355		 	 	 	 	 	 	 	 	 	15		 	22		 	9%	 	7%	 	187		 	356		 	9%	 	7%	 	N/A	 	N/A	
Sprycel	 	287		 	312		 	599		 	316		 	915		 	365		 	1,280		 	342		 	368		 	710		 	 	 	 	 	 	 	 	 	56		 	111		 	18%	 	19%	 	369		 	719		 	18%	 	20%	 	—	 	(1)%	
Yervoy	 	229		 	233		 	462		 	238		 	700		 	260		 	960		 	271		 	321		 	592		 	 	 	 	 	 	 	 	 	88		 	130		 	38%	 	28%	 	318		 	588		 	36%	 	27%	 	1%	 	1%	
Neuroscience (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Abilify (c)	 	522		 	563		 	1,085		 	569		 	1,654		 	635		 	2,289		 	540		 	555		 	1,095		 	 	 	 	 	 	 	 	 	(8	)	 	10		 	(1)%	 	1%	 	551		 	1,089		 	(2)%	 	—	 	1%	 	1%	
Immunoscience (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Orencia (d)	 	320		 	352		 	672		 	375		 	1,047		 	397		 	1,444		 	363		 	402		 	765		 	 	 	 	 	 	 	 	 	50		 	93		 	14%	 	14%	 	405		 	774		 	15%	 	15%	 	(1)%	 	(1)%	
Cardiovascular (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Eliquis	 	22		 	12		 	34		 	41		 	75		 	71		 	146		 	106		 	171		 	277		 	 	 	 	 	 	 	 	 	159		 	243		 	**	 	**	 	170		 	278		 	**	 	**	 	N/A	 	N/A	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diabetes Alliance (e)	 	358		 	438		 	796		 	432		 	1,228		 	455		 	1,683		 	179		 	27		 	206		 	 	 	 	 	 	 	 	 	(411	)	 	(590	)	 	(94)%	 	(74)%	 	27		 	206		 	(94)%	 	(74)%	 	—	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mature Products and All Other (f)	 	817		 	754		 	1,571		 	769		 	2,340		 	855		 	3,195		 	772		 	767		 	1,539		 	 	 	 	 	 	 	 	 	13		 	(32	)	 	2%	 	(2)%	 	764		 	1,539		 	1%	 	(2)%	 	1%	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Excluding Diabetes Alliance	 	3,473		 	3,610		 	7,083		 	3,633		 	10,716		 	3,986		 	14,702		 	3,632		 	3,862		 	7,494		 	 	 	 	 	 	 	 	 	252		 	411		 	7%	 	6%	 	3,852		 	7,508		 	7%	 	6%	 	—	 	—	

		
**	In excess of 100%	
(a)	Key products listed do not represent all products in the respective therapeutic areas.	
(b)	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 $313M and $346M for the three months ended June 30, 2014 and 2013, respectively, and $585M and $670M for the six months ended June 30, 2014 and 2013, respectively.	
(c)	Includes revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. Includes alliance and other revenue of $499M and $454M for three months ended June 30, 2014 and 2013, respectively, and $940M and $849M for the six months ended June 30, 2014 and 2013, respectively.	
(d)	Includes Orencia SubQ revenues of $160M and $100M for three months ended June 30, 2014 and 2013, respectively, and $296M and $184M for the six months ended June 30, 2014 and 2013, respectively.	
(e)	The six months ended June 30, 2014 includes pre-divestiture revenues of Bydureon, Byetta, Farxiga/Forxiga/Xigduo, Onglyza/Kombiglyze, Symlin and Myalept of $153M and post-divestiture revenues of $53M.	
(f)	Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue. Includes Plavix revenues of $45M and $44M for the three months ended June 30, 2014 and 2013, respectively, and $93M and $135M for the six months ended June 30, 2014 and 2013, respectively. Additionally, includes Avapro/Avalide revenues of $59M and $56M for the three months ended June 30, 2014 and 2013, respectively, and $115M and $102M for the six months ended June 30, 2014 and 2013, respectively.	

5

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

																																																					
 	 	2013	 	2014	 	% 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)	 	$	1,971		 	$	2,045		 	$	4,016		 	$	2,037		 	$	6,053		 	$	2,265		 	$	8,318		 	$	1,765		 	$	1,901		 	$	3,666		 	 	 	 	 	 	 	 	 	(7)%	 	(9)%	
Virology	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Baraclude	 	68		 	73		 	141		 	67		 	208		 	81		 	289		 	70		 	84		 	154		 	 	 	 	 	 	 	 	 	15%	 	9%	
Reyataz	 	193		 	200		 	393		 	189		 	582		 	187		 	769		 	176		 	168		 	344		 	 	 	 	 	 	 	 	 	(16)%	 	(12)%	
Sustiva Franchise (b)	 	251		 	275		 	526		 	259		 	785		 	307		 	1,092		 	228		 	266		 	494		 	 	 	 	 	 	 	 	 	(3)%	 	(6)%	
Oncology	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Erbitux	 	158		 	168		 	326		 	180		 	506		 	176		 	682		 	158		 	178		 	336		 	 	 	 	 	 	 	 	 	6%	 	3%	
Sprycel	 	115		 	135		 	250		 	134		 	384		 	157		 	541		 	145		 	163		 	308		 	 	 	 	 	 	 	 	 	21%	 	23%	
Yervoy (c)	 	159		 	140		 	299		 	130		 	429		 	148		 	577		 	146		 	173		 	319		 	 	 	 	 	 	 	 	 	24%	 	7%	
Neuroscience	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Abilify	 	328		 	378		 	706		 	378		 	1,084		 	435		 	1,519		 	325		 	417		 	742		 	 	 	 	 	 	 	 	 	10%	 	5%	
Immunoscience	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Orencia (d)	 	214		 	238		 	452		 	246		 	698		 	256		 	954		 	229		 	254		 	483		 	 	 	 	 	 	 	 	 	7%	 	7%	
Cardiovascular	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Eliquis	 	17		 	5		 	22		 	27		 	49		 	48		 	97		 	61		 	94		 	155		 	 	 	 	 	 	 	 	 	**	 	**	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diabetes Alliance (e)	 	292		 	320		 	612		 	308		 	920		 	322		 	1,242		 	114		 	—		 	114		 	 	 	 	 	 	 	 	 	(100)%	 	(81)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mature Products and All Other  (f)	 	176		 	113		 	289		 	119		 	408		 	148		 	556		 	113		 	104		 	217		 	 	 	 	 	 	 	 	 	(8)%	 	(25)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Excluding Diabetes Alliance	 	1,679		 	1,725		 	3,404		 	1,729		 	5,133		 	1,943		 	7,076		 	1,651		 	1,901		 	3,552		 	 	 	 	 	 	 	 	 	10%	 	4%	

		
**	 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)	Six months ended June 30, 2013 includes $25 million of net sales that were previously deferred until sufficient historical experience to estimate sales returns was developed. The following table provides a reconciliation of the net impact of reversal of previously deferred net sales.	

										
 	 	2014	 	2013	 	% Change	
 	 	2nd Qtr	6 Months	 	2nd Qtr	6 Months	 	Qtr vs. Qtr	YTD vs. YTD	
 	 	 	 	 	 	 	 	 	 	
Yervoy Revenues As Reported	 	173	319	 	140	299	 	24%	7%	
Reversal of deferred revenues, net	 	—	—	 	—	(25)	 	—	(100)%	
Yervoy Revenues - Adjusted	 	173	319	 	140	274	 	24%	16%	

	
		
(d)	Includes Orencia SubQ revenues of $105M and $82M for three months ended June 30, 2014 and 2013, respectively, and $198M and $153M for the six months ended June 30, 2014 and 2013, respectively.	
(e)	Includes Bydureon, Byetta, Farxiga, Onglyza/Kombiglyze and Symlin and Myalept.	
(f)	Represents all other products sold in the U.S., including those which have lost exclusivity in major markets.	

6

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

																																																									
 	 	2013	 	2014	 	% 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	 	$	1,860		 	$	2,003		 	$	3,863		 	$	2,028		 	$	5,891		 	$	2,176		 	$	8,067		 	$	2,046		 	$	1,988		 	$	4,034		 	 	 	 	 	 	 	 	 	(1)%	 	4%	 	—	 	(1)%	
Virology	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Baraclude	 	298		 	298		 	596		 	311		 	907		 	331		 	1,238		 	336		 	285		 	621		 	 	 	 	 	 	 	 	 	(4)%	 	4%	 	1%	 	(1)%	
Reyataz	 	168		 	231		 	399		 	186		 	585		 	197		 	782		 	168		 	194		 	362		 	 	 	 	 	 	 	 	 	(16)%	 	(9)%	 	(1)%	 	(2)%	
Sustiva Franchise (a)	 	136		 	136		 	272		 	130		 	402		 	120		 	522		 	91		 	95		 	186		 	 	 	 	 	 	 	 	 	(30)%	 	(32)%	 	3%	 	2%	
Oncology	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Erbitux	 	4		 	3		 	7		 	3		 	10		 	4		 	14		 	11		 	8		 	19		 	 	 	 	 	 	 	 	 	**	 	**	 	N/A	 	N/A	
Sprycel	 	172		 	177		 	349		 	182		 	531		 	208		 	739		 	197		 	205		 	402		 	 	 	 	 	 	 	 	 	16%	 	15%	 	(1)%	 	(3)%	
Yervoy	 	70		 	93		 	163		 	108		 	271		 	112		 	383		 	125		 	148		 	273		 	 	 	 	 	 	 	 	 	59%	 	67%	 	3%	 	2%	
Neuroscience	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Abilify (b)	 	194		 	185		 	379		 	191		 	570		 	200		 	770		 	215		 	138		 	353		 	 	 	 	 	 	 	 	 	(25)%	 	(7)%	 	2%	 	2%	
Immunoscience	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Orencia	 	106		 	114		 	220		 	129		 	349		 	141		 	490		 	134		 	148		 	282		 	 	 	 	 	 	 	 	 	30%	 	28%	 	(3)%	 	(5)%	
Cardiovascular	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Eliquis	 	5		 	7		 	12		 	14		 	26		 	23		 	49		 	45		 	77		 	122		 	 	 	 	 	 	 	 	 	**	 	**	 	N/A	 	N/A	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diabetes Alliance (c)	 	66		 	118		 	184		 	124		 	308		 	133		 	441		 	65		 	27		 	92		 	 	 	 	 	 	 	 	 	(77)%	 	(50)%	 	—	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mature Products and All Other (d)	 	641		 	641		 	1,282		 	650		 	1,932		 	707		 	2,639		 	659		 	663		 	1,322		 	 	 	 	 	 	 	 	 	3%	 	3%	 	1%	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Excluding Diabetes Alliance	 	1,794		 	1,885		 	3,679		 	1,904		 	5,583		 	2,043		 	7,626		 	1,981		 	1,961		 	3,942		 	 	 	 	 	 	 	 	 	4%	 	7%	 	1%	 	—	

	
		
**	In excess of 100%	
(a)	The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla.	
(b)	Includes revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
(c)	Includes Bydureon, Byetta, Forxiga/Xigduo, Onglyza/Kombiglyze, Symlin and Myalept.	
(d)	Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue.	

7

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

																																																	
 	 	2013	 	2014	
 	 	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	 	$	2,768		 	$	2,940		 	$	5,708		 	$	2,890		 	$	8,598		 	$	3,168		 	$	11,766		 	$	2,843		 	$	2,898		 	$	5,741		 	 	 	 	 	 	 	 	
Specified items (a)	 	85		 	70		 	155		 	69		 	224		 	102		 	326		 	45		 	39		 	84		 	 	 	 	 	 	 	 	
Gross profit excluding specified items	 	2,853		 	3,010		 	5,863		 	2,959		 	8,822		 	3,270		 	12,092		 	2,888		 	2,937		 	5,825		 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing, selling and administrative	 	994		 	1,042		 	2,036		 	980		 	3,016		 	1,068		 	4,084		 	957		 	951		 	1,908		 	 	 	 	 	 	 	 	
Specified items (a)	 	(1	)	 	(1	)	 	(2	)	 	(4	)	 	(6	)	 	(10	)	 	(16	)	 	(3	)	 	(3	)	 	(6	)	 	 	 	 	 	 	 	 	
Marketing, selling and administrative excluding specified items	 	993		 	1,041		 	2,034		 	976		 	3,010		 	1,058		 	4,068		 	954		 	948		 	1,902		 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Research and development	 	930		 	951		 	1,881		 	893		 	2,774		 	957		 	3,731		 	946		 	1,416		 	2,362		 	 	 	 	 	 	 	 	
Specified items (a)	 	—		 	—		 	—		 	—		 	—		 	(16	)	 	(16	)	 	(48	)	 	(458	)	 	(506	)	 	 	 	 	 	 	 	 	
Research and development excluding specified items	 	930		 	951		 	1,881		 	893		 	2,774		 	941		 	3,715		 	898		 	958		 	1,856		 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other (income)/expense	 	(19	)	 	199		 	180		 	5		 	185		 	20		 	205		 	(208	)	 	(104	)	 	(312	)	 	 	 	 	 	 	 	 	
Specified items (a)	 	(19	)	 	(239	)	 	(258	)	 	(43	)	 	(301	)	 	(39	)	 	(340	)	 	88		 	(67	)	 	21		 	 	 	 	 	 	 	 	
Other (income)/expense excluding specified items	 	(38	)	 	(40	)	 	(78	)	 	(38	)	 	(116	)	 	(19	)	 	(135	)	 	(120	)	 	(171	)	 	(291	)	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective Tax Rate	 	7.6	%	 	—		 	4.2	%	 	15.4	%	 	8.8	%	 	15.4	%	 	10.8	%	 	5.0	%	 	25.4	 %	 	11.4	%	 	 	 	 	 	 	 	 	
Specified items (a)	 	3.4	%	 	13.8	%	 	8.3	%	 	2.4	%	 	5.6	%	 	2.5	%	 	4.6	%	 	18.0	%	 	(4.1	)%	 	10.7	%	 	 	 	 	 	 	 	 	
Effective Tax Rate excluding specified items	 	11.0	%	 	13.8	%	 	12.5	%	 	17.8	%	 	14.4	%	 	17.9	%	 	15.4	%	 	23.0	%	 	21.3	 %	 	22.1	%	 	 	 	 	 	 	 	 	

	
	
(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.	

8

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

																																																	
 	 	2013	 	2014	
 	 	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	
Accelerated depreciation, asset impairment and other shutdown costs	 	$	—		 	$	—		 	$	—		 	$	—		 	$	—		 	$	36		 	$	36		 	$	45		 	$	39		 	$	84		 	 	 	 	 	 	 	 	
Amortization of acquired Amylin intangible assets	 	138		 	137		 	275		 	137		 	412		 	137		 	549		 	—		 	—		 	—		 	 	 	 	 	 	 	 	
Amortization of Amylin alliance proceeds	 	(67	)	 	(67	)	 	(134	)	 	(68	)	 	(202	)	 	(71	)	 	(273	)	 	—		 	—		 	—		 	 	 	 	 	 	 	 	
Amortization of Amylin inventory adjustment	 	14		 	—		 	14		 	—		 	14		 	—		 	14		 	—		 	—		 	—		 	 	 	 	 	 	 	 	
Cost of products sold	 	85		 	70		 	155		 	69		 	224		 	102		 	326		 	45		 	39		 	84		 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing, selling and administrative*	 	1		 	1		 	2		 	4		 	6		 	10		 	16		 	3		 	3		 	6		 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Upfront, milestone and other payments	 	—		 	—		 	—		 	—		 	—		 	16		 	16		 	15		 	148		 	163		 	 	 	 	 	 	 	 	
IPRD impairments	 	—		 	—		 	—		 	—		 	—		 	—		 	—		 	33		 	310		 	343		 	 	 	 	 	 	 	 	
Research and development	 	—		 	—		 	—		 	—		 	—		 	16		 	16		 	48		 	458		 	506		 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for restructuring	 	33		 	173		 	206		 	6		 	212		 	14		 	226		 	21		 	16		 	37		 	 	 	 	 	 	 	 	
Gain on sale of product lines, businesses and assets	 	—		 	—		 	—		 	—		 	—		 	—		 	—		 	(259	)	 	12		 	(247	)	 	 	 	 	 	 	 	 	
Pension curtailments, settlements and special termination benefits	 	—		 	99		 	99		 	37		 	136		 	25		 	161		 	64		 	45		 	109		 	 	 	 	 	 	 	 	
Acquisition and alliance related items	 	—		 	(10	)	 	(10	)	 	—		 	(10	)	 	—		 	(10	)	 	16		 	17		 	33		 	 	 	 	 	 	 	 	
Litigation charges/(recoveries)	 	—		 	(23	)	 	(23	)	 	—		 	(23	)	 	—		 	(23	)	 	25		 	(23	)	 	2		 	 	 	 	 	 	 	 	
Loss on debt redemption	 	—		 	—		 	—		 	—		 	—		 	—		 	—		 	45		 	—		 	45		 	 	 	 	 	 	 	 	
Upfront, milestone and other licensing receipts	 	(14	)	 	—		 	(14	)	 	—		 	(14	)	 	—		 	(14	)	 	—		 	—		 	—		 	 	 	 	 	 	 	 	
Other (income)/expense	 	19		 	239		 	258		 	43		 	301		 	39		 	340		 	(88	)	 	67		 	(21	)	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Increase to pretax income	 	105		 	310		 	415		 	116		 	531		 	167		 	698		 	8		 	567		 	575		 	 	 	 	 	 	 	 	
Income tax on items above	 	(35	)	 	(116	)	 	(151	)	 	(40	)	 	(191	)	 	(51	)	 	(242	)	 	(179	)	 	(102	)	 	(281	)	 	 	 	 	 	 	 	 	
Increase/(decrease) to net earnings	 	$	70		 	$	194		 	$	264		 	$	76		 	$	340		 	$	116		 	$	456		 	$	(171	)	 	$	465		 	$	294		 	 	 	 	 	 	 	 	

	
* Specified items in marketing, selling and administrative are process standardization implementation costs.	

9

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

	
																													
 	 	March 31,
2013	 	June 30,
2013	 	September 30,
2013	 	December 31,
2013	 	March 31,
2014	 	June 30,
2014	 	September 30,
2014	 	December 31,
2014	
Cash and cash equivalents	 	$	1,355		 	$	1,821		 	$	1,771		 	$	3,586		 	$	5,225		 	$	4,282		 	 	 	 	
Marketable securities - current	 	1,178		 	978		 	951		 	939		 	1,834		 	2,893		 	 	 	 	
Marketable securities - long term	 	3,242		 	3,223		 	3,623		 	3,747		 	3,558		 	3,876		 	 	 	 	
     Cash, cash equivalents and marketable securities	 	5,775		 	6,022		 	6,345		 	8,272		 	10,617		 	11,051		 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Short-term borrowings and current portion of long-term debt	 	(1,372	)	 	(764	)	 	(680	)	 	(359	)	 	(281	)	 	(365	)	 	 	 	 	
Long-term debt	 	(6,522	)	 	(6,442	)	 	(6,532	)	 	(7,981	)	 	(7,367	)	 	(7,372	)	 	 	 	 	
     Net cash/(debt) position	 	$	(2,119	)	 	$	(1,184	)	 	$	(867	)	 	$	(68	)	 	$	2,969		 	$	3,314		 	 	 	 	

10

BRISTOL-MYERS SQUIBB COMPANY
2014 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS

	
			
 	Full Year 2014	
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	 $1.50 to $1.60		
Projected Specified Items:	 	
Downsizing and streamlining of worldwide operations	0.18		
Upfront and milestone payments, net	0.13		
Gain on diabetes business divestiture and other related impacts	(0.28	)	
Pension settlements	0.06		
Impairment Charges	0.13		
Other	(0.02	)	
Total	0.20		
 	 	
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	 $1.70 to $1.80		

										
Gross margin as a percentage of revenues on a GAAP and non-GAAP basis for the six months ended June 30, 2014 was 74.6% and 75.6%, respectively. On a non-GAAP basis, the Company projects gross margin as a percentage of revenues for the full year 2014 between 75% and 76%. 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 six months ended June 30, 2014 were $2.4 billion and $1.9 billion, respectively. On a non-GAAP basis, the Company projects research and development expense for the full year 2014 to grow in the mid single digit range compared to 2013. It is estimated that 30% to 45% of the research and development expenses in 2014 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 six months ended June 30, 2014 were $1.9 billion. On a GAAP basis, expenses for the six months ended June 30, 2014 included specified items of $6 million. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2014 to decrease in the mid single digit range compared to 2013. 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 six months ended June 30, 2014 was 11.4%. On a non-GAAP basis, for the six months ended June 30, 2014 the effective tax rate was 22.1%. On a non-GAAP basis, the Company projects an annual effective tax rate of approximately 18%. 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 2014 will include specified items, including gains on divestitures, expected charges associated with downsizing and streamlining worldwide operations, asset impairments, milestone payments, restructuring, charges and recoveries relating to significant legal proceedings, and pension settlements. The GAAP financial results for the full year 2014 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 in-process research and development 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 Second Quarter 2014 Financial Results, July 24, 2014 including “2014 Financial Guidance” and “Use of non-GAAP Financial Information” therein.

11