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 29, 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 April 29, 2014, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the first 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 April 29, 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: April 29, 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 April 29, 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 First Quarter 2014 Financial Results

•	Posts First Quarter GAAP EPS of $0.56 and Non-GAAP EPS of $0.46	
		
•	Announces Plans to Initiate a Rolling Submission for nivolumab in Third-Line Squamous Cell Non-Small Cell Lung Cancer Based on Study 063, to be Completed by Year-end	
		
•	Achieved Important Regulatory Milestones for Eliquis , daclatasvir/asunaprevir and Diabetes Franchise	
		
•	Acquires iPierian, Inc., a privately held biotechnology company	
		
•	Adjusts 2014 GAAP EPS and Non-GAAP EPS Guidance Ranges to $1.70 - $1.80	

(NEW YORK, April 29, 2014) - Bristol-Myers Squibb Company (NYSE: BMY) today reported financial results for the first quarter of 2014 and adjusted GAAP and non-GAAP guidance for 2014. The first quarter was highlighted by the achievement of important regulatory milestones for Eliquis , daclatasvir/asunaprevir and the diabetes franchise. The company also completed the sale of its diabetes business to AstraZeneca, receiving $3.3 billion in closing and milestone payments during the quarter. In addition, the company announced that it plans to initiate a rolling submission for nivolumab in third-line
squamous cell non-small cell lung cancer based on Study 063, which it expects to complete by year-end.

“In the first quarter, we again delivered strong financial results, demonstrating the strength of our core brands and our focus on operational execution,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. “We continue to build a foundation for long-term success by investing across our portfolio, developing our innovative pipeline and advancing our evolution to a diversified specialty care BioPharma leader.”

										
 	First Quarter	
$ amounts in millions, except per share amounts	2014	 	2013	 	Change	
Total Revenues	$	3,811		 	$	3,831		 	(1)%	
GAAP Diluted EPS	0.56		 	0.37		 	51%	
Non-GAAP Diluted EPS	0.46		 	0.41		 	12%	

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FIRST QUARTER FINANCIAL RESULTS
		
•	Bristol-Myers Squibb posted first quarter 2014 revenues of $3.8 billion, a decrease of 1% compared to the same period a year ago. Excluding the recently divested Diabetes Alliance, global revenues increased 5% to $3.6 billion.	

•	U.S. revenues decreased 10% to $1.8 billion in the quarter compared to the same period a year ago. International revenues increased 10% to $2.0 billion.	

•	Gross margin as a percentage of revenues was 74.6% in the quarter compared to 72.3% in the same period a year ago.	

•	Marketing, selling and administrative expenses decreased 4% to $957 million in the quarter.	

•	Advertising and product promotion spending decreased 14% to $163 million in the quarter.	

•	Research and development expenses increased 2% to $946 million in the quarter.	

•	The effective tax rate on earnings before income taxes was 5.0% in the quarter, compared to 7.6% in the first quarter last year. 	

•	The company reported net earnings attributable to Bristol-Myers Squibb of $937 million, or $0.56 per share, in the quarter compared to $609 million, or $0.37 per share, a year ago.	

•	The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $766 million, or $0.46 per share, in the first quarter, compared to $679 million, or $0.41 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 $10.6 billion, with a net cash position of $3.0 billion, as of March 31, 2014.	

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FIRST QUARTER STRATEGIC UPDATE

In February, the company completed the sale of its global diabetes business, excluding China, to AstraZeneca. Bristol-Myers Squibb received from AstraZeneca a payment of approximately $2.7 billion at closing and a subsequent milestone payment of $600 million for the U.S. approval of Farxiga ™ (dapagliflozin). The company also received $100 million in the second quarter for the approval of dapagliflozin in Japan. Under terms of the agreement, Bristol-Myers Squibb will potentially receive additional regulatory- and sales-based milestone payments from AstraZeneca of up to $700 million, royalty payments based on net sales through 2025 and additional payments if and when certain assets are subsequently transferred.
The closing of the transaction as it relates to China remains subject to the satisfaction of certain conditions in the Sino-American Shanghai Squibb Pharmaceutical Company joint venture agreement between Bristol-Myers Squibb China and its joint venture partners.

FIRST QUARTER PRODUCT AND PIPELINE UPDATE
Bristol-Myers Squibb’s global revenues in the first quarter included Sprycel , which grew 19%, Yervoy , which grew 18%, Orencia , which grew 13%, and Baraclude , which grew 11%. Global revenues for Eliquis were $106 million.

Nivolumab
		
•	In April, the company met with the U.S. Food and Drug Administration (FDA) regarding the results of Study 063, which evaluated nivolumab in third-line squamous cell non-small cell lung cancer, and plans to initiate a rolling submission for this indication based on Study 063 in the coming days. The company expects to complete the rolling submission by year-end.	

Eliquis
		
•	In March, the company and its partner, Pfizer, announced that the FDA approved a Supplemental New Drug Application for Eliquis to reduce the risk of deep vein thrombosis (DVT), which may lead to pulmonary embolism (PE), in patients who have undergone hip or knee replacement surgery. DVT is a blood clot that forms in a large vein, usually in the lower leg, thigh or pelvis and can lead to a PE when a portion or all of a blood clot breaks off and travels to the lungs, blocking one or more blood vessels. A PE can lead to sudden death.	

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•	In March, the company and its partner, Pfizer, announced the results of a pre-specified subanalysis of the Phase III ARISTOTLE trial assessing the effect of blood pressure control on outcomes. The study showed that the results for stroke risk reduction for Eliquis versus warfarin were consistent with the overall ARISTOTLE study results, demonstrating that Eliquis reduced stroke or systemic embolism, caused fewer major bleeding events and reduced all-cause mortality as compared to warfarin, regardless of blood pressure control. The results also showed that poor blood pressure control was associated with a substantially higher risk of stroke or systemic embolism, independent of Eliquis or warfarin treatment. The data were presented at the American College of Cardiology’s 63rd Annual Scientific Session in Washington, D.C.	

•	In February, the company and its partner, Pfizer, announced that results of a pre-specified subanalysis of the Phase III ARISTOTLE trial in relation to patient age were published in the European Heart Journal. The subanalysis found consistent results across age groups for reducing the risk of stroke and systemic embolism and reducing the risk of all-cause death with fewer bleeding events for Eliquis versus warfarin. Owing to the higher risk in older age (75 and older), the absolute benefit to patients with nonvalvular atrial fibrillation was greater with Eliquis in the older population.	

Hepatitis C
		
•	In April, the company announced that it submitted New Drug Applications (NDAs) to the FDA for the investigational products daclatasvir (DCV), an NS5A replication complex inhibitor, and asunaprevir (ASV), an NS3 protease inhibitor. The data submitted in the NDAs support the use of DCV+ASV in patients with genotype 1b hepatitis C (HCV). The DCV NDA also seeks approval for use of this compound in combination with other agents for multiple genotypes. The submissions are subject to FDA review for acceptance for filing.	

•	In April, at The International Liver Congress in London, the company announced the first Phase III results from the global HALLMARK Dual study investigating the all-oral, interferon- and ribavirin-free regimen of DCV+ASV among genotype 1b HCV patients. Results showed that the 24-week regimen achieved an overall sustained virologic response (a functional cure) 12 weeks after the end of treatment (SVR 12 ) among treatment naïve (90%), peginterferon/ribavirin non-responder (82%), and peginterferon/ribavirin ineligible/intolerant (82%) patients, including	

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cirrhotic and non-cirrhotic patients (84% and 85%, respectively). In the study, the DCV+ASV regimen was generally well-tolerated.

•	In February, the company announced that the FDA has granted its investigational DCV+ASV dual regimen Breakthrough Therapy Designation for use as a combination therapy in the treatment of genotype 1b chronic HCV infection. The designation is based on data from the company’s ongoing Phase III clinical trial program evaluating the all-oral combination regimen of DCV+ASV without ribavirin.	

HIV
		
•	In April, the company announced the submission of an NDA to the FDA for a fixed-dose combination of atazanavir sulfate, a protease inhibitor marketed as Reyataz , and cobicistat, an investigational pharmacokinetic enhancer, or boosting agent, that can increase the level of certain HIV-1 medicines in the blood and make them more effective. The company is seeking approval of the fixed-dose combination tablet for use in combination with other antiretroviral agents for the treatment of HIV-1 infection. Cobicistat is being developed by Gilead Sciences, Inc.	

•	In March, at the 21st Conference on Retroviruses and Opportunistic Infections in Boston, the company presented 24-week Phase IIb data for its investigational compound, BMS-663068, that demonstrated similar response rates (HIV-1 RNA <50 c/mL) when compared to a boosted protease inhibitor, Reyataz, with ritonavir. Among HIV-1 infected treatment-experienced patients receiving BMS-663068, 69% to 80% had HIV-1 RNA levels of <50 c/mL (a measure indicating virus replication is undetectable), compared to 75% of patients taking Reyataz with ritonavir.	

Diabetes
		
•	In March, following the company’s sale of its global diabetes business to AstraZeneca, the Japanese Ministry of Health, Labor and Welfare (MHLW) approved Forxiga ® as a once-daily oral treatment for type 2 diabetes in Japan. The Forxiga ® application was submitted to MHLW by Bristol-Myers Squibb K.K.	
		
•	Also in March, the FDA approved the Bydureon ® pen (exenatide extended-release for injectable suspension) 2 mg as an adjunct to diet and exercise to improve glycemic control in adults with	

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type 2 diabetes. The Bydureon ® pen was developed by Amylin Pharmaceuticals as part of the company’s prior global diabetes collaboration with AstraZeneca.

•	In February, the FDA approved orphan drug Myalept ™ (metreleptin for injection) as an adjunct to diet as replacement therapy for the treatment of complications of leptin deficiency in patients with congenital or acquired generalized lipodystrophy. Myalept ™ was being developed by the Bristol-Myers Squibb-AstraZeneca collaboration at the time of the company’s sale of its global diabetes business to AstraZeneca and was among the products included in that sale. Bristol-Myers Squibb continues to provide AstraZeneca with development and regulatory support for Myalept ™ pursuant to the company’s development agreement with AstraZeneca.	

•	In January, the company and its partner, AstraZeneca, announced that the FDA approved Farxiga ™ (dapagliflozin), a once-daily oral treatment indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus. Farxiga ™ is marketed by AstraZeneca as Forxiga ® outside the United States.	

FIRST QUARTER BUSINESS DEVELOPMENT UPDATE

•	In April, the company announced its acquisition of iPierian, Inc., a privately held biotechnology company focused on the discovery and development of new treatments for Tauopathies, a class of neurodegenerative diseases associated with the pathological aggregation of Tau protein in the human brain. The acquisition of iPierian advances the company’s discovery strategy to pursue therapeutics for genetically defined diseases. The acquisition gives Bristol-Myers Squibb full rights to iPierian’s lead asset IPN007, an innovative preclinical monoclonal antibody that represents a promising new approach to treat progressive supranuclear palsy (PSP) and other Tauopathies, and has the potential to commence Phase 1 clinical trials by early 2015.	
		
•	In April, the company and Samsung BioLogics increased the scope of their existing manufacturing agreement to have Samsung manufacture commercial drug substances and drug product for several Bristol-Myers Squibb biologic medicines at its manufacturing site in Incheon, South Korea.	
		
•	In March, the company signed a collaboration agreement with Five Prime Therapeutics for the discovery, development and commercialization of immuno-oncology (I-O) therapies directed at targets identified in two undisclosed immune checkpoint pathways using Five Prime’s proprietary	

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target discovery platform. Bristol-Myers Squibb will leverage Five Prime’s platform to advance its existing I-O programs by identifying the most viable drug targets for continued research and development. Drug candidates developed against these new and existing targets may be studied either as single agents or in combination with existing or potential Bristol-Myers Squibb I-O therapies.

2014 FINANCIAL GUIDANCE

Bristol-Myers Squibb is adjusting its 2014 GAAP EPS guidance range to $1.70 - $1.80 from $1.75 - $1.90 and its non-GAAP EPS guidance range to $1.70 - $1.80 from $1.65 - $1.80. Both GAAP and non-GAAP guidance assume current exchange rates. Key 2014 non-GAAP guidance assumptions include:

•	Worldwide revenues between $15.2 billion and $15.8 billion.	
		
•	Full-year gross margin as a percentage of revenues between 75% and 76%.	
		
•	Advertising and promotion expense decreasing in the mid-teen-digit range.	
		
•	Marketing, sales and administrative expenses decreasing in the mid-single-digit range.	
		
•	Research and development expenses growing in the mid-single-digit range.	
		
•	An effective tax rate of approximately 18%.	

The financial guidance for 2014 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 2014 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 licensing 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

7

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.

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, 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, and the impact and result of governmental investigations. There can be no guarantees with respect to pipeline compounds 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.

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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 April 29, 2014, at 9 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: 719-325-2331, confirmation code: 9920668. Materials related to the call will be available at the same website prior to the 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.

Abilify is a trademark of Otsuka Pharmaceutical Co., Ltd.
Byetta ® , Bydureon ® and Myalept ™ are trademarks of Amylin Pharmaceuticals, LLC and AstraZeneca Pharmaceuticals LP.
Erbitux is a trademark of ImClone LLC. ImClone Systems is a wholly-owned subsidiary of Eli Lilly and Company.
Farxiga ™ and Forxiga ® are trademarks of AstraZeneca AB.
All other brand names are registered trademarks of the company and/or one of its subsidiaries.

9

BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013
(Unaudited, dollars in millions)

																							
 	 	Worldwide Revenues	 	U.S. Revenues	
 	 	2014	 	2013	 	%
Change	 	2014	 	2013	 	%
Change	
Three Months Ended March 31,	 	 	 	 	 	 	 	 	 	 	 	 	
Key Products	 	 	 	 	 	 	 	 	 	 	 	 	
Virology	 	 	 	 	 	 	 	 	 	 	 	 	
Baraclude	 	$	406		 	$	366		 	11	 %	 	$	70		 	$	68		 	3	 %	
Reyataz	 	344		 	361		 	(5	)%	 	176		 	193		 	(9	)%	
Sustiva Franchise	 	319		 	387		 	(18	)%	 	228		 	251		 	(9	)%	
Oncology	 	 	 	 	 	 	 	 	 	 	 	 	
Erbitux	 	169		 	162		 	4	 %	 	158		 	158		 	—		
Sprycel	 	342		 	287		 	19	 %	 	145		 	115		 	26	 %	
Yervoy	 	271		 	229		 	18	 %	 	146		 	159		 	(8	)%	
Neuroscience	 	 	 	 	 	 	 	 	 	 	 	 	
Abilify	 	540		 	522		 	3	 %	 	325		 	328		 	(1	)%	
Immunoscience	 	 	 	 	 	 	 	 	 	 	 	 	
Orencia	 	363		 	320		 	13	 %	 	229		 	214		 	7	 %	
Cardiovascular	 	 	 	 	 	 	 	 	 	 	 	 	
Eliquis	 	106		 	22		 	**		 	61		 	17		 	**		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Diabetes Alliance	 	179		 	358		 	(50	)%	 	114		 	292		 	(61	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Mature Products and All Other	 	772		 	817		 	(6	)%	 	113		 	176		 	(36	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	3,811		 	3,831		 	(1	)%	 	1,765		 	1,971		 	(10	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Excluding Diabetes Alliance	 	3,632		 	3,473		 	5	 %	 	1,651		 	1,679		 	(2	)%	

	
		
**	In excess of 100%	

10

BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013
(Unaudited, dollars and shares in millions except per share data)

	
									
 	 	Three Months Ended 
 March 31,	
 	 	2014	 	2013	
Net product sales	 	$	2,807		 	$	2,957		
Alliance and other revenues	 	1,004		 	874		
Total Revenues	 	3,811		 	3,831		
 	 	 	 	 	
Cost of products sold	 	968		 	1,063		
Marketing, selling and administrative	 	957		 	994		
Advertising and product promotion	 	163		 	189		
Research and development	 	946		 	930		
Other (income)/expense	 	(208	)	 	(19	)	
Total Expenses	 	2,826		 	3,157		
 	 	 	 	 	
Earnings Before Income Taxes	 	985		 	674		
Provision for income taxes	 	49		 	51		
 	 	 	 	 	
Net Earnings	 	936		 	623		
Net Earnings/(Loss) Attributable to Noncontrolling Interest	 	(1	)	 	14		
Net Earnings Attributable to BMS	 	$	937		 	$	609		
 	 	 	 	 	
Earnings per Common Share	 	 	 	 	
Basic	 	$	0.57		 	$	0.37		
Diluted	 	$	0.56		 	$	0.37		
 	 	 	 	 	
Average Common Shares Outstanding:	 	 	 	 	
Basic	 	1,652		 	1,638		
Diluted	 	1,666		 	1,655		
 	 	 	 	 	
Other (Income)/Expense	 	 	 	 	
 	 	 	 	 	
Interest expense	 	$	54		 	$	50		
Investment income	 	(23	)	 	(25	)	
Provision for restructuring	 	21		 	33		
Litigation charges	 	29		 	—		
Equity in net income of affiliates	 	(36	)	 	(36	)	
Gain on sale of product lines, businesses and assets	 	(259	)	 	(1	)	
Other alliance and licensing income	 	(108	)	 	(57	)	
Pension curtailments, settlements and special termination benefits	 	64		 	—		
Other	 	50		 	17		
Other (income)/expense	 	$	(208	)	 	$	(19	)	

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BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013
(Unaudited, dollars in millions)

	
									
 	 	Three Months Ended 
 March 31,	
 	 	2014	 	2013	
Accelerated depreciation, asset impairment and other shutdown costs	 	$	45		 	$	—		
Amortization of acquired Amylin intangible assets	 	—		 	138		
Amortization of Amylin collaboration proceeds	 	—		 	(67	)	
Amortization of Amylin inventory adjustment	 	—		 	14		
Cost of products sold	 	45		 	85		
 	 	 	 	 	
Marketing, selling and administrative*	 	3		 	1		
 	 	 	 	 	
Upfront, milestone and other licensing payments	 	15		 	—		
IPRD impairment	 	33		 	—		
Research and development	 	48		 	—		
 	 	 	 	 	
Provision for restructuring	 	21		 	33		
Gain on sale of product lines, businesses and assets	 	(259	)	 	—		
Acquisition and alliance related items	 	16		 	—		
Litigation charges	 	25		 	—		
Loss on debt redemption	 	45		 	—		
Upfront, milestone and other licensing receipts	 	—		 	(14	)	
Pension curtailments, settlements and special termination benefits	 	64		 	—		
Other (income)/expense	 	(88	)	 	19		
 	 	 	 	 	
Increase to pretax income	 	8		 	105		
Income tax on items above	 	(179	)	 	(35	)	
Increase/(decrease) to net earnings	 	$	(171	)	 	$	70		

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

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BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS
FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013
(Unaudited, dollars in millions)

	
												
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	%	
 	 	 	 	 	 	 	
Three months ended March 31, 2013	 	GAAP	 	Specified
Items*	 	Non
GAAP	
Gross Profit	 	$	2,768		 	85		 	$	2,853		
Marketing, selling and administrative	 	994		 	(1	)	 	993		
Research and development	 	930		 	—		 	930		
Other (income)/expense	 	(19	)	 	(19	)	 	(38	)	
Effective Tax Rate	 	7.6	%	 	3.4	%	 	11.0	%	

		
*	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.	

13

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF NON-GAAP EPS TO GAAP EPS
FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013
(Unaudited, dollars and shares in millions except per share data)

	
									
 	 	Three Months Ended March 31,	
 	 	2014	 	2013	
Net Earnings Attributable to BMS – GAAP	 	$	937		 	$	609		
Earnings attributable to unvested restricted shares	 	—		 	—		
Net Earnings used for Diluted EPS Calculation – GAAP	 	$	937		 	$	609		
 	 	 	 	 	
Net Earnings Attributable to BMS – GAAP	 	$	937		 	$	609		
Less Specified Items*	 	(171	)	 	70		
Net Earnings Attributable to BMS – Non-GAAP	 	766		 	679		
Earnings attributable to unvested restricted shares	 	—		 	—		
Net Earnings used for Diluted EPS Calculation – Non-GAAP	 	$	766		 	$	679		
 	 	 	 	 	
Average Common Shares Outstanding – Diluted	 	1,666		 	1,655		
 	 	 	 	 	
Diluted Earnings Per Share — GAAP	 	$	0.56		 	$	0.37		
Diluted EPS Attributable to Specified Items	 	(0.10	)	 	0.04		
Diluted Earnings Per Share — Non-GAAP	 	$	0.46		 	$	0.41		

		
*	Refer to the Specified Items schedule for further details.	

14

BRISTOL-MYERS SQUIBB COMPANY
NET CASH/(DEBT) CALCULATION
AS OF MARCH 31, 2014 AND DECEMBER 31, 2013
(Unaudited, dollars in millions)

	
									
 	 	March 31, 2014	 	December 31, 2013	
Cash and cash equivalents	 	$	5,225		 	$	3,586		
Marketable securities - current	 	1,834		 	939		
Marketable securities - long term	 	3,558		 	3,747		
     Cash, cash equivalents and marketable securities	 	10,617		 	8,272		
Short-term borrowings and current portion of long-term debt	 	(281	)	 	(359	)	
Long-term debt	 	(7,367	)	 	(7,981	)	
     Net cash/(debt) position	 	$	2,969		 	$	(68	)	

15

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		 	 	 	 	 	 	 	 	 	 	 	 	 	(1)%	 	(1)%	 	(1)%	 	(1)%	
    US and Puerto Rico	 	1,971		 	2,045		 	4,016		 	2,037		 	6,053		 	2,265		 	8,318		 	1,765		 	 	 	 	 	 	 	 	 	 	 	 	 	(10)%	 	(10)%	 	—	 	—	
    Europe	 	946		 	950		 	1,896		 	985		 	2,881		 	1,049		 	3,930		 	948		 	 	 	 	 	 	 	 	 	 	 	 	 	—	 	—	 	2%	 	2%	
    Rest of the World	 	765		 	835		 	1,600		 	805		 	2,405		 	890		 	3,295		 	830		 	 	 	 	 	 	 	 	 	 	 	 	 	8%	 	8%	 	(7)%	 	(7)%	
    Other	 	149		 	218		 	367		 	238		 	605		 	237		 	842		 	268		 	 	 	 	 	 	 	 	 	 	 	 	 	80%	 	80%	 	N/A	 	N/A	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% 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	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
    US and Puerto Rico	 	51.4	%	 	50.5	%	 	51.0	%	 	50.1	%	 	50.7	%	 	51.0	%	 	50.8	%	 	46.3	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
    Europe	 	24.7	%	 	23.5	%	 	24.1	%	 	24.2	%	 	24.1	%	 	23.6	%	 	24.0	%	 	24.9	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
    Rest of the World	 	20.0	%	 	20.6	%	 	20.3	%	 	19.8	%	 	20.1	%	 	20.0	%	 	20.1	%	 	21.8	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
    Other	 	3.9	%	 	5.4	%	 	4.6	%	 	5.9	%	 	5.1	%	 	5.4	%	 	5.1	%	 	7.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

1

BRISTOL-MYERS SQUIBB COMPANY
REVENUES AND COMPOSITION OF CHANGE IN REVENUES
FOR THE PERIOD ENDED MARCH 31, 2014
(Unaudited, dollars in millions)

																					
QUARTER-TO-DATE	 	Revenues	 	Analysis of % Change	
 	 	2014	 	2013	 	Total Change	 	Volume	 	Price	 	Foreign Exchange	
US and Puerto Rico	 	$	1,765		 	$	1,971		 	(10	)%	 	(12	)%	 	2	 %	 	—		
Europe	 	948		 	946		 	—		 	3	 %	 	(5	)%	 	2	 %	
Rest of the World	 	830		 	765		 	8	 %	 	18	 %	 	(3	)%	 	(7	)%	
Other	 	268		 	149		 	80	 %	 	N/A		 	N/A		 	N/A		
Total	 	$	3,811		 	$	3,831		 	(1	)%	 	1	 %	 	(1	)%	 	(1	)%	

2

Exhibit 99.2

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		 	 	 	 	 	 	 	 	 	 	 	 	 	(5)%	 	(5)%	
Alliance and other revenues	 	874		 	1,024		 	1,898		 	1,040		 	2,938		 	1,143		 	4,081		 	1,004		 	 	 	 	 	 	 	 	 	 	 	 	 	15%	 	15%	
Total Revenues	 	$	3,831		 	$	4,048		 	$	7,879		 	$	4,065		 	$	11,944		 	$	4,441		 	$	16,385		 	$	3,811		 	 	 	 	 	 	 	 	 	 	 	 	 	(1)%	 	(1)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of products sold	 	1,063		 	1,108		 	2,171		 	1,175		 	3,346		 	1,273		 	4,619		 	968		 	 	 	 	 	 	 	 	 	 	 	 	 	(9)%	 	(9)%	
Marketing, selling and administrative	 	994		 	1,042		 	2,036		 	980		 	3,016		 	1,068		 	4,084		 	957		 	 	 	 	 	 	 	 	 	 	 	 	 	(4)%	 	(4)%	
Advertising and product promotion	 	189		 	218		 	407		 	194		 	601		 	254		 	855		 	163		 	 	 	 	 	 	 	 	 	 	 	 	 	(14)%	 	(14)%	
Research and development	 	930		 	951		 	1,881		 	893		 	2,774		 	957		 	3,731		 	946		 	 	 	 	 	 	 	 	 	 	 	 	 	2%	 	2%	
Other (income)/expense	 	(19	)	 	199		 	180		 	5		 	185		 	20		 	205		 	(208	)	 	 	 	 	 	 	 	 	 	 	 	 	 	**	 	**	
Total Expenses	 	3,157		 	3,518		 	6,675		 	3,247		 	9,922		 	3,572		 	13,494		 	2,826		 	 	 	 	 	 	 	 	 	 	 	 	 	(10)%	 	(10)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings Before Income Taxes	 	$	674		 	$	530		 	$	1,204		 	$	818		 	$	2,022		 	$	869		 	$	2,891		 	$	985		 	 	 	 	 	 	 	 	 	 	 	 	 	46%	 	46%	
Provision for income taxes	 	51		 	—		 	51		 	126		 	177		 	134		 	311		 	49		 	 	 	 	 	 	 	 	 	 	 	 	 	(4)%	 	(4)%	
Net Earnings	 	$	623		 	$	530		 	$	1,153		 	$	692		 	$	1,845		 	$	735		 	$	2,580		 	$	936		 	 	 	 	 	 	 	 	 	 	 	 	 	50%	 	50%	
Net Earnings/(Loss) Attributable to Noncontrolling Interest	 	14		 	(6	)	 	8		 	—		 	8		 	9		 	17		 	(1	)	 	 	 	 	 	 	 	 	 	 	 	 	 	**	 	**	
Net Earnings Attributable to BMS	 	$	609		 	$	536		 	$	1,145		 	$	692		 	$	1,837		 	$	726		 	$	2,563		 	$	937		 	 	 	 	 	 	 	 	 	 	 	 	 	54%	 	54%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings attributable to unvested restricted shares	 	—		 	—		 	—		 	—		 	—		 	—		 	—		 	—		 	 	 	 	 	 	 	 	 	 	 	 	 	—	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings used for Diluted EPS Calculation	 	$	609		 	$	536		 	$	1,145		 	$	692		 	$	1,837		 	$	726		 	$	2,563		 	$	937		 	 	 	 	 	 	 	 	 	 	 	 	 	54%	 	54%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings per Common Share*	 	$	0.37		 	$	0.32		 	$	0.69		 	$	0.42		 	$	1.11		 	$	0.44		 	$	1.54		 	$	0.56		 	 	 	 	 	 	 	 	 	 	 	 	 	51%	 	51%	
Average Common Shares Outstanding - Diluted	 	1,655		 	1,660		 	1,658		 	1,662		 	1,659		 	1,666		 	1,662		 	1,666		 	 	 	 	 	 	 	 	 	 	 	 	 	1%	 	1%	
Dividends declared per common share	 	$	0.35		 	$	0.35		 	$	0.70		 	$	0.35		 	$	1.05		 	$	0.36		 	$	1.41		 	$	0.36		 	 	 	 	 	 	 	 	 	 	 	 	 	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	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Ratios	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective tax rate	 	7.6	%	 	—		 	4.2	%	 	15.4	%	 	8.8	%	 	15.4	%	 	10.8	%	 	5.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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		 	 	 	 	 	 	 	 	 	 	 	 	 	8%	 	8%	
Investment income	 	(25	)	 	(28	)	 	(53	)	 	(23	)	 	(76	)	 	(28	)	 	(104	)	 	(23	)	 	 	 	 	 	 	 	 	 	 	 	 	 	(8)%	 	(8)%	
Provision for restructuring	 	33		 	173		 	206		 	6		 	212		 	14		 	226		 	21		 	 	 	 	 	 	 	 	 	 	 	 	 	(36)%	 	(36)%	
Litigation charges/(recoveries)	 	—		 	(22	)	 	(22	)	 	17		 	(5	)	 	25		 	20		 	29		 	 	 	 	 	 	 	 	 	 	 	 	 	N/A	 	N/A	
Equity in net income of affiliates	 	(36	)	 	(50	)	 	(86	)	 	(42	)	 	(128	)	 	(38	)	 	(166	)	 	(36	)	 	 	 	 	 	 	 	 	 	 	 	 	 	—	 	—	
Gain on sale of product lines, businesses and assets	 	(1	)	 	—		 	(1	)	 	—		 	(1	)	 	(1	)	 	(2	)	 	(259	)	 	 	 	 	 	 	 	 	 	 	 	 	 	**	 	**	
Other alliance and licensing income	 	(57	)	 	(32	)	 	(89	)	 	(31	)	 	(120	)	 	(28	)	 	(148	)	 	(108	)	 	 	 	 	 	 	 	 	 	 	 	 	 	89%	 	89%	
Pension curtailments, settlements and special termination benefits	 	—		 	101		 	101		 	37		 	138		 	27		 	165		 	64		 	 	 	 	 	 	 	 	 	 	 	 	 	N/A	 	N/A	
Other	 	17		 	7		 	24		 	(5	)	 	19		 	(4	)	 	15		 	50		 	 	 	 	 	 	 	 	 	 	 	 	 	**	 	**	
 	 	$	(19	)	 	$	199		 	$	180		 	$	5		 	$	185		 	$	20		 	$	205		 	$	(208	)	 	 	 	 	 	 	 	 	 	 	 	 	 	**	 	**	

	
* 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 MARCH 31, 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	 	$	3,811		 	$	3,831		 	(20	)	 	(1	)%	 	$	(27	)	 	$	3,838		 	(1	)%	 	—		
Gross profit	 	2,843		 	2,768		 	75		 	3	 %	 	N/A		 	N/A		 	N/A		 	N/A		
Gross profit excluding specified items (a)	 	2,888		 	2,853		 	35		 	1	 %	 	N/A		 	N/A		 	N/A		 	N/A		
          Gross profit excluding specified items as a % of revenues	 	75.8	%	 	74.5	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing, selling and administrative	 	957		 	994		 	(37	)	 	(4	)%	 	9		 	966		 	1	 %	 	(3	)%	
Marketing, selling and administrative excluding specified items (a)	 	954		 	993		 	(39	)	 	(4	)%	 	9		 	963		 	1	 %	 	(3	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Advertising and product promotion	 	163		 	189		 	(26	)	 	(14	)%	 	1		 	164		 	1	 %	 	(13	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
         SG&A excluding specified items as a % of revenues	 	29.3	%	 	30.9	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Research and development	 	946		 	930		 	16		 	2	 %	 	1		 	947		 	—		 	2	 %	
Research and development excluding specified items (a)	 	898		 	930		 	(32	)	 	(3	)%	 	1		 	899		 	—		 	(3	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
         Research and development excluding specified items as a % of revenues	 	23.6	%	 	24.3	%	 	 	 	 	 	 	 	 	 	 	 	 	

	
				
(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		 	 	 	 	 	 	 	 	 	 	 	 	 	$	(20	)	 	$	(20	)	 	(1)%	 	(1)%	 	$	3,838		 	$	3,838		 	—	 	—	 	(1)%	 	(1)%	
Virology (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Baraclude	 	366		 	371		 	737		 	378		 	1,115		 	412		 	1,527		 	406		 	 	 	 	 	 	 	 	 	 	 	 	 	40		 	40		 	11%	 	11%	 	412		 	412		 	13%	 	13%	 	(2)%	 	(2)%	
Reyataz	 	361		 	431		 	792		 	375		 	1,167		 	384		 	1,551		 	344		 	 	 	 	 	 	 	 	 	 	 	 	 	(17	)	 	(17	)	 	(5)%	 	(5)%	 	348		 	348		 	(4)%	 	(4)%	 	(1)%	 	(1)%	
Sustiva Franchise (b)	 	387		 	411		 	798		 	389		 	1,187		 	427		 	1,614		 	319		 	 	 	 	 	 	 	 	 	 	 	 	 	(68	)	 	(68	)	 	(18)%	 	(18)%	 	316		 	316		 	(18)%	 	(18)%	 	—	 	—	
Oncology (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Erbitux	 	162		 	171		 	333		 	183		 	516		 	180		 	696		 	169		 	 	 	 	 	 	 	 	 	 	 	 	 	7		 	7		 	4%	 	4%	 	169		 	169		 	4%	 	4%	 	N/A	 	N/A	
Sprycel	 	287		 	312		 	599		 	316		 	915		 	365		 	1,280		 	342		 	 	 	 	 	 	 	 	 	 	 	 	 	55		 	55		 	19%	 	19%	 	351		 	351		 	22%	 	22%	 	(3)%	 	(3)%	
Yervoy	 	229		 	233		 	462		 	238		 	700		 	260		 	960		 	271		 	 	 	 	 	 	 	 	 	 	 	 	 	42		 	42		 	18%	 	18%	 	270		 	270		 	18%	 	18%	 	—	 	—	
Neuroscience (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
     Abilify (c)	 	522		 	563		 	1,085		 	569		 	1,654		 	635		 	2,289		 	540		 	 	 	 	 	 	 	 	 	 	 	 	 	18		 	18		 	3%	 	3%	 	538		 	538		 	3%	 	3%	 	—	 	—	
Immunoscience (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
     Orencia (d)	 	320		 	352		 	672		 	375		 	1,047		 	397		 	1,444		 	363		 	 	 	 	 	 	 	 	 	 	 	 	 	43		 	43		 	13%	 	13%	 	370		 	370		 	16%	 	16%	 	(3)%	 	(3)%	
Cardiovascular (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Eliquis	 	22		 	12		 	34		 	41		 	75		 	71		 	146		 	106		 	 	 	 	 	 	 	 	 	 	 	 	 	84		 	84		 	**	 	**	 	107		 	107		 	**	 	**	 	N/A	 	N/A	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diabetes Alliance (e)	 	358		 	438		 	796		 	432		 	1,228		 	455		 	1,683		 	179		 	 	 	 	 	 	 	 	 	 	 	 	 	(179	)	 	(179	)	 	(50)%	 	(50)%	 	179		 	179		 	(50)%	 	(50)%	 	—	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mature Products and All Other (f)	 	817		 	754		 	1,571		 	769		 	2,340		 	855		 	3,195		 	772		 	 	 	 	 	 	 	 	 	 	 	 	 	(45	)	 	(45	)	 	(6)%	 	(6)%	 	778		 	778		 	(5)%	 	(5)%	 	(1)%	 	(1)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Excluding Diabetes Alliance	 	3,473		 	3,610		 	7,083		 	3,633		 	10,716		 	3,986		 	14,702		 	3,632		 	 	 	 	 	 	 	 	 	 	 	 	 	159		 	159		 	5%	 	5%	 	3,659		 	3,659		 	5%	 	5%	 	—	 	—	

		
**	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 revenues of $272M and $324M for the three months ended March 31, 2014 and March 31, 2013, respectively.	
(c)	Includes revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. Includes alliance and other revenue of $441M and $395M for the three months ended March 31, 2014 and March 31, 2013, respectively.	
(d)	Includes Orencia SubQ revenues of $136M and $84M for the three months ended March 31, 2014 and March 31, 2013, respectively.	
(e)	The three months ended March 31, 2013 includes pre-divestiture revenues of Bydureon, Byetta, Farxiga/Forxiga/Xigduo, Onglyza/Kombiglyze, Symlin and Myalept of $153M and post-divestiture revenues of $26M.	
(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 $48M and $91M and Avapro/Avalide revenues of $56M and $46M for the three months ended March 31, 2014 and March 31, 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		 	 	 	 	 	 	 	 	 	 	 	 	 	(10)%	 	(10)%	
Virology	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Baraclude	 	68		 	73		 	141		 	67		 	208		 	81		 	289		 	70		 	 	 	 	 	 	 	 	 	 	 	 	 	3%	 	3%	
Reyataz	 	193		 	200		 	393		 	189		 	582		 	187		 	769		 	176		 	 	 	 	 	 	 	 	 	 	 	 	 	(9)%	 	(9)%	
Sustiva Franchise (b)	 	251		 	275		 	526		 	259		 	785		 	307		 	1,092		 	228		 	 	 	 	 	 	 	 	 	 	 	 	 	(9)%	 	(9)%	
Oncology	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Erbitux	 	158		 	168		 	326		 	180		 	506		 	176		 	682		 	158		 	 	 	 	 	 	 	 	 	 	 	 	 	—	 	—	
Sprycel	 	115		 	135		 	250		 	134		 	384		 	157		 	541		 	145		 	 	 	 	 	 	 	 	 	 	 	 	 	26%	 	26%	
Yervoy (c)	 	159		 	140		 	299		 	130		 	429		 	148		 	577		 	146		 	 	 	 	 	 	 	 	 	 	 	 	 	(8)%	 	(8)%	
Neuroscience	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Abilify	 	328		 	378		 	706		 	378		 	1,084		 	435		 	1,519		 	325		 	 	 	 	 	 	 	 	 	 	 	 	 	(1)%	 	(1)%	
Immunoscience	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Orencia (d)	 	214		 	238		 	452		 	246		 	698		 	256		 	954		 	229		 	 	 	 	 	 	 	 	 	 	 	 	 	7%	 	7%	
Cardiovascular	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Eliquis	 	17		 	5		 	22		 	27		 	49		 	48		 	97		 	61		 	 	 	 	 	 	 	 	 	 	 	 	 	**	 	**	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diabetes Alliance (e)	 	292		 	320		 	612		 	308		 	920		 	322		 	1,242		 	114		 	 	 	 	 	 	 	 	 	 	 	 	 	(61)%	 	(61)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mature Products and All Other  (f)	 	176		 	113		 	289		 	119		 	408		 	148		 	556		 	113		 	 	 	 	 	 	 	 	 	 	 	 	 	(36)%	 	(36)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Excluding Diabetes Alliance	 	1,679		 	1,725		 	3,404		 	1,729		 	5,133		 	1,943		 	7,076		 	1,651		 	 	 	 	 	 	 	 	 	 	 	 	 	(2)%	 	(2)%	

		
**	 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)	Three months ended March 31, 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	
 	 	1st Qtr	 	 	1st Qtr	 	 	Qtr vs. Qtr	
Yervoy Revenues As Reported	 	146		 	 	159		 	 	(8	)%	
Reversal of deferred revenues, net	 	—		 	 	(25	)	 	 	N/A		
Yervoy Revenues - Adjusted	 	146		 	 	134		 	 	9	 %	

		
(d)	Includes Orencia SubQ revenues of $94M and $70M for the three months ended March 31, 2014 and March 31, 2013, respectively.	
(e)	Includes Bydureon, Byetta, Farxiga, Onglyza/Kombiglyze and Symlin.	
(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		 	 	 	 	 	 	 	 	 	 	 	 	 	10%	 	10%	 	(1)%	 	(1)%	
Virology	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Baraclude	 	298		 	298		 	596		 	311		 	907		 	331		 	1,238		 	336		 	 	 	 	 	 	 	 	 	 	 	 	 	13%	 	13%	 	(2)%	 	(2)%	
Reyataz	 	168		 	231		 	399		 	186		 	585		 	197		 	782		 	168		 	 	 	 	 	 	 	 	 	 	 	 	 	—	 	—	 	(2)%	 	(2)%	
Sustiva Franchise (a)	 	136		 	136		 	272		 	130		 	402		 	120		 	522		 	91		 	 	 	 	 	 	 	 	 	 	 	 	 	(33)%	 	(33)%	 	2%	 	2%	
Oncology	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Erbitux	 	4		 	3		 	7		 	3		 	10		 	4		 	14		 	11		 	 	 	 	 	 	 	 	 	 	 	 	 	**	 	**	 	N/A	 	N/A	
Sprycel	 	172		 	177		 	349		 	182		 	531		 	208		 	739		 	197		 	 	 	 	 	 	 	 	 	 	 	 	 	15%	 	15%	 	(5)%	 	(5)%	
Yervoy	 	70		 	93		 	163		 	108		 	271		 	112		 	383		 	125		 	 	 	 	 	 	 	 	 	 	 	 	 	79%	 	79%	 	(1)%	 	(1)%	
Neuroscience	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Abilify (b)	 	194		 	185		 	379		 	191		 	570		 	200		 	770		 	215		 	 	 	 	 	 	 	 	 	 	 	 	 	11%	 	11%	 	1%	 	1%	
Immunoscience	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Orencia	 	106		 	114		 	220		 	129		 	349		 	141		 	490		 	134		 	 	 	 	 	 	 	 	 	 	 	 	 	26%	 	26%	 	(7)%	 	(7)%	
Cardiovascular	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Eliquis	 	5		 	7		 	12		 	14		 	26		 	23		 	49		 	45		 	 	 	 	 	 	 	 	 	 	 	 	 	**	 	**	 	N/A	 	N/A	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diabetes Alliance (c)	 	66		 	118		 	184		 	124		 	308		 	133		 	441		 	65		 	 	 	 	 	 	 	 	 	 	 	 	 	(2)%	 	(2)%	 	—	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mature Products and All Other (d)	 	641		 	641		 	1,282		 	650		 	1,932		 	707		 	2,639		 	659		 	 	 	 	 	 	 	 	 	 	 	 	 	3%	 	3%	 	(1)%	 	(1)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Excluding Diabetes Alliance	 	1,794		 	1,885		 	3,679		 	1,904		 	5,583		 	2,043		 	7,626		 	1,981		 	 	 	 	 	 	 	 	 	 	 	 	 	10%	 	10%	 	(2)%	 	(2)%	

	
		
**	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		 	 	 	 	 	 	 	 	 	 	 	 	
Specified items (a)	 	85		 	70		 	155		 	69		 	224		 	102		 	326		 	45		 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit excluding specified items	 	2,853		 	3,010		 	5,863		 	2,959		 	8,822		 	3,270		 	12,092		 	2,888		 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing, selling and administrative	 	994		 	1,042		 	2,036		 	980		 	3,016		 	1,068		 	4,084		 	957		 	 	 	 	 	 	 	 	 	 	 	 	
Specified items (a)	 	(1	)	 	(1	)	 	(2	)	 	(4	)	 	(6	)	 	(10	)	 	(16	)	 	(3	)	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing, selling and administrative excluding specified items	 	993		 	1,041		 	2,034		 	976		 	3,010		 	1,058		 	4,068		 	954		 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Research and development	 	930		 	951		 	1,881		 	893		 	2,774		 	957		 	3,731		 	946		 	 	 	 	 	 	 	 	 	 	 	 	
Specified items (a)	 	—		 	—		 	—		 	—		 	—		 	(16	)	 	(16	)	 	(48	)	 	 	 	 	 	 	 	 	 	 	 	 	
Research and development excluding specified items	 	930		 	951		 	1,881		 	893		 	2,774		 	941		 	3,715		 	898		 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other (income)/expense	 	(19	)	 	199		 	180		 	5		 	185		 	20		 	205		 	(208	)	 	 	 	 	 	 	 	 	 	 	 	 	
Specified items (a)	 	(19	)	 	(239	)	 	(258	)	 	(43	)	 	(301	)	 	(39	)	 	(340	)	 	88		 	 	 	 	 	 	 	 	 	 	 	 	
Other (income)/expense excluding specified items	 	(38	)	 	(40	)	 	(78	)	 	(38	)	 	(116	)	 	(19	)	 	(135	)	 	(120	)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective Tax Rate	 	7.6	%	 	—		 	4.2	%	 	15.4	%	 	8.8	%	 	15.4	%	 	10.8	%	 	5.0	%	 	 	 	 	 	 	 	 	 	 	 	 	
Specified items (a)	 	3.4	%	 	13.8	%	 	8.3	%	 	2.4	%	 	5.6	%	 	2.5	%	 	4.6	%	 	18.0	%	 	 	 	 	 	 	 	 	 	 	 	 	
Effective Tax Rate excluding specified items	 	11.0	%	 	13.8	%	 	12.5	%	 	17.8	%	 	14.4	%	 	17.9	%	 	15.4	%	 	23.0	%	 	 	 	 	 	 	 	 	 	 	 	 	

	
	
(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		 	 	 	 	 	 	 	 	 	 	 	 	
Amortization of acquired Amylin intangible assets	 	138		 	137		 	275		 	137		 	412		 	137		 	549		 	—		 	 	 	 	 	 	 	 	 	 	 	 	
Amortization of Amylin collaboration 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		 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing, selling and administrative*	 	1		 	1		 	2		 	4		 	6		 	10		 	16		 	3		 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Upfront, milestone and other licensing payments	 	—		 	—		 	—		 	—		 	—		 	16		 	16		 	15		 	 	 	 	 	 	 	 	 	 	 	 	
IPRD impairment	 	—		 	—		 	—		 	—		 	—		 	—		 	—		 	33		 	 	 	 	 	 	 	 	 	 	 	 	
Research and development	 	—		 	—		 	—		 	—		 	—		 	16		 	16		 	48		 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for restructuring	 	33		 	173		 	206		 	6		 	212		 	14		 	226		 	21		 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of product lines, businesses and assets	 	—		 	—		 	—		 	—		 	—		 	—		 	—		 	(259	)	 	 	 	 	 	 	 	 	 	 	 	 	
Acquisition and alliance related items	 	—		 	(10	)	 	(10	)	 	—		 	(10	)	 	—		 	(10	)	 	16		 	 	 	 	 	 	 	 	 	 	 	 	
Litigation charges/(recoveries)	 	—		 	(23	)	 	(23	)	 	—		 	(23	)	 	—		 	(23	)	 	25		 	 	 	 	 	 	 	 	 	 	 	 	
Loss on debt redemption	 	—		 	—		 	—		 	—		 	—		 	—		 	—		 	45		 	 	 	 	 	 	 	 	 	 	 	 	
Upfront, milestone and other licensing receipts	 	(14	)	 	—		 	(14	)	 	—		 	(14	)	 	—		 	(14	)	 	—		 	 	 	 	 	 	 	 	 	 	 	 	
Pension curtailments, settlements and special termination benefits	 	—		 	99		 	99		 	37		 	136		 	25		 	161		 	64		 	 	 	 	 	 	 	 	 	 	 	 	
Other (income)/expense	 	19		 	239		 	258		 	43		 	301		 	39		 	340		 	(88	)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Increase/(decrease) to pretax income	 	105		 	310		 	415		 	116		 	531		 	167		 	698		 	8		 	 	 	 	 	 	 	 	 	 	 	 	
Income tax on items above	 	(35	)	 	(116	)	 	(151	)	 	(40	)	 	(191	)	 	(51	)	 	(242	)	 	(179	)	 	 	 	 	 	 	 	 	 	 	 	 	
Increase/(decrease) to net earnings	 	$	70		 	$	194		 	$	264		 	$	76		 	$	340		 	$	116		 	$	456		 	$	(171	)	 	 	 	 	 	 	 	 	 	 	 	 	

	
* 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		 	 	 	 	 	 	
Marketable securities - current	 	1,178		 	978		 	951		 	939		 	1,834		 	 	 	 	 	 	
Marketable securities - long term	 	3,242		 	3,223		 	3,623		 	3,747		 	3,558		 	 	 	 	 	 	
     Cash, cash equivalents and marketable securities	 	5,775		 	6,022		 	6,345		 	8,272		 	10,617		 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Short-term borrowings and current portion of long-term debt	 	(1,372	)	 	(764	)	 	(680	)	 	(359	)	 	(281	)	 	 	 	 	 	 	
Long-term debt	 	(6,522	)	 	(6,442	)	 	(6,532	)	 	(7,981	)	 	(7,367	)	 	 	 	 	 	 	
     Net cash/(debt) position	 	$	(2,119	)	 	$	(1,184	)	 	$	(867	)	 	$	(68	)	 	$	2,969		 	 	 	 	 	 	

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	 $1.70 to $1.80		
Projected Specified Items:	 	
Downsizing and streamlining of worldwide operations	0.08		
Upfront and milestone payments, net	0.12		
Gain on diabetes business divestiture and other related impacts	(0.31	)	
Pension settlements	0.04		
Other	0.07		
 	 	
Total	—		
 	 	
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 three months ended March 31, 2014 was 74.6% and 75.8%, 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 three months ended March 31, 2014 were $946 million and $898 million, 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 three months ended March 31, 2014 were $957 million and $954 million, respectively. 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 three months ended March 31, 2014 was 5.0%. On a non-GAAP basis, for the three months ended March 31, 2014 the effective tax rate was 23.0%. 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, impairment charges, milestone payments, restructuring 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 First Quarter 2014 Financial Results, April 29, 2014 including “2014 Financial Guidance” and “Use of Non-GAAP Financial Information” therein.	

11