UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________

FORM 8-K_____________________________

CURRENT REPORTPursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 25, 2019_____________________________

BRISTOL-MYERS SQUIBB COMPANY(Exact name of registrant as specified in its charter)

_____________________________

Delaware(State or Other Jurisdiction of Incorporation)

1-1136(Commission File Number)

430 East 29th Street, 14th FloorNew York, NY, 10016

(Address of Principal Executive Office)

22-0790350(IRS Employer Identification Number)

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 followingprovisions ( seeGeneral Instruction A.2. below):

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

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

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

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

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

Title of each class Trading Symbol(s) Name of each exchange on which registeredCommon Stock, $0.10 Par Value BMY New York Stock Exchange

1.000% Notes due 2025 New York Stock Exchange1.750% Notes due 2035 New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On July 25, 2019 , Bristol-Myers Squibb Company (the “Company”) issued a press release (the “Earnings Press Release”) announcing its financial results for thesecond quarter of 2019. A copy of the Earnings Press Release is furnished pursuant to this Item 2.02 as Exhibit 99.1 to this Current Report on Form 8-K andincorporated by reference herein in its entirety. Also furnished pursuant to this Item 2.02 as Exhibit 99.2 to this Current Report on Form 8-K and incorporated byreference herein in its entirety is certain supplemental information posted on the Company’s website at www.bms.com.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

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

Exhibit

No. Description

99.1 Press release of Bristol-Myers Squibb Company dated July 25, 2019.99.2 Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.

EXHIBIT INDEX

Exhibit

No. Description

99.1 Press release of Bristol-Myers Squibb Company dated July 25, 2019.99.2 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, as amended, the registrant has duly caused this report to be signed on its behalf by theundersigned hereunto duly authorized.

BRISTOL-MYERS SQUIBB COMPANY Dated: July 25, 2019 By: /s/ Katherine R. Kelly Name: Katherine R. Kelly Title: Corporate Secretary

Exhibit 99.1

Bristol-Myers Squibb Reports Second Quarter Financial Results

• Increases Second Quarter Revenues 10% to $6.3 Billion • Posts Second Quarter GAAP EPS of $0.87 and Non-GAAP EPS of $1.18• Announces Topline Results for CheckMate -227 Part 1a and Part 2 • Continues to Advance Celgene Integration Planning and Transaction Closing• Updates 2019 GAAP and Non-GAAP EPS Guidance

(NEW YORK, July 25, 2019) - Bristol-Myers Squibb Company (NYSE:BMY) today reported results for the second quarter

of 2019, which were highlighted by strong sales for Eliquis(apixaban) and Opdivo(nivolumab) and a robust operating performance

across the portfolio.

“We had a very good second quarter where we delivered strong financial results while also advancing our integration

planning for the acquisition of Celgene,” said Giovanni Caforio, M.D., chairman and chief executive officer, Bristol-Myers Squibb.

“Through strong commercial execution and financial discipline we are establishing a solid foundation from which we can build the

leading biopharma company, well-positioned to address the unmet needs of our patients and create long-term shareholder value.”

Second Quarter

$ amounts in millions, except per share amounts 2019 2018 Change

Total Revenues $ 6,273 $ 5,704 10%GAAP Diluted EPS 0.87 0.23 **Non-GAAP Diluted EPS 1.18 1.01 17%

**In excess of +/- 100%

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SECOND QUARTER FINANCIAL RESULTS

• Bristol-Myers Squibb posted second quarter 2019 revenues of $6.3 billion, an increase of 10% compared to the same period a

year ago. Revenues increased 13% when adjusted for foreign exchange impact.

• U.S. revenues increased 14% to $3.7 billion in the quarter compared to the same period a year ago. International revenues

increased 5%. When adjusted for foreign exchange impact, international revenues increased 12%.

• Gross margin as a percentage of revenue decreased from 71.5% to 68.2% in the quarter primarily due to product mix and a $109

million impairment charge in connection with the expected sale of manufacturing and packaging operations in Anagni, Italy.

• Marketing, selling and administrative expenses decreased 5% to $1.1 billion in the quarter.

• Research and development expenses decreased 45% to $1.3 billion in the quarter primarily due to a $1.1 billion charge resulting

from the Nektar collaboration in the second quarter last year.

• The effective tax rate was 19.0% in the quarter, compared to 26.1% in the second quarter last year. The lower tax rate was due to

a non-deductible equity investment loss in the second quarter last year.

• The company reported net earnings attributable to Bristol-Myers Squibb of $1.4 billion, or $0.87 per share, in the second quarter,

compared to net earnings of $373 million, or $0.23 per share, for the same period in 2018. The results for the second quarter of

2019 include $409 million of Celgene-related acquisition and integration expenses.

• The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $1.9 billion, or $1.18 per share, in the

second quarter, compared to net earnings of $1.6 billion, or $1.01 per share, for the same period in 2018. An overview of

specified items is discussed under the “Use of Non-GAAP Financial Information” section.

• Cash, cash equivalents and marketable securities were $30.4 billion as of June 30, 2019, which includes $18.8 billion of net

proceeds from the issuance of new notes in May 2019. The net cash position was $5.4 billion as of June 30, 2019.

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ACQUISITION OF CELGENE CORPORATION• In June, the company announced plans to divest OTEZLA ® in light of concerns expressed by the U.S. Federal Trade

Commission. The company expects to close the Celgene transaction by the end of 2019 or beginning of 2020. (link)• In June, the company announced the future leadership team of the combined company effective upon completion of the

company’s pending acquisition of Celgene. (link)

OTEZLA ® is a trademark of Celgene Corporation.

SECOND QUARTER PRODUCT AND PIPELINE UPDATE

ProductSales/BusinessHighlights

Global revenues for the second quarter of 2019, compared to the second quarter of 2018, were driven by:• Eliquis,which grew by $392 million or 24% increase• Opdivo,which grew by $196 million or 12% increase• Orencia,which grew by 9%• Sprycel,which grew by 2%• Yervoy, which grew by 17%

Opdivo

Clinical• In July, the company announced Part 1a of the Phase 3 Checkmate -227 study evaluating Opdivoplus low dose Yervoyvs.

chemotherapy met the co-primary endpoint of overall survival in first-line non-small cell lung cancer (NSCLC) patients

whose tumors express PD-L1 ≥1%. (link)• In July, the company announced Part 2 of the Phase 3 Checkmate -227 study evaluating Opdivoplus chemotherapy versus

chemotherapy did not meet its primary endpoint of overall survival in first-line non-squamous NSCLC patients regardless of

PD-L1 status. (link)• In June, the company announced results of the Phase 3 Checkmate -459 study evaluating Opdivoversus sorafenib as a first-

line treatment in patients with unresectable hepatocellular carcinoma (HCC). (link)• In June, at the American Society of Clinical Oncology Annual Meeting 2019, the company announced important new data

and analysis from three studies evaluating Opdivo as monotherapy and in combination with Yervoy(ipilimumab):◦ Checkmate -040: Results from the Phase 1/2 study evaluating Opdivoplus Yervoyin patients with advanced HCC

previously treated with sorafenib. (link)◦ CA209-004: Results from the Phase 1 study evaluating Opdivoplus Yervoy in patients with previously treated or

untreated advanced melanoma. (link)

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◦ Checkmate -067: Results from the Phase 3 study evaluating patient reported quality of life during extended therapy

and following the discontinuation of therapy with Opdivoor Opdivoplus Yervoyin patients with previously untreated

unresectable or metastatic melanoma. (link)• In May, the company announced results of the Phase 3 CheckMate -498 trial evaluating Opdivo plus radiation versus

temozolomide plus radiation in patients with newly diagnosed O6-methylguanine-DNA methyltransferase-unmethylated

glioblastoma multiforme. (link)

Orencia

Clinical• In June, at the Annual European Congress of Rheumatology, the company announced results from the Phase 4 mechanistic

study exploring differences in the cellular and molecular mechanisms by which Orencia (abatacept) and adalimumab

interfere with disease progression in moderate-to-severe early rheumatoid arthritis patients seropositive for certain

autoantibodies. (link)

Empliciti

Clinical• In June, at the Congress of the European Hematology Association, the company announced results from the Phase 2 study

evaluating Empliciti(elotuzumab) plus pomalidomide and dexamethasone versus pomalidomide and dexamethasone alone in

patients with relapsed or refractory multiple myeloma. (link)

SECOND QUARTER BUSINESS DEVELOPMENT UPDATE

• In July, the company, Bayer and Ono Pharmaceutical Co., Ltd. announced a clinical trial collaboration to evaluate Opdivoin

combination with Bayer’s Stivarga ® in patients with micro-satellite stable metastatic colorectal cancer.• In July, the company announced the completion of its previously announced sale of its consumer health business, UPSA, to

Taisho Pharmaceutical Co., Ltd.• In June, the company announced Catalent, Inc. has agreed to purchase its oral solid, biologics, and sterile product

manufacturing and packaging facility in Anagni, Italy.

Stivarga ® is a trademark of Bayer.

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2019 FINANCIAL GUIDANCE

Bristol-Myers Squibb is decreasing its 2019 GAAP EPS guidance range from $3.84 - $3.94 to $3.73- $3.83 and increasing its non-

GAAP EPS guidance range from $4.10 - $4.20 to $4.20 - $4.30. Both GAAP and non-GAAP guidance assume current exchange

rates. Key revised 2019 GAAP and non-GAAP line-item guidance assumptions are:

• Research and development expenses decreasing in the low-double digits for GAAP and increasing in the mid-single digits for

non-GAAP.

The financial guidance for 2019 excludes the impact of any potential future strategic acquisitions and divestitures, including any

impact of the pending Celgene acquisition other than expenses incurred in 2019, and any specified items that have not yet been

identified and quantified. The non-GAAP 2019 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.

Guidance inclusive of the Celgene acquisition will be provided after the close of the transaction.

Use of Non-GAAP Financial Information

This earnings release contains non-GAAP financial measures, including non-GAAP earnings and related EPS information that areadjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis.These items are adjusted after considering their quantitative and qualitative aspects and typically have one or more of the followingcharacteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period ornot indicative of future operating results. Similar charges or gains were recognized in prior periods and will likely reoccur in futureperiods, including acquisition and integration expenses, restructuring costs, accelerated depreciation and impairment of property,plant and equipment and intangible assets, R&D charges or other income resulting from up-front or contingent milestone paymentsin connection with the acquisition or licensing of third-party intellectual property rights, divestiture gains or losses, pension, legaland other contractual settlement charges, interest expense on the new notes issued in May 2019 in connection with our pendingacquisition of Celgene and interest income earned on the net proceeds of the notes and debt redemption gains or losses, among otheritems. Deferred and current income taxes attributed to these items are also adjusted for considering their individual impact to theoverall tax expense, deductibility and jurisdictional tax rates. Non-GAAP information is intended to portray the results of thecompany’s baseline performance, supplement or enhance management, analysts and investors overall understanding of thecompany’s underlying financial performance and facilitate comparisons among current, past and future periods. For example, non-GAAP earnings and EPS information is an indication of the company’s baseline performance before items that are considered by usto not be reflective of the company’s ongoing results. In addition, this information is among the primary indicators that we use as abasis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting for futureperiods. This information is not intended to be considered in isolation or as a substitute for net earnings or diluted EPS prepared inaccordance with GAAP and may not be the same as or comparable

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to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted.

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 about Bristol-Myers Squibb, visit us at BMS.com or

follow us on LinkedIn, Twitter, YouTube and Facebook. For more information about Bristol-Myers Squibb's pending acquisition of

Celgene, please visit https://bestofbiopharma.com.

There will be a conference call on July 25, 2019 at 8:30 a.m. ET 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 calling the U.S. toll free 888-254-3590 or international 323-994-2093, confirmation code:

9333832. Materials related to the call will be available at the same website prior to the conference call. A replay of the call will be

available beginning at 11:45 a.m. ET on July 25, 2019 through 11:45 a.m. ET on August 8, 2019. The replay will also be available

through http://investor.bms.com or by calling the U.S. toll free 888-203-1112 or international 719-457-0820, confirmation code:

9333832.

For more information, contact: Media: Carrie Fernandez, 609-252-5222, carrie.fernandez@bms.com;

Investor Relations: John Elicker, 609-252-4611, john.elicker@bms.com or Tim Power, 609-252-7509, timothy.power@bms.com

Website Information

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

Cautionary Statement Regarding Forward-Looking Statements

This earnings release and the related attachments (as well as the oral statements made with respect to information contained in thisrelease and the attachments) contain certain “forward-looking” statements within the meaning of Section 27A of the Securities Actof 1933, as amended, and Section 21E of the Securities Exchange Act of

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1934, as amended, regarding, among other things, statements relating to goals, plans and projections regarding the company’sfinancial position, results of operations, market position, product development and business strategy. These statements may beidentified by the fact they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,”“guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and expression in connection with anydiscussion of future operating or financial performance, although not all forward-looking statements contain such terms. One canalso identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements arelikely to relate to, among other things, the company’s ability to execute successfully its strategic plans, including its businessdevelopment strategy generally and in relation to its ability to complete the financing transactions in connection with and to realizethe projected benefits of the company’s pending acquisition of Celgene, the expiration of patents or data protection on certainproducts, including assumptions about the company’s ability to retain patent exclusivity of certain products and the impact, andresult of governmental investigations. No forward-looking statement can be guaranteed, including that the company’s future clinicalstudies will support the data described in this release, product candidates will receive necessary clinical and manufacturingregulatory approvals, pipeline products will prove to be commercially successful, clinical and manufacturing regulatory approvalswill be sought or obtained within currently expected timeframes or contractual milestones will be achieved.

Such forward-looking statements are based on historical performance and current expectations and projections about the company’sfuture financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal orexternal factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyondthe company’s control and could cause the company’s future financial results, goals, plans and objectives to differ materially fromthose expressed in, or implied by, the statements. Such risks, uncertainties and other matters include, but are not limited to,challenges inherent in new product development, including obtaining and maintaining regulatory approval; competitivedevelopments affecting current products; difficulties and delays in product introduction and commercialization; industry competitionfrom other manufacturers; the company’s ability to obtain and protect market exclusivity rights and enforce patents and otherintellectual property rights; the risk of an adverse patent litigation decision or settlement and exposure to other litigation and/orregulatory actions; pricing controls and pressures (including changes in rules and practices of managed care organizations andinstitutional and governmental purchasers); the impact of any U.S. healthcare reform and legislation or regulatory action in the U.S.and markets outside the U.S. affecting pharmaceutical product pricing, reimbursement or access; changes in tax law and regulations,including the impact of the Tax Cuts and Jobs Act of 2017 and related guidance; any significant issues that may arise related to thecompany’s joint ventures and other third-party business arrangements; the company’s ability to execute its financial, strategic andoperational plans or initiatives; the ability to attract and retain key personnel; the company’s ability to identify potential strategicacquisitions or transactions and successfully realize the expected benefits of such transactions, including with respect to the pendingacquisition of Celgene; the conditions to closing the Celgene transaction will be satisfied and, if the transaction closes, thecompany’s ability to successfully integrate Celgene, manage the impact of the company’s increased indebtedness, achieveanticipated synergies and effectively address any risks that Celgene currently faces, including the loss of patent protection for any ofits commercialized products and the failure to obtain approvals for its pipeline products; difficulties or delays in manufacturing,distribution or sale of products, including without limitation, interruptions caused by damage to the company’s and the company’ssuppliers’ manufacturing sites; regulatory decisions impacting labeling, manufacturing processes and/or other matters; the impact onthe company’s competitive position from counterfeit or unregistered versions of its products or stolen products; the adverse impactof cyber-attacks on the company’s information systems or products, including unauthorized disclosure of trade secrets or otherconfidential data stored in the company’s information systems and networks; political and financial instability of internationaleconomies and sovereign risk; and issuance of new or revised accounting standards.

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Forward-looking statements in this earnings release should be evaluated together with the many risks and uncertainties that affect thecompany’s business and market, particularly those identified in the cautionary statement and risk factors discussion in the company’sAnnual Report on Form 10-K for the year ended December 31, 2018, as updated by the company’s subsequent Quarterly Reports onForm 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-lookingstatements included in this document are made only as of the date of this document and except as otherwise required by applicablelaw, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of newinformation, future events, changed circumstances or otherwise.

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BRISTOL-MYERS SQUIBB COMPANYPRODUCT REVENUES

FOR THE THREE MONTHS ENDED JUNE 30, 2019 AND 2018(Unaudited, dollars in millions)

Worldwide Revenues U.S. Revenues (b)

2019 2018 %

Change 2019 2018 %

Change

Prioritized Brands Opdivo $ 1,823 $ 1,627 12 % $ 1,112 $ 1,024 9 %Eliquis 2,042 1,650 24 % 1,269 979 30 %Orencia 778 711 9 % 566 501 13 %Sprycel 544 535 2 % 307 310 (1)%Yervoy 367 315 17 % 253 228 11 %Empliciti 91 64 42 % 63 41 54 %

Established Brands

Baraclude 147 179 (18)% 7 9 (22)%Other Brands (a) 481 623 (23)% 90 138 (35)%

Total $ 6,273 $ 5,704 10 % $ 3,667 $ 3,230 14 %

(a) Includes Sustiva, Reyataz, Daklinza and all other products that lost exclusivity in major markets, over-the-counter brands and royalty revenue.(b) Includes United States and Puerto Rico.

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BRISTOL-MYERS SQUIBB COMPANYPRODUCT REVENUES

FOR THE SIX MONTHS ENDED JUNE 30, 2019 AND 2018(Unaudited, dollars in millions)

Worldwide Revenues U.S. Revenues (b)

2019 2018 %

Change 2019 2018 %

Change

Prioritized Brands Opdivo $ 3,624 $ 3,138 15 % $ 2,236 $ 1,962 14 %Eliquis 3,967 3,156 26 % 2,475 1,864 33 %Orencia 1,418 1,304 9 % 1,015 886 15 %Sprycel 1,003 973 3 % 547 524 4 %Yervoy 751 564 33 % 528 390 35 %Empliciti 174 119 46 % 121 78 55 %

Established Brands

Baraclude 288 404 (29)% 14 19 (26)%Other Brands (a) 968 1,239 (22)% 180 285 (37)%

Total $ 12,193 $ 10,897 12 % $ 7,116 $ 6,008 18 %

(a) Includes Sustiva, Reyataz, Daklinza and all other products that lost exclusivity in major markets, over-the-counter brands and royalty revenue.(b) Includes United States and Puerto Rico.

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BRISTOL-MYERS SQUIBB COMPANYCONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018(Unaudited, dollars and shares in millions except per share data)

Three Months Ended June 30, Six Months Ended June 30,

2019 2018 2019 2018

Net product sales $ 6,031 $ 5,461 $ 11,744 $ 10,433Alliance and other revenues 242 243 449 464

Total Revenues 6,273 5,704 12,193 10,897 Cost of products sold 1,992 1,625 3,836 3,209Marketing, selling and administrative 1,076 1,131 2,082 2,111Research and development 1,328 2,435 2,679 3,685Other income (net) 101 (4) (159) (404)

Total Expenses 4,497 5,187 8,438 8,601 Earnings Before Income Taxes 1,776 517 3,755 2,296Provision for Income Taxes 337 135 601 419 Net Earnings 1,439 382 3,154 1,877Noncontrolling Interest 7 9 12 18

Net Earnings Attributable to BMS $ 1,432 $ 373 $ 3,142 $ 1,859

Average Common Shares Outstanding:

Basic 1,636 1,633 1,635 1,633Diluted 1,637 1,636 1,637 1,638

Earnings per Common Share:

Basic $ 0.88 $ 0.23 $ 1.92 $ 1.14Diluted 0.87 0.23 1.92 1.13

Other income (net)

Interest expense $ 123 $ 45 $ 168 $ 91Investment income (119) (38) (175) (74)Equity investment (gains)/losses (71) 356 (246) 341Provision for restructuring 10 37 22 57Acquisition expenses 303 — 468 —Integration expenses 106 — 128 —Litigation and other settlements — (1) 1 (1)Equity in net income of affiliates — (27) — (51)Divestiture losses/(gains) 8 (25) 8 (70)Royalties and licensing income (303) (353) (611) (720)Transition and other service fees (2) (1) (4) (5)Pension and postretirement 26 (19) 70 (30)Intangible asset impairment 15 — 15 64Other 5 22 (3) (6)

Other income (net) $ 101 $ (4) $ (159) $ (404)

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BRISTOL-MYERS SQUIBB COMPANYSPECIFIED ITEMS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018(Unaudited, dollars in millions)

Three Months Ended June 30, Six Months Ended June 30,

2019 2018 2019 2018

Impairment charges $ 109 $ — $ 109 $ 10Accelerated depreciation and other shutdown costs 30 14 42 17Cost of products sold 139 14 151 27 Marketing, selling and administrative — — 1 1 License and asset acquisition charges 25 1,075 25 1,135IPRD impairments — — 32 —Site exit costs and other 19 19 38 39Research and development 44 1,094 95 1,174 Interest expense 83 — 83 —Investment income (54) — (54) —Equity investment (gains)/losses (71) 356 (246) 341Provision for restructuring 10 37 22 57Acquisition expenses 303 — 468 —Integration expenses 106 — 128 —Divestiture losses/(gains) 8 (25) 8 (68)Royalties and licensing income — (25) — (75)Pension and postretirement 44 37 93 68Intangible asset impairment — — — 64Other income (net) 429 380 502 387 Increase to pretax income 612 1,488 749 1,589 Income taxes on items above (105) (218) (148) (226)Income taxes attributed to U.S. tax reform — 3 — (29)Income taxes (105) (215) (148) (255) Increase to net earnings $ 507 $ 1,273 $ 601 $ 1,334

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BRISTOL-MYERS SQUIBB COMPANYRECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018(Unaudited, dollars in millions)

Three Months Ended June 30, 2019 Six Months Ended June 30, 2019

GAAP SpecifiedItems (a)

Non-GAAP GAAP

SpecifiedItems (a)

Non-GAAP

Gross Profit $ 4,281 $ 139 $ 4,420 $ 8,357 $ 151 $ 8,508

Marketing, selling and administrative 1,076 — 1,076 2,082 (1) 2,081

Research and development 1,328 (44) 1,284 2,679 (95) 2,584

Other income (net) 101 (429) (328) (159) (502) (661)

Earnings Before Income Taxes 1,776 612 2,388 3,755 749 4,504

Provision for Income Taxes 337 (105) 442 601 (148) 749

Noncontrolling Interest 7 — 7 12 — 12

Net Earnings Attributable to BMS used for Diluted EPS Calculation $ 1,432 $ 507 $ 1,939 $ 3,142 $ 601 $ 3,743

Average Common Shares Outstanding - Diluted 1,637 1,637 1,637 1,637 1,637 1,637

Diluted Earnings Per Share $ 0.87 $ 0.31 $ 1.18 $ 1.92 $ 0.37 $ 2.29

Effective Tax Rate 19.0% (0.5)% 18.5% 16.0% 0.6 % 16.6% Three Months Ended June 30, 2018 Six Months Ended June 30, 2018

GAAP Specified Items (a)

Non- GAAP GAAP

SpecifiedItems (a)

Non-GAAP

Gross Profit $ 4,079 $ 14 $ 4,093 $ 7,688 $ 27 $ 7,715

Marketing, selling and administrative 1,131 — 1,131 2,111 (1) 2,110

Research and development 2,435 (1,094) 1,341 3,685 (1,174) 2,511

Other income (net) (4) (380) (384) (404) (387) (791)

Earnings Before Income Taxes 517 1,488 2,005 2,296 1,589 3,885

Provision for Income Taxes 135 (215) 350 419 (255) 674

Noncontrolling Interest 9 — 9 18 — 18

Net Earnings Attributable to BMS used for Diluted EPS Calculation $ 373 $ 1,273 $ 1,646 $ 1,859 $ 1,334 $ 3,193

Average Common Shares Outstanding - Diluted 1,636 1,636 1,636 1,638 1,638 1,638

Diluted Earnings Per Share $ 0.23 $ 0.78 $ 1.01 $ 1.13 $ 0.82 $ 1.95

Effective Tax Rate 26.1% (8.6)% 17.5% 18.2% (0.9)% 17.3%

(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.

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BRISTOL-MYERS SQUIBB COMPANYNET CASH/(DEBT) CALCULATION

AS OF JUNE 30, 2019 AND DECEMBER 31, 2018(Unaudited, dollars in millions)

June 30,

2019 December 31, 2018Cash and cash equivalents $ 28,404 $ 6,911Marketable securities - current 953 1,973Marketable securities - non-current 994 1,775

Cash, cash equivalents and marketable securities 30,351 10,659Short-term debt obligations (545) (1,703)Long-term debt (24,433) (5,646)

Net cash position $ 5,373 $ 3,310

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Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANYQUARTERLY TREND ANALYSIS OF REVENUES

(Unaudited, dollars in millions)

Revenues 2018 2019 % Change FX Impact

1st Qtr 2nd Qtr 6 Months 3rd Qtr 9 Months 4th Qtr Year 1st Qtr 2nd Qtr 6 Months 3rdQtr 9

Months 4thQtr Year Qtr vs.

Qtr YTDvs.

YTD Qtr vs.Qtr YTD vs.

YTDUnitedStates $ 2,778 $ 3,230 $ 6,008 $ 3,235 $ 9,243 $ 3,343 $ 12,586 $ 3,449 $ 3,667 $ 7,116 14 % 18 % — —

Europe 1,406 1,408 2,814 1,365 4,179 1,479 5,658 1,480 1,491 2,971 6 % 6 % (7)% (7)%Rest of theWorld 873 923 1,796 932 2,728 1,005 3,733 874 988 1,862 7 % 4 % (7)% (7)%

Other 136 143 279 159 438 146 584 117 127 244 (11)% (13)% N/A N/A

Total $ 5,193 $ 5,704 $ 10,897 $ 5,691 $ 16,588 $ 5,973 $ 22,561 $ 5,920 $ 6,273 $ 12,193 10 % 12 % (3)% (3)%

% ofRevenues 2018 2019

1st Qtr 2nd Qtr 6 Months 3rd Qtr 9 Months 4th Qtr Year 1st Qtr 2nd Qtr 6 Months 3rdQtr 9

Months 4thQtr Year

UnitedStates 53.5% 56.6% 55.1% 56.8% 55.7% 56.0% 55.8% 58.2% 58.4% 58.3%

Europe 27.1% 24.7% 25.8% 24.0% 25.2% 24.8% 25.1% 25.0% 23.8% 24.4% Rest of theWorld 16.8% 16.2% 16.5% 16.4% 16.5% 16.8% 16.5% 14.8% 15.8% 15.3%

Other 2.6% 2.5% 2.6% 2.8% 2.6% 2.4% 2.6% 2.0% 2.0% 2.0%

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

1

BRISTOL-MYERS SQUIBB COMPANYEARNINGS FROM OPERATIONS

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

2018 2019 % 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.

YTDNet productsales $ 4,972 $ 5,461 $ 10,433 $ 5,433 $ 15,866 $ 5,715 $ 21,581 $ 5,713 $ 6,031 $ 11,744 10 % 13 %Alliance andother revenues 221 243 464 258 722 258 980 207 242 449 — (3)%TotalRevenues $ 5,193 $ 5,704 $ 10,897 $ 5,691 $ 16,588 $ 5,973 $ 22,561 $ 5,920 $ 6,273 $ 12,193 10 % 12 %

Cost ofproducts sold 1,584 1,625 3,209 1,648 4,857 1,690 6,547 1,844 1,992 3,836 23 % 20 %Marketing,selling andadministrative 980 1,131 2,111 1,104 3,215 1,336 4,551 1,006 1,076 2,082 (5) (1)%Research anddevelopment 1,250 2,435 3,685 1,280 4,965 1,380 6,345 1,351 1,328 2,679 (45)% (27)%Other income(net) (400) (4) (404) (508) (912) 62 (850) (260) 101 (159) ** (61)%TotalExpenses 3,414 5,187 8,601 3,524 12,125 4,468 16,593 3,941 4,497 8,438 (13)% (2)%

EarningsBeforeIncome Taxes $ 1,779 $ 517 $ 2,296 $ 2,167 $ 4,463 $ 1,505 $ 5,968 $ 1,979 $ 1,776 $ 3,755 ** 64 %Provision forIncome Taxes 284 135 419 255 674 347 1,021 264 337 601 ** 43 %

Net Earnings $ 1,495 $ 382 $ 1,877 $ 1,912 $ 3,789 $ 1,158 $ 4,947 $ 1,715 $ 1,439 $ 3,154 ** 68 %NoncontrollingInterest 9 9 18 11 29 (2) 27 5 7 12 (22)% (33)%Net EarningsAttributableto BMS $ 1,486 $ 373 $ 1,859 $ 1,901 $ 3,760 $ 1,160 $ 4,920 $ 1,710 $ 1,432 $ 3,142 ** 69 %

DilutedEarnings perCommonShare* $ 0.91 $ 0.23 $ 1.13 $ 1.16 $ 2.30 $ 0.71 $ 3.01 $ 1.04 $ 0.87 $ 1.92 ** 70 %AverageCommonSharesOutstanding -Diluted 1,640 1,636 1,638 1,636 1,637 1,637 1,637 1,637 1,637 1,637 — —Dividendsdeclared percommon share $ 0.40 $ 0.40 $ 0.80 $ 0.40 $ 1.20 $ 0.41 $ 1.61 $ 0.41 $ 0.41 $ 0.82 3 % 3 %

2018 2019 % of TotalRevenues 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 69.5% 71.5% 70.6% 71.0% 70.7% 71.7% 71.0% 68.9% 68.2% 68.5%

Other Ratios Effective taxrate 16.0% 26.1% 18.2% 11.8% 15.1% 23.1% 17.1% 13.3% 19.0% 16.0% Other income(net) 2018 2019 % 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.

YTDInterestexpense $ 46 $ 45 $ 91 $ 44 $ 135 $ 48 $ 183 $ 45 $ 123 $ 168 ** 85 %Investmentincome (36) (38) (74) (44) (118) (55) (173) (56) (119) (175) ** **Equityinvestments(gains)/losses (15) 356 341 (97) 244 268 512 (175) (71) (246) ** **Provision forrestructuring 20 37 57 45 102 29 131 12 10 22 (73)% (61)%Acquisitionexpenses — — — — — — — 165 303 468 N/A N/AIntegrationexpenses — — — — — — — 22 106 128 N/A N/ALitigation andothersettlements — (1) (1) 11 10 66 76 1 — 1 (100)% **Equity in netincome ofaffiliates (24) (27) (51) (22) (73) (20) (93) — — — (100)% (100)%Divestiturelosses/(gains) (45) (25) (70) (108) (178) — (178) — 8 8 ** **

Royalties andlicensingincome (367) (353) (720) (338) (1,058) (295) (1,353) (308) (303) (611) (14)% (15)%Transition andother servicefees (4) (1) (5) — (5) (7) (12) (2) (2) (4) 100 % (20)%Pension andpostretirement (11) (19) (30) (10) (40) 13 (27) 44 26 70 ** **Intangibleassetimpairment 64 — 64 — 64 — 64 — 15 15 N/A (77)%Other

(28) 22 (6) 11 5 15 20 (8) 5 (3) (77)% (50)%

$ (400) $ (4) $ (404) $ (508) $ (912) $ 62 $ (850) $ (260) $ 101 $ (159) ** (61)%

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

2

BRISTOL-MYERS SQUIBB COMPANYRECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT

FOR THE PERIOD ENDED JUNE 30, 2019(Unaudited, dollars in millions)

QUARTER-TO-DATE2019 2018 Growth $ Growth %

Favorable /(Unfavorable)FX Impact $ * 2019

Excluding FX Favorable /

(Unfavorable)FX Impact % * Growth %

Excluding FX

Revenues $ 6,273 $ 5,704 $ 569 10 % $ (163) $ 6,436 (3)% 13 %

Gross profit 4,281 4,079 202 5 % N/A N/A N/A N/A

Gross profit excluding specified items (a) 4,420 4,093 327 8 % N/A N/A N/A N/A

Gross profit excluding specified items as a % of revenues 70.5% 71.8%

Marketing, selling and administrative 1,076 1,131 (55) (5)% 33 1,109 3 % (2)%

Marketing, selling and administrative excluding specified items (a) 1,076 1,131 (55) (5)% 33 1,109 3 % (2)%

Marketing, selling and administrative excluding specified itemsas a % of revenues 17.2% 19.8%

Research and development 1,328 2,435 (1,107) (45)% 12 1,340 — (45)%

Research and development excluding specified items (a) 1,284 1,341 (57) (4)% 12 1,296 1 % (3)%

Research and development excluding specified items as a % ofrevenues 20.5% 23.5%

YEAR-TO-DATE2019 2018 Growth $ Growth %

Favorable / (Unfavorable) FX Impact $ * 2019

Excluding FX Favorable /

(Unfavorable) FX Impact % * Growth %

Excluding FX

Revenues $ 12,193 $ 10,897 $ 1,296 12 % $ (351) $ 12,544 (3)% 15 %

Gross profit 8,357 7,688 669 9 % N/A N/A N/A N/A

Gross profit excluding specified items (a) 8,508 7,715 793 10 % N/A N/A N/A N/A

Gross profit excluding specified items as a % of revenues 69.8% 70.8%

Marketing, selling and administrative 2,082 2,111 (29) (1)% 65 2,147 3 % 2 %

Marketing, selling and administrative excluding specified items (a) 2,081 2,110 (29) (1)% 65 2,146 3 % 2 %

Marketing, selling and administrative excluding specified itemsas a % of revenues 17.1% 19.4%

Research and development 2,679 3,685 (1,006) (27)% 24 2,703 — (27)%

Research and development excluding specified items (a) 2,584 2,511 73 3 % 24 2,608 1 % 4 %

Research and development excluding specified items as a % ofrevenues 21.2% 23.0%

(a) Refer to the Specified Items schedule for further details.* Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales and expenses.

3

BRISTOL-MYERS SQUIBB COMPANYWORLDWIDE REVENUES

QUARTERLY REVENUES TREND ANALYSIS(Unaudited, dollars in millions)

2018 2019 Growth $ % Change

1st Qtr 2nd Qtr 6Months 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

YTDvs.

YTD

Prioritized Brands

Opdivo $ 1,511 $ 1,627 $ 3,138 $ 1,793 $ 4,931 $ 1,804 $ 6,735 $ 1,801 $ 1,823 $ 3,624 $ 196 $ 486 12 % 15 %

Eliquis 1,506 1,650 3,156 1,577 4,733 1,705 6,438 1,925 2,042 3,967 392 811 24 % 26 %

Orencia 593 711 1,304 675 1,979 731 2,710 640 778 1,418 67 114 9 % 9 %

Sprycel 438 535 973 491 1,464 536 2,000 459 544 1,003 9 30 2 % 3 %

Yervoy 249 315 564 382 946 384 1,330 384 367 751 52 187 17 % 33 %

Empliciti 55 64 119 59 178 69 247 83 91 174 27 55 42 % 46 %

Established Brands

Baraclude 225 179 404 175 579 165 744 141 147 288 (32) (116) (18)% (29)%OtherBrands (a) 616 623 1,239 539 1,778 579 2,357 487 481 968 (142) (271) (23)% (22)%

Total $ 5,193 $ 5,704 $ 10,897 $ 5,691 $ 16,588 $ 5,973 $ 22,561 $ 5,920 $ 6,273 $ 12,193 $ 569 $ 1,296 10 % 12 %

(a) Includes Sustiva, Reyataz, Daklinza and all other products that lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue.

4

BRISTOL-MYERS SQUIBB COMPANYU.S. REVENUES

QUARTERLY REVENUES TREND ANALYSIS(Unaudited, dollars in millions)

2018 2019 % 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.

YTDPrioritizedBrands

Opdivo $ 938 $ 1,024 $ 1,962 $ 1,141 $ 3,103 $ 1,136 $ 4,239 $ 1,124 $ 1,112 $ 2,236 9 % 14 %

Eliquis 885 979 1,864 917 2,781 979 3,760 1,206 1,269 2,475 30 % 33 %

Orencia 385 501 886 474 1,360 515 1,875 449 566 1,015 13 % 15 %

Sprycel 214 310 524 267 791 300 1,091 240 307 547 (1)% 4 %

Yervoy 162 228 390 278 668 273 941 275 253 528 11 % 35 %

Empliciti 37 41 78 41 119 45 164 58 63 121 54 % 55 %

EstablishedBrands

Baraclude 10 9 19 6 25 7 32 7 7 14 (22)% (26)%OtherBrands (a) 147 138 285 111 396 88 484 90 90 180 (35)% (37)%

Total (b) $ 2,778 $ 3,230 $ 6,008 $ 3,235 $ 9,243 $ 3,343 $ 12,586 $ 3,449 $ 3,667 $ 7,116 14 % 18 %

(a) Includes Sustiva, Reyataz, Daklinza and all other products that lost exclusivity.(b) Includes United States and Puerto Rico.

5

BRISTOL-MYERS SQUIBB COMPANYINTERNATIONAL REVENUES

QUARTERLY REVENUES TREND ANALYSIS(Unaudited, dollars in millions)

2018 2019 % 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.

YTDPrioritizedBrands

Opdivo $ 573 $ 603 $ 1,176 $ 652 $ 1,828 $ 668 $ 2,496 $ 677 $ 711 $ 1,388 18 % 18 %

Eliquis 621 671 1,292 660 1,952 726 2,678 719 773 1,492 15 % 15 %

Orencia 208 210 418 201 619 216 835 191 212 403 1 % (4)%

Sprycel 224 225 449 224 673 236 909 219 237 456 5 % 2 %

Yervoy 87 87 174 104 278 111 389 109 114 223 31 % 28 %

Empliciti 18 23 41 18 59 24 83 25 28 53 22 % 29 %

EstablishedBrands

Baraclude 215 170 385 169 554 158 712 134 140 274 (18)% (29)%OtherBrands (a) 469 485 954 428 1,382 491 1,873 397 391 788 (19)% (17)%

Total (b) $ 2,415 $ 2,474 $ 4,889 $ 2,456 $ 7,345 $ 2,630 $ 9,975 $ 2,471 $ 2,606 $ 5,077 5 % 4 %

(a) Includes Sustiva, Reyataz, Daklinza and all other products that lost exclusivity in major markets, OTC brands and royalty revenue.(b) The foreign exchange impact on international revenues was unfavorable 7% for the second quarter and year-to-date. The foreign exchange impact on Prioritized Brands is included below.

Quarter-to-Date Year-to-Date

Revenue Change%

Favorable/(Unfavorable) FX

Impact %Revenue Change% Excluding FX

Revenue Change%

Favorable/(Unfavorable) FX

Impact %Revenue Change% Excluding FX

Opdivo 18% (8)% 26% 18 % (10)% 28% Eliquis 15% (6)% 21% 15 % (7)% 22% Orencia 1% (6)% 7% (4)% (7)% 3% Sprycel 5% (5)% 10% 2 % (5)% 7% Yervoy 31% (8)% 39% 28 % (9)% 37%

6

BRISTOL-MYERS SQUIBB COMPANYSPECIFIED ITEMS

(Unaudited, dollars in millions)

2018 2019

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

Impairment charges $ 10 $ — $ 10 $ — $ 10 $ 7 $ 17 $ — $ 109 $ 109 Accelerated depreciation and othershutdown costs 3 14 17 13 30 11 41 12 30 42

Cost of products sold 13 14 27 13 40 18 58 12 139 151 Marketing, selling andadministrative 1 — 1 — 1 1 2 1 — 1

License and asset acquisition charges 60 1,075 1,135 — 1,135 — 1,135 — 25 25

IPRD impairments — — — — — — — 32 — 32

Site exit costs and other 20 19 39 18 57 22 79 19 19 38

Research and development 80 1,094 1,174 18 1,192 22 1,214 51 44 95

Interest expense — — — — — — — — 83 83

Investment income — — — — — — — — (54) (54)

Equity investment (gains)/losses (15) 356 341 (97) 244 268 512 (175) (71) (246)

Provision for restructuring 20 37 57 45 102 29 131 12 10 22

Acquisition expenses — — — — — — — 165 303 468

Integration expenses — — — — — — — 22 106 128

Litigation and other settlements — — — — — 70 70 — — —

Divestiture losses/(gains) (43) (25) (68) (108) (176) (1) (177) — 8 8

Royalties and licensing income (50) (25) (75) — (75) — (75) — — —

Pension and postretirement 31 37 68 27 95 26 121 49 44 93

Intangible asset impairment 64 — 64 — 64 — 64 — — —

Other income (net) 7 380 387 (133) 254 392 646 73 429 502

Increase/(decrease) to pretax income 101 1,488 1,589 (102) 1,487 433 1,920 137 612 749

Income taxes on items above (8) (218) (226) 1 (225) (43) (268) (43) (105) (148) Income taxes attributed to U.S. taxreform (32) 3 (29) (20) (49) (7) (56) — — —

Income taxes (40) (215) (255) (19) (274) (50) (324) (43) (105) (148)

Increase/(decrease) to net earnings $ 61 $ 1,273 $ 1,334 $ (121) $ 1,213 $ 383 $ 1,596 $ 94 $ 507 $ 601

7

BRISTOL-MYERS SQUIBB COMPANYRECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS

(Unaudited, dollars in millions)

2018 2019

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 $ 3,609 4,079 $ 7,688 $ 4,043 $ 11,731 $ 4,283 $ 16,014 $ 4,076 $ 4,281 $ 8,357

Specified items (a) 13 14 27 13 40 18 58 12 139 151 Gross profit excluding specifieditems 3,622 4,093 7,715 4,056 11,771 4,301 16,072 4,088 4,420 8,508 Marketing, selling andadministrative 980 1,131 2,111 1,104 3,215 1,336 4,551 1,006 1,076 2,082

Specified items (a) (1) — (1) — (1) (1) (2) (1) — (1) Marketing, selling andadministrative excluding specifieditems 979 1,131 2,110 1,104 3,214 1,335 4,549 1,005 1,076 2,081

Research and development 1,250 2,435 3,685 1,280 4,965 1,380 6,345 1,351 1,328 2,679

Specified items (a) (80) (1,094) (1,174) (18) (1,192) (22) (1,214) (51) (44) (95) Research and developmentexcluding specified items 1,170 1,341 2,511 1,262 3,773 1,358 5,131 1,300 1,284 2,584

Other income (net) (400) (4) (404) (508) (912) 62 (850) (260) 101 (159)

Specified items (a) (7) (380) (387) 133 (254) (392) (646) (73) (429) (502) Other income (net) excludingspecified items (407) (384) (791) (375) (1,166) (330) (1,496) (333) (328) (661)

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

8

BRISTOL-MYERS SQUIBB COMPANYRECONCILIATION OF GAAP TO NON-GAAP EPS

(Unaudited, dollars in millions)

2018 2019

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

Earnings before income taxes $ 1,779 $ 517 $ 2,296 $ 2,167 $ 4,463 $ 1,505 $ 5,968 $ 1,979 $ 1,776 $ 3,755

Specified items (a) 101 1,488 1,589 (102) 1,487 433 1,920 137 612 749 Earnings before income taxesexcluding specified items 1,880 2,005 3,885 2,065 5,950 1,938 7,888 2,116 2,388 4,504

Provision for income taxes 284 135 419 255 674 347 1,021 264 337 601

Tax on specified items (a) (8) (218) (226) 1 (225) (43) (268) (43) (105) (148) Income taxes attributed to U.S.tax reform (a) (32) 3 (29) (20) (49) (7) (56) — — — Provision for income taxesexcluding tax on specified itemsand income taxes attributed toU.S. tax reform 324 350 674 274 948 397 1,345 307 442 749

Noncontrolling Interest 9 9 18 11 29 (2) 27 5 7 12

Specified items (a) — — — — — — — — — — Noncontrolling Interest excludingspecified items 9 9 18 11 29 (2) 27 5 7 12 Net Earnings Attributable to BMSused for Diluted EPS Calculation -GAAP 1,486 373 1,859 1,901 3,760 1,160 4,920 1,710 1,432 3,142

Specified items (a) 61 1,273 1,334 (121) 1,213 383 1,596 94 507 601 Net Earnings Attributable to BMSused for Diluted EPS Calculationexcluding specified items - Non-GAAP 1,547 1,646 3,193 1,780 4,973 1,543 6,516 1,804 1,939 3,743 Weighted-average CommonShares Outstanding - Diluted-GAAP 1,640 1,636 1,638 1,636 1,637 1,637 1,637 1,637 1,637 1,637 Weighted-average CommonShares Outstanding - Diluted-Non-GAAP 1,640 1,636 1,638 1,636 1,637 1,637 1,637 1,637 1,637 1,637 Diluted Earnings Per Share -GAAP $ 0.91 $ 0.23 $ 1.13 $ 1.16 $ 2.30 $ 0.71 $ 3.01 $ 1.04 $ 0.87 $ 1.92 Diluted Earnings/(Loss) Per ShareAttributable to Specified Items 0.03 0.78 0.82 (0.07) 0.74 0.23 0.97 0.06 0.31 0.37 Diluted Earnings Per Share - Non-GAAP $ 0.94 $ 1.01 $ 1.95 $ 1.09 $ 3.04 $ 0.94 $ 3.98 $ 1.10 $ 1.18 $ 2.29

Effective Tax Rate 16.0% 26.1 % 18.2 % 11.8% 15.1% 23.1 % 17.1% 13.3% 19.0 % 16.0%

Specified items (a) 1.2% (8.6)% (0.9)% 1.5% 0.8% (2.6)% — 1.2% (0.5)% 0.6% Effective Tax Rate excludingspecified items 17.2% 17.5 % 17.3 % 13.3% 15.9% 20.5 % 17.1% 14.5% 18.5 % 16.6%

(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.

9

BRISTOL-MYERS SQUIBB COMPANYSELECTED BALANCE SHEET INFORMATION

(Unaudited, dollars in millions)

March 31, 2018 June 30,

2018 September 30, 2018 December 31,

2018 March 31,2019 June 30,

2019 September 30,2019 December 31,

2019

Cash and cash equivalents $ 5,342 $ 4,999 $ 5,408 $ 6,911 $ 7,335 $ 28,404

Marketable securities - current 1,428 1,076 1,422 1,973 1,429 953

Marketable securities - non-current 2,252 2,117 2,017 1,775 1,233 994

Cash, cash equivalents and marketable securities 9,022 8,192 8,847 10,659 9,997 30,351

Short-term debt obligations (1,925) (1,716) (1,620) (1,703) (381) (545)

Long-term debt (5,775) (5,671) (5,687) (5,646) (5,635) (24,433)

Net cash position $ 1,322 $ 805 $ 1,540 $ 3,310 $ 3,981 $ 5,373

10

BRISTOL-MYERS SQUIBB COMPANY2019 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

Full Year 2019

Pre-tax Tax After-tax

Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP $3.73 to

$3.83

Projected Specified Items:

Restructuring, accelerated depreciation and other exit costs (1) 0.18 0.02 0.16

Divestiture gains and licensing income (0.79) (0.11) (0.68)

Research and development license and asset acquisition charges 0.03 — 0.03

Pension charges 0.95 0.21 0.74

Equity investment gains (0.10) (0.02) (0.08)

Acquisition and integration expenses (2) 0.39 0.09 0.30

Total 0.66 0.19 0.47

Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP $4.20 to

$4.30

(1) Includes items recognized in Cost of products sold, Research and development and Other income (net).

(2) Includes acquisition-related financing, transaction and integration expenses.

The following table summarizes the company's 2019 financial guidance:

Line item GAAP Non-GAAP

Worldwide revenues Increasing in the mid-single digits Increasing in the mid-single digits Gross margin as a percent of revenue Approximately 70% Approximately 70% Marketing, selling and administrative expense Decreasing in the mid-single digit range Decreasing in the mid-single digit range Research and development expense Decreasing in the low-double digits Increasing in the mid-single digits Effective tax rate Approximately 14% Approximately 16%

The GAAP financial results for the full year of 2019 will include specified items, including acquisition and integration expenses, charges associated with restructuring, downsizing andstreamlining worldwide operations, divestiture gains or losses, research and development license and asset acquisition charges, pension charges, interest expense on the new notes issued inMay 2019 in connection with our pending acquisition of Celgene and interest income earned on the net proceeds of those notes, among other items. The financial guidance for 2019 excludesthe impact of any potential future strategic acquisitions and divestitures, including any impact of the Celgene acquisition other than expenses incurred in 2019, and other specified items thathave not yet been identified and quantified, including litigation and other settlements, licensed asset impairments and equity investment gains or losses, among other items. For a fullerdiscussion of items that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Reports Second Quarter Financial Results onJuly 25, 2019, including “2019 Financial Guidance” and “Use of non-GAAP Financial Information” therein.

11