Bristol Myers Squibb Reports Second Quarter Financial Results for 2024
Results Underscore Continued Progress on Commercial Execution, Driving the Growth Portfolio andPipeline Advancement• Second Quarter Revenues were $12.2 Billion, increasing 9% (+11% Adjusting for Foreign
Exchange)• Growth Portfolio Revenues were $5.6 Billion, increasing 18% (+21% Adjusting for Foreign
Exchange)• GAAP EPS was $0.83 and Non-GAAP EPS was $2.07; Includes Net Impact of $(0.04) Per Sharefor GAAP EPS and Non-GAAP EPS Due to Acquired IPRD Charges and Licensing Income• Achieved U.S. Approval of Breyanzi in Both Follicular Lymphoma and Mantle Cell Lymphoma;
Subcutaneous Nivolumab Under Regulatory Review in the U.S. and E.U.
• Raising 2024 Non-GAAP Guidance(PRINCETON, N.J., July 26, 2024) – Bristol Myers Squibb (NYSE: BMY) today reports results for thesecond quarter of 2024.
“Our second quarter results reflect progress against our strategy to position BMS for long-term,
sustainable growth,” said Christopher Boerner, Ph.D., board chair and chief executive officer,
Bristol Myers Squibb. “As we move into the second half of the year, we remain focused onprioritizing opportunities with the greatest growth potential and impact for patients, including the
anticipated U.S. launch of KarXT. We're also driving operational excellence throughout thecompany, becoming more agile and strengthening execution."

Second Quarter$ in millions, except per share amounts

2024

2023

Total Revenues
Earnings Per Share — GAAP*
Earnings Per Share — Non-GAAP* **$12,201
0.83
2.07(0.04)$11,2260.99
1.75(0.05)

Acquired IPRD charge and Licensing Income Net Impact on Earnings Per Share* GAAP and Non-GAAP earnings per share include the net impact of Acquired IPRD charges and licensing income.
** See "Use of Non-GAAP Financial Information".

1

Change

9%
(16)%
18 %
N/A

Change Excl.
F/X**

11 %
N/A
N/A
N/A

SECOND QUARTER RESULTS
All comparisons are made versus the same period in 2023 unless otherwise stated.
• Bristol Myers Squibb posted second quarter revenues of $12.2 billion, an increase of 9%, or 11%
when adjusted for foreign exchange impacts, primarily driven by the Growth Portfolio andEliquis.
• U.S. revenues increased 13% to $8.8 billion, primarily due to the Growth and Legacy Portfolios.
• International revenues decreased 1% to $3.4 billion, primarily due to the negative impact fromforeign exchange of 7% and Revlimid, partially offset by Opdivo.
• On a GAAP basis, gross margin decreased from 74.4% to 73.2%, primarily due to a one-time
impairment charge related to marketed product rights. On a non-GAAP basis, gross marginincreased from 75.0% to 75.6% due to product mix.
• On a GAAP and non-GAAP basis, marketing, selling and administrative expenses remained
relatively flat at $1.9 billion.
• On a GAAP basis, research and development expenses increased 28% to $2.9 billion, primarily
due to an IPRD impairment charge resulting from the decision to discontinue further
development of alnuctamab. On a non-GAAP basis, research and development expenses
remained relatively flat at $2.3 billion.
• On a GAAP and non-GAAP basis, Acquired IPRD decreased to $132 million from $158 million. On
a GAAP and non-GAAP basis, licensing income was $37 million compared to $20 million.
• On a GAAP basis, amortization of acquired intangible assets increased 7% to $2.4 billion,
primarily due to the RayzeBio acquisition in 2024 and approval of Augtyro in the fourth quarterof 2023.
• On a GAAP basis, income tax benefit was $398 million despite pre-tax earnings of $1.3 billion,
primarily due to the release of income tax reserves. On a non-GAAP basis, effective tax ratechanged from 16.9% to 14.1%, primarily due to the release of income tax reserves.
• On a GAAP basis, the company reported net income attributable to Bristol Myers Squibb of$1.7 billion, or $0.83 per share, during the second quarter of 2024 compared to $2.1 billion, or$0.99 per share, for the same period a year ago. In addition to the items above, the decrease
was also due to higher interest expense resulting from new debt issuance to fund recent
acquisitions. The company reported non-GAAP net earnings attributable to Bristol Myers Squibbof $4.2 billion, or $2.07 per share, during the second quarter of 2024 compared to $3.7 billion,
or $1.75 per share, for the same period a year ago.

2

SECOND QUARTER PRODUCT REVENUE HIGHLIGHTS($ amounts in millions)

Growth Portfolio
OpdivoOrencia
YervoyReblozyl
OpdualagAbecmaZeposia
Breyanzi
Camzyos
Sotyktu
AugtyroKrazatiOther Growth Products(a)Total Growth Portfolio
Legacy Portfolio
Eliquis
Revlimid
Pomalyst/Imnovid
SprycelAbraxane
Other Legacy Products(b)Total Legacy Portfolio
Total Revenues
*
**
(a)
(b)
(c)
(d)

Quarter Ended June 30,
2024
U.S.

Int'l (c)$ 1,406
742
404
348
223
54
111
122
130
41
7
29
168
3,785

$

WW(d)

981 $ 2,387
206
948
226
630
77
425
12
235
41
95
40
151
31
153
9
139
12
53
—
7
3
32
173
341
1,811
5,596

% Change from Quarter
Ended June 30, 2023
U.S.

Int'l(c)WW(d)% Change from
Quarter Ended
June 30, 2023
Ex-F/X**
Int'l(c)
WW(d)

15 %
7%
10 %
96 %
48 %
(53)%
52 %
47 %
*
71 %
N/A
N/A
4%
21 %

6%
(11)%
4%
38 %
*
*
48 %
82 %
N/A
*
N/A
N/A
30 %
11 %

11 %
2%
8%
82 %
53 %
(28)%
51 %
53 %
*
*
N/A
N/A
16 %
18 %

18 %
(2)%
11 %
41 %
*
*
48 %
94 %
N/A
*
N/A
N/A
35 %
21 %

16 %
5%
10 %
82 %
53 %
(27)%
51 %
55 %
*
*
N/A
N/A
18 %
21 %

2,544
1,165
716
341
154
96

872
188
243
83
77
126

3,416
1,353
959
424
231
222

10 %
(4)%
27 %
6%
(18)%
16 %

(2)%
(24)%
(14)%
(39)%
8%
(24)%

7%
(8)%
13 %
(7)%
(10)%
(10)%

—%
(20)%
(11)%
(34)%
25 %
(19)%

7%
(7)%
14 %
(6)%
(6)%
(8)%

5,016

1,589

6,605

7%

(11)%

2%

(8)%

3%

$ 3,400 $ 12,201

13 %

(1)%

9%

6%

11 %

$ 8,801

In excess of +100%.
See "Use of Non-GAAP Financial Information".
Includes Nulojix, Onureg, Inrebic, Empliciti and royalty revenue.
Includes other mature brands.
Beginning in 2024, Puerto Rico revenues are included in International revenues. Prior period amounts have been reclassified to conform to the current presentation.
Worldwide (WW) includes U.S. and International (Int'l).

SECOND QUARTER PRODUCT REVENUE HIGHLIGHTS
Growth Portfolio
Growth Portfolio worldwide revenues increased to $5.6 billion compared to $4.7 billion in the prioryear period, representing growth of 18% on a reported basis, or 21% when adjusted for foreignexchange impacts. Growth Portfolio revenues were primarily driven by higher demand for Opdivo,
Reblozyl, Camzyos and Opdualag, partially offset by Abecma.
Legacy Portfolio
Revenues for the Legacy Portfolio in the second quarter were $6.6 billion compared to $6.5 billion
in the prior year period, representing growth of 2% on a reported basis, or 3% when adjusted for3foreign exchange impacts. Legacy Portfolio revenues were driven by higher demand for Eliquis andPomalyst, partially offset by a decline in Revlimid due to generic erosion.
PRODUCT AND PIPELINE UPDATEBristol Myers Squibb recently achieved several important clinical and regulatory milestones.
Today, the company is announcing that the Phase 3 trial evaluating the efficacy and safety ofcendakimab in patients with eosinophilic esophagitis (EoE) met both co-primary endpoints. The
company will work with key investigators to present detailed results at an upcoming medical
conference.
Multiple regulatory approvals were received during the second quarter, including U.S. Food andDrug Administration (FDA) approval for Breyanzi to expand into follicular lymphoma and mantle cell
lymphoma. In addition, the FDA and the European Medicines Agency (EMA) are each currently
evaluating an application from the company for the approval of subcutaneous nivolumab.
Oncology
Category
Regulatory

Asset

Milestone®

Opdivo(nivolumab) +Yervoy®
(ipilimumab)

The EMA validated the Type II variation application for Opdivo plus
Yervoy as a potential first-line treatment option for adult patients withunresectable or advanced hepatocellular carcinoma (HCC) who have
not received prior systemic therapy. The application was based on
results from the Phase 3 CheckMate -9DW trial. Validation confirms thesubmission is complete and begins the EMA's centralized review
procedure.

Krazati®
(adagrasib)

The FDA granted accelerated approval for Krazati in combination withcetuximab as a targeted treatment option for adult patients withKRASG12C-mutated locally advanced or metastatic colorectal cancer(CRC), as determined by an FDA-approved test, who have received
prior treatment with fluoropyrimidine-, oxaliplatin-, and irinotecanbased chemotherapy. The approval is based on results from the Phase
1/2 KRYSTAL-1 study.

Subcutaneous
nivolumab

The EMA validated the extension application to introduce a new routeof administration (subcutaneous use) for nivolumab that includes a newpharmaceutical form (solution for injection) and a new strength (600mg/vial) across multiple previously approved adult solid tumor
indications as monotherapy, monotherapy maintenance following
completion of nivolumab plus ipilimumab combination therapy, or in
combination with chemotherapy or cabozantinib. The validation, basedon results from the Phase 3 CheckMate -67T trial, confirms thesubmission is complete and begins the EMA’s centralized review
procedure.

4

Clinical &Research

Augtyro™
(repotrectinib)

The FDA granted accelerated approval of Augtyro for the treatment of
adult and pediatric patients 12 years of age and older with solid
tumors that have a neurotrophic tyrosine receptor kinase (NTRK) genefusion, are locally advanced or metastatic or where surgical resection
is likely to result in severe morbidity, and have progressed following
treatment or have no satisfactory alternative therapy. The approval isbased on results from the Phase 1/2 TRIDENT-1 trial.

OpdivoThe European Commission (EC) approved Opdivo in combination withcisplatin and gemcitabine for the first-line treatment of adult patientswith unresectable or metastatic urothelial carcinoma (UC). The
approval makes Opdivo in combination with cisplatin and gemcitabine
the first concurrent immunotherapy-chemotherapy approved for thetreatment of adult patients with unresectable or metastatic UC in thefirst-line setting in the European Union. The approval is based on the
results from the CheckMate -901 trial.

Opdivo +YervoyThe EMA validated the Type II variation application for Opdivo plus
Yervoy for the first-line treatment of adult patients with microsatellite
instability–high or mismatch repair deficient metastatic CRC. The
application is based on results from the Phase 3 CheckMate -8HW trial.
Validation of the application confirms the submission is complete andbegins the EMA’s centralized review process.

Subcutaneous
nivolumab

The FDA accepted the Biologics License Application (BLA) for the
subcutaneous formulation of nivolumab co-formulated with Halozyme’s
proprietary recombinant human hyaluronidase across all previously
approved adult, solid tumor Opdivo indications as monotherapy,
monotherapy maintenance following completion of Opdivo plus Yervoy
combination therapy, or in combination with chemotherapy orcabozantinib. The FDA assigned a Prescription Drug User Fee Act(PDUFA) goal date of December 29, 2024.

Opdivo +YervoyResults from the Phase 3 CheckMate -9DW trial showed the dual
immunotherapy combination of Opdivo plus Yervoy meaningfully
improved overall survival, the trial’s primary endpoint, compared toinvestigator’s choice of lenvatinib or sorafenib as a first-line treatment
for patients with unresectable HCC. The results also demonstrated astatistically significant and clinically meaningful improvement in the
key secondary endpoint of objective response rate.

KrazatiResults from the Phase 3 KRYSTAL-12 study evaluating Krazati
compared to standard of care chemotherapy in patients with locallyadvanced or metastatic KRASG12C -mutated NSCLC who had previously
received platinum-based chemotherapy, concurrently or sequentiallywith anti-PD-(L)1 therapy demonstrated a statistically significant andclinically meaningful improvement in progression-free survival (PFS),
the study’s primary endpoint. The KRYSTAL-12 study remains ongoing toassess the additional key secondary endpoint of overall survival.

Opdivo +YervoyThe Phase 3 CheckMate -73L trial did not meet its primary endpoint of
PFS in unresectable, locally advanced stage III NSCLC. CheckMate -73L
evaluated Opdivo with concurrent chemoradiotherapy (CCRT) followed
by Opdivo plus Yervoy versus CCRT followed by durvalumab in patientswith unresectable stage III NSCLC.

5

Hematology
Category
Regulatory

Asset

Milestone®

Breyanzi(lisocabtagene
maraleucel)

The FDA approved Breyanzi for the treatment of adult patients withrelapsed or refractory mantle cell lymphoma (MCL) who have received
at least two prior lines of systemic therapy, including a Bruton tyrosine
kinase inhibitor. This FDA approval is based on results from the MCL
cohort of the Phase 1 TRANSCEND NHL 001 trial.

Breyanzi

The FDA granted accelerated approval for Breyanzi for the treatmentof adult patients with relapsed or refractory follicular lymphoma (FL)
who have received two or more prior lines of systemic therapy. The
approval is based on results from the Phase 2 TRANSCEND FL trial.

Category

Asset

Milestone

Clinical &Researchcendakimab

The pivotal Phase 3 trial evaluating the efficacy and safety ofcendakimab in patients with EoE met both co-primary endpoints,
demonstrating statistically significant reductions versus placebo insymptoms (dysphagia days) and esophageal eosinophil counts after 24
weeks of treatment. The overall safety profile of cendakimab through48 weeks of treatment in the Phase 3 trial was consistent withpreviously reported EoE Phase 2 trial results, and no new safety signals
were identified.

Immunology

Sotyktu®
Four-year results from the POETYK PSO long-term extension trial of(deucravacitinib) Sotyktu treatment in adult patients with moderate-to-severe plaquepsoriasis showed that, after four years of continuous Sotyktu
treatment, clinical response was maintained in more than seven out of
10 patients for Psoriasis Area and Severity Index 75. In addition, thesafety profile of Sotyktu at Year 4 remained consistent with theestablished safety profile, with no new safety signals identified.

Financial GuidanceBristol Myers Squibb is raising portions of its 2024 line-item guidance as noted below.
2024 Line-Item GuidanceNon-GAAP2
April(Prior)July(Updated)

Total Revenues

Low single-digit increase

Upper end of low singledigit range

Total Revenues

Low single-digit increase

Upper end of low singledigit range

Gross Margin %Operating Expenses1
Other income/(expense)
Effective tax rate
Diluted EPS~74%
Low single-digit increase~($250M)~69%$0.40 - $0.70

Between ~74% and ~75%
No Change~($50M)~66%$0.60 - $0.90(excl. F/X)

1 Operating Expenses = MS&A and R&D, excluding Acquired IPRD and Amortization of acquired intangible assets.
2 See "Use of Non-GAAP Financial Information."

6

The 2024 financial guidance excludes the impact of any potential future strategic acquisitions,divestitures, specified items that have not yet been identified and quantified, and the impact of
future Acquired IPRD charges. To the extent we have quantified the impact of significant R&D
charges or other income resulting from upfront or contingent milestone payments in connection
with asset acquisitions or licensing of third-party intellectual property rights, we may update thisinformation from time to time on our website www.bms.com, in the "Investors" section. Non-GAAP
guidance assumes current exchange rates. The financial guidance is subject to risks anduncertainties applicable to all forward-looking statements as described elsewhere in this press
release.
A reconciliation of forward-looking non-GAAP measures, including non-GAAP EPS, to the mostdirectly comparable GAAP measures is not provided because comparable GAAP measures for suchmeasures are not reasonably accessible or reliable due to the inherent difficulty in forecasting andquantifying measures that would be necessary for such reconciliation. Namely, we are not, without
unreasonable effort, able to reliably predict the impact of accelerated depreciation andimpairment charges, legal and other settlements, gains and losses from equity investments andother adjustments. In addition, the company believes such a reconciliation would imply a degree ofprecision and certainty that could be confusing to investors. These items are uncertain, depend on
various factors and may have a material impact on our future GAAP results. See "Cautionary
Statement Regarding Forward-Looking Statements" and "Use of Non-GAAP Financial Information."
Environmental, Social & Governance (ESG)
As a leading biopharmaceutical company, Bristol Myers Squibb's passion for making an impact
extends beyond the discovery, development and delivery of innovative medicines that help patientsprevail over serious diseases. To learn more about our priorities and goals, please visit our latest
ESG report.
• In June 2024, Bristol Myers Squibb was added to the 2023 Dow Jones Sustainability Index
North America. This reflects the company's evolved strategy and meaningful progress on its
ESG efforts.
• On May 22, 2024, the company announced ASPIRE (Accessibility, Sustainability, Patientcentric, Impact, Responsibility and Equity), a 10-year strategy to advance access to thecompany's innovative treatments and help patients in low- and middle-income countries(LMICs) gain access to potentially life-saving medicines. This strategy supports the company's
7commitment to reach more than 200,000 patients in LMICs by 2033 with its innovative
treatments.
Conference Call Information
Bristol Myers Squibb will host a conference call today, Friday, July 26, 2024, at 8:00 a.m. ET, during
which company executives will review quarterly financial results and address inquiries frominvestors and analysts. Investors and the general public are invited to listen to a live webcast of
the call at http://investor.bms.com.
Investors and the public can register for the live conference call here. Those unable to register canaccess the live conference call by dialing in the U.S. toll-free 1-833-816-1116 or international +1
412-317-0705. Materials related to the call will be available at http://investor.bms.com prior to
the start of the conference call.
A replay of the webcast will be available at http://investor.bms.com approximately three hours
after the conference call concludes. A replay of the conference call will be available beginning at
11:30 a.m. ET on July 26, 2024, through 11:30 a.m. ET on August 9, 2024, by dialing in the U.S. toll
free 1-877-344-7529 or international +1 412-317-0088, confirmation code: 2169814.
About Bristol Myers Squibb
Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop
and deliver innovative medicines that help patients prevail over serious diseases. For more
information about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, X (formerly
Twitter), YouTube, Facebook, and Instagram.
###
corporatefinancial-news
For more information, contact:
Media: media@bms.com
Investor Relations: investor.relations@bms.com
Use of Non-GAAP Financial Information
In discussing financial results and guidance, the company refers to financial measures that are notin accordance with U.S. Generally Accepted Accounting Principles (GAAP). The non-GAAP financial
measures are provided as supplemental information to the financial measures presented in thispress release that are calculated and presented in accordance with GAAP and are presented
8because management has evaluated the company’s financial results both including and excluding
the adjusted items or the effects of foreign currency translation, as applicable, and believes thatthe non-GAAP financial measures presented portray the results of the company's baseline
performance, supplement or enhance management's, analysts' and investors' overall understandingof the company’s underlying financial performance and trends and facilitate comparisons among
current, past and future periods. In addition, non-GAAP gross margin, which is gross profit
excluding certain specified items, as a percentage of revenues, non-GAAP operating margin, whichis gross profit less marketing, selling and administrative expenses and research and development
expenses excluding certain specified items as a percentage of revenues, non-GAAP operating
expenses, which is marketing, selling and administrative and research and development expenses
excluding certain specified items, non-GAAP marketing, selling and administrative expenses, which
is marketing, selling and administrative expenses excluding certain specified items, and non-GAAP
research and development expenses, which is research and development expenses excluding
certain specified items, are relevant and useful for investors because they allow investors to view
performance in a manner similar to the method used by our management and make it easier forinvestors, analysts and peers to compare our operating performance to other companies in our
industry and to compare our year-over-year results.
This earnings release and the accompanying tables also provide certain revenues and expenses aswell as non-GAAP measures excluding the impact of foreign exchange ("Ex-Fx"). We calculate
foreign exchange impacts by converting our current-period local currency financial results using theprior period average currency rates and comparing these adjusted amounts to our current-period
results. Ex-Fx financial measures are not accounted for according to GAAP because they remove
the effects of currency movements from GAAP results.
Non-GAAP financial measures such as non-GAAP earnings and related EPS information are adjusted
to exclude certain costs, expenses, gains and losses and other specified items that are evaluatedon an individual basis after considering their quantitative and qualitative aspects and typically haveone or more of the following characteristics, such as being highly variable, difficult to project,unusual in nature, significant to the results of a particular period or not indicative of past or future
operating results. These items are excluded from non-GAAP earnings and related EPS information
because the company believes they neither relate to the ordinary course of the company’s businessnor reflect the company’s underlying business performance. Similar charges or gains wererecognized in prior periods and will likely reoccur in future periods, including amortization of
acquired intangible assets, including product rights that generate a significant portion of ourongoing revenue and will recur until the intangible assets are fully amortized, unwind of inventory
purchase price adjustments, acquisition and integration expenses, restructuring costs, accelerated
depreciation and impairment of property, plant and equipment and intangible assets, costs ofacquiring a priority review voucher, divestiture gains or losses, stock compensation resulting fromacquisition-related equity awards, pension, legal and other contractual settlement charges, equity
investment and contingent value rights fair value adjustments (including fair value adjustments
attributed to limited partnership equity method investments), income resulting from the change incontrol of the Nimbus Therapeutics TYK2 Program and amortization of fair value adjustments ofdebt acquired from Celgene in our 2019 exchange offer, among other items. Deferred and current
income taxes attributed to these items are also adjusted for considering their individual impact tothe overall tax expense, deductibility and jurisdictional tax rates. Certain other significant tax
items are also excluded such as the impact resulting from a non-U.S. tax ruling regarding thedeductibility of a statutory impairment of subsidiary investments and release of income tax
reserves relating to the Celgene acquisition.
9

Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should
not be considered superior to and are not intended to be considered in isolation or as a substitutefor the related financial measures presented in the press release that are prepared in accordancewith GAAP and may not be the same as or comparable to similarly titled measures presented byother companies due to possible differences in method and in the items being adjusted. We
encourage investors to review our financial statements and publicly-filed reports in their entirety
and not to rely on any single financial measure.
Reconciliations of the non-GAAP financial measures to the most comparable GAAP measures areprovided in the accompanying financial tables and will also be available on the company’s website
at www.bms.com. Within the accompanying financial tables presented, certain columns and rows
may not add due to the use of rounded numbers. Percentages and earnings per share amounts
presented are calculated from the underlying amounts.
A reconciliation of forward-looking non-GAAP measures, including non-GAAP EPS, to the mostdirectly comparable GAAP measures is not provided because comparable GAAP measures for suchmeasures are not reasonably accessible or reliable due to the inherent difficulty in forecasting andquantifying measures that would be necessary for such reconciliation. Namely, we are not, without
unreasonable effort, able to reliably predict the impact of accelerated depreciation andimpairment charges, legal and other settlements, gains and losses from equity investments andother adjustments. In addition, the company believes such a reconciliation would imply a degree ofprecision and certainty that could be confusing to investors. These items are uncertain, depend on
various factors and may have a material impact on our future GAAP results.
Website Information
We routinely post important information for investors on our website, BMS.com, in the “Investors”
section. We may use this website as a means of disclosing material, non-public information and forcomplying with our disclosure obligations under Regulation FD. Accordingly, investors should
monitor the Investors section of our website, in addition to following our press releases, Securities
and Exchange Commission ("SEC") filings, public conference calls, presentations and webcasts. We
may also use social media channels to communicate with our investors and the public about ourcompany, our products and other matters, and those communications could be deemed to bematerial information. The information contained on, or that may be accessed through, our website
or social media channels are not incorporated by reference into, and are not a part of, thisdocument.
Cautionary Statement Regarding Forward-Looking Statements
This earnings release and the related attachments (as well as the oral statements made withrespect to information contained in this release and the attachments) contain certain “forwardlooking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among otherthings, the company’s 2024 financial guidance, plans and strategy, including its businessdevelopment and capital allocation strategy, ESG priorities and goals, anticipated developments inthe company’s pipeline, expectations with respect to the company’s future market position and the
projected benefits of the company’s alliances and other business development activities. Thesestatements may be identified by the fact that they use words such as “should,” “could,” “expect,”“anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,”“will” and other words and terms of similar meaning and expression in connection with any
discussion of future operating or financial performance, although not all forward-looking
statements contain such terms. All statements that are not statements of historical facts are, or10may be deemed to be, forward-looking statements. No forward-looking statement can be
guaranteed and there is no assurance that the company will achieve its financial guidance andlong-term targets, that the company’s future clinical studies will support the data described in thisrelease, that the company’s product candidates will receive necessary clinical and manufacturing
regulatory approvals, that the company’s pipeline products will prove to be commerciallysuccessful, that clinical and manufacturing regulatory approvals will be sought or obtained withincurrently expected timeframes, or that contractual milestones will be achieved.
Forward-looking statements are based on current expectations and projections about thecompany’s future financial results, goals, plans and objectives and involve inherent risks,
assumptions and uncertainties, including internal or external factors that could delay, divert orchange any of them in the next several years, that are difficult to predict, may be beyond thecompany’s control and could cause the company’s future financial results, goals, plans andobjectives to differ materially from those expressed in, or implied by, the statements. Such risks,
uncertainties and other matters include, but are not limited to: increasing pricing pressures frommarket access, pharmaceutical pricing controls and discounting; market actions taken by private
and government payers to manage drug utilization and contain costs; the company’s ability toretain patent exclusivity of certain products; regulatory changes that result in lower prices, lower
reimbursement rates and smaller populations for whom payers will reimburse; changes under the
340B Drug Pricing Program; the company’s ability to obtain and maintain regulatory approval for its
product candidates; the company’s ability to obtain and protect market exclusivity rights andenforce patents and other intellectual property rights; the possibility of difficulties and delays inproduct introduction and commercialization; increasing industry competition; potential difficulties,
delays and disruptions in manufacturing, distribution or sale of products; the company’s ability toidentify potential strategic acquisitions, licensing opportunities or other beneficial transactions;failure to complete, or delays in completing, collaborations, acquisitions, divestitures, alliancesand other portfolio actions and the failure to achieve anticipated benefits from such transactions
and actions; the risk of an adverse patent litigation decision or settlement and exposure to otherlitigation and/or regulatory actions or investigations; the impact of any healthcare reform andlegislation or regulatory action in the United States and international markets; increasing market
penetration of lower-priced generic products; the failure of the company’s suppliers, vendors,
outsourcing partners, alliance partners and other third parties to meet their contractual,
regulatory and other obligations; the impact of counterfeit or unregistered versions of thecompany’s products and from stolen products; product label changes or other measures that could
reduce the product's market acceptance for the company's products and result in declining sales;safety or efficacy concerns regarding the company’s products or any product in the same class as
the company’s products; the risk of cyber-attacks on the company’s information systems or
products and unauthorized disclosure of trade secrets or other confidential data; the company’s
ability to execute its financial, strategic and operational plans; the company’s dependency onseveral key products; any decline in the company’s future royalty streams; the company’s ability to
attract and retain key personnel; the impact of the company’s significant indebtedness; politicaland financial instability of international economies and sovereign risk; interest rate and currency
exchange rate fluctuations, credit and foreign exchange risk management; risks relating to the useof social media platforms; the impact of our exclusive forum provision in our by-laws for certain
lawsuits on our stockholders’ ability to obtain a judicial forum that they find favorable for suchlawsuits; issuance of new or revised accounting standards; and risks relating to public healthoutbreaks, epidemics and pandemics.
Forward-looking statements in this earnings release should be evaluated together with the manyrisks and uncertainties that affect the company’s business and market, particularly those identified
11

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

12

BRISTOL-MYERS SQUIBB COMPANYCONSOLIDATED STATEMENTS OF EARNINGS(Unaudited, dollars and shares in millions except per share data)
Three Months Ended June 30,
2024

Net product sales
Alliance and other revenues
Total Revenues$

Six Months Ended June 30,

2023

11,925276
12,201$

10,917309
11,2262024$

23,484582
24,0662023$

21,965598
22,563

Cost of products sold(a)Marketing, selling and administrative
Research and development
Acquired IPRD
Amortization of acquired intangible assets
Other (income)/expense, net
Total Expenses

3,267
1,928
2,899
132
2,416
273
10,915

2,876
1,934
2,258
158
2,257
(116)
9,367

6,199
4,295
5,594
13,081
4,773
354
34,296

5,442
3,696
4,579
233
4,513
(529)
17,934(Loss)/Earnings Before Income Taxes
Provision for Income Taxes
Net (Loss)/Earnings
Noncontrolling Interest
Net (Loss)/Earnings Attributable to BMS

1,286
(398)
1,684
4
1,680 $

1,859
(218)
2,077
4
2,073 $

(10,230)(6)(10,224)
7(10,231) $

4,629
285
4,344
9
4,335

2,027
2,029

2,093
2,102

2,025
2,025

2,096
2,107

$

(5.05) $(5.05)

2.07
2.06

282 $
(340)
(218)
58
59
(7)
(95)
113
—
32
(116) $

946 $
(352)
(536)
(209)
145
71
(270)
480
50
29
354 $

570
(703)
(406)
213
126
(332)
(197)
180
—
20
(529)

$

Weighted-Average Common Shares Outstanding:
Basic
Diluted(Loss)/Earnings per Common Share:
Basic
Diluted
Other (income)/expense, net
Interest expense(b)Royalty and licensing income
Royalty income - divestitures
Equity investment (gains)/losses
Integration expenses
Litigation and other settlements
Investment income
Provision for restructuring
Acquisition expense
Other
Other (income)/expense, net

$

0.83
0.83

$

521 $
(191)
(265)
(107)
74
69
(87)
260
1
(2)
273 $

$

(a) Excludes amortization of acquired intangible assets.
(b) Includes amortization of purchase price adjustments to Celgene debt.

13

$

0.99
0.99

BRISTOL-MYERS SQUIBB COMPANYPRODUCT REVENUESFOR THE THREE MONTHS ENDED JUNE 30, 2024 AND 2023
(Unaudited, dollars in millions)
Change vs. 2023
2024
U.S.

2023

Int'l (c)WW (d)

U.S.

$

GAAP

Int'l (c)WW (d)$U.S.

Excl. F/X**

Int'l (c)WW (d)U.S.

Int'l (c)WW (d)

Growth Portfolio
Opdivo$ 1,406981$ 2,387$ 1,221924$ 2,145

15 %

6 %

11 %

15 %

18 %

16 %

Orencia

742

206

948

695

232

927

7 %

(11) %

2 %

7 %

(2) %

5 %

Yervoy

404

226

630

368

217

585

10 %

4 %

8 %

10 %

11 %

10 %

Reblozyl

348

77

425

178

56

234

96 %

38 %

82 %

96 %

41 %

82 %

Opdualag

223

12

235

151

3

154

48 %

*

53 %

48 %

*

53 %

Abecma

54

41

95

115

17

132

(53) %*(28) %(53) %*(27) %

Zeposia

111

40

151

73

27

100

52 %

48 %

51 %

52 %

48 %

51 %

Breyanzi

122

31

153

83

17

100

47 %

82 %

53 %

47 %

94 %

55 %

Camzyos

130

9

139

46

—

46

*

N/A

*

*

N/A

*

Sotyktu

41

12

53

24

1

25

71 %

*

*

71 %

*

*

Augtyro

7

—

7

—

—

—

N/A

N/A

N/A

N/A

N/A

N/A

Krazati

29

3

32

—

—

—

N/A

N/A

N/A

N/A

N/A

N/A

Other Growth
Products(a)

168

173

341

162

133

295

4 %

30 %

16 %

4 %

35 %

18 %

3,785

1,811

5,596

3,116

1,627

4,743

21 %

11 %

18 %

21 %

21 %

21 %

Eliquis

2,544

872

3,416

2,311

893

3,204

10 %

(2) %

7 %

10 %

— %

7 %

Revlimid

1,165

188

1,353

1,219

249

1,468

(4) %

(24) %

(8) %

(4) %

(20) %(7) %Pomalyst/Imnovid

716

243

959

565

282

847

27 %

(14) %

13 %27 %(11) %

14 %Sprycel

341

83

424

323

135

458

6 %

(39) %(7) %6 %(34) %(6) %Abraxane

154

77

231

187

71

258

(18) %

8 %(10) %(18) %

25 %

(6) %

Other Legacy
Products(b)

96

126

222

83

165

248

16 %

(24) %(10) %

16 %(19) %

(8) %

1,589

6,605

4,688

1,795

6,483

7%

(11)%

2%

7%

(8)%

3%

$ 3,400 $12,201$ 7,804$ 3,422 $11,226

13 %

(1)%

9%

13 %

6%

11 %

Total Growth Portfolio
Legacy Portfolio

Total Legacy Portfolio
Total Revenues

5,016$ 8,801

In excess of +100%.
See "Use of Non-GAAP Financial Information".
Includes Onureg, Inrebic, Nulojix, Empliciti and royalty revenues.
Includes other mature brands.
Beginning in 2024, Puerto Rico revenues are included in International revenues. Prior period amounts have been reclassified to conform to thecurrent presentation.
(d) Worldwide (WW) includes U.S. and International (Int'l).

*

**
(a)
(b)
(c)

14

BRISTOL-MYERS SQUIBB COMPANYPRODUCT REVENUESFOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
(Unaudited, dollars in millions)
Change vs. 2023
2024

2023

GAAP

Excl. F/X**

U.S.

Int'l (c)WW (d)U.S.

Int'l (c)WW (d)

Int'l (c)WW (d)

Opdivo$ 2,561$ 1,904$ 4,465$ 2,502$ 1,845$ 4,347

Orencia

1,314

432

1,746

1,246

445

1,691

2 %

3 %

3 %

5 %

(3) %

3 %

Yervoy

772

441

1,213

680

413

1,093

Reblozyl

641

138

779

334

106

440

14 %

7 %

92 %

30 %

Opdualag

421

20

441

267

4

271

58 %

*

63 %

58 %

*

63 %

Abecma

106

71

177

233

46

279

(55) %

54 %(37) %(55) %

61 %(35) %

Zeposia

183

78

261

124

54

178

48 %

44 %

47 %

48 %

44 %

47 %

Breyanzi

209

51

260

141

30

171

48 %

70 %

52 %

48 %

77 %

53 %

Camzyos

207

16

223

75

—

75

*

N/A

*

*

N/A

*

Sotyktu

75

22

97

39

2

41

92 %

*

*

92 %

*

*

Augtyro

13

—

13

—

—

—

N/A

N/A

N/A

N/A

N/A

N/A

Krazati

50

3

53

—

—

—

N/A

N/A

N/A

N/A

N/A

N/A

Other Growth
Products(a)

316

344

660

306

269

575

3 %

28 %

15 %

3 %

33 %

17 %

6,868

3,520

10,388

5,947

3,214

9,161

15 %

10 %

13 %

15 %

18 %

16 %

Eliquis

5,365

1,771

7,136

4,838

1,789

6,627

11 %

(1) %

8 %

11 %

— %

8 %

Revlimid

2,618

404

3,022

2,742

476

3,218

(5) %

(15) %

(6) %

(5) %

(11) %(5) %Pomalyst/Imnovid

U.S.

Int'l (c)WW (d)

2 %

13 %

7 %

5 %

5 %

5 %

11 %

14 %

14 %

14 %

77 %

92 %

32 %

78 %

U.S.

Growth Portfolio

Total Growth Portfolio
Legacy Portfolio

1,313

511

1,824

1,106

573

1,679

19 %

(11) %

9 %

19 %

(9) %

9 %

Sprycel

623

175

798

612

275

887

2 %

(36) %(10) %

2 %(32) %(9) %Abraxane

299

149

448

348

149

497

(14) %— %(10) %(14) %

17 %

(5) %

Other Legacy
Products(b)

191

259

450

163

331

494

17 %

(22) %

(9) %

17 %

(19) %

(7) %

3,269

13,678

9,809

3,593

13,402

6%

(9)%

2%

6%

(6)%

3%

$ 6,807 $22,563

10 %

—%

7%

10 %

5%

8%

Total Legacy Portfolio

10,409Total Revenues$17,277$ 6,789 $24,066 $15,756

In excess of +100%.
See "Use of Non-GAAP Financial Information".
Includes Onureg, Inrebic, Nulojix, Empliciti and royalty revenues.
Includes other mature brands.
Beginning in 2024, Puerto Rico revenues are included in International revenues. Prior period amounts have been reclassified to conform to thecurrent presentation.
(d) Worldwide (WW) includes U.S. and International (Int'l).

*

**
(a)
(b)
(c)

15

BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL REVENUES(a)FOREIGN EXCHANGE IMPACT (%)(Unaudited)Three Months Ended June 30, 2024
F/X %Revenue
Revenue
Favorable/
Change% ExChange %(Unfavorable)
F/X ****Six Months Ended June 30, 2024
F/X %Revenue
Revenue
Favorable/
Change% ExChange %(Unfavorable)
F/X ****

Growth Portfolio
Opdivo

6%

(12)%

18%

3%

(10)%

13%

Orencia

(11)%

(9)%

(2)%

(3)%

(8)%

5%

Yervoy

4%

(7)%

11%

7%

(7)%

14%

Reblozyl

38%

(3)%

41%

30%

(2)%

32%

Opdualag

*

*

*

*

*

*

Abecma

*

*

*

54%

(7)%

61%

Zeposia

48%

—%

48%

44%

—%

44%

Breyanzi

82%

(12)%

94%

70%

(7)%

77%

Camzyos

N/A

N/A

N/A

N/A

N/A

N/A

Sotyktu

*

*

*

*

*

*

Augtyro

N/A

N/A

N/A

N/A

N/A

N/A

Krazati

N/A

N/A

N/A

N/A

N/A

N/A

Other Growth Products(b)

30%

(5)%

35%

28%

(5)%

33%

Total Growth Portfolio

11%

(10)%

21%

10%

(8)%

18%

Eliquis

(2)%

(2)%

—%

(1)%

(1)%

—%

Revlimid

(24)%

(4)%

(20)%

(15)%

(4)%

(11)%

Pomalyst/Imnovid

(14)%

(3)%

(11)%

(11)%

(2)%

(9)%

Sprycel

(39)%

(5)%

(34)%

(36)%

(4)%

(32)%

Abraxane

8%

(17)%

25%

—%

(17)%

17%

Other Legacy Products(c)

(24)%

(5)%

(19)%

(22)%

(3)%

(19)%

Total Legacy Portfolio

(11)%

(3)%

(8)%

(9)%

(3)%

(6)%

Total Revenues

(1)%

(7)%

6%

—%

(5)%

5%

Legacy Portfolio*
In excess of +100%.
** See "Use of Non-GAAP Financial Information".
(a) Beginning in 2024, Puerto Rico revenues are included in International revenues. Prior period amounts have been reclassified to conform to thecurrent presentation.
(b) Includes Onureg, Nulojix, Empliciti and royalty revenues.
(c) Includes other mature brands.

16

BRISTOL-MYERS SQUIBB COMPANYWORLDWIDE REVENUES(a)FOREIGN EXCHANGE IMPACT (%)(Unaudited)Three Months Ended June 30, 2024
F/X %Revenue
Revenue
Favorable/
Change % ExChange %(Unfavorable)
F/X ****Six Months Ended June 30, 2024
F/X %Revenue
Revenue
Favorable/
Change % ExChange %(Unfavorable)
F/X ****

Growth Portfolio
Opdivo

11%

(5)%

16%

3%

(4)%

Orencia

2%(3)%

Yervoy8%(2)%

Reblozyl

82%

—%

82%

7%

5%

3%

(2)%

5%

10%

11%

(3)%

14%

77%

(1)%

78%

Opdualag

53%

—%

53%

63%

—%

63%

Abecma

(28)%

(1)%

(27)%

(37)%

(2)%

(35)%

Zeposia

51%

—%

51%

47%

—%

47%

Breyanzi

53%

(2)%

55%

52%

(1)%

53%

Camzyos

*

*

*

*

*

*

Sotyktu

*

*

*

*

*

*

Augtyro

N/A

N/A

N/A

N/A

N/A

N/A

Krazati

N/A

N/A

N/A

N/A

N/A

N/A

Other Growth Products(b)

16%

(2)%

18%

15%

(2)%

17%

Total Growth Portfolio

18%

(3)%

21%

13%

(3)%

16%

Legacy Portfolio
Eliquis

7%

—%

7%

8%

—%

8%

Revlimid

(8)%

(1)%

(7)%

(6)%

(1)%

(5)%

Pomalyst/Imnovid

13%

(1)%

14%

9%

—%

9%

Sprycel

(7)%

(1)%

(6)%

(10)%

(1)%

(9)%

Abraxane

(10)%

(4)%

(6)%

(10)%

(5)%

(5)%

Other Legacy Products(c)

(10)%

(2)%

(8)%

(9)%

(2)%

(7)%

Total Legacy Portfolio

2%

(1)%

3%

2%

(1)%

3%

Total Revenues

9%

(2)%

11%

7%

(1)%

8%

In excess of +100%.
** See "Use of Non-GAAP Financial Information".
(a) Worldwide (WW) includes U.S. and International (Int'l).
(b) Includes Onureg, Nulojix, Empliciti and royalty revenues.
(c) Includes other mature brands.
*

17

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT *(Unaudited, dollars in millions)

THREE MONTHS

2024
Excl. F/X**

Favorable /(Unfavorable)
F/X % **

% Change
Excl. F/X**

9% $(224) $ 12,425

(2)%

11 %

2024

2023

Revenues$ 12,201$ 11,226

Gross profit

8,934

8,350

584

7%

N/A

N/A

N/A

N/A

Gross profit excluding specified items(a)

9,230

8,417

813

10 %

N/A

N/A

N/A

N/A

Gross margin(b)73.2 %

74.4 %

Gross margin excluding specified
items

75.6 %

75.0 %

Marketing, selling and administrative

1,928

1,934

(6)

—%

31

1,959

1%

1%

Marketing, selling and administrative
excluding specified items(a)

1,922

1,914

8

—%

31

1,953

2%

2%

Research and development

2,899

2,258

641

28 %

15

2,914

1%

29 %

Research and development excluding
specified items(a)

2,295

2,252

43

2%

15

2,310

1%

3%

Change %Favorable /(Unfavorable)
F/X $ **

2024
Excl. F/X**

Favorable /(Unfavorable)
F/X % **

% Change
Excl. F/X**

7% $(377) $ 24,443

(1)%

8%

2

Operating margin(c)33.7 %

37.0 %

Operating margin excluding specified
items

41.1 %

37.9 %SIX MONTHS

Change $$975

Change $Change %Favorable /(Unfavorable)
F/X $ **

2024

2023

Revenues$ 24,066$ 22,563

Gross profit

17,867

17,121

746

4%

N/A

N/A

N/A

N/A

Gross profit excluding specified items(a)18,185

17,242

943

5%

N/A

N/A

N/A

N/A

$

1,503

Gross margin(b)74.2 %

75.9 %

Gross margin excluding specified
items

75.6 %

76.4 %

Marketing, selling and administrative

4,295

3,696

599

16 %

52

4,347

2%

18 %

Marketing, selling and administrative
excluding specified items(a)

3,911

3,676

235

6%

52

3,963

2%

8%

Research and development

5,594

4,579

1,015

22 %

24

5,618

1%

23 %

Research and development excluding
specified items(a)

4,641

4,458

183

4%

24

4,665

1%

5%

Operating margin(c)33.2 %

39.2 %

Operating margin excluding specified
items

40.0 %

40.4 %*

Foreign exchange impacts were derived by converting our current-period local currency financial results using the prior period average currency rates and comparing
these adjusted amounts to our current-period results.
** See "Use of Non-GAAP Financial Information".
(a) Refer to the Specified Items schedule below for further details.
(b) Represents gross profit as a percentage of Revenues.
(c) Operating margin represents gross profit less marketing, selling and administrative expenses and research and development expenses, as a percentage of Revenues.

18

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS(Unaudited, dollars in millions)Three Months Ended
June 30,
2024
2023

Inventory purchase price accounting adjustments
Intangible asset impairment
Site exit and other costs
Cost of products sold$

Acquisition related charges(a)Site exit and other costs
Marketing, selling and administrative

13
280
3
296

$

31
—
36
67

Six Months Ended
June 30,
2024
2023

$

21
280
17
318

$

84
—
37
121

—
6
6

—
20
20

372
12
384

—
20
20

590
—
—
14
604

—
—
—
6
6

590
—
348
15
953

20
95
—
6
121

Amortization of acquired intangible assets

2,416

2,257

4,773

4,513

Interest expense(b)Equity investment (gain)/losses
Acquisition expenses
Integration expenses
Litigation and other settlements
Provision for restructuring
Other
Other (income)/expense, net

(12)
(107)
1
74
61
260
—
277

(13)
58
—
59
—
113
—
217

(25)
(209)
50
145
61
480
10
512

(27)
208
—
126
(335)
180
(5)
147

3,599

2,567

6,940

4,922

(585)

(311)

(925)

(604)

(502)
—
(1,087)

—
(656)
(967)

(502)
—
(1,427)—(656)(1,260)$ 2,512$ 1,600$ 5,513$ 3,662

IPRD impairments
Priority review voucher
Acquisition related charges(a)Site exit and other costs
Research and development

Increase to Earnings before income taxes
Income taxes on items above
Income tax reserve releases
Income taxes attributed to a non-U.S. tax ruling
Income taxes
Increase to net earnings(a)(b)

Includes cash settlement of unvested stock awards, and other related costs incurred in connection with the recent acquisitions of Karuna, RayzeBio and Mirati.
Includes amortization of purchase price adjustments to Celgene debt.

19

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS(Unaudited, dollars and shares in millions except per share data)
Three Months Ended June 30, 2024
GAAP

Gross profit$ 8,934

Non-GAAP

GAAP

$

296

$ 9,230$ 17,867

(6)

1,922

4,295

Marketing, selling and administrative

1,928

Research and development

2,899

(604)

2,295

Amortization of acquired intangible assets

2,416(2,416)—$318$ 18,185

(384)

3,911

5,594

(953)

4,641

4,773

(4,773)

—

(277)

(4)

354

(512)

(158)

3,599

4,885

(10,230)

6,940(3,290)

(398)

1,087

689

(6)

1,427

1,421

$ 1,680$ 2,512$ 4,192$ (10,231)$ 5,513$ (4,718)

2,029

2,029

2,029

2,025

2,025

2,025

2.72

$ (2.33)

Provision for income taxes

Weighted-average common shares outstanding—diluted

$

0.83

$

(30.9)%

Effective tax rate

1.24

$

45.0 %

2.07$

14.1 %

GAAP$ 8,350$(43.3)%(43.2)%Six Months Ended June 30, 2023

Specified
Items(a)Non-GAAP

GAAP

$

1,934

Marketing, selling and administrative(5.05)
0.1 %Three Months Ended June 30, 2023

Gross profit

Non-GAAP

273

Earnings/(Loss) before income taxes

Diluted earnings/(loss) per share

Specified
Items(a)1,286Other (income)/expense, net

Net earnings/(loss) attributable to BMS used for diluted
EPS calculation

Six Months Ended June 30, 2024

Specified
Items(a)67$ 8,417$ 17,121

(20)

1,914

3,696

Specified
Items(a)Non-GAAP$

121$ 17,242

(20)

3,676

Research and development

2,258

(6)

2,252

4,579

(121)

4,458

Amortization of acquired intangible assets

2,257(2,257)—

4,513(4,513)

—

(116)

(217)

(333)

(529)

(147)

(676)

1,859

2,567

4,426

4,629

4,922

9,551

(218)

967

749

285

1,260

1,545

$ 2,073$ 1,600$ 3,673

4,335$ 3,662$ 7,997

2,102

2,102

2,102

2,107

2,107

2,107

Other (income)/expense, net
Earnings before income taxes
Provision for income taxes
Net earnings attributable to BMS used for diluted EPS
calculation
Weighted-average common shares outstanding—diluted
Diluted earnings per share
Effective tax rate$

0.99
(11.7)%$

0.76
28.6 %$

1.75
16.9 %

$

$

2.06
6.2 %

$

1.74
10.0 %$

3.80
16.2 %(a) Refer to the Specified Items schedule above for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP
effective tax rate.

20

BRISTOL-MYERS SQUIBB COMPANY
NET DEBT CALCULATIONAS OF JUNE 30, 2024 AND DECEMBER 31, 2023
(Unaudited, dollars in millions)
June 30,
2024

Cash and cash equivalents
Marketable debt securities - current
Marketable debt securities - non-current
Cash, cash equivalents and marketable debt securities
Short-term debt obligations
Long-term debt
Net debt position

21

December 31,
2023

$

6,293
360
357

$

11,464816
364$

7,010 $
(3,531)(48,858)

12,644(3,119)(36,653)$(45,379) $(27,128)