Q1 2024 Results
April 25, 2024

Forward Looking Statements and Non-GAAP Financial Information
This presentation contains statements about Bristol-Myers Squibb Company’s (the “Company”) future financial results, plans, business development strategy, anticipated clinical trials, results
and regulatory approvals that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. All statements thatare not statements of historical facts are, or may be deemed to be, forward-looking statements. Actual results may differ materially from those expressed in, or implied by, these statements asa result of various factors, including, but not limited to: (i) new laws and regulations, (ii) our ability to obtain, protect and maintain market exclusivity rights and enforce patents and otherintellectual property rights, (iii) our ability to achieve expected clinical, regulatory and contractual milestones on expected timelines or at all, (iv) difficulties or delays in the development andcommercialization of new products, (v) difficulties or delays in our clinical trials and the manufacturing, distribution and sale of our products, (vi) adverse outcomes in legal or regulatory
proceedings, (vii) risks relating to acquisitions, divestitures, alliances, joint ventures and other portfolio actions and (viii) political and financial instability, including changes in general economicconditions. These and other important factors are discussed in the Company’s most recent annual report on Form 10-K and reports on Forms 10-Q and 8-K. These documents are available on
the U.S. Securities and Exchange Commission’s website, on the Company’s website or from Bristol-Myers Squibb Investor Relations. No forward-looking statements can be guaranteed.
In addition, any forward-looking statements and clinical data included herein are presented only as of the date hereof. Except as otherwise required by applicable law, the Company undertakes
no obligation to publicly update any of the provided information, whether as a result of new information, future events, changed circumstances or otherwise.
This presentation includes certain non-generally accepted accounting principles (“GAAP”) financial measures that we use to describe the Company’s performance. The non-GAAP financial
measures are provided as supplemental information and are presented 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 that the non-GAAP financial measures presented portray the results of the Company’s baseline performance, supplement
or enhance management’s, analysts’ and investors’ overall understanding of the Company’s underlying financial performance and trends and facilitate comparisons among current, past andfuture periods. This presentation also provides certain revenues and expenses excluding the impact of foreign exchange (“Ex-FX”). We calculate foreign exchange impacts by converting ourcurrent-period local currency financial results using the prior 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.
The non-GAAP information presented herein provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures.
Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors toreview our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. An explanation of these non-GAAP financial measures and areconciliation to the most directly comparable financial measure are available on our website at www.bms.com/investors.
Also note that a reconciliation of forward-looking non-GAAP measures, including non-GAAP earnings per share (EPS), to the most directly comparable GAAP measures is not provided because
comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for suchreconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains andlosses from equity investments and other adjustments. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing toinvestors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results.
Q1 2024 Results

Not for Product Promotional Use2

Q1 2024 Results

Chris Boerner, PhD
Board Chairand Chief Executive Officer3

Q1 2024 overview
Solid Commercial Performance

Topline growth: +5% or +6% Ex-FX*

Advanced our Pipeline

Multiple regulatory approvals & clinical development milestones

Closed Four Significant Deals

Strengthened long-term growth profile by diversifying inOncology & expanding in Neuroscience

Executing productivity initiative

Actions underway to increase productivity & efficiency acrossthe organization

No change to the underlying business outlook from February 2024
*See “Forward-Looking Statements and Non-GAAP Financial Information”

Q1 2024 Results

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Q1 2024 PerformanceCommercial

Research & Development1

Growth Portfolio Revenues:+8% or +11% Ex-FX* YoY$ in billions$11.3

Regulatory approvals:• Breyanzi in 3L+ CLL/SLL in U.S.

Business Development
Closed key acquisitions &global licensing deal

• Abecma in 3L+ MM in U.S. & EU

$11.9• Reblozyl 1L MDS in EU & Japan
LegacyGrowth

$4.4

$4.8

Q1 2023

Q1 2024+51%+72%+76%>100%>100%

Achieved multiple clinicaldevelopment milestones:• Opdualag PoC in NSCLC established2• Krazati 2L+ NSCLC (confirmatory trial)• KarXT long-term efficacy & safety data
• GPRC5D CAR T in RRMM & golcadomide
in NHL in registrational trials*See “Forward-Looking Statements and Non-GAAP Financial Information” 1. Not an exhaustive list of assets, programs, or indications; 2. Moving to registrational trial in a segment of NSCLC based on pre-specified analysis

Q1 2024 Results

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KarXT: Potential first-in-class M1/M4 agonist withmulti-billion-dollar peak sales opportunities
Significant market opportunity• Large population: 1.6M1 adults treatedfor schizophrenia in the U.S.
• ~70% of patients1 on current therapies
not well managed• Current SOC options associated withDifferentiated profile supported
by long-term data2,3,4• Compelling efficacy: >75% patientsachieving >30% improvement in PANSS• Differentiated safety: Continued lack ofweight gain, metabolic dysfunction, &extrapyramidal symptoms

significant AEs including serious
metabolic dysfunction
U.S. FDA PDUFA date September 26, 2024; Launch preparations underway
1. DRG – Clarivate, as of July 2023; 2. Kaul I, et al. SIRS 2024 (poster # F264). 3. Claxton A, et al. SIRS 2024 (oral). 4. Marcus R, et al. SIRS 2024 (poster #F74). AEs=Adverse Events, PANSS=Positive and Negative Syndrome Scale, SOC=Standard of Care

Q1 2024 Results

Not for Product Promotional Use6Strengthening the Company for the Transition Period &long-term growth
Realizing internal cost savings of ~$1.5B by the end of 2025*• Identifying key assets and programs with highest potential• Streamlining decision-making & reducing management layers• Focusing R&D on higher ROI programs• Investing in highest-priority growth brands
Cost savings to be reinvested in the highest potential opportunities*The Company does not reconcile forward-looking non-GAAP measures. See “Forward-Looking Statements and Non-GAAP Financial Information”

Q1 2024 Results

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Continued confidence delivering underlying growth in 2024
2024 Guidance Highlights*1
Total Revenues
Reported Rates

Low single-digit increase affirmed

Total Revenues
Ex-FX

Low single-digit increase affirmed

Revised Non-GAAP EPS$0.40 - $0.70
Includes (~$6.73) impact from Acquired IPR&D& dilution from recently closed transactions2*The Company does not reconcile forward-looking non-GAAP measures. See “Forward-Looking Statements and Non-GAAP Financial Information” 1. 2024 EPS Guidance excludes the impact of any potential future strategic acquisitions, divestitures,
specified items, and the impact of future Acquired IPRD charges 2. Comprised of net impact of Acquired IPR&D charge of ($6.30) mainly from Karuna Therapeutics & SystImmune and dilution for certain interest and/or operational expenses for Karuna
Therapeutics (~$0.30) & RayzeBio (~$0.13)

Q1 2024 Results

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Q1 2024 Results

David Elkins
Executive Vice President
and Chief Financial Officer9

Composition of revenue is rapidly transitioning to the
Growth Portfolio
Growth Portfolio

Legacy Portfolio$ in billions+5% YoY, +6% Ex-FX*$6.9

$7.1

$4.4

$4.8Q1 2023

Q1 2024

LegacyGrowth

Other Growth Brands1+8%
YoY

Other Mature Brands+11%
Ex-FX*+2%
YoY+3%Ex-FX**See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Other Growth Brands: Onureg, Inrebic, Nulojix, Empliciti, & Royalty revenues

Q1 2024 Results

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Q1 2024 Oncology product summary
Global Net Sales

Opdivo:$M

YoY %Ex-FX* %$2,078

(6%)

(2%)

$583

+15%+18%

$217

(9%)

(3%)

$206

+76%

+76%

• U.S. impacted by inventory work down & timing ofcustomer orders vs PY; continued demand growthacross indications (e.g., upper GI & 1L lung)• Ex-U.S. demand growth & expanded accessOpdualag:• U.S. growth driven by strong demand; achieved 25%+market share3 in 1L melanoma• Focused on driving share from PD-1 mono (<15%),dual I-O, & BRAF/MEK settings

Krazati:
12$21---

---

$6---

---

• Pro forma full quarter global sales ~$27M including~$25M in U.S.
• Focused on driving 2L+ NSCLC demand• Priority Review U.S. PDUFA in 3L+ CRC: June 21, 2024

*See “Forward-Looking Statements and Non-GAAP Financial Information”
1. Represents BMS sales since closure of Mirati acquisition on January 23, 2024; 2. U.S. Priority Review PDUFA June 15, 2024 (NTRK); U.S. approval Nov 2023; application under review in EU (ROS1+/NTRK) & Japan (ROS1+) 3. BMS Internal Analysis

Q1 2024 Results

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Q1 2024 Cardiovascular product summary
Eliquis: Best-in-class & leading OAC within category

Global Net Sales%$M

YoY %• U.S. growth driven by strong underlying demand
Ex-FX* %• Ex-U.S. continues to be #1 OAC in key international
markets

Camzyos: First-in-class myosin inhibitor$3,720

+9%

+9%

$84

**

**

• Strong increase in total treated & commercial
dispensed patients; Q1 net sales impacted by inventory& gross-to-net dynamics‒ Momentum strengthening in new patient starts• International expansion based on reimbursement timing
Dec 31, 2023

Mar 31, 2024

Patients in hub1~6,100~7,500Patients on commercial drug1~4,500~5,600

As of*See “Forward-Looking Statements and Non-GAAP Financial Information”; **In excess of 100%; 1. BMS internal analysis & patient figures are U.S. only

Q1 2024 Results

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Q1 2024 Hematology product summary
Global Net Sales
1Reblozyl:

$M

YoY %

Ex-FX* %$1,669(5%)(4%)• Growth across a broad RS agnostic patient population,
gaining momentum in the RS negative population$865+4%+4%• EU 1L approval with a broad label• Strong U.S. launch in 1L MDS-associated anemia

Breyanzi:$374$354(13%)
+72%

(11%)

• U.S. approval in 3L+ CLL/SLL+72%• Tailwinds expected from Q2 onwards from additional
manufacturing capacity & expanded indications

Abecma:$107+51%+51%• KarMMa-3 approval expands the addressable patient
population into earlier lines$82(44%)(44%)• U.S. & EU approval in 3L+ MM*See “Forward-Looking Statements and Non-GAAP Financial Information”

Q1 2024 Results

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Q1 2024 Immunology product summary
Global Net Sales
Sotyktu: First-in-class TYK2 inhibitor%$M

YoY %Ex-FX* %• Achieved goal of ~10K commercial scripts in Q1• Additional momentum driven by continued volume$798+4%+6%$110+41%+41%

$44

**

**growth and access improvement• Continued focus on demand growth and accessimprovements

Sotyktu Commercially Paid Scripts1
Q2’23

Q3’23

Q4’23

Q1’24

~4,400~6,500~8,700~9,800*See “Forward-Looking Statements and Non-GAAP Financial Information”; **In excess of +100%; 1. Symphony METYS TRx Data for U.S. paid scripts

Q1 2024 Results

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Q1 2024 Financial PerformanceUS GAAPGAAPUS$ in billions, except EPS

Non-GAAP *Non-GAAP

Q1 2024

Q1 2023

Q1 2024

Q1 2023

Total Revenues, net

11.9

11.3

11.9

11.3

Gross Margin %

75.3%

77.4%

75.5%

77.8%

Operating Expenses1

5.1

4.1

4.3

4.0

Acquired IPR&D

12.9

0.1

12.9

0.1

Amortization of Acquired Intangibles

2.4

2.3

--Effective Tax Rate

(3.4%)

18.2%(9.0%)

15.5%

Diluted EPS(5.89)

1.07(4.40)

2.05

Diluted Shares Outstanding (# in millions)

2,023

2,113

2,023

2,113

Diluted EPS Impact from Acquired IPR&D2(6.30)(0.01)(6.30)(0.01)*See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Operating Expenses = MS&A and R&D; 2. Represents the net impact from Acquired IPRD & Licensing income reported through Q1

Q1 2024 Results

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Strategic approach to Capital Allocation
Cash flow from Operations $B

Business
Development$4.8‒ Completed acquisitions of Mirati Therapeutics,
Karuna Therapeutics & RayzeBio

$4.3

$3.0

$2.8
$1.9

Q1 2023• Prioritize opportunities to further diversify
portfolio & strengthen long-term outlook focused
mainly on bolt-ons & licensing opportunities

Balance SheetStrength

Q2 2023

Q3 2023

Q4 2023$B

Q1 2024

Total Cash*~$10.0Total Debt~$55.7• Maintain strong investment-grade credit rating• Planned debt pay down of ~$10B over 2 years

Q1 2024

Returning Cashto Shareholders• Continued annual dividend growth**• ~$5B in share repurchase authorization remaining
as of March 31, 2024

Strong operating cash flow generation*Cash includes cash, cash equivalents and marketable debt securities; **Subject to Board approval

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Actions to enhance productivity
Realizing internal cost savings of ~$1.5B by the end of 2025*• Focus on opportunities with thehighest potential ROI to drive
long-term growth
Strengthening theCompany tonavigate theTransition Period &Drive Long-Term
GrowthCost savings across the organizationthat include:• Reduction of management layers• Prioritize investment in key growthbrands• Optimize operations across theorganization• ~2,200 employees impacted in 2024
• Pipeline rationalization• Site consolidation• Reduced third-party spend

Cost savings to be reinvested in the highest potential opportunities*The Company does not reconcile forward-looking non-GAAP measures. See “Forward-Looking Statements and Non-GAAP Financial Information”

Q1 2024 Results

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2024 Non-GAAP EPS guidance adjusted for impact ofrecently closed transactions
2024 Non-GAAP EPS Guidance*February Diluted EPS (Prior)$7.10 - $7.40

Acquired IPR&D Impact($6.30)

Dilution Impact (RayzeBio)($0.13)

Dilution Impact (Karuna)($0.30)Total Deals Impact($6.73)

Revised Diluted EPS1,2$0.40 - $0.70

Reflects consistent underlying outlook for 2024
*The Company does not reconcile forward-looking non-GAAP measures. See “Forward-Looking Statements and Non-GAAP Financial Information” 1. 2024 EPS Guidance excludes the impact of any potential future strategic acquisitions, divestitures,specified items, and the impact of future Acquired IPRD charges 2. Comprised of net impact of Acquired IPR&D charge of ($6.30) primarily from Karuna Therapeutics & SystImmune and dilution for certain interest and/or operational expenses forKaruna Therapeutics (~$0.30) & RayzeBio (~$0.13)

Q1 2024 Results

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Revised 2024 GuidanceNon-GAAP*
Total Revenues
Reported Rates

Key Highlights

February (Prior)

April (Revised)•

No change to Revenue or Gross Margin

Low single-digit increase

No Change•

No change to Operating Expenses•

Other Income/(Expense) updated forfinancing costs of Karuna and RayzeBio• ~$13B of debt at 5.3%

•Acquired IPR&D consists primarily of:• Karuna ~$12.1B• SystImmune ~$0.8B•Underlying Tax Rate excluding Acquired
IPR&D:• Q1 at ~19.5%• FY’24 estimated at ~18%

Total Revenues
Ex-FX

Low single-digit increase

No Change

Gross Margin %~74%

No Change

Operating Expenses1

Low single-digit increase

No Change

OtherIncome/(Expense)~$250M~($250M)

Tax Rate~17.5%~69%$7.10 - $7.40$0.40 - $0.70

Diluted EPS2*The Company does not reconcile forward-looking non-GAAP measures. See "Forward-Looking Statements and Non-GAAP Financial Information”; 1. Operating Expenses = MS&A and R&D, excluding Acquired IPR&D and Amortization of acquired
intangibles; 2. April 2024 EPS Guidance comprised of Acquired IPR&D charge of (~$6.30) mainly from Karuna Therapeutics & SystImmune and dilution for certain interest and/or operational expenses for Karuna Therapeutics (~$0.30) & RayzeBio(~$0.13) and excludes the impact of any potential future strategic acquisitions, divestitures, specified items, and the impact of future Acquired IPRD charges

Q1 2024 Results

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Q1 2024 Results Q&A

Chris Boerner, PhD

David Elkins

Samit Hirawat, MD

Adam Lenkowsky

Board Chair,Chief Executive Officer

Executive VP,
Chief Financial Officer

Executive VP,
Chief Medical Officer,
Global Drug Development

Executive VP,
Chief Commercialization Officer

20