# EDGAR Filing Document

**Accession Number:** 0000014272
**File Stem:** 0000014272-26-000002
**Filing Date:** 2026-2
**Character Count:** 90255
**Document Hash:** 3508dbc72741d22ece03f1345cbddf36
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000014272-26-000002.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0000014272-26-000002

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20260205

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BRISTOL MYERS SQUIBB CO
- **CENTRAL INDEX KEY:** 0000014272
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 220790350
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-01136
- **FILM NUMBER:** 26600416

**BUSINESS ADDRESS:**
- **STREET 1:** ROUTE 206 AND PROVINCE LINE ROAD
- **CITY:** PRINCETON
- **STATE:** NJ
- **ZIP:** 08543
- **BUSINESS PHONE:** 6092524621

**MAIL ADDRESS:**
- **STREET 1:** ROUTE 206 AND PROVINCE LINE ROAD
- **CITY:** PRINCETON
- **STATE:** NJ
- **ZIP:** 08543

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRISTOL MYERS CO
- **DATE OF NAME CHANGE:** 19891012

?xml version='1.0' encoding='ASCII'? bmy-20260205

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

_____________________________

**FORM 8-K**

_____________________________

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of**

**The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** February 5, 2026

_____________________________

**BRISTOL-MYERS SQUIBB COMPANY**

**(Exact name of registrant as specified in its charter)**

_____________________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-01136** | **22-0790350** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(Commission File Number)** | **(I.R.S Employer<br>Identification No.)** |

---

**Route 206 & Province Line Road, Princeton, New Jersey 08543** 

**(Address of principal executive offices) (Zip Code)**

**(Registrant's telephone number, including area code): (609) 252-4621**

_____________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Stock, $0.10 Par Value | BMY | New York Stock Exchange |
| Celgene Contingent Value Rights | CELG RT | New York Stock Exchange |
| 2.973% Notes due 2030 | BMY/30 | New York Stock Exchange |
| 3.363% Notes due 2033 | BMY/33 | New York Stock Exchange |
| 1.750% Notes due 2035 | BMY/35 | New York Stock Exchange |
| 3.857% Notes due 2038 | BMY/38 | New York Stock Exchange |
| 4.289% Notes due 2045 | BMY/45 | New York Stock Exchange |
| 4.581% Notes due 2055 | BMY/55 | 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) or Rule 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 or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On February 5, 2026, Bristol-Myers Squibb Company (the "Company") issued a press release (the "Earnings Press Release") on its website at www.bms.com announcing its financial results for the fourth quarter of 2025 and full year of 2025. 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 and incorporated by reference herein in its entirety. Other than the Earnings Press Release, the information contained in or connected to the Company's website is not deemed to be incorporated by reference in this Current Report on Form 8-K.

**Item 7.01 Regulation FD Disclosure.**

On February 5, 2026, the Company posted on its website at www.bms.com a presentation (the "Bristol Myers Presentation") on certain financial and operating initiatives available for viewing during the Company's conference call and webcast announcing its financial results for the fourth quarter of 2025 and full year of 2025 at 8:00 a.m. Eastern time. A copy of the Bristol Myers Presentation is furnished pursuant to this Item 7.01 as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. The Earnings Press Release and the Bristol Myers Presentation include references to non-GAAP financial information. Reconciliations between the non-GAAP financial measures and the comparable GAAP financial measures and the reasons for the presentation of such non-GAAP financial measures, are available in the Earnings Press Release which is included as Exhibit 99.1 hereto. The Bristol Myers Presentation should be read in conjunction with the Earnings Press Release. The Company reserves the right to discontinue availability of the Bristol Myers Presentation from its website at any time.

Pursuant to General Instruction B.2. to Form 8-K, the information set forth in this Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, and 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities thereof, nor shall it be incorporated by reference into future filings by the Company under the Exchange Act or under the Securities Act of 1933, as amended, except to the extent specifically provided in any such filing. Additionally, the submission of the information set forth in this Item 7.01 is not deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely by Regulation FD.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

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

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1 | <u>[Press release of Bristol-Myers Squibb Company dated February 5, 2026](a2025q4ex991.htm)</u> |
| 99.2 | <u>[Presentation Materials of Bristol-Myers Squibb Company dated February 5, 2026](q42025earningspresentati.htm)</u> |
| 104 | The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101). |

---

------

**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 the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | BRISTOL-MYERS SQUIBB COMPANY | BRISTOL-MYERS SQUIBB COMPANY |
| Dated: February 5, 2026 | By: | /s/ Amy Fallone |
|  | Name: | Amy Fallone |
|  | Title: | Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

![bmslogo2a.jpg](bmslogo2a.jpg)

**Bristol Myers Squibb Reports Fourth Quarter and Full-Year Financial Results for 2025**

*Financial results reflect disciplined execution and focus on delivering long-term growth*

***•* Fourth quarter revenues** increased 1% to $12.5 billion; **Growth Portfolio revenues** increased 16% to $7.4 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **GAAP EPS** was $0.53 and **non-GAAP EPS** was $1.26; Both figures include net impact of $(0.60) due to the Acquired IPRD charges and licensing income

**• Full-year revenues** were $48.2 billion; **Growth Portfolio revenues** increased 17% to $26.4 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **GAAP EPS** was $3.46 and **non-GAAP EPS** was $6.15; Both figures include net impact of $(1.40) due to the Acquired IPRD charges and licensing income

• Provides **2026 guidance** with revenues of ~$46.0 billion to $47.5 billion; Non-GAAP EPS range of $6.05 to $6.35

• Increased quarterly dividend on common stock to $0.63 per share, marking 17<sup>th</sup> consecutive annual increase

(PRINCETON, N.J., February 5, 2026) – <u>Bristol Myers Squibb</u> (NYSE: BMY) today reports results for the fourth quarter and full-year of 2025.

"We made significant progress in 2025, with real momentum in our Growth Portfolio and a strengthened balance sheet that provides the strategic flexibility to continue investing in growth drivers," said <u>Christopher Boerner, Ph.D.</u>, board chair and chief executive officer, Bristol Myers Squibb. "2026 is data-rich, and we are advancing a truly differentiated pipeline with multiple pivotal readouts expected in the back half of the year. Our core business is strong and growing, and we have the potential to achieve industry-leading, sustainable growth into the 2030s and beyond."

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fourth Quarter Results** | **Fourth Quarter Results** | **Fourth Quarter Results** | **Fourth Quarter Results** |
| $ in millions, except per share amounts | **2025** | **2024** | **Change** | **Change Excl. FX\*\*** |
| Total Revenues | $12502 | $12342 | 1% | —% |
| Earnings/(Loss) Per Share - GAAP\* | 0.53 | 0.04 | >200% | N/A |
| Earnings/(Loss) Per Share - Non-GAAP\* | 1.26 | 1.67 | (25)% | N/A |
| Acquired IPRD Charges and Licensing Income Net Impact on Earnings/(Loss) Per Share | (0.60) | 0.01 | N/A | N/A |

---

\*GAAP and Non-GAAP earnings/(loss) per share include the net impact of Acquired IPRD charges and licensing income.

\*\*See "Use of Non-GAAP Financial Information".

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Full-Year Results** | **Full-Year Results** | **Full-Year Results** | **Full-Year Results** |
| $ in millions, except per share amounts | **2025** | **2024** | **Change** | **Change Excl. FX\*\*** |
| Total Revenues | $48194 | $48300 | —% | (1)% |
| Earnings/(Loss) Per Share - GAAP\* | 3.46 | (4.41) | NM | N/A |
| Earnings/(Loss) Per Share - Non-GAAP\* | 6.15 | 1.15 | >200% | N/A |
| Acquired IPRD Charges and Licensing Income Net Impact on Earnings/(Loss) Per Share  | (1.40) | (6.39) | N/A | N/A |

---

NM Not Meaningful

\*GAAP and Non-GAAP earnings/(loss) per share include the net impact of Acquired IPRD charges and licensing income.

\*\*See "Use of Non-GAAP Financial Information".

**<u>FOURTH QUARTER RESULTS</u>**

**All comparisons are made versus the same period in 2024 unless otherwise stated.**

***•*** Growth Portfolio revenues of $7.4 billion increased 16%, or 15% Ex-FX. Revenue growth was primarily driven by our immuno-oncology (IO) portfolio, *Camzyos*, *Breyanzi* and *Reblozyl.*

• Legacy Portfolio revenues of $5.1 billion decreased 15%, or 16% Ex-FX. Demand increased for *Eliquis*, which was more than offset by expected continued generic impact across the remainder of the Legacy Portfolio as well as the impacts from higher U.S. government channel rebates.

**•** Total revenues of $12.5 billion increased 1%, or were relatively flat Ex-FX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ U.S. revenues were $8.6 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ International revenues were $3.9 billion.

------

**<u>FOURTH QUARTER PRODUCT REVENUE HIGHLIGHTS</u>**<sup>(d)</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **($ amounts in millions)** | **Quarter Ended December 31, 2025** | **Quarter Ended December 31, 2025** | **Quarter Ended December 31, 2025** | **% Change from Quarter Ended December 31, 2024** | **% Change from Quarter Ended December 31, 2024** | **% Change from Quarter Ended December 31, 2024** | **% Change from Quarter Ended December 31, 2024 Ex-FX\*\*** | **% Change from Quarter Ended December 31, 2024 Ex-FX\*\*** |
| | **U.S.** | **Int'l** | **WW**<sup>(c)</sup> | **U.S.** | **Int'l** | **WW**<sup>(c)</sup> | **Int'l** | **WW**<sup>(c)</sup> |
| **Growth Portfolio**  | | | | | | | | |
| &nbsp;&nbsp;*<u>Opdivo</u>* | $1611 | $1082 | $2693 | 13% | 2% | 9% | (2)% | 7% |
| &nbsp;&nbsp;*<u>Opdivo Qvantig</u>* | 108 | 25 | 133 | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;*<u>Orencia</u>* | 749 | 259 | 1009 | —% | 3% | 1% | —% | —% |
| &nbsp;&nbsp;*<u>Yervoy</u>* | 525 | 284 | 810 | 23% | 15% | 20% | 10% | 18% |
| &nbsp;&nbsp;*<u>Reblozyl</u>* | 552 | 114 | 666 | 24% | 12% | 22% | 6% | 21% |
| &nbsp;&nbsp;*<u>Breyanzi</u>* | 284 | 107 | 392 | 37% | 94% | 49% | 85% | 47% |
| &nbsp;&nbsp;*<u>Opdualag</u>* | 306 | 44 | 350 | 31% | 109% | 38% | 98% | 37% |
| &nbsp;&nbsp;*<u>Camzyos</u>* | 286 | 68 | 353 | 42% | >200% | 59% | >200% | 57% |
| &nbsp;&nbsp;*<u>Zeposia</u>* | 113 | 46 | 160 | (2)% | 9% | 1% | —% | (1)% |
| &nbsp;&nbsp;*<u>Abecma</u>* | 52 | 49 | 100 | (12)% | 7% | (4)% | 1% | (6)% |
| &nbsp;&nbsp;*<u>Sotyktu</u>* | 56 | 30 | 86 | (13)% | 71% | 4% | 65% | 3% |
| &nbsp;&nbsp;*<u>Krazati</u>* | 52 | 3 | 55 | 45% | 1% | 41% | (4)% | 41% |
| &nbsp;&nbsp;*<u>Cobenfy</u>* | 50 |  | 51 | >200% | N/A | >200% | N/A | >200% |
| &nbsp;&nbsp;*Other Growth Products*<sup>(a)</sup> | 212 | 325 | 537 | 6% | (1)% | 2% | (3)% | 1% |
| **Total Growth Portfolio** | 4958 | 2436 | 7393 | 19% | 11% | 16% | 7% | 15% |
| **Legacy Portfolio**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;*<u>Eliquis</u>* | 2308 | 1144 | 3453 | 4% | 18% | 8% | 9% | 6% |
| &nbsp;&nbsp;*<u>Revlimid</u>* | 508 | 94 | 602 | (57)% | (45)% | (55)% | (45)% | (55)% |
| &nbsp;&nbsp;*<u>Pomalyst/Imnovid</u>* | 624 | 67 | 692 | (9)% | (51)% | (16)% | (51)% | (16)% |
| &nbsp;&nbsp;*<u>Sprycel</u>* | 36 | 44 | 79 | (74)% | (30)% | (60)% | (31)% | (60)% |
| &nbsp;&nbsp;*<u>Abraxane</u>* | 20 | 64 | 84 | (78)% | (24)% | (52)% | (23)% | (52)% |
| &nbsp;&nbsp;*Other Legacy Products*<sup>(b)</sup> | 104 | 96 | 199 | (13)% | (27)% | (20)% | (28)% | (21)% |
| **Total Legacy Portfolio** | 3600 | 1509 | 5109 | (19)% | (3)% | (15)% | (8)% | (16)% |
| **Total Revenues** | $8558 | $3944 | $12502 | —% | 5% | 1% | —% | —% |

---

\*\*&nbsp;&nbsp;&nbsp;&nbsp;See "Use of Non-GAAP Financial Information".

(a)&nbsp;&nbsp;&nbsp;&nbsp;Includes *Augtyro*, *Onureg, Inrebic, Nulojix, Empliciti* and royalty revenues, including royalties received from Merck on *Winrevair*.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Includes other mature brands.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Worldwide (WW) includes U.S. and International (Int'l).

(d) &nbsp;&nbsp;&nbsp;&nbsp;For the above table and all subsequent tables, certain totals may not sum due to rounding. Percentages have been calculated using unrounded amounts.

------

**<u>FOURTH QUARTER COST & EXPENSES</u>**

**All comparisons are made versus the same period in 2024 unless otherwise stated.**

**The table below presents selected line-item information.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** |
| ($ amounts in millions) | **GAAP** | **Specified Items**<sup>\*\*</sup> | **Non-GAAP** | **GAAP** | **Specified Items**<sup>\*\*</sup> | **Non-GAAP** |
| **Cost of products sold** | $4097 | (589) | $3508 | $4812 | (1600) | $3212 |
| **Gross margin**<sup>(a)</sup> | 67.2% |  | 71.9% | 61.0% |  | 74.0% |
| **Selling, general and administrative** | 2181 | (93) | 2087 | 2136 | (31) | 2105 |
| **Research and development** | 2586 | (25) | 2561 | 3191 | (403) | 2788 |
| **Acquired IPRD** | 1393 |  | 1393 | 30 |  | 30 |
| **Amortization of acquired intangible assets** | 826 | (826) |  | 1693 | (1693) |  |
| **Other (income)/expense, net** | (51) | (299) | (350) | 305 | (358) | (53) |
| **Effective tax rate** | 26.2% | (4.1)% | 22.1% | 56.6% | (36.7)% | 19.9% |

---

\*\*See "Use of Non-GAAP Financial Information" and refer to the Specified Items schedule below for further detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents revenue minus cost of products sold divided by revenue.

• Gross margin increased from 61.0% to 67.2% on a GAAP basis, primarily reflecting the impact of higher impairment charges in 2024. On a non-GAAP basis, gross margin decreased from 74.0% to 71.9%, reflecting a change in product mix.

• Selling, general and administrative expenses of $2.2 billion increased 2% on a GAAP basis. Non-GAAP, selling, general and administrative expenses of $2.1 billion decreased 1%.

• Research and development expenses of $2.6 billion decreased 19% on a GAAP basis and 8% on a non-GAAP basis, primarily driven by our ongoing strategic productivity initiative. Additionally, the GAAP results reflect the impact of an IPRD impairment charge in 2024.

• Acquired IPRD charges of $1.4 billion increased from $30 million on a GAAP and non-GAAP basis, primarily driven by the acquisition of Orbital Therapeutics in 2025. Licensing income increased from $48 million to $222 million on a GAAP and non-GAAP basis.

***•*** Amortization of acquired intangible assets of $826 million decreased 51% on a GAAP basis, primarily due to lower amortization expense related to *Revlimid*.

• Effective tax rate was 26.2% on a GAAP basis and 22.1% on a non-GAAP basis. The GAAP and non-GAAP effective tax rates in 2025 were impacted by the one-time, non-tax-deductible IPRD charge from the Orbital Therapeutics acquisition.

• Net income attributable to Bristol Myers Squibb of $1.1 billion, or $0.53 per share, increased from $72 million, or $0.04 per share, on a GAAP basis. On a non-GAAP basis, net income attributable to Bristol Myers Squibb of $2.6 billion, or $1.26 per share, decreased from $3.4 billion, or $1.67 per share. GAAP and non-GAAP EPS include the impacts of Acquired IPRD charges and licensing income.

------

**<u>PRODUCT AND PIPELINE UPDATES</u>**

**Entries organized by date and inclusive of fourth quarter and recent updates.** 

---

| | | |
|:---|:---|:---|
| **Asset(s)** | **Date Announced** | **Milestone** |
| *Camzyos*<sup>®</sup> (mavacamten) | January 12 | Announced positive topline results from the Phase 3 <u>SCOUT-HCM trial</u> evaluating *Camzyos* in adolescents with symptomatic obstructive hypertrophic cardiomyopathy. The trial met its primary endpoint, and statistical significance was also met for multiple secondary endpoints. No new safety signals were reported in this new, younger population.  |
| *Opdivo*<sup>®</sup> (nivolumab) | December 11 | The U.S. Food and Drug Administration (FDA) <u>granted</u> priority review to the supplemental Biologics License Application for *Opdivo* in combination with doxorubicin, vinblastine and dacarbazine for adult and pediatric (12 years and older) patients with previously untreated Stage III or IV classical Hodgkin Lymphoma (cHL). The FDA assigned a Prescription Drug User Fee Act goal date of April 8, 2026. <br>In addition, the European Medicines Agency (EMA) validated the Type II variation application for *Opdivo* plus doxorubicin, vinblastine and dacarbazine for adults and adolescents (12 years of age and older) with previously untreated Stage III or IV cHL. Validation confirms the submission is complete and begins the EMA's centralized review procedure.  |
| pumitamig | December 9 | <u>Announced</u>, alongside BioNTech, first interim data from the Phase 2 trial evaluating pumitamig plus chemotherapy in patients with locally advanced/metastatic triple-negative breast cancer irrespective of PD-L1 expression levels, which showed encouraging anti-tumor responses and a manageable safety profile in first- and second-line treatment.  |
| *Breyanzi*<sup>®</sup> (lisocabtagene maraleucel) | December 4 | The FDA <u>approved</u> *Breyanzi* as the first and only CAR T treatment for adult patients with relapsed or refractory marginal zone lymphoma who have received at least two prior lines of systemic therapy.  |
| *Cobenfy*<sup>®</sup> (xanomeline and trospium chloride) | December 3 | Announced the continuation of the Phase 3 <u>ADEPT-2 study</u> evaluating *Cobenfy* for the treatment of psychosis associated with Alzheimer's Disease in order to enroll additional patients. |
| *Breyanzi* | November 24 | The European Commission <u>granted</u> approval to *Breyanzi* for the treatment of adult patients with relapsed or refractory mantle cell lymphoma after at least two lines of systemic therapy including a Bruton's tyrosine kinase inhibitor. |
| milvexian | November 14 | Announced, in collaboration with Johnson & Johnson, the decision to stop the Phase 3 <u>Librexia ACS trial</u> evaluating the efficacy and safety of milvexian when added to the standard of care (conventional antiplatelet therapy) for patients after a recent acute coronary syndrome event. No new safety concerns were identified, and the Librexia STROKE and Librexia AF studies continue as planned.  |

---

**<u>FULL-YEAR RESULTS</u>**

**All comparisons are made versus the same period in 2024 unless otherwise stated.**

------

***•*** Growth Portfolio revenues of $26.4 billion increased 17% on a reported basis and Ex-FX. Revenue growth was primarily driven by our immuno-oncology (IO) portfolio, *Breyanzi*, *Reblozyl* and *Camzyos*.

• Legacy Portfolio revenues of $21.8 billion decreased 15%, or 16% Ex-FX. Demand increased for *Eliquis*, which was more than offset by expected continued generic impact across the remainder of the Legacy Portfolio as well as the impacts from higher U.S. government channel rebates.

• Total revenues of $48.2 billion were relatively flat on a reported basis, or decreased 1% Ex-FX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ U.S. revenues were $33.3 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ International revenues were $14.9 billion.

**<u>FULL-YEAR PRODUCT REVENUE HIGHLIGHTS</u>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **($ amounts in millions)** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **% Change from Year Ended December 31, 2024** | **% Change from Year Ended December 31, 2024** | **% Change from Year Ended December 31, 2024** | **% Change from Year Ended December 31, 2024 Ex-F/X\*\*** | **% Change from Year Ended December 31, 2024 Ex-F/X\*\*** |
| | **U.S.** | **Int'l** | **WW**<sup>(c)</sup> | **U.S.** | **Int'l** | **WW**<sup>(c)</sup> | **Int'l** | **WW**<sup>(c)</sup> |
| **Growth Portfolio** | | | | | | | | |
| &nbsp;&nbsp;*<u>Opdivo</u>* | $5904 | $4145 | $10049 | 10% | 5% | 8% | 4% | 8% |
| &nbsp;&nbsp;*<u>Opdivo Qvantig</u>* | 205 | 33 | 238 | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;*<u>Orencia</u>* | 2736 | 969 | 3705 | (1)% | 6% | 1% | 5% | —% |
| &nbsp;&nbsp;*<u>Yervoy</u>* | 1825 | 1075 | 2900 | 14% | 15% | 15% | 14% | 14% |
| &nbsp;&nbsp;*<u>Reblozyl</u>* | 1888 | 438 | 2327 | 31% | 33% | 31% | 30% | 31% |
| &nbsp;&nbsp;*<u>Breyanzi</u>* | 994 | 364 | 1358 | 68% | 132% | 82% | 124% | 80% |
| &nbsp;&nbsp;*<u>Opdualag</u>* | 1045 | 140 | 1185 | 20% | 139% | 28% | 133% | 27% |
| &nbsp;&nbsp;*<u>Camzyos</u>* | 863 | 204 | 1068 | 59% | >200% | 77% | >200% | 76% |
| &nbsp;&nbsp;*<u>Zeposia</u>* | 392 | 186 | 577 | (3)% | 14% | 2% | 10% | 1% |
| &nbsp;&nbsp;*<u>Abecma</u>* | 208 | 219 | 427 | (14)% | 34% | 5% | 29% | 3% |
| &nbsp;&nbsp;*<u>Sotyktu</u>* | 182 | 110 | 291 | (5)% | 99% | 19% | 95% | 18% |
| &nbsp;&nbsp;*<u>Krazati</u>* | 192 | 13 | 205 | 63% | 60% | 62% | 56% | 62% |
| &nbsp;&nbsp;*<u>Cobenfy</u>* | 155 |  | 155 | >200% | N/A | >200% | N/A | >200% |
| &nbsp;&nbsp;*Other Growth Products*<sup>(a)</sup> | 782 | 1142 | 1924 | 10% | 22% | 17% | 22% | 17% |
| **Total Growth Portfolio** | 17371 | 9038 | 26409 | 17% | 17% | 17% | 16% | 17% |
| **Legacy Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;*<u>Eliquis</u>* | 10239 | 4205 | 14443 | 6% | 14% | 8% | 9% | 7% |
| &nbsp;&nbsp;*<u>Revlimid</u>* | 2535 | 416 | 2951 | (49)% | (46)% | (49)% | (46)% | (49)% |
| &nbsp;&nbsp;*<u>Pomalyst/Imnovid</u>* | 2341 | 391 | 2733 | (13)% | (54)% | (23)% | (54)% | (23)% |
| &nbsp;&nbsp;*<u>Sprycel</u>* | 299 | 194 | 493 | (70)% | (36)% | (62)% | (35)% | (62)% |
| &nbsp;&nbsp;*<u>Abraxane</u>* | 116 | 251 | 368 | (78)% | (25)% | (58)% | (23)% | (57)% |
| &nbsp;&nbsp;*Other Legacy Products*<sup>(b)</sup> | 378 | 420 | 798 | (9)% | (17)% | (14)% | (18)% | (14)% |
| **Total Legacy Portfolio** | 15908 | 5877 | 21785 | (17)% | (9)% | (15)% | (11)% | (16)% |
| **Total Revenues** | $33279 | $14915 | $48194 | (2)% | 5% | —% | 3% | (1)% |

---

\*\*&nbsp;&nbsp;&nbsp;&nbsp;See "Use of Non-GAAP Financial Information".

(a)&nbsp;&nbsp;&nbsp;&nbsp;Includes *Augtyro*, *Onureg, Inrebic, Nulojix, Empliciti* and royalty revenues, including royalties received from Merck on *Winrevair*.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Includes other mature brands.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Worldwide (WW) includes U.S. and International (Int'l).

------

**<u>FULL-YEAR COST & EXPENSES</u>**

**All comparisons are made versus the same period in 2024 unless otherwise stated.**

**The table below presents selected line-item information.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** |
| ($ amounts in millions) | **GAAP** | **Specified Items**<sup>\*\*</sup> | **Non-GAAP** | **GAAP** | **Specified Items**<sup>\*\*</sup> | **Non-GAAP** |
| **Cost of products sold** | $13936 | (742) | $13194 | $13968 | (2019) | $11949 |
| **Gross margin**<sup>(a)</sup> | 71.1% |  | 72.6% | 71.1% |  | 75.3% |
| **Selling, general and administrative** | 7267 | (118) | 7149 | 8414 | (422) | 7992 |
| **Research and development** | 9951 | (459) | 9492 | 11159 | (1377) | 9782 |
| **Acquired IPRD** | 3721 |  | 3721 | 13373 |  | 13373 |
| **Amortization of acquired intangible assets** | 3317 | (3317) |  | 8872 | (8872) |  |
| **Other (income)/expense, net** | 674 | (1488) | (814) | 893 | (1145) | (252) |
| **Effective tax rate** | 24.4% | (5.6)% | 18.8% | (6.6)% | 63.4% | 56.8% |

---

\*\*See "Use of Non-GAAP Financial Information" and refer to the Specified Items schedule below for further detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents revenue minus cost of products sold divided by revenue.

• Gross margin was 71.1% on a GAAP basis. On a non-GAAP basis, gross margin decreased from 75.3% to 72.6%, reflecting a change in product mix.

• Selling, general and administrative expenses of $7.3 billion decreased 14% on a GAAP basis and decreased 11% to $7.1 billion on a non-GAAP basis, primarily driven by our ongoing strategic productivity initiative.

• Research and development expenses of $10.0 billion decreased 11% on a GAAP basis primarily due to lower IPRD impairment charges and our ongoing strategic productivity initiative. Non-GAAP research and development expenses of $9.5 billion decreased 3%, primarily due to our ongoing strategic productivity initiative.

• Acquired IPRD charges of $3.7 billion decreased from $13.4 billion on a GAAP and non-GAAP basis, primarily due to the prior year Karuna acquisition. Licensing income increased from $122 million to $430 million on a GAAP and non-GAAP basis.

***•*** Amortization of acquired intangible assets of $3.3 billion decreased 63% on a GAAP basis, primarily due to lower amortization expense related to *Revlimid*.

• Effective tax rate was 24.4% on a GAAP basis and 18.8% on a non-GAAP basis. The GAAP and non-GAAP effective tax rates in 2025 were impacted by the one-time, non-tax-deductible IPRD charge from the Orbital Therapeutics acquisition.

• Net income attributable to Bristol Myers Squibb of $7.1 billion, or $3.46 per share, compared to a net loss of $8.9 billion, or $(4.41) per share, on a GAAP basis. On a non-GAAP basis, net income attributable to Bristol Myers Squibb of $12.5 billion, or $6.15 per share, increased from $2.3 billion, or $1.15 per share. GAAP and non-GAAP EPS include the impacts of Acquired IPRD charges and licensing income.

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**<u>Business Development</u>**

In January 2026, the company <u>announced</u> an agreement with Microsoft aimed at accelerating early detection of lung cancer. Through the collaboration, U.S. FDA-cleared radiology AI algorithms will be deployed via Microsoft's Precision Imaging Network.

These advanced AI algorithms can help surface hard to detect lung nodules, potentially identify patients at earlier stages of lung cancer, and help triage them for appropriate care. A core objective of the collaboration is to expand access to early detection in medically underserved communities, including rural hospitals and community clinics across the U.S.

**<u>Capital Allocation</u>**

In December, the company <u>announced</u> that the Board of Directors declared a quarterly dividend of $0.63 per share on the company's common stock, a 1.6% increase over last year's quarterly rate. Subject to normal quarterly review by the Board, the annual dividend rate for fiscal year 2026 is $2.52 per share. This is the 17<sup>th</sup> consecutive year the company has increased its dividend and the 94<sup>th</sup> consecutive year it has paid a dividend.

**<u>Financial Guidance</u>**

Bristol Myers Squibb is providing key 2026 non-GAAP line-item guidance as outlined below.

The company estimates total revenues will be approximately $46.0 billion to $47.5 billion. This reflects an anticipated revenue decline for the Legacy Portfolio of approximately 12-16%. This is expected to be partially offset by the continued strength of our Growth Portfolio.

---

| | |
|:---|:---|
| **2026 Non-GAAP**<sup>1</sup> **Line-Item Guidance** | **2026 Non-GAAP**<sup>1</sup> **Line-Item Guidance** |
| **Total Revenues**<br>(Reported & Ex-FX) | ~$46.0 - $47.5 billion |
| **Gross Margin %** | ~69% - 70% |
| **Operating Expenses**<sup>2</sup> | ~$16.3 billion |
| **Other income/(expense)** | ~($700 million) |
| **Effective tax rate** | ~18% |
| **Diluted EPS** | $6.05 - $6.35 |

---

<sup>1</sup> See "Use of Non-GAAP Financial Information." Amounts were calculated based on mid-January 2026 foreign exchange rates.

<sup>2</sup> Operating Expenses = SG&A and R&D.

The company expects total Worldwide *Eliquis* revenues to increase in 2026, when compared to 2025, consistent with the range shown in the table below.

------

---

| | |
|:---|:---|
| **2026 *Eliquis* Revenue Guidance** | **2026 *Eliquis* Revenue Guidance** |
| **2026 WW Revenue Growth\*** | 10% - 15% |

---

<sup>\*</sup> Compared to 2025 Worldwide *Eliquis* revenues.

The 2026 financial guidance provided 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 and licensing income. 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 this information from time to time on our website, <u>www.bms.com</u>, in the "Investors" section. Non-GAAP guidance assumes exchange rates as of the date noted. The financial guidance is subject to risks and uncertainties 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 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 such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses 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 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."

**<u>Conference Call Information</u>**

Bristol Myers Squibb will host a conference call today, Thursday, February 5, 2026, at 8:00 a.m. ET, during which company executives will review financial results with the investment community.

Investors and the general public are invited to listen to a live webcast of the call at <u>http://investor.bms.com</u>. Materials related to the call will be available at <u>http://investor.bms.com</u> prior to the start of the conference call.

A replay of the webcast will be available at <u>http://investor.bms.com</u> approximately three hours after the conference call concludes.

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**<u>About Bristol Myers Squibb: Transforming Patients' Lives Through Science</u>**

At Bristol Myers Squibb, our mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. We are pursuing bold science to define what's possible for the future of medicine and the patients we serve. For more information, visit us at <u>BMS.com</u> and follow us on <u>LinkedIn</u>, <u>X</u>, <u>YouTube</u>, <u>Facebook</u> and <u>Instagram</u>.

###

corporatefinancial-news

**For more information, contact:** 

Media Relations: <u>media@bms.com</u>

Investor Relations: <u>investor.relations@bms.com</u>

**<u>Use of Non-GAAP Financial Information</u>**

In discussing financial results and guidance, the company refers to financial measures that are not in 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 this press release that are calculated and presented in accordance with GAAP 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 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, which is gross profit less selling, general and administrative expenses and research and development expenses excluding certain specified items as a percentage of revenues, non-GAAP operating expenses, which is selling, general and administrative and research and development expenses excluding certain specified items, non-GAAP selling, general and administrative expenses, which is selling, general 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 for investors, 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, as well 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 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.

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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 evaluated on an individual basis after considering their quantitative and qualitative aspects and typically have one 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 business nor reflect the company's underlying business performance. Similar charges or gains were recognized 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 our ongoing revenue and will recur until the intangible assets are fully amortized, unwinding of inventory purchase price adjustments, acquisition and integration expenses, restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, divestiture gains or losses, stock compensation resulting from acquisition-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 and other investments), loss on debt redemptions, and amortization of fair value adjustments of debt 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 to the overall tax expense, deductibility and jurisdictional tax rates, as well as certain other significant tax items.

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 substitute for the related financial measures presented in the press release that are prepared in accordance with GAAP and may not be the same as or comparable to similarly titled measures presented by other 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 are provided 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 EPS amounts presented are calculated from the underlying amounts.

A reconciliation of forward-looking non-GAAP measures, including non-GAAP 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 such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses 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 to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results.

**<u>Website Information</u>**

We routinely post important information for investors on our website, www.bms.com, in the "Investors" section. We may use this website as a means of disclosing material, non-public information and for complying 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 our company, our products and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels is not incorporated by reference into, and is not a part of, this document. All trademarks mentioned are the property of their owners.

**<u>Cautionary Statement Regarding Forward-Looking Statements</u>**

This earnings release and the related attachments (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain "forward-looking" 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 other things, the company's 2026 financial guidance, its business development and capital allocation strategy, anticipated developments in the 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. These statements 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, or 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 and long-term targets, that the company's future clinical studies will support the data described in this release, that the company's product candidates will receive necessary clinical and manufacturing regulatory approvals, that the company's pipeline products will prove to be commercially successful, that clinical and manufacturing regulatory approvals will be sought or obtained within currently expected timeframes, or that contractual milestones will be achieved.

Forward-looking statements are based on current expectations and projections about the company's future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond the company's control and could cause the company's future financial results, goals, plans and objectives 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 from market access, pharmaceutical pricing controls and discounting; market actions taken by private and government payers to manage drug utilization and contain costs; government actions relating to the imposition of new tariffs, trade restrictions and export regulations; the company's ability to retain patent and market exclusivity for 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 possibility of difficulties and delays in product introduction and commercialization; increasing industry competition; potential difficulties, delays and disruptions in manufacturing, distribution or sale of products; the company's ability to identify potential strategic acquisitions, licensing opportunities or other beneficial transactions; failure to complete, or delays in completing, collaborations, acquisitions, divestitures, alliances and other portfolio actions and the failure to achieve anticipated benefits from such transactions and actions; exposure to litigation and/or regulatory actions or investigations; the impact of any healthcare reform and legislation or regulatory action in the United States and international markets; increasing market penetration of lower-priced generic products; the failure of the company's

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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 the company's products and from stolen products; product label changes or other measures that could 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 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 ability to attract and retain key personnel; the impact of the company's significant indebtedness; political and 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 use of social media platforms; issuance of new or revised accounting standards; and risks relating to public health outbreaks, epidemics and pandemics.

Forward-looking statements in this earnings release should be evaluated together with the many risks and uncertainties that affect the company's business and market, particularly those identified in the cautionary statement and risk factors discussion in the company's Annual Report on Form 10-K for the year ended December 31, 2024, 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 forward-looking statements included in this document are made only as of the date of this document and except 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.

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**BRISTOL-MYERS SQUIBB COMPANY**

**CONSOLIDATED STATEMENTS OF EARNINGS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net product sales | $12111 | $11811 | $46756 | $46778 |
| Alliance and other revenues | 391 | 531 | 1438 | 1522 |
| &nbsp;&nbsp;**Total Revenues** | **12502** | **12342** | **48194** | **48300** |
| Cost of products sold<sup>(a)</sup> | 4097 | 4812 | 13936 | 13968 |
| Selling, general and administrative | 2181 | 2136 | 7267 | 8414 |
| Research and development | 2586 | 3191 | 9951 | 11159 |
| Acquired IPRD | 1393 | 30 | 3721 | 13373 |
| Amortization of acquired intangible assets | 826 | 1693 | 3317 | 8872 |
| Other (income)/expense, net | (51) | 305 | 674 | 893 |
| &nbsp;&nbsp;**Total Expenses** | **11032** | **12167** | **38866** | **56679** |
| Earnings/(Loss) Before Income Taxes | 1470 | 175 | 9328 | (8379) |
| Income tax provision | 384 | 99 | 2272 | 554 |
| **Net Earnings/(Loss)** | **1085** | **76** | **7055** | **(8933)** |
| Noncontrolling Interest | (1) | 4 | 2 | 15 |
| **Net Earnings/(Loss) Attributable to BMS** | $**1087** | $**72** | $**7054** | $**(8948)** |
| **Weighted-Average Common Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;Basic | 2036 | 2029 | 2034 | 2027 |
| &nbsp;&nbsp;Diluted | 2041 | 2037 | 2039 | 2027 |
| **Earnings/(Loss) per Common Share:** |  |  |  |  |
| &nbsp;&nbsp;Basic | $0.53 | $0.04 | $3.47 | $(4.41) |
| &nbsp;&nbsp;Diluted | 0.53 | 0.04 | 3.46 | (4.41) |
| Other (income)/expense, net |  |  |  |  |
| &nbsp;&nbsp;Interest expense | $432 | $496 | $1891 | $1947 |
| &nbsp;&nbsp;Royalty income - divestitures | (285) | (284) | (1129) | (1104) |
| &nbsp;&nbsp;Royalty and licensing income | (396) | (204) | (1093) | (736) |
| &nbsp;&nbsp;Investment income | (148) | (114) | (586) | (478) |
| &nbsp;&nbsp;Provision for restructuring | 132 | 77 | 563 | 635 |
| &nbsp;&nbsp;Litigation and other settlements | 10 | 13 | 434 | 84 |
| &nbsp;&nbsp;Loss on debt redemption | 356 |  | 356 |  |
| &nbsp;&nbsp;Contingent consideration | 15 |  | 351 |  |
| &nbsp;&nbsp;Equity investment (gains)/losses | (190) | 205 | (280) | (16) |
| &nbsp;&nbsp;Integration expenses | 37 | 70 | 147 | 284 |
| &nbsp;&nbsp;Acquisition expense | 4 |  | 9 | 50 |
| &nbsp;&nbsp;Other | (18) | 46 | 11 | 227 |
| **Other (income)/expense, net** | $**(51)** | $**305** | $**674** | $**893** |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp; Excludes amortization of acquired intangible assets.

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**BRISTOL-MYERS SQUIBB COMPANY**

**PRODUCT REVENUES**

**FOR THE THREE MONTHS ENDED DECEMBER 31, 2025 AND 2024**

**(Unaudited, dollars in millions)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Change vs. 2024** | **Change vs. 2024** | **Change vs. 2024** | **Change vs. 2024** | **Change vs. 2024** | **Change vs. 2024** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **GAAP** | **GAAP** | **GAAP** | **Excl. F/X\*\*** | **Excl. F/X\*\*** | **Excl. F/X\*\*** |
| | **U.S.** | **Int'l** | **WW**<sup>(c)</sup> | **U.S.**  | **Int'l** | **WW**<sup>(c)</sup> | **U.S.**  | **Int'l** | **WW**<sup>(c)</sup> | **U.S.** | **Int'l** | **WW**<sup>(c)</sup> |
| **Growth Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;*Opdivo* | $1611 | $1082 | $2693 | $1423 | $1056 | $2479 | 13% | 2% | 9% | 13% | (2)% | 7% |
| &nbsp;&nbsp;*Opdivo Qvantig* | 108 | 25 | 133 |  |  |  | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;*Orencia* | 749 | 259 | 1009 | 750 | 250 | 1000 | —% | 3% | 1% | —% | —% | —% |
| &nbsp;&nbsp;*Yervoy* | 525 | 284 | 810 | 428 | 247 | 675 | 23% | 15% | 20% | 23% | 10% | 18% |
| &nbsp;&nbsp;*Reblozyl* | 552 | 114 | 666 | 445 | 102 | 547 | 24% | 12% | 22% | 24% | 6% | 21% |
| &nbsp;&nbsp;*Breyanzi* | 284 | 107 | 392 | 209 | 54 | 263 | 37% | 94% | 49% | 37% | 85% | 47% |
| &nbsp;&nbsp;*Opdualag* | 306 | 44 | 350 | 233 | 21 | 254 | 31% | 109% | 38% | 31% | 98% | 37% |
| &nbsp;&nbsp;*Camzyos* | 286 | 68 | 353 | 201 | 22 | 223 | 42% | >200% | 59% | 42% | >200% | 57% |
| &nbsp;&nbsp;*Zeposia* | 113 | 46 | 160 | 115 | 43 | 158 | (2)% | 9% | 1% | (2)% | —% | (1)% |
| &nbsp;&nbsp;*Abecma* | 52 | 49 | 100 | 59 | 46 | 105 | (12)% | 7% | (4)% | (12)% | 1% | (6)% |
| &nbsp;&nbsp;*Sotyktu* | 56 | 30 | 86 | 64 | 19 | 83 | (13)% | 71% | 4% | (13)% | 65% | 3% |
| &nbsp;&nbsp;*Krazati* | 52 | 3 | 55 | 36 | 3 | 39 | 45% | 1% | 41% | 45% | (4)% | 41% |
| &nbsp;&nbsp;*Cobenfy* | 50 |  | 51 | 10 |  | 10 | >200% | N/A | >200% | >200% | N/A | >200% |
| &nbsp;&nbsp;*Other Growth Products*<sup>(a)</sup> | 212 | 325 | 537 | 199 | 328 | 527 | 6% | (1)% | 2% | 6% | (3)% | 1% |
| **Total Growth Portfolio** | **4958** | **2436** | **7393** | **4172** | **2191** | **6363** | **19%** | **11%** | **16%** | **19%** | **7%** | **15%** |
| **Legacy Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;*Eliquis* | 2308 | 1144 | 3453 | 2221 | 974 | 3195 | 4% | 18% | 8% | 4% | 9% | 6% |
| &nbsp;&nbsp;*Revlimid* | 508 | 94 | 602 | 1169 | 170 | 1339 | (57)% | (45)% | (55)% | (57)% | (45)% | (55)% |
| &nbsp;&nbsp;*Pomalyst/Imnovid* | 624 | 67 | 692 | 685 | 138 | 823 | (9)% | (51)% | (16)% | (9)% | (51)% | (16)% |
| &nbsp;&nbsp;*Sprycel* | 36 | 44 | 79 | 135 | 63 | 198 | (74)% | (30)% | (60)% | (74)% | (31)% | (60)% |
| &nbsp;&nbsp;*Abraxane* | 20 | 64 | 84 | 91 | 83 | 174 | (78)% | (24)% | (52)% | (78)% | (23)% | (52)% |
| &nbsp;&nbsp;*Other Legacy Products*<sup>(b)</sup> | 104 | 96 | 199 | 123 | 127 | 250 | (13)% | (27)% | (20)% | (13)% | (28)% | (21)% |
| **Total Legacy Portfolio** | **3600** | **1509** | **5109** | **4424** | **1555** | **5979** | **(19)%** | **(3)%** | **(15)%** | **(19)%** | **(8)%** | **(16)%** |
| **Total Revenues** | $**8558** | $**3944** | $**12502** | $**8596** | $**3746** | $**12342** | **— %** | **5%** | **1%** | **— %** | **— %** | **— %** |

---

\*\*&nbsp;&nbsp;&nbsp;&nbsp;See "Use of Non-GAAP Financial Information".

(a)&nbsp;&nbsp;&nbsp;&nbsp;Includes *Augtyro*, *Onureg*, *Inrebic*, *Nulojix*, *Empliciti* and royalty revenues, including royalties received from Merck on *Winrevair*.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Includes other mature brands.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Worldwide (WW) includes U.S. and International (Int'l).

------

**BRISTOL-MYERS SQUIBB COMPANY**

**PRODUCT REVENUES**

**FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2025 AND 2024**

**(Unaudited, dollars in millions)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Change vs. 2024** | **Change vs. 2024** | **Change vs. 2024** | **Change vs. 2024** | **Change vs. 2024** | **Change vs. 2024** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **GAAP** | **GAAP** | **GAAP** | **Excl. F/X\*\*** | **Excl. F/X\*\*** | **Excl. F/X\*\*** |
| | **U.S.** | **Int'l** | **WW**<sup>(c)</sup> | **U.S.**  | **Int'l** | **WW**<sup>(c)</sup> | **U.S.**  | **Int'l** | **WW**<sup>(c)</sup> | **U.S.** | **Int'l** | **WW**<sup>(c)</sup> |
| **Growth Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;*Opdivo* | $5904 | $4145 | $10049 | $5350 | $3954 | $9304 | 10% | 5% | 8% | 10% | 4% | 8% |
| &nbsp;&nbsp;*Opdivo Qvantig* | 205 | 33 | 238 |  |  |  | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;*Orencia* | 2736 | 969 | 3705 | 2770 | 912 | 3682 | (1)% | 6% | 1% | (1)% | 5% | —% |
| &nbsp;&nbsp;*Yervoy* | 1825 | 1075 | 2900 | 1599 | 931 | 2530 | 14% | 15% | 15% | 14% | 14% | 14% |
| &nbsp;&nbsp;*Reblozyl* | 1888 | 438 | 2327 | 1444 | 329 | 1773 | 31% | 33% | 31% | 31% | 30% | 31% |
| &nbsp;&nbsp;*Breyanzi* | 994 | 364 | 1358 | 591 | 156 | 747 | 68% | 132% | 82% | 68% | 124% | 80% |
| &nbsp;&nbsp;*Opdualag* | 1045 | 140 | 1185 | 870 | 58 | 928 | 20% | 139% | 28% | 20% | 133% | 27% |
| &nbsp;&nbsp;*Camzyos* | 863 | 204 | 1068 | 543 | 59 | 602 | 59% | >200% | 77% | 59% | >200% | 76% |
| &nbsp;&nbsp;*Zeposia* | 392 | 186 | 577 | 403 | 163 | 566 | (3)% | 14% | 2% | (3)% | 10% | 1% |
| &nbsp;&nbsp;*Abecma* | 208 | 219 | 427 | 242 | 164 | 406 | (14)% | 34% | 5% | (14)% | 29% | 3% |
| &nbsp;&nbsp;*Sotyktu* | 182 | 110 | 291 | 190 | 56 | 246 | (5)% | 99% | 19% | (5)% | 95% | 18% |
| &nbsp;&nbsp;*Krazati* | 192 | 13 | 205 | 118 | 8 | 126 | 63% | 60% | 62% | 63% | 56% | 62% |
| &nbsp;&nbsp;*Cobenfy* | 155 |  | 155 | 10 |  | 10 | >200% | N/A | >200% | >200% | N/A | >200% |
| &nbsp;&nbsp;*Other Growth Products*<sup>(a)</sup> | 782 | 1142 | 1924 | 710 | 933 | 1643 | 10% | 22% | 17% | 10% | 22% | 17% |
| **Total Growth Portfolio** | **17371** | **9038** | **26409** | **14840** | **7723** | **22563** | **17%** | **17%** | **17%** | **17%** | **16%** | **17%** |
| **Legacy Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;*Eliquis* | 10239 | 4205 | 14443 | 9631 | 3702 | 13333 | 6% | 14% | 8% | 6% | 9% | 7% |
| &nbsp;&nbsp;*Revlimid* | 2535 | 416 | 2951 | 4999 | 774 | 5773 | (49)% | (46)% | (49)% | (49)% | (46)% | (49)% |
| &nbsp;&nbsp;*Pomalyst/Imnovid* | 2341 | 391 | 2733 | 2695 | 850 | 3545 | (13)% | (54)% | (23)% | (13)% | (54)% | (23)% |
| &nbsp;&nbsp;*Sprycel* | 299 | 194 | 493 | 983 | 303 | 1286 | (70)% | (36)% | (62)% | (70)% | (35)% | (62)% |
| &nbsp;&nbsp;*Abraxane* | 116 | 251 | 368 | 541 | 334 | 875 | (78)% | (25)% | (58)% | (78)% | (23)% | (57)% |
| &nbsp;&nbsp;*Other Legacy Products*<sup>(b)</sup> | 378 | 420 | 798 | 416 | 509 | 925 | (9)% | (17)% | (14)% | (9)% | (18)% | (14)% |
| **Total Legacy Portfolio** | **15908** | **5877** | **21785** | **19265** | **6472** | **25737** | **(17)%** | **(9)%** | **(15)%** | **(17)%** | **(11)%** | **(16)%** |
| **Total Revenues** | $**33279** | $**14915** | $**48194** | $**34105** | $**14195** | $**48300** | **(2)%** | **5%** | **— %** | **(2)%** | **3%** | **(1)%** |

---

\*\*&nbsp;&nbsp;&nbsp;&nbsp;See "Use of Non-GAAP Financial Information".

(a)&nbsp;&nbsp;&nbsp;&nbsp;Includes *Augtyro, Onureg*, *Inrebic*, *Nulojix*, *Empliciti* and royalty revenues, including royalties received from Merck on *Winrevair*.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Includes other mature brands.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Worldwide (WW) includes U.S. and International (Int'l).

------

**BRISTOL-MYERS SQUIBB COMPANY** 

**INTERNATIONAL REVENUES**

**FOREIGN EXCHANGE IMPACT (%)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** |
| | **Revenue Change %** | **F/X % Favorable/ (Unfavorable) \*\*** | **Revenue Change % Ex- F/X \*\*** | **Revenue Change %** | **F/X % Favorable/ (Unfavorable) \*\*** | **Revenue Change % Ex- F/X \*\*** |
| **Growth Portfolio** | | | | | | |
| &nbsp;&nbsp;*Opdivo* | 2% | 5% | (2)% | 5% | 1% | 4% |
| &nbsp;&nbsp;*Opdivo Qvantig* | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;*Orencia* | 3% | 4% | —% | 6% | 1% | 5% |
| &nbsp;&nbsp;&nbsp;*Yervoy* | 15% | 6% | 10% | 15% | 2% | 14% |
| &nbsp;&nbsp;&nbsp;*Reblozyl* | 12% | 6% | 6% | 33% | 3% | 30% |
| &nbsp;&nbsp;&nbsp;*Breyanzi* | 94% | 9% | 85% | 132% | 8% | 124% |
| &nbsp;&nbsp;&nbsp;*Opdualag* | 109% | 11% | 98% | 139% | 6% | 133% |
| &nbsp;&nbsp;&nbsp;*Camzyos* | >200% | NM | >200% | >200% | NM | >200% |
| &nbsp;&nbsp;&nbsp;*Zeposia* | 9% | 9% | —% | 14% | 4% | 10% |
| &nbsp;&nbsp;&nbsp;*Abecma* | 7% | 6% | 1% | 34% | 4% | 29% |
| &nbsp;&nbsp;*Sotyktu* | 71% | 6% | 65% | 99% | 3% | 95% |
| &nbsp;&nbsp;&nbsp;*Krazati* | 1% | 6% | (4)% | 60% | 4% | 56% |
| &nbsp;&nbsp;*Cobenfy* | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;*Other Growth Products*<sup>(a)</sup> | (1)% | 2% | (3)% | 22% | 1% | 22% |
| **Total Growth Portfolio** | **11%** | **5%** | **7%** | **17%** | **1%** | **16%** |
| **Legacy Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Eliquis* | 18% | 8% | 9% | 14% | 4% | 9% |
| &nbsp;&nbsp;&nbsp;*Revlimid* | (45)% | —% | (45)% | (46)% | —% | (46)% |
| &nbsp;&nbsp;&nbsp;*Pomalyst/Imnovid* | (51)% | —% | (51)% | (54)% | —% | (54)% |
| &nbsp;&nbsp;&nbsp;*Sprycel* | (30)% | —% | (31)% | (36)% | (1)% | (35)% |
| &nbsp;&nbsp;&nbsp;*Abraxane* | (24)% | (1)% | (23)% | (25)% | (2)% | (23)% |
| &nbsp;&nbsp;*Other Legacy Products*<sup>(b)</sup> | (27)% | 1% | (28)% | (17)% | —% | (18)% |
| **Total Legacy Portfolio** | **(3)%** | **5%** | **(8)%** | **(9)%** | **2%** | **(11)%** |
| **Total Revenues** | **5%** | **5%** | **—%** | **5%** | **2%** | **3%** |

---

NM&nbsp;&nbsp;&nbsp;&nbsp;Not meaningful

\*\*&nbsp;&nbsp;&nbsp;&nbsp;See "Use of Non-GAAP Financial Information".

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Includes *Augtyro*, *Onureg*, *Inrebic, Nulojix*, *Empliciti* and royalty revenues, including royalties received from Merck on *Winrevair*.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Includes other mature brands.

------

**BRISTOL-MYERS SQUIBB COMPANY** 

**WORLDWIDE REVENUES**<sup>(a)</sup>

**FOREIGN EXCHANGE IMPACT (%)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** |
| | **Revenue Change %** | **F/X % Favorable/ (Unfavorable) \*\*** | **Revenue Change % Ex- F/X \*\*** | **Revenue Change %** | **F/X % Favorable/ (Unfavorable) \*\*** | **Revenue Change % Ex- F/X \*\*** |
| **Growth Portfolio** | | | | | | |
| &nbsp;&nbsp;*Opdivo* | 9% | 2% | 7% | 8% | —% | 8% |
| &nbsp;&nbsp;*Opdivo Qvantig* | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;*Orencia* | 1% | 1% | —% | 1% | —% | —% |
| &nbsp;&nbsp;&nbsp;*Yervoy* | 20% | 2% | 18% | 15% | 1% | 14% |
| &nbsp;&nbsp;&nbsp;*Reblozyl* | 22% | 1% | 21% | 31% | 1% | 31% |
| &nbsp;&nbsp;&nbsp;Breyanzi | 49% | 2% | 47% | 82% | 2% | 80% |
| &nbsp;&nbsp;&nbsp;*Opdualag* | 38% | 1% | 37% | 28% | —% | 27% |
| &nbsp;&nbsp;&nbsp;*Camzyos* | 59% | 2% | 57% | 77% | 1% | 76% |
| &nbsp;&nbsp;&nbsp;*Zeposia* | 1% | 2% | (1)% | 2% | 1% | 1% |
| &nbsp;&nbsp;&nbsp;*Abecma* | (4)% | 3% | (6)% | 5% | 2% | 3% |
| &nbsp;&nbsp;*Sotyktu* | 4% | 1% | 3% | 19% | 1% | 18% |
| &nbsp;&nbsp;&nbsp;*Krazati* | 41% | —% | 41% | 62% | —% | 62% |
| &nbsp;&nbsp;*Cobenfy* | >200% | NM | >200% | >200% | NM | >200% |
| &nbsp;&nbsp;*Other Growth Products*<sup>(b)</sup> | 2% | 1% | 1% | 17% | —% | 17% |
| **Total Growth Portfolio** | **16%** | **2%** | **15%** | **17%** | **—%** | **17%** |
| **Legacy Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Eliquis* | 8% | 2% | 6% | 8% | 1% | 7% |
| &nbsp;&nbsp;&nbsp;*Revlimid* | (55)% | —% | (55)% | (49)% | —% | (49)% |
| &nbsp;&nbsp;&nbsp;*Pomalyst/Imnovid* | (16)% | —% | (16)% | (23)% | —% | (23)% |
| &nbsp;&nbsp;&nbsp;*Sprycel* | (60)% | —% | (60)% | (62)% | —% | (62)% |
| &nbsp;&nbsp;&nbsp;*Abraxane* | (52)% | —% | (52)% | (58)% | (1)% | (57)% |
| &nbsp;&nbsp;*Other Legacy Products*<sup>(c)</sup> | (20)% | 1% | (21)% | (14)% | —% | (14)% |
| **Total Legacy Portfolio** | **(15)%** | **1%** | **(16)%** | **(15)%** | **1%** | **(16)%** |
| **Total Revenues** | **1%** | **1%** | **—%** | **—%** | **1%** | **(1)%** |

---

NM&nbsp;&nbsp;&nbsp;&nbsp;Not meaningful

\*\*&nbsp;&nbsp;&nbsp;&nbsp;See "Use of Non-GAAP Financial Information".

(a)&nbsp;&nbsp;&nbsp;&nbsp;Worldwide (WW) includes U.S. and International (Int'l).

(b)&nbsp;&nbsp;&nbsp;&nbsp;Includes *Augtyro*, *Onureg*, *Inrebic, Nulojix*, *Empliciti* and royalty revenues, including royalties received from Merck on *Winrevair*.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Includes other mature brands.

------

**BRISTOL-MYERS SQUIBB COMPANY** 

**RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT** <sup>\*</sup>

**(Unaudited, dollars in millions)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **THREE MONTHS** | **2025** | **2024** | **Change $** | **Change %** | **Favorable / (Unfavorable) F/X $\*\*** | **2025 Excl. F/X \*\*** | **Favorable / (Unfavorable) F/X % \*\*** | **% Change Excl. F/X \*\*** |
| Revenues | $12502 | $12342 | $160 | 1% | $185 | $12317 | 1% | —% |
| Gross profit | 8405 | 7530 | 875 | 12% | N/A | N/A | N/A | N/A |
| Gross profit excluding specified items<sup>(a)</sup> | 8994 | 9130 | (135) | (1)% | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Gross margin<sup>(b)</sup> | 67.2% | 61.0% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross margin excluding specified items<sup>(a)</sup> | 71.9% | 74.0% |  |  |  |  |  |  |
| Selling, general and administrative | 2181 | 2136 | 45 | 2% | (17) | 2164 | (1)% | 1% |
| Selling, general and administrative excluding specified items<sup>(a)</sup> | 2087 | 2105 | (17) | (1)% | (17) | 2071 | (1)% | (2)% |
| Research and development | 2586 | 3191 | (605) | (19)% | (8) | 2579 | —% | (19)% |
| Research and development excluding specified items<sup>(a)</sup> | 2561 | 2788 | (227) | (8)% | (8) | 2554 | —% | (8)% |
| &nbsp;&nbsp;&nbsp;Operating margin<sup>(c)</sup> | 29.1% | 17.8% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating margin excluding specified items<sup>(a)</sup> | 34.8% | 34.3% |  |  |  |  |  |  |
| **TWELVE MONTHS** | **2025** | **2024** | **Change $** | **Change %** | **Favorable / (Unfavorable) F/X $\*\*** | **2025 Excl. F/X \*\*** | **Favorable / (Unfavorable) F/X % \*\*** | **% Change Excl. F/X \*\*** |
| Revenues | $48194 | $48300 | $(106) | —% | $254 | $47941 | 1% | (1)% |
| Gross profit | 34258 | 34332 | (74) | —% | N/A | N/A | N/A | N/A |
| Gross profit excluding specified items<sup>(a)</sup> | 35000 | 36351 | (1351) | (4)% | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Gross margin<sup>(b)</sup> | 71.1% | 71.1% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross margin excluding specified items<sup>(a)</sup> | 72.6% | 75.3% |  |  |  |  |  |  |
| Selling, general and administrative | 7267 | 8414 | (1147) | (14)% | (17) | 7250 | —% | (14)% |
| Selling, general and administrative excluding specified items<sup>(a)</sup> | 7149 | 7992 | (843) | (11)% | (17) | 7132 | —% | (11)% |
| Research and development | 9951 | 11159 | (1208) | (11)% | (17) | 9934 | —% | (11)% |
| Research and development excluding specified items<sup>(a)</sup> | 9492 | 9782 | (290) | (3)% | (17) | 9475 | —% | (3)% |
| &nbsp;&nbsp;&nbsp;Operating margin<sup>(c)</sup> | 35.4% | 30.6% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating margin excluding specified items<sup>(a)</sup> | 38.1% | 38.5% |  |  |  |  |  |  |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;Refer to the Specified Items schedule below for further details.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Represents Gross profit as a percentage of Revenues.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Operating margin represents Gross profit less Selling, general and administrative expenses and Research and development expenses, as a percentage of Revenues.

------

**BRISTOL-MYERS SQUIBB COMPANY**

**SPECIFIED ITEMS**

**(Unaudited, dollars in millions)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Inventory purchase price accounting adjustments | $13 | $13 | $51 | $47 |
| Intangible asset impairment | 564 | 1559 | 564 | 1839 |
| Site exit and other costs | 12 | 28 | 127 | 133 |
| &nbsp;&nbsp;**Cost of products sold** | **589** | **1600** | **742** | **2019** |
| Acquisition related charges<sup>(a)</sup> | 57 |  | 75 | 372 |
| Site exit and other costs | 37 | 31 | 43 | 50 |
| &nbsp;&nbsp;**Selling, general and administrative** | **93** | **31** | **118** | **422** |
| IPRD impairments |  | 390 | 385 | 980 |
| Acquisition related charges<sup>(a)</sup> | 18 |  | 18 | 348 |
| Site exit and other costs | 7 | 13 | 56 | 49 |
| &nbsp;&nbsp;**Research and development** | **25** | **403** | **459** | **1377** |
| Amortization of acquired intangible assets | 826 | 1693 | 3317 | 8872 |
| Interest expense | (33) | (12) | (68) | (49) |
| Provision for restructuring | 132 | 77 | 563 | 635 |
| Litigation and other settlements | 7 |  | 432 | 61 |
| Loss on debt redemption | 356 |  | 356 |  |
| Contingent consideration | 15 |  | 351 |  |
| Equity investment (gains)/losses | (191) | 204 | (283) | (18) |
| Integration expenses | 37 | 70 | 147 | 284 |
| Acquisition expenses | 4 |  | 9 | 50 |
| Other | (28) | 19 | (18) | 182 |
| &nbsp;&nbsp;**Other (income)/expense, net** | **299** | **358** | **1488** | **1145** |
| **Increase to earnings/(loss) before income taxes** | **1833** | **4085** | **6124** | **13835** |
| Income taxes on items above | (285) | (749) | (732) | (2045) |
| Specified tax charge/(benefit)<sup>(b)</sup> | (60) |  | 99 | (502) |
| &nbsp;&nbsp;**Income taxes** | **(345)** | **(749)** | **(633)** | **(2547)** |
| **Increase to net earnings/(loss) attributable to BMS** | $**1487** | $**3336** | $**5491** | $**11288** |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Includes cash settlement of unvested stock awards, and other related costs incurred in connection with recent acquisitions.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Includes changes to tax reserves during 2025 related to certain matters under IRS audit and the release of tax reserves related to the resolution of the Celgene 2017-2019 IRS audit in 2024.

------

**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 December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** |
| | **GAAP** | **Specified Items**<sup>(a)</sup> | **Non-GAAP** | **GAAP** | **Specified Items**<sup>(a)</sup> | **Non-GAAP** |
| Gross profit | $8405 | $589 | $8994 | $34258 | $742 | $35000 |
| Selling, general and administrative | 2181 | (93) | 2087 | 7267 | (118) | 7149 |
| Research and development | 2586 | (25) | 2561 | 9951 | (459) | 9492 |
| Amortization of acquired intangible assets | 826 | (826) |  | 3317 | (3317) |  |
| Other (income)/expense, net | (51) | (299) | (350) | 674 | (1488) | (814) |
| **Earnings/(Loss) before income taxes** | **1470** | **1833** | **3303** | **9328** | **6124** | **15452** |
| Income tax provision | 384 | 345 | 730 | 2272 | 633 | 2905 |
| &nbsp;&nbsp;**Net earnings/(loss) attributable to BMS used for diluted EPS calculation** | $**1087** | $**1487** | $**2574** | $**7054** | $**5491** | $**12545** |
| Weighted-average common shares outstanding—diluted | 2041 | 2041 | 2041 | 2039 | 2039 | 2039 |
| Diluted earnings/(loss) per share | $0.53 | $0.73 | $1.26 | $3.46 | $2.69 | $6.15 |
| Effective tax rate | 26.2% | (4.1)% | 22.1% | 24.4% | (5.6)% | 18.8% |
|  | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** |
|  | **GAAP** | **Specified Items**<sup>(a)</sup> | **Non-GAAP** | **GAAP** | **Specified Items**<sup>(a)</sup> | **Non-GAAP** |
| Gross profit | $7530 | $1600 | $9130 | $34332 | $2019 | $36351 |
| Selling, general and administrative | 2136 | (31) | 2105 | 8414 | (422) | 7992 |
| Research and development | 3191 | (403) | 2788 | 11159 | (1377) | 9782 |
| Amortization of acquired intangible assets | 1693 | (1693) |  | 8872 | (8872) |  |
| Other (income)/expense, net | 305 | (358) | (53) | 893 | (1145) | (252) |
| **Earnings/(Loss) before income taxes** | **175** | **4085** | **4260** | **(8379)** | **13835** | **5456** |
| Income tax provision | 99 | 749 | 848 | 554 | 2547 | 3101 |
| &nbsp;&nbsp;**Net earnings/(loss) attributable to BMS used for diluted EPS calculation** | $**72** | $**3336** | $**3408** | $**(8948)** | $**11288** | $**2340** |
| Weighted-average common shares outstanding—diluted | 2037 | 2037 | 2037 | 2027 | 2032 | 2032 |
| Diluted earnings/(loss) per share | $0.04 | $1.63 | $1.67 | $(4.41) | $5.56 | $1.15 |
| Effective tax rate | 56.6% | (36.7)% | 19.9% | (6.6)% | 63.4% | 56.8% |

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(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.

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**BRISTOL-MYERS SQUIBB COMPANY**

**NET DEBT CALCULATION**

**AS OF DECEMBER 31, 2025 AND DECEMBER 31, 2024**

**(Unaudited, dollars in millions)**

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| | | |
|:---|:---|:---|
| | **December 31,<br>2025** | **December 31,<br>2024** |
| Cash and cash equivalents | $10209 | $10346 |
| Marketable debt securities - current | 464 | 513 |
| Marketable debt securities - non-current | 396 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash, cash equivalents and marketable debt securities** | $**11069** | $**11179** |
| Short-term debt obligations | (2261) | (2046) |
| Long-term debt | (42850) | (47603) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net debt position** | $**(34043)** | $**(38470)** |

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## Exhibit 99.2

![](q42025earningspresentati001.jpg)

Not for Product Promotional Use Q4 2025 Results February 5, 2026

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![](q42025earningspresentati002.jpg)

Not for Product Promotional UseQ4 2025 Results Forward Looking Statements and Non-GAAP Financial Information 2 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 that are 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 as a result of various factors, including, but not limited to: (i) new laws, government actions, agreements and regulations, including with respect to pricing controls and market access and the imposition of new tariffs, trade restrictions and export regulations, including the potential for international reference pricing and most-favored nation drug pricing for our products, (ii) our ability to obtain, protect and maintain market exclusivity rights and enforce patents and other intellectual 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 and commercialization 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 economic conditions. 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 and future periods. This presentation also provides certain revenues and expenses excluding the impact of foreign exchange ("Ex- FX"). We calculate foreign exchange impacts 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. 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 to review 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 a reconciliation 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 such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses 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 to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. Certain information presented in the accompanying presentation may not add due to the use of rounded numbers.

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3 Q4 2025 Results Chris Boerner, PhD Board Chair and Chief Executive Officer

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![](q42025earningspresentati004.jpg)

Not for Product Promotional UseQ4 2025 Results Q4 & FY 2025 Performance \*See "Forward-Looking Statements and Non-GAAP Financial Information" 1. Not an exhaustive list of assets, programs, or indications $6.4 $7.4 Q4 2024 Q4 2025 $ in billions 4 Pumitamig $22.6 $26.4 2024 2025 Zola-cel navlimetostat (PRMT5 inhibitor) Growth Portfolio Revenues Key Milestones1 Growth Portfolio products with annual revenue >$1B Executing on recent launch opportunities Achieved multiple clinical & regulatory milestones +16%; +15% Ex-FX\* +17%; +17% Ex-FX\*

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![](q42025earningspresentati005.jpg)

Q4 2025 Results Not for Product Promotional Use Significant data expected in 2026…and beyond\* NME registrational data 2026 • Admilparant IPF (ALOFT-IPF) • Arlo-cel 4L+ MM (QUINTESSENTIAL) • Iberdomide RRMM PFS (EXCALIBER-RRMM) • Mezigdomide RRMM (SUCCESSOR-2) • Milvexian AF (LIBREXIA-AF1) • Milvexian SSP (LIBREXIA-STROKE1) • RYZ101 2L+ GEP-NETs (ACTION-1) 2027 • AR LDD mCRPC (rechARge) 2028 • Atigotatug + nivolumab 1L ES-SCLC (TIGOS) • Golcadomide High-Risk 1L LBCL (GOLSEEK-1) • Iza-bren 1L TNBC (IZABRIGHT-Breast01) • Pumitamig 1L ES-SCLC (ROSETTA-Lung-012) • Zola-cel SLE (Breakfree-SLE) • Zola-cel SSc (Breakfree-SSc) LCM pivotal data 2026 • Cobenfy AD Psychosis (ADEPT-1, 2 & 4) • Sotyktu SLE (POETYK SLE-1 & 2) 2027 • Admilparant PPF (ALOFT-PPF) • Cobenfy Bipolar-I (BALSAM-1 & 2) • Mezigdomide RRMM (SUCCESSOR-1) • Reblozyl 1L NTD MDS Associated Anemia (ELEMENT) • Sotyktu Sjogren's Disease (POETYK SjS-1) 2028 • Arlo-cel 2-4L MM (QUINTESSENTIAL-2) • Cobenfy AD Agitation (ADAGIO-2) • Cobenfy AD Cognition (MINDSET-1 & 2) • Cobenfy Adjunctive Bipolar-1 (BALSAM-4) • Golcadomide 2L+ FL (GOLSEEK-4) • Iza-bren EGFRm NSCLC (IZABRIGHT-Lung01) • Krazati 1L NSCLC PD-L1 ≥50% (KRYSTAL-7) Key next wave early-stage data 2026 • BCMAxGPRC5D dual-targeting CAR T RRMM • Golcadomide 1L FL (GOLSEEK-2) • MYK-224 HFpEF (AURORA) • Navlimetostat (PRMT5 inhibitor) Solid Tumors • Pumitamig Solid Tumors2 • Zola-cel Autoimmune Diseases (Breakfree-1 & 2) 2027 • Anti-MTBR-tau Alzheimer's Disease (TargetTau-1) • FAAH/MAGL AD Agitation (BALANCE-AAD-1) • FAAH/MAGL MS Spasticity (BALANCE-MSS-1) \*See "Forward-Looking Statements", NME: New Molecular Entity, LCM: Life Cycle Management; 1. Trial conducted by Johnson & Johnson; 2. Trial conducted by BioNTech 5

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Q4 2025 Results Not for Product Promotional Use 6 2026 Non-GAAP Revenue & EPS Guidance\* Continued Strong Growth Portfolio Performance WW Eliquis Revenue2 growth 10% to 15% Continued LOE Impact for Legacy Portfolio Lower OpEx YoY \*See "Forward-Looking Statements and Non-GAAP Financial Information"; 2026 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 and licensing income; 1. Guidance provided in February was calculated based on mid-January foreign exchange rates; 2. The Company does not intend to provide guidance specific to U.S. Eliquis revenue for 2026 and 2027 going forward and is not reaffirming any previously provided guidance related thereto. Total Revenues (Reported & Ex-FX)1 ~$46.0 - $47.5B Non-GAAP EPS1 $6.05 - $6.35

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![](q42025earningspresentati007.jpg)

7 Q4 2025 Results David Elkins Executive Vice President and Chief Financial Officer

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Q4 2025 Results Not for Product Promotional Use $ in billions Revenue continues to transition to the Growth Portfolio Other Growth Brands1 Growth Portfolio Legacy Portfolio Other Mature Brands $6.4 $7.4 $6.0 $5.1 Q4 2024 Q4 2025 $12.3 $12.5 $22.6 $26.4 $25.7 $21.8 2024 2025 $48.2$48.3 +17% Ex-FX\* +16% YoY +15% Ex-FX\* +17% YoY 8 \*See "Forward-Looking Statements and Non-GAAP Financial Information"; 1. Other Growth Brands: Augtyro, Onureg, Inrebic, Nulojix, Empliciti, & Royalty Revenues, including royalties received from Merck on Winrevair

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![](q42025earningspresentati009.jpg)

Not for Product Promotional UseQ4 2025 Results Q4 2025 Oncology product summary \*See "Forward-Looking Statements and Non-GAAP Financial Information"; 1. Abraxane: Q4 2025 WW Sales $84M - YoY% (52%), (52%) Ex-FX\* Global Net Sales1 $M YoY % Ex-FX\* % $2,693 +9% +7% $810 +20% +18% $350 +38% +37% $133 --- --- $55 +41% +41% Opdivo • Performance reflects recent launches in MSI-high CRC, HCC & 1L NSCLC strength Opdualag • U.S. sales growth driven by continued demand as a standard of care in 1L melanoma • Ex-U.S. growth from new EU launches Qvantig • Increasing adoption from patients & providers across indicated tumor types • Uptake progressing as expected 9

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![](q42025earningspresentati010.jpg)

Not for Product Promotional UseQ4 2025 Results Global Net Sales $M YoY % Ex-FX\* % $692 (16%) (16%) $666 +22% +21% $602 (55%) (55%) $392 +49% +47% $100 (4%) (6%) $79 (60%) (60%) Q4 2025 Hematology product summary \*See "Forward-Looking Statements and Non-GAAP Financial Information"; 1. In the U.S., generic pomalidomide entry is expected in Q1 of 2026; 2. In the U.S., generic lenalidomide products are no longer volume-limited as of January 31, 2026 1 Reblozyl • U.S. strong continued demand across 1L MDS- associated anemia • Ex-U.S. growth driven by demand & new launches across multiple markets Breyanzi • Best-in-class CD19 directed CAR T with strong demand across five indications • Profile supports continued outpatient administration & adoption in community sites to enable CAR T class growth 10 2

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![](q42025earningspresentati011.jpg)

Not for Product Promotional UseQ4 2025 Results Q4 2025 Cardiovascular & Immunology product summary Global Net Sales (Cardiovascular) $M YoY % Ex-FX\* % $3,453 +8% +6% $353 +59% +57% \*See "Forward-Looking Statements and Non-GAAP Financial Information"; 1. Sotyktu is no longer promoted in dermatology in the U.S. and in a number of ex-U.S. markets Eliquis • U.S. sales reflect demand growth & market share gains • Remains #1 OAC in key Ex-U.S. markets Camzyos • Continued strong U.S. demand in oHCM • Ex-U.S. continued launch momentum across markets 11 Global Net Sales (Immunology) $M YoY % Ex-FX\* % $1,009 +1% 0% $86 +4% +3% Sotyktu • Preparation for March 6 PsA PDUFA • Phase 3 data in SLE and SjD expected through 2026 and 2027 1

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![](q42025earningspresentati012.jpg)

Not for Product Promotional UseQ4 2025 Results Q4 2025 Neuroscience product summary Global Net Sales $M YoY % Ex-FX\* % $160 +1% (1%) $51 >200% >200% Cobenfy • Continued steady growth • Strong and consistent feedback highlighting strength of efficacy on positive/negative symptoms and cognition • Focused on driving breadth and depth of adoption \*See "Forward-Looking Statements and Non-GAAP Financial Information"; 1. Zeposia is primarily being marketed in MS 1 12

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![](q42025earningspresentati013.jpg)

Not for Product Promotional UseQ4 2025 Results US GAAP Non-GAAP $ in billions, except EPS Q4 2025 FY 2025 Q4 2025 FY 2025 Total Revenues, net 12.5 48.2 12.5 48.2 Gross Margin % 67.2% 71.1% 71.9% 72.6% Operating Expenses1 4.8 17.2 4.6 16.6 Acquired IPR&D 1.4 3.7 1.4 3.7 Amortization of Acquired Intangibles 0.8 3.3 - - Effective Tax Rate 26.2% 24.4% 22.1% 18.8% Diluted EPS 0.53 3.46 1.26 6.15 Diluted Shares Outstanding (# in millions) 2,041 2,039 2,041 2,039 Q4 & Full Year 2025 Financial Performance U.S. G AP Non- P\* Diluted EPS Impact from Acquired IPR&D2 (0.60) (1.40) (0.60) (1.40) \*See "Forward-Looking Statements and Non-GAAP Financial Information"; 1. Operating Expenses = SG&A and R&D; 2. Represents the net impact from Acquired IPRD & licensing income 13

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![](q42025earningspresentati014.jpg)

Not for Product Promotional UseQ4 2025 Results Strategic approach to Capital Allocation 1. Cash includes cash, cash equivalents and marketable debt securities; 2. Relative to the total debt level as of March 31, 2024; 3. Subject to Board approval Cash flow from Operations $B 14 $4.4 $2.0 $3.9 $6.3 $2.0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $B Q4 2025 Total Cash1 ~$11.1 Total Debt ~$45.1 Business Development • Pursue opportunities and partnerships to diversify portfolio & strengthen long-term outlook Balance Sheet Strength • Strong balance sheet affords financial flexibility • Maintain strong investment-grade credit rating • Achieved targeted ~$10B debt paydown ahead of schedule2 Returning Cash to Shareholders • Remain committed to our dividend3 • ~$5B share repurchase authorization remaining as of Dec 31, 2025

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![](q42025earningspresentati015.jpg)

Not for Product Promotional UseQ4 2025 Results 2026 Guidance\* 15 \*The Company does not reconcile forward-looking non-GAAP measures. See "Forward-Looking Statements and Non-GAAP Financial Information"; 2026 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 and licensing income; 1. Guidance provided in February was calculated based on mid-January foreign exchange rates; 2. The Company does not intend to provide guidance specific to U.S. Eliquis revenue for 2026 and 2027 going forward, and is not reaffirming any previously provided guidance related thereto; 3. Operating Expenses = SG&A and R&D Non-GAAP1 February Total FY Revenues (Reported & Ex-FX) ~$46.0 - $47.5B Gross Margin % ~69-70% Operating Expenses3 ~$16.3B Other Income/ (Expense) ~($700M) Tax Rate ~18% Diluted EPS $6.05 - $6.35 • FY revenue reflects: • Continued Growth Portfolio strength • 12% to 16% decline in Legacy Portfolio • 10% to 15% growth in WW Eliquis revenue2 • Gross margin reflects impact of product mix (higher Eliquis and lower Revlimid and Pomalyst revenue) • OpEx reflects net impact from investments and savings from strategic productivity initiative • OI&E reflects expiration of diabetes royalties, interest income, and interest expense Diluted weighted-average shares outstanding of 2,049 million were used to calculate 2026 diluted EPS guidance Key Highlights

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![](q42025earningspresentati016.jpg)

Chris Boerner, PhD Board Chair, Chief Executive Officer David Elkins Executive VP, Chief Financial Officer Adam Lenkowsky Executive VP, Chief Commercialization Officer Cristian Massacesi, MD Executive VP, Chief Medical Officer, Global Drug Development Q4 2025 Results Q&A

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