Form 8-K - Current report

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 6, 2025

_____________________________

BRISTOL-MYERS SQUIBB COMPANY

(Exact name of registrant as specified in its charter)

_____________________________


Delaware	001-01136	22-0790350
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S Employer 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:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.10 Par Value	BMY	New York Stock Exchange
1.000% Notes due 2025	BMY25	New York Stock Exchange
1.750% Notes due 2035	BMY35	New York Stock Exchange
Celgene Contingent Value Rights	CELG RT	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 6, 2025, Bristol-Myers Squibb Company (the “Company”) issued a press release (the “Earnings Press Release”) announcing its financial results for the fourth quarter of 2024 and full year of 2024. 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.


Item 7.01 Regulation FD Disclosure.

On February 6, 2025, 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 2024 and full year of 2024 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.

(d) Exhibits

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



Exhibit No.						Description

99.1						Press release of Bristol-Myers Squibb Company dated February 6, 2025
99.2						Presentation Materials of Bristol-Myers Squibb Company dated February 6, 2025
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

Dated: February 6, 2025

By:

/s/ Amy Fallone

Name:

Amy Fallone

Title:

Corporate Secretary

Exhibit 99.1

Bristol Myers Squibb Reports Fourth Quarter and Full-Year Financial Results for 2024

Performance Reflects Progress Toward Delivering Sustained, Top-Tier Growth

•Fourth Quarter Revenues were $12.3 Billion, Increasing 8% (+9% Adjusting for Foreign Exchange); GAAP Earnings Per Share (EPS) was $0.04 and Non-GAAP EPS was $1.67

◦Growth Portfolio Revenues were $6.4 Billion, Increasing 21% (+23% Adjusting for Foreign Exchange)

•Full-Year Revenues were $48.3 Billion, Increasing 7% (+9% Adjusting for Foreign Exchange); GAAP Loss Per Share was $(4.41) and Non-GAAP EPS was $1.15; Includes Net Impact of $(6.39) Per Share for GAAP and Non-GAAP EPS Due to Acquired IPRD Charges and Licensing Income

◦Growth Portfolio Revenues were $22.6 Billion, Increasing 17% (+19% Adjusting for Foreign Exchange)

•Achieved Multiple Clinical and Regulatory Milestones in the Fourth Quarter, Including U.S. Approval of Opdivo Qvantig and the U.S. Launch of Cobenfy

•Expands Strategic Productivity Initiative to Deliver ~$2 Billion in Additional Cost Savings by the End of 2027

•Provides 2025 Guidance with Revenues of ~$45.5 Billion; Non-GAAP EPS Range of $6.55 to $6.85

(PRINCETON, N.J., February 6, 2025) – Bristol Myers Squibb (NYSE: BMY) today reports results for the fourth quarter and full year of 2024.

“We made good progress in 2024, which was capped by a fourth quarter of strong topline growth driven by key products and important pipeline advancements. We also achieved the landmark U.S. approval of Cobenfy last year for the treatment of schizophrenia in adults, and we expect this medicine to have a meaningful impact on patients and the company as a new growth driver,” said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. “Our collective focus on execution has established a solid foundation to navigate the multi-year journey toward achieving top-tier sustainable growth and long-term shareholder returns.”


	Fourth Quarter
$ in millions, except per share amounts	2024	2023	Change		Change Excl. F/X**
Total Revenues	$12,342	$11,477	8	%	9	%
Earnings Per Share - GAAP*	0.04	0.87	(95)	%	N/A
Earnings Per Share - Non-GAAP*	1.67	1.70	(2)	%	N/A
Acquired IPRD Charge and Licensing Income Net Impact on Earnings Per Share	0.01	(0.20)	N/A		N/A

*GAAP and Non-GAAP earnings per share include the net impact of Acquired IPRD charges and licensing income.

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


	Full Year
$ in millions, except per share amounts	2024	2023	Change		Change Excl. F/X**
Total Revenues	$48,300	$45,006	7	%	9	%
(Loss)/Earnings Per Share - GAAP*	(4.41)	3.86	N/A		N/A
Earnings Per Share - Non-GAAP*	1.15	7.51	(85)	%	N/A
Acquired IPRD Charge and Licensing Income Net Impact on Earnings Per Share	(6.39)	(0.28)	N/A		N/A

*GAAP and Non-GAAP earnings per share include the net impact of Acquired IPRD charges and licensing income.

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

FOURTH QUARTER RESULTS

All comparisons are made versus the same period in 2023 unless otherwise stated.

•Bristol Myers Squibb posted fourth quarter revenues of $12.3 billion, an increase of 8%, or 9% when adjusted for foreign exchange impacts, primarily driven by the Growth Portfolio and higher demand for Eliquis, partially offset by the impact of generics on Sprycel, Revlimid, Abraxane and Pomalyst.

◦U.S. revenues increased 9% to $8.6 billion, primarily driven by higher demand for the Growth Portfolio and Eliquis, partially offset by the impact of generics within the Legacy Portfolio.

◦International revenues increased 5% to $3.7 billion, or 9% when adjusted for foreign exchange impacts, primarily driven by higher demand for the Growth Portfolio, partially offset by the impact of generics within the Legacy Portfolio.

•On a GAAP basis, gross margin decreased from 76.1% to 61.0%, primarily driven by intangible asset impairment charges and product mix. On a non-GAAP basis, gross margin decreased from 76.4% to 74.0%, primarily due to product mix.

•On a GAAP and non-GAAP basis, marketing, selling and administrative expenses remained relatively flat at $2.1 billion.

•On a GAAP basis, research and development expenses increased 29% to $3.2 billion, primarily due to the impact of recent acquisitions and IPRD impairment charges. On a non-GAAP basis,

research and development expenses increased 13% to $2.8 billion, primarily due to the impact of recent acquisitions.

•On a GAAP and non-GAAP basis, Acquired IPRD decreased to $30 million from $600 million. On a GAAP and non-GAAP basis, licensing income was $48 million compared to $67 million.

•On a GAAP basis, amortization of acquired intangible assets decreased 26% to $1.7 billion, primarily due to lower amortization expense related to Revlimid, partially offset by the RayzeBio acquisition in 2024.

•On a GAAP basis, the effective tax rate was 56.6%, primarily due to the impact of intangible asset impairments and amortization of acquired intangible assets. In 2023, the income tax benefit was $88 million despite pre-tax earnings of $1.7 billion, primarily due to a valuation allowance reversal and foreign currency. On a non-GAAP basis, the effective tax rate changed from 14.9% to 19.9%, primarily due to jurisdictional earnings mix.

•On a GAAP basis, the company reported net income attributable to Bristol Myers Squibb of $72 million, or $0.04 per share, during the fourth quarter of 2024 compared to net earnings of $1.8 billion, or $0.87 per share, for the same period a year ago. The company reported non-GAAP net earnings attributable to Bristol Myers Squibb of $3.4 billion, or $1.67 per share, during the fourth quarter of 2024 compared to $3.5 billion, or $1.70 per share, for the same period a year ago.

FOURTH QUARTER PRODUCT REVENUE HIGHLIGHTS


($ amounts in millions)	Quarter Ended December 31, 2024						% Change from Quarter Ended December 31, 2023						% Change from Quarter Ended December 31, 2023 Ex-F/X**
	U.S.		Int'l(c)		WW(d)		U.S.		Int'l(c)		WW(d)		Int'l(c)		WW(d)
Growth Portfolio
Opdivo	$	1,423	$	1,056	$	2,479	2	%	7	%	4	%	15	%	7	%
Orencia	750		250		1,000		(1)	%	9	%	2	%	15	%	3	%
Yervoy	428		247		675		26	%	9	%	19	%	15	%	22	%
Reblozyl	445		102		547		65	%	104	%	71	%	110	%	72	%
Opdualag	233		21		254		25	%	>200%		34	%	>200%		34	%
Breyanzi	209		54		263		146	%	>200%		160	%	>200%		162	%
Camzyos	201		22		223		142	%	>200%		153	%	>200%		153	%
Zeposia	115		43		158		15	%	30	%	19	%	33	%	20	%
Abecma	59		46		105		5	%	5	%	5	%	5	%	5	%
Sotyktu	64		19		83		14	%	171	%	32	%	171	%	32	%
Krazati	36		3		39		N/A		N/A		N/A		N/A		N/A
Augtyro	13		2		15		>200%		N/A		>200%		N/A		>200%
Cobenfy	10		—		10		N/A		N/A		N/A		N/A		N/A
Other Growth Products(a)	186		326		512		13	%	104	%	58	%	106	%	59	%
Total Growth Portfolio	4,172		2,191		6,363		19	%	24	%	21	%	31	%	23	%
Legacy Portfolio
Eliquis	2,221		974		3,195		19	%	(3)	%	11	%	(2)	%	11	%
Revlimid	1,169		170		1,339		(6)	%	(17)	%	(8)	%	(15)	%	(7)	%
Pomalyst/Imnovid	685		138		823		9	%	(48)	%	(8)	%	(47)	%	(7)	%
Sprycel	135		63		198		(67)	%	(45)	%	(62)	%	(41)	%	(61)	%
Abraxane	91		83		174		(48)	%	17	%	(30)	%	28	%	(26)	%
Other Legacy Products(b)	123		127		250		46	%	(14)	%	8	%	(15)	%	7	%
Total Legacy Portfolio	4,424		1,555		5,979		—	%	(14)	%	(4)	%	(12)	%	(3)	%
Total Revenues	$	8,596	$	3,746	$	12,342	9	%	5	%	8	%	9	%	9	%

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

(a) Includes Nulojix, Onureg, Inrebic, Empliciti and royalty revenue.

(b) Includes other mature brands.

(c) Beginning in 2024, Puerto Rico revenues are included in International revenues. Prior period amounts have been reclassified to conform to the current presentation.

(d) Worldwide (WW) includes U.S. and International (Int'l).

FOURTH QUARTER PRODUCT REVENUE HIGHLIGHTS

Growth Portfolio

Growth Portfolio worldwide revenues increased to $6.4 billion compared to $5.3 billion in the prior year period, representing growth of 21% on a reported basis, or 23% when adjusted for foreign exchange impacts. Growth Portfolio revenues were primarily due to higher demand for Reblozyl, Breyanzi, Camzyos, Yervoy and Opdualag.

Legacy Portfolio

Revenues for the Legacy Portfolio in the fourth quarter were $6.0 billion compared to $6.2 billion in the prior year period, representing a decline of 4% on a reported basis and 3% when adjusted for

foreign exchange impacts. Legacy Portfolio revenues were lower primarily due to the impact of generics on Sprycel, Revlimid, Abraxane and Pomalyst, partially offset by higher demand for Eliquis.

PRODUCT AND PIPELINE UPDATE

Neuroscience


Category	Asset	Milestone
Clinical & Research	CobenfyTM (xanomeline and trospium chloride)	Long-term data from the Phase 3 EMERGENT-4 and EMERGENT-5 trials evaluating Cobenfy in adults with schizophrenia showed that Cobenfy was generally well tolerated over 52 weeks, with continued improvements in symptoms and a side effect profile consistent with prior trials of the treatment in this indication.

Oncology


Category	Asset	Milestone
Regulatory	Opdivo® (nivolumab) + Yervoy® (ipilimumab)	The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) recommended approval of Opdivo + Yervoy for the first-line treatment of adult patients with unresectable or advanced hepatocellular carcinoma. The recommendation is based on results of the Phase 3 CheckMate -9DW trial. The CHMP opinion will now be reviewed by the European Commission (EC), which has the authority to approve medicines for the European Union.
	AugtyroTM (repotrectinib)*	The EC approved Augtyro, a next-generation tyrosine kinase inhibitor (TKI), as a treatment for adult patients with ROS1-positive advanced non-small cell lung cancer and for the treatment of adult and pediatric patients 12 years of age and older with advanced solid tumors expressing a NTRK gene fusion, and who have received a prior NTRK inhibitor, or have not received a prior NTRK inhibitor and treatment options not targeting NTRK provide limited clinical benefit, or have been exhausted. The approval is based on results from the TRIDENT-1 and CARE trials. *Approval received on January 13, 2025, and announced today by the company.
	Opdivo QvantigTM (nivolumab and hydaluronidase-nyhy)	The U.S. Food and Drug Administration (FDA) approved Opdivo Qvantig injection for subcutaneous use in most previously approved adult, solid tumor Opdivo indications as monotherapy, monotherapy maintenance after completion of Opdivo plus Yervoy combination therapy, or in combination with chemotherapy or cabozantinib. The approval is based on results from the Phase 3 randomized, open-label CheckMate -67T trial.
	Opdivo + Yervoy	The EC approved Opdivo plus Yervoy for the first-line treatment of adult patients with microsatellite instability-high or mismatch repair deficient unresectable or metastatic colorectal cancer (mCRC). The approval is based on results from the CheckMate -8HW trial.
Clinical & Research	Opdivo + Yervoy	Results from an analysis of the Phase 3 CheckMate -8HW trial evaluating Opdivo plus Yervoy versus Opdivo monotherapy across all lines of therapy for microsatellite instability-high/mismatch repair-deficient mCRC demonstrated a statistically significant and clinically meaningful improvement at a median follow up of 47 months in the dual primary endpoint of progression-free survival as assessed by Blinded Independent Central Review.

Hematology


Category	Asset	Milestone
Clinical & Research	Breyanzi® (lisocabtagene maraleucel)	Five-year overall survival data from the Phase 1 TRANSCEND NHL 001 study supported deep and durable responses of Breyanzi in patients with relapsed or refractory large B-cell lymphoma (LBCL) with median overall survival (OS) of 27.5 months and an estimated OS rate at five years of 38 percent. Breyanzi continued to demonstrate an established safety profile with no new safety signals. In addition, new circulating tumor DNA (ctDNA) from the Phase 3 TRANSFORM study supported the superiority of Breyanzi to achieve deeper responses over the former standard of care in second-line LBCL.
Regulatory	Breyanzi	The CHMP of the EMA recommended approval of Breyanzi for the treatment of adult patients with relapsed or refractory follicular lymphoma (FL) who have received two or more prior lines of systemic therapy. The recommendation is based on data from the Phase 2 TRANSCEND FL study. The CHMP opinion will now be reviewed by the EC.

Cardiovascular


Category	Asset	Milestone
Clinical & Research	Camzyos® (mavacamten)	In Europe, following an opinion from the CHMP of the EMA, Camzyos received a label update to reduce the frequency of required echocardiography monitoring once a patient treated for obstructive hypertrophic cardiomyopathy is on a stable dose. In addition, the company is today announcing the receipt of an April Prescription Drug User Fee Act (PDUFA) goal date from the FDA in the same setting.

Immunology


Category	Asset	Milestone
Clinical & Research	Sotyktu® (deucravacitinib)	Results from the Phase 3 POETYK PsA-1 and POETYK PsA-2 trials evaluating the efficacy and safety of Sotyktu in adults with active psoriatic arthritis (PsA) met their primary endpoint, with a significantly greater proportion of Sotyktu-treated patients achieving at least a 20 percent improvement in signs and symptoms of disease after 16 weeks of treatment compared with placebo. In addition, both trials met secondary endpoints across PsA disease activity at Week 16. In both studies, Sotyktu was well-tolerated and demonstrated safety consistent with the established safety profile of Sotyktu observed in a Phase 2 PsA clinical trial and Phase 3 moderate-to-severe plaque psoriasis clinical trials.

FULL-YEAR FINANCIAL RESULTS

All comparisons are made versus the same period in 2023 unless otherwise stated.

•Bristol Myers Squibb posted revenues of $48.3 billion, an increase of 7%, or 9% when adjusted for foreign exchange impacts, primarily driven by the Growth Portfolio and higher demand for Eliquis, partially offset by the impact of generics on Sprycel, Revlimid and Abraxane.

◦U.S. revenues increased 9% to $34.1 billion, primarily due to higher demand for the Growth Portfolio and Eliquis, partially offset by the impact of generics on Sprycel, Revlimid and Abraxane.

◦International revenues increased 3% to $14.2 billion, or 8.0% when adjusted for foreign exchange impacts, primarily due to demand for Growth Portfolio products, partially offset by the impact of generics within the Legacy Portfolio.

•On a GAAP basis, gross margin decreased from 76.2% to 71.1%, primarily driven by intangible asset impairment charges and product mix. On a non-GAAP basis, gross margin decreased from 76.6% to 75.3%, primarily due to product mix.

•On a GAAP and non-GAAP basis, marketing, selling and administrative expenses increased 8% to $8.4 billion and 4% to $8.0 billion, respectively. The increase is primarily due to the timing of spend and the impact of recent acquisitions.

•On a GAAP basis, research and development expenses increased 20% to $11.2 billion, primarily due to the impact of recent acquisitions and IPRD impairment charges. On a non-GAAP basis, research and development expenses increased 7% to $9.8 billion, primarily due to the impact of recent acquisitions.

•On a GAAP and non-GAAP basis, Acquired IPRD increased from $913 million to $13.4 billion driven by a one-time Acquired IPRD charge from the Karuna asset acquisition and SystImmune collaboration. On a GAAP and non-GAAP basis, licensing income was $122 million during the year compared to $142 million in 2023.

•On a GAAP basis, amortization of acquired intangible assets decreased 2% to $8.9 billion, primarily due to lower amortization expense related to Revlimid, partially offset by the RayzeBio acquisition in 2024.

•On a GAAP basis, income tax expense was $554 million despite a pre-tax loss of $8.4 billion, primarily due to a $12.1 billion non-tax deductible charge for the Karuna acquisition. The 2023 GAAP effective tax rate was impacted by a non-U.S. tax ruling on statutory impairment deductibility, changes in tax reserves, valuation allowances, and IRS guidance on non-U.S. R&D expense deductibility. On a non-GAAP basis, the effective tax rate increased from 14.7% to 56.8%, primarily due to the non-tax deductible charge.

•The company reported on a GAAP basis net loss attributable to Bristol Myers Squibb of $8.9 billion, or $(4.41) per share, compared to earnings attributable to Bristol Myers Squibb of $8.0 billion, or $3.86 per share for the same period a year ago. On a non-GAAP basis the company reported net earnings attributable to Bristol Myers Squibb of $2.3 billion, or $1.15 per share, compared to earnings attributable to Bristol Myers Squibb of $15.6 billion, or $7.51 per share for the same period a year ago. In addition to the non-GAAP drivers noted above, non-GAAP EPS was impacted by higher interest expense.

FULL-YEAR PRODUCT REVENUE HIGHLIGHTS


($ amounts in millions)	Year Ended December 31, 2024						% Change from Year Ended December 31, 2023						% Change from Year Ended December 31, 2023 Ex-F/X**
	U.S.		Int'l(c)		WW(d)		U.S.		Int'l(c)		WW(d)		Int'l(c)		WW(d)
Growth Portfolio
Opdivo	$	5,350	$	3,954	$	9,304	2	%	5	%	3	%	14	%	7	%
Orencia	2,770		912		3,682		2	%	2	%	2	%	10	%	4	%
Yervoy	1,599		931		2,530		16	%	8	%	13	%	15	%	16	%
Reblozyl	1,444		329		1,773		80	%	61	%	76	%	65	%	77	%
Opdualag	870		58		928		41	%	>200%		48	%	>200%		48	%
Breyanzi	591		156		747		95	%	156	%	105	%	162	%	106	%
Camzyos	543		59		602		141	%	>200%		161	%	>200%		161	%
Zeposia	403		163		566		26	%	42	%	30	%	42	%	30	%
Abecma	242		164		406		(32)	%	44	%	(14)	%	47	%	(13)	%
Sotyktu	190		56		246		21	%	>200%		45	%	>200%		46	%
Krazati	118		8		126		N/A		N/A		N/A		N/A		N/A
Augtyro	36		2		38		>200%		N/A		>200%		N/A		>200%
Cobenfy	10		—		10		N/A		N/A		N/A		N/A		N/A
Other Growth Products(a)	674		931		1,605		9	%	58	%	33	%	61	%	34	%
Total Growth Portfolio	14,840		7,723		22,563		17	%	16	%	17	%	24	%	19	%
Legacy Portfolio
Eliquis	9,631		3,702		13,333		14	%	(1)	%	9	%	—	%	9	%
Revlimid	4,999		774		5,773		(4)	%	(14)	%	(5)	%	(11)	%	(5)	%
Pomalyst/Imnovid	2,695		850		3,545		15	%	(23)	%	3	%	(22)	%	3	%
Sprycel	983		303		1,286		(31)	%	(40)	%	(33)	%	(36)	%	(32)	%
Abraxane	541		334		875		(23)	%	11	%	(13)	%	25	%	(8)	%
Other Legacy Products(b)	416		509		925		25	%	(19)	%	(4)	%	(18)	%	(3)	%
Total Legacy Portfolio	19,265		6,472		25,737		4	%	(10)	%	—	%	(8)	%	1	%
Total Revenues	$	34,105	$	14,195	$	48,300	9	%	3	%	7	%	8	%	9	%

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

(a) Includes Nulojix, Onureg, Inrebic, Empliciti and royalty revenue.

(b) Includes other mature brands.

(c) Beginning in 2024, Puerto Rico revenues are included in International revenues. Prior period amounts have been reclassified to conform to the current presentation.

(d) Worldwide (WW) includes U.S. and International (Int'l).

FULL-YEAR PRODUCT REVENUE HIGHLIGHTS

Growth Portfolio

Growth Portfolio worldwide revenues increased to $22.6 billion compared to $19.4 billion in the prior year period, representing growth of 17% on a reported basis, or 19% when adjusted for foreign exchange impacts. Growth Portfolio revenues were primarily driven by higher demand for Reblozyl, Breyanzi, Camzyos and Opdualag.

Legacy Portfolio

Revenues for the Legacy Portfolio remained relatively flat at $25.7 billion compared to $25.6 billion in the prior year period, and increased 1% when adjusted for foreign exchange impacts. Legacy Portfolio revenues were primarily driven by higher demand for Eliquis, offset by the impact of generics on Sprycel, Revlimid, Abraxane and Pomalyst.

Update on Strategic Productivity Initiative

Bristol Myers Squibb is expanding its existing strategic productivity initiative to include approximately $2 billion in additional annualized cost savings by the end of 2027.

Under this expanded initiative, savings will be driven by changes in organizational design and efforts to enhance operational efficiency. These savings will be removed from our cost structure to contribute to a leaner, more efficient company while investing behind growth brands and promising areas of science.

Financial Guidance

Bristol Myers Squibb is providing key 2025 non-GAAP line-item guidance assumptions as outlined below.

We estimate total revenues to be approximately $45.5 billion, reflecting, as previously expected, the near-term impact of generics across Revlimid, Pomalyst, Sprycel and Abraxane, which we expect to result in a revenue decline of approximately 18-20% of the Legacy Portfolio. This is expected to be partially offset by the continued strength of our Growth Portfolio. This guidance also reflects an approximate $500 million expected negative impact to revenue due to foreign exchange.


2025 Non-GAAP1 Line-Item Guidance
Total Revenues (Reported & Ex-F/X)			~$45.5 billion
Gross Margin %			~72%
Operating Expenses2			~$16 billion
Other Income/(Expense)			~$30 million
Tax Rate			~18%
Diluted EPS			$6.55-$6.85

1See "Use of Non-GAAP Financial Information."

2Operating Expenses = MS&A and R&D, excluding Acquired IPRD and Amortization of acquired intangible assets.

The 2025 financial guidance excludes the impact of any potential future strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of future Acquired IPRD charges. To the extent we have quantified the impact of significant R&D charges or other income resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights, we may update this information from time to time on our website www.bms.com, in the "Investors" section. Non-GAAP guidance assumes current exchange rates. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.

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."

Conference Call Information

Bristol Myers Squibb will host a conference call today, Thursday, February 6, 2025, at 8:00 a.m. ET, during which company executives will review quarterly and annual financial results and address inquiries from investors and analysts. Investors and the general public are invited to listen to a live webcast of the call at http://investor.bms.com.

Investors and the public can register for the live conference call here. Those unable to register can access the live conference call by dialing in the U.S. toll-free 1-833-816-1116 or international +1 412-317-0705. Materials related to the call will be available at http://investor.bms.com prior to the start of the conference call.

A replay of the webcast will be available at http://investor.bms.com approximately three hours after the conference call concludes. A replay of the conference call will be available beginning at 11:30 a.m. ET on February 6, 2025, through 11:30 a.m. ET on February 20, 2025, by dialing in the U.S. toll free 1-877-344-7529 or international +1 412-317-0088, confirmation code: 5943651.

About Bristol Myers Squibb

Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, X, YouTube, Facebook, and Instagram.

###

corporatefinancial-news

For more information, contact:

Media Relations: media@bms.com

Investor Relations: investor.relations@bms.com

Use of Non-GAAP Financial Information

In discussing financial results and guidance, the company refers to financial measures that are 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 marketing, selling and administrative expenses and research and development expenses excluding certain specified items as a percentage of revenues, non-GAAP operating expenses, which is marketing, selling and administrative and research and development expenses excluding certain specified items, non-GAAP marketing, selling and administrative expenses, which is marketing, selling and administrative expenses excluding certain specified items, and non-GAAP research and development expenses, which is research and development expenses excluding certain specified items, are relevant and useful for investors because they allow investors to view performance in a manner similar to the method used by our management and make it easier 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.

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, costs of acquiring a priority review voucher, 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 equity method investments), income resulting from the change in control of the Nimbus Therapeutics TYK2 Program 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. Certain

other significant tax items are also excluded such as the impact resulting from a non-U.S. tax ruling regarding the deductibility of a statutory impairment of subsidiary investments and release of income tax reserves relating to the Celgene acquisition.

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.

Website Information

We routinely post important information for investors on our website, BMS.com, in the “Investors” section. We may use this website as a means of disclosing material, non-public information and 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 are not incorporated by reference into, and are not a part of, this document.

Cautionary Statement Regarding Forward-Looking Statements

This earnings release and the related attachments (as well as the oral statements made with respect to information contained in 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 2025 financial guidance, its Strategic Productivity Initiative, 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; 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 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, 2023, as updated by the company’s subsequent Quarterly

Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the SEC. The 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.

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

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


	Three Months Ended December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023

Net product sales	$	11,811	$	11,168	$	46,778	$	43,778
Alliance and other revenues	531		309		1,522		1,228
Total Revenues	12,342		11,477		48,300		45,006

Cost of products sold(a)	4,812		2,745		13,968		10,693
Marketing, selling and administrative	2,136		2,073		8,414		7,772
Research and development	3,191		2,478		11,159		9,299
Acquired IPRD	30		600		13,373		913
Amortization of acquired intangible assets	1,693		2,278		8,872		9,047
Other (income)/expense, net	305		(371)		893		(1,158)
Total Expenses	12,167		9,803		56,679		36,566

(Loss)/Earnings Before Income Taxes	175		1,674		(8,379)		8,440
Provision for Income Taxes	99		(88)		554		400
Net (Loss)/Earnings	76		1,762		(8,933)		8,040
Noncontrolling Interest	4		—		15		15
Net (Loss)/Earnings Attributable to BMS	$	72	$	1,762	$	(8,948)	$	8,025

Weighted-Average Common Shares Outstanding:
Basic	2,029		2,027		2,027		2,069
Diluted	2,037		2,033		2,027		2,078

(Loss)/Earnings per Common Share:
Basic	$	0.04	$	0.87	$	(4.41)	$	3.88
Diluted	0.04		0.87		(4.41)		3.86

Other (income)/expense, net
Interest expense(b)	$	496	$	316	$	1,947	$	1,166
Royalty income - divestitures	(284)		(239)		(1,104)		(862)
Royalty and licensing income	(204)		(420)		(736)		(1,488)
Provision for restructuring	77		44		635		365
Investment income	(114)		(145)		(478)		(449)
Integration expenses	70		62		284		242
Litigation and other settlements	13		3		84		(390)
Acquisition expense	—		32		50		32
Intangible asset impairments	—		—		47		29
Equity investment (gains)/losses	205		(53)		(16)		160

Divestiture losses	10		—		15		—
Other	36		29		165		37
Other (income)/expense, net	$	305	$	(371)	$	893	$	(1,158)

(a) Excludes amortization of acquired intangible assets.

(b) Includes amortization of purchase price adjustments to Celgene debt.

BRISTOL-MYERS SQUIBB COMPANY

PRODUCT REVENUES

FOR THE THREE MONTHS ENDED DECEMBER 31, 2024 AND 2023

(Unaudited, dollars in millions)


													Change vs. 2023
	2024						2023						GAAP						Excl. F/X**
	U.S.		Int'l(c)		WW(d)		U.S.		Int'l(c)		WW(d)		U.S.		Int'l(c)		WW(d)		U.S.		Int'l(c)		WW(d)
Growth Portfolio
Opdivo	$	1,423	$	1,056	$	2,479	$	1,401	$	986	$	2,387	2	%	7	%	4	%	2	%	15	%	7	%
Orencia	750		250		1,000		755		230		985		(1)	%	9	%	2	%	(1)	%	15	%	3	%
Yervoy	428		247		675		340		226		566		26	%	9	%	19	%	26	%	15	%	22	%
Reblozyl	445		102		547		270		50		320		65	%	104	%	71	%	65	%	110	%	72	%
Opdualag	233		21		254		186		4		190		25	%	>200%		34	%	25	%	>200%		34	%
Breyanzi	209		54		263		85		16		101		146	%	>200%		160	%	146	%	>200%		162	%
Camzyos	201		22		223		83		5		88		142	%	>200%		153	%	142	%	>200%		153	%
Zeposia	115		43		158		100		33		133		15	%	30	%	19	%	15	%	33	%	20	%
Abecma	59		46		105		56		44		100		5	%	5	%	5	%	5	%	5	%	5	%
Sotyktu	64		19		83		56		7		63		14	%	171	%	32	%	14	%	171	%	32	%
Krazati	36		3		39		—		—		—		N/A		N/A		N/A		N/A		N/A		N/A
Augtyro	13		2		15		1		—		1		>200%		N/A		>200%		>200%		N/A		>200%
Cobenfy	10		—		10		—		—		—		N/A		N/A		N/A		N/A		N/A		N/A
Other Growth Products(a)	186		326		512		165		160		325		13	%	104	%	58	%	13	%	106	%	59	%
Total Growth Portfolio	4,172		2,191		6,363		3,498		1,761		5,259		19	%	24	%	21	%	19	%	31	%	23	%
Legacy Portfolio
Eliquis	2,221		974		3,195		1,872		1,002		2,874		19	%	(3)	%	11	%	19	%	(2)	%	11	%
Revlimid	1,169		170		1,339		1,244		206		1,450		(6)	%	(17)	%	(8)	%	(6)	%	(15)	%	(7)	%
Pomalyst/Imnovid	685		138		823		627		263		890		9	%	(48)	%	(8)	%	9	%	(47)	%	(7)	%
Sprycel	135		63		198		411		115		526		(67)	%	(45)	%	(62)	%	(67)	%	(41)	%	(61)	%
Abraxane	91		83		174		176		71		247		(48)	%	17	%	(30)	%	(48)	%	28	%	(26)	%
Other Legacy Products(b)	123		127		250		84		147		231		46	%	(14)	%	8	%	46	%	(15)	%	7	%
Total Legacy Portfolio	4,424		1,555		5,979		4,414		1,804		6,218		—	%	(14)	%	(4)	%	—	%	(12)	%	(3)	%
Total Revenues	$	8,596	$	3,746	$	12,342	$	7,912	$	3,565	$	11,477	9	%	5	%	8	%	9	%	9	%	9	%

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

(a) Includes Onureg, Inrebic, Nulojix, Empliciti and royalty revenues.

(b) Includes other mature brands.

(c) Beginning in 2024, Puerto Rico revenues are included in International revenues. Prior period amounts have been reclassified to conform to the current presentation.

(d) Worldwide (WW) includes U.S. and International (Int'l).

BRISTOL-MYERS SQUIBB COMPANY

PRODUCT REVENUES

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2024 AND 2023

(Unaudited, dollars in millions)


													Change vs. 2023
	2024						2023						GAAP						Excl. F/X**
	U.S.		Int'l(c)		WW(d)		U.S.		Int'l(c)		WW(d)		U.S.		Int'l(c)		WW(d)		U.S.		Int'l(c)		WW(d)
Growth Portfolio
Opdivo	$	5,350	$	3,954	$	9,304	$	5,246	$	3,763	$	9,009	2	%	5	%	3	%	2	%	14	%	7	%
Orencia	2,770		912		3,682		2,709		892		3,601		2	%	2	%	2	%	2	%	10	%	4	%
Yervoy	1,599		931		2,530		1,379		859		2,238		16	%	8	%	13	%	16	%	15	%	16	%
Reblozyl	1,444		329		1,773		804		204		1,008		80	%	61	%	76	%	80	%	65	%	77	%
Opdualag	870		58		928		615		12		627		41	%	>200%		48	%	41	%	>200%		48	%
Breyanzi	591		156		747		303		61		364		95	%	156	%	105	%	95	%	162	%	106	%
Camzyos	543		59		602		225		6		231		141	%	>200%		161	%	141	%	>200%		161	%
Zeposia	403		163		566		319		115		434		26	%	42	%	30	%	26	%	42	%	30	%
Abecma	242		164		406		358		114		472		(32)	%	44	%	(14)	%	(32)	%	47	%	(13)	%
Sotyktu	190		56		246		157		13		170		21	%	>200%		45	%	21	%	>200%		46	%
Krazati	118		8		126		—		—		—		N/A		N/A		N/A		N/A		N/A		N/A
Augtyro	36		2		38		1		—		1		>200%		N/A		>200%		>200%		N/A		>200%
Cobenfy	10		—		10		—		—		—		N/A		N/A		N/A		N/A		N/A		N/A
Other Growth Products(a)	674		931		1,605		620		591		1,211		9	%	58	%	33	%	9	%	61	%	34	%
Total Growth Portfolio	14,840		7,723		22,563		12,736		6,630		19,366		17	%	16	%	17	%	17	%	24	%	19	%
Legacy Portfolio
Eliquis	9,631		3,702		13,333		8,482		3,724		12,206		14	%	(1)	%	9	%	14	%	—	%	9	%
Revlimid	4,999		774		5,773		5,195		902		6,097		(4)	%	(14)	%	(5)	%	(4)	%	(11)	%	(5)	%
Pomalyst/Imnovid	2,695		850		3,545		2,339		1,102		3,441		15	%	(23)	%	3	%	15	%	(22)	%	3	%
Sprycel	983		303		1,286		1,422		508		1,930		(31)	%	(40)	%	(33)	%	(31)	%	(36)	%	(32)	%
Abraxane	541		334		875		702		302		1,004		(23)	%	11	%	(13)	%	(23)	%	25	%	(8)	%
Other Legacy Products(b)	416		509		925		334		628		962		25	%	(19)	%	(4)	%	25	%	(18)	%	(3)	%
Total Legacy Portfolio	19,265		6,472		25,737		18,474		7,166		25,640		4	%	(10)	%	—	%	4	%	(8)	%	1	%
Total Revenues	$	34,105	$	14,195	$	48,300	$	31,210	$	13,796	$	45,006	9	%	3	%	7	%	9	%	8	%	9	%

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

(a) Includes Onureg, Inrebic, Nulojix, Empliciti and royalty revenues.

(b) Includes other mature brands.

(c) Beginning in 2024, Puerto Rico revenues are included in International revenues. Prior period amounts have been reclassified to conform to the current presentation.

(d) Worldwide (WW) includes U.S. and International (Int'l).

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES(a)

FOREIGN EXCHANGE IMPACT (%)

(Unaudited)


	Three Months Ended December 31, 2024			Twelve Months Ended December 31, 2024
	Revenue Change %	F/X % Favorable/ (Unfavorable) **	Revenue Change % Ex- F/X **	Revenue Change %	F/X % Favorable/ (Unfavorable) **	Revenue Change % Ex- F/X **
Growth Portfolio
Opdivo	7%	(8)%	15%	5%	(9)%	14%
Orencia	9%	(6)%	15%	2%	(8)%	10%
Yervoy	9%	(6)%	15%	8%	(7)%	15%
Reblozyl	104%	(6)%	110%	61%	(4)%	65%
Opdualag	>200%	NM	>200%	>200%	NM	>200%
Breyanzi	>200%	NM	>200%	156%	(6)%	162%
Camzyos	>200%	NM	>200%	>200%	NM	>200%
Zeposia	30%	(3)%	33%	42%	—%	42%
Abecma	5%	—%	5%	44%	(3)%	47%
Sotyktu	171%	—%	171%	>200%	NM	>200%
Krazati	N/A	N/A	N/A	N/A	N/A	N/A
Augtyro	N/A	N/A	N/A	N/A	N/A	N/A
Cobenfy	N/A	N/A	N/A	N/A	N/A	N/A
Other Growth Products(b)	104%	(2)%	106%	58%	(3)%	61%
Total Growth Portfolio	24%	(7)%	31%	16%	(8)%	24%
Legacy Portfolio
Eliquis	(3)%	(1)%	(2)%	(1)%	(1)%	—%
Revlimid	(17)%	(2)%	(15)%	(14)%	(3)%	(11)%
Pomalyst/Imnovid	(48)%	(1)%	(47)%	(23)%	(1)%	(22)%
Sprycel	(45)%	(4)%	(41)%	(40)%	(4)%	(36)%
Abraxane	17%	(11)%	28%	11%	(14)%	25%
Other Legacy Products(c)	(14)%	1%	(15)%	(19)%	(1)%	(18)%
Total Legacy Portfolio	(14)%	(2)%	(12)%	(10)%	(2)%	(8)%
Total Revenues	5%	(4)%	9%	3%	(5)%	8%

NM Not meaningful

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

(a) Beginning in 2024, Puerto Rico revenues are included in International revenues. Prior period amounts have been reclassified to conform to the current presentation.

(b) Includes Onureg, Nulojix, Empliciti and royalty revenues.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE REVENUES(a)

FOREIGN EXCHANGE IMPACT (%)

(Unaudited)


	Three Months Ended December 31, 2024			Twelve Months Ended December 31, 2024
	Revenue Change %	F/X % Favorable/ (Unfavorable) **	Revenue Change % Ex- F/X **	Revenue Change %	F/X % Favorable/ (Unfavorable) **	Revenue Change % Ex- F/X **
Growth Portfolio
Opdivo	4%	(3)%	7%	3%	(4)%	7%
Orencia	2%	(1)%	3%	2%	(2)%	4%
Yervoy	19%	(3)%	22%	13%	(3)%	16%
Reblozyl	71%	(1)%	72%	76%	(1)%	77%
Opdualag	34%	—%	34%	48%	—%	48%
Breyanzi	160%	(2)%	162%	105%	(1)%	106%
Camzyos	153%	—%	153%	161%	—%	161%
Zeposia	19%	(1)%	20%	30%	—%	30%
Abecma	5%	—%	5%	(14)%	(1)%	(13)%
Sotyktu	32%	—%	32%	45%	(1)%	46%
Krazati	N/A	N/A	N/A	N/A	N/A	N/A
Augtyro	>200%	NM	>200%	>200%	NM	>200%
Cobenfy	N/A	N/A	N/A	N/A	N/A	N/A
Other Growth Products(b)	58%	(1)%	59%	33%	(1)%	34%
Total Growth Portfolio	21%	(2)%	23%	17%	(2)%	19%
Legacy Portfolio
Eliquis	11%	—%	11%	9%	—%	9%
Revlimid	(8)%	(1)%	(7)%	(5)%	—%	(5)%
Pomalyst/Imnovid	(8)%	(1)%	(7)%	3%	—%	3%
Sprycel	(62)%	(1)%	(61)%	(33)%	(1)%	(32)%
Abraxane	(30)%	(4)%	(26)%	(13)%	(5)%	(8)%
Other Legacy Products(c)	8%	1%	7%	(4)%	(1)%	(3)%
Total Legacy Portfolio	(4)%	(1)%	(3)%	—%	(1)%	1%
Total Revenues	8%	(1)%	9%	7%	(2)%	9%

NM Not meaningful

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

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

(b) Includes Onureg, Nulojix, Empliciti and royalty revenues.

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT *

(Unaudited, dollars in millions)


THREE MONTHS	2024			2023			Change $		Change %		Favorable / (Unfavorable) F/X $ **		2024 Excl. F/X **		Favorable / (Unfavorable) F/X % **		% Change Excl. F/X **









Revenues	$	12,342		$	11,477		$	865	8	%	$	(142)	$	12,484	(1)	%	9	%
Gross profit	7,530			8,732			(1,202)		(14)	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)	9,130			8,770			360		4	%	N/A		N/A		N/A		N/A

Gross margin(b)	61.0		%	76.1		%
Gross margin excluding specified items	74.0		%	76.4		%

Marketing, selling and administrative	2,136			2,073			63		3	%	21		2,157		1	%	4	%
Marketing, selling and administrative excluding specified items(a)	2,105			2,064			41		2	%	21		2,126		1	%	3	%

Research and development	3,191			2,478			713		29	%	8		3,199		—	%	29	%
Research and development excluding specified items(a)	2,788			2,476			312		13	%	8		2,796		—	%	13	%




Operating margin(c)	17.8		%	36.4		%
Operating margin excluding specified items	34.3		%	36.9		%





TWELVE MONTHS	2024			2023			Change $		Change %		Favorable / (Unfavorable) F/X $ **		2024 Excl. F/X **		Favorable / (Unfavorable) F/X % **		% Change Excl. F/X **
Revenues	$	48,300		$	45,006		$	3,294	7	%	$	(654)	$	48,954	(2)	%	9	%
Gross profit	34,332			34,313			19		—	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)	36,351			34,488			1,863		5	%	N/A		N/A		N/A		N/A

Gross margin(b)	71.1		%	76.2		%
Gross margin excluding specified items	75.3		%	76.6		%

Marketing, selling and administrative	8,414			7,772			642		8	%	89		8,503		1	%	9	%
Marketing, selling and administrative excluding specified items(a)	7,992			7,678			314		4	%	89		8,081		1	%	5	%

Research and development	11,159			9,299			1,860		20	%	40		11,199		—	%	20	%
Research and development excluding specified items(a)	9,782			9,112			670		7	%	40		9,822		1	%	8	%




Operating margin(c)	30.6		%	38.3		%
Operating margin excluding specified items	38.5		%	39.3		%

* Foreign exchange impacts were derived by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results.

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

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

(b) Represents gross profit as a percentage of Revenues.

(c) Operating margin represents gross profit less marketing, selling and administrative expenses and research and development expenses, as a percentage of Revenues.

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)


	Three Months Ended December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023








Inventory purchase price accounting adjustments	$	13	$	—	$	47	$	84
Intangible asset impairment	1,559		27		1,839		27

Site exit and other costs	28		11		133		64
Cost of products sold	1,600		38		2,019		175

Acquisition related charges(a)	—		—		372		—
Site exit and other costs	31		9		50		94
Marketing, selling and administrative	31		9		422		94

IPRD impairments	390		—		980		80
Priority review voucher	—		—		—		95

Acquisition related charges(a)	—		—		348		—
Site exit and other costs	13		2		49		12
Research and development	403		2		1,377		187

Amortization of acquired intangible assets	1,693		2,278		8,872		9,047


Interest expense(b)	(12)		(13)		(49)		(52)

Equity investment (gain)/losses	204		(54)		(18)		152
Acquisition expenses	—		32		50		32
Integration expenses	70		62		284		242

Divestiture losses	10		—		15		—
Litigation and other settlements	—		—		61		(397)

Provision for restructuring	77		44		635		365



Intangible asset impairment	—		—		47		29
Other	9		—		120		(6)
Other (income)/expense, net	358		71		1,145		365

Increase to Earnings before income taxes	4,085		2,398		13,835		9,868

Income taxes on items above	(749)		(695)		(2,045)		(1,639)

Income tax reserve releases	—		—		(502)		—

Income taxes attributed to a non-U.S. tax ruling	—		—		—		(656)

Income taxes	(749)		(695)		(2,547)		(2,295)

Increase to net earnings	$	3,336	$	1,703	$	11,288	$	7,573

(a) Includes cash settlement of unvested stock awards, and other related costs incurred in connection with the recent acquisitions of Karuna, RayzeBio and Mirati.

(b) Includes amortization of purchase price adjustments to Celgene debt.

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, 2024									Twelve Months Ended December 31, 2024
	GAAP			Specified Items(a)			Non-GAAP			GAAP			Specified Items(a)			Non-GAAP
Gross profit	$	7,530		$	1,600		$	9,130		$	34,332		$	2,019		$	36,351
Marketing, selling and administrative	2,136			(31)			2,105			8,414			(422)			7,992
Research and development	3,191			(403)			2,788			11,159			(1,377)			9,782
Amortization of acquired intangible assets	1,693			(1,693)			—			8,872			(8,872)			—
Other (income)/expense, net	305			(358)			(53)			893			(1,145)			(252)
Earnings/(Loss) before income taxes	175			4,085			4,260			(8,379)			13,835			5,456
Provision for income taxes	99			749			848			554			2,547			3,101
Net earnings/(loss) attributable to BMS used for diluted EPS calculation	$	72		$	3,336		$	3,408		$	(8,948)		$	11,288		$	2,340

Weighted-average common shares outstanding—diluted	2,037			2,037			2,037			2,027			2,032			2,032
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		%

	Three Months Ended December 31, 2023									Twelve Months Ended December 31, 2023
	GAAP			Specified Items(a)			Non-GAAP			GAAP			Specified Items(a)			Non-GAAP
Gross profit	$	8,732		$	38		$	8,770		$	34,313		$	175		$	34,488
Marketing, selling and administrative	2,073			(9)			2,064			7,772			(94)			7,678
Research and development	2,478			(2)			2,476			9,299			(187)			9,112
Amortization of acquired intangible assets	2,278			(2,278)			—			9,047			(9,047)			—
Other (income)/expense, net	(371)			(71)			(442)			(1,158)			(365)			(1,523)
Earnings before income taxes	1,674			2,398			4,072			8,440			9,868			18,308
Provision for income taxes	(88)			695			607			400			2,295			2,695
Net earnings attributable to BMS used for diluted EPS calculation	$	1,762		$	1,703		$	3,465		$	8,025		$	7,573		$	15,598

Weighted-average common shares outstanding—diluted	2,033			2,033			2,033			2,078			2,078			2,078
Diluted earnings per share	$	0.87		$	0.83		$	1.70		$	3.86		$	3.65		$	7.51

Effective tax rate	(5.3)		%	20.2		%	14.9		%	4.7		%	10.0		%	14.7		%

(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.

BRISTOL-MYERS SQUIBB COMPANY

NET DEBT CALCULATION

AS OF DECEMBER 31, 2024 AND DECEMBER 31, 2023

(Unaudited, dollars in millions)


	December 31, 2024		December 31, 2023

Cash and cash equivalents	$	10,346	$	11,464
Marketable debt securities - current	513		816
Marketable debt securities - non-current	320		364
Cash, cash equivalents and marketable debt securities	$	11,179	$	12,644
Short-term debt obligations	(2,046)		(3,119)
Long-term debt	(47,603)		(36,653)
Net debt position	$	(38,470)	$	(27,128)

Not for Product Promotional Use Q4 2024 Results February 6, 2025

Not for Product Promotional UseQ4 2024 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 and regulations, including with respect to pricing controls and market access, (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.

Chris Boerner, PhD Board Chair and Chief Executive Officer 3 Q4 2024 Results

Q4 2024 Results Not for Product Promotional Use $5.3 $6.4 $6.2 $6.0 $11.5 $12.3 Q4 2023 Q4 2024 Legacy Growth Q4 2024 performance 4 *See “Forward-Looking Statements and Non-GAAP Financial Information” $ in billions Growth Portfolio Revenues: +21% or +23% Ex-FX*

Q4 2024 Results Not for Product Promotional Use $19.4 $22.6 $25.6 $25.7 $45.0 $48.3 2023 2024 Growth Legacy 2024 execution has strengthened our foundation 5  Advanced Growth Portfolio with double-digit sales growth  Re-established presence in neuroscience with Cobenfy  Extended immuno-oncology portfolio durability with Opdivo Qvantig  Achieved majority of ~$1.5 billion cost savings program, reinvested behind our growth brands & pipeline  R&D productivity: accelerated late-stage programs with significant potential (e.g., Camzyos, Cobenfy, iberdomide) → $ in billions Growth Portfolio Revenues: +17% or +19% Ex-FX* *See “Forward-Looking Statements and Non-GAAP Financial Information”

Q4 2024 Results Not for Product Promotional Use Cobenfy: Expansion opportunities with potential multi-billion-dollar peak sales over the decade 6 Expected clinical data readout every year through the end of the decade Ongoing registrational study readout Planned registrational study readout Alzheimer’s Disease Cognition >6M1 people living with AD in U.S. 2025 2026 2027 2028 2029 2030+ Alzheimer’s Disease Agitation >6M1 people living with AD in U.S. Bipolar I Disorder ~1.4M3 patients in U.S. Alzheimer’s Disease Psychosis (ADEPT-1 & 4) >6M1,2 people living with AD in U.S. Adjunctive Schizophrenia (ARISE) Expansion within schizophrenia Alzheimer’s Disease Psychosis (ADEPT-2) >6M1,2 people living with AD in U.S. Autism Spectrum Disorder – Irritability ~1.6M3 patients in U.S. Long-Acting Injectable *See “Forward-Looking Statements and Non-GAAP Financial Information.”1. “Alzheimer’s Disease Association Facts and Figures,” 2023. 2. Represents 40% of Alzheimer’s Disease 3. DRG – Clarivate, as of July 2023

Q4 2024 Results Not for Product Promotional Use 20252025 Entering data rich period with multiple catalysts 7 2025–2027 key milestones * • Reblozyl TD MF Associated Anemia (INDEPENDENCE) • Opdualag Adjuvant Melanoma (RELATIVITY-098) • Camzyos nHCM (ODYSSEY) • Cobenfy Adjunctive Schizophrenia (ARISE) • Cobenfy Alzheimer’s Disease Psychosis (ADEPT-2) • Iberdomide RRMM (EXCALIBER-RRMM) • CD19 NEX-T Autoimmune Diseases (Breakfree-1 & 2) • Krazati 1L NSCLC (TPS <50%) (KRYSTAL-17) • Iza-bren Advanced Solid Tumors1 • RYZ101 1L ES-SCLC LCM pivotal data 2026 • Milvexian ACS & SSP (LIBREXIA) • Admilparant IPF (ALOFT-IPF) • Mezigdomide RRMM (SUCCESSOR-1 & 2) • Arlo-cel RRMM (QUINTESSENTIAL) • RYZ101 2L+ GEP-NETs (ACTION-1) NME registrational data Key next wave early-stage data 2026 • Sotyktu SLE (POETYK SLE-1 & 2) • Cobenfy Alzheimer’s Disease Psychosis (ADEPT-4 & 1) 2026 • Golcadomide 1L FL (GOLSEEK-2) • MYK-224 HFpEF (AURORA) 2027 • AR LDD mCRPC (rechARge) 2027 • Anti-MTBR-tau Alzheimer’s Disease (TargetTau-1) 2027 • Milvexian AF (LIBREXIA) • Reblozyl 1L NTD MDS Associated Anemia (ELEMENT) • Sotyktu Sjogren’s Syndrome (POETYK SjS-1) *See “Forward-Looking Statements and Non-GAAP Financial Information” NME: New Molecular Entity, LCM: Life Cycle Management 1: Trial conducted by SystImmune (EGFRxHER3 ADC)

Q4 2024 Results Not for Product Promotional Use Total Revenues (Reported & Ex-FX*) ~$45.5B Non-GAAP EPS1* $6.55 - $6.85 2025 Non-GAAP Revenue & EPS Guidance 8 *See “Forward-Looking Statements and Non-GAAP Financial Information” 1. 2025 Guidance excludes the impact of any potential future strategic acquisitions, divestitures, specified items, and the impact of future Acquired IPRD charges Expanded Strategic Productivity Initiative* incremental ~$2B cost savings (annualized by YE 2027; ~$1B to be achieved in 2025) →

Q4 2024 Results Not for Product Promotional Use Reshaping BMS to deliver sustained top-tier growth & long-term shareholder returns 9 • Focusing on transformational medicines where we have an advantage • Driving operational effectiveness throughout the organization • Strategically allocating capital Significantly younger, more diversified and de-risked portfolio which is more balanced across leading TAs Potential 10+ NMEs & 30+ major LCM indications in 2025–2030* Increased strategic flexibility resulting from financial discipline Increasing conviction in ability to deliver top-tier growth *See “Forward-Looking Statements and Non-GAAP Financial Information”

David Elkins Executive Vice President and Chief Financial Officer 10 Q4 2024 Results

Q4 2024 Results Not for Product Promotional Use Revenue continues to transition to the Growth Portfolio 11 $5.3 $6.4 $6.2 $6.0 Q4 2023 Q4 2024 Legacy Growth *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Opdivo Qvantig U.S. launch Jan-2025 & EU application under review; 2. Other Growth Brands: Onureg, Inrebic, Nulojix, Empliciti, & Royalty revenues $ in billions +21% YoY +23% Ex-FX * +8% YoY, +9% Ex-FX* $19.4 $22.6 $25.6 $25.7 2023 2024 Legacy Growth $ in billions +7% YoY, +9% Ex-FX* +17% YoY +19% Ex-FX * Growth Portfolio Legacy Portfolio Other Growth Brands2 Other Mature Brands 1 $11.5 $12.3 $45.0 $48.3

Q4 2024 Results Not for Product Promotional Use Q4 & FY 2024 Oncology product summary 12 Opdivo1: • Global sales reflect volume growth Yervoy2: • Global sales growth reflects increased demand in 1L NSCLC & core indications Opdualag: • U.S. growth driven by strong demand; 30% market share3 as a SOC in 1L melanoma Global Net Sales ($M) Q4 2024 FY 2024 $M YoY % Ex-FX* % $M YoY % Ex-FX* % $2,479 +4% +7% $9,304 +3% +7% $675 +19% +22% $2,530 +13% +16% $254 +34% +34% $928 +48% +48% $174 (30%) (26%) $875 (13%) (8%) $39 --- --- $126 --- --- $15 --- --- $38 --- --- *See “Forward-Looking Statements and Non-GAAP Financial Information” 1. Opdivo Q4’24 global sales reflect ~$70M sequential inventory build; 2. Yervoy Q4’24 global sales reflect ~$30M sequential inventory build & a one-time GTN benefit; 3. BMS Internal Analysis; 4. Abraxane: anticipate continued pressure on global sales from additional generic entrants; 5. Krazati: +89% Q4 2024 vs. Q4 2023 & +133% FY 2024 vs. FY 2023 (as booked by Mirati) - this comparison is unaudited and does not purport to reflect what actual results would have been had Mirati been acquired by the Company on January 1, 2023 5 4

Q4 2024 Results Not for Product Promotional Use Q4 2024 FY 2024 $M YoY % Ex-FX* % $M YoY % Ex-FX* % $223 +153% +153% $602 +161% +161% Q4 2024 FY 2024 $M YoY % Ex-FX* % $M YoY % Ex-FX* % $3,195 +11% +11% $13,333 +9% +9% Camzyos3: • Strong U.S. demand, a SoC in oHCM • Ex-U.S. demand across key markets Q4 & FY 2024 Cardiovascular product summary 13 *See “Forward-Looking Statements and Non-GAAP Financial Information” 1. Eliquis Q4’24 U.S. sales reflect ~$185M sequential inventory build; 2. Refer to an overview of Medicare Part D redesign in Appendix; 3. Camzyos Q4’24 U.S. sales reflect ~$65M sequential inventory build; 4. BMS internal analysis & patient figures are U.S. only Global Net Sales ($M) Eliquis1: • U.S. growth driven by strong underlying demand & typical inventory build • #1 OAC in key Ex-U.S. markets As of Sept 30, 2024 Dec 31, 2024 Patients in hub4 ~10,200 ~11,700 Patients on commercial drug4 ~8,200 ~9,500 Eliquis Medicare Part D Redesign2: • Expect Q1 U.S. YoY sales growth to be tempered by 10% initial coverage phase responsibility • Expect higher 2H sales due to elimination of the coverage gap

Q4 2024 Results Not for Product Promotional Use Q4 2024 FY 2024 $M YoY % Ex-FX* % $M YoY % Ex-FX* % $1,339 (8%) (7%) $5,773 (5%) (5%) $823 (8%) (7%) $3,545 +3% +3% $547 +71% +72% $1,773 +76% +77% $263 +160% +162% $747 +105% +106% $198 (62%) (61%) $1,286 (33%) (32%) $105 +5% +5% $406 (14%) (13%) Global Net Sales ($M) Q4 & FY 2024 Hematology product summary 14 *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Pomalyst: In the EU, generic pomalidomide products launched in August 2024; 2. Q4 2024 U.S. Reblozyl sales included a one-time GTN benefit of $42M; 3. U.S. generic dasatinib launched Sept. 1, 2024 1 2 Reblozyl: • Strong demand in MDS-associated anemia • NCCN guidelines upgraded to preferred status for use in 1L RS-negative MDS- associated anemia Breyanzi: • Best-in-class CD19 CAR T profile approved across the broadest array of B-cell malignancies • Strong demand across approved indications, primarily LBCL 3

Q4 2024 Results Not for Product Promotional Use Sotyktu Commercially Paid Scripts4 Q4 2024 FY 2024 $M YoY % Ex-FX* % $M YoY % Ex-FX* % $1,000 +2% +3% $3,682 +2% +4% $158 +19% +20% $566 +30% +30% $83 +32% +32% $246 +45% +46% Sotyktu: • Continued focus on demand growth • Access improvements effective Jan 1, 2025 in the U.S. (~80% of covered lives with zero step edits) • Positive Phase 3 results in psoriatic arthritis Global Net Sales ($M) Q4 & FY 2024 Immunology product summary 15 Q1’24 Q2’24 Q3’24 Q4’24 ~9,800 ~12,400 ~14,300 ~15,400 *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Orencia Q4’24 global sales reflect +$65M sequential inventory build; 2. Zeposia Q4’24 U.S. sales reflect +$25M sequential inventory build; 3. Sotyktu Q4’24 U.S. sales reflect +$5M and $5M sequential inventory build and clinical trial purchase, respectively; 4. Symphony Health, an ICON plc Company, Metys® U.S. TRx data 1 2 3

Q4 2024 Results Not for Product Promotional Use 0 200 400 600 800 1,000 1,200 1 0 / 1 1 1 0 / 1 8 1 0 / 2 5 1 1 / 1 1 1 / 8 1 1 / 1 5 1 1 / 2 2 1 1 / 2 9 1 2 / 6 1 2 / 1 3 1 2 / 2 0 1 2 / 2 7 1 / 3 1 / 1 0 1 / 1 7 1 / 2 4 Cobenfy Weekly TRx* Cobenfy: • Initial feedback highlights benefits of differentiated efficacy & safety profile • TRx performance tracking well • Medicare & Medicaid coverage ahead of expectations • Focused on educating HCPs given decades of entrenched prescribing habits Q4 & FY 2024 $M YoY % Ex-FX % $10 --- --- Q4 & FY 2024 Neuroscience product summary 16 Global Net Sales ($M) 1. Q4 ‘24 U.S. sales reflect ~$6M inventory build; * IQVIA Weekly NPA (Rapid) & APLD 1 Thanksgiving Christmas & New Years

Q4 2024 Results Not for Product Promotional Use US GAAP Non-GAAP $ in billions, except EPS Q4 2024 FY 2024 Q4 2024 FY 2024 Total Revenues, net 12.3 48.3 12.3 48.3 Gross Margin % 61.0% 71.1% 74.0% 75.3% Operating Expenses1 5.3 19.6 4.9 17.8 Acquired IPR&D2 0.0 13.4 0.0 13.4 Amortization of Acquired Intangibles 1.7 8.9 - - Effective Tax Rate 56.6% (6.6%) 19.9% 56.8% Diluted EPS 0.04 (4.41) 1.67 1.15 Diluted Shares Outstanding (# in millions) 2,037 2,027 2,037 2,032 Q4 & Full Year 2024 Financial Performance US P Non- P* Diluted EPS Impact from Acquired IPR&D3 0.01 (6.39) 0.01 (6.39) *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Operating Expenses = MS&A and R&D; 2. FY 2024 includes one time Acquired IPRD charges from the Karuna asset acquisition (~$12.1B) and the SystImmune collaboration (~$0.8B); 3. Represents the net impact from Acquired IPRD & Licensing income reported in Q4 & FY 2024 17

Q4 2024 Results Not for Product Promotional Use Strategic approach to Capital Allocation *Cash includes cash, cash equivalents and marketable debt securities; **Relative to the total debt level as of March 31, 2024; ***Subject to Board approval $B Q4 2024 Total Cash* ~$11.2 Total Debt ~$49.6 • Pursue opportunities and partnerships to diversify portfolio & strengthen long-term outlook • Maintain strong investment-grade credit rating • Planned debt pay down of ~$10B by end of 1H 2026** • Total debt repayment of ~$6B in 2024 Business Development Balance Sheet Strength Returning Cash to Shareholders • Remain committed to our dividend*** • ~$5B in share repurchase authorization remaining as of December 31, 2024 Strong operating cash flow generation $4.3 $2.8 $2.3 $5.6 $4.4 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Cash flow from Operations $B 18

Q4 2024 Results Not for Product Promotional Use Expanded Strategic Productivity Initiative 19 Expected to realize additional cost savings of ~$2B by the end of 2027, of which ~$1B to be achieved in 2025* ~50% Organizational Design Optimize & streamline our workforce *See “Forward-Looking Statements and Non-GAAP Financial Information” ~50% Operational Efficiency Optimize resources & enhance productivity Savings from this expanded productivity initiative expected to drop to the bottom line

Q4 2024 Results Not for Product Promotional Use 2025 Guidance* 20 *The Company does not reconcile forward-looking non-GAAP measures. See “Forward-Looking Statements and Non-GAAP Financial Information”; 2025 Guidance excludes the impact of any potential future strategic acquisitions, divestitures, specified items, and the impact of future Acquired IPRD charges 1. Operating Expenses = MS&A and R&D; 2. Products impacted by continued generic volume include Revlimid (US), Abraxane (US), Sprycel (US), Pomalyst (EU). Key Highlights • FY revenue reflects: • Continued strength of Growth Portfolio • ~18% - 20% decline in Legacy Portfolio2 • ~$2 - $2.5B FY WW Revlimid sales • ~$500M impact from foreign exchange • Gross Margin reflects impacts from product mix • OpEx incorporates savings from the expanded strategic productivity initiative • OI&E reflects royalty income partially offset by net interest expense February Total FY Revenues (Reported & Ex-FX) ~$45.5B Gross Margin % ~72% Operating Expenses1 ~$16B Other Income/(Expense) ~$30M Tax Rate ~18% Diluted EPS $6.55 - $6.85 Non-GAAP

Chris Boerner, PhD Board Chair, Chief Executive Officer David Elkins Executive VP, Chief Financial Officer Samit Hirawat, MD Executive VP, Chief Medical Officer, Global Drug Development Adam Lenkowsky Executive VP, Chief Commercialization Officer 21 Q4 2024 Results Q&A

Document and Entity Information Document and Entity Information	Feb. 06, 2025
Document Information [Line Items]
Entity Incorporation, State or Country Code	DE
Entity File Number	001-01136
Entity Tax Identification Number	22-0790350
Entity Registrant Name	BRISTOL-MYERS SQUIBB COMPANY
Document Period End Date	Feb. 06, 2025
Amendment Flag	false
City Area Code	609
Local Phone Number	252-4621
Entity Address, Postal Zip Code	08543
Entity Address, Address Line One	Route 206 & Province Line Road
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Central Index Key	0000014272
Document Type	8-K
Document Period End Date	Feb. 06, 2025
Entity Address, Address Line One	Route 206 & Province Line Road
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08543
City Area Code	609
Local Phone Number	252-4621
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000014272
Amendment Flag	false
Common Stock $0.10 Par Value [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.10 Par Value
Trading Symbol	BMY
Security Exchange Name	NYSE
1.000% Notes due 2025 [Member]
Document Information [Line Items]
Title of 12(b) Security	1.000% Notes due 2025
Trading Symbol	BMY25
Security Exchange Name	NYSE
1.750% Notes due 2035 [Member]
Document Information [Line Items]
Title of 12(b) Security	1.750% Notes due 2035
Trading Symbol	BMY35
Security Exchange Name	NYSE
Celgene Contingent Value Rights [Member]
Document Information [Line Items]
Title of 12(b) Security	Celgene Contingent Value Rights
Trading Symbol	CELG RT
Security Exchange Name	NYSE

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