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Q4 2019 Results

February 6, 2020

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Forward Looking Statement and Non-GAAP Financial Information

This presentation contains statements about the Company’s future plans and prospects that constitute forward-looking statements for

purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those

indicated as a result of various important factors, including those discussed in the Company’s most recent annual report on Form 10-K and

reports on Form 10-Q and Form 8-K. These documents are available on the SEC’s website, on the Bristol-Myers Squibb website or from Bristol-

Myers Squibb Investor Relations.

In addition, any forward-looking statements represent our estimates only as of the date hereof and should not be relied upon as representing

our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we

specifically disclaim any obligation to do so, even if our estimates change.

We have filed a Current Report on Form 8-K dated February 6, 2020 reporting the results for the fourth quarter and full year 2019. The 8-K must

be read in conjunction with this presentation and contains additional important details on the quarterly and year-end results.

This presentation includes certain non-GAAP financial measures that we use to describe our company’s performance. The non-GAAP

information presented 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 GAAP financial measure are available in our Current Report on Form 8-K dated February 6, 2020 and on our

website at bms.com/investors.

In connection with presenting our outlook, we are also providing non-GAAP EPS guidance for 2021. There is no reliable or reasonably estimable

comparable GAAP measure for this because we are not able to reliably predict the impact of specified items beyond the next twelve

months. As a result, the reconciliation of this non-GAAP measure to the most directly comparable GAAP measure is not available without

unreasonable effort. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be

confusing to investors. The variability of the specified items may have a significant and unpredictable impact on our future GAAP results.

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Giovanni Caforio

Chairman & Chief Executive Officer

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Our MISSION To discover, develop and deliver innovative medicines that help patients prevail over serious diseases

Our VISION To be the world’s leading biopharma company that transforms patients’ lives through science

Our STRATEGIC FOUNDATIONA differentiated company that combines the Best of Biotech and Best of Pharma –focused on innovative medicines for patients with cancer and other serious diseases

Leading Scientific Innovation

Collaborating at Centerof the Biotech Ecosystem

Leveraging Global Scale and Agility

Driven by the Best People

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Overview

Strong Operating Performance in 2019

• Strong commercial execution across in-line portfolio

• Positive clinical and regulatory achievements, including meaningful data at ASH

• Integration progressing well

• Execution of ASR and recent dividend increase

Robust Earnings Outlook & Significant Financial Flexibility

• Guidance reflects substantial earnings power and significant opportunity for future growth

• Significant cash flow generation expected - supports de-levering and continued investment in innovation

Breadth of Near-Term Launch Opportunities

• 8 potential near-term launch opportunities; includes US regulatory actions for 6 opportunities over the next 6 months

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Net Sales $ in Billions

Vs. Prior Year

$2.8 ▲ 10%

$2.0 ▲ 19%

$1.8 ▼ (2%)

$0.8 ▲ 8%

$0.7 ▲ 23%

$0.5 ▲ 2%

$0.4 -

$0.3 ▲ 25%

Net Sales $ in Billions

Vs. Prior Year

$10.8 ▲ 12%

$7.9 ▲ 23%

$7.2 ▲ 7%

$3.0 ▲ 10%

$2.5 ▲ 24%

$2.1 ▲ 6%

$1.5 ▲ 12%

$1.3 ▲ 18%

Strong Business Momentum in Key Franchises

QTR 4(Pro Forma)

FULL YR(Pro Forma)

*Products acquired in connection with the Celgene acquisition include revenue on a pro forma basis for the period prior to November 20, 2019, the date of the Celgene acquisition, and have been recast to exclude foreign currency hedge gains and losses.

*

*

*

*

* *

NOT FOR PRODUCT PROMOTIONAL USE

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ASH 2019: Opportunity to Broaden Hematology Franchise Supported by Meaningful Data

liso-celPotential best-in-class CD19 CAR T

ide-celPotential first- and best-in-class BCMA CAR T in Multiple Myeloma

CC-486Survival benefit demonstrated in 1L AML maintenance setting

PIVOTAL DATA FROM 3 ASSETS

ENCOURAGING EARLY DATA

Potential to expand our

BCMA portfolio with T-cell

engager (TCE)

Important new life cycle

opportunities for Reblozyl

in chronic anemias

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Guidance: Substantial Earnings Power and EPS Growth

$6.00-$6.20NON-GAAP EPS

2020 2021

$7.15-$7.45NON-GAAP EPS*

*No reconciliation of financial guidance for 2021 is provided due to no reliable or reasonably estimable comparable GAAP measure and the inherent difficulty in forecasting and quantifying beyond the next twelve months.

$0.75-$0.95GAAP EPS

GROWTH DRIVERS:

• Strong in-line business

• New product launches

• LCM opportunities

• Synergy capture

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Well Positioned for the Near-Term and Long-Term

TODAY

NEAR-TERM

LONG-TERM

Leader with Strong Set of In-line Brands

Sustainability Enabled by InternalInnovation and Business Development

Fueled by Significant FinancialStrength & Flexibility

Growth Driven by One of the Broadest Late-stage Pipelines in the Industry

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David Elkins

Chief Financial Officer

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U.S. business remains strong

- Demand down in low single digits

- Stabilization of both 1L RCC share, and 2L lung IO-eligible patient pool

- Reported net sales further impacted by buying patterns

OPDIVO

Strong Global Execution - Solid Foundation for Growth in 2021

20%

26%

29%

25%

Approx. U.S. Sales Mix

NSCLC

RCC

Melanoma

All othersInternational growth continues, mitigating pressure in U.S.

Note: percentages approximate based on tumor ranges

Future growth fueled by potential new indications, including 1L lung, CM-9ER, and in early stage disease

NOT FOR PRODUCT PROMOTIONAL USE

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ELIQUIS

Leading Brand in Expanding Market

#1 NOAC worldwide with best-in-class profile

19% global net sales increase in Q4 over prior year

27% US demand growth over prior year

• 2H growth affected by Medicare coverage gap

Continued room to grow, driven by future expansion of the NOAC class and increased brand share

31%

56%

33%

16%

36% 28%

2016 2017 2018 2019

NBRx Share – US*

20%

45%

52%

27%

28% 28%

2016 2017 2018 2019

TRx Share - US*

Other NOACs

Warfarin

Eliquis

NOT FOR PRODUCT PROMOTIONAL USE

* Source: Symphony Health

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REVLIMID & POMALYST

Strong Growth in Key MM Franchise

$1,730 $1,914

$807 $871

Q4'18 Q4'19

$393$489

$171

$203

Q4'18 Q4'19

US ROW

*Includes product revenue for the period prior to November 20, 2019, which was the date of the Celgene acquisition. All revenue prior to November 20, 2019 has been recast to exclude foreign currency revenue hedge gains and losses.

Q4 sales growth of 10% YOY driven by increased triplet sales and increased duration of treatment

Continued uptake in the front line setting across geographies fuels continued growth.

Q4 sales growth of 23% YOY driven by increased demand and duration of therapy

Continued growth expected from new triplet regimens

Net Sales*

NOT FOR PRODUCT PROMOTIONAL USE

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Q4’19: Key Changes Due to Celgene AcquisitionCelgene results incorporated since November 20, 2019

Weighted average share count

mainly impacted by:

• equity issued for Celgene transaction

• repurchases under the ASR

Operating Expense

includes stock-based compensation for legacy Celgene

Other Income & Expense

includes interest on:

• acquired Celgene debt as well as

• newly issued debt previously specified

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2020 Line Item Guidance

GAAP Non-GAAP

Net Sales $40.5B-$42.5B $40.5B-$42.5B

Gross Margin % ~74% ~ 80%

MS&A Expense $6.8B - $7.0B $6.8B - $7.0B

R&D Expense $10.1B - $10.3B $9.6B - $9.8B

Other (Inc) & Expense $0.6B - $0.7B ($0.1B) – ($0.2B)

Non-GAAP Tax Rate ~43% ~17%

Non-GAAP Diluted EPS $0.75-$0.95 $6.00-$6.20

Weighted Average Diluted Shares ~2,300M ~2,300M

• Significant sales growth expected on a pro forma basis

• OI&E impacted by additional interest expense

• OpEx includes impact of stock-based compensation offset by expected synergies

Refer to separate reconciliation of GAAP to these non-GAAP measures

NON-GAAP DRIVERS:

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Share Count Illustration

YE’19 Basic Share-count

Exercises for in-the-money options

Share repurchases

YE’20 Basic Share-count

Additional dilutive impact of in-the-money options

~2,300M

2,251M

YE’20 Diluted Share-count

YE’20 Weighted Average Diluted Share-count

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Substantial Earnings Power and EPS Growth

$6.00-$6.20NON-GAAP EPS

2020 2021

$7.15-$7.45NON-GAAP EPS*

$0.75-$0.95GAAP EPS

GROWTH DRIVERS:

• Strong in-line business

• New product launches

• LCM opportunities

• Synergy capture

*No reconciliation of financial guidance for 2021 is provided due to no reliable or reasonably estimable comparable GAAP measure and the inherent difficulty in forecasting and quantifying beyond the next twelve months.

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• Investing in future innovation through business development

• Committed to reducing debt and achieving <1.5x Debt / EBITDA by 2023

• Disciplined share repurchase:

• $7B ASR executed in November 2019

• $5B increased authorization provides flexibility for further repurchases

• Continued dividend growth expected, subject to Board approval: 10% increase announced in December 2019

Balanced Approach to Capital Allocation

Significant free cash flow potential underpins increasing financial flexibility

Strategically Aligned

ScientificallySound

FinanciallyAttractive

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Giovanni CaforioChairman, Chief Executive Officer

David ElkinsExecutive VP, Chief Financial Officer

Nadim AhmedExecutive Vice President and President, Hematology

Q&A

Chris Boerner, Ph.D.Executive VP, Chief Commercialization Officer

Samit Hirawat, M.D.Executive VP, Chief Medical Officer, Global Drug Development