Bristol Myers Squibb : Q1 2024 Results Presentation (with Appendix)

Q1 2024 Results

April 25, 2024

Forward Looking Statements and Non-GAAP Financial Information

This presentation contains statements about Bristol-Myers Squibb Company's (the "Company") future financial results, plans, business development strategy, anticipated clinical trials, results and regulatory approvals that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. All statements 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, (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 atwww.bms.com/investors.

Also note that a reconciliation of forward-lookingnon-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.

Q1 2024 Results

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Q1 2024 Results

Chris Boerner, PhD

Board Chair

and Chief Executive Officer

Q1 2024 overview

Solid Commercial Performance

Advanced our Pipeline

Closed Four Significant Deals

Executing productivity initiative

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

Multiple regulatory approvals & clinical development milestones

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

Actions underway to increase productivity & efficiency across the organization

No change to the underlying business outlook from February 2024

*See "Forward-Looking Statements and Non-GAAP Financial Information"

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Q1 2024 Performance

Commercial

Growth Portfolio Revenues:

+8% or +11% Ex-FX* YoY

$ in billions

$11.3$11.9

Legacy

Growth

$4.4$4.8

Q1 2023

Q1 2024

+51% +72%

+76% >100%

>100%

Research & Development1

Regulatory approvals:

• Breyanzi in 3L+ CLL/SLL in U.S.
• Abecma in 3L+ MM in U.S. & EU
• Reblozyl 1L MDS in EU & Japan

Achieved multiple clinical development milestones:

• Opdualag PoC in NSCLC established2
• Krazati 2L+ NSCLC (confirmatory trial)
• KarXT long-term efficacy & safety data
• GPRC5D CAR T in RRMM & golcadomide in NHL in registrational trials

Business Development

Closed key acquisitions & global licensing deal

*See "Forward-Looking Statements and Non-GAAP Financial Information" 1. Not an exhaustive list of assets, programs, or indications; 2. Moving to registrational trial in a segment of NSCLC based on pre-specified analysis

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KarXT: Potential first-in-class M1/M4 agonist with multi-billion-dollar peak sales opportunities

Significant market opportunity

• Large population: 1.6M1 adults treated for schizophrenia in the U.S.
• ~70% of patients1 on current therapies not well managed
• Current SOC options associated with significant AEs including serious metabolic dysfunction

Differentiated profile supported

by long-term data2,3,4

• Compelling efficacy: >75% patients achieving >30% improvement in PANSS
• Differentiated safety: Continued lack of weight gain, metabolic dysfunction, & extrapyramidal symptoms

U.S. FDA PDUFA date September 26, 2024; Launch preparations underway

1. DRG - Clarivate, as of July 2023; 2. Kaul I, et al. SIRS 2024 (poster # F264). 3. Claxton A, et al. SIRS 2024 (oral). 4. Marcus R, et al. SIRS 2024 (poster #F74). AEs=Adverse Events, PANSS=Positive and Negative Syndrome Scale, SOC=Standard of Care

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Strengthening the Company for the Transition Period & long-term growth

Realizing internal cost savings of ~$1.5B by the end of 2025*

• Identifying key assets and programs with highest potential
• Streamlining decision-making & reducing management layers
• Focusing R&D on higher ROI programs
• Investing in highest-priority growth brands

Cost savings to be reinvested in the highest potential opportunities

*The Company does not reconcile forward-lookingnon-GAAP measures. See "Forward-Looking Statements and Non-GAAP Financial Information"

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Continued confidence delivering underlying growth in 2024

2024 Guidance Highlights*1

Total Revenues

Low single-digit increase affirmed

Reported Rates

Total Revenues

Ex-FX

Low single-digit increase affirmed

Revised Non-GAAP EPS	$0.40 - $0.70
	Includes (~$6.73) impact from Acquired IPR&D
	& dilution from recently closed transactions2

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

Q1 2024 Results

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Q1 2024 Results

David Elkins

Executive Vice President

and Chief Financial Officer

Composition of revenue is rapidly transitioning to the Growth Portfolio

Growth Portfolio	Legacy Portfolio

$ in billions

+5% YoY, +6% Ex-FX*

$6.9$7.1

$4.4$4.8

Q1 2023		Q1 2024
		Legacy		Growth

Other Growth Brands1

+8%	+11%
YoY	Ex-FX*

Other Mature Brands

+2% +3%

YoY Ex-FX*

*See "Forward-Looking Statements and Non-GAAP Financial Information"; 1. Other Growth Brands: Onureg, Inrebic, Nulojix, Empliciti, & Royalty revenues

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