8-K

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): January 24, 2014

BRISTOL-MYERS SQUIBB COMPANY

(Exact Name of Registrant as Specified in its Charter)

Delaware	1-1136	22-0790350
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

345 Park Avenue

New York, NY, 10154

(Address of Principal Executive Office)

Registrant’s telephone number, including area code: (212) 546-4000

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))

Item 2.02. Results of Operations and Financial Condition.

On January 24, 2014, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the fourth quarter and twelve months of 2013. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. Also furnished and incorporated by reference as Exhibit 99.2 is certain supplemental information posted on the Company’s website at www.bms.com.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press release of Bristol-Myers Squibb Company dated January 24, 2014.
99.2	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BRISTOL-MYERS SQUIBB COMPANY

Dated: January 24, 2014                By:      ____/s/ Sandra Leung________________    

Name: Sandra Leung

Title: General Counsel and Corporate Secretary

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of Bristol-Myers Squibb Company dated January 24, 2014.
99.2	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.

EX-99.1

Exhibit 99.1

Bristol-Myers Squibb Reports Fourth Quarter and Full Year 2013 Financial Results

• Continues BioPharma Strategy Evolution to Specialty Care Model through Planned Sale of its Diabetes Business

• Achieved Important Regulatory Milestones for Eliquis, daclatasvir and Farxiga

• Revenues Increased 6% to $4.4 Billion in the Fourth Quarter

• GAAP EPS Decreased 21% to $0.44; Non-GAAP EPS Increased 9% to $0.51

• Company Provides 2014 GAAP EPS Guidance Range of $1.75 to $1.90; Confirms Non-GAAP EPS Guidance Range of $1.65 to $1.80

(NEW YORK, January 24, 2014) - Bristol-Myers Squibb Company (NYSE: BMY) today reported results for the fourth quarter and full year of 2013. The fourth quarter was highlighted by the company’s announcement to sell its diabetes business as part of the continued evolution of its successful BioPharma strategy to a specialty care model. The company achieved important regulatory milestones in the quarter for Eliquis in the U.S., daclatasvir/asunaprevir in Japan, daclatasvir in Europe and Farxiga in the U.S. In addition, the company provided financial guidance for 2014.

“In the fourth quarter we continued to grow and evolve our business, delivering solid financial results and achieving regulatory milestones for products that are important to our long-term success,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. “We are looking forward to 2014 as an important year to advance our specialty care BioPharma model and deliver on key opportunities in immuno-oncology and hepatitis C that will position us well for long-term growth.”

	Fourth Quarter
$ amounts in millions, except per share amounts	2013		2012		Change
Revenues	$	4,441	$	4,191	6	%
GAAP Diluted EPS	0.44		0.56		(21	)%
Non-GAAP Diluted EPS	0.51		0.47		9	%
	Full Year
$ amounts in millions, except per share amounts	2013		2012		Change
Revenues	$	16,385	$	17,621	(7	)%
GAAP Diluted EPS	1.54		1.16		33	%
Non-GAAP Diluted EPS	1.82		1.99		(9	)%

FOURTH QUARTER FINANCIAL RESULTS

• Bristol-Myers Squibb posted fourth quarter 2013 revenues of $4.4 billion, an increase of 6% compared to the same period a year ago.

• U.S. revenues increased 1% to $2.3 billion in the quarter compared to the same period a year ago. International revenues increased 11% to $2.2 billion.

• Gross margin as a percentage of revenues was 71.3% in the quarter compared to 74.3% in the same period a year ago.

• Marketing, selling and administrative expenses decreased 7% to $1.1 billion in the quarter.

• Advertising and product promotion spending increased 20% to $254 million in the quarter.

• Research and development expenses decreased 12% to $957 million in the quarter.

• The effective tax rate on earnings before income taxes was 15.4% in the quarter, compared to a tax benefit rate of 80.1% in the fourth quarter last year attributed to a capital loss deduction in the quarter. 

• The company reported net earnings attributable to Bristol-Myers Squibb of $726 million, or $0.44 per share, in the quarter compared to $925 million, or $0.56 per share, a year ago.

• The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $842 million, or $0.51 per share, in the fourth quarter, compared to $777 million, or $0.47 per share, for the same period in 2012. An overview of specified items is discussed under the “Use of Non-GAAP Financial Information” section.

• Cash, cash equivalents and marketable securities were $8.3 billion, with a net debt position of $68 million, as of December 31, 2013.

FOURTH QUARTER STRATEGIC UPDATE

In December, the company announced plans to sell its global diabetes business that was part of its collaboration with AstraZeneca, enabling its continued evolution to a specialty care BioPharma company. Under terms of the agreement, AstraZeneca will make an upfront payment of $2.7 billion to Bristol-Myers Squibb, with potential regulatory- and sales-based milestone payments of up to $1.4 billion and will make royalty payments based on net sales through 2025. Of the $1.4 billion milestone payments, the company has already earned a $0.6 billion milestone payment with the recent approval of Farxiga in the U.S. that will be paid shortly after the closing of the transaction. In addition, AstraZeneca will make payments of up to $225 million if and when certain assets are subsequently transferred. The transaction is expected to be accretive to non-GAAP EPS in the near-term and likely dilutive to non-GAAP EPS toward the latter part of the decade.  The company anticipates that the transaction will close in the first quarter of 2014.

FOURTH QUARTER PRODUCT AND PIPELINE UPDATE

Bristol-Myers Squibb’s global revenues in the fourth quarter included Yervoy, which grew 23%, Onglyza/Kombiglyze , which grew 13%, Sprycel, which grew 30%, and Orencia, which grew 22%.

Farxiga / Xigduo

• In January, the company and its partner, AstraZeneca, announced that the U.S. Food and Drug Administration (FDA) approved Farxiga, a once-daily oral treatment indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus. Farxiga is marketed as Forxiga outside the United States.

• In January, the company and its partner, AstraZeneca, announced that Xigduo (dapagliflozin and metformin hydrochloride) was granted Marketing Authorization by the European Commission for the treatment of type 2 diabetes in the European Union (EU). Xigduo combines dapagliflozin (trade name Forxiga), a selective and reversible inhibitor of SGLT2 with metformin hydrochloride, two anti‑hyperglycemic products with complementary mechanisms of action to improve glycemic control, in a twice daily tablet.

Eliquis

• In December, the company and its partner, Pfizer, announced that the FDA has accepted for review a Supplemental New Drug Application for Eliquis for the treatment of deep vein thrombosis (DVT) and pulmonary embolism (PE) and for the reduction in the risk of recurrent DVT and PE. The Prescription Drug User Fee Act (PDUFA) goal date for a decision by the FDA is August 25, 2014.

• In December, the company and its partner Pfizer also announced that in November 2013, the European Medicines Agency (EMA) accepted for review an application for Eliquis for the treatment of DVT and PE, and prevention of recurrent DVT and PE.

Metreleptin

• In December, the FDA’s Endocrinologic and Metabolic Drugs Advisory Committee (EMDAC) recommended the investigational medicine metreleptin for the treatment of pediatric and adult patients with generalized lipodystrophy. The EMDAC did not recommend metreleptin in patients with partial lipodystrophy. The FDA is not bound by the EMDAC’s recommendation but will take it into consideration when reviewing the Biologics License Application for metreleptin. The PDUFA goal date for metreleptin is February 24, 2014.

Yervoy

• In November, the European Commission approved an expanded indication for Yervoy for the first-line treatment of adult patients with advanced (unresectable or metastatic) melanoma. The expanded indication applies to all 28 European Union member states as well as Iceland and Norway.

Hepatitis C

• In January, the company announced that the EMA validated the company’s marketing authorization application for daclatasvir, an investigational NS5A complex inhibitor, to treat adults with chronic hepatitis C with compensated liver disease, including genotypes 1, 2, 3, and 4. The application seeks approval to use daclatasvir in combination with other agents, including sofosbuvir, to treat chronic hepatitis C. The validation marks the start of an accelerated regulatory review process for daclatasvir, which has the potential, when used in combination with other agents, to address a high unmet need in the European Union where an estimated 9 million people are living with hepatitis C.

• In November, the company announced it had submitted a New Drug Application to Japan’s Pharmaceutical and Medical Devices Agency seeking approval for the world’s first interferon-free and ribavirin-free treatment regimen for patients with chronic hepatitis C. The submission is based on results from a Phase III study demonstrating that the 24-week, all-oral, interferon-free and ribavirin-free regimen of daclatasvir and asunaprevir achieved an overall sustained virologic response 24 weeks after the end of treatment of 84.7% in Japanese patients with chronic hepatitis C genotype 1b who were either interferon-ineligible/intolerant or non-responders to interferon-based therapies. These Phase III data were presented in November at the American Association for the Study of Liver Diseases annual meeting in Washington D.C.

Sprycel

• In December, at the American Society of Hematology's annual meeting in New Orleans, the company and its partner, Otsuka America Pharmaceutical Inc., presented four-year follow-up data from the Phase III DASISION study of Sprycel 100 mg once daily vs. imatinib 400 mg daily in the first-line treatment of adults with Philadelphia chromosome-positive chronic phase chronic myeloid leukemia. At four years, 76% of Sprycel patients vs. 63% of imatinib patients achieved a major molecular response and 84% of Sprycel patients vs. 64% of imatinib patients achieved an optimal molecular response at three months, as defined by treatment guidelines. Patients who achieved this response had improved overall survival vs. those who did not.

Nivolumab

• In October, at the World Conference on Lung Cancer in Sydney, Australia, the company presented long-term follow-up results from the lung cancer cohort of an expanded Phase I dose-ranging study of nivolumab, an investigational PD-1 immune checkpoint inhibitor. The results showed sustained activity in heavily pre-treated patients with non-small-cell lung cancer as defined by one- and two-year survival rates of 42% and 24%, respectively, across dose cohorts. The spectrum, frequency and severity of treatment-related adverse events were consistent with those initially reported for nivolumab.

Clazakizumab

• In October, at the American College of Rheumatology’s annual meeting in San Diego, the company and its partner, Alder Biopharmaceuticals, presented efficacy and safety data from a Phase IIb dose-ranging study of subcutaneous clazakizumab in adults with moderate-to-severe rheumatoid arthritis and an inadequate response to methotrexate. Clazakizumab is a humanized anti-IL-6 monoclonal antibody that is directed against the IL-6 cytokine rather than its receptor. Clazakizumab demonstrated promising rates of low disease activity and remission based on DAS28, CDAI and SDAI criteria in the study, which included MTX and anti-TNF comparator arms. The overall safety profile for clazakizumab was consistent with the known pharmacology of IL-6 blockade.

2014 FINANCIAL GUIDANCE

Bristol-Myers Squibb is setting its 2014 GAAP EPS guidance range from $1.75 to $1.90 and confirming its non-GAAP EPS guidance range from $1.65 to $1.80. Both GAAP and non-GAAP guidance assume current exchange rates and the closing of the sale of the diabetes business to AstraZeneca in the first quarter of 2014.

The financial guidance for 2014 excludes the impact of any potential future strategic acquisitions and divestitures, and any specified items that have not yet been identified and quantified. The non-GAAP 2014 guidance also excludes other specified items as discussed under “Use of Non-GAAP Financial Information.” Details reconciling adjusted non-GAAP amounts with the amounts reflecting specified items are provided in supplemental materials available on the Company’s website.

Use of Non-GAAP Financial Information

This press release contains non-GAAP financial measures, including non-GAAP earnings and related earnings per share information. These measures are adjusted to exclude certain costs, expenses, significant gains and losses and other specified items. Among the items in GAAP measures but excluded for purposes of determining adjusted earnings and other adjusted measures are: gains or losses related to the sale or divestiture of a business, restructuring and other exit costs; accelerated depreciation charges; IPRD and asset impairments; charges and recoveries relating to significant legal proceedings; upfront, milestone and other licensing payments for in-licensing of products that have not achieved regulatory approval which are immediately expensed; net amortization of acquired intangible assets and deferred income related to Amylin; pension settlement charges; and significant tax events. This information is intended to enhance an investor’s overall understanding of the company’s past financial performance and prospects for the future. The gain or loss related to the sale of the diabetes business will be impacted by the timing of the transaction closing

(including the China business), Forxiga regulatory approval in Japan, valuations of the businesses transferred and continuing obligations and related tax impacts. Non-GAAP financial measures provide the company and its investors with an indication of the company’s baseline performance before items that are considered by the company not to be reflective of the company’s ongoing results. The company uses non-GAAP gross profit, non-GAAP marketing, selling and administrative expense, non-GAAP research and development expense, and non-GAAP other income and expense measures to set internal budgets, manage costs, allocate resources, and plan and forecast future periods. Non-GAAP effective tax rate measures are primarily used to plan and forecast future periods. Non-GAAP earnings and earnings per share measures are primary indicators the company uses as a basis for evaluating company performance, setting incentive compensation targets, and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.

Statement on Cautionary Factors

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as "anticipate", "estimates", "should", "expect", "guidance", "project", "intend", "plan", "believe" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, effects of the continuing implementation of governmental laws and regulations related to Medicare, Medicaid, Medicaid managed care organizations and entities under the Public Health Service 340B program, pharmaceutical rebates and reimbursement, market factors, competitive product development and approvals, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, changes to business or tax planning strategies, difficulties and delays in product development, manufacturing or sales including any potential future recalls, patent positions and the ultimate outcome of any litigation matter. These factors also include the company’s ability to execute successfully its strategic plans, including its business development strategy, the expiration of patents or data protection on certain products, and the impact and result of governmental investigations. There can be no guarantees with respect to pipeline products that future clinical studies will support the data described in this release, that the products will receive necessary regulatory approvals, or that they will prove to be commercially successful; nor are there guarantees that regulatory approvals will be sought, or sought within currently expected timeframes, or that contractual milestones will be achieved. There is also no guarantee that the diabetes business divestiture transaction will close on the terms or within the time frame described in this release, that the amount of royalties the company will receive in the future will be as high as expected, that the regulatory and sales milestones will be achieved, or that the financial impact related to the sale of the business will be as expected. For further details and a discussion of these and other risks and uncertainties, see the company's periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Company and Conference Call Information

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, please visit http://www.bms.com or follow us on Twitter at http://twitter.com/bmsnews.

There will be a conference call on January 24, 2014, at 10:30 a.m. ET during which company executives will review financial information and address inquiries from investors and analysts. Investors and the general public are invited to listen to a live web cast of the call at http://investor.bms.com or by dialing: 913-312-0943, confirmation code: 2103308. Materials related to the call will be available at the same website prior to the call.

For more information, contact: Laura Hortas, 609-252-4587, laura.hortas@bms.com, Communications; John Elicker, 609-252-4611, john.elicker@bms.com, Ranya Dajani, 609-252-5330, ranya.dajani@bms.com, or Ryan Asay, 609-252-5020, ryan.asay@bms.com, Investor Relations.

Abilify is a trademark of Otsuka Pharmaceutical Co., Ltd.

Atripla is a trademark of Bristol-Myers Squibb Co. and Gilead Sciences, Inc.

Avapro, Avalide, and Plavix are trademarks of Sanofi.

Byettaand Bydureon are trademarks of Amylin Pharmaceuticals, LLC and AstraZeneca Pharmaceuticals LP.

Erbitux is a trademark of ImClone LLC. ImClone Systems is a wholly-owned subsidiary of Eli Lilly and Company.

All other brand names are registered trademarks of the company and/or one of its subsidiaries.

BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2013 AND 2012

(Unaudited, dollars in millions)

	Worldwide Revenues						U.S. Revenues
	2013		2012		% Change		2013		2012		% Change
Three Months Ended December 31,
Key Products
Virology
Baraclude	$	412	$	360	14	%	$	81	$	65	25	%
Reyataz	384		394		(3	)%	187		199		(6	)%
Sustiva Franchise	427		383		11	%	307		253		21	%
Oncology
Erbitux	180		171		5	%	176		167		5	%
Sprycel	365		281		30	%	157		109		44	%
Yervoy	260		211		23	%	148		141		5	%
Neuroscience
Abilify	635		819		(22	)%	435		617		(29	)%
Metabolics
Bydureon	93		58		60	%	81		55		47	%
Byetta	105		94		12	%	70		92		(24	)%
Forxiga	8		—		N/A		N/A		N/A		N/A
Onglyza/Kombiglyze	224		198		13	%	146		140		4	%
Immunoscience
Nulojix	8		4		100	%	7		3		**
Orencia	397		325		22	%	256		216		19	%
Cardiovascular
Avapro/Avalide	58		84		(31	)%	2		16		(88	)%
Eliquis	71		1		**		48		—		N/A
Plavix	81		49		65	%	51		20		**
Mature Products and All Other	733		759		(3	)%	113		145		(22	)%
Total	4,441		4,191		6	%	2,265		2,238		1	%

**  In excess of 100%

BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2013 AND 2012

(Unaudited, dollars in millions)

	Worldwide Revenues						U.S. Revenues
	2013		2012		% Change		2013			2012		% Change
Twelve Months Ended December 31,
Key Products
Virology
Baraclude	$	1,527	$	1,388	10	%	$	289		$	241	20	%
Reyataz	1,551		1,521		2	%	769			783		(2	)%
Sustiva Franchise	1,614		1,527		6	%	1,092			1,016		7	%
Oncology
Erbitux	696		702		(1	)%	682			688		(1	)%
Sprycel	1,280		1,019		26	%	541			404		34	%
Yervoy	960		706		36	%	577			503		15	%
Neuroscience
Abilify	2,289		2,827		(19	)%	1,519			2,102		(28	)%
Metabolics
Bydureon	298		78		**		263			75		**
Byetta	400		149		**		304			147		**
Forxiga	23		—		N/A		N/A			N/A		N/A
Onglyza/Kombiglyze	877		709		24	%	591			516		15	%
Immunoscience
Nulojix	26		11		**		20			9		**
Orencia	1,444		1,176		23	%	954			797		20	%
Cardiovascular
Avapro/Avalide	231		503		(54	)%	(7		)	155		**
Eliquis	146		2		**		97			—		N/A
Plavix	258		2,547		(90	)%	153			2,424		(94	)%
Mature Products and All Other	2,765		2,756		—		474			524		(10	)%
Total	16,385		17,621		(7	)%	8,318			10,384		(20	)%

** In excess of 100%

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2013 AND 2012

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

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2013			2012			2013			2012
Net product sales	$	3,298		$	3,084		$	12,304		$	13,654
Alliance and other revenues	1,143			1,107			4,081			3,967
Total Revenues	4,441			4,191			16,385			17,621
Cost of products sold	1,273			1,075			4,619			4,610
Marketing, selling and administrative	1,068			1,143			4,084			4,220
Advertising and product promotion	254			212			855			797
Research and development	957			1,082			3,731			3,904
Impairment charge for BMS-986094 intangible asset	—			—			—			1,830
Other (income)/expense	20			166			205			(80		)
Total Expenses	3,572			3,678			13,494			15,281
Earnings Before Income Taxes	869			513			2,891			2,340
Provision for/(Benefit from) income taxes	134			(411		)	311			(161		)
Net Earnings	735			924			2,580			2,501
Net Earnings/(Loss) Attributable to Noncontrolling Interest	9			(1		)	17			541
Net Earnings Attributable to BMS	726			925			2,563			1,960
Earnings per Common Share
Basic	$	0.44		$	0.56		$	1.56		$	1.17
Diluted	$	0.44		$	0.56		$	1.54		$	1.16
Average Common Shares Outstanding:
Basic	1,648			1,644			1,644			1,670
Diluted	1,666			1,662			1,662			1,688
Other (Income)/Expense
Interest expense	$	53		$	51		$	199		$	182
Investment income	(28		)	(21		)	(104		)	(106		)
Provision for restructuring	14			103			226			174
Litigation charges/(recoveries)	25			55			20			(45		)
Equity in net income of affiliates	(38		)	(33		)	(166		)	(183		)
Out-licensed intangible asset impairment	—			—			—			38
Gain on sale of product lines, businesses and assets	(1		)	(50		)	(2		)	(53		)
Other income received from alliance partners, net	(28		)	(87		)	(148		)	(312		)
Pension curtailments and settlements	27			155			165			158
Other	(4		)	(7		)	15			67
Other (income)/expense	$	20		$	166		$	205		$	(80	)

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2013 AND 2012

(Unaudited, dollars in millions)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2013			2012			2013			2012
Accelerated depreciation, asset impairment and other shutdown costs	$	36		$	—		$	36		$	147
Amortization of acquired Amylin intangible assets	137			138			549			229
Amortization of Amylin collaboration proceeds	(71		)	(68		)	(273		)	(114		)
Amortization of Amylin inventory adjustment	—			14			14			23
Cost of products sold	102			84			326			285
Stock compensation from accelerated vesting of Amylin awards	—			—			—			67
Process standardization implementation costs	10			2			16			18
Marketing, selling and administrative	10			2			16			85
Stock compensation from accelerated vesting of Amylin awards	—			—			—			27
Upfront, milestone and other licensing payments	16			26			16			47
IPRD impairment	—			39			—			142
Research and development	16			65			16			216
Impairment charge for BMS-986094 intangible asset	—			—			—			1,830
Provision for restructuring	14			103			226			174
Gain on sale of product lines, businesses and assets	—			(51		)	—			(51		)
Acquisition and collaboration related items	—			1			(10		)	43
Litigation charges/(recoveries)	—			55			(23		)	(45		)
Out-licensed intangible asset impairment	—			—			—			38
Loss on debt repurchase	—			—			—			27
Upfront, milestone and other licensing receipts	—			(10		)	(14		)	(10		)
Pension settlements	25			151			161			151
Other (income)/expense	39			249			340			327
Increase to pretax income	167			400			698			2,743
Income tax on items above	(51		)	(156		)	(242		)	(947		)
Specified tax benefit*	—			(392		)	—			(392		)
Income taxes	(51		)	(548		)	(242		)	(1,339		)
Increase/(decrease) to net earnings	$	116		$	(148	)	$	456		$	1,404

* The 2012 specified tax benefit relates to a capital loss deduction.

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2013 AND 2012

(Unaudited, dollars in millions)

Three months ended December 31, 2013	GAAP			Specified Items*		Non GAAP
Gross Profit	$	3,168		102		$	3,270
Marketing, selling and administrative	1,068			(10	)	1,058
Research and development	957			(16	)	941
Other (income)/expense	20			(39	)	(19		)
Effective Tax Rate	15.4%			2.5	%	17.9		%
Three months ended December 31, 2012	GAAP			Specified Items*		Non GAAP
Gross Profit	$	3,116		84		$	3,200
Marketing, selling and administrative	1,143			(2	)	1,141
Research and development	1,082			(65	)	1,017
Other (income)/expense	166			(249	)	(83		)
Effective Tax Rate	(80.1		)%	95.1	%	15.0		%

* Refer to the Specified Items schedules 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

RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2013 AND 2012

(Unaudited, dollars in millions)

Twelve months ended December 31, 2013	GAAP			Specified Items*		Non GAAP
Gross Profit	$	11,766		326		$	12,092
Marketing, selling and administrative	4,084			(16	)	4,068
Research and development	3,731			(16	)	3,715
Other (income)/expense	205			(340	)	(135		)
Effective Tax Rate	10.8		%	4.6	%	15.4		%
Twelve months ended December 31, 2012	GAAP			Specified Items*		Non GAAP
Gross Profit	$	13,011		285		$	13,296
Marketing, selling and administrative	4,220			(85	)	4,135
Research and development	3,904			(216	)	3,688
Other (income)/expense	(80		)	(327	)	(407		)
Effective Tax Rate	(6.9		)%	30.1	%	23.2		%

* Refer to the Specified Items schedules 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

RECONCILIATION OF NON-GAAP EPS TO GAAP EPS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2013 AND 2012

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

	Three Months Ended December 31,					Twelve Months Ended December 31,
	2013		2012			2013		2012
Net Earnings Attributable to BMS — GAAP	$	726	$	925		$	2,563	$	1,960
Earnings attributable to unvested restricted shares	—		(1		)	—		(1		)
Net Earnings used for Diluted EPS Calculation — GAAP	$	726	$	924		$	2,563	$	1,959
Net Earnings Attributable to BMS — GAAP	$	726	$	925		$	2,563	$	1,960
Less Specified Items*	116		(148		)	456		1,404
Net Earnings Attributable to BMS — Non-GAAP	842		777			3,019		3,364
Earnings attributable to unvested restricted shares	—		(1		)	—		(1		)
Net Earnings used for Diluted EPS Calculation — Non-GAAP	$	842	$	776		$	3,019	$	3,363
Average Common Shares Outstanding - Diluted	1,666		1,662			1,662		1,688
Diluted Earnings Per Share — GAAP	$	0.44	$	0.56		$	1.54	$	1.16
Diluted EPS Attributable to Specified Items	0.07		(0.09		)	0.28		0.83
Diluted Earnings Per Share — Non-GAAP	$	0.51	$	0.47		$	1.82	$	1.99

* Refer to the Specified Items schedules for further details.

BRISTOL-MYERS SQUIBB COMPANY

NET DEBT CALCULATION

AS OF DECEMBER 31, 2013 AND SEPTEMBER 30, 2013

(Unaudited, dollars in millions)

	December 31, 2013			September 30, 2013
Cash and cash equivalents	$	3,586		$	1,771
Marketable securities - current	939			951
Marketable securities - long term	3,747			3,623
Cash, cash equivalents and marketable securities	8,272			6,345
Short-term borrowings and current portion of long-term debt	(359		)	(680		)
Long-term debt	(7,981		)	(6,532		)
Net debt position	$	(68	)	$	(867	)

EX-99.2

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF REVENUES

(Unaudited, dollars in millions)

Revenues	2012																					2013																					% Change		FX Impact
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			Qtr vs. Qtr	YTD vs. YTD	Qtr vs. Qtr	YTD vs. YTD
Total	$	5,251		$	4,443		$	9,694		$	3,736		$	13,430		$	4,191		$	17,621		$	3,831		$	4,048		$	7,879		$	4,065		$	11,944		$	4,441		$	16,385		6%	(7)%	(1)%	(1)%
US and Puerto Rico	3,501			2,629			6,130			2,016			8,146			2,238			10,384			1,971			2,045			4,016			2,037			6,053			2,265			8,318			1%	(20)%	—	—
Europe	922			926			1,848			858			2,706			1,000			3,706			946			950			1,896			985			2,881			1,049			3,930			5%	6%	3%	2%
Rest of the World	748			811			1,559			787			2,346			858			3,204			765			835			1,600			805			2,405			890			3,295			4%	3%	(8)%	(6)%
Other	80			77			157			75			232			95			327			149			218			367			238			605			237			842			**	**	N/A	N/A
% of Revenues	2012																					2013
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
US and Puerto Rico	66.7		%	59.2		%	63.2		%	54.0		%	60.7		%	53.4		%	58.9		%	51.4		%	50.5		%	51.0		%	50.1		%	50.7		%	51.0		%	50.8		%
Europe	17.6		%	20.8		%	19.1		%	23.0		%	20.1		%	23.9		%	21.0		%	24.7		%	23.5		%	24.1		%	24.2		%	24.1		%	23.6		%	24.0		%
Rest of the World	14.2		%	18.3		%	16.1		%	21.0		%	17.5		%	20.5		%	18.2		%	20.0		%	20.6		%	20.3		%	19.8		%	20.1		%	20.0		%	20.1		%
Other	1.5		%	1.7		%	1.6		%	2.0		%	1.7		%	2.2		%	1.9		%	3.9		%	5.4		%	4.6		%	5.9		%	5.1		%	5.4		%	5.1		%

**In excess of 100%

1

BRISTOL-MYERS SQUIBB COMPANY

REVENUES AND COMPOSITION OF CHANGE IN REVENUES

FOR THE PERIOD ENDED DECEMBER 31, 2013

(Unaudited, dollars in millions)

QUARTER-TO-DATE	Revenues				Analysis of % Change
	2013		2012		Total Change		Volume		Price		Foreign Exchange
US and Puerto Rico	$	2,265	$	2,238	1	%	1	%	—		—
Europe	1,049		1,000		5	%	6	%	(4	)%	3	%
Rest of the World	890		858		4	%	15	%	(3	)%	(8	)%
Other	237		95		**		N/A		N/A		N/A
Total	$	4,441	$	4,191	6	%	9	%	(2	)%	(1	)%
YEAR-TO-DATE	Revenues				Analysis of % Change
	2013		2012		Total Change		Volume		Price		Foreign Exchange
US and Puerto Rico	$	8,318	$	10,384	(20	)%	(19	)%	(1	)%	—
Europe	3,930		3,706		6	%	7	%	(3	)%	2	%
Rest of the World	3,295		3,204		3	%	11	%	(2	)%	(6	)%
Other	842		327		**		N/A		N/A		N/A
Total	$	16,385	$	17,621	(7	)%	(5	)%	(1	)%	(1	)%

**In excess of 100%

2

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

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

	2012																					2013																					% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			Qtr vs. Qtr	YTD vs. YTD
Total Revenues	$	5,251		$	4,443		$	9,694		$	3,736		$	13,430		$	4,191		$	17,621		$	3,831		$	4,048		$	7,879		$	4,065		$	11,944		$	4,441		$	16,385		6%	(7)%
Cost of products sold	1,303			1,245			2,548			987			3,535			1,075			4,610			1,063			1,108			2,171			1,175			3,346			1,273			4,619			18%	—
Marketing, selling and administrative	1,002			1,004			2,006			1,071			3,077			1,143			4,220			994			1,042			2,036			980			3,016			1,068			4,084			(7)%	(3)%
Advertising and product promotion	194			224			418			167			585			212			797			189			218			407			194			601			254			855			20%	7%
Research and development	909			962			1,871			951			2,822			1,082			3,904			930			951			1,881			893			2,774			957			3,731			(12)%	(4)%
Impairment charge for BMS-986094 intangible asset	—			—			—			1,830			1,830			—			1,830			—			—			—			—			—			—			—			—	(100)%
Other (income)/expense	(184		)	(51		)	(235		)	(11		)	(246		)	166			(80		)	(19		)	199			180			5			185			20			205			(88)%	**
Total Expenses	3,224			3,384			6,608			4,995			11,603			3,678			15,281			3,157			3,518			6,675			3,247			9,922			3,572			13,494			(3)%	(12)%
Earnings Before Income Taxes	$	2,027		$	1,059		$	3,086		$	(1,259	)	$	1,827		$	513		$	2,340		$	674		$	530		$	1,204		$	818		$	2,022		$	869		$	2,891		69%	24%
Provision for/(Benefit from) income taxes	545			251			796			(546		)	250			(411		)	(161		)	51			—			51			126			177			134			311			**	**
Net Earnings	$	1,482		$	808		$	2,290		$	(713	)	$	1,577		$	924		$	2,501		$	623		$	530		$	1,153		$	692		$	1,845		$	735		$	2,580		(20)%	3%
Net Earnings/(Loss) Attributable to Noncontrolling Interest	381			163			544			(2		)	542			(1		)	541			14			(6		)	8			—			8			9			17			**	(97)%
Net Earnings Attributable to BMS	$	1,101		$	645		$	1,746		$	(711	)	$	1,035		$	925		$	1,960		$	609		$	536		$	1,145		$	692		$	1,837		$	726		$	2,563		(22)%	31%
Earnings attributable to unvested restricted shares	(1		)	—			(2		)	—			(1		)	(1		)	(1		)	—			—			—			—			—			—			—			(100)%	(100)%
Net Earnings/(Loss) used for Diluted EPS Calculation	$	1,100		$	645		$	1,744		$	(711	)	$	1,034		$	924		$	1,959		$	609		$	536		$	1,145		$	692		$	1,837		$	726		$	2,563		(21)%	31%
Diluted Earnings/(Loss) per Common Share*	$	0.64		$	0.38		$	1.02		$	(0.43	)	$	0.61		$	0.56		$	1.16		$	0.37		$	0.32		$	0.69		$	0.42		$	1.11		$	0.44		$	1.54		(21)%	33%
Average Common Shares Outstanding - Diluted	1,706			1,701			1,704			1,666			1,697			1,662			1,688			1,655			1,660			1,658			1,662			1,659			1,666			1,662			—	(2)%
Dividends declared per common share	$	0.34		$	0.34		$	0.68		$	0.34		$	1.02		$	0.35		$	1.37		$	0.35		$	0.35		$	0.70		$	0.35		$	1.05		$	0.36		$	1.41		3%	3%
% of Total Revenues	2012																					2013
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year
Gross Margin	75.2		%	72.0		%	73.7		%	73.6		%	73.7		%	74.3		%	73.8		%	72.3		%	72.6		%	72.4		%	71.1		%	72.0		%	71.3		%	71.8		%
Other Ratios
Effective Tax Rate	26.9		%	23.7		%	25.8		%	43.4		%	13.7		%	(80.1		)%	(6.9		)%	7.6		%	—			4.2		%	15.4		%	8.8		%	15.4		%	10.8		%
Other (Income)/Expense	2012																					2013																					% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			Qtr vs. Qtr	YTD vs. YTD
Interest expense	$	42		$	41		$	83		$	48		$	131		$	51		$	182		$	50		$	50		$	100		$	46		$	146		$	53		$	199		4%	9%
Investment income	(36		)	(22		)	(58		)	(27		)	(85		)	(21		)	(106		)	(25		)	(28		)	(53		)	(23		)	(76		)	(28		)	(104		)	33%	(2)%
Provision for restructuring	22			20			42			29			71			103			174			33			173			206			6			212			14			226			(86)%	30%
Litigation charges/(recoveries)	(172		)	22			(150		)	50			(100		)	55			(45		)	—			(22		)	(22		)	17			(5		)	25			20			(55)%	**
Equity in net income of affiliates	(57		)	(53		)	(110		)	(40		)	(150		)	(33		)	(183		)	(36		)	(50		)	(86		)	(42		)	(128		)	(38		)	(166		)	15%	(9)%
Out-licensed intangible asset impairment	38			—			38			—			38			—			38			—			—			—			—			—			—			—			—	(100)%
Gain on sale of product lines, businesses and assets	—			(3		)	(3		)	—			(3		)	(50		)	(53		)	(1		)	—			(1		)	—			(1		)	(1		)	(2		)	(98)%	(96)%
Other income received from alliance partners, net	(46		)	(83		)	(129		)	(96		)	(225		)	(87		)	(312		)	(57		)	(32		)	(89		)	(31		)	(120		)	(28		)	(148		)	(68)%	(53)%
Pension curtailments and settlements	—			—			—			3			3			155			158			—			101			101			37			138			27			165			(83)%	4%
Other	25			27			52			22			74			(7		)	67			17			7			24			(5		)	19			(4		)	15			(43)%	(78)%
	$	(184	)	$	(51	)	$	(235	)	$	(11	)	$	(246	)	$	166		$	(80	)	$	(19	)	$	199		$	180		$	5		$	185		$	20		$	205		(88)%	**

** In excess of 100%

3

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED DECEMBER 31, 2013

(Unaudited, dollars in millions)

QUARTER-TO-DATE

	2013			2012			Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ *			2013 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Revenues	$	4,441		$	4,191		250		6	%	$	(36	)	$	4,477	(1	)%	7	%
Gross profit	3,168			3,116			52		2	%	N/A			N/A		N/A		N/A
Gross profit excluding specified items (a)	3,270			3,200			70		2	%	N/A			N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	73.6		%	76.4		%
Marketing, selling and administrative	1,068			1,143			(75	)	(7	)%	12			1,080		1	%	(6	)%
Marketing, selling and administrative excluding specified items (a)	1,058			1,141			(83	)	(7	)%	14			1,072		1	%	(6	)%
Advertising and product promotion	254			212			42		20	%	4			258		2	%	22	%
SG&A excluding specified items as a % of revenues	29.5		%	32.3		%
Research and development	957			1,082			(125	)	(12	)%	1			958		—		(12	)%
Research and development excluding specified items (a)	941			1,017			(76	)	(7	)%	1			942		—		(7	)%
Research and development excluding specified items as a % of revenues	21.2		%	24.3		%
YEAR-TO-DATE
	2013			2012			Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ *			2013 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Revenues	$	16,385		$	17,621		(1,236	)	(7	)%	$	(124	)	$	16,509	(1	)%	(6	)%
Gross profit	11,766			13,011			(1,245	)	(10	)%	N/A			N/A		N/A		N/A
Gross profit excluding specified items (a)	12,092			13,296			(1,204	)	(9	)%	N/A			N/A		N/A		N/A
Gross profit excluding specified items as a % of revenues	73.8		%	75.5		%
Marketing, selling and administrative	4,084			4,220			(136	)	(3	)%	44			4,128		1	%	(2	)%
Marketing, selling and administrative excluding specified items (a)	4,068			4,135			(67	)	(2	)%	46			4,114		1	%	(1	)%
Advertising and product promotion	855			797			58		7	%	11			866		2	%	9	%
SG&A excluding specified items as a % of revenues	30.0		%	28.0		%
Research and development	3,731			3,904			(173	)	(4	)%	10			3,741		—		(4	)%
Research and development excluding specified items (a)	3,715			3,688			27		1	%	23			3,738		—		1	%
Research and development excluding specified items as a % of revenues	22.7		%	20.9		%

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

* Foreign exchange (FX) impact determined by the change in a line item's current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact.

4

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE REVENUES FROM OPERATIONS BY PRODUCT

QUARTERLY REVENUES TREND ANALYSIS AND RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT

(Unaudited, dollars in millions)

	2012														2013														Growth $						% Change		EX-FX						FX Impact
	1st  Qtr		2nd  Qtr		6  Months		3rd  Qtr		9  Months		4th  Qtr		Year		1st  Qtr		2nd  Qtr		6  Months		3rd Qtr		9  Months		4th  Qtr		Year		QTD			YTD			Qtr  vs.  Qtr	YTD  vs. YTD	QTD EX-FX $		YTD EX-FX $		QTD EX-FX %	YTD EX-FX %	Qtr  vs. Qtr	YTD  vs. YTD
TOTAL	$	5,251	$	4,443	$	9,694	$	3,736	$	13,430	$	4,191	$	17,621	$	3,831	$	4,048	$	7,879	$	4,065	$	11,944	$	4,441	$	16,385	$	250		$	(1,236	)	6%	(7)%	$	4,477	$	16,509	7%	(6)%	(1)%	(1)%
Virology
Baraclude	325		357		682		346		1,028		360		1,388		366		371		737		378		1,115		412		1,527		52			139			14%	10%	424		1,563		18%	13%	(4)%	(3)%
Reyataz	358		406		764		363		1,127		394		1,521		361		431		792		375		1,167		384		1,551		(10		)	30			(3)%	2%	387		1,563		(2)%	3%	(1)%	(1)%
Sustiva Franchise (a)	386		388		774		370		1,144		383		1,527		387		411		798		389		1,187		427		1,614		44			87			11%	6%	426		1,611		11%	6%	—	—
Oncology
Erbitux	179		179		358		173		531		171		702		162		171		333		183		516		180		696		9			(6		)	5%	(1)%	179		696		5%	(1)%	—	—
Sprycel	231		244		475		263		738		281		1,019		287		312		599		316		915		365		1,280		84			261			30%	26%	380		1,323		35%	30%	(5)%	(4)%
Yervoy	154		162		316		179		495		211		706		229		233		462		238		700		260		960		49			254			23%	36%	259		957		23%	36%	—	—
Neuroscience
Abilify (b)	621		711		1,332		676		2,008		819		2,827		522		563		1,085		569		1,654		635		2,289		(184		)	(538		)	(22)%	(19)%	629		2,276		(23)%	(19)%	1%	—
Metabolics
Bydureon	—		—		—		20		20		58		78		52		66		118		87		205		93		298		35			220			60%	**	93		297		60%	**	—	N/A
Byetta	—		—		—		55		55		94		149		85		104		189		106		295		105		400		11			251			12%	**	105		399		12%	**	—	N/A
Forxiga	—		—		—		—		—		—		—		3		5		8		7		15		8		23		8			23			N/A	N/A	8		23		N/A	N/A	N/A	N/A
Onglyza/Kombiglyze (c)	161		172		333		178		511		198		709		202		240		442		211		653		224		877		26			168			13%	24%	224		878		13%	24%	—	—
Immunoscience
Nulojix	1		3		4		3		7		4		11		5		6		11		7		18		8		26		4			15			100%	**	9		26		**	**	—	—
Orencia (d)	254		290		544		307		851		325		1,176		320		352		672		375		1,047		397		1,444		72			268			22%	23%	405		1,473		25%	25%	(3)%	(2)%
Cardiovascular
Avapro/Avalide	207		117		324		95		419		84		503		46		56		102		71		173		58		231		(26		)	(272		)	(31)%	(54)%	57		229		(32)%	(54)%	1%	—
Eliquis	—		1		1		—		1		1		2		22		12		34		41		75		71		146		70			144			**	**	75		152		**	**	—	—
Plavix	1,693		741		2,434		64		2,498		49		2,547		91		44		135		42		177		81		258		32			(2,289		)	65%	(90)%	81		252		65%	(90)%	—	—
Mature Products and All Other (e)	681		672		1,353		644		1,997		759		2,756		691		671		1,362		670		2,032		733		2,765		(26		)	9			(3)%	—	736		2,791		(3)%	1%	—	(1)%
Total excluding Plavix and Avapro/Avalide	3,351		3,585		6,936		3,577		10,513		4,058		14,571		3,694		3,948		7,642		3,952		11,594		4,302		15,896		244			1,325			6%	9%	4,339		16,028		7%	10%	(1)%	(1)%
	2012														2013														Growth $						% Change		EX-FX						FX Impact
	1st Qtr		2nd Qtr		6 Months		3rd  Qtr		9  Months		4th  Qtr		Year		1st  Qtr		2nd Qtr		6 Months		3rd  Qtr		9  Months		4th Qtr		Year		QTD			YTD			Qtr vs. Qtr	YTD vs. YTD	QTD EX-FX $		YTD EX-FX $		QTD EX-FX %	YTD EX-FX %	Qtr  vs. Qtr	YTD  vs.  YTD
Revenues by Therapeutic Area:
Virology	$	1,077	$	1,165	$	2,242	$	1,089	$	3,331	$	1,145	$	4,476	$	1,121	$	1,225	$	2,346	$	1,151	$	3,497	$	1,229	$	4,726	$	84		$	250		7%	6%	$	1,244	$	4,767	9%	7%	(2)%	(1)%
Oncology	679		707		1,386		728		2,114		777		2,891		772		814		1,586		824		2,410		895		3,305		118			414			15%	14%	916		3,372		18%	17%	(3)%	(3)%
Neuroscience	627		716		1,343		680		2,023		823		2,846		526		568		1,094		574		1,668		640		2,308		(183		)	(538		)	(22)%	(19)%	635		2,292		(23)%	(19)%	1%	—
Metabolics	194		206		400		299		699		409		1,108		400		480		880		478		1,358		502		1,860		93			752			23%	68%	501		1,856		23%	68%	—	—
Immunoscience	255		292		547		311		858		329		1,187		325		358		683		382		1,065		405		1,470		76			283			23%	24%	414		1,499		26%	26%	(3)%	(2)%
Cardiovascular	1,991		958		2,949		243		3,192		223		3,415		243		193		436		233		669		297		966		74			(2,449		)	33%	(72)%	296		950		33%	(72)%	—	—
Other Therapeutic Areas	428		399		827		386		1,213		485		1,698		444		410		854		423		1,277		473		1,750		(12		)	52			(2)%	3%	471		1,773		(3)%	4%	—	(1)%

**	In excess of 100%
(a)	The Sustiva Franchise includes sales of Sustiva and revenue of bulk efavirenz included in the combination therapy, Atripla.
(b)	Includes revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.
(c)	Includes Kombiglyze revenues of $61M and $239M for the three and twelve months ended December 31, 2013 and $48M and $164M for the three and twelve months ended December 31, 2012, respectively.
(d)	Includes Orencia SubQ revenues of $139M and $441M for the three and twelve months ended December 31, 2013 and $75M and $213M for the three and twelve months ended December 31, 2012, respectively.
(e)	Represents all other products, including those which have lost their exclusivity in major markets, over the counter brands and royalty-related revenue. Includes Symlin revenues of $25M and $84M for the three and twelve months ended December 31, 2013 and $23M and $36M for the three and twelve months ended December 31, 2012.

5

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC REVENUES FROM OPERATIONS BY PRODUCT

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2012														2013																		% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr			6 Months			3rd Qtr		9 Months			4th Qtr		Year			Qtr vs. Qtr	YTD vs. YTD
TOTAL (a)	$	3,501	$	2,629	$	6,130	$	2,016	$	8,146	$	2,238	$	10,384	$	1,971	$	2,045		$	4,016		$	2,037	$	6,053		$	2,265	$	8,318		1%	(20)%
Virology
Baraclude	56		59		115		61		176		65		241		68		73			141			67		208			81		289			25%	20%
Reyataz	188		199		387		197		584		199		783		193		200			393			189		582			187		769			(6)%	(2)%
Sustiva Franchise (b)	254		259		513		250		763		253		1,016		251		275			526			259		785			307		1,092			21%	7%
Oncology
Erbitux	176		176		352		169		521		167		688		158		168			326			180		506			176		682			5%	(1)%
Sprycel	95		91		186		109		295		109		404		115		135			250			134		384			157		541			44%	34%
Yervoy (c)	117		122		239		123		362		141		503		159		140			299			130		429			148		577			5%	15%
Neuroscience
Abilify (d)	445		533		978		507		1,485		617		2,102		328		378			706			378		1,084			435		1,519			(29)%	(28)%
Metabolics
Bydureon	—		—		—		20		20		55		75		52		57			109			73		182			81		263			47%	**
Byetta	—		—		—		55		55		92		147		84		74			158			76		234			70		304			(24)%	**
Onglyza/Kombiglyze (e)	120		126		246		130		376		140		516		140		167			307			138		445			146		591			4%	15%
Immunoscience
Nulojix	1		2		3		3		6		3		9		4		4			8			5		13			7		20			**	**
Orencia (f)	171		199		370		211		581		216		797		214		238			452			246		698			256		954			19%	20%
Cardiovascular
Avapro/Avalide	108		22		130		9		139		16		155		—		(9		)	(9		)	—		(9		)	2		(7		)	(88)%	**
Eliquis	—		—		—		—		—		—		—		17		5			22			27		49			48		97			N/A	N/A
Plavix	1,648		713		2,361		43		2,404		20		2,424		66		18			84			18		102			51		153			**	(94)%
Mature Products and All Other  (g)	122		128		250		129		379		145		524		122		122			244			117		361			113		474			(22)%	(10)%
Total excluding Plavix and Avapro/Avalide	1,745		1,894		3,639		1,964		5,603		2,202		7,805		1,905		2,036			3,941			2,019		5,960			2,212		8,172			—	5%
	2012														2013																		% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr			6 Months			3rd Qtr		9 Months			4th Qtr		Year			Qtr vs. Qtr	YTD vs. YTD
Revenues by Therapeutic Area:
Virology	$	498	$	519	$	1,017	$	509	$	1,526	$	518	$	2,044	$	513	$	548		$	1,061		$	518	$	1,579		$	574	$	2,153		11%	5	%
Oncology	412		414		826		423		1,249		438		1,687		451		457			908			459		1,367			493		1,860			13%	10	%
Neuroscience	445		534		979		506		1,485		617		2,102		328		378			706			378		1,084			435		1,519			(29)%	(28	)%
Metabolics	127		132		259		224		483		316		799		298		324			622			317		939			327		1,266			3%	58	%
Immunoscience	172		201		373		214		587		219		806		217		243			460			251		711			263		974			20%	21	%
Cardiovascular	1,784		766		2,550		79		2,629		61		2,690		108		36			144			67		211			128		339			**	(87	)%
Other Therapeutic Areas	63		63		126		61		187		69		256		56		59			115			47		162			45		207			(35)%	(19	)%

** In excess of 100%

(a) Domestic revenues include United States and Puerto Rico.

(b) The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.

(c) Includes $25 million of net sales that were previously deferred until sufficient historical experience to estimate sales returns was developed. The following table provides a reconciliation of the net impact of reversal of previously deferred net sales.

	2013			2012		% Change
	4th Qtr	12 Months		4th Qtr	12 Months	Qtr vs. Qtr		YTD vs. YTD
Yervoy Revenues As Reported	148	577		141	503	5	%	15	%
Reversal of deferred revenues, net	—	(25	)	—	—	N/A		N/A
Yervoy Revenues - Adjusted	148	552		141	503	5	%	10	%

(d) Includes revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. The following table provides a reconciliation of the impact for extending the term of the commercialization and manufacturing agreement.

	2013		2012		% Change
	4th Qtr	12 Months	4th Qtr	12 Months	Qtr vs. Qtr		YTD vs. YTD
Abilify Revenues As Reported	435	1,519	617	2,102	(29	)%	(28	)%
Contractual share change from 51.50% to 34.02%	227	780	—	—	N/A		N/A
Abilify Revenues - Adjusted	662	2,299	617	2,102	7	%	9	%

(e)	Includes Kombiglyze revenues of $47M and $195M for the three and twelve months ended December 31, 2013 and $45M and $160M for the three and twelve months ended December 31, 2012, respectively.
(f)	Includes Orencia SubQ revenues of $101M and $345M for the three and twelve months ended December 31, 2013 and $67M and $201M for the three and twelve months ended December 31, 2012, respectively.
(g)	Represents all other products sold in the U.S., including those which have lost their exclusivity in major markets. Includes Symlin revenues of $25M and $84M for the three and twelve months ended December 31, 2013 and $23M and $36M for the three and twelve months ended December 31, 2012.

6

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES FROM OPERATIONS BY PRODUCT

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2012														2013														% Change		FX Impact
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		Qtr vs. Qtr	YTD vs. YTD	Qtr vs. Qtr	YTD vs. YTD
TOTAL	$	1,750	$	1,814	$	3,564	$	1,720	$	5,284	$	1,953	$	7,237	$	1,860	$	2,003	$	3,863	$	2,028	$	5,891	$	2,176	$	8,067	11%	11%	(3)%	(2)%
Virology
Baraclude	269		298		567		285		852		295		1,147		298		298		596		311		907		331		1,238		12%	8%	(4)%	(3)%
Reyataz	170		207		377		166		543		195		738		168		231		399		186		585		197		782		1%	6%	(2)%	(2)%
Sustiva Franchise (a)	132		129		261		120		381		130		511		136		136		272		130		402		120		522		(8)%	2%	1%	1%
Oncology
Erbitux	3		3		6		4		10		4		14		4		3		7		3		10		4		14		—	—	—	—
Sprycel	136		153		289		154		443		172		615		172		177		349		182		531		208		739		21%	20%	(9)%	(7)%
Yervoy	37		40		77		56		133		70		203		70		93		163		108		271		112		383		60%	89%	—	—
Neuroscience
Abilify (b)	176		178		354		169		523		202		725		194		185		379		191		570		200		770		(1)%	6%	2%	1%
Metabolics
Bydureon	—		—		—		—		—		3		3		—		9		9		14		23		12		35		**	**	—	N/A
Byetta	—		—		—		—		—		2		2		1		30		31		30		61		35		96		**	**	—	N/A
Forxiga	—		—		—		—		—		—		—		3		5		8		7		15		8		23		N/A	N/A	N/A	N/A
Onglyza/Kombiglyze	41		46		87		48		135		58		193		62		73		135		73		208		78		286		34%	48%	—	(2)%
Immunoscience
Nulojix	—		1		1		—		1		1		2		1		2		3		2		5		1		6		—	**	—	—
Orencia	83		91		174		96		270		109		379		106		114		220		129		349		141		490		29%	29%	(8)%	(8)%
Cardiovascular
Avapro/Avalide	99		95		194		86		280		68		348		46		65		111		71		182		56		238		(18)%	(32)%	1%	—
Eliquis	—		1		1		—		1		1		2		5		7		12		14		26		23		49		**	**	—	—
Plavix	45		28		73		21		94		29		123		25		26		51		24		75		30		105		3%	(15)%	6%	3%
Mature Products and All Other (c)	559		544		1,103		515		1,618		614		2,232		569		549		1,118		553		1,671		620		2,291		1%	3%	(2)%	(1)%
	2012														2013														% Change		FX Impact
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		Qtr vs. Qtr	YTD vs. YTD	Qtr vs. Qtr	YTD vs. YTD
Revenues by Therapeutic Area:
Virology	$	579	$	646	$	1,225	$	580	$	1,805	$	627	$	2,432	$	608	$	677	$	1,285	$	633	$	1,918	$	655	$	2,573	4%	6%	(3)%	(2)%
Oncology	267		293		560		305		865		339		1,204		321		357		678		365		1,043		402		1,445		19%	20%	(6)%	(6)%
Neuroscience	182		182		364		174		538		206		744		198		190		388		196		584		205		789		—	6%	2%	1%
Metabolics	67		74		141		75		216		93		309		102		156		258		161		419		175		594		88%	92%	—	—
Immunoscience	83		91		174		97		271		110		381		108		115		223		131		354		142		496		29%	30%	(8)%	(8)%
Cardiovascular	207		192		399		164		563		162		725		135		157		292		166		458		169		627		4%	(14)%	1%	—
Other Therapeutic Areas	365		336		701		325		1,026		416		1,442		388		351		739		376		1,115		428		1,543		3%	7%	(1)%	(1)%

**    In excess of 100%

(a) The Sustiva Franchise includes sales of Sustiva and revenue of bulk efavirenz included in the combination therapy, Atripla.

(b) Includes revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.

(c) Represents all other products, including those which have lost their exclusivity in major markets, over the counter brands and royalty-related revenue.

7

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS

(Unaudited, dollars in millions)

	2012																					2013
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year
Gross Profit	$	3,948		$	3,198		$	7,146		$	2,749		$	9,895		$	3,116		$	13,011		$	2,768		$	2,940		$	5,708		$	2,890		$	8,598		$	3,168		$	11,766
Specified items (a)	—			147			147			54			201			84			285			85			70			155			69			224			102			326
Gross profit excluding specified items	3,948			3,345			7,293			2,803			10,096			3,200			13,296			2,853			3,010			5,863			2,959			8,822			3,270			12,092
Marketing, selling and administrative	1,002			1,004			2,006			1,071			3,077			1,143			4,220			994			1,042			2,036			980			3,016			1,068			4,084
Specified items (a)	(8		)	(5		)	(13		)	(70		)	(83		)	(2		)	(85		)	(1		)	(1		)	(2		)	(4		)	(6		)	(10		)	(16		)
Marketing, selling and administrative excluding specified items	994			999			1,993			1,001			2,994			1,141			4,135			993			1,041			2,034			976			3,010			1,058			4,068
Research and development	909			962			1,871			951			2,822			1,082			3,904			930			951			1,881			893			2,774			957			3,731
Specified items (a)	(58		)	(45		)	(103		)	(48		)	(151		)	(65		)	(216		)	—			—			—			—			—			(16		)	(16		)
Research and development excluding specified items	851			917			1,768			903			2,671			1,017			3,688			930			951			1,881			893			2,774			941			3,715
Other (income)/expense	(184		)	(51		)	(235		)	(11		)	(246		)	166			(80		)	(19		)	199			180			5			185			20			205
Specified items (a)	81			(43		)	38			(116		)	(78		)	(249		)	(327		)	(19		)	(239		)	(258		)	(43		)	(301		)	(39		)	(340		)
Other (income)/expense excluding specified items	(103		)	(94		)	(197		)	(127		)	(324		)	(83		)	(407		)	(38		)	(40		)	(78		)	(38		)	(116		)	(19		)	(135		)
Effective Tax Rate	26.9		%	23.7		%	25.8		%	43.4		%	13.7		%	(80.1		)%	(6.9		)%	7.6		%	—			4.2		%	15.4		%	8.8		%	15.4		%	10.8		%
Specified items (a)	(0.2)%			1.6		%	0.3		%	(22.9)%			11.3		%	95.1		%	30.1		%	3.4		%	13.8		%	8.3		%	2.4		%	5.6		%	2.5		%	4.6		%
Effective Tax Rate excluding specified items	26.7		%	25.3		%	26.1		%	20.5		%	25.0		%	15.0		%	23.2		%	11.0		%	13.8		%	12.5		%	17.8		%	14.4		%	17.9		%	15.4		%

(a) Refer to the Specified Items schedules for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate.

8

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)

	2012																					2013
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year
Accelerated depreciation, asset impairment and other shutdown costs	$	—		$	147		$	147		$	—		$	147		$	—		$	147		$	—		$	—		$	—		$	—		$	—		$	36		$	36
Amortization of acquired Amylin intangible assets	—			—			—			91			91			138			229			138			137			275			137			412			137			549
Amortization of Amylin collaboration proceeds	—			—			—			(46		)	(46		)	(68		)	(114		)	(67		)	(67		)	(134		)	(68		)	(202		)	(71		)	(273		)
Amortization of Amylin inventory adjustment	—			—			—			9			9			14			23			14			—			14			—			14			—			14
Cost of products sold	—			147			147			54			201			84			285			85			70			155			69			224			102			326
Stock compensation from accelerated vesting of Amylin awards	—			—			—			67			67			—			67			—			—			—			—			—			—			—
Process standardization implementation costs	8			5			13			3			16			2			18			1			1			2			4			6			10			16
Marketing, selling and administrative	8			5			13			70			83			2			85			1			1			2			4			6			10			16
Stock compensation from accelerated vesting of Amylin awards	—			—			—			27			27			—			27			—			—			—			—			—			—			—
Upfront, milestone and other licensing payments	—			—			—			21			21			26			47			—			—			—			—			—			16			16
IPRD impairment	58			45			103			—			103			39			142			—			—			—			—			—			—			—
Research and development	58			45			103			48			151			65			216			—			—			—			—			—			16			16
Impairment charge for BMS-986094 intangible asset	—			—			—			1,830			1,830			—			1,830			—			—			—			—			—			—			—
Provision for restructuring	22			20			42			29			71			103			174			33			173			206			6			212			14			226
Gain on sale of product lines, businesses and assets	—			—			—			—			—			(51		)	(51		)	—			—			—			—			—			—			—
Acquisition and collaboration related items	12			1			13			29			42			1			43			—			(10		)	(10		)	—			(10		)	—			(10		)
Litigation charges/(recoveries)	(172		)	22			(150		)	50			(100		)	55			(45		)	—			(23		)	(23		)	—			(23		)	—			(23		)
Out-licensed intangible asset impairment	38			—			38			—			38			—			38			—			—			—			—			—			—			—
Loss on debt repurchase	19			—			19			8			27			—			27			—			—			—			—			—			—			—
Upfront, milestone and other licensing receipts	—			—			—			—			—			(10		)	(10		)	(14		)	—			(14		)	—			(14		)	—			(14		)
Pension settlements	—			—			—			—			—			151			151			—			99			99			37			136			25			161
Other (income)/expense	(81		)	43			(38		)	116			78			249			327			19			239			258			43			301			39			340
Increase/(decrease) to pretax income	(15		)	240			225			2,118			2,343			400			2,743			105			310			415			116			531			167			698
(Income tax)/tax benefit on items above	8			(77		)	(69		)	(722		)	(791		)	(156		)	(947		)	(35		)	(116		)	(151		)	(40		)	(191		)	(51		)	(242		)
Specified tax benefit*	—			—			—			—			—			(392		)	(392		)	—			—			—			—			—			—			—
(Income tax)/tax benefit	8			(77		)	(69		)	(722		)	(791		)	(548		)	(1,339		)	(35		)	(116		)	(151		)	(40		)	(191		)	(51		)	(242		)
Increase/(decrease) to net earnings	$	(7	)	$	163		$	156		$	1,396		$	1,552		$	(148	)	$	1,404		$	70		$	194		$	264		$	76		$	340		116			456

* The 2012 specified tax benefit relates to a capital loss deduction.

9

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

(Unaudited, dollars in millions)

	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
Cash and cash equivalents	$	2,307		$	2,801		$	1,503		$	1,656		$	1,355		$	1,821		$	1,771		$	3,586
Marketable securities - current	2,722			2,236			1,427			1,173			1,178			978			951			939
Marketable securities - long term	3,585			3,732			3,698			3,523			3,242			3,223			3,623			3,747
Cash, cash equivalents and marketable securities	8,614			8,769			6,628			6,352			5,775			6,022			6,345			8,272
Short-term borrowings and current portion of long-term debt	(145		)	(236		)	(751		)	(826		)	(1,372		)	(764		)	(680		)	(359		)
Long-term debt	(5,270		)	(5,209		)	(6,608		)	(6,568		)	(6,522		)	(6,442		)	(6,532		)	(7,981		)
Net debt position	$	3,199		$	3,324		$	(731	)	$	(1,042	)	$	(2,119	)	$	(1,184	)	$	(867	)	$	(68	)

10

BRISTOL-MYERS SQUIBB COMPANY

2014 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2014
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	1.75 to $1.90
Projected Specified Items:
Downsizing and streamlining of worldwide operations	0.08
Upfront and milestone payments, net	0.01
Gain on diabetes business divestiture and other related impacts	(0.22	)
Pension settlements	0.01
Other	0.02
Total	(0.10	)
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	1.65 to $1.80

The GAAP financial results for the full year 2014 will include specified items, including expected gain on diabetes business divestiture and other related impacts, charges associated with downsizing and streamlining worldwide operations,upfront and milestone payments, pension settlements and other charges. The gain or loss related to the sale of the diabetes business will be impacted by the timing of the transaction closing (including the China business), Forxiga regulatory approval in Japan, valuations of the businesses transferred and continuing obligations and related tax impacts. The GAAP financial results for the full year 2014 could also include other specified items that have not yet been identified and quantified, including gains or losses from other divestitures, additional upfront, milestone and other licensing payments, charges for in-process research and development and other intangible asset impairments, charges and recoveries relating to significant legal proceedings, additional restructuring activities and significant tax events. For a fuller discussion of certain litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Reports Fourth Quarter 2013 Financial Results, January 24, 2014 including “2014 Financial Guidance” and “Use of Non-GAAP Financial Information” therein.

11