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 27, 2015

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 27, 2015, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the fourth quarter and twelve months of 2014. 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 27, 2015.
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 27, 2015	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 27, 2015.
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 2014 Financial Results

• Achieves Accelerated U.S. Regulatory Approval for Opdivo in Metastatic Melanoma

• Announces Early Stop of CheckMate -017, a Phase 3 Study of Opdivo, After Data Demonstrates Superior Overall Survival

• Posts Fourth Quarter GAAP EPS of $0.01 and Non-GAAP EPS of $0.46

• Provides 2015 GAAP and Non-GAAP EPS Guidance Range of $1.55 - $1.70

(NEW YORK, January 27, 2015) - Bristol-Myers Squibb Company (NYSE:BMY) today reported results for the fourth quarter and full year of 2014, which were highlighted by strong global sales for priority brands and important advances in the company’s immuno-oncology (I-O) portfolio. The company received accelerated regulatory approval of Opdivo in the U.S., presented encouraging clinical data for Opdivo across several tumor types from its broad clinical program, and announced positive results that led to the early stop of Opdivo’s Phase 3 trial in squamous cell non-small cell lung cancer (NSCLC). In addition, the company presented important clinical data for Eliquis and daclatasvir and provided financial guidance for 2015.

“We had an excellent fourth quarter to close a strong year financially and operationally, and made significant progress in our I-O pipeline with the approval of Opdivo in the U.S. for patients with advanced melanoma,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. “Our performance in 2014 across brands and geographies, continued innovation and productivity in R&D and investments in business development opportunities reflect the strength and execution of our BioPharma strategy, and positions us well for 2015,” Andreotti said.

	Fourth Quarter
$ amounts in millions, except per share amounts
	2014		2013		Change
Total Revenues	$	4,258	$	4,441	(4	)%
GAAP Diluted EPS	0.01		0.44		(98	)%
Non-GAAP Diluted EPS	0.46		0.51		(10	)%

	Full Year
$ amounts in millions, except per share amounts
	2014		2013		Change
Total Revenues	$	15,879	$	16,385	(3	)%
GAAP Diluted EPS	1.20		1.54		(22	)%
Non-GAAP Diluted EPS	1.85		1.82		2	%

1

FOURTH QUARTER FINANCIAL RESULTS

• Bristol-Myers Squibb posted fourth quarter 2014 revenues of $4.3 billion, a decrease of 4% compared to the same period a year ago. Excluding the divested Diabetes Alliance, global revenues increased 6% or 9% adjusted for foreign exchange impact.

• U.S. revenues decreased 8% to $2.1 billion in the quarter compared to the same period a year ago. International revenues were flat.

• Gross margin as a percentage of revenues was 77.3% in the quarter compared to 71.3% in the same period a year ago. The increase is primarily attributable to the diabetes divestiture.

• Marketing, selling and administrative expenses increased 8% to $1.2 billion in the quarter.

• Advertising and product promotion spending decreased 16% to $213 million in the quarter.

• Research and development expenses increased 24% to $1.2 billion in the quarter, primarily due to timing.

• The effective tax rate was 145% in the quarter, compared to 15.4% in the fourth quarter last year. Income taxes in the current quarter include net tax benefits attributed to specified items and the R&D credit for the full year 2014.

• The company reported net earnings attributable to Bristol-Myers Squibb of $13 million, or $0.01 per share, in the quarter compared to $726 million, or $0.44 per share, a year ago. The results in the quarter include an after-tax $0.28 per share impact of a non-cash charge resulting from the transfer of $1.5 billion of U.S. pension obligations to Prudential.

• The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $771 million, or $0.46 per share, in the fourth quarter, compared to $842 million, or $0.51 per share, for the same period in 2013. An overview of specified items, including the pension-related charge mentioned above, is discussed under the “Use of Non-GAAP Financial Information” section.

• Cash, cash equivalents and marketable securities were $11.8 billion, with a net cash position of $4.0 billion, as of December 31, 2014.

2

FOURTH QUARTER PRODUCT AND PIPELINE UPDATE

Bristol-Myers Squibb’s global sales in the fourth quarter included Eliquis, which grew by $210 million, Yervoy, which grew 41%, Orencia, which grew 12%, Sprycel, which grew 9%, and Daklinza and Sunvepra, which had combined sales of $207 million.

Opdivo

• In January, the company announced that an open-label, randomized Phase 3 study evaluating Opdivo, a human programmed death receptor-1 (PD-1) blocking antibody, versus docetaxel in previously treated patients with advanced, squamous cell NSCLC was stopped early because an assessment conducted by the independent Data Monitoring Committee concluded that the study met its endpoint, demonstrating superior overall survival in patients receiving Opdivo compared to the control arm. The company will share these data - which for the first time indicate a survival advantage with an anti-PD-1 immune checkpoint inhibitor in lung cancer - with health authorities.

• In December, the U.S. Food and Drug Administration (FDA) approved Opdivo injection for intravenous use. Opdivo is indicated for the treatment of patients with unresectable or metastatic melanoma and disease progression following Yervoy and, if BRAF V600 mutation positive, a BRAF inhibitor. Opdivo received accelerated approval for this indication based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials.

• In December, at the American Society for Hematology (ASH) annual meeting in San Francisco, the company announced positive results from a cohort of patients in CheckMate -039, its ongoing Phase 1b trial evaluating Opdivo in patients with relapsed or refractory hematological malignancies (n=23). Results showed high levels of response in patients with relapsed or refractory classical Hodgkin lymphoma, with an overall response rate of 87% (n=20) and stable disease in 13% (n=3). The findings were published in The New England Journal of Medicine (NEJM).

• In November, at the Society for Melanoma Research international congress in Zurich, Switzerland, the company announced results from CheckMate -066, a Phase 3 randomized, double-blind study, comparing Opdivo to the chemotherapy dacarbazine in patients with treatment-naïve BRAF wild-type advanced melanoma (n=418). The study met the primary endpoint of overall survival with the median overall survival not reached for Opdivo vs. 10.8 months for dacarbazine.

3

The one-year survival rate was 73% for Opdivo vs. 42% for dacarbazine and there was a 58% decrease in the risk of death for patients treated with Opdivo (hazard ratio for death: 0.42, P<0.0001). This survival advantage was also observed in Opdivo-treated patients who are positive or negative for programmed death ligand-1 (PD-L1). The findings were published in NEJM.

• In October, at the Chicago Multidisciplinary Symposium on Thoracic Oncology, the company announced results from CheckMate -063, a Phase 2 single-arm, open-label study of Opdivo administered as a single agent in patients with advanced squamous cell NSCLC who have progressed after at least two prior systemic treatments. Sixty-five percent of patients studied (n=117) received three or more prior therapies. With approximately 11 months of minimum follow-up, the objective response rate - the study’s primary endpoint - was 15% (95% CI = 8.7, 22.2) as assessed by an independent review committee using RECIST 1.1 criteria and the median duration of response was not reached. The estimated one-year survival rate was 41% (95% CI = 31.6, 49.7) and median overall survival was 8.2 months (95% CI = 6.05, 10.91).

Eliquis

• In December, at the ASH meeting in San Francisco, the company and its partner, Pfizer, announced results of the first human study evaluating the reversal of the anticoagulant effect of Eliquis by 4-factor prothrombin complex concentrates in healthy subjects. The study results demonstrated that both Sanquin’s Cofact, a heparin-free formulation, and CSL Behring’s Beriplex^® P/N, a formulation containing heparin, reversed the steady-state pharmacodynamic effects of Eliquis.

• In November, the company and its partner, Pfizer, along with Portola Pharmaceuticals announced results from the first part of the Phase 3 ANNEXA^™-A studies for Andexanet alfa, Portola’s investigational anti-Factor Xa agent to reverse the anticoagulant effect of Eliquis. Andexanet alfa produced rapid and nearly complete reversal (approximately 94%, P<0.0001) of the anticoagulant effect of Eliquis in healthy volunteers ages 50-75. The data were presented at the American Heart Association Scientific Sessions in Chicago.

Daclatasvir

• In November, the FDA issued a Complete Response Letter regarding the New Drug Application (NDA) for daclatasvir, an NS5A complex inhibitor, in combination with other agents for the treatment of hepatitis C (HCV). The initial daclatasvir NDA focused on its use in combination with asunaprevir, an NS3/4A protease inhibitor.

4

Given the withdrawal of asunaprevir in the U.S. by Bristol-Myers Squibb in October, the FDA is requesting additional data about daclatasvir in combination with other antiviral agents for the treatment of HCV. Daclatasvir is marketed as Daklinza in Japan and the European Union.

• In November, the company announced results from the landmark ALLY trial investigating a ribavirin-free 12-week regimen of daclatasvir in combination with sofosbuvir in genotype 3 HCV patients, a patient population that has emerged as one of the most difficult to treat. The data, which showed sustained virologic response 12 weeks after treatment (SVR12) in 90% of treatment-naïve and 86% of treatment-experienced patients, were presented at the annual meeting of the American Association for the Study of Liver Diseases (AASLD) in Boston.

• In November, also at AASLD, the company announced data from the UNITY trial program investigating a 12-week regimen of its all-oral daclatasvir-based TRIO regimen - a fixed-dose combination of daclatasvir with asunaprevir and beclabuvir - in a broad range of patients with genotype 1 HCV. In the UNITY-2 study, which evaluated cirrhotic patients, 98% of treatment-naïve and 93% of treatment-experienced cirrhotic patients receiving TRIO with ribavirin achieved SVR12 and 93% of treatment-naïve and 87% of treatment-experienced cirrhotic patients receiving TRIO without ribavirin achieved SVR12. In the open-label UNITY-1 study, which evaluated the TRIO regimen without ribavirin in treatment-naïve and treatment-experienced non-cirrhotic patients for 12 weeks with 24 weeks of follow-up, 91% of patients achieved SVR12 and 92% of treatment-naive patients and 89% of treatment-experienced patients achieved cure without the use of ribavirin.

Orencia

• In November, at the American College of Rheumatology annual meeting in Boston, the company announced results from several new sub-analyses of the Phase 3b AVERT trial investigating the use of Orencia plus methotrexate (MTX) in biologic and methotrexate-naïve citrullinated protein (CCP)-positive early moderate to severe rheumatoid arthritis (RA) patients. The subanalyses showed that first-line treatment with Orencia plus MTX resulted in patients with early RA achieving significantly higher rates of stringent measures of remission; reduced the development of anti-CCP antibodies, an indicator of more severe, persistent, and erosive disease in patients with early rapidly progressing RA; improved synovitis and osteitis scores at 12 months; and improved joint erosion scores at both 12 and 18 months, compared to MTX alone.

5

FOURTH QUARTER BUSINESS DEVELOPMENT UPDATE

• In January, the company announced a clinical trial collaboration agreement with Seattle Genetics to evaluate the investigational combination of Opdivo with Seattle Genetics’ antibody drug conjugate Adcetris^® (brentuximab vedotin) in two planned Phase 1/2 clinical trials. The first trial will evaluate the combination of Opdivo and Adcetris^® as a potential treatment option for patients with relapsed or refractory Hodgkin lymphoma, and the second trial will focus on patients with relapsed or refractory B-cell and T-cell non-Hodgkin lymphomas, including diffuse large B-cell lymphoma.

• In January, the company announced a clinical trial collaboration with Lilly to evaluate the safety, tolerability and preliminary efficacy of Opdivo in combination with Lilly’s galunisertib (LY2157299), a TGF beta R1 kinase inhibitor. The Phase 1/2 trial will evaluate the investigational combination of Opdivo and galunisertib as a potential treatment option for patients with advanced (metastatic and/or unresectable) glioblastoma, hepatocellular carcinoma and NSCLC.

• In January, the company announced a worldwide research collaboration with the California Institute for Biomedical Research (Calibr) to develop novel small molecule anti-fibrotic therapies, and an exclusive license agreement that allows Bristol-Myers Squibb to develop, manufacture and commercialize Calibr’s preclinical compounds resulting from the collaboration.

• In December, the company and its partner, Ono Pharmaceutical Co., Ltd., along with Kyowa Hakko Kirin Co., Ltd., announced a clinical trial collaboration agreement to conduct a Phase 1 combination study of Opdivo and mogamulizumab, an anti-CCR4 antibody. The study, which will be conducted in Japan, will focus on evaluating the safety, tolerability and anti-tumor activity of combining Opdivo and mogamulizumab as a potential treatment option for patients with advanced or metastatic solid tumors.

• In November, the company and Five Prime Therapeutics, Inc., announced that they have entered into an exclusive clinical collaboration agreement to evaluate the safety, tolerability and preliminary efficacy of combining Opdivo with FPA008, Five Prime’s monoclonal antibody that inhibits the colony stimulating factor-1 receptor. The Phase 1a/1b study will evaluate the combination of Opdivo and FPA008 as a potential treatment option for patients with NSCLC, melanoma, head and neck cancer, pancreatic cancer, colorectal cancer and malignant glioma.

6

• In November, the company announced plans to construct a state-of-the-art, large-scale biologics manufacturing facility in Cruiserath, County Dublin, Ireland. The facility will produce multiple therapies for the company’s growing biologics portfolio and significantly increase Bristol-Myers Squibb’s biologics manufacturing capacity.

• In November, the company and Galecto Biotech AB announced that the companies, together with Galecto’s shareholders, have entered into an agreement that provides Bristol-Myers Squibb the exclusive option to acquire Galecto Biotech AB and gain worldwide rights to its lead asset TD139, a novel inhaled inhibitor of galectin-3 in Phase 1 development for the treatment of idiopathic pulmonary fibrosis and other pulmonary fibrotic conditions.

• In October, the company and Lonza announced a multi-year expansion of their existing biologics manufacturing agreement. Lonza will produce commercial quantities of a second Bristol-Myers Squibb biologic medicine at its mammalian manufacturing facility in Portsmouth, New Hampshire.

• In October, the company and F-star Alpha Ltd. announced that the companies, together with F-star Alpha’s shareholders, have entered into an agreement that provides Bristol-Myers Squibb the exclusive option to acquire F-star Alpha, and gain worldwide rights to its lead asset, FS102. FS102 is a novel, Phase 1-ready human epidermal growth factor receptor 2 (HER2)-targeted therapy in development for the treatment of breast and gastric cancer among a well-defined population of HER2-positive patients who do not respond or become resistant to current therapies.

Adcetris^® is a registered trademark of Seattle Genetics, Inc.

ANNEXA^™ is a trademark of Portola Pharmaceuticals, Inc.

Beriplex^® P/N is a trademark of CSL Behring GmbH

2015 FINANCIAL GUIDANCE

Bristol-Myers Squibb is setting its 2015 GAAP and non-GAAP EPS guidance range at $1.55 - $1.70. Both GAAP and non-GAAP guidance assume current exchange rates. Key 2015 non-GAAP guidance assumptions include:

• Worldwide revenues between $14.4 billion and $15.0 billion.

• Full-year gross margin as a percentage of revenues of approximately 74%.

• Advertising and promotion expense decreasing in the mid- to high-teen-digit range.

7

• Marketing, sales and administrative expenses decreasing in the mid- to high-single-digit range.

• Research and development expenses decreasing in the low-single-digit range.

• An effective tax rate of approximately 19%.

The financial guidance for 2015 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 2015 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: restructuring and other exit costs; accelerated depreciation charges; IPRD and asset impairments; charges and recoveries relating to significant legal proceedings; upfront, milestone and other 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; significant tax events and additional charges related to the Branded Prescription Drug Fee. This information is intended to enhance an investor’s overall understanding of the company’s past financial performance and prospects for the future. 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.

8

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 which take into account assumptions about the continued extension of the R&D tax credit, 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 strategy, the expiration of patents or data protection on certain products, including assumptions about the company’s ability to retain patent exclusivity of 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 compounds 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. 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 www.bms.com or follow us on Twitter at http://twitter.com/bmsnews.

There will be a conference call on January 27, 2015, at 9 a.m. EST 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 webcast of the call at http://investor.bms.comor by dialing647-788-4901, confirmation code: 23518879. Materials related to the call will be available at the same website prior to the conference call.

For more information, contact: Ken Dominski, 609-252-5251, ken.dominski@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.

9

BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2014 AND 2013

(Unaudited, dollars in millions)

	Worldwide Revenues						U.S. Revenues
	2014		2013		% Change		2014			2013		% Change
Three Months Ended December 31,
Key Products
Virology
Baraclude	$	341	$	412	(17	)%	$	21		$	81	(74	)%
Hepatitis C Franchise	207		—		N/A		—			—		N/A
Reyataz	318		384		(17	)%	176			187		(6	)%
Sustiva Franchise	407		427		(5	)%	340			307		11	%
Oncology
Erbitux(a)	181		180		1	%	171			176		(3	)%
Opdivo	5		—		N/A		1			—		N/A
Sprycel	398		365		9	%	184			157		17	%
Yervoy	366		260		41	%	199			148		34	%
Neuroscience
Abilify(b)	476		635		(25	)%	423			435		(3	)%
Immunoscience
Orencia	443		397		12	%	289			256		13	%
Cardiovascular
Eliquis	281		71		**		136			48		**
Diabetes Alliance	47		455		(90	)%	(4		)	322		**
Mature Products and All Other	788		855		(8	)%	146			148		(1	)%
Total	4,258		4,441		(4	)%	2,082			2,265		(8	)%
Total Excluding Diabetes Alliance	4,211		3,986		6	%	2,086			1,943		7	%

**	In excess of 100%
(a)	Erbitux is a trademark of ImClone LLC. ImClone LLC is a wholly-owned subsidiary of Eli Lilly and Company.
(b)	Abilify is a trademark of Otsuka Pharmaceutical Co., Ltd.

10

BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2014 AND 2013

(Unaudited, dollars in millions)

	Worldwide Revenues						U.S. Revenues
	2014		2013		% Change		2014		2013		% Change
Twelve Months Ended December 31,
Key Products
Virology
Baraclude	$	1,441	$	1,527	(6	)%	$	215	$	289	(26	)%
Hepatitis C Franchise	256		—		N/A		—		—		N/A
Reyataz	1,362		1,551		(12	)%	689		769		(10	)%
Sustiva Franchise	1,444		1,614		(11	)%	1,118		1,092		2	%
Oncology
Erbitux	723		696		4	%	682		682		—
Opdivo	6		—		N/A		1		—		N/A
Sprycel	1,493		1,280		17	%	671		541		24	%
Yervoy	1,308		960		36	%	709		577		23	%
Neuroscience
Abilify	2,020		2,289		(12	)%	1,572		1,519		3	%
Immunoscience
Orencia	1,652		1,444		14	%	1,064		954		12	%
Cardiovascular
Eliquis	774		146		**		404		97		**
Diabetes Alliance	295		1,683		(82	)%	110		1,242		(91	)%
Mature Products and All Other	3,105		3,195		(3	)%	481		556		(13	)%
Total	15,879		16,385		(3	)%	7,716		8,318		(7	)%
Total Excluding Diabetes Alliance	15,584		14,702		6	%	7,606		7,076		7	%

** In excess of 100%

11

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2014 AND 2013

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

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2014			2013			2014			2013
Net product sales	$	3,240		$	3,298		$	11,660		$	12,304
Alliance and other revenues	1,018			1,143			4,219			4,081
Total Revenues	4,258			4,441			15,879			16,385
Cost of products sold	966			1,273			3,932			4,619
Marketing, selling and administrative	1,151			1,068			4,088			4,084
Advertising and product promotion	213			254			734			855
Research and development	1,189			957			4,534			3,731
Other (income)/expense	799			20			210			205
Total Expenses	4,318			3,572			13,498			13,494
Earnings Before Income Taxes	(60		)	869			2,381			2,891
Provision for Income Taxes	(87		)	134			352			311
Net Earnings	27			735			2,029			2,580
Net Earnings Attributable to Noncontrolling Interest	14			9			25			17
Net Earnings Attributable to BMS	$	13		$	726		$	2,004		$	2,563
Earnings per Common Share
Basic	$	0.01		$	0.44		$	1.21		$	1.56
Diluted	$	0.01		$	0.44		$	1.20		$	1.54
Average Common Shares Outstanding:
Basic	1,660			1,648			1,657			1,644
Diluted	1,673			1,666			1,670			1,662
Other (Income)/Expense
Interest expense	$	53		$	53		$	203		$	199
Investment income	(30		)	(28		)	(101		)	(104		)
Provision for restructuring	91			14			163			226
Litigation charges/(recoveries)	4			25			23			20
Equity in net income of affiliates	(26		)	(38		)	(107		)	(166		)
Out-licensed intangible asset impairment	11			—			29			—
Gain on sale of product lines, businesses and assets	3			(1		)	(564		)	(2		)
Other alliance and licensing income	(50		)	(28		)	(404		)	(148		)
Pension curtailments, settlements and special termination benefits	740			27			877			165
Other	3			(4		)	91			15
Other (income)/expense	$	799		$	20		$	210		$	205

12

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2014 AND 2013

(Unaudited, dollars in millions)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2014			2013			2014			2013
Accelerated depreciation, asset impairment and other shutdown costs	$	31		$	36		$	151		$	36
Amortization of acquired Amylin intangible assets	—			137			—			549
Amortization of Amylin alliance proceeds	—			(71		)	—			(273		)
Amortization of Amylin inventory adjustment	—			—			—			14
Cost of products sold	31			102			151			326
Additional year of Branded Prescription Drug Fee	—			—			96			—
Process standardization implementation costs	1			10			9			16
Marketing, selling and administrative	1			10			105			16
Upfront, milestone and other payments	50			16			278			16
IPRD impairments	—			—			343			—
Research and development	50			16			621			16
Provision for restructuring	91			14			163			226
Gain on sale of product lines, businesses and assets	3			—			(559		)	—
Pension curtailments, settlements and special termination benefits	740			25			877			161
Acquisition and alliance related items(a)	—			—			72			(10		)
Litigation charges/(recoveries)	15			—			27			(23		)
Out-licensed intangible asset impairment	11			—			11			—
Loss on debt redemption	—			—			45			—
Upfront, milestone and other licensing receipts	(10		)	—			(10		)	(14		)
Other (income)/expense	850			39			626			340
Increase to pretax income	932			167			1,503			698
Income tax on items above	(297		)	(51		)	(545		)	(242		)
Specified tax charge(b)	123			—			123			—
Income taxes	(174		)	(51		)	(422		)	(242		)
Increase to net earnings	$	758		$	116		$	1,081		$	456

(a) Includes $16 million of additional year of Branded Prescription Drug Fee.

(b) The 2014 specified tax charge relates to transfer pricing matters.

13

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE THREE MONTHS ENDED DECEMBER 31, 2014 AND 2013

(Unaudited, dollars in millions)

Three Months Ended December 31, 2014	GAAP			Specified Items*			Non GAAP
Gross Profit	$	3,292		$	31		$	3,323
Marketing, selling and administrative	1,151			(1		)	1,150
Research and development	1,189			(50		)	1,139
Other (income)/expense	799			(850		)	(51		)
Effective Tax Rate	145.0		%	(135.0		)%	10.0		%
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		%

* Refer to the Specified Items schedule for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate.

14

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2014 AND 2013

(Unaudited, dollars in millions)

Twelve Months Ended December 31, 2014	GAAP			Specified Items*			Non GAAP
Gross Profit	$	11,947		$	151		$	12,098
Marketing, selling and administrative	4,088			(105		)	3,983
Research and development	4,534			(621		)	3,913
Other (income)/expense	210			(626		)	(416		)
Effective Tax Rate	14.8		%	5.1		%	19.9		%
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		%

* Refer to the Specified Items schedule for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate.

15

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF NON-GAAP EPS TO GAAP EPS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2014 AND 2013

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

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2014		2013		2014		2013
Net Earnings Attributable to BMS used for Diluted EPS Calculation - GAAP	$	13	$	726	$	2,004	$	2,563
Less Specified Items*	758		116		1,081		456
Net Earnings used for Diluted EPS Calculation – Non-GAAP	$	771	$	842	$	3,085	$	3,019
Average Common Shares Outstanding – Diluted	1,673		1,666		1,670		1,662
Diluted Earnings Per Share — GAAP	$	0.01	$	0.44	$	1.20	$	1.54
Diluted EPS Attributable to Specified Items	0.45		0.07		0.65		0.28
Diluted Earnings Per Share — Non-GAAP	$	0.46	$	0.51	$	1.85	$	1.82

* Refer to the Specified Items schedule for further details.

16

BRISTOL-MYERS SQUIBB COMPANY

NET CASH/(DEBT) CALCULATION

AS OF DECEMBER 31, 2014 AND SEPTEMBER 30, 2014

(Unaudited, dollars in millions)

	December 31, 2014			September 30, 2014
Cash and cash equivalents	$	5,571		$	4,851
Marketable securities - current	1,864			2,370
Marketable securities - long term	4,408			4,328
Cash, cash equivalents and marketable securities	11,843			11,549
Short-term borrowings and current portion of long-term debt	(590		)	(401		)
Long-term debt	(7,242		)	(7,267		)
Net cash position	$	4,011		$	3,881

17

EX-99.2

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF REVENUES

(Unaudited, dollars in millions)

Revenues	2013																					2014																					% 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	$	3,831		$	4,048		$	7,879		$	4,065		$	11,944		$	4,441		$	16,385		$	3,811		$	3,889		$	7,700		$	3,921		$	11,621		$	4,258		$	15,879		(4)%	(3)%	(3)%	(1)%
US and Puerto Rico	1,971			2,045			4,016			2,037			6,053			2,265			8,318			1,765			1,901			3,666			1,968			5,634			2,082			7,716			(8)%	(7)%	—	—
Europe	946			950			1,896			985			2,881			1,049			3,930			948			908			1,856			814			2,670			922			3,592			(12)%	(9)%	(6)%	—
Rest of the World	765			835			1,600			805			2,405			890			3,295			830			811			1,641			838			2,479			980			3,459			10%	5%	(8)%	(5)%
Other	149			218			367			238			605			237			842			268			269			537			301			838			274			1,112			16%	32%	N/A	N/A
% of Revenues	2013																					2014
	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	51.4		%	50.5		%	51.0		%	50.1		%	50.7		%	51.0		%	50.8		%	46.3		%	48.9		%	47.6		%	50.2		%	48.5		%	48.9		%	48.6		%
Europe	24.7		%	23.5		%	24.1		%	24.2		%	24.1		%	23.6		%	24.0		%	24.9		%	23.3		%	24.1		%	20.8		%	23.0		%	21.7		%	22.6		%
Rest of the World	20.0		%	20.6		%	20.3		%	19.8		%	20.1		%	20.0		%	20.1		%	21.8		%	20.9		%	21.3		%	21.4		%	21.3		%	23.0		%	21.8		%
Other	3.9		%	5.4		%	4.6		%	5.9		%	5.1		%	5.4		%	5.1		%	7.0		%	6.9		%	7.0		%	7.6		%	7.2		%	6.4		%	7.0		%

1

BRISTOL-MYERS SQUIBB COMPANY

REVENUES AND COMPOSITION OF CHANGE IN REVENUES

FOR THE PERIOD ENDED DECEMBER 31, 2014

(Unaudited, dollars in millions)

QUARTER-TO-DATE	Revenues				Analysis of % Change
	2014		2013		Total Change	Volume	Price	Foreign Exchange
US and Puerto Rico	$	2,082	$	2,265	(8)%	(9)%	1%	—
Europe	922		1,049		(12)%	1%	(7)%	(6)%
Rest of the World	980		890		10%	17%	1%	(8)%
Other	274		237		16%	N/A	N/A	N/A
Total	$	4,258	$	4,441	(4)%	—	(1)%	(3)%
YEAR-TO-DATE	Revenues				Analysis of % Change
	2014		2013		Total Change	Volume	Price	Foreign Exchange
US and Puerto Rico	$	7,716	$	8,318	(7)%	(10)%	3%	—
Europe	3,592		3,930		(9)%	(2)%	(7)%	—
Rest of the World	3,459		3,295		5%	11%	(1)%	(5)%
Other	1,112		842		32%	N/A	N/A	N/A
Total	$	15,879	$	16,385	(3)%	(2)%	—	(1)%

2

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

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

	2013																					2014																					% 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
Net product sales	$	2,957		$	3,024		$	5,981		$	3,025		$	9,006		$	3,298		$	12,304		$	2,807		$	2,770		$	5,577		$	2,843		$	8,420		$	3,240		$	11,660		(2)%	(5)%
Alliance and other revenues	874			1,024			1,898			1,040			2,938			1,143			4,081			1,004			1,119			2,123			1,078			3,201			1,018			4,219			(11)%	3%
Total Revenues	$	3,831		$	4,048		$	7,879		$	4,065		$	11,944		$	4,441		$	16,385		$	3,811		$	3,889		$	7,700		$	3,921		$	11,621		$	4,258		$	15,879		(4)%	(3)%
Cost of products sold	1,063			1,108			2,171			1,175			3,346			1,273			4,619			968			991			1,959			1,007			2,966			966			3,932			(24)%	(15)%
Marketing, selling and administrative	994			1,042			2,036			980			3,016			1,068			4,084			957			951			1,908			1,029			2,937			1,151			4,088			8%	—
Advertising and product promotion	189			218			407			194			601			254			855			163			187			350			171			521			213			734			(16)%	(14)%
Research and development	930			951			1,881			893			2,774			957			3,731			946			1,416			2,362			983			3,345			1,189			4,534			24%	22%
Other (income)/expense	(19		)	199			180			5			185			20			205			(208		)	(104		)	(312		)	(277		)	(589		)	799			210			**	2%
Total Expenses	3,157			3,518			6,675			3,247			9,922			3,572			13,494			2,826			3,441			6,267			2,913			9,180			4,318			13,498			21%	—
Earnings Before Income Taxes	$	674		$	530		$	1,204		$	818		$	2,022		$	869		$	2,891		$	985		$	448		$	1,433		$	1,008		$	2,441		$	(60	)	$	2,381		**	(18)%
Provision for Income Taxes	51			—			51			126			177			134			311			49			114			163			276			439			(87		)	352			**	13%
Net Earnings	$	623		$	530		$	1,153		$	692		$	1,845		$	735		$	2,580		$	936		$	334		$	1,270		$	732		$	2,002		$	27		$	2,029		(96)%	(21)%
Net Earnings/(Loss) Attributable to Noncontrolling Interest	14			(6		)	8			—			8			9			17			(1		)	1			—			11			11			14			25			56%	47%
Net Earnings Attributable to BMS	$	609		$	536		$	1,145		$	692		$	1,837		$	726		$	2,563		$	937		$	333		$	1,270		$	721		$	1,991		$	13		$	2,004		(98)%	(22)%
Diluted Earnings per Common Share*	$	0.37		$	0.32		$	0.69		$	0.42		$	1.11		$	0.44		$	1.54		$	0.56		$	0.20		$	0.76		$	0.43		$	1.19		$	0.01		$	1.20		(98)%	(22)%
Average Common Shares Outstanding - Diluted	1,655			1,660			1,658			1,662			1,659			1,666			1,662			1,666			1,669			1,668			1,670			1,668			1,673			1,670			—	—
Dividends declared per common share	$	0.35		$	0.35		$	0.70		$	0.35		$	1.05		$	0.36		$	1.41		$	0.36		$	0.36		$	0.72		$	0.36		$	1.08		$	0.37		$	1.45		3%	3%
	2013																					2014
% of Total Revenues	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	72.3		%	72.6		%	72.4		%	71.1		%	72.0		%	71.3		%	71.8		%	74.6		%	74.5		%	74.6		%	74.3		%	74.5		%	77.3		%	75.2		%
Other Ratios
Effective tax rate	7.6		%	—			4.2		%	15.4		%	8.8		%	15.4		%	10.8		%	5.0		%	25.4		%	11.4		%	27.4		%	18.0		%	145.0		%	14.8		%
Other (Income)/Expense	2013																					2014																					% 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	$	50		$	50		$	100		$	46		$	146		$	53		$	199		$	54		$	46		$	100		$	50		$	150		$	53		$	203		—	2%
Investment income	(25		)	(28		)	(53		)	(23		)	(76		)	(28		)	(104		)	(23		)	(28		)	(51		)	(20		)	(71		)	(30		)	(101		)	7%	(3)%
Provision for restructuring	33			173			206			6			212			14			226			21			16			37			35			72			91			163			**	(28)%
Litigation charges/(recoveries)	—			(22		)	(22		)	17			(5		)	25			20			29			(20		)	9			10			19			4			23			(84)%	15%
Equity in net income of affiliates	(36		)	(50		)	(86		)	(42		)	(128		)	(38		)	(166		)	(36		)	(33		)	(69		)	(12		)	(81		)	(26		)	(107		)	(32)%	(36)%
Out-licensed intangible asset impairment	—			—			—			—			—			—			—			—			—			—			18			18			11			29			**	**
Gain on sale of product lines, businesses and assets	(1		)	—			(1		)	—			(1		)	(1		)	(2		)	(259		)	7			(252		)	(315		)	(567		)	3			(564		)	**	**
Other alliance and licensing income	(57		)	(32		)	(89		)	(31		)	(120		)	(28		)	(148		)	(108		)	(144		)	(252		)	(102		)	(354		)	(50		)	(404		)	79%	**
Pension curtailments, settlements and special termination benefits	—			101			101			37			138			27			165			64			45			109			28			137			740			877			**	**
Other	17			7			24			(5		)	19			(4		)	15			50			7			57			31			88			3			91			**	**
	$	(19	)	$	199		$	180		$	5		$	185		$	20		$	205		$	(208	)	$	(104	)	$	(312	)	$	(277	)	$	(589	)	$	799		$	210		**	2%

* Quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations.

** 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, 2014

(Unaudited, dollars in millions)

QUARTER-TO-DATE	2014			2013			Growth $			Growth %	Favorable / (Unfavorable) FX Impact $ *			2014 Excluding FX		Favorable / (Unfavorable) FX Impact % *	Growth % Excluding FX
Revenues	$	4,258		$	4,441		$	(183	)	(4)%	$	(139	)	$	4,397	(3)%	(1)%
Gross profit	3,292			3,168			124			4%	N/A			N/A		N/A	N/A
Gross profit excluding specified items(a)	3,323			3,270			53			2%	N/A			N/A		N/A	N/A
Gross profit excluding specified items as a % of revenues	78.0		%	73.6		%
Marketing, selling and administrative	1,151			1,068			83			8%	42			1,193		4%	12%
Marketing, selling and administrative excluding specified items(a)	1,150			1,058			92			9%	41			1,191		4%	13%
Advertising and product promotion	213			254			(41		)	(16)%	9			222		3%	(13)%
SG&A excluding specified items as a % of revenues	32.0		%	29.5		%
Research and development	1,189			957			232			24%	27			1,216		3%	27%
Research and development excluding specified items(a)	1,139			941			198			21%	27			1,166		3%	24%
Research and development excluding specified items as a % of revenues	26.7		%	21.2		%
YEAR-TO-DATE	2014			2013			Growth $			Growth %	Favorable / (Unfavorable) FX Impact $ *			2014 Excluding FX		Favorable / (Unfavorable) FX Impact % *	Growth % Excluding FX
Revenues	$	15,879		$	16,385		$	(506	)	(3)%	$	(184	)	$	16,063	(1)%	(2)%
Gross profit	11,947			11,766			181			2%	N/A			N/A		N/A	N/A
Gross profit excluding specified items(a)	12,098			12,092			6			—	N/A			N/A		N/A	N/A
Gross profit excluding specified items as a % of revenues	76.2		%	73.8		%
Marketing, selling and administrative	4,088			4,084			4			—	58			4,146		2%	2%
Marketing, selling and administrative excluding specified items(a)	3,983			4,068			(85		)	(2)%	57			4,040		1%	(1)%
Advertising and product promotion	734			855			(121		)	(14)%	13			747		1%	(13)%
SG&A excluding specified items as a % of revenues	29.7		%	30.0		%
Research and development	4,534			3,731			803			22%	33			4,567		—	22%
Research and development excluding specified items(a)	3,913			3,715			198			5%	33			3,946		1%	6%
Research and development excluding specified items as a % of revenues	24.6		%	22.7		%

(a) Refer to the Specified Items schedule 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)

	2013														2014														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		Qtr vs. Qtr			YTD vs. YTD			Qtr vs. Qtr	YTD vs. YTD	QTD EX-FX $		YTD EX-FX $		Qtr vs. Qtr %	YTD vs. YTD %	Qtr vs. Qtr	YTD vs. YTD
TOTAL	$	3,831	$	4,048	$	7,879	$	4,065	$	11,944	$	4,441	$	16,385	$	3,811	$	3,889	$	7,700	$	3,921	$	11,621	$	4,258	$	15,879	$	(183	)	$	(506	)	(4)%	(3)%	$	4,397	$	16,063	(1)%	(2)%	(3)%	(1)%
Virology(a)
Baraclude	366		371		737		378		1,115		412		1,527		406		369		775		325		1,100		341		1,441		(71		)	(86		)	(17)%	(6)%	359		1,463		(13)%	(4)%	(4)%	(2)%
Hepatitis C Franchise(b)	—		—		—		—		—		—		—		—		—		—		49		49		207		256		207			256			N/A	N/A	207		256		N/A	N/A	N/A	N/A
Reyataz	361		431		792		375		1,167		384		1,551		344		362		706		338		1,044		318		1,362		(66		)	(189		)	(17)%	(12)%	333		1,387		(13)%	(11)%	(4)%	(1)%
Sustiva Franchise(c)	387		411		798		389		1,187		427		1,614		319		361		680		357		1,037		407		1,444		(20		)	(170		)	(5)%	(11)%	408		1,443		(4)%	(11)%	(1)%	—
Oncology(a)
Erbitux	162		171		333		183		516		180		696		169		186		355		187		542		181		723		1			27			1%	4%	181		723		1%	4%	—	—
Opdivo	—		—		—		—		—		—		—		—		—		—		1		1		5		6		5			6			N/A	N/A	5		6		N/A	N/A	N/A	N/A
Sprycel	287		312		599		316		915		365		1,280		342		368		710		385		1,095		398		1,493		33			213			9%	17%	419		1,527		15%	19%	(6)%	(2)%
Yervoy	229		233		462		238		700		260		960		271		321		592		350		942		366		1,308		106			348			41%	36%	380		1,320		46%	38%	(5)%	(2)%
Neuroscience(a)
Abilify(d)	522		563		1,085		569		1,654		635		2,289		540		555		1,095		449		1,544		476		2,020		(159		)	(269		)	(25)%	(12)%	479		2,023		(25)%	(12)%	—	—
Immunoscience(a)
Orencia(e)	320		352		672		375		1,047		397		1,444		363		402		765		444		1,209		443		1,652		46			208			12%	14%	459		1,682		16%	16%	(4)%	(2)%
Cardiovascular(a)
Eliquis	22		12		34		41		75		71		146		106		171		277		216		493		281		774		210			628			**	**	296		791		**	**	N/A	N/A
Diabetes Alliance(f)	358		438		796		432		1,228		455		1,683		179		27		206		42		248		47		295		(408		)	(1,388		)	(90)%	(82)%	47		297		(90)%	(82)%	—	—
Mature Products and All Other(g)	817		754		1,571		769		2,340		855		3,195		772		767		1,539		778		2,317		788		3,105		(67		)	(90		)	(8)%	(3)%	824		3,145		(4)%	(2)%	(4)%	(1)%
Total Excluding Diabetes Alliance	3,473		3,610		7,083		3,633		10,716		3,986		14,702		3,632		3,862		7,494		3,879		11,373		4,211		15,584		225			882			6%	6%	4,350		15,766		9%	7%	(3)%	(1)%

**	In excess of 100%
(a)	Key products listed do not represent all products in the respective therapeutic areas.
(b)	Includes Daklinza (daclatasvir) revenues of $163M and $201M for the three and twelve months ended December 31, 2014 and includes Sunvepra (asunaprevir) revenues of $44M and $55M for the three and twelve months ended December 31, 2014.
(c)	The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla. Includes alliance and other revenue of $361M and $368M for the three months ended December 31, 2014 and 2013, respectively, and $1,255M and $1,366M for the twelve months ended December 31, 2014 and 2013, respectively.
(d)	Includes alliance and other revenue of $428M and $527M for three months ended December 31, 2014 and 2013, respectively, and $1,778M and $1,840M for the twelve months ended December 31, 2014 and 2013, respectively.
(e)	Includes Orencia SubQ revenues of $200M and $139M for three months ended December 31, 2014 and 2013, respectively, and $688M and $441M for the twelve months ended December 30, 2014 and 2013, respectively.
(f)	The twelve months ended December 31, 2014 includes pre-divestiture revenues of Bydureon, Byetta, Farxiga/Forxiga/Xigduo, Onglyza/Kombiglyze, Symlin and Myalept of $153M and post-divestiture revenues of $142M.
(g)	Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue. Includes Plavix revenues of $71M and $81M for the three months ended December 31, 2014 and 2013, respectively, and $208M and $258M for the twelve months ended December 31, 2014 and 2013, respectively. Additionally, includes Avapro/Avalide revenues of $40M and $58M for the three months ended December 31, 2014 and 2013, respectively, and $211M and $231M for the twelve months ended December 31, 2014 and 2013, respectively.

5

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC REVENUES FROM OPERATIONS BY PRODUCT

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2013														2014															% 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)	$	1,971	$	2,045	$	4,016	$	2,037	$	6,053	$	2,265	$	8,318	$	1,765	$	1,901	$	3,666	$	1,968	$	5,634	$	2,082		$	7,716	(8)%	(7)%
Virology
Baraclude	68		73		141		67		208		81		289		70		84		154		40		194		21			215		(74)%	(26)%
Reyataz	193		200		393		189		582		187		769		176		168		344		169		513		176			689		(6)%	(10)%
Sustiva Franchise(b)	251		275		526		259		785		307		1,092		228		266		494		284		778		340			1,118		11%	2%
Oncology
Erbitux	158		168		326		180		506		176		682		158		178		336		175		511		171			682		(3)%	—
Opdivo	—		—		—		—		—		—		—		—		—		—		—		—		1			1		N/A	N/A
Sprycel	115		135		250		134		384		157		541		145		163		308		179		487		184			671		17%	24%
Yervoy(c)	159		140		299		130		429		148		577		146		173		319		191		510		199			709		34%	23%
Neuroscience
Abilify	328		378		706		378		1,084		435		1,519		325		417		742		407		1,149		423			1,572		(3)%	3%
Immunoscience
Orencia(d)	214		238		452		246		698		256		954		229		254		483		292		775		289			1,064		13%	12%
Cardiovascular
Eliquis	17		5		22		27		49		48		97		61		94		155		113		268		136			404		**	**
Diabetes Alliance(e)	292		320		612		308		920		322		1,242		114		—		114		—		114		(4		)	110		**	(91)%
Mature Products and All Other(f)	176		113		289		119		408		148		556		113		104		217		118		335		146			481		(1)%	(13)%
Total Excluding Diabetes Alliance	1,679		1,725		3,404		1,729		5,133		1,943		7,076		1,651		1,901		3,552		1,968		5,520		2,086			7,606		7%	7%

**	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 from sales of bulk efavirenz included in the combination therapy, Atripla.
(c)	Twelve months ended December 31, 2013 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.

	2014		2013		% Change
	4th Qtr	Year	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Yervoy Revenues As Reported	199	709	148	577	34%	23%
Reversal of deferred revenues, net	—	—	—	(25)	—	(100)%
Yervoy Revenues - Adjusted	199	709	148	552	34%	28%

(d)	Includes Orencia SubQ revenues of $131M and $101M for three months ended December 31, 2014 and 2013, respectively, and $458M and $345M for the twelve months ended December 31, 2014 and 2013, respectively.
(e)	Includes Bydureon, Byetta, Farxiga, Onglyza/Kombiglyze and Symlin and Myalept.
(f)	Represents all other products sold in the U.S., including those which have lost exclusivity in major markets.

6

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES FROM OPERATIONS BY PRODUCT

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2013														2014														% 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	$	1,860	$	2,003	$	3,863	$	2,028	$	5,891	$	2,176	$	8,067	$	2,046	$	1,988	$	4,034	$	1,953	$	5,987	$	2,176	$	8,163	—	1%	(6)%	(2)%
Virology
Baraclude	298		298		596		311		907		331		1,238		336		285		621		285		906		320		1,226		(3)%	(1)%	(5)%	(2)%
Hepatitis C Franchise(a)	—		—		—		—		—		—		—		—		—		—		49		49		207		256		N/A	N/A	N/A	N/A
Reyataz	168		231		399		186		585		197		782		168		194		362		169		531		142		673		(28)%	(14)%	(8)%	(3)%
Sustiva Franchise(b)	136		136		272		130		402		120		522		91		95		186		73		259		67		326		(44)%	(38)%	—	—
Oncology
Erbitux	4		3		7		3		10		4		14		11		8		19		12		31		10		41		**	**	N/A	N/A
Opdivo	—		—		—		—		—		—		—		—		—		—		1		1		4		5		N/A	N/A	N/A	N/A
Sprycel	172		177		349		182		531		208		739		197		205		402		206		608		214		822		3%	11%	(10)%	(5)%
Yervoy	70		93		163		108		271		112		383		125		148		273		159		432		167		599		49%	56%	(13)%	(4)%
Neuroscience
Abilify(c)	194		185		379		191		570		200		770		215		138		353		42		395		53		448		(74)%	(42)%	(2)%	—
Immunoscience
Orencia	106		114		220		129		349		141		490		134		148		282		152		434		154		588		9%	20%	(12)%	(6)%
Cardiovascular
Eliquis	5		7		12		14		26		23		49		45		77		122		103		225		145		370		**	**	N/A	N/A
Diabetes Alliance(d)	66		118		184		124		308		133		441		65		27		92		42		134		51		185		(62)%	(58)%	—	—
Mature Products and All Other(e)	641		641		1,282		650		1,932		707		2,639		659		663		1,322		660		1,982		642		2,624		(9)%	(1)%	(5)%	(2)%
Total Excluding Diabetes Alliance	1,794		1,885		3,679		1,904		5,583		2,043		7,626		1,981		1,961		3,942		1,911		5,853		2,125		7,978		4%	5%	(7)%	(2)%

**	In excess of 100%
(a)	Includes Daklinza (daclatasvir) revenues of $163M and $201M for the three and twelve months ended December 31, 2014, and includes Sunvepra (asunaprevir) revenues of $44M and $55M for the three and twelve months ended December 31, 2014.
(b)	The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla.
(c)	Includes revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.
(d)	Includes Bydureon, Byetta, Forxiga/Xigduo, Onglyza/Kombiglyze, Symlin and Myalept.
(e)	Represents all other products, including those which have lost 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)

	2013																					2014
	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	$	2,768		$	2,940		$	5,708		$	2,890		$	8,598		$	3,168		$	11,766		$	2,843		$	2,898		$	5,741		$	2,914		$	8,655		$	3,292		$	11,947
Specified items(a)	85			70			155			69			224			102			326			45			39			84			36			120			31			151
Gross profit excluding specified items	2,853			3,010			5,863			2,959			8,822			3,270			12,092			2,888			2,937			5,825			2,950			8,775			3,323			12,098
Marketing, selling and administrative	994			1,042			2,036			980			3,016			1,068			4,084			957			951			1,908			1,029			2,937			1,151			4,088
Specified items(a)	(1		)	(1		)	(2		)	(4		)	(6		)	(10		)	(16		)	(3		)	(3		)	(6		)	(98		)	(104		)	(1		)	(105		)
Marketing, selling and administrative excluding specified items	993			1,041			2,034			976			3,010			1,058			4,068			954			948			1,902			931			2,833			1,150			3,983
Research and development	930			951			1,881			893			2,774			957			3,731			946			1,416			2,362			983			3,345			1,189			4,534
Specified items(a)	—			—			—			—			—			(16		)	(16		)	(48		)	(458		)	(506		)	(65		)	(571		)	(50		)	(621		)
Research and development excluding specified items	930			951			1,881			893			2,774			941			3,715			898			958			1,856			918			2,774			1,139			3,913
Other (income)/expense	(19		)	199			180			5			185			20			205			(208		)	(104		)	(312		)	(277		)	(589		)	799			210
Specified items(a)	(19		)	(239		)	(258		)	(43		)	(301		)	(39		)	(340		)	88			(67		)	21			203			224			(850		)	(626		)
Other (income)/expense excluding specified items	(38		)	(40		)	(78		)	(38		)	(116		)	(19		)	(135		)	(120		)	(171		)	(291		)	(74		)	(365		)	(51		)	(416		)
Effective Tax Rate	7.6		%	—			4.2		%	15.4		%	8.8		%	15.4		%	10.8		%	5.0		%	25.4		%	11.4		%	27.4		%	18.0		%	145.0		%	14.8		%
Specified items(a)	3.4		%	13.8		%	8.3		%	2.4		%	5.6		%	2.5		%	4.6		%	18.0		%	(4.1		)%	10.7		%	(3.2		)%	4.8		%	(135.0		)%	5.1		%
Effective Tax Rate excluding specified items	11.0		%	13.8		%	12.5		%	17.8		%	14.4		%	17.9		%	15.4		%	23.0		%	21.3		%	22.1		%	24.2		%	22.8		%	10.0		%	19.9		%

(a) Refer to the Specified Items schedule 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)

	2013																					2014
	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	$	—		$	—		$	—		$	—		$	—		$	36		$	36		$	45		$	39		$	84		$	36		$	120		$	31		$	151
Amortization of acquired Amylin intangible assets	138			137			275			137			412			137			549			—			—			—			—			—			—			—
Amortization of Amylin alliance proceeds	(67		)	(67		)	(134		)	(68		)	(202		)	(71		)	(273		)	—			—			—			—			—			—			—
Amortization of Amylin inventory adjustment	14			—			14			—			14			—			14			—			—			—			—			—			—			—
Cost of products sold	85			70			155			69			224			102			326			45			39			84			36			120			31			151
Additional year of Branded Prescription Drug Fee	—			—			—			—			—			—			—			—			—			—			96			96			—			96
Process standardization implementation costs	1			1			2			4			6			10			16			3			3			6			2			8			1			9
Marketing, selling and administrative	1			1			2			4			6			10			16			3			3			6			98			104			1			105
Upfront, milestone and other payments	—			—			—			—			—			16			16			15			148			163			65			228			50			278
IPRD impairments	—			—			—			—			—			—			—			33			310			343			—			343			—			343
Research and development	—			—			—			—			—			16			16			48			458			506			65			571			50			621
Provision for restructuring	33			173			206			6			212			14			226			21			16			37			35			72			91			163
Gain on sale of product lines, businesses and assets	—			—			—			—			—			—			—			(259		)	12			(247		)	(315		)	(562		)	3			(559		)
Pension curtailments, settlements and special termination benefits	—			99			99			37			136			25			161			64			45			109			28			137			740			877
Acquisition and alliance related items(a)	—			(10		)	(10		)	—			(10		)	—			(10		)	16			17			33			39			72			—			72
Litigation charges/(recoveries)	—			(23		)	(23		)	—			(23		)	—			(23		)	25			(23		)	2			10			12			15			27
Out-licensed intangible asset impairment	—			—			—			—			—			—			—			—			—			—			—			—			11			11
Loss on debt redemption	—			—			—			—			—			—			—			45			—			45			—			45			—			45
Upfront, milestone and other licensing receipts	(14		)	—			(14		)	—			(14		)	—			(14		)	—			—			—			—			—			(10		)	(10		)
Other (income)/expense	19			239			258			43			301			39			340			(88		)	67			(21		)	(203		)	(224		)	850			626
Increase/(decrease) to pretax income	105			310			415			116			531			167			698			8			567			575			(4		)	571			932			1,503
Income tax on items above	(35		)	(116		)	(151		)	(40		)	(191		)	(51		)	(242		)	(179		)	(102		)	(281		)	33			(248		)	(297		)	(545		)
Specified tax charge(b)	—			—			—			—			—			—			—			—			—			—			—			—			123			123
Income taxes	(35		)	(116		)	(151		)	(40		)	(191		)	(51		)	(242		)	(179		)	(102		)	(281		)	33			(248		)	(174		)	(422		)
Increase/(decrease) to net earnings	$	70		$	194		$	264		$	76		$	340		$	116		$	456		$	(171	)	$	465		$	294		$	29		$	323		$	758		$	1,081

(a) Includes $16 million of additional year of Branded Prescription Drug Fee.

(b) The 2014 specified tax charge relates to transfer pricing matters.

9

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

(Unaudited, dollars in millions)

	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Cash and cash equivalents	$	1,355		$	1,821		$	1,771		$	3,586		$	5,225		$	4,282		$	4,851		$	5,571
Marketable securities - current	1,178			978			951			939			1,834			2,893			2,370			1,864
Marketable securities - long term	3,242			3,223			3,623			3,747			3,558			3,876			4,328			4,408
Cash, cash equivalents and marketable securities	5,775			6,022			6,345			8,272			10,617			11,051			11,549			11,843
Short-term borrowings and current portion of long-term debt	(1,372		)	(764		)	(680		)	(359		)	(281		)	(365		)	(401		)	(590		)
Long-term debt	(6,522		)	(6,442		)	(6,532		)	(7,981		)	(7,367		)	(7,372		)	(7,267		)	(7,242		)
Net cash/(debt) position	$	(2,119	)	$	(1,184	)	$	(867	)	$	(68	)	$	2,969		$	3,314		$	3,881		$	4,011

10

BRISTOL-MYERS SQUIBB COMPANY

2015 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2015
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	$1.55 to $1.70
Projected Specified Items:
Downsizing and streamlining of worldwide operations	(0.04	)
Upfront and milestone payments, net	0.02
Pension Related items	0.04
Other	—
Total	0.02
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	$1.55 to $1.70

Gross margin as a percentage of revenues on a GAAP and non-GAAP basis for the twelve months ended December 31, 2014 was 75.2% and 76.2%, respectively. On a non-GAAP basis, the Company projects gross margin as a percentage of revenues for the full year 2015 to be approximately 74%. There is no reliable comparable GAAP measure for this forward-looking information on gross margin. See "—Reconciliation of GAAP and non-GAAP Growth Dollars and Percentages Excluding Foreign Exchange Impact".

Research and development expenses on a GAAP and non-GAAP basis for the twelve months ended December 31, 2014 were $4.5 billion and $3.9 billion, respectively. On a non-GAAP basis, the Company projects research and development expense for the full year 2015 to decrease in the low-single-digit range compared to 2014. It is estimated that 30% to 45% of the research and development expenses in 2015 will be incurred on late-stage development programs. There is no reliable comparable GAAP measure for this forward-looking information on research and development. See "—Reconciliation of Certain non-GAAP Line Items to Certain GAAP Line Items".

Marketing, selling and administrative expenses on a GAAP and non-GAAP basis for the twelve months ended December 31, 2014 were $4.1 billion and $4.0 billion, respectively. On a GAAP basis, expenses for the twelve months ended December 31, 2014 included specified items of $105 million. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2015 to decrease in the mid- to high-single-digit range compared to 2014. There is no reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See "—Reconciliation of Certain non-GAAP Line Items to Certain GAAP Line Items".

The effective tax rate on a GAAP basis for the twelve months ended December 31, 2014 was 14.8%. On a non-GAAP basis, for the twelve months ended December 31, 2014 the effective tax rate was 19.9%. On a non-GAAP basis, the Company projects an annual effective tax rate of approximately 19%. There is no reliable comparable GAAP measure for this forward-looking information on the tax rate. See "—Reconciliation of Certain non-GAAP Line Items to Certain GAAP Line Items".

The GAAP financial results for the full year 2015 will include specified items, including gains on divestitures, expected charges associated with downsizing and streamlining worldwide operations, in-process research and development (IPRD) , upfront and milestone payments, restructuring and pension related items.  The GAAP financial results for the full year 2015 could also include other specified items that have not yet been identified and quantified, including any gains or losses from acquisitions or divestitures, additional upfront, milestone and other licensing payments, charges for IPRD and licensed asset impairments, charges and recoveries relating to significant legal proceedings, 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 2014 Financial Results, January 27, 2015 including “2015 Financial Guidance” and “Use of non-GAAP Financial Information” therein. 

11