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): April 28, 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 April 28, 2015, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the first quarter of 2015. 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 April 28, 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: April 28, 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 April 28, 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 First Quarter Financial Results

• Reports Revenues of $4.0 Billion in the First Quarter

• Posts First Quarter GAAP and Non-GAAP EPS of $0.71

• Achieves Key Data and Regulatory Milestones Across Portfolio

• Completes Strategic Transactions in Immuno-Oncology and Cardiovascular, Supporting the Company’s Evolving Portfolio

• Adjusts 2015 GAAP EPS Guidance Range to $0.96 - $1.06 and Non-GAAP EPS Guidance Range to $1.60 - $1.70

(NEW YORK, April 28, 2015) - Bristol-Myers Squibb Company (NYSE:BMY) today reported results for the first quarter of 2015, which were highlighted by strong global sales for key brands, important regulatory and clinical milestones in immuno-oncology (I-O) and across the company’s portfolio, and the completion of several strategic transactions that will advance the company’s leadership in I-O and strengthen its pipeline in cardiovascular and genetically defined diseases.

“We have started the year off with strong sales among new and inline brands, including Yervoy, Eliquis, our hepatitis C franchise and Opdivo, and brought important new medicines to patients with cancer and HIV,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. “We continued to advance our pipeline with key regulatory and clinical progress across our portfolio and invested in several important business development opportunities that will help strengthen our future portfolio.”

	First Quarter
$ amounts in millions, except per share amounts
	2015		2014		Change
Total Revenues	$	4,041	$	3,811	6	%
GAAP Diluted EPS	0.71		0.56		27	%
Non-GAAP Diluted EPS	0.71		0.46		54	%

1

FIRST QUARTER FINANCIAL RESULTS

• Bristol-Myers Squibb posted first quarter 2015 revenues of $4.0 billion, an increase of 6% compared to the same period a year ago. Excluding the divested Diabetes Alliance, global revenues increased 10% or 17% adjusted for foreign exchange impact.

• U.S. revenues increased 16% to $2.0 billion in the quarter compared to the same period a year ago. International revenues decreased 2% to $2.0 billion.

• Gross margin as a percentage of revenues was 79.0% in the quarter compared to 74.6% in the same period a year ago.

• Marketing, selling and administrative expenses decreased 7% to $894 million in the quarter.

• Advertising and product promotion spending decreased 17% to $135 million in the quarter.

• Research and development expenses increased 7% to $1.0 billion in the quarter.

• The effective tax rate was 17.2% in the quarter, compared to 5.0% in the first quarter last year. Income taxes in 2014 included tax benefits attributed to the diabetes divestiture.

• The company reported net earnings attributable to Bristol-Myers Squibb of $1.2 billion, or $0.71 per share, in the quarter compared to $937 million, or $0.56 per share, a year ago.

• The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $1.2 billion, or $0.71 per share, in the first quarter, compared to $766 million, or $0.46 per share, for the same period in 2014. An overview of specified items is discussed under the “Use of Non-GAAP Financial Information” section.

• Cash, cash equivalents and marketable securities were $11.9 billion, with a net cash position of $4.4 billion, as of March 31, 2015.

2

FIRST QUARTER PRODUCT AND PIPELINE UPDATE

Bristol-Myers Squibb’s global sales in the first quarter included Eliquis, which grew by $249 million, Yervoy, which grew 20%, Orencia and Sprycel, which grew 10% each, Daklinza and Sunvepra, which had combined sales of $264 million, and Opdivo, which had sales of $40 million.

Opdivo

• In April, the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency adopted a positive opinion recommending that Opdivo be granted approval for use in both first-line and previously treated patients with advanced (unresectable or metastatic) melanoma. This is the first positive opinion given by the CHMP for a PD-1 immune checkpoint inhibitor, and it will now be reviewed by the European Commission, which has the authority to approve medicines for the European Union (EU).

• In April, at the American Association for Cancer Research meeting in Philadelphia, the company announced positive results from CheckMate -069, aPhase 2 trial evaluating aregimen of Opdivo+Yervoy versus Yervoy alone in patients with previously untreated advanced melanoma. Patients with BRAF wild-type mutation status treated with the Opdivo+Yervoy regimen experienced a higher objective response rate (ORR) of 61% (n=44/72) - the primary study endpoint - compared to 11% (n=4/37) for patients administered Yervoy monotherapy (P<0.001). Complete responses were also reported in 22% (n=16) of patients with BRAF wild-type mutation status administered the Opdivo+Yervoy regimen and in no patients who received Yervoy monotherapy. Similar results were also observed in BRAF mutation-positive patients. The results were published in The New England Journal of Medicine.

• In April, the company announced that an open-label, randomized Phase 3 study evaluating Opdivo versus docetaxel in previously treated patients with advanced non-squamous non-small cell lung cancer (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.

• In March, the FDA approved Opdivo for the treatment of patients with metastatic squamous NSCLC with progression on or after platinum-based chemotherapy. Opdivo is the first and only PD-1 therapy to demonstrate overall survival in previously treated metastatic squamous NSCLC.

3

Orencia

• In April, the CHMP adopted a positive opinion approving the ClickJect Pre-Filled Pen, a new autoinjector delivery device for Orencia for use in adult patients in the E.U. who have moderate to severe active rheumatoid arthritis in combination with methotrexate after inadequate disease-modifying anti-rheumatic drug (DMARD) response.

Yervoy

• In March, the FDA accepted for filing and review the sBLA for Yervoy for the adjuvant treatment of patients with stage 3 melanoma who are at high risk of recurrence following complete surgical resection. The projected FDA action date is October 28, 2015.

Daklinza

• In April, the company announced that primary endpoints were successfully met in ALLY-1, a Phase 3 clinical trial evaluating a 12-week regimen of daclatasvir and sofosbuvir once-daily with ribavirin for the treatment of patients with chronic hepatitis C virus (HCV) with either advanced cirrhosis or post-liver transplant recurrence of HCV. The data was presented as a late-breaker at the European Association for the Study of the Liver annual meeting in Vienna. Daclatasvir is marketed as Daklinza in the E.U. and Japan.

• In March, the FDA accepted the company’s resubmitted New Drug Application (NDA) to use daclatasvir in combination with sofosbuvir to treat chronic HCV genotype 3. The original NDA was amended to include data from ALLY-3, a Phase 3 trial that showed high cure rates for the combination, with sustained virologic response 12 weeks after treatment (SVR12) in 90% of treatment-naïve and 86% of treatment-experienced genotype 3 HCV patients. SVR12 rates were higher (96%) in non-cirrhotic genotype 3 patients, regardless of treatment history. The FDA will review the submission within a six-month timeframe.

4

• In February, the company announced results from ALLY-2, a Phase 3 clinical trial evaluating the investigational once-daily combination of daclatasvir and sofosbuvir for the treatment of patients with chronic HCV coinfected with HIV. Among ALLY-2 patients treated for 12 weeks (treatment-naïve and -experienced), 97% (n=149/153) achieved cure (sustained virologic response 12 weeks after treatment; SVR12). The study met the primary endpoint, with 96% (n=80/83) of treatment-naïve genotype 1 patients achieving SVR12. Treatment with daclatasvir in combination with sofosbuvir in this study showed high SVR rates, with no discontinuations due to adverse events, and no serious adverse events related to study medications throughout the treatment phase.

Evotaz

• In January, the FDA approved Evotaz (atazanavir 300 mg and cobicistat 150 mg) tablets in combination with other antiretroviral agents for the treatment of HIV-1 infection in adults.

HIV

• In February, at the 2015 Conference on Retroviruses and Opportunistic Infections (CROI) in Seattle, the company announced data supporting further clinical development of BMS-955176, an investigational compound designed to prevent the maturation of HIV-1. The Phase 2a study findings confirm the antiretroviral activity of BMS-955176 as an HIV-1 maturation inhibitor.

• In February, also at CROI, the company announced data from a Phase 2b trial of BMS-663068, an investigational compound designed as an HIV-1 attachment inhibitor, in treatment-experienced HIV-1 patients. In the study comparing BMS-663068 to Reyataz and ritonavir, virologic response rates (HIV-1 RNA <50 c/mL) and immunologic reconstitution were similar across both arms of the trial through 48 weeks. Based on the positive results of the Phase 2b trial, a Phase 3 clinical trial of the attachment inhibitor in heavily treatment-experienced patients began in February 2015.

Erbitux

• In April, the company announced an agreement with Lilly to transfer rights to Erbitux in North America, including the U.S., Canada, and Puerto Rico, from Bristol-Myers Squibb to Lilly. Rights include, but are not limited to, full commercialization and manufacturing operational responsibilities.

5

FIRST QUARTER BUSINESS DEVELOPMENT UPDATE

• In April, the company completed its acquisition of Flexus Biosciences, Inc., a privately held biotechnology company focused on discovering and developing novel anti-cancer therapeutics. The transaction, which was announced in February, includes full rights to F001287, Flexus’ lead preclinical, small-molecule IDO1-inhibitor targeted for IND filing in the second half of 2015 and an IDO/TDO discovery program that includes its IDO-selective, IDO/TDO dual and TDO-selective compound libraries.

• In April, the company announced an agreement with uniQure N.V. that provides Bristol-Myers Squibb with exclusive access to uniQure’s gene therapy technology platform for multiple targets in cardiovascular diseases. The collaboration includes uniQure’s proprietary gene therapy program for congestive heart failure that is intended to restore the heart’s ability to synthesize S100A1, a calcium sensor and master regulator of heart function, and thereby improve clinical outcomes for patients with reduced ejection fraction. Beyond cardiovascular diseases, the agreement also includes the potential for target-exclusive collaboration in other disease areas. In total, the companies may collaborate on 10 targets, including S100A1.

• In March, the company acquired an exclusive global license to Novo Nordisk’s discovery biologics research program focused on modulating the innate immune system as a therapy for autoimmune diseases.

• In March, the company acquired an exclusive option to license and commercialize PROSTVAC^®, Bavarian Nordic’s investigational Phase 3 prostate-specific antigen-targeting cancer immunotherapy in development for the treatment of asymptomatic or minimally symptomatic metastatic castration-resistant prostate cancer.

• In February, the company announced an agreement with Rigel Pharmaceuticals, Inc. for the discovery, development and commercialization of cancer immunotherapies based on Rigel’s extensive portfolio of small molecule TGF beta receptor kinase inhibitors. The collaboration will focus on developing a new class of therapeutics aimed at increasing the immune system’s activity against various cancers either as monotherapy or in combination with immune checkpoint inhibitors, including Opdivo and Yervoy.

PROSTVAC^® is a registered trademark of BN Immunotherapeutics, Inc.

2015 FINANCIAL GUIDANCE

Bristol-Myers Squibb is adjusting its 2015 GAAP EPS guidance range from $1.55 - $1.70 to $0.96 - $1.06 primarily due to upfront payments for business development transactions. The company is also adjusting non-GAAP EPS guidance range from $1.55 - $1.70 to $1.60 - $1.70. Both GAAP and non-GAAP guidance assume current exchange rates. Key 2015 non-GAAP line-item guidance assumptions remain unchanged.

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 or acquisition of products that have not achieved regulatory approval which are immediately expensed; 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.

6

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 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 development 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.

7

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 April 28, 2015, at 11 a.m. EDT 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 dialingin the U.S. toll free 877-201-0168 or international 647-788-4901, confirmation code: 23528703. 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, Investor Relations.

8

BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014

(Unaudited, dollars in millions)

	Worldwide Revenues						U.S. Revenues
	2015		2014		% Change		2015		2014		% Change
Three Months Ended March 31,
Key Products
Virology
Baraclude	$	340	$	406	(16	)%	$	46	$	70	(34	)%
Hepatitis C Franchise	264		—		N/A		—		—		N/A
Reyataz Franchise	294		344		(15	)%	143		176		(19	)%
Sustiva Franchise	290		319		(9	)%	234		228		3	%
Oncology
Erbitux(a)	165		169		(2	)%	157		158		(1	)%
Opdivo	40		—		N/A		38		—		N/A
Sprycel	375		342		10	%	181		145		25	%
Yervoy	325		271		20	%	181		146		24	%
Neuroscience
Abilify(b)	554		540		3	%	508		325		56	%
Immunoscience
Orencia	400		363		10	%	259		229		13	%
Cardiovascular
Eliquis	355		106		**		200		61		**
Mature Products and All Other	639		951		(33	)%	97		227		(57	)%
Total	4,041		3,811		6	%	2,044		1,765		16	%
Total Excluding Diabetes Alliance	3,987		3,632		10	%	2,044		1,651		24	%

**	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.

9

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014

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

	Three Months Ended   March 31,
	2015			2014
Net product sales	$	3,059		$	2,807
Alliance and other revenues	982			1,004
Total Revenues	4,041			3,811
Cost of products sold	847			968
Marketing, selling and administrative	894			957
Advertising and product promotion	135			163
Research and development	1,016			946
Other (income)/expense	(299		)	(208		)
Total Expenses	2,593			2,826
Earnings Before Income Taxes	1,448			985
Provision for Income Taxes	249			49
Net Earnings	1,199			936
Net Earnings/(Loss) Attributable to Noncontrolling Interest	13			(1		)
Net Earnings Attributable to BMS	$	1,186		$	937
Earnings per Common Share
Basic	$	0.71		$	0.57
Diluted	$	0.71		$	0.56
Average Common Shares Outstanding:
Basic	1,663			1,652
Diluted	1,676			1,666
Other (Income)/Expense
Interest expense	$	51		$	54
Investment income	(30		)	(23		)
Provision for restructuring	12			21
Litigation charges	12			29
Equity in net income of affiliates	(26		)	(36		)
Out-licensed intangible asset impairment	13			—
Gain on sale of product lines, businesses and assets	(154		)	(259		)
Other alliance and licensing income	(161		)	(108		)
Pension curtailments, settlements and special termination benefits	27			64
Other	(43		)	50
Other (income)/expense	$	(299	)	$	(208	)

10

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014

(Unaudited, dollars in millions)

	Three Months Ended   March 31,
	2015			2014
Cost of products sold(a)	$	34		$	45
Marketing, selling and administrative(b)	1			3
Upfront, milestone and other payments	162			15
IPRD impairments	—			33
Research and development	162			48
Provision for restructuring	12			21
Gain on sale of product lines, businesses and assets	(152		)	(259		)
Pension curtailments, settlements and special termination benefits	27			64
Acquisition and alliance related items	(36		)	16
Litigation charges	14			25
Out-licensed intangible asset impairment	13			—
Loss on debt redemption	—			45
Other (income)/expense	(122		)	(88		)
Increase to pretax income	75			8
Income tax on items above	(68		)	(179		)
Increase/(decrease) to net earnings	$	7		$	(171	)

(a) Specified items in cost of products sold are accelerated depreciation, asset impairment and other shutdown costs.

(b) Specified items in marketing, selling and administrative are process standardization implementation costs.

11

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014

(Unaudited, dollars in millions)

Three Months Ended March 31, 2015	GAAP			Specified Items*			Non GAAP
Gross Profit	$	3,194		$	34		$	3,228
Marketing, selling and administrative	894			(1		)	893
Research and development	1,016			(162		)	854
Other (income)/expense	(299		)	122			(177		)
Effective Tax Rate	17.2		%	3.6		%	20.8		%
Three Months Ended March 31, 2014	GAAP			Specified Items*			Non GAAP
Gross Profit	$	2,843		$	45		$	2,888
Marketing, selling and administrative	957			(3		)	954
Research and development	946			(48		)	898
Other (income)/expense	(208		)	88			(120		)
Effective Tax Rate	5.0		%	18.0		%	23.0		%

* 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.

12

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF NON-GAAP EPS TO GAAP EPS

FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014

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

	Three Months Ended   March 31,
	2015		2014
Net Earnings Attributable to BMS used for Diluted EPS Calculation - GAAP	$	1,186	$	937
Less Specified Items*	7		(171		)
Net Earnings used for Diluted EPS Calculation – Non-GAAP	$	1,193	$	766
Average Common Shares Outstanding – Diluted	1,676		1,666
Diluted Earnings Per Share — GAAP	$	0.71	$	0.56
Diluted EPS Attributable to Specified Items	—		(0.10		)
Diluted Earnings Per Share — Non-GAAP	$	0.71	$	0.46

* Refer to the Specified Items schedule for further details.

13

BRISTOL-MYERS SQUIBB COMPANY

NET CASH/(DEBT) CALCULATION

AS OF MARCH 31, 2015 AND DECEMBER 31, 2014

(Unaudited, dollars in millions)

	March 31, 2015			December 31, 2014
Cash and cash equivalents	$	6,294		$	5,571
Marketable securities - current	1,313			1,864
Marketable securities - long term	4,279			4,408
Cash, cash equivalents and marketable securities	11,886			11,843
Short-term borrowings and current portion of long-term debt	(330		)	(590		)
Long-term debt	(7,127		)	(7,242		)
Net cash position	$	4,429		$	4,011

14

EX-99.2

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF REVENUES

(Unaudited, dollars in millions)

Revenues	2014																					2015									% 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	$	3,811		$	3,889		$	7,700		$	3,921		$	11,621		$	4,258		$	15,879		$	4,041								6%	6%	(7)%	(7)%
US and Puerto Rico	1,765			1,901			3,666			1,968			5,634			2,082			7,716			2,044									16%	16%	—	—
Europe	948			908			1,856			814			2,670			922			3,592			782									(18)%	(18)%	(16)%	(16)%
Rest of the World	830			811			1,641			838			2,479			980			3,459			1,019									23%	23%	(13)%	(13)%
Other	268			269			537			301			838			274			1,112			196									(27)%	(27)%	N/A	N/A
% of Revenues	2014																					2015
	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		%
US and Puerto Rico	46.3		%	48.9		%	47.6		%	50.2		%	48.5		%	48.9		%	48.6		%	50.6		%
Europe	24.9		%	23.3		%	24.1		%	20.8		%	23.0		%	21.7		%	22.6		%	19.4		%
Rest of the World	21.8		%	20.9		%	21.3		%	21.4		%	21.3		%	23.0		%	21.8		%	25.2		%
Other	7.0		%	6.9		%	7.0		%	7.6		%	7.2		%	6.4		%	7.0		%	4.8		%

1

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

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

	2014																					2015									% 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	$	2,807		$	2,770		$	5,577		$	2,843		$	8,420		$	3,240		$	11,660		$	3,059								9%	9%
Alliance and other revenues	1,004			1,119			2,123			1,078			3,201			1,018			4,219			982									(2)%	(2)%
Total Revenues	$	3,811		$	3,889		$	7,700		$	3,921		$	11,621		$	4,258		$	15,879		$	4,041								6%	6%
Cost of products sold	968			991			1,959			1,007			2,966			966			3,932			847									(13)%	(13)%
Marketing, selling and administrative	957			951			1,908			1,029			2,937			1,151			4,088			894									(7)%	(7)%
Advertising and product promotion	163			187			350			171			521			213			734			135									(17)%	(17)%
Research and development	946			1,416			2,362			983			3,345			1,189			4,534			1,016									7%	7%
Other (income)/expense	(208		)	(104		)	(312		)	(277		)	(589		)	799			210			(299		)							44%	44%
Total Expenses	2,826			3,441			6,267			2,913			9,180			4,318			13,498			2,593									(8)%	(8)%
Earnings Before Income Taxes	$	985		$	448		$	1,433		$	1,008		$	2,441		$	(60	)	$	2,381		$	1,448								47%	47%
Provision for Income Taxes	49			114			163			276			439			(87		)	352			249									**	**
Net Earnings	$	936		$	334		$	1,270		$	732		$	2,002		$	27		$	2,029		$	1,199								28%	28%
Net Earnings/(Loss) Attributable to Noncontrolling Interest	(1		)	1			—			11			11			14			25			13									**	**
Net Earnings Attributable to BMS	$	937		$	333		$	1,270		$	721		$	1,991		$	13		$	2,004		$	1,186								27%	27%
Diluted Earnings per Common Share*	$	0.56		$	0.20		$	0.76		$	0.43		$	1.19		$	0.01		$	1.20		$	0.71								27%	27%
Average Common Shares Outstanding - Diluted	1,666			1,669			1,668			1,670			1,668			1,673			1,670			1,676									1%	1%
Dividends declared per common share	$	0.36		$	0.36		$	0.72		$	0.36		$	1.08		$	0.37		$	1.45		$	0.37								3%	3%
	2014																					2015
% 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	74.6		%	74.5		%	74.6		%	74.3		%	74.5		%	77.3		%	75.2		%	79.0		%
Other Ratios
Effective tax rate	5.0		%	25.4		%	11.4		%	27.4		%	18.0		%	145.0		%	14.8		%	17.2		%
Other (Income)/Expense	2014																					2015									% 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	$	54		$	46		$	100		$	50		$	150		$	53		$	203		$	51								(6)%	(6)%
Investment income	(23		)	(28		)	(51		)	(20		)	(71		)	(30		)	(101		)	(30		)							30%	30%
Provision for restructuring	21			16			37			35			72			91			163			12									(43)%	(43)%
Litigation charges/(recoveries)	29			(20		)	9			10			19			4			23			12									(59)%	(59)%
Equity in net income of affiliates	(36		)	(33		)	(69		)	(12		)	(81		)	(26		)	(107		)	(26		)							(28)%	(28)%
Out-licensed intangible asset impairment	—			—			—			18			18			11			29			13									N/A	N/A
Gain on sale of product lines, businesses and assets	(259		)	7			(252		)	(315		)	(567		)	3			(564		)	(154		)							(41)%	(41)%
Other alliance and licensing income	(108		)	(144		)	(252		)	(102		)	(354		)	(50		)	(404		)	(161		)							49%	49%
Pension curtailments, settlements and special termination benefits	64			45			109			28			137			740			877			27									(58)%	(58)%
Other	50			7			57			31			88			3			91			(43		)							**	**
	$	(208	)	$	(104	)	$	(312	)	$	(277	)	$	(589	)	$	799		$	210		$	(299	)							44%	44%

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

** In excess of 100%

2

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED MARCH 31, 2015

(Unaudited, dollars in millions)

QUARTER-TO-DATE	2015			2014			Growth $			Growth %	Favorable / (Unfavorable) FX Impact $ *			2015 Excluding FX		Favorable / (Unfavorable) FX Impact % *	Growth % Excluding FX
Revenues	$	4,041		$	3,811		$	230		6%	$	(256	)	$	4,297	(7)%	13%
Gross profit	3,194			2,843			351			12%	N/A			N/A		N/A	N/A
Gross profit excluding specified items(a)	3,228			2,888			340			12%	N/A			N/A		N/A	N/A
Gross profit excluding specified items as a % of revenues	79.9		%	75.8		%
Marketing, selling and administrative	894			957			(63		)	(7)%	51			945		6%	(1)%
Marketing, selling and administrative excluding specified items(a)	893			954			(61		)	(6)%	51			944		5%	(1)%
Advertising and product promotion	135			163			(28		)	(17)%	8			143		5%	(12)%
SG&A excluding specified items as a % of revenues	25.4		%	29.3		%
Research and development	1,016			946			70			7%	21			1,037		3%	10%
Research and development excluding specified items(a)	854			898			(44		)	(5)%	21			875		2%	(3)%
Research and development excluding specified items as a % of revenues	21.1		%	23.6		%

(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.

3

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)

	2014														2015								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 $		YTD $		Qtr vs. Qtr %	YTD vs. YTD %	Qtr vs. Qtr	YTD vs. YTD
TOTAL	$	3,811	$	3,889	$	7,700	$	3,921	$	11,621	$	4,258	$	15,879	$	4,041							$	230		$	230		6%	6%	$	4,297	$	4,297	13%	13%	(7)%	(7)%
Virology(a)
Baraclude	406		369		775		325		1,100		341		1,441		340								(66		)	(66		)	(16)%	(16)%	366		366		(10)%	(10)%	(6)%	(6)%
Hepatitis C Franchise(b)	—		—		—		49		49		207		256		264								264			264			N/A	N/A	308		308		N/A	N/A	N/A	N/A
Reyataz Franchise	344		362		706		338		1,044		318		1,362		294								(50		)	(50		)	(15)%	(15)%	313		313		(9)%	(9)%	(6)%	(6)%
Sustiva Franchise(c)	319		361		680		357		1,037		407		1,444		290								(29		)	(29		)	(9)%	(9)%	291		291		(9)%	(9)%	—	—
Oncology(a)
Erbitux	169		186		355		187		542		181		723		165								(4		)	(4		)	(2)%	(2)%	165		165		(2)%	(2)%	—	—
Opdivo	—		—		—		1		1		5		6		40								40			40			N/A	N/A	40		40		N/A	N/A	N/A	N/A
Sprycel	342		368		710		385		1,095		398		1,493		375								33			33			10%	10%	408		408		19%	19%	(9)%	(9)%
Yervoy	271		321		592		350		942		366		1,308		325								54			54			20%	20%	350		350		29%	29%	(9)%	(9)%
Neuroscience(a)
Abilify(d)	540		555		1,095		449		1,544		476		2,020		554								14			14			3%	3%	558		558		3%	3%	—	—
Immunoscience(a)
Orencia(e)	363		402		765		444		1,209		443		1,652		400								37			37			10%	10%	425		425		17%	17%	(7)%	(7)%
Cardiovascular(a)
Eliquis	106		171		277		216		493		281		774		355								249			249			**	**	382		382		**	**	N/A	N/A
Mature Products and All Other(f)	951		794		1,745		820		2,565		835		3,400		639								(312		)	(312		)	(33)%	(33)%	691		691		(27)%	(27)%	(6)%	(6)%
Total Excluding Diabetes Alliance	3,632		3,862		7,494		3,879		11,373		4,211		15,584		3,987								355			355			10%	10%	4,243		4,243		17%	17%	(7)%	(7)%

**	In excess of 100%
(a)	Key products listed do not represent all products in the respective therapeutic areas.
(b)	Includes Daklinza (daclatasvir) revenues of $180M and Sunvepra (asunaprevir) revenues of $84M for the three months ended March 31, 2015.
(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 $251M and $272M for the three months ended March 31, 2015 and 2014, respectively.
(d)	Includes alliance and other revenue of $508M and $441M for three months ended March 31, 2015 and 2014, respectively.
(e)	Includes Orencia SubQ revenues of $176M and $136M for three months ended March 31, 2015 and 2014, respectively.
(f)	Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue. Includes Diabetes Alliance revenues of $54M and $179M for the three months ended March 31, 2015 and 2014, respectively.

4

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC REVENUES FROM OPERATIONS BY PRODUCT

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2014														2015								% 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)	$	1,765	$	1,901	$	3,666	$	1,968	$	5,634	$	2,082	$	7,716	$	2,044							16%	16%
Virology
Baraclude	70		84		154		40		194		21		215		46								(34)%	(34)%
Reyataz Franchise	176		168		344		169		513		176		689		143								(19)%	(19)%
Sustiva Franchise(b)	228		266		494		284		778		340		1,118		234								3%	3%
Oncology
Erbitux	158		178		336		175		511		171		682		157								(1)%	(1)%
Opdivo	—		—		—		—		—		1		1		38								N/A	N/A
Sprycel	145		163		308		179		487		184		671		181								25%	25%
Yervoy	146		173		319		191		510		199		709		181								24%	24%
Neuroscience
Abilify	325		417		742		407		1,149		423		1,572		508								56%	56%
Immunoscience
Orencia(c)	229		254		483		292		775		289		1,064		259								13%	13%
Cardiovascular
Eliquis	61		94		155		113		268		136		404		200								**	**
Mature Products and All Other(d)	227		104		331		118		449		142		591		97								(57)%	(57)%
Total Excluding Diabetes Alliance	1,651		1,901		3,552		1,968		5,520		2,086		7,606		2,044								24%	24%

**	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)	Includes Orencia SubQ revenues of $111M and $94M for the three months ended March 31, 2015 and 2014, respectively.
(d)	Represents all other products sold in the U.S., including those which have lost exclusivity in major markets.

5

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES FROM OPERATIONS BY PRODUCT

QUARTERLY REVENUES TREND ANALYSIS

(Unaudited, dollars in millions)

	2014														2015								% 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	$	2,046	$	1,988	$	4,034	$	1,953	$	5,987	$	2,176	$	8,163	$	1,997							(2)%	(2)%	(12)%	(12)%
Virology
Baraclude	336		285		621		285		906		320		1,226		294								(13)%	(13)%	(8)%	(8)%
Hepatitis C Franchise(a)	—		—		—		49		49		207		256		264								N/A	N/A	N/A	N/A
Reyataz Franchise	168		194		362		169		531		142		673		151								(10)%	(10)%	(12)%	(12)%
Sustiva Franchise(b)	91		95		186		73		259		67		326		56								(38)%	(38)%	(2)%	(2)%
Oncology
Erbitux	11		8		19		12		31		10		41		8								(27)%	(27)%	—	—
Opdivo	—		—		—		1		1		4		5		2								N/A	N/A	N/A	N/A
Sprycel	197		205		402		206		608		214		822		194								(2)%	(2)%	(17)%	(17)%
Yervoy	125		148		273		159		432		167		599		144								15%	15%	(21)%	(21)%
Neuroscience
Abilify(c)	215		138		353		42		395		53		448		46								(79)%	(79)%	(2)%	(2)%
Immunoscience
Orencia	134		148		282		152		434		154		588		141								5%	5%	(19)%	(19)%
Cardiovascular
Eliquis	45		77		122		103		225		145		370		155								**	**	N/A	N/A
Mature Products and All Other(d)	724		690		1,414		702		2,116		693		2,809		542								(25)%	(25)%	(7)%	(7)%
Total Excluding Diabetes Alliance	1,981		1,961		3,942		1,911		5,853		2,125		7,978		1,943								(2)%	(2)%	(13)%	(13)%

**	In excess of 100%
(a)	Includes Daklinza (daclatasvir) revenues of $180M and Sunvepra (asunaprevir) revenues of $84M for the three months ended March 31, 2015.
(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)	Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue.

6

BRISTOL-MYERS SQUIBB COMPANY

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

(Unaudited, dollars in millions)

	2014																					2015
	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	$	2,843		$	2,898		$	5,741		$	2,914		$	8,655		$	3,292		$	11,947		$	3,194
Specified items(a)	45			39			84			36			120			31			151			34
Gross profit excluding specified items	2,888			2,937			5,825			2,950			8,775			3,323			12,098			3,228
Marketing, selling and administrative	957			951			1,908			1,029			2,937			1,151			4,088			894
Specified items(a)	(3		)	(3		)	(6		)	(98		)	(104		)	(1		)	(105		)	(1		)
Marketing, selling and administrative excluding specified items	954			948			1,902			931			2,833			1,150			3,983			893
Research and development	946			1,416			2,362			983			3,345			1,189			4,534			1,016
Specified items(a)	(48		)	(458		)	(506		)	(65		)	(571		)	(50		)	(621		)	(162		)
Research and development excluding specified items	898			958			1,856			918			2,774			1,139			3,913			854
Other (income)/expense	(208		)	(104		)	(312		)	(277		)	(589		)	799			210			(299		)
Specified items(a)	88			(67		)	21			203			224			(850		)	(626		)	122
Other (income)/expense excluding specified items	(120		)	(171		)	(291		)	(74		)	(365		)	(51		)	(416		)	(177		)
Effective Tax Rate	5.0		%	25.4		%	11.4		%	27.4		%	18.0		%	145.0		%	14.8		%	17.2		%
Specified items(a)	18.0		%	(4.1		)%	10.7		%	(3.2		)%	4.8		%	(135.0		)%	5.1		%	3.6		%
Effective Tax Rate excluding specified items	23.0		%	21.3		%	22.1		%	24.2		%	22.8		%	10.0		%	19.9		%	20.8		%

(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.

7

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)

	2014																					2015
	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
Cost of products sold(a)	$	45		$	39		$	84		$	36		$	120		$	31		$	151		$	34
Additional year of Branded Prescription Drug Fee	—			—			—			96			96			—			96			—
Process standardization implementation costs	3			3			6			2			8			1			9			1
Marketing, selling and administrative	3			3			6			98			104			1			105			1
Upfront, milestone and other payments	15			148			163			65			228			50			278			162
IPRD impairments	33			310			343			—			343			—			343			—
Research and development	48			458			506			65			571			50			621			162
Provision for restructuring	21			16			37			35			72			91			163			12
Gain on sale of product lines, businesses and assets	(259		)	12			(247		)	(315		)	(562		)	3			(559		)	(152		)
Pension curtailments, settlements and special termination benefits	64			45			109			28			137			740			877			27
Acquisition and alliance related items(b)	16			17			33			39			72			—			72			(36		)
Litigation charges/(recoveries)	25			(23		)	2			10			12			15			27			14
Out-licensed intangible asset impairment	—			—			—			—			—			11			11			13
Loss on debt redemption	45			—			45			—			45			—			45			—
Upfront, milestone and other licensing receipts	—			—			—			—			—			(10		)	(10		)	—
Other (income)/expense	(88		)	67			(21		)	(203		)	(224		)	850			626			(122		)
Increase/(decrease) to pretax income	8			567			575			(4		)	571			932			1,503			75
Income tax on items above	(179		)	(102		)	(281		)	33			(248		)	(297		)	(545		)	(68		)
Specified tax charge(c)	—			—			—			—			—			123			123			—
Income taxes	(179		)	(102		)	(281		)	33			(248		)	(174		)	(422		)	(68		)
Increase/(decrease) to net earnings	$	(171	)	$	465		$	294		$	29		$	323		$	758		$	1,081		$	7

(a) Specified items in cost of products sold are accelerated depreciation, asset impairment and other shutdown costs.

(b) Includes $16 million of additional year of Branded Prescription Drug Fee in the third quarter of 2014.

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

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BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

(Unaudited, dollars in millions)

	March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015	September 30, 2015	December 31, 2015
Cash and cash equivalents	$	5,225		$	4,282		$	4,851		$	5,571		$	6,294
Marketable securities - current	1,834			2,893			2,370			1,864			1,313
Marketable securities - long term	3,558			3,876			4,328			4,408			4,279
Cash, cash equivalents and marketable securities	10,617			11,051			11,549			11,843			11,886
Short-term borrowings and current portion of long-term debt	(281		)	(365		)	(401		)	(590		)	(330		)
Long-term debt	(7,367		)	(7,372		)	(7,267		)	(7,242		)	(7,127		)
Net cash position	$	2,969		$	3,314		$	3,881		$	4,011		$	4,429

9

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	$0.96 to $1.06
Projected Specified Items:
Downsizing and streamlining of worldwide operations	(0.03	)
Upfront and milestone payments, net	0.56
Pension Related items	0.04
Impairments	0.01
Other	0.06
Total	0.64
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	$1.60 to $1.70

Gross margin as a percentage of revenues on a GAAP and non-GAAP basis for the three months ended March 31, 2015 was 79.0% and 79.9%, 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 three months ended March 31, 2015 were $1.0 billion and $854 million, 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 three months ended March 31, 2015 were $894 million and $893 million, respectively. 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 three months ended March 31, 2015 was 17.2%. On a non-GAAP basis, for the three months ended March 31, 2015 the effective tax rate was 20.8%. 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 First Quarter 2015 Financial Results, April 28, 2015 including “2015 Financial Guidance” and “Use of non-GAAP Financial Information” therein. 

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