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 28, 2016

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 28, 2016, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the fourth quarter and twelve months 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 January 28, 2016.
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 28, 2016	By:	/s/ Katherine R. Kelly
	Name:	Katherine R. Kelly
	Title:	Corporate Secretary

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of Bristol-Myers Squibb Company dated January 28, 2016.
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 2015 Financial Results

• Increases Fourth Quarter Revenues 1% to $4.3 Billion, 4% for Full Year to $16.6 Billion

• Posts Fourth Quarter GAAP Loss Per Share of $0.08 and Non-GAAP EPS of $0.38

• Achieves Significant Regulatory Milestones in Immuno-Oncology

◦ Opdivo Approved in the U.S. for Advanced Renal Cell Carcinoma and for First-Line Treatment of BRAF v600 Wild-Type Metastatic Melanoma

◦ Opdivo + Yervoy Regimen Approved for Metastatic Melanoma Across BRAF Status

◦ Empliciti Approved in the U.S. for Combination Treatment for Multiple Myeloma

◦ Validation in Europe of Application for Opdivo in Renal Cell Carcinoma

◦ Early Stop of CheckMate -141, a Phase 3 Study Evaluating Opdivo in Patients with Head and Neck Cancer, After Data Demonstrates Superior Overall Survival

• Provides 2016 GAAP and Non-GAAP EPS Guidance Range of $2.30 to $2.40

(NEW YORK, January 28, 2016) - Bristol-Myers Squibb Company (NYSE:BMY) today reported results for the fourth quarter and full year of 2015, which were highlighted by strong sales for Opdivo, Eliquis and Orencia and continued advances in the company’s Immuno-Oncology portfolio.

“We have had an unprecedented year in Immuno-Oncology, delivered strong overall business performance and made strategic investments that position the company well for growth,” said Giovanni Caforio, M.D., chief executive officer, Bristol-Myers Squibb. “We are looking forward to 2016 as an exciting year to continue our leadership in Immuno-Oncology, drive performance of our in-line products and continue to advance our diversified R&D portfolio.”

	Fourth Quarter
$ amounts in millions, except per share amounts
	2015			2014		Change
Total Revenues	$	4,287		$	4,258	1	%
GAAP Diluted EPS	(0.08		)	0.01		**
Non-GAAP Diluted EPS	0.38			0.46		(17	)%

	Full Year
$ amounts in millions, except per share amounts
	2015		2014		Change
Total Revenues	$	16,560	$	15,879	4	%
GAAP Diluted EPS	0.97		1.20		(19	)%
Non-GAAP Diluted EPS	2.01		1.85		9	%

** In excess of +/- 100%

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FOURTH QUARTER FINANCIAL RESULTS

• Bristol-Myers Squibb posted fourth quarter 2015 revenues of $4.3 billion, an increase of 1% compared to the same period a year ago. Global revenues increased 6% adjusted for foreign exchange impact.

• U.S. revenues increased 9% to $2.3 billion in the quarter compared to the same period a year ago. International revenues decreased 7%. When adjusted for foreign exchange impact, international revenues increased 3%.

• Gross margin as a percentage of revenues was 77.8% in the quarter compared to 77.3% in the same period a year ago.

• Marketing, selling and administrative expenses, which includes advertising and product promotion expenses, increased 10% to $1.5 billion in the quarter.

• Research and development expenses increased 61% to $1.9 billion in the quarter due to higher charges resulting from business development transactions and an in-process research and development (IPRD) impairment.

• The effective tax benefit rate was 59.7% in the quarter, compared to 145.0% in the fourth quarter last year. Income taxes in both periods include net tax benefits attributed to specified items and the R&D credit for the full year.

• The company reported a net loss attributable to Bristol-Myers Squibb of $138 million, or $0.08 per share, in the quarter compared to net earnings of $13 million, or $0.01 per share, a year ago. Results in the current quarter include charges resulting from the Five Prime Therapeutics, Inc. and Cardioxyl Pharmaceuticals, Inc. business development transactions ($0.24 per share after tax) and non-cash charges resulting from an IPRD impairment for BMS-986020, an investigational oral lysophosphatidic acid 1 receptor antagonist, in fibrosis and the transfer of the Erbitux business in North America to Eli Lilly and Company ($0.14 per share after tax).

• The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $647 million, or $0.38 per share, in the fourth quarter, compared to $771 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 $8.9 billion, with a net cash position of $2.2 billion, as of December 31, 2015.

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FOURTH QUARTER PRODUCT AND PIPELINE UPDATE

Global revenues for the fourth quarter of 2015, compared to fourth quarter 2014, were driven by Opdivo,which grew by $470 million; Eliquis, which grew by $321 million; Daklinza and Sunvepra, which grew by $251 million, Orencia, which grew 22%; and Sprycel, which grew 8%.

Opdivo

• In January, the company announced that a randomized Phase 3 study evaluating Opdivo versus investigator’s choice in patients with recurrent or metastatic platinum-refractory squamous cell carcinoma of the head and neck (CheckMate -141) was stopped early because an assessment conducted by the independent Data Monitoring Committee concluded that the study met its primary endpoint, demonstrating superior overall survival (OS) in patients receiving Opdivo compared to the control arm. The company looks forward to sharing these data with health authorities soon.

• In January, the company announced the U.S. Food and Drug Administration (FDA) has approved Opdivo in combination with Yervoy for the treatment of patients with BRAF v600 wild-type (WT) and BRAF v600 mutation-positive unresectable or metastatic melanoma. This approval expands the original indication for the Opdivo + Yervoy Regimen for the treatment of patients with BRAF v600 WT unresectable or metastatic melanoma to include patients, regardless of BRAF mutational status, based on data from the Phase 3 CheckMate -067 trial which evaluated progression-free survival (PFS) and OS as co-primary endpoints. This indication is approved under accelerated approval based on PFS. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials.

• In December, the company and its partner Ono Pharmaceutical Co. Ltd., announced that Ono received manufacturing and marketing approval for Opdivo in Japan for the treatment of patients with unresectable, advanced or recurrent non-small cell lung cancer.

• In December, the company, and its partner Seattle Genetics, Inc. announced the companies have initiated a Phase 1/2 clinical trial of ADCETRIS^® (brentuximab vedotin) in combination with Opdivo for patients with CD30-expressing relapsed or refractory B-cell and T-cell non-Hodgkin lymphomas, including diffuse large B-cell lymphoma, peripheral T-cell lymphoma and cutaneous T-cell lymphoma. This is the second of two trials being conducted under a previously announced clinical trial collaboration agreement between the company and Seattle Genetics, Inc.

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• In November, the company announced the FDA approved Opdivo injection, for intravenous use, for the treatment of patients with advanced renal cell carcinoma (RCC) who have received prior anti-angiogenic therapy. Opdivo is the first and only PD-1 inhibitor to deliver significant OS in patients with advanced RCC who have received prior anti-angiogenic therapy.The approval, which was granted Breakthrough Therapy Designation by the FDA, was based on data from CheckMate -025, an open-label, randomized Phase 3 study evaluating Opdivo versus everolimus in patients with advanced RCC who have received prior anti-angiogenic therapy.

• In November, the company announced the FDA approved Opdivo injection, for intravenous use, as a single-agent for the treatment of patients with BRAF v600 WT unresectable or metastatic melanoma. The approval is based on data from the Phase 3 trial, CheckMate -066, which evaluated OS as the primary endpoint in treatment-naïve patients with BRAF WT unresectable or metastatic melanoma compared to chemotherapy (dacarbazine). Separately, the company announced the FDA issued a Complete Response Letter for its supplemental Biologics License Application (sBLA) for Opdivo as a single agent for the treatment of previously untreated patients, specifically those with BRAF v600 mutation positive unresectable or metastatic melanoma. The company submitted data for Opdivo in BRAF v600 mutation-positive metastatic melanoma, which was the subject of the FDA’s Complete Response Letter.

• In November, the company announced that the European Medicines Agency (EMA) validated a type II variation application which seeks to extend the current indication for Opdivo to include the treatment of adult patients with advanced RCC after prior therapy. Validation of the application confirms the submission is complete and begins the EMA’s centralized review process. The type II variation submitted is based on data from CheckMate -025, a Phase 3 study that evaluated, as the primary endpoint, the OS of Opdivo versus everolimus, a current standard of care, in advanced or metastatic clear-cell RCC after prior anti-angiogenic treatment.

• In November, the company announced results from multiple clinical trials at the Society for Melanoma Research 2015 International Congress in San Francisco, California.

◦ CheckMate -066 - In the study evaluating Opdivo as a single agent versus dacarbazine in patients with previously untreated, BRAF WT unresectable or metastatic melanoma, Opdivo continued to demonstrate superior OS versus dacarbazine with 57.7% of patients alive at two years compared to 26.7% of patients treated with dacarbazine. The safety profile of Opdivo was consistent with prior studies.

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◦ Study 004 - In the study evaluating Opdivo in combination with Yervoy in patients with unresectable or metastatic melanoma on which the proof of concept for Opdivo + Yervoy regimen approval was based, data from the longest follow-up of the regimen from various Phase 1 cohorts showed a three-year OS rate of 68% across Phase 1 dosing cohorts. The frequency of treatment-related adverse events (AE) in the study were similar between cohorts and was consistent with the Phase 2 and 3 trials for the combination therapy.

Yervoy

• In October, the company announced the FDA approved Yervoy 10 mg/kg for the adjuvant treatment of patients with cutaneous melanoma with pathologic involvement of regional lymph nodes of more than 1 mm who have undergone complete resection including total lymphadenectomy. The approval is based on clinical data from a pivotal Phase 3 trial, CA184-029 (EORTC 18071), initiated in 2008 by the European Organization for Research and Treatment of Cancer evaluating the 10 mg/kg dose in the adjuvant setting.

Empliciti

• In November, the company and its partner AbbVie, Inc. announced the FDA approved Empliciti for the treatment of multiple myeloma as combination therapy with Revlimid^® and dexamethasone in patients who have received one to three prior therapies. The approval of this first and only immunostimulatory antibody for multiple myeloma is based on data from the randomized, open-label, Phase 3, ELOQUENT-2 study, which demonstrated the combination of Empliciti with Revlimid and dexamethasone delivered a 30% reduction in the risk of disease progression or death compared to dexamethasone alone.

• In December, the company announced extended follow-up data and a pre-specified interim OS analysis of Empliciti in combination with Revlimid^® and dexamethasone in patients with relapsed or refractory multiple myeloma from ELOQUENT-2. The follow-up data demonstrated a 44% relative improvement in PFS at three years, which was consistent with the pivotal two-year analysis. The Empliciti combination delayed the need for subsequent myeloma therapy by a median of one year compared to dexamethasone alone. Data were presented at the 57^th American Society of Hematology Annual Meeting and Exposition in Orlando, Florida.

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Daklinza

• In November, the company announced results from the Phase 3 ALLY-3+ trial investigating a regimen of Daklinza in combination with sofosbuvir and ribavirin in genotype 3 hepatitis C patients with advanced fibrosis or cirrhosis, for treatment durations of 12 and 16 weeks. The results show that 100% of patients in the advanced fibrosis cohort achieved sustained virologic response (SVR12) in both the 12- and 16-week arms of the study. SVR12 rates were 83% and 89% in patients with cirrhosis in the 12- and 16-week arms, respectively. The combination regimen had no discontinuations due to adverse events and relapse occurred in four patients (two in the 16-week and two in the 12-week arm). There was one death (12-week arm; not treatment-related) and no virologic breakthroughs. Results were presented at The Liver Meeting 2015, the annual meeting of The American Association for the Study of Liver Diseases in San Francisco, California.

Eliquis

• In December, the company and its partner Pfizer, Inc. announced results from a post-hoc subanalysis of the Phase 3 AMPLIFY trial. Results demonstrated that Eliquis was comparable to conventional therapy (subcutaneous enoxaparin overlapped and followed by oral warfarin dose-adjusted to an international normalized ratio of 2.0 to 3.0) in recurrent venous thromboembolism (VTE) and VTE-related death. There was significantly less major bleeding during the first 7, 21 and 90 days after starting treatment. The data were published in Thrombosis and Haemostasis.

ADCETRIS^® is a trademark of Seattle Genetics, Inc.

Revlimid^® is a trademark of Celgene Corporation.

BUSINESS DEVELOPMENT UPDATE

• In December, the company announced it has entered into agreements with ViiV Healthcare, a global HIV company, to divest its pipeline of investigational HIV medicines including an attachment inhibitor (BMS-663068), currently being investigated in Phase 3 as a therapeutic option for heavily treatment-experienced patients, and a maturation inhibitor (BMS-955176) currently being investigated in Phase 2b development for treatment-naïve and treatment-experienced patients. These transactions are consistent with the evolution of the company’s strategic focus, including the decision announced in June to discontinue its discovery efforts in virology.

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• In December, the company announced a new research collaboration with the Department of Chemistry at Princeton University that includes the establishment of the Center for Molecular Synthesis (BMS-CMS). The agreement creates opportunities for scientists at Princeton University and the company to collaborate on top-flight synthetic chemistry research, leveraging the two sites’ close proximity to foster a robust exchange of scientific ideas. Research projects will investigate areas of mutual interest and benefit, using the expertise developed in the laboratories of the Princeton faculty to conduct frontier science within the pharmaceutical industry. Over the next five years, the Center will also fund a select group of research fellows each year.

• In November, the company announced a definitive agreement to acquire all of the issued and outstanding capital stock of Cardioxyl Pharmaceuticals, Inc., a private biotechnology company focused on the discovery and development of novel therapeutic agents for the treatment of cardiovascular disease. The company completed the acquisition in December. The acquisition gives the company full rights to Cardioxyl’s lead asset CXL-1427, a novel nitroxyl (HNO) donor (prodrug) in Phase 2 clinical development as an intravenous treatment for acute decompensated heart failure.

• In November, the company completed a previously announced agreement with Five Prime Therapeutics, Inc. for an exclusive worldwide license and collaboration agreement for the development and commercialization of Five Prime’s colony stimulating factor 1 receptor (CSF1R) antibody program, including FPA008, which is in Phase 1 development for immunology and oncology indications.

• The company announced several collaborations as part of the Immuno-Oncology Rare Population Malignancy (I-O RPM) program in the U.S.:

◦ In December, the company announced an agreement with the David Geffen School of Medicine at UCLAto conduct a range of early phase clinical studies. The company will fund positions within UCLA’s fellowship program in the UCLA Division of Hematology/Oncology.

◦ In December, the company announced an agreement with The Ohio State University Comprehensive Cancer Center - Arthur G. James Cancer Hospital and Richard J. Solove Research Institute to conduct a range of early phase clinical studies. The company will fund training positions within the Hematology and Medical Oncology fellowship programs of the Ohio State University College of Medicine, Department of Internal Medicine.

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◦ In November, the company announced an agreement with The Sidney Kimmel Comprehensive Cancer Center at Johns Hopkins to conduct a range of early phase clinical studies. The company will also fund positions within The Johns Hopkins University School of Medicine fellowship program.

2016 FINANCIAL GUIDANCE

Bristol-Myers Squibb is setting its 2016 GAAP and non-GAAP EPS guidance range at $2.30 - $2.40. Both GAAP and non-GAAP guidance assume current exchange rates. Key 2016 non-GAAP guidance assumptions include:

• Worldwide revenues increasing in the mid-single digit range.

• Full-year gross margin as a percentage of revenues to be approximately 75% - 76%.

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

• Research and development expenses increasing in the high-single digit range.

• An effective tax rate between 21% and 22%.

The financial guidance for 2016 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 2016 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 investigational compounds 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.

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The company uses non-GAAP gross profit, non-GAAP marketing, selling and administrative expense, non-GAAP research and development expense, and non-GAAP other income and expense measures to set internal budgets, manage costs, allocate resources, and plan and forecast future periods. Non-GAAP effective tax rate measures are primarily used to plan and forecast future periods. Non-GAAP earnings and earnings per share measures are primary indicators the company uses as a basis for evaluating company performance, setting incentive compensation targets, and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.

Statement on Cautionary Factors

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as "anticipate", "estimates", "should", "expect", "guidance", "project", "intend", "plan", "believe" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, effects of the continuing implementation of governmental laws and regulations related to Medicare, Medicaid, Medicaid managed care organizations and entities under the Public Health Service 340B program, pharmaceutical rebates and reimbursement, market factors, competitive product development and approvals, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, changes to business or tax planning strategies, difficulties and delays in product development, manufacturing or sales including any potential future recalls, patent positions and the ultimate outcome of any litigation matter. These factors also include the company’s ability to execute successfully its strategic plans, including its business development strategy, the expiration of patents or data protection on certain products, 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

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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 28, 2016, at 10:30 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.com or by dialing in the U.S. toll free 877-201-0168 or international 647-788-4901, confirmation code: 91347614. Materials related to the call will be available at the same website prior to the conference call. A replay of the call will be available beginning at 1:30 p.m. EST on January 28 through 11:59 p.m. EST on February 12, 2016. The replay will also be available through http://investor.bms.com or by dialing in the U.S. toll free 855-859-2056 or 800-585-8367 or international 404-537-3406, confirmation code: 91347614.

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 Bill Szablewski, 609-252-5894, william.szablewski@bms.com, Investor Relations.

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BRISTOL-MYERS SQUIBB COMPANY

PRODUCT REVENUE

FOR THE THREE MONTHS ENDED DECEMBER 31, 2015 AND 2014

(Unaudited, dollars in millions)

	Worldwide Revenues						U.S. Revenues
	2015		2014		% Change		2015		2014		% Change
Three Months Ended December 31,
Key Products
Virology
Baraclude	$	309	$	341	(9	)%	$	27	$	21	29	%
Hepatitis C Franchise	458		207		**		212		—		N/A
Reyataz Franchise	272		318		(14	)%	142		176		(19	)%
Sustiva Franchise	312		407		(23	)%	269		340		(21	)%
Oncology
Empliciti	3		—		N/A		3		—		N/A
Erbitux(a)	—		181		(100	)%	—		171		(100	)%
Opdivo	475		5		**		410		1		**
Sprycel	429		398		8	%	228		184		24	%
Yervoy	265		366		(28	)%	164		199		(18	)%
Neuroscience
Abilify(b)	39		476		(92	)%	7		423		(98	)%
Immunoscience
Orencia	540		443		22	%	372		289		29	%
Cardiovascular
Eliquis	602		281		**		335		136		**
Mature Products and All Other	583		835		(30	)%	94		142		(34	)%
Total	4,287		4,258		1	%	2,263		2,082		9	%
Total Excluding Diabetes Alliance	4,262		4,211		1	%	2,263		2,086		8	%

**	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.

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BRISTOL-MYERS SQUIBB COMPANY

PRODUCT REVENUE

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014

(Unaudited, dollars in millions)

	Worldwide Revenues						U.S. Revenues
	2015		2014		% Change		2015		2014		% Change
Twelve Months Ended December 31,
Key Products
Virology
Baraclude	$	1,312	$	1,441	(9	)%	$	135	$	215	(37	)%
Hepatitis C Franchise	1,603		256		**		323		—		N/A
Reyataz Franchise	1,139		1,362		(16	)%	591		689		(14	)%
Sustiva Franchise	1,252		1,444		(13	)%	1,041		1,118		(7	)%
Oncology
Empliciti	3		—		N/A		3		—		N/A
Erbitux	501		723		(31	)%	487		682		(29	)%
Opdivo	942		6		**		823		1		**
Sprycel	1,620		1,493		9	%	829		671		24	%
Yervoy	1,126		1,308		(14	)%	602		709		(15	)%
Neuroscience
Abilify	746		2,020		(63	)%	600		1,572		(62	)%
Immunoscience
Orencia	1,885		1,652		14	%	1,271		1,064		19	%
Cardiovascular
Eliquis	1,860		774		**		1,023		404		**
Mature Products and All Other	2,571		3,400		(24	)%	460		591		(22	)%
Total	16,560		15,879		4	%	8,188		7,716		6	%
Total Excluding Diabetes Alliance	16,364		15,584		5	%	8,185		7,606		8	%

** In excess of +/- 100%

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BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014

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

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2015			2014			2015			2014
Net product sales	$	3,862		$	3,240		$	14,045		$	11,660
Alliance and other revenues	425			1,018			2,515			4,219
Total Revenues	4,287			4,258			16,560			15,879
Cost of products sold	952			966			3,909			3,932
Marketing, selling and administrative(a)	1,501			1,364			4,841			4,822
Research and development	1,916			1,189			5,920			4,534
Other (income)/expense	238			799			(277		)	210
Total Expenses	4,607			4,318			14,393			13,498
Earnings/(Loss) Before Income Taxes	(320		)	(60		)	2,167			2,381
Provision for/(Benefit from) Income Taxes	(191		)	(87		)	477			352
Net Earnings/(Loss)	(129		)	27			1,690			2,029
Net Earnings Attributable to Noncontrolling Interest	9			14			66			25
Net Earnings/(Loss) Attributable to BMS	$	(138	)	$	13		$	1,624		$	2,004
Average Common Shares Outstanding:
Basic	1,669			1,660			1,667			1,657
Diluted	1,669			1,673			1,679			1,670
Earnings/(Loss) per Common Share
Basic	$	(0.08	)	$	0.01		$	0.97		$	1.21
Diluted	$	(0.08	)	$	0.01		$	0.97		$	1.20
Other (Income)/Expense
Interest expense	$	43		$	53		$	184		$	203
Investment income	(27		)	(30		)	(101		)	(101		)
Provision for restructuring	68			91			118			163
Litigation charges	55			4			69			23
Equity in net income of affiliates	(16		)	(26		)	(83		)	(107		)
Out-licensed intangible asset impairment	—			11			13			29
(Gain)/Loss on sale of businesses, product lines and assets	174			3			(196		)	(564		)
Other alliance and licensing income	(156		)	(50		)	(628		)	(404		)
Pension charges	49			740			160			877
Loss on debt redemption	—			—			180			45
Other	48			3			7			46
Other (income)/expense	$	238		$	799		$	(277	)	$	210

(a) Includes advertising and product promotion expenses of $330 million and $213 million for the three months ended December 31, 2015 and 2014, respectively, and $825 million and $734 million for the twelve months ended December 31, 2015 and 2014, respectively.

13

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014

(Unaudited, dollars in millions)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2015			2014			2015			2014
Cost of products sold(a)	$	10		$	31		$	84		$	151
Additional year of Branded Prescription Drug Fee	—			—			—			96
Process standardization implementation costs	4			1			10			9
Marketing, selling and administrative	4			1			10			105
License and asset acquisition charges	554			50			1,679			278
IPRD impairments	160			—			160			343
Other	27			—			44			—
Research and development	741			50			1,883			621
Provision for restructuring	65			91			115			163
(Gain)/Loss on sale of businesses, product lines and assets	171			3			(187		)	(559		)
Pension charges	49			740			160			877
Acquisition and alliance related items(b)	—			—			(123		)	72
Litigation charges	53			15			68			27
Out-licensed intangible asset impairment	—			11			13			11
Loss on debt redemption	—			—			180			45
Upfront, milestone and other licensing receipts	—			(10		)	—			(10		)
Other (income)/expense	338			850			226			626
Increase to pretax income	1,093			932			2,203			1,503
Income tax on items above	(308		)	(297		)	(449		)	(545		)
Specified tax charge(c)	—			123			—			123
Income taxes	(308		)	(174		)	(449		)	(422		)
Increase to net earnings	$	785		$	758		$	1,754		$	1,081

(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.

14

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE THREE MONTHS ENDED DECEMBER 31, 2015 AND 2014

(Unaudited, dollars in millions)

Three Months Ended December 31, 2015	GAAP			Specified Items(a)			Non GAAP
Gross Profit	$	3,335		$	10		$	3,345
Marketing, selling and administrative(b)	1,501			(4		)	1,497
Research and development	1,916			(741		)	1,175
Other (income)/expense	238			(338		)	(100		)
Effective Tax Rate	59.7		%	(44.6		)%	15.1		%
Three Months Ended December 31, 2014	GAAP			Specified Items(a)			Non GAAP
Gross Profit	$	3,292		$	31		$	3,323
Marketing, selling and administrative(b)	1,364			(1		)	1,363
Research and development	1,189			(50		)	1,139
Other (income)/expense	799			(850		)	(51		)
Effective Tax Rate	145.0		%	(135.0		)%	10.0		%

(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.
(b)	Includes advertising and product promotion expenses of $330 million and $213 million for the three months ended December 31, 2015 and 2014, respectively.

15

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014

(Unaudited, dollars in millions)

Twelve Months Ended December 31, 2015	GAAP			Specified Items(a)			Non GAAP
Gross Profit	$	12,651		$	84		$	12,735
Marketing, selling and administrative(b)	4,841			(10		)	4,831
Research and development	5,920			(1,883		)	4,037
Other (income)/expense	(277		)	(226		)	(503		)
Effective Tax Rate	22.0		%	(0.8		)%	21.2		%
Twelve Months Ended December 31, 2014	GAAP			Specified Items(a)			Non GAAP
Gross Profit	$	11,947		$	151		$	12,098
Marketing, selling and administrative(b)	4,822			(105		)	4,717
Research and development	4,534			(621		)	3,913
Other (income)/expense	210			(626		)	(416		)
Effective Tax Rate	14.8		%	5.1		%	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.
(b)	Includes advertising and product promotion expenses of $825 million and $734 million for the twelve months ended December 31, 2015 and 2014, respectively.

16

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF NON-GAAP EPS TO GAAP EPS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014

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

	Three Months Ended December 31,					Twelve Months Ended December 31,
	2015			2014		2015		2014
Net Earnings/(Loss) Attributable to BMS used for Diluted EPS Calculation - GAAP	$	(138	)	$	13	$	1,624	$	2,004
Less Specified Items*	785			758		1,754		1,081
Net Earnings used for Diluted EPS Calculation – Non-GAAP	$	647		$	771	$	3,378	$	3,085
Weighted-average Common Shares Outstanding - Diluted - GAAP	1,669			1,673		1,679		1,670
Contingently convertible debt common stock equivalents	—			—		—		—
Incremental shares attributable to share-based compensation plans	12			—		—		—
Weighted-average Common Shares Outstanding - Diluted - Non-GAAP	1,681			1,673		1,679		1,670
Diluted Earnings/(Loss) Per Share — GAAP	$	(0.08	)	$	0.01	$	0.97	$	1.20
Diluted EPS Attributable to Specified Items	0.46			0.45		1.04		0.65
Diluted Earnings Per Share — Non-GAAP	$	0.38		$	0.46	$	2.01	$	1.85

* Refer to the Specified Items schedule for further details.

17

BRISTOL-MYERS SQUIBB COMPANY

NET CASH/(DEBT) CALCULATION

AS OF DECEMBER 31, 2015 AND SEPTEMBER 30, 2015

(Unaudited, dollars in millions)

	December 31, 2015			September 30, 2015
Cash and cash equivalents	$	2,385		$	3,975
Marketable securities - current	1,885			1,438
Marketable securities - long term	4,660			4,627
Cash, cash equivalents and marketable securities	8,930			10,040
Short-term borrowings	(139		)	(642		)
Long-term debt	(6,550		)	(6,632		)
Net cash position	$	2,241		$	2,766

18

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
US and Puerto Rico	$	1,765		$	1,901		$	3,666		$	1,968		$	5,634		$	2,082		$	7,716		$	2,044		$	1,837		$	3,881		$	2,044		$	5,925		$	2,263		$	8,188		9%	6%	—	—
Europe	948			908			1,856			814			2,670			922			3,592			782			974			1,756			813			2,569			922			3,491			—	(3)%	(13)%	(17)%
Rest of the World	830			811			1,641			838			2,479			980			3,459			1,019			1,124			2,143			1,027			3,170			972			4,142			(1)%	20%	(9)%	(13)%
Other	268			269			537			301			838			274			1,112			196			228			424			185			609			130			739			(53)%	(34)%	N/A	N/A
Total	$	3,811		$	3,889		$	7,700		$	3,921		$	11,621		$	4,258		$	15,879		$	4,041		$	4,163		$	8,204		$	4,069		$	12,273		$	4,287		$	16,560		1%	4%	(5)%	(7)%
% 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
US and Puerto Rico	46.3		%	48.9		%	47.6		%	50.2		%	48.5		%	48.9		%	48.6		%	50.6		%	44.1		%	47.3		%	50.2		%	48.3		%	52.8		%	49.4		%
Europe	24.9		%	23.3		%	24.1		%	20.8		%	23.0		%	21.7		%	22.6		%	19.4		%	23.4		%	21.4		%	20.0		%	20.9		%	21.5		%	21.1		%
Rest of the World	21.8		%	20.9		%	21.3		%	21.4		%	21.3		%	23.0		%	21.8		%	25.2		%	27.0		%	26.1		%	25.2		%	25.8		%	22.7		%	25.0		%
Other	7.0		%	6.9		%	7.0		%	7.6		%	7.2		%	6.4		%	7.0		%	4.8		%	5.5		%	5.2		%	4.6		%	5.0		%	3.0		%	4.5		%
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		%

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		$	3,572		$	6,631		$	3,552		$	10,183		$	3,862		$	14,045		19%		20%
Alliance and other revenues	1,004			1,119			2,123			1,078			3,201			1,018			4,219			982			591			1,573			517			2,090			425			2,515			(58)%		(40)%
Total Revenues	$	3,811		$	3,889		$	7,700		$	3,921		$	11,621		$	4,258		$	15,879		$	4,041		$	4,163		$	8,204		$	4,069		$	12,273		$	4,287		$	16,560		1%		4%
Cost of products sold	968			991			1,959			1,007			2,966			966			3,932			847			1,013			1,860			1,097			2,957			952			3,909			(1)%		(1)%
Marketing, selling and administrative(a)	1,120			1,138			2,258			1,200			3,458			1,364			4,822			1,029			1,135			2,164			1,176			3,340			1,501			4,841			10%		—
Research and development	946			1,416			2,362			983			3,345			1,189			4,534			1,016			1,856			2,872			1,132			4,004			1,916			5,920			61%		31%
Other (income)/expense	(208		)	(104		)	(312		)	(277		)	(589		)	799			210			(299		)	107			(192		)	(323		)	(515		)	238			(277		)	(70)%		**
Total Expenses	2,826			3,441			6,267			2,913			9,180			4,318			13,498			2,593			4,111			6,704			3,082			9,786			4,607			14,393			7%		7%
Earnings/(Loss) Before Income Taxes	$	985		$	448		$	1,433		$	1,008		$	2,441		$	(60	)	$	2,381		$	1,448		$	52		$	1,500		$	987		$	2,487		$	(320	)	$	2,167		**		(9)%
Provision for/(Benefit from) Income Taxes	49			114			163			276			439			(87		)	352			249			162			411			257			668			(191		)	477			**		36%
Net Earnings/(Loss)	$	936		$	334		$	1,270		$	732		$	2,002		$	27		$	2,029		$	1,199		$	(110	)	$	1,089		$	730		$	1,819		$	(129	)	$	1,690		**		(17)%
Net Earnings/(Loss) Attributable to Noncontrolling Interest	(1		)	1			—			11			11			14			25			13			20			33			24			57			9			66			(36)%		**
Net Earnings/(Loss) Attributable to BMS	$	937		$	333		$	1,270		$	721		$	1,991		$	13		$	2,004		$	1,186		$	(130	)	$	1,056		$	706		$	1,762		$	(138	)	$	1,624		**		(19)%
Diluted Earnings/(Loss) per Common Share*	$	0.56		$	0.20		$	0.76		$	0.43		$	1.19		$	0.01		$	1.20		$	0.71		$	(0.08	)	$	0.63		$	0.42		$	1.05		$	(0.08	)	$	0.97		**		(19)%
Average Common Shares Outstanding - Diluted	1,666			1,669			1,668			1,670			1,668			1,673			1,670			1,676			1,667			1,677			1,678			1,677			1,669			1,679			—		1%
Dividends declared per common share	$	0.36		$	0.36		$	0.72		$	0.36		$	1.08		$	0.37		$	1.45		$	0.37		$	0.37		$	0.74		$	0.37		$	1.11		$	0.38		$	1.49		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		%	75.7		%	77.3		%	73.0		%	75.9		%	77.8		%	76.4		%
Other Ratios
Effective tax rate	5.0		%	25.4		%	11.4		%	27.4		%	18.0		%	145.0		%	14.8		%	17.2		%	311.5		%	27.4		%	26.0		%	26.9		%	59.7		%	22.0		%
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		$	49		$	100		$	41		$	141		$	43		$	184		(19	)%	(9	)%
Investment income	(23		)	(28		)	(51		)	(20		)	(71		)	(30		)	(101		)	(30		)	(26		)	(56		)	(18		)	(74		)	(27		)	(101		)	(10	)%	—
Provision for restructuring	21			16			37			35			72			91			163			12			28			40			10			50			68			118			(25	)%	(28	)%
Litigation charges/(recoveries)	29			(20		)	9			10			19			4			23			12			4			16			(2		)	14			55			69			**		**
Equity in net income of affiliates	(36		)	(33		)	(69		)	(12		)	(81		)	(26		)	(107		)	(26		)	(22		)	(48		)	(19		)	(67		)	(16		)	(83		)	(38	)%	(22	)%
Out-licensed intangible asset impairment	—			—			—			18			18			11			29			13			—			13			—			13			—			13			(100	)%	(55	)%
(Gain)/Loss on sale of businesses, product lines and assets	(259		)	7			(252		)	(315		)	(567		)	3			(564		)	(154		)	(8		)	(162		)	(208		)	(370		)	174			(196		)	**		(65	)%
Other alliance and licensing income	(108		)	(144		)	(252		)	(102		)	(354		)	(50		)	(404		)	(161		)	(124		)	(285		)	(187		)	(472		)	(156		)	(628		)	**		55	%
Pension charges	64			45			109			28			137			740			877			27			36			63			48			111			49			160			(93	)%	(82	)%
Loss on debt redemption	45			—			45			—			45			—			45			—			180			180			—			180			—			180			—		**
Other	5			7			12			31			43			3			46			(43		)	(10		)	(53		)	12			(41		)	48			7			**		(85	)%
	$	(208	)	$	(104	)	$	(312	)	$	(277	)	$	(589	)	$	799		$	210		$	(299	)	$	107		$	(192	)	$	(323	)	$	(515	)	$	238		$	(277	)	(70	)%	**

(a)	Includes advertising and product promotion expenses of $330 million and $213 million for the three months ended December 31, 2015 and 2014, respectively, and $825 million and $734 million for the twelve months ended December 31, 2015 and 2014, respectively.
*	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 DECEMBER 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	$	4,287		$	4,258		$	29	1%	$	(212	)	$	4,499	(5)%	6%
Gross profit	3,335			3,292			43		1%	N/A			N/A		N/A	N/A
Gross profit excluding specified items(a)	3,345			3,323			22		1%	N/A			N/A		N/A	N/A
Gross profit excluding specified items as a % of revenues	78.0		%	78.0		%
Marketing, selling and administrative(b)	1,501			1,364			137		10%	66			1,567		5%	15%
Marketing, selling and administrative excluding specified items(a)	1,497			1,363			134		10%	66			1,563		5%	15%
MS&A excluding specified items as a % of revenues	34.9		%	32.0		%
Research and development	1,916			1,189			727		61%	20			1,936		2%	63%
Research and development excluding specified items(a)	1,175			1,139			36		3%	20			1,195		2%	5%
Research and development excluding specified items as a % of revenues	27.4		%	26.7		%
YEAR-TO-DATE	2015			2014			Growth $		Growth %	Favorable / (Unfavorable) FX Impact $ *			2015 Excluding FX		Favorable / (Unfavorable) FX Impact % *	Growth % Excluding FX
Revenues	$	16,560		$	15,879		$	681	4%	$	(1,100	)	$	17,660	(7)%	11%
Gross profit	12,651			11,947			704		6%	N/A			N/A		N/A	N/A
Gross profit excluding specified items(a)	12,735			12,098			637		5%	N/A			N/A		N/A	N/A
Gross profit excluding specified items as a % of revenues	76.9		%	76.2		%
Marketing, selling and administrative(b)	4,841			4,822			19		—	292			5,133		6%	6%
Marketing, selling and administrative excluding specified items(a)	4,831			4,717			114		2%	292			5,123		7%	9%
MS&A excluding specified items as a % of revenues	29.2		%	29.7		%
Research and development	5,920			4,534			1,386		31%	87			6,007		1%	32%
Research and development excluding specified items(a)	4,037			3,913			124		3%	87			4,124		2%	5%
Research and development excluding specified items as a % of revenues	24.4		%	24.6		%

(a)	Refer to the Specified Items schedule for further details.
(b)	Includes advertising and product promotion expenses of $330 million and $213 million for the three months ended December 31, 2015 and 2014, respectively, and $825 million and $734 million for the twelve months ended December 31, 2015 and 2014, respectively.
*	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
Virology(a)
Baraclude	$	406	$	369	$	775	$	325	$	1,100	$	341	$	1,441	$	340	$	343	$	683	$	320	$	1,003	$	309	$	1,312	$	(32	)	$	(129	)	(9	)%	(9	)%	$	330	$	1,418	(3	)%	(2	)%	(6	)%	(7	)%
Hepatitis C Franchise(b)	—		—		—		49		49		207		256		264		479		743		402		1,145		458		1,603		251			1,347			**		**		484		1,822		**		**		N/A		N/A
Reyataz Franchise	344		362		706		338		1,044		318		1,362		294		303		597		270		867		272		1,139		(46		)	(223		)	(14	)%	(16	)%	287		1,211		(10	)%	(11	)%	(4	)%	(5	)%
Sustiva Franchise(c)	319		361		680		357		1,037		407		1,444		290		317		607		333		940		312		1,252		(95		)	(192		)	(23	)%	(13	)%	312		1,257		(23	)%	(13	)%	—		—
Oncology(a)
Empliciti	—		—		—		—		—		—		—		—		—		—		—		—		3		3		3			3			N/A		N/A		3		3		N/A		N/A		N/A		N/A
Erbitux	169		186		355		187		542		181		723		165		169		334		167		501		—		501		(181		)	(222		)	(100	)%	(31	)%	—		502		(100	)%	(31	)%	—		—
Opdivo	—		—		—		1		1		5		6		40		122		162		305		467		475		942		470			936			**		**		482		954		**		**		N/A		N/A
Sprycel	342		368		710		385		1,095		398		1,493		375		405		780		411		1,191		429		1,620		31			127			8	%	9	%	452		1,747		14	%	17	%	(6	)%	(8	)%
Yervoy	271		321		592		350		942		366		1,308		325		296		621		240		861		265		1,126		(101		)	(182		)	(28	)%	(14	)%	280		1,218		(23	)%	(7	)%	(5	)%	(7	)%
Neuroscience(a)
Abilify(d)	540		555		1,095		449		1,544		476		2,020		554		107		661		46		707		39		746		(437		)	(1,274		)	(92	)%	(63	)%	44		764		(91	)%	(62	)%	(1	)%	(1	)%
Immunoscience(a)
Orencia(e)	363		402		765		444		1,209		443		1,652		400		461		861		484		1,345		540		1,885		97			233			22	%	14	%	562		1,990		27	%	20	%	(5	)%	(6	)%
Cardiovascular(a)
Eliquis	106		171		277		216		493		281		774		355		437		792		466		1,258		602		1,860		321			1,086			**		**		634		2,002		**		**		N/A		N/A
Mature Products and All Other(f)	951		794		1,745		820		2,565		835		3,400		639		724		1,363		625		1,988		583		2,571		(252		)	(829		)	(30	)%	(24	)%	629		2,772		(25	)%	(18	)%	(5	)%	(6	)%
Total	$	3,811	$	3,889	$	7,700	$	3,921	$	11,621	$	4,258	$	15,879	$	4,041	$	4,163	$	8,204	$	4,069	$	12,273	$	4,287	$	16,560	$	29		$	681		1	%	4	%	$	4,499	$	17,660	6	%	11	%	(5	)%	(7	)%
Total Excluding Diabetes Alliance	$	3,632	$	3,862	$	7,494	$	3,879	$	11,373	$	4,211	$	15,584	$	3,987	$	4,099	$	8,086	$	4,016	$	12,102	$	4,262	$	16,364	$	51		$	780		1	%	5	%	$	4,473	$	17,462	6	%	12	%	(5	)%	(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 $423 million and $163 million for the three months ended December 31, 2015 and 2014, respectively, and $1,315 million and $201 million for the twelve months ended December 31, 2015 and 2014, respectively. Additionally, includes Sunvepra (asunaprevir) revenues of $35 million and $44 million for the three months ended December 31, 2015 and 2014, respectively, and $288 million and $55 million for the twelve months ended December 31, 2015 and 2014, respectively.
(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 $273 million and $361 million for the three months ended December 31, 2015 and 2014, respectively, and $1,096 million and $1,255 million for the twelve months ended December 31, 2015 and 2014, respectively.
(d)	Includes alliance and other revenue of $7 million and $428 million for the three months ended December 31, 2015 and 2014, respectively, and $604 million and $1,778 million for the twelve months ended December 31, 2015 and 2014, respectively. BMS's U.S. rights to Abilify expired on April 20, 2015.
(e)	Includes Orencia SubQ revenues of $262 million and $200 million for the three months ended December 31, 2015 and 2014, respectively, and $872 million and $688 million for the twelve months ended December 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 $25 million and $47 million for the three months ended December 31, 2015 and 2014, respectively, and $196 million and $295 million for the twelve months ended December 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
Virology
Baraclude	$	70	$	84	$	154	$	40	$	194	$	21	$	215	$	46	$	37	$	83	$	25	$	108	$	27	$	135	29%	(37)%
Hepatitis C Franchise(a)	—		—		—		—		—		—		—		—		—		—		111		111		212		323		N/A	N/A
Reyataz Franchise	176		168		344		169		513		176		689		143		157		300		149		449		142		591		(19)%	(14)%
Sustiva Franchise(b)	228		266		494		284		778		340		1,118		234		258		492		280		772		269		1,041		(21)%	(7)%
Oncology
Empliciti	—		—		—		—		—		—		—		—		—		—		—		—		3		3		N/A	N/A
Erbitux	158		178		336		175		511		171		682		157		165		322		165		487		—		487		(100)%	(29)%
Opdivo	—		—		—		—		—		1		1		38		107		145		268		413		410		823		**	**
Sprycel	145		163		308		179		487		184		671		181		205		386		215		601		228		829		24%	24%
Yervoy	146		173		319		191		510		199		709		181		136		317		121		438		164		602		(18)%	(15)%
Neuroscience
Abilify	325		417		742		407		1,149		423		1,572		508		67		575		18		593		7		600		(98)%	(62)%
Immunoscience
Orencia(c)	229		254		483		292		775		289		1,064		259		310		569		330		899		372		1,271		29%	19%
Cardiovascular
Eliquis	61		94		155		113		268		136		404		200		243		443		245		688		335		1,023		**	**
Mature Products and All Other(d)	227		104		331		118		449		142		591		97		152		249		117		366		94		460		(34)%	(22)%
Total(e)	$	1,765	$	1,901	$	3,666	$	1,968	$	5,634	$	2,082	$	7,716	$	2,044	$	1,837	$	3,881	$	2,044	$	5,925	$	2,263	$	8,188	9%	6%
Total Excluding Diabetes Alliance	$	1,651	$	1,901	$	3,552	$	1,968	$	5,520	$	2,086	$	7,606	$	2,044	$	1,834	$	3,878	$	2,044	$	5,922	$	2,263	$	8,185	8%	8%

**	In excess of +/- 100%
(a)	Includes revenues of Daklinza (daclastasvir) only, which was launched in the U.S. in the third quarter of 2015.
(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 $174 million and $131 million for the three months ended December 31, 2015 and 2014, respectively, and $567 million and $458 million for the twelve months ended December 31, 2015 and 2014, respectively.
(d)	Represents all other products sold in the U.S., including those which have lost exclusivity.
(e)	Domestic revenues include United States and Puerto Rico.

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
Virology
Baraclude	$	336	$	285	$	621	$	285	$	906	$	320	$	1,226	$	294	$	306	$	600	$	295	$	895	$	282	$	1,177	(12)%	(4)%	(7)%	(9)%
Hepatitis C Franchise(a)	—		—		—		49		49		207		256		264		479		743		291		1,034		246		1,280		19%	**	(12)%	N/A
Reyataz Franchise	168		194		362		169		531		142		673		151		146		297		121		418		130		548		(8)%	(19)%	(10)%	(11)%
Sustiva Franchise(b)	91		95		186		73		259		67		326		56		59		115		53		168		43		211		(36)%	(35)%	—	(1)%
Oncology
Erbitux	11		8		19		12		31		10		41		8		4		12		2		14		—		14		(100)%	(66)%	—	(3)%
Opdivo	—		—		—		1		1		4		5		2		15		17		37		54		65		119		**	**	N/A	N/A
Sprycel	197		205		402		206		608		214		822		194		200		394		196		590		201		791		(6)%	(4)%	(11)%	(16)%
Yervoy	125		148		273		159		432		167		599		144		160		304		119		423		101		524		(40)%	(13)%	(10)%	(16)%
Neuroscience
Abilify(c)	215		138		353		42		395		53		448		46		40		86		28		114		32		146		(40)%	(67)%	(10)%	(4)%
Immunoscience
Orencia	134		148		282		152		434		154		588		141		151		292		154		446		168		614		9%	4%	(14)%	(18)%
Cardiovascular
Eliquis	45		77		122		103		225		145		370		155		194		349		221		570		267		837		84%	**	N/A	N/A
Mature Products and All Other(d)	724		690		1,414		702		2,116		693		2,809		542		572		1,114		508		1,622		489		2,111		(29)%	(25)%	(6)%	(7)%
Total	$	2,046	$	1,988	$	4,034	$	1,953	$	5,987	$	2,176	$	8,163	$	1,997	$	2,326	$	4,323	$	2,025	$	6,348	$	2,024	$	8,372	(7)%	3%	(10)%	(13)%
Total Excluding Diabetes Alliance	$	1,981	$	1,961	$	3,942	$	1,911	$	5,853	$	2,125	$	7,978	$	1,943	$	2,265	$	4,208	$	1,972	$	6,180	$	1,999	$	8,179	(6)%	3%	(10)%	(13)%

**	In excess of +/- 100%
(a)	Includes Daklinza (daclatasvir) revenues of $211 million and $163 million for the three months ended December 31, 2015 and 2014, respectively, and $992 million and $201 million for the twelve months ended December 31, 2015 and 2014, respectively. Additionally, includes Sunvepra (asunaprevir) revenues of $35 million and $44 million for the three months ended December 31, 2015 and 2014, respectively, and $288 million and $55 million for the twelve months ended December 31, 2015 and 2014, respectively.
(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		$	3,150		$	6,344		$	2,972		$	9,316		$	3,335		$	12,651
Specified items(a)	45			39			84			36			120			31			151			34			25			59			15			74			10			84
Gross profit excluding specified items	2,888			2,937			5,825			2,950			8,775			3,323			12,098			3,228			3,175			6,403			2,987			9,390			3,345			12,735
Marketing, selling and administrative(b)	1,120			1,138			2,258			1,200			3,458			1,364			4,822			1,029			1,135			2,164			1,176			3,340			1,501			4,841
Specified items(a)	(3		)	(3		)	(6		)	(98		)	(104		)	(1		)	(105		)	(1		)	(3		)	(4		)	(2		)	(6		)	(4		)	(10		)
Marketing, selling and administrative excluding specified items	1,117			1,135			2,252			1,102			3,354			1,363			4,717			1,028			1,132			2,160			1,174			3,334			1,497			4,831
Research and development	946			1,416			2,362			983			3,345			1,189			4,534			1,016			1,856			2,872			1,132			4,004			1,916			5,920
Specified items(a)	(48		)	(458		)	(506		)	(65		)	(571		)	(50		)	(621		)	(162		)	(871		)	(1,033		)	(109		)	(1,142		)	(741		)	(1,883		)
Research and development excluding specified items	898			958			1,856			918			2,774			1,139			3,913			854			985			1,839			1,023			2,862			1,175			4,037
Other (income)/expense	(208		)	(104		)	(312		)	(277		)	(589		)	799			210			(299		)	107			(192		)	(323		)	(515		)	238			(277		)
Specified items(a)	88			(67		)	21			203			224			(850		)	(626		)	122			(237		)	(115		)	227			112			(338		)	(226		)
Other (income)/expense excluding specified items	(120		)	(171		)	(291		)	(74		)	(365		)	(51		)	(416		)	(177		)	(130		)	(307		)	(96		)	(403		)	(100		)	(503		)
Effective Tax Rate	5.0		%	25.4		%	11.4		%	27.4		%	18.0		%	145.0		%	14.8		%	17.2		%	311.5		%	27.4		%	26.0		%	26.9		%	59.7		%	22.0		%
Specified items(a)	18.0		%	(4.1		)%	10.7		%	(3.2		)%	4.8		%	(135.0		)%	5.1		%	3.6		%	(288.1		)%	(5.5		)%	(1.8		)%	(4.4		)%	(44.6		)%	(0.8		)%
Effective Tax Rate excluding specified items	23.0		%	21.3		%	22.1		%	24.2		%	22.8		%	10.0		%	19.9		%	20.8		%	23.4		%	21.9		%	24.2		%	22.5		%	15.1		%	21.2		%

(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.
(b)	Includes advertising and product promotion expenses of $330 million and $213 million for the three months ended December 31, 2015 and 2014, respectively, and $825 million and $734 million for the twelve months ended December 31, 2015 and 2014, respectively.

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		$	25		$	59		$	15		$	74		$	10		$	84
Additional year of Branded Prescription Drug Fee	—			—			—			96			96			—			96			—			—			—			—			—			—			—
Process standardization implementation costs	3			3			6			2			8			1			9			1			3			4			2			6			4			10
Marketing, selling and administrative	3			3			6			98			104			1			105			1			3			4			2			6			4			10
License and asset acquisition charges	15			148			163			65			228			50			278			162			869			1,031			94			1,125			554			1,679
IPRD impairments	33			310			343			—			343			—			343			—			—			—			—			—			160			160
Other	—			—			—			—			—			—			—			—			2			2			15			17			27			44
Research and development	48			458			506			65			571			50			621			162			871			1,033			109			1,142			741			1,883
Provision for restructuring	21			16			37			35			72			91			163			12			28			40			10			50			65			115
(Gain)/Loss on sale of businesses, product lines and assets	(259		)	12			(247		)	(315		)	(562		)	3			(559		)	(152		)	(8		)	(160		)	(198		)	(358		)	171			(187		)
Pension charges	64			45			109			28			137			740			877			27			36			63			48			111			49			160
Acquisition and alliance related items(b)	16			17			33			39			72			—			72			(36		)	—			(36		)	(87		)	(123		)	—			(123		)
Litigation charges/(recoveries)	25			(23		)	2			10			12			15			27			14			1			15			—			15			53			68
Out-licensed intangible asset impairment	—			—			—			—			—			11			11			13			—			13			—			13			—			13
Loss on debt redemption	45			—			45			—			45			—			45			—			180			180			—			180			—			180
Upfront, milestone and other licensing receipts	—			—			—			—			—			(10		)	(10		)	—			—			—			—			—			—			—
Other (income)/expense	(88		)	67			(21		)	(203		)	(224		)	850			626			(122		)	237			115			(227		)	(112		)	338			226
Increase/(decrease) to pretax income	8			567			575			(4		)	571			932			1,503			75			1,136			1,211			(101		)	1,110			1,093			2,203
Income tax on items above	(179		)	(102		)	(281		)	33			(248		)	(297		)	(545		)	(68		)	(116		)	(184		)	43			(141		)	(308		)	(449		)
Specified tax charge(c)	—			—			—			—			—			123			123			—			—			—			—			—			—			—
Income taxes	(179		)	(102		)	(281		)	33			(248		)	(174		)	(422		)	(68		)	(116		)	(184		)	43			(141		)	(308		)	(449		)
Increase/(decrease) to net earnings	$	(171	)	$	465		$	294		$	29		$	323		$	758		$	1,081		$	7		$	1,020		$	1,027		$	(58	)	$	969		$	785		$	1,754

(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		$	4,199		$	3,975		$	2,385
Marketable securities - current	1,834			2,893			2,370			1,864			1,313			1,277			1,438			1,885
Marketable securities - long term	3,558			3,876			4,328			4,408			4,279			4,632			4,627			4,660
Cash, cash equivalents and marketable securities	10,617			11,051			11,549			11,843			11,886			10,108			10,040			8,930
Short-term borrowings and current portion of long-term debt	(281		)	(365		)	(401		)	(590		)	(330		)	(755		)	(642		)	(139		)
Long-term debt	(7,367		)	(7,372		)	(7,267		)	(7,242		)	(7,127		)	(6,615		)	(6,632		)	(6,550		)
Net cash position	$	2,969		$	3,314		$	3,881		$	4,011		$	4,429		$	2,738		$	2,766		$	2,241

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BRISTOL-MYERS SQUIBB COMPANY

2016 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2016
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	$2.30 to $2.40
Projected Specified Items:
Downsizing and streamlining of worldwide operations	(0.17	)
Upfront and milestone payments, net	0.14
Pension Related items	0.03
Total	—
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	$2.30 to $2.40

Gross margin as a percentage of revenues on a GAAP and non-GAAP basis for the twelve months ended December 31, 2015 was 76.4% and 76.9%, respectively. On a non-GAAP basis, the Company projects gross margin as a percentage of revenues for the full year 2016 to be approximately 75% - 76%. 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, 2015 were $5.9 billion and $4.0 billion, respectively. On a non-GAAP basis, the Company projects research and development expense for the full year 2016 to increase in the high-single-digit range compared to 2015. It is estimated that 30% to 45% of the research and development expenses in 2016 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, 2015 were $4.8 billion. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2016 to decrease in the mid-single-digit range compared to 2015. 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, 2015 was 22.0%. On a non-GAAP basis, for the twelve months ended December 31, 2015 the effective tax rate was 21.2%. On a non-GAAP basis, the Company projects an annual effective tax rate between 21% and 22%. 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 2016 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 2016 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 2015 Financial Results, January 28, 2016 including “2016 Financial Guidance” and “Use of non-GAAP Financial Information” therein. 

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