Q4 2022 Results February 2, 2023
Q4 2022 Results Not for Product Promotional Use Forward Looking Statements and Non-GAAP Financial Information 2 This presentation contains statements about Bristol-Myers Squibb Company’s (the “Company”) future financial results, plans, business development strategy, anticipated clinical trials, results and regulatory approvals that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Actual results may differ materially from those expressed in, or implied by, these statements as a result of various factors, including, but not limited to, (i) new laws and regulations, (ii) our ability to obtain, protect and maintain market exclusivity rights and enforce patents and other intellectual property rights, (iii) our ability to achieve expected clinical, regulatory and contractual milestones on expected timelines or at all, (iv) difficulties or delays in the development and commercialization of new products, (v) difficulties or delays in our clinical trials and the manufacturing, distribution and sale of our products, (vi) adverse outcomes in legal or regulatory proceedings, (vii) risks relating to acquisitions, divestitures, alliances, joint ventures and other portfolio actions and (viii) political and financial instability, including changes in general economic conditions. These and other important factors are discussed in the Company’s most recent annual report on Form 10-K and reports on Forms 10-Q and 8-K. These documents are available on the U.S. Securities and Exchange Commission’s website, on the Company’s website or from Bristol-Myers Squibb Investor Relations. No forward-looking statements can be guaranteed. In addition, any forward-looking statements and clinical data included herein are presented only as of the date hereof. Except as otherwise required by applicable law, the Company undertakes no obligation to publicly update any of the provided information, whether as a result of new information, future events, changed circumstances or otherwise. This presentation includes certain non-generally accepted accounting principles (“GAAP”) financial measures that we use to describe the Company’s performance. The non-GAAP financial measures are provided as supplemental information and are presented because management has evaluated the Company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the non-GAAP financial measures presented portray the results of the Company’s baseline performance, supplement or enhance management’s, analysts’ and investors’ overall understanding of the Company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. This presentation also provides certain revenues and expenses excluding the impact of foreign exchange (“Ex-FX”). We calculate foreign exchange impacts by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results. Ex-FX financial measures are not accounted for according to GAAP because they remove the effects of currency movements from GAAP results. The non-GAAP information presented herein provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. An explanation of these non-GAAP financial measures and a reconciliation to the most directly comparable financial measure are available on our website at www.bms.com/investors. Also note that a reconciliation of forward-looking non-GAAP operating margin is not provided because a comparable GAAP measure is not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of the unwind of inventory purchase price adjustments, accelerated depreciation and impairment of property, plant and equipment and intangible assets, and stock compensation resulting from acquisition-related equity awards, or currency exchange rates. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results.
Giovanni Caforio, MD Chairman of the Board and Chief Executive Officer 3
Q4 2022 Results Not for Product Promotional Use Q4 & Full Year 2022 Performance 4 Strong Commercial Execution Global Net Sales 3 first-in-class medicines launched in 2022 Q4:~$11.4B (5%) YoY; (1%) Ex-FX* Earnings Per Share (EPS) Q4: GAAP $0.95, (11%) YoY Non-GAAP* $1.82, (1%) YoY Strong Financial Execution In-Line Brands & New Product Portfolio: FY: GAAP $2.95, (5%) YoY; Non-GAAP* $7.70, +8% YoY +9% YoY; +13% Ex-FX*FY:~$35.4B 1Sales growth on reported & ex-FX basis 2023 Guidance Total Sales Non-GAAP EPS* Reflects continued top & bottom-line growth ~2% YoY Growth1 $7.95 - $8.25 $4.03 - $4.33 FY:~$46.2B in-line YoY; +3% Ex-FX* +7% YoY; +12% Ex-FX*Q4:~$9.0B *See “Forward-Looking Statements and Non-GAAP Financial Information” GAAP EPS*
Q4 2022 Results Not for Product Promotional Use Key Milestones in 2022 Opdivo (+/- Yervoy) U.S./EU expected approvals: 1L ESCC (CM-648) Neo-adj lung EFS (CM-816) (U.S.) Adj. RCC (CM-914) Opdualag 1L melanoma U.S. approval 1L melanoma EU approval Initiation 2L+ CRC Ph3 bempeg 1L melanoma 1L renal 1L bladder Neo-adj. cis-ineligible MIBC Breyanzi 2L LBCL U.S. approval 3L+ LBCL EU approval Abecma 2L+ MM Ph2 (KarMMa-2) 3L-5L MM Ph3 (KarMMa-3) iberdomide Initiation 2L+ MM Ph3 (EXCALIBER) Delivered on Our Commitments 5 Milestones represent data readouts unless otherwise specified To be expanded to include regulatory milestones pending future registrational successes Reblozyl 1L MDS Ph3 (COMMANDS) mezigdomide 4L+ MM Ph1/2 Initiation triplet 2L+ MM Ph3 Sotyktu PsO U.S. approval SLE Ph2 cendakimab AD Ph21 Camzyos oHCM U.S. approval oHCM Ph3 (VALOR) Initiation nHCM Ph3 (ODYSSEY- HCM) milvexian SSP Ph2 1Met primary endpoint; no plan to move to registrational trials
Not for Product Promotional UseQ4 2022 Results • Camzyos nHCM • Sotyktu SLE • Opdualag 1L NSCLC Breyanzi 3L+ CLL1 • Breyanzi 3L+ iNHL • Reblozyl MF Planned Next 1-2 Years • Sotyktu PsA • Zeposia CD Milestones Already Delivered that De-Risk 2025–2030 and Beyond Zeposia MS Reblozyl 2L TD MDS Breyanzi 3L+ LBCL Abecma 5L+ Zeposia UC Camzyos oHCM Sotyktu PsO Opdualag 1L Mel FDC Breyanzi 2L LBCL Abecma 3-5L1 Reblozyl 1L MDS1 Onureg AML maint. New Product Portfolio Significantly De-Risked with Important Catalysts Ahead 6 Camzyos Reblozyl Breyanzi Zeposia Sotyktu Other** 2025 $10B - $13B Risk-Adjusted Sales $25B+ Non-Risk Adjusted* 2030 $4B+ $4B+ $4B+ $4B+ $3B+ $3B+ $1B+ Key Milestones Beyond • Opdualag Adj. Mel • Opdualag 2L+ MSS CRC *Non-risk adjusted revenue potential, subject to positive registrational trials and health authority approval **Other includes: Abecma, Onureg, Inrebic, and Opdualag Financial projections may contain non promoted sales, BMS promotes only according to label 1Data in-house, subject to regulatory approval
Q4 2022 Results Not for Product Promotional Use 2023 Key Milestones Opdivo (+/- Yervoy) Early Stage: Neo-adjuvant NSCLC Ph3 (CM-816) approval in EU Metastatic 1L mCRPC Ph3 (CM-7DX) Opdualag 1L NSCLC Ph2 repotrectinib ROS1+ NSCLC (TRIDENT-1) U.S. filing Abecma 3-5L MM Ph3 (KarMMa-3) filing Initiation NDMM Ph3 (KarMMa-9) Breyanzi 2L TE LBCL EU approval 3L+ CLL Ph1/2 (TRANSCEND-CLL) 3L+ FL Ph2 (TRANSCEND- FL) Near-term Catalysts Across Diversified Portfolio 7Milestones represent data read-outs unless otherwise specified To be expanded to include regulatory milestones pending future registrational successes iberdomide Initiation of pivotal post-transplant maintenance H2H vs Revlimid Reblozyl 1L MDS (COMMANDS) U.S. filing Sotyktu Mod-to-severe PsO EU approval1 CD Ph2 (IM011-023) UC Ph2 (IM011-127) LPA1 Antagonist Initiation IPF Ph3 PPF Ph2 (IM027- 040) Camzyos oHCM EU approval milvexian Initiation Ph3 program2,3 2024/2025 Key Milestones Opdivo (+/- Yervoy) Metastatic: 1L HCC Ph3 (CM-9DW) 1L+ MSI High CRC Ph3 (CM-8HW) Early Stage: Peri-adj NSCLC Ph3 (CM-77T) Peri-adj MIBC Ph3 (CM-078) Adj HCC Ph3 (CM-9DX) Stage III Unresectable NSCLC Ph3 (CM-73L) Adj NSCLC Ph3 (ANVIL, co-op group) Opdualag 1L HCC Ph2 2L HCC Ph2 2L+ MSS mCRC Ph3 alnuctamab BCMA TCE Initiation MM Ph3 Reblozyl 1L MF Ph3 (INDEPENDENCE) cendakimab EoE Ph3 Sotyktu PsA Ph3 Zeposia CD maintenance Ph3 (YELLOWSTONE) 1Positive CHMP opinion received in Jan. ’23 2SSP, ACS, AF trials conducted by Janssen 3SSP Phase 3 trial initiated in Jan. ’23
Q4 2022 Results Not for Product Promotional Use MYOK, TPTX 15+ Delivered Significant Financial & Portfolio Milestones Through Strong Execution 8 Sales growth High single-digit Non-GAAP EPS growth2 Mid-20s Cost synergies $3B+ $40B+ Significant Operating Cash Flow3 3 First-in-Class Assets Approved in 2022 BD execution Added new indications across portfolio 9New products delivered ~3 Year Financial Achievements1 ~3 Year Portfolio Achievements4 Strengthens Foundation for Portfolio Renewal & Long-Term Growth 3Operating cashflow generated from 2020 to 2022 4Portfolio Achievements from 2H’19 – 2022 1Financial Achievements from 2020-2022; Sales and Non-GAAP EPS based on non-compounded growth 2Non-GAAP EPS calculation excludes Acquired IPR&D impact from the MYOK acquisition in 2020; including this impact, the non-GAAP EPS growth rate would be in excess of 500%
Q4 2022 Results Not for Product Promotional Use Multiple Paths for Long-Term Growth 9 On track to deliver • Low-to-mid single digit revenue CAGR* • $8B - 10B growth from in-line brands (primarily I-O & Eliquis) • $10B - 13B from New Product Portfolio • 40%+ operating margin** 2025 Revenues LOE Brands 2030 Revenues Additional growth from New Product Portfolio Next Wave of innovation: 6 registrational stage assets Optionality from early- stage pipeline & BD 2025-2030 2020-2025 *At constant exchange rates on a risk-adjusted basis; **See "Forward-Looking Statements and Non-GAAP Financial Information“ and “Bristol Myers Squibb Company Reconciliation of Certain GAAP Line Items to Certain Non-GAAP Line Items” Financial projections may contain non promoted sales, BMS promotes only according to label Continued growth reflected in 2023 guidance
David Elkins Executive Vice President and Chief Financial Officer 10
Not for Product Promotional UseQ4 2022 Results Strong Total Company Performance 11 Total Company Sales ~$46.2B in-line YoY, +3% ex-FX $B FY 22 Net Sales* YoY % Ex-FX % Total Company $46.2 - +3% In-Line Products $33.3 +7% +11% New Product Portfolio $2.0 +87% +92% In-Line Products & New Product Portfolio $35.4 +9% +13% Recent LOEs1 $10.8 (23%) (22%) 1Recent LOE Brands = Revlimid & Abraxane $32.4 $35.4 $14.0 $10.8 2021 2022 Recent LOEs In-Line & New Products *Amounts may not add due to rounding
Not for Product Promotional UseQ4 2022 Results $151 $199 $69 $125 $104 $48 $79 $40 $55 $25 $37 $20 $23 $353 $645 Q4 2021 Q4 2022 $M Reblozyl Abecma Opdualag Zeposia Breyanzi Onureg Inrebic Camzyos Sotyktu $16 New Product Portfolio Sales Performance 12 Sales nearly doubled vs PY $551 $717 $164 $388 $252 $134 $250 $87 $182 $73 $124 $74 $85 $1,083 $2,030 FY 2021 FY 2022 $M Reblozyl Abecma Opdualag Zeposia Breyanzi Onureg Inrebic Camzyos Sotyktu $24 $8 $7
Not for Product Promotional UseQ4 2022 Results Q4 & Full Year 2022 Solid Tumor product summary 13 Opdivo • U.S. growth driven by demand in 1L lung, 1L renal, 1L gastric, adj. esophageal, adj. bladder cancer & neoadjuvant lung • Ex-U.S. growth from 1L lung, upper GI cancers & timing of shipments vs PY • Continued growth expected from current & expanded indications Opdualag • 3rd approved I-O agent; potential to be a new SOC in 1L melanoma • U.S. growth driven by strong demand; share in the high teens YoY Ex-FX YoY Ex-FX $2,216 +11% +16% $8,249 +10% +14% $568 +4% +9% $2,131 +5% +10% $179 (41%) (39%) $811 (31%) (30%) $104 --- --- $252 --- --- Q4 2022 FY 2022 Global Net Sales ($M)
Q4 2022 Results Not for Product Promotional Use Q4 & Full Year 2022 Cardiovascular product summary 14 • U.S. robust demand & gross-to-net adjustments offset by timing of wholesaler buying patterns in Q4’22 vs PY • Ex-U.S. continues to be #1 OAC in key international markets; impacted by some generic entry (UK/NL & Canada) & pricing measures ````` YoY Ex-FX YoY Ex-FX $2,688 +1% +6% $11,789 +10% +14% • Significant increase in REMS certified HCPs, total treated patients & commercial dispensed patients • EU approval in oHCM expected mid-year • VALOR: U.S. PDUFA date June 16, 2023 As of Sept 30, 20221 As of Dec 31, 20221 REMS Certified physicians >2000 >2600 Patients in Hub >1100 >1800 Patients on commercial drug >350 >900 First-in-class myosin inhibitorBest-in-class & leading OAC within category Q4 2022 FY 2022 Global Net Sales ($M) ````` YoY Ex-FX YoY Ex-FX $16 -- -- $24 -- -- Q4 2022 FY 2022 1Source: BMS Internal Analysis
Q4 2022 Results Not for Product Promotional Use Q4 & Full Year 2022 Hematology product summary 15 Revlimid – Impact from Gx entry; FY 2023 revenue projection ~$6.5B Pomalyst – Increased demand as patients move into earlier lines, extending treatment duration % YoY Ex-FX YoY Ex-FX $2,260 (32%) (31%) $9,978 (22%) (21%) $877 +3% +6% $3,497 +5% +8% $578 +4% +8% $2,165 +2% +6% $71 (12%) (7%) $296 (11%) (7%) Q4 2022 FY 2022 YoY Ex-FX YoY Ex-FX $199 +32% +34% $717 +30% +32% $125 +81% +87% $388 ** ** $55 +38% +48% $182 ** ** $37 +48% +52% $124 +70% +74% $23 +15% +15% $85 +15% +16% Q4 2022 FY 2022 **In excess of 100% Reblozyl • Robust U.S. demand with progress in increasing treatment duration & patient adherence • Continued expansion in international markets based on reimbursement timing Abecma & Breyanzi – Strong demand supported by increased manufacturing capacity Global Net Sales ($M)
Q4 2022 Results Not for Product Promotional Use Q4 & Full Year 2022 Immunology product summary 16 Zeposia • Strong demand growth including expansion into UC • Continuing to improve formulary access; achieved 0 or 1 step edit across several plans • Very encouraging HCP feedback & strong early adoption • Focused on driving demand to enable broader access in 2024 • Positive CHMP Opinion in mod-to-severe PsO in Jan. ’23 First-in-class selective allosteric TYK2 inhibitor % YoY % Ex-FX % YoY % Ex-FX % $913 +6% +9% $3,464 +5% +8% $79 +65% +69% $250 +87% +93% As of Dec 31, 20221 Volume >2000 TRx Equivalent Market Share2 ~25-30% Source of Business • Systemic-naïve (~1/3) • Otezla-experienced (~1/3) • Biologic-experienced (~1/3) Q4 2022 FY 2022 Global Net Sales ($M) 2Market share of written oral prescriptions in NBRx sourced from BrandImpact ````` YoY Ex-FX YoY Ex-FX $7 -- -- $8 -- -- Q4 2022 FY 2022 1Source: BMS Internal Analysis
Q4 2022 Results Not for Product Promotional Use US GAAP Non-GAAP $ in billions, except EPS Q4 2022 FY 2022 Q4 2022 FY 2022 Total Revenues, net 11.4 46.2 11.4 46.2 Gross Margin % 77.3% 78% 77.9% 78.8% Operating Expenses1 4.8 17.3 4.8 16.9 Acquired IPR&D 0.1 0.8 0.1 0.8 Amortization of Acquired Intangibles 2.3 9.6 - - Effective Tax Rate (8.9%) 17.7% 10.9% 15.3% Diluted EPS 0.95 2.95 1.82 7.70 Diluted Shares Outstanding (# in millions) 2,124 2,146 2,124 2,146 Q4 & Full Year 2022 Financial Performance 17 US P Non- P* Diluted EPS Impact from Acquired IPR&D2 (0.01) (0.24) (0.01) (0.24) 1 Operating Expenses = MS&A and R&D 2Comprises the net impact from Acquired IPRD & Licensing income *See “Forward-Looking Statements and Non-GAAP Financial Information”
Q4 2022 Results Not for Product Promotional Use Balanced Approach to Capital Allocation 18 *Cash includes cash, cash equivalents and marketable debt securities **Subject to Board approval $B Q4 2022 Total Cash* ~$9.3B Total Debt ~$39.3B • Prioritize opportunities to further diversify portfolio & strengthen long-term outlook • Debt reduction: ~$5B debt paid in 2022 • Maintain strong investment-grade credit rating Business Development Balance Sheet Strength Returning Cash to Shareholders • Continued annual dividend growth** ‒ 14th consecutive dividend increase • Opportunistic share repurchase ‒ ~$7.2B remaining authorizationStrong operating cash flow generation $4.1 $3.8 $2.3 $3.7 $3.3 Cash flow from Operations $B Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022
Q4 2022 Results Not for Product Promotional Use Total Net Sales Reported Rates ~2% increase ~2% increase Total Net Sales Ex-FX ~2% increase ~2% increase Revlimid ~$6.5 billion ~$6.5 billion Gross Margin % ~77% ~77% Operating Expenses1 Mid-single digit decline Low-single digit decline Tax Rate ~22% ~17% Diluted EPS $4.03 - $4.33 $7.95 - $8.25 2023 Guidance 19 US GAAP* Non-GAAP* 1Operating Expenses = MS&A and R&D, excluding Acquired IPR&D and Amortization of acquired intangibles *See “Forward-Looking Statements and Non-GAAP Financial Information”
20 Giovanni Caforio, MD Chairman of the Board, Chief Executive Officer Chris Boerner, PhD Executive VP, Chief Commercialization Officer David Elkins Executive VP, Chief Financial Officer Samit Hirawat, MD Executive VP, Chief Medical Officer, Global Drug Development
Q4 2022 Results Not for Product Promotional Use Year-Ended December 31 2020 2021 2022 Total Revenues $42,518 $46,385 $46,159 Gross Profit $30,745 $36,445 $36,022 Specified items (a) $3,300 $603 $356 Gross Profit excluding specified items $34,045 $37,048 $36,378 Marketing, Selling and Administrative $7,661 $7,690 $7,814 Specified items (a) ($279) ($3) ($79) Marketing, Selling and Administrative excluding specified items $7,382 $7,687 $7,735 Research and Development $10,048 $10,195 $9,509 Specified items (a) ($903) ($843) ($308) Research and Development excluding specified items $9,145 $9,352 $9,201 Operating margin 31% 40% 41% Specified items (a) 10% 3% 1% Operating margin excluding specified items (b) 41% 43% 42% Bristol Myers Squibb Company Reconciliation of Certain GAAP Line Items to Certain Non-GAAP Line Items 21 (a): An explanation of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measure are available on our website at bms.com/investors. (b): Operating margin on Specified Items represents the difference between the GAAP and Non-GAAP operating margin (Unaudited, dollars in millions)