Bristol Myers Squibb : Early Pipeline & Immuno-Oncology Presentation

Investor Series

Early Pipeline & Immuno-OncologyJune 22, 2020

Forward Looking Statement and Non-GAAP Financial Information

Thispresentation contains statements about the Company's future plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated as a result of various important factors, including those discussed inthe Company's most recent annual report on Form 10-K and reports on Form 10-Q and Form 8-K. These documents areavailable on the SEC's website, on the Bristol-Myers Squibb website or from Bristol- Myers Squibb Investor Relations.

In addition, any forward-looking statements represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

This presentation may include certain non-generally accepted accounting principles ("GAAP") financial measures that weuse to describe our company's performance. The non-GAAP information presented provides investors with additionaluseful 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 forcomparisons with such other companies. We encourage investors to review our financial statements and publicly-filedreports 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 GAAP financial measure are available on our website atbms.com/investors. Note that pro forma revenues in this presentation assume that the Company's acquisition of CelgeneCorporation and the Otezla®divestiture occurred on January 1, 2019. Also note that a reconciliation of certain pro forma measures, however, is not provided due to no reasonably accessible or reliable comparable GAAP measures for such proforma measures and the inherent difficulty in forecasting and quantifying such pro forma measures that are necessaryfor such reconciliation.

Investor Series

Giovanni Caforio

Chairman and

Chief Executive Officer

Our Biopharma Company at a glance

Franchise Strength AcrossTherapeutic Areas

#1

Oncology & Hematology

#1

Cardiovascular MedicineELIQUIS

Growing ImmunologyFranchise

Expanding with Zeposia,TYK2i, cendakimab

Deep And BroadLate-stage PipelineNear-term potentiallaunches

9Phase III assets

20+Life cycle opportunities in IO

managementRobust Early-stagePipeline*

19Oncology

15Hematology

5Cardiovascular

9Immunology

5Fibrosis

*Phase I / II Assets

Patient-centric Innovation

Strong Financial Flexibility

$39.8BIn Global Sales

~$45BFree cash flow over next 3 yrs

2019 Full-year on a Pro Forma Basis

$2.5B

Run-rate synergies by 2022

Robust Earnings Outlook<1.5xDebt / EBITDA by 2023

Patient-centric Innovation

Strong execution across the company

• •New product approvals: Reblozyl, Zeposia

• •Multiple BLAs/NDAs in progress: liso-cel, ide-cel, CC-486

• •Two 1L lung approvals: Checkmate 227 and Checkmate 9LA

• •Delivered positive results on key clinical trials, incl: Checkmate 9ER, Zeposia in UC

Commercial	Financial	Integration
•Strong commercial	•Continued financial	•Activities proceeding
execution, delivering	strength and P&L	well, synergies on
continued topline growth	discipline	track
Pipeline