Bristol Myers Squibb : to Participate in the 38th Annual J.P. Morgan Healthcare Conference

J.P. Morgan Healthcare Conference

Giovanni Caforio

Chairman & Chief Executive Officer

January 13, 2020

Forward Looking Statement

This presentation 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 in the Company's most recent annual report on Form 10-K and reports on Form 10-Q and Form 8-K. These documents are available from the SEC, 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.

NOT FOR PRODUCT PROMOTIONAL USE

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Our MISSIONTodiscover, develop and deliver innovative medicines that help patients prevail over serious diseases

Our VISION	To be the world's leading biopharma company that
	transforms patients' lives through science

Our STRATEGIC FOUNDATION

A differentiated company that combines the Best of Biotechand Best of Pharma- focused on innovative medicines for patients with cancer and other serious diseases

Leading Scientific		Collaborating at Center		Leveraging Global		Driven by the
Innovation		of the Biotech Ecosystem		Scale and Agility		Best People

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One Year Ago: Combination with Compelling Opportunities

LEADING

DEEP AND BROAD

ROBUST EARLY-STAGE

FRANCHISES

LATE-STAGE PIPELINE

PIPELINE

#

ONCOLOGY:

10

NEAR-TERM

(PHASE I / II ASSETS)

6

1IO / SOLID TUMORS

PHASE III

POTENTIAL NEW

21

9

& HEMATOLOGY

ASSETS

PRODUCT LAUNCHES

Led by Opdivo and

Top 5

ONCOLOGY:

IO / Solid Tumors CARDIOVASCULAR/

Yervoy as well as

IMMUNOLOGY &

SIGNIFICANT LIFE CYCLE

Revlimid and Pomalyst

10

FIBROSIS

INFLAMMATION

MANAGEMENT

Led by Orencia

OPPORTUNITIES

#

1

and Otezla

ONCOLOGY:

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CARDIOVASCULAR

Underpinned by cutting edge

Hematology

IMMUNOLOGY &

Led by Eliquis

technologies and discovery platforms

INFLAMMATION

CHEMISTRY

BIOLOGICS

CELL THERAPY

With access to additional modality platforms through strong external partnerships

P A T I E N T - C E N T R I C I N N O V A T I O N

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Strategic Rationale Strongly Supported by 2019 Performance







Strong business performance across in-line portfolio Progress on Revlimid IP

Positive clinical and regulatory achievements

• Two recent approvals: Inrebic, Reblozylbeta-thal
• Three FDA submissions: ozanimod, Reblozyl MDS,liso-cel
• Two positive 1L lung trials: Checkmate 227 and Checkmate 9LA
• CC-486met primary endpoint of OS, enabling additional near-term launch opportunity

Execution of ASR and recent dividend increase Successful divestiture of Otezla Integration activities and synergies on track

Company well positioned for near-term and long-term

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Well Positioned for the Near-Term and Long-Term

LCM

Pipeline &

Business

Development

Opportunities

New

Launches

Strong

Business

Execution

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Important Progress on Integration

Key leadership in place at close

•Top 3 layers of	Site Footprint
management,	•Major sites announced
>700 leaders
and in place at close

• Includes key biopharma/ research hubs

Synergies

• Activities on track to drive $2.5Brun-rate synergies by 2022

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Strong Business Momentum in Key Franchises

$8.1 B 13%

$0.9 B 16%

$5.9 B 25%

$2.2 B 10%

$5.1 B 10%

$1.6 B 7%

	$1.8 B 25%	$1.1 B 17%
	$ Net Sales YTD Q3'19, with % variances vs. YTD Q3'18	8

Leading Brand in Expanding Market

AFib and

VTE Volumes

(in Millions)

35

30

25

20

15

10

5

0

2013	2014	2015	2016	2017	2018	2019
						Est.*

OAC Total Volume

NOAC Volume

100%			NBRx Share - All Physicians							TRx Share - All Physicians
									100%
80%	38%						29%		20%						28%
						80%
					17%
60%									60%							28%
40%										40%	79%
58%						54%							44%
							20%
20%
4%								1%
0%								0%
							2013	2014	2015	2016	2017	2018	Q3 2019
	2013	2014	2015	2016	2017	2018	Q3 2019

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*2019 annualized. Reflects Eliquis US

Important Franchise with Growth Opportunities Ahead

Breadth of Approvals

• 19 indications in the US
• 11 tumor types

Strong commercial execution

• Strong shares across key indications

Important growth opportunity

• 1L Lung
• Metastatic LCM program
• Early stage / adjuvant pipeline

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Opportunity for Sustainable Leadership Position in Multiple Myeloma

	Commercial execution delivering			Encouraging IP progress for Revlimid
	strong in-line performance			in 2019

Pipeline Opportunities Coming to Fruition

ide-cel		T-cell		CELMoDs		Other
	Engager			BCMA

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Broadening Portfolio with 8 Near Term Launch Opportunities

CC-486

liso-celide-cel

ozanimod TYK-2

• ImportantDual-IOopportunity in 1L lung
• MultipleHematologylaunch opportunities with the potential to be first-in-class and/or best- in-class
• ExpandingImmunology portfolio with ozanimod andTYK-2

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Important Launch Opportunity in 1L Lung

• Two Phase 3 trials demonstrating Overall Survival withDual-IO:
• • CM-227:Deep and durable responses, flattening of the OS curve
  • CM-9LA:Potential to stabilize rapidly progressing disease with 2 cycles of chemo
• Differentiated survival benefit recognized by physicians
• Broad experience base withDual-IO therapy among US physicians treating lung cancer
• Strong commercial capability to maximize market opportunity

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Near-term Hematology Launches

liso-cel

CC-486

ide-cel

• First-in-classEMA, with important near-term opportunity in ESA refractory/ ineligible RS+ MDS and the potential to expand to ESA naïve MDS and other anemias
• Potentialbest-in-class CD19 CAR T for B-cell malignancies
• OS benefit in 1L AML maintenance, with convenience of oral administration
• Potentialfirst-in-class BCMA CAR T with deep and durable responses in a highly refractory MM population

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Immunology Launch & Late-Stage Opportunities

ozanimod

Selective S1P with potential to be Best-in-Class in relapsing MS

• Convenientonce-daily oral dosing
• PDUFA March 2020

Potential to be First-in-Class agent in Inflammatory Bowel Disease

• Ph3 data in UC expected later this year

TYK-2

Potential Best-in-Class Oral

• Potential forbiologic-like efficacy with convenient administration
• Safety potentially differentiated from JAKs: Selective MOA and molecule
• Psoriasis: Initial Ph3 results later this year
• LCM program underway: PsA, Lupus, IBD

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Significant LCM Opportunities in 2020

Hematology

Asset	Disease	Trial	Timing*
Reblozyl	2L RS+ MDS	MEDALIST	PDUFA Apr 4

Opdivo/Yervoy Metastatic Setting

Asset	Tumor	Trial	Timing*
Opdivo	RCC	CM-9ER	1H
+ Cabo
Opdivo +	Esophageal	CM-648	2H
Yervoy
Relatlimab	Melanoma	CA224-047	2H
+ Opdivo

* Represents expected timing

Immunology

Asset	Disease	Trial	Timing*
ozanimod	UC	TRUE NORTH	Mid-Yr
TYK-2	Psoriatic	IM011-084	2H
Arthritis	(Ph2/POC)

Opdivo/Yervoy Early Stage Setting

Asset	Tumor	Trial	Timing*
Opdivo +	Melanoma	CM-915	2H
Yervoy
Opdivo	MIBC	CM-274	2H
Opdivo +	NSCLC	CM-816	2H
Chemo	(Neo-Adj)	(pCR)

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Opportunities 2021+

Hematology

Asset	Disease	Trial
Reblozyl	1L ESA-naïve MDS	COMMANDS
MF-associated anemia	INDEPENDENCE
liso-cel	2L TNE DLBCL	PILOT
2L TE DLBCL	TRANSFORM
(JCAR017)
3L+ CLL	TRANSCEND-CLL-004
ide-cel	2L MM	KarMMa-2
(bb2121)	3L+ MM	KarMMa-3

Opdivo/Yervoy Metastatic Setting

Immunology

Asset	Disease	Trial
Ozanimod	Crohn's Disease	YELLOWSTONE
TYK-2	Ulcerative Colitis	LATTICE-UC (Ph2)
SLE	PAISLEY (Ph2)

Cardiovascular

Asset	Disease	Trial
FactorXIa	Stroke Prevention (Ph2)	AXIOMATIC-SSP
VTE Prevention (Ph2)	AXIOMATIC-TKR

Opdivo/Yervoy Early Stage Setting

TumorTrial

Head & Neck CM-651

Bladder CM-901

GastricCM-649

Mesothelioma CM-743

Tumor	Trial
GBM	CM-548
Melanoma,	Opdivo +
Renal, Bladder	NKTR-214*
HCC	CM-9DW
Prostate	CM-7DX

TumorTrial

NSCLC (Neo-Adj)CM-816

Esophageal CM-577

RenalCM-914

NMIBCCM-9UT

HCCCM-9DX

Adjuvant Mel CM-76K(stage 2B/C)

Tumor	Trial
NSCLC (Adj)	ANVIL
Stage 3 NSCLC	CM-73L
(Unresectable)
NSCLC (Peri-Adj)	CM-77T
MIBC (Peri-Adj)	CA017-078
Breast(ER+, HER2-)	CM-7FL

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* Full program with NKTR-214 includes additional studies in Adjuvant Melanoma, Muscle Invasive Bladder cancer (MIBC), and NSCLC

Company Positioned to Deliver Sustained Innovation

Leverage leading science in exciting therapeutic areas

Hematology	•	Oncology
Cell Therapy	•	Cardiovascular	Focus on
Immunology	•	Fibrosis
			delivering
			transformational
			medicine for
			patients

Broad and diverse platforms

Focused on targets independent of modality

Protein Homeostasis • Cell Therapy

Biologics • Chemistry

Strong internal pipeline, Expertise in sourcing external innovation

R&D footprint spanning key research hubs

Cambridge • San Francisco • Seattle

• San Diego • Central NJ • Europe

• Japan

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R&D Organized to Maximize Pipeline Value

Maximize value of internal portfolio

Complement internal development with external innovation

Leverage capabilities

RESEARCH & EARLY DEVELOPMENT

Drive innovation and bring forward next generation assets

GLOBAL DRUG

DEVELOPMENT

Maximize innovation and productivity for late stage and LCM opportunities

Strengthen and sustain leadership in our therapeutic areas

INTEGRATED CAPABILITIES TO DRIVE INNOVATION

•Translational medicine,	•	Industry-leading	•	Computational	•	Project
including broad disease		analytics		Science and AI		management
profiling	•	Clinical operations	•	Data sciences	•	Regulatory

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Broad Early Pipeline Across Key Franchises

Phase II

Phase I

Cabiralizumab

LSD1 Inhibitor*

anti-IL8

Motolimod

(anti-CSF1R)

BET Inhibitor

anti-CD73

NLRP3 Agonist

Solid Tumor

CCR2/5

(BMS-986158)

Dual Antagonist

anti-TIM3

anti-CTLA-4 NF

GEMoaB CD3xPSCA

anti-ICOS

STING Agonist

anti-CTLA-4 Probody

anti-CTLA-4 NF-

anti-TIGIT

EP4+ Antagonist

Probody

BET Inhibitor

CELMoDs

CD3xCD33 Bispecific

(CC-90010)

Antibody

CC-93269 (BCMA TCE)

Hematology

BET Inhibitor

JCARH125 Orva-cel

BCMA ADC

(CC-95775)

(BCMA CAR T)**

Anti-SIRPα*

bb21217 (BCMA CAR T)

anti-IL-13

IL-2 Agonist

TLR 7/8 Antagonist

Immunology

BTK Inhibitor

anti-PD1

TYK-2 Inhibitor (2)

(CC-90006)

Iberdomide

S1P1 Agonist

Branebrutinib

JNK inhibitor

MGAT2 Inhibitor

Fibrosis

PEG-FGF21

LPA1 Antagonist

HSP47

Cardiovascular

Nitroxyl Donor

Relaxin

Factor XIa Inhibitor

FPR-2 Agonist

As of December 2019

*In development for solid tumors and hematology

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**Being developed by Juno Therapeutics, Inc.

Business Development a Top Priority

• Business development important to source external innovation
• Consistent criteria for sourcing innovation externally:

Strategically Scientifically Financially

Aligned SoundAttractive

• Capacity for business development will expand over time

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Balanced Approach to Capital Allocation

Significant free cash flow potential underpins

increasing financial flexibility

• Investing in future innovation through business development
• Deliver on commitments to reduce debt and achieve <1.5x Debt / EBITDA by 2023
• Continued dividend growth
• • 10% increase announced in December 2019
• Opportunistic share repurchase
• • $7B ASR executed in Q4'19

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Well Positioned for the Near-Term and Long-Term

TODAYLeader with Strong Set of In-line Brands

NEAR-TERM

LONG-TERM

Growth Driven by One of the Broadest Late-stage Pipelines in the Industry

Sustainability Enabled by Internal Innovation and Business Development

Fueled by Significant Financial

Strength & Flexibility

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