Bristol Myers Squibb : Q3 2023 Results Presentation (with Appendix)

Q3 2023 Results

October 26, 2023

Forward Looking Statements and Non-GAAP Financial Information

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, including our ability to complete the acquisition of Mirati Therapeutics, Inc. and

1. 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 atwww.bms.com/investors.

Also note that a reconciliation of forward-lookingnon-GAAP gross margin, non-GAAP operating margin, non-GAAP operating expenses and non-GAAP tax rate is not provided because a comparable GAAP measure for such measures are 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.

Q3 2023 Results

Not for Product Promotional Use

2

Q3 2023 Results

Giovanni Caforio, MD

Board Chair and Chief Executive Officer

Q3 2023 Results

Chris Boerner, PhD

Chief Operating Officer

Chief Executive Officer, effective November 1, 2023

Q3 2023 Performance

Q3 Global Net Sales

• 11.0B; (2%) YoY; (3%) Ex-FX*

Commercial	In-Line Brands & New Product Portfolio	Financial
& Financial	• ~$9.3B; +8% YoY; +7% Ex-FX*
Outlook
Execution

Earnings per Share (EPS)

• GAAP $0.93, +24% YoY

• Non-GAAP* $2.00, +1% YoY

Medium-Term Financial Targets*

Reaffirms1:

• Low-to-midsingle digit revenue CAGR2
• Low double-digit revenue CAGR2 ex-Rev/Pom
• $8-10Brevenue growth from in-line brands3

Adjusts:

• >$10B growth from new product portfolio in 2026
• Operating margin to >37%4

					• Reblozyl: U.S. approval in 1L MDS
					associated anemia (COMMANDS)
Business		• Entered into acquisition agreement	Pipeline	• Opdivo: U.S. & EU approval in Stage II
	with planned close by 1H 2024	adj. melanoma (CM-67K); positive Ph3 in
Development		Execution
	• Strengthens & diversifies Oncology	SC nivolumab (CM-67T) & peri-adj. lung
			(CM-77T)
		portfolio
				• LPA1 antagonist: Established PoC in PPF
		Q3 2023 Results	*See "Forward-Looking Statements and Non-GAAP Financial Information" and "Bristol Myers Squibb Company Reconciliation of Certain GAAP	5
		Line Items to Certain Non-GAAP Line Items"		Not for Product Promotional Use
			1. 2020-2025 Financial Targets 2. At constant exchange rates on a risk-adjusted basis 3. Primarily I-O & Eliquis 4. Target through 2025

Our Goal is to Deliver Sustainable Growth

Four Key Enablers

Evolve R&D for scientific leadership

Strong commercial execution to realize value of our marketed portfolio

Execute strategic capital allocation to further strengthen our growth profile

Foster a high- performance culture and attract & retain industry-leadingtalent

We are driven by our mission: Transforming patients' lives through science

Q3 2023 Results

Not for Product Promotional Use

6

Solid Momentum in Q3 & Accelerating Future Growth

Key In-Line Products

New Product Portfolio

Outlook*

$ in millions

+67% ex-FX*

$928

• Expect >$10B revenue

• Strong U.S. demand

growth offset by gross-

to-net adjustments

$553**		$21
$32
$5

$43 $66

$68 $92 $93

$29

from new product

portfolio in 2026

• Focused on product

acceleration to enable

•	Continued demand
	growth
•	Delivered key clinical

$1
$44
	$107

$69 $84

$190

$123

$166

$248

future growth

• Planned expansion of

new product portfolio

with repotrectinib1 &

Krazati2

milestones to enable

future growth

Q3 2022				Q3 2023
Reblozyl		Opdualag		Zeposia		Abecma		Breyanzi
Camzyos		Sotyktu		Onureg		Inrebic

Q3 2023 Results	*See "Forward-Looking Statements and Non-GAAP Financial Information"	1.	U.S. PDUFA: November 27, 2023	Not for Product Promotional Use	7
2.	Subject to satisfaction of customary closing conditions;
	**Q3 2022 sales: Camzyos - $5M & Sotyktu - $1M
		anticipated closing by 1H 2024

Strong Delivery from our R&D Engine Since R&D Day

Oncology

Opdivo

• U.S. approval in Stage II adj. melanoma
• Peri-adj.lung & 1L MIUC presented at ESMO
• Met co-primary endpoints for SC nivolumab1

Krazati2

• 1L lung TPS ≥ 50% encouraging Ph2 data at
  ESMO

Immunology

LPA1 antagonist

• Breakthrough Therapy Designation granted in PPF

CD19 NEX T Cell Therapy

• Enrolling patients in Ph1 severe, refractory SLE trial
• Achieved FDA clearance to initiate MS trial

Hematology

Reblozyl

• U.S. approval in 1L MDS associated anemia with a broad label

Other assets

• Data to be presented on key assets at ASH 2023

Q3 2023 Results	1.	Subcutaneous nivolumab could provide U.S. approval in indications representing 65-75% of Opdivo business & benefit patients into the early 2030s	Not for Product Promotional Use	8
	2.	Subject to satisfaction of customary closing conditions; anticipated closing by 1H 2024

Mirati Therapeutics: Strong Strategic Fit

Extending in IO

• Best-in-class KRASG12C inhibitor approved in 2L+ mutated NSCLC; confirmatory Ph3 results expected 1H 2024
• Potential KRASG12C mutated tumor opportunities: 1L NSCLC; 2L & 3L+ CRC

Indication

1L NSCLC

2L CRC

3L+ CRC

Development

TPS ≥ 50%: Krazati + pembrolizumab

TPS < 50%: Krazati + pembrolizumab + chemo

Krazati + cetuximab

Status

Ph3 initiation by YE 2023

Ph2 data expected in 1H 2024

Ph3 data expected in 2024

Ph2 submission expected by YE 2023

Diversifying beyond IO

repotrectinib1

(U.S. PDUFA: 11/27/23)

2

Selective PRMT5/MTA inhibitor (MRTX1719): Potential first-in-class asset

• Ph2 expected to initiate 1H 2024; Fast Track Designation granted

Early Clinical Programs: Additional opportunities from KRAS inhibitors & enabling programs (e.g., SOS1 inhibitor)

Planned close by 1H 20242

Q3 2023 Results	1.	Acquired from Turning Point Therapeutics	Not for Product Promotional Use	9
2.	Subject to satisfaction of customary closing conditions; anticipated closing by 1H 2024

Continued Strong Pipeline Execution

2023 Key Milestones

2024/2025 Key Milestones

Opdivo (+/- Yervoy)

Opdualag

repotrectinib

Abecma

Breyanzi

Early Stage:

Neo-adjuvant NSCLC Ph3 (CM-816) approval in EU

Metastatic:

• 1L mCRPC Ph3 (CM-7DX)
• 1L NSCLC Ph21

ROS1+ NSCLC (TRIDENT-1) U.S. filing

3-5L MM Ph3 (KarMMa-3) filing

Initiation NDMM Ph3 (KarMMa-9)

2L TE LBCL EU approval

3L+ CLL Ph1/2 (TRANSCEND-CLL)

3L+ FL Ph2 (TRANSCEND- FL)

iberdomide

Reblozyl

Sotyktu

LPA1 Antagonist

Camzyos

LIBREXIA (milvexian)

Initiation of pivotal

post-transplant maintenance H2H vs Revlimid

1L MDS (COMMANDS) U.S. filing

Mod-to-severe PsO EU approval

• CD Ph2 (IM011-023)
• UC Ph2 (IM011-127)

Initiation IPF Ph3 PPF Ph2 (IM027-040)

oHCM EU approval

Initiation Ph3

program2

Opdivo (+/- Yervoy)

Opdualag

alnuctamab

BCMA TCE

Metastatic:

• 1L HCC Ph3 (CM-9DW)
• 1L+ MSI High CRC Ph3 (CM-8HW)

Early Stage:

Peri-adj NSCLC Ph3 (CM-77T)

• Peri-adjMIBC Ph3 (CM-078)
• Adj HCC Ph3 (CM-9DX)
• Stage III Unresectable NSCLC Ph3 (CM-73L)
• Adj NSCLC Ph3 (ANVIL, co-op group)
• 1L HCC Ph2
• 2L+ HCC Ph2
• 2L/3L+ MSS mCRC Ph3
• Initiation MM Ph3

Reblozyl	 1L MF Ph3
(INDEPENDENCE)
cendakimab	 EoE Ph3
Sotyktu	 PsA Ph3
Zeposia	 CD maintenance Ph3
	(YELLOWSTONE)

Q3 2023 Results

1.	Data readout anticipated early 2024	Milestones represent data readouts unless otherwise specified;	Not for Product Promotional Use	10
2.	ACS, SSP, AF trials conducted by Janssen	subject to positive registrational trials and health authority approval