BRISTOL MYERS SQUIBB CO (Form: 8-K, Received: 10/30/2025 07:09:32)

0000014272false00000142722025-10-302025-10-300000014272bmy:CommonStock0.10ParValueMember2025-10-302025-10-300000014272bmy:A1.750Notesdue2035Member2025-10-302025-10-300000014272bmy:CelgeneContingentValueRightsMember2025-10-302025-10-30

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 30, 2025

_____________________________

BRISTOL-MYERS SQUIBB COMPANY

(Exact name of registrant as specified in its charter)

_____________________________


Delaware	001-01136	22-0790350
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S Employer Identification No.)

Route 206 & Province Line Road, Princeton, New Jersey 08543

(Address of principal executive offices) (Zip Code)

(Registrant’s telephone number, including area code): (609) 252-4621

_____________________________

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))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.10 Par Value	BMY	New York Stock Exchange
1.750% Notes due 2035	BMY35	New York Stock Exchange
Celgene Contingent Value Rights	CELG RT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.

On October 30, 2025, Bristol-Myers Squibb Company (the “Company”) issued a press release (the “Earnings Press Release”) on its website at www.bms.com announcing its financial results for the third quarter of 2025. A copy of the Earnings Press Release is furnished pursuant to this Item 2.02 as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. Other than the Earnings Press Release, the information contained in or connected to the Company's website is not deemed to be incorporated by reference in this Current Report on Form 8-K.


Item 7.01 Regulation FD Disclosure.

On October 30, 2025, the Company posted on its website at www.bms.com a presentation (the “Bristol Myers Presentation”) on certain financial and operating initiatives available for viewing during the Company’s conference call and webcast announcing its financial results for the third quarter of 2025 at 8:00 a.m. Eastern time. A copy of the Bristol Myers Presentation is furnished pursuant to this Item 7.01 as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. The Earnings Press Release and the Bristol Myers Presentation include references to non-GAAP financial information. Reconciliations between the non-GAAP financial measures and the comparable GAAP financial measures and the reasons for the presentation of such non-GAAP financial measures, are available in the Earnings Press Release which is included as Exhibit 99.1 hereto. The Bristol Myers Presentation should be read in conjunction with the Earnings Press Release. The Company reserves the right to discontinue availability of the Bristol Myers Presentation from its website at any time.

Pursuant to General Instruction B.2. to Form 8-K, the information set forth in this Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities thereof, nor shall it be incorporated by reference into future filings by the Company under the Exchange Act or under the Securities Act of 1933, as amended, except to the extent specifically provided in any such filing. Additionally, the submission of the information set forth in this Item 7.01 is not deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely by Regulation FD.


Item 9.01 Financial Statements and Exhibits.

The following exhibits are furnished as part of this Current Report on Form 8-K:



Exhibit No.						Description

99.1						Press release of Bristol-Myers Squibb Company dated October 30, 2025
99.2						Presentation Materials of Bristol-Myers Squibb Company dated October 30, 2025
104						The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BRISTOL-MYERS SQUIBB COMPANY

Dated: October 30, 2025

By:

/s/ Amy Fallone

Name:

Amy Fallone

Title:

Corporate Secretary

Bristol Myers Squibb Reports Third Quarter Financial Results for 2025

Performance Marked by Continued Growth Portfolio Momentum, Pipeline Advancements and Strategic Business Development

•Third quarter revenues increased 3% (+2% Ex-FX) to $12.2 billion

◦Growth Portfolio revenues increased 18% (+17% Ex-FX) to $6.9 billion

•GAAP EPS was $1.08 and non-GAAP EPS was $1.63; Both figures include net impact of $(0.20) due to the Acquired IPRD charges and licensing income

•Raising 2025 revenue guidance to a range of ~$47.5 billion to $48.0 billion; Updating non-GAAP EPS range to $6.40 to $6.60, inclusive of an $(0.80) per share net impact from Acquired IPRD charges and licensing income

(PRINCETON, N.J., October 30, 2025) – Bristol Myers Squibb (NYSE: BMY) today reports results for the third quarter of 2025.

“We delivered strong results this quarter as a result of continued execution across the business and ongoing Growth Portfolio momentum,” said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. “We're focused on building for the future by accelerating innovation, advancing our pipeline, staying agile and delivering more transformational medicines to more patients."


	Third Quarter Results
$ in millions, except per share amounts	2025	2024	Change		Change Excl. FX**
Total Revenues	$12,222	$11,892	3	%	2	%
Earnings/(Loss) Per Share - GAAP*	1.08	0.60	81	%	N/A
Earnings/(Loss) Per Share - Non-GAAP*	1.63	1.80	(9)	%	N/A
Acquired IPRD Charges and Licensing Income Net Impact on Earnings/(Loss) Per Share	(0.20)	(0.09)	N/A		N/A

*GAAP and Non-GAAP earnings/(loss) per share include the net impact of Acquired IPRD charges and licensing income.

**See "Use of Non-GAAP Financial Information".

THIRD QUARTER RESULTS

All comparisons are made versus the same period in 2024 unless otherwise stated.

•Growth Portfolio revenues of $6.9 billion increased 18%, or 17% Ex-FX. Revenue growth was primarily driven by our immuno-oncology (IO) portfolio, Reblozyl, Camzyos and Breyanzi.

•Legacy Portfolio revenues of $5.4 billion decreased 12%, or 13% Ex-FX. Demand increased for Eliquis, which was more than offset by expected continued generic impact across the remainder of the Legacy Portfolio.

•Total revenues of $12.2 billion increased 3%, or 2% Ex-FX.

◦U.S. revenues of $8.3 billion increased 1%.

◦International revenues of $3.9 billion increased 6%, or 3% Ex-FX.

THIRD QUARTER PRODUCT REVENUE HIGHLIGHTS(d)


($ amounts in millions)	Quarter Ended September 30, 2025						% Change from Quarter Ended September 30, 2024						% Change from Quarter Ended September 30, 2024 Ex-FX**
	U.S.		Int'l		WW(c)		U.S.		Int'l		WW(c)		Int'l		WW(c)
Growth Portfolio
Opdivo	$	1,454	$	1,077	$	2,532	6	%	8	%	7	%	6	%	6	%
Opdivo Qvantig	60		7		67		N/A		N/A		N/A		N/A		N/A
Orencia	721		243		964		2	%	6	%	3	%	3	%	2	%
Yervoy	455		284		739		14	%	17	%	15	%	13	%	14	%
Reblozyl	494		121		615		38	%	35	%	37	%	31	%	37	%
Opdualag	259		40		299		20	%	122	%	28	%	115	%	27	%
Breyanzi	251		109		359		45	%	115	%	60	%	104	%	58	%
Camzyos	238		57		296		76	%	177	%	89	%	168	%	88	%
Zeposia	113		48		161		8	%	13	%	9	%	6	%	7	%
Abecma	51		86		137		(34)	%	80	%	9	%	71	%	6	%
Sotyktu	51		29		80		—	%	91	%	21	%	87	%	20	%
Krazati	48		5		53		52	%	144	%	58	%	133	%	57	%
Cobenfy	43		—		43		N/A		N/A		N/A		N/A		N/A
Other Growth Products(a)	195		319		514		8	%	22	%	16	%	21	%	16	%
Total Growth Portfolio	4,432		2,425		6,857		17	%	20	%	18	%	17	%	17	%
Legacy Portfolio
Eliquis	2,631		1,115		3,746		29	%	16	%	25	%	11	%	23	%
Revlimid	485		89		575		(60)	%	(55)	%	(59)	%	(56)	%	(59)	%
Pomalyst/Imnovid	596		79		675		(15)	%	(61)	%	(25)	%	(61)	%	(25)	%
Sprycel	69		49		119		(69)	%	(24)	%	(59)	%	(25)	%	(59)	%
Abraxane	24		50		74		(84)	%	(50)	%	(71)	%	(49)	%	(70)	%
Other Legacy Products(b)	92		85		177		(11)	%	(29)	%	(21)	%	(30)	%	(21)	%
Total Legacy Portfolio	3,897		1,468		5,365		(12)	%	(11)	%	(12)	%	(14)	%	(13)	%
Total Revenues	$	8,329	$	3,893	$	12,222	1	%	6	%	3	%	3	%	2	%

** See "Use of Non-GAAP Financial Information".

(a) Includes Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues.

(b) Includes other mature brands.

(d) For the above table and all subsequent tables, certain totals may not sum due to rounding. Percentages have been calculated using unrounded amounts.

THIRD QUARTER COST & EXPENSES

All comparisons are made versus the same period in 2024 unless otherwise stated.

The table below presents selected line-item information.


	Three Months Ended September 30, 2025								Three Months Ended September 30, 2024
($ amounts in millions)	GAAP			Specified Items**		Non-GAAP			GAAP			Specified Items**		Non-GAAP
Cost of products sold	$	3,435		(122)		$	3,312		$	2,957		(101)		$	2,856
Gross margin(a)	71.9		%			72.9		%	75.1		%			76.0		%
Selling, general and administrative	1,789			(1)		1,788			1,983			(7)		1,976
Research and development	2,528			(95)		2,433			2,374			(21)		2,353
Acquired IPRD	633			—		633			262			—		262
Amortization of acquired intangible assets	831			(831)		—			2,406			(2,406)		—
Other (income)/expense, net	(108)			(98)		(206)			234			(275)		(41)
Effective tax rate	29.5		%	(7.2)	%	22.3		%	27.5		%	(9.0)	%	18.5		%

**See "Use of Non-GAAP Financial Information" and refer to the Specified Items schedule below for further detail.

(a) Represents revenue minus cost of products sold divided by revenue.

•Gross margin on a GAAP and non-GAAP basis was 71.9% and 72.9% in 2025, and 75.1% and 76.0% in 2024, respectively, reflecting the change in product mix.

•Selling, general and administrative expenses of $1.8 billion decreased 10% on a GAAP and non-GAAP basis, primarily driven by our ongoing strategic productivity initiative.

•Research and development expenses of $2.5 billion increased 6% on a GAAP basis, primarily due to an IPRD impairment charge. Non-GAAP research and development expenses of $2.4 billion increased 3%, primarily due to the impact of recent acquisitions, partially offset by our ongoing strategic productivity initiative.

•Acquired IPRD charges of $633 million increased from $262 million on a GAAP and non-GAAP basis, primarily driven by the Philochem licensing arrangement and achievement of a milestone under the SystImmune collaboration. Licensing income increased from $25 million to $107 million on a GAAP and non-GAAP basis, primarily reflecting the execution of an out-licensing arrangement in 2025.

•Amortization of acquired intangible assets of $831 million decreased 65% on a GAAP basis, primarily due to lower amortization expense related to Revlimid.

•Effective tax rate increased from 27.5% to 29.5% on a GAAP basis, and from 18.5% to 22.3% on a non-GAAP basis. The increase in the non-GAAP effective tax rate was driven by jurisdictional earnings mix.

•Net income attributable to Bristol Myers Squibb of $2.2 billion, or $1.08 per share, increased from $1.2 billion, or $0.60 per share, on a GAAP basis. On a non-GAAP basis, net income attributable to Bristol Myers Squibb of $3.3 billion, or $1.63 per share, decreased from

$3.7 billion, or $1.80 per share. GAAP and non-GAAP EPS include the impacts of Acquired IPRD charges and licensing income.

PRODUCT AND PIPELINE UPDATES

Entries organized by date and inclusive of third quarter and recent updates.


Asset(s)	Date Announced	Milestone
Sotyktu® (deucravacitinib)	October 27	52-week data from the pivotal Phase 3 POETYK PsA-1 trial demonstrated that Sotyktu improved and maintained meaningful clinical responses, inhibition of radiographic progression and patient-reported outcomes in adults with active psoriatic arthritis. In addition, data from an integrated analysis of the Phase 2 PAISLEY-SLE and PAISLEY long-term extension studies supported the safety and efficacy with up to four years of Sotyktu treatment for moderate-to-severe systemic lupus erythematosus (SLE).
CD19 NEX-T™ (BMS-986353)	October 25	Announced positive, updated data and early results from the Phase 1 Breakfree-1 study evaluating BMS-986353, an investigational, autologous CD19-targeted NEX-T CAR T cell therapy, across the systemic sclerosis, SLE and idiopathic inflammatory myopathies cohorts. The preliminary Phase 1 safety and efficacy results are consistent with the potential for immune reset, showing robust CAR T cell expansion, complete B cell depletion and re-emergence of a naive B cell phenotype across all three cohorts.
izalontamab brengitecan (iza-bren)	October 17	First disclosure of safety and efficacy data presented with SystImmune from the global Phase I US-Lung-101 study of iza-bren, a potentially first-in-class EGFR x HER3 bispecific antibody-drug conjugate, demonstrated promising antitumor activity in heavily pre-treated patients across multiple tumor types, as well as a manageable safety profile.
BMS-986446	October 1	The U.S. Food and Drug Administration (FDA) granted Fast Track Designation to BMS-986446, a potential best-in-class, anti-microtubule binding region-tau antibody currently in Phase 2 development for the treatment of early Alzheimer’s disease.
Sotyktu	September 25	Announced an expansion of the company's direct-to-patient offerings, providing eligible U.S. patients with steeply discounted prices for Sotyktu via the new BMS Patient Connect platform, beginning January 2026.
iberdomide	September 23	The Phase 3 EXCALIBER-RRMM study evaluating iberdomide, an investigational cereblon E3 ligase modulator (CELMoD™), combined with standard therapies (daratumumab + dexamethasone) in patients with relapsed or refractory multiple myeloma demonstrated a statistically significant improvement in minimal residual disease (MRD) negativity rates, compared with the control arm, in a planned interim analysis of the MRD endpoint.


pumitamig (BNT327 / BMS-986545)	September 8	First disclosure of data presented with BioNTech SE from the global randomized Phase 2 trial (NCT06449209) evaluating pumitamig, an investigational bispecific antibody targeting PD-L1 x VEGF-A, plus chemotherapy in patients with extensive-stage small cell lung cancer demonstrated encouraging anti-tumor responses with a positive trend in the secondary endpoint of progression free survival. Additionally, this week pivotal studies for pumitamig and chemotherapy combinations are now initiating in first-line (1L) microsatellite stable colorectal cancer and 1L gastric cancer.
Camzyos® (mavacamten)	August 29	Results from the global, retrospective COLLIGO-HCM study showed that Camzyos was associated with reductions in left ventricular outflow tract obstruction and improvements in symptom burden in a racially diverse population of patients with symptomatic obstructive hypertrophic cardiomyopathy treated in an international, real-world setting.
iza-bren	August 18	The FDA granted Breakthrough Therapy Designation to iza-bren for the treatment of locally advanced or metastatic non-small cell lung cancer with epidermal growth factor (EGFR) exon 19 deletions or exon 21 L858R substitution mutations whose disease has progressed on or after treatment with an EGFR tyrosine kinase inhibitor and platinum-based chemotherapy.
Breyanzi® (lisocabtagene maraleucel)	August 4	The FDA accepted the supplemental biologics license application for Breyanzi as a potential treatment for adult patients with relapsed or refractory marginal zone lymphoma who have received at least two prior lines of systemic therapy. The FDA granted the application Priority Review and assigned a Prescription Drug User Fee Act goal date of December 5, 2025.

Business Development

In October 2025, the company announced a definitive agreement to acquire Orbital Therapeutics. The acquisition includes OTX-201, Orbital’s lead RNA immunotherapy preclinical candidate currently in IND-enabling studies. This investigational, next-generation CAR T-cell therapy is designed to reprogram cells in vivo and has the potential to offer a best-in-class profile for treating autoimmune diseases, aligned with Bristol Myers Squibb’s overall immune reset strategy. This in vivo approach, in which the patient’s own body serves as the manufacturer of CAR T-cells, has the potential to offer a reduced treatment burden, added convenience and improved accessibility compared to ex vivo CAR T-cell therapies. Bristol Myers Squibb will also gain access to Orbital’s differentiated RNA technology platform that integrates advanced RNA engineering and delivery methods, offering the potential to expand therapeutic applications and address additional diseases. The transaction is subject to the satisfaction of customary closing conditions.

Bristol Myers Squibb is increasing its full-year 2025 non-GAAP revenue guidance from a range of approximately $46.5 billion to $47.5 billion, to a range of approximately $47.5 billion to $48.0 billion. This update primarily reflects the continued strong performance of our Growth Portfolio.

Full-year other income and expense in 2025 is now expected to be approximately $500 million of income due to higher-than-anticipated royalties and licensing income, as well as favorable interest income.

Non-GAAP EPS is now expected to be in the range of $6.40 - $6.60, inclusive of an $(0.80) per share net impact related to Acquired IPRD charges and licensing income.


	Non-GAAP2,3
	July (Prior)	October (Updated)
Total Revenues (Reported & Ex-FX)	~$46.5 - $47.5 billion	~$47.5 - $48.0 billion
Gross Margin %	~72%	No change
Operating Expenses1	~$16.5 billion	No change
Other income/(expense)	~$250 million	~$500 million
Effective tax rate	~18%	No change
Diluted EPS	$6.35 - $6.65	$6.40 - $6.60

Acquired IPRD Charges and Licensing Income Included in Diluted EPS	$(0.60)	$(0.80)

1 Operating Expenses = SG&A and R&D.

2 See "Use of Non-GAAP Financial Information."

3 July was calculated using foreign exchange rates as of July 25, 2025, and October was calculated using foreign

exchange rates as of October 28, 2025.

The 2025 financial guidance excludes the impact of any potential future strategic acquisitions, including Orbital Therapeutics, which is expected to close in the fourth quarter of 2025, divestitures, specified items that have not yet been identified and quantified, and the impact of future Acquired IPRD charges and licensing income. To the extent we have quantified the impact of significant R&D charges or other income resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights, we may update this information from time to time on our website, www.bms.com, in the "Investors" section. Non-GAAP guidance assumes exchange rates as of the date noted. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.

A reconciliation of forward-looking non-GAAP measures, including non-GAAP EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures 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 accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. 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. See "Cautionary Statement Regarding Forward-Looking Statements" and "Use of Non-GAAP Financial Information."

Conference Call Information

Bristol Myers Squibb will host a conference call today, Thursday, October 30, 2025, at 8:00 a.m. ET, during which company executives will review financial results with the investment community.

Investors and the general public are invited to listen to a live webcast of the call at http://investor.bms.com. Materials related to the call will be available at http://investor.bms.com prior to the start of the conference call.

A replay of the webcast will be available at http://investor.bms.com approximately three hours after the conference call concludes.

About Bristol Myers Squibb: Transforming Patients' Lives Through Science

At Bristol Myers Squibb, our mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. We are pursuing bold science to define what's possible for the future of medicine and the patients we serve. For more information, visit us at BMS.com and follow us on LinkedIn, X, YouTube, Facebook and Instagram.

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For more information, contact:

Media Relations: media@bms.com

Investor Relations: investor.relations@bms.com

Use of Non-GAAP Financial Information

In discussing financial results and guidance, the company refers to financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP 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. In addition, non-GAAP gross margin, which is gross profit excluding certain specified items, as a percentage of revenues, non-GAAP operating margin, which is gross profit less selling, general and administrative expenses and research and development expenses excluding certain specified items as a percentage of revenues, non-GAAP operating expenses, which is selling, general and administrative and research and development expenses excluding certain specified items, non-GAAP selling, general and administrative expenses, which is selling, general and administrative expenses excluding certain specified items, and non-GAAP research and development expenses, which is research and development expenses excluding certain specified items, are relevant and useful for investors because they allow investors to view performance in a manner similar to the method used by our management and make it easier for investors, analysts and peers to compare our operating performance to other companies in our industry and to compare our year-over-year results.

This earnings release and the accompanying tables also provide certain revenues and expenses, as well as non-GAAP measures, 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.

Non-GAAP financial measures, such as non-GAAP earnings and related EPS information, are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded from non-GAAP earnings and related EPS information because the company believes they neither relate to the ordinary course of the company’s business nor reflect the company’s underlying business performance. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods, including amortization of acquired intangible assets, including product rights that generate a significant portion of our ongoing revenue and will recur until the intangible assets are fully amortized, unwinding of inventory purchase price adjustments, acquisition and integration expenses, restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, divestiture gains or losses, stock compensation resulting from acquisition-related equity awards, pension, legal and other contractual settlement charges, equity investment and contingent value rights fair value adjustments (including fair value adjustments attributed to limited partnership and other investments), and amortization of fair value adjustments of debt acquired from Celgene in our 2019 exchange offer, among other items. Deferred and current income taxes attributed to these items are also adjusted for considering their individual impact to

the overall tax expense, deductibility and jurisdictional tax rates, as well as certain other significant tax items.

Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related financial measures presented in the press release that are prepared in accordance with GAAP and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

Reconciliations of the non-GAAP financial measures to the most comparable GAAP measures are provided in the accompanying financial tables and will also be available on the company’s website at www.bms.com. Within the accompanying financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and EPS amounts presented are calculated from the underlying amounts.

We routinely post important information for investors on our website, www.bms.com, in the “Investors” section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. We may also use social media channels to communicate with our investors and the public about our company, our products and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels is not incorporated by reference into, and is not a part of, this document.

Cautionary Statement Regarding Forward-Looking Statements

This earnings release and the related attachments (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the company’s 2025 financial guidance, its business development and capital allocation strategy, anticipated developments in the company’s pipeline, expectations with respect to the company’s future market position and the projected benefits of the company’s alliances and other business development activities. These statements may be identified by the fact that they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and

expression in connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. No forward-looking statement can be guaranteed, and there is no assurance that the company will achieve its financial guidance and long-term targets, that the company’s future clinical studies will support the data described in this release, that the company’s product candidates will receive necessary clinical and manufacturing regulatory approvals, that the company’s pipeline products will prove to be commercially successful, that clinical and manufacturing regulatory approvals will be sought or obtained within currently expected timeframes, or that contractual milestones will be achieved.

Forward-looking statements are based on current expectations and projections about the company’s future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond the company’s control and could cause the company’s future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. Such risks, uncertainties and other matters include, but are not limited to: increasing pricing pressures from market access, pharmaceutical pricing controls and discounting, including the potential for international reference pricing and most-favored nation drug pricing for our products; market actions taken by private and government payers to manage drug utilization and contain costs; government actions relating to the imposition of new tariffs, trade restrictions and export regulations; the company’s ability to retain patent and market exclusivity for certain products; regulatory changes that result in lower prices, lower reimbursement rates and smaller populations for whom payers will reimburse; changes under the 340B Drug Pricing Program; the company’s ability to obtain and maintain regulatory approval for its product candidates; the possibility of difficulties and delays in product introduction and commercialization; increasing industry competition; potential difficulties, delays and disruptions in manufacturing, distribution or sale of products; the company’s ability to identify potential strategic acquisitions, licensing opportunities or other beneficial transactions; failure to complete, or delays in completing, collaborations, acquisitions, divestitures, alliances and other portfolio actions and the failure to achieve anticipated benefits from such transactions and actions; exposure to litigation and/or regulatory actions or investigations; the impact of any healthcare reform and legislation or regulatory action in the United States and international markets; increasing market penetration of lower-priced generic products; the failure of the company’s suppliers, vendors, outsourcing partners, alliance partners and other third parties to meet their contractual, regulatory and other obligations; the impact of counterfeit or unregistered versions of the company’s products and from stolen products; product label changes or other measures that could result in declining sales; safety or efficacy concerns regarding the company’s products or any product in the same class as the company’s products; the risk of cyber-attacks and unauthorized disclosure of trade secrets or other confidential data; the company’s ability to execute its financial, strategic and operational plans; the company’s ability to attract and retain key personnel; the impact of the company’s significant indebtedness; political and financial instability of international economies and sovereign risk; interest rate and currency exchange rate fluctuations, credit and foreign exchange risk management; risks relating to the use of social media platforms; issuance of new or revised accounting standards; and risks relating to public health outbreaks, epidemics and pandemics.

Forward-looking statements in this earnings release should be evaluated together with the many risks and uncertainties that affect the company’s business and market, particularly those identified in the cautionary statement and risk factors discussion in the company’s Annual Report on Form 10-K for the year ended December 31, 2024, as updated by the company’s subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the SEC. The forward-looking statements included in this document are made only as of the date of this document and

except as otherwise required by applicable law, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Net product sales	$	11,850	$	11,483	$	34,645	$	34,967
Alliance and other revenues	372		409		1,047		991
Total Revenues	12,222		11,892		35,692		35,958

Cost of products sold(a)	3,435		2,957		9,839		9,156
Selling, general and administrative	1,789		1,983		5,086		6,278
Research and development	2,528		2,374		7,365		7,968
Acquired IPRD	633		262		2,328		13,343
Amortization of acquired intangible assets	831		2,406		2,491		7,179
Other (income)/expense, net	(108)		234		725		588
Total Expenses	9,108		10,216		27,834		44,512

Earnings/(Loss) Before Income Taxes	3,114		1,676		7,858		(8,554)
Income tax provision	919		461		1,888		455
Net Earnings/(Loss)	2,195		1,215		5,970		(9,009)
Noncontrolling Interest	(6)		4		3		11
Net Earnings/(Loss) Attributable to BMS	$	2,201	$	1,211	$	5,967	$	(9,020)

Weighted-Average Common Shares Outstanding:
Basic	2,036		2,028		2,034		2,026
Diluted	2,039		2,031		2,039		2,026

Earnings/(Loss) per Common Share:
Basic	$	1.08	$	0.60	$	2.93	$	(4.45)
Diluted	1.08		0.60		2.93		(4.45)

Other (income)/expense, net
Interest expense(b)	$	480	$	505	$	1,459	$	1,451
Royalty income - divestitures	(286)		(284)		(844)		(820)
Royalty and licensing income	(276)		(180)		(697)		(532)
Provision for restructuring	75		78		432		558
Investment income	(161)		(94)		(438)		(364)
Integration expenses	36		69		110		214
Litigation and other settlements	165		—		424		71
Acquisition expense	—		—		5		50
Intangible asset impairments	—		47		—		47
Equity investment (gains)/losses	(190)		(12)		(90)		(221)


Contingent consideration	—		—		336		—
Other	48		105		29		134
Other (income)/expense, net	$	(108)	$	234	$	725	$	588

(a) Excludes amortization of acquired intangible assets.

(b) Includes amortization of purchase price adjustments to Celgene debt.

BRISTOL-MYERS SQUIBB COMPANY

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(Unaudited, dollars in millions)


													Change vs. 2024
	2025						2024						GAAP						Excl. F/X**
	U.S.		Int'l(c)		WW(d)		U.S.		Int'l(c)		WW(d)		U.S.		Int'l(c)		WW(d)		U.S.		Int'l(c)		WW(d)
Growth Portfolio
Opdivo	$	1,454	$	1,077	$	2,532	$	1,366	$	994	$	2,360	6	%	8	%	7	%	6	%	6	%	6	%
Opdivo Qvantig	60		7		67		—		—		—		N/A		N/A		N/A		N/A		N/A		N/A
Orencia	721		243		964		706		230		936		2	%	6	%	3	%	2	%	3	%	2	%
Yervoy	455		284		739		399		243		642		14	%	17	%	15	%	14	%	13	%	14	%
Reblozyl	494		121		615		358		89		447		38	%	35	%	37	%	38	%	31	%	37	%
Opdualag	259		40		299		216		17		233		20	%	122	%	28	%	20	%	115	%	27	%
Breyanzi	251		109		359		173		51		224		45	%	115	%	60	%	45	%	104	%	58	%
Camzyos	238		57		296		135		21		156		76	%	177	%	89	%	76	%	168	%	88	%
Zeposia	113		48		161		105		42		147		8	%	13	%	9	%	8	%	6	%	7	%
Abecma	51		86		137		77		47		124		(34)	%	80	%	9	%	(34)	%	71	%	6	%
Sotyktu	51		29		80		51		15		66		—	%	91	%	21	%	—	%	87	%	20	%
Krazati	48		5		53		32		2		34		52	%	144	%	58	%	52	%	133	%	57	%
Cobenfy	43		—		43		—		—		—		N/A		N/A		N/A		N/A		N/A		N/A
Other Growth Products(a)	195		319		514		182		261		443		8	%	22	%	16	%	8	%	21	%	16	%
Total Growth Portfolio	4,432		2,425		6,857		3,800		2,012		5,812		17	%	20	%	18	%	17	%	17	%	17	%
Legacy Portfolio
Eliquis	2,631		1,115		3,746		2,045		957		3,002		29	%	16	%	25	%	29	%	11	%	23	%
Revlimid	485		89		575		1,212		200		1,412		(60)	%	(55)	%	(59)	%	(60)	%	(56)	%	(59)	%
Pomalyst/Imnovid	596		79		675		697		201		898		(15)	%	(61)	%	(25)	%	(15)	%	(61)	%	(25)	%
Sprycel	69		49		119		225		65		290		(69)	%	(24)	%	(59)	%	(69)	%	(25)	%	(59)	%
Abraxane	24		50		74		151		102		253		(84)	%	(50)	%	(71)	%	(84)	%	(49)	%	(70)	%
Other Legacy Products(b)	92		85		177		102		123		225		(11)	%	(29)	%	(21)	%	(11)	%	(30)	%	(21)	%
Total Legacy Portfolio	3,897		1,468		5,365		4,432		1,648		6,080		(12)	%	(11)	%	(12)	%	(12)	%	(14)	%	(13)	%
Total Revenues	$	8,329	$	3,893	$	12,222	$	8,232	$	3,660	$	11,892	1	%	6	%	3	%	1	%	3	%	2	%

** See "Use of Non-GAAP Financial Information".

(a) Includes Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues.

(b) Includes other mature brands.

(d) Worldwide (WW) includes U.S. and International (Int'l).

BRISTOL-MYERS SQUIBB COMPANY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(Unaudited, dollars in millions)


													Change vs. 2024
	2025						2024						GAAP						Excl. F/X**
	U.S.		Int'l(c)		WW(d)		U.S.		Int'l(c)		WW(d)		U.S.		Int'l(c)		WW(d)		U.S.		Int'l(c)		WW(d)
Growth Portfolio
Opdivo	$	4,293	$	3,063	$	7,356	$	3,927	$	2,898	$	6,825	9	%	6	%	8	%	9	%	7	%	8	%
Opdivo Qvantig	97		8		105		—		—		—		N/A		N/A		N/A		N/A		N/A		N/A
Orencia	1,987		710		2,697		2,020		662		2,682		(2)	%	7	%	1	%	(2)	%	7	%	—	%
Yervoy	1,300		790		2,090		1,171		684		1,855		11	%	15	%	13	%	11	%	15	%	13	%
Reblozyl	1,336		324		1,661		999		227		1,226		34	%	43	%	35	%	34	%	41	%	35	%
Opdualag	739		96		835		637		37		674		16	%	156	%	24	%	16	%	152	%	24	%
Breyanzi	709		257		966		382		102		484		86	%	153	%	100	%	86	%	145	%	98	%
Camzyos	578		137		714		342		37		379		69	%	>200%		88	%	69	%	>200%		88	%
Zeposia	278		139		418		288		120		408		(3)	%	16	%	2	%	(3)	%	13	%	2	%
Abecma	156		170		326		183		118		301		(15)	%	44	%	8	%	(15)	%	40	%	7	%
Sotyktu	126		80		206		126		37		163		—	%	112	%	26	%	—	%	110	%	25	%
Krazati	139		10		149		82		5		87		70	%	94	%	72	%	70	%	91	%	72	%
Cobenfy	104		—		105		—		—		—		N/A		N/A		N/A		N/A		N/A		N/A
Other Growth Products(a)	570		817		1,388		511		605		1,116		12	%	35	%	24	%	12	%	35	%	24	%
Total Growth Portfolio	12,413		6,603		19,016		10,668		5,532		16,200		16	%	19	%	17	%	16	%	19	%	17	%
Legacy Portfolio
Eliquis	7,930		3,060		10,991		7,410		2,728		10,138		7	%	12	%	8	%	7	%	9	%	8	%
Revlimid	2,027		322		2,349		3,830		604		4,434		(47)	%	(47)	%	(47)	%	(47)	%	(46)	%	(47)	%
Pomalyst/Imnovid	1,717		324		2,041		2,010		712		2,722		(15)	%	(55)	%	(25)	%	(15)	%	(55)	%	(25)	%
Sprycel	263		150		413		848		240		1,088		(69)	%	(37)	%	(62)	%	(69)	%	(37)	%	(62)	%
Abraxane	97		187		284		450		251		701		(79)	%	(25)	%	(59)	%	(79)	%	(23)	%	(59)	%
Other Legacy Products(b)	274		324		599		293		382		675		(7)	%	(14)	%	(11)	%	(7)	%	(14)	%	(11)	%
Total Legacy Portfolio	12,308		4,368		16,676		14,841		4,917		19,758		(17)	%	(11)	%	(16)	%	(17)	%	(12)	%	(16)	%
Total Revenues	$	24,721	$	10,971	$	35,692	$	25,509	$	10,449	$	35,958	(3)	%	5	%	(1)	%	(3)	%	4	%	(1)	%

** See "Use of Non-GAAP Financial Information".

(a) Includes Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues.

(b) Includes other mature brands.

(d) Worldwide (WW) includes U.S. and International (Int'l).

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES(a)

FOREIGN EXCHANGE IMPACT (%)


	Three Months Ended September 30, 2025			Nine Months Ended September 30, 2025
	Revenue Change %	F/X % Favorable/ (Unfavorable) **	Revenue Change % Ex- F/X **	Revenue Change %	F/X % Favorable/ (Unfavorable) **	Revenue Change % Ex- F/X **
Growth Portfolio
Opdivo	8%	3%	6%	6%	(1)%	7%
Opdivo Qvantig	N/A	N/A	N/A	N/A	N/A	N/A
Orencia	6%	2%	3%	7%	—%	7%
Yervoy	17%	4%	13%	15%	—%	15%
Reblozyl	35%	4%	31%	43%	2%	41%
Opdualag	122%	7%	115%	156%	4%	152%
Breyanzi	115%	10%	104%	153%	8%	145%
Camzyos	177%	9%	168%	>200%	NM	>200%
Zeposia	13%	6%	6%	16%	3%	13%
Abecma	80%	9%	71%	44%	4%	40%
Sotyktu	91%	4%	87%	112%	2%	110%
Krazati	144%	12%	133%	94%	3%	91%
Cobenfy	N/A	N/A	N/A	N/A	N/A	N/A
Other Growth Products(b)	22%	1%	21%	35%	—%	35%
Total Growth Portfolio	20%	3%	17%	19%	—%	19%
Legacy Portfolio
Eliquis	16%	6%	11%	12%	3%	9%
Revlimid	(55)%	—%	(56)%	(47)%	(1)%	(46)%
Pomalyst/Imnovid	(61)%	1%	(61)%	(55)%	—%	(55)%
Sprycel	(24)%	1%	(25)%	(37)%	(1)%	(37)%
Abraxane	(50)%	(1)%	(49)%	(25)%	(2)%	(23)%
Other Legacy Products(c)	(29)%	1%	(30)%	(14)%	—%	(14)%
Total Legacy Portfolio	(11)%	3%	(14)%	(11)%	1%	(12)%
Total Revenues	6%	3%	3%	5%	1%	4%

** See "Use of Non-GAAP Financial Information".

(a) Includes Puerto Rico.

(b) Includes Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE REVENUES(a)

FOREIGN EXCHANGE IMPACT (%)


	Three Months Ended September 30, 2025			Nine Months Ended September 30, 2025
	Revenue Change %	F/X % Favorable/ (Unfavorable) **	Revenue Change % Ex- F/X **	Revenue Change %	F/X % Favorable/ (Unfavorable) **	Revenue Change % Ex- F/X **
Growth Portfolio
Opdivo	7%	1%	6%	8%	—%	8%
Opdivo Qvantig	N/A	N/A	N/A	N/A	N/A	N/A
Orencia	3%	1%	2%	1%	—%	—%
Yervoy	15%	1%	14%	13%	—%	13%
Reblozyl	37%	1%	37%	35%	—%	35%
Opdualag	28%	1%	27%	24%	—%	24%
Breyanzi	60%	2%	58%	100%	2%	98%
Camzyos	89%	1%	88%	88%	1%	88%
Zeposia	9%	2%	7%	2%	1%	2%
Abecma	9%	4%	6%	8%	2%	7%
Sotyktu	21%	1%	20%	26%	—%	25%
Krazati	58%	1%	57%	72%	—%	72%
Cobenfy	N/A	N/A	N/A	N/A	N/A	N/A
Other Growth Products(b)	16%	1%	16%	24%	—%	24%
Total Growth Portfolio	18%	1%	17%	17%	—%	17%
Legacy Portfolio
Eliquis	25%	2%	23%	8%	1%	8%
Revlimid	(59)%	—%	(59)%	(47)%	—%	(47)%
Pomalyst/Imnovid	(25)%	—%	(25)%	(25)%	—%	(25)%
Sprycel	(59)%	—%	(59)%	(62)%	—%	(62)%
Abraxane	(71)%	—%	(70)%	(59)%	(1)%	(59)%
Other Legacy Products(c)	(21)%	—%	(21)%	(11)%	—%	(11)%
Total Legacy Portfolio	(12)%	1%	(13)%	(16)%	—%	(16)%
Total Revenues	3%	1%	2%	(1)%	—%	(1)%

** See "Use of Non-GAAP Financial Information".

(a) Worldwide (WW) includes U.S. and International (Int'l).

(b) Includes Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues.

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT *

(Unaudited, dollars in millions)


THREE MONTHS	2025			2024			Change $		Change %		Favorable / (Unfavorable) F/X $ **		2025 Excl. F/X **		Favorable / (Unfavorable) F/X % **		% Change Excl. F/X **









Revenues	$	12,222		$	11,892		$	330	3	%	$	119	$	12,103	1	%	2	%
Gross profit	8,787			8,935			(148)		(2)	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)	8,910			9,036			(126)		(1)	%	N/A		N/A		N/A		N/A

Gross margin(b)	71.9		%	75.1		%
Gross margin excluding specified items(a)	72.9		%	76.0		%

Selling, general and administrative	1,789			1,983			(194)		(10)	%	(8)		1,781		—	%	(10)	%
Selling, general and administrative excluding specified items(a)	1,788			1,976			(189)		(10)	%	(8)		1,780		—	%	(10)	%

Research and development	2,528			2,374			154		6	%	(11)		2,516		—	%	6	%
Research and development excluding specified items(a)	2,433			2,353			80		3	%	(11)		2,422		—	%	3	%




Operating margin(c)	36.6		%	38.5		%
Operating margin excluding specified items(a)	38.4		%	39.6		%





NINE MONTHS	2025			2024			Change $		Change %		Favorable / (Unfavorable) F/X $ **		2025 Excl. F/X **		Favorable / (Unfavorable) F/X % **		% Change Excl. F/X **
Revenues	$	35,692		$	35,958		$	(266)	(1)	%	$	69	$	35,623	—	%	(1)	%
Gross profit	25,853			26,802			(949)		(4)	%	N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)	26,006			27,221			(1,216)		(4)	%	N/A		N/A		N/A		N/A

Gross margin(b)	72.4		%	74.5		%
Gross margin excluding specified items(a)	72.9		%	75.7		%

Selling, general and administrative	5,086			6,278			(1,192)		(19)	%	—		5,086		—	%	(19)	%
Selling, general and administrative excluding specified items(a)	5,061			5,887			(826)		(14)	%	—		5,061		—	%	(14)	%

Research and development	7,365			7,968			(603)		(8)	%	(9)		7,355		—	%	(8)	%
Research and development excluding specified items(a)	6,931			6,994			(64)		(1)	%	(9)		6,922		—	%	(1)	%




Operating margin(c)	37.6		%	34.9		%
Operating margin excluding specified items(a)	39.3		%	39.9		%

* Foreign exchange impacts were derived 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.

** See "Use of Non-GAAP Financial Information".

(a) Refer to the Specified Items schedule below for further details.

(b) Represents Gross profit as a percentage of Revenues.

(c) Operating margin represents Gross profit less Selling, general and administrative expenses and Research and development expenses, as a percentage of Revenues.

BRISTOL-MYERS SQUIBB COMPANY

(Unaudited, dollars in millions)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024








Inventory purchase price accounting adjustments	$	13	$	13	$	38	$	34
Intangible asset impairment	—		—		—		280

Site exit and other costs	110		88		114		105
Cost of products sold	122		101		152		419

Acquisition related charges(a)	—		—		19		372
Site exit and other costs	1		7		6		19
Selling, general and administrative	1		7		25		391

IPRD impairments	85		—		385		590


Acquisition related charges(a)	—		—		—		348
Site exit and other costs	10		21		49		36
Research and development	95		21		434		974

Amortization of acquired intangible assets	831		2,406		2,491		7,179


Interest expense(b)	(12)		(12)		(36)		(37)
Provision for restructuring	75		78		432		558
Integration expenses	36		69		110		214
Litigation and other settlements	179		—		425		61

Acquisition expenses	—		—		5		50
Intangible asset impairment	—		47		—		47
Equity investment (gains)/losses	(190)		(13)		(92)		(222)



Contingent consideration	—		—		336		—
Other	10		106		10		116
Other (income)/expense, net	98		275		1,189		787

Increase to earnings/(loss) before income taxes	1,148		2,810		4,291		9,750

Income taxes on items above	(190)		(371)		(447)		(1,296)

Specified tax charge/(benefit)(c)	160		—		160		(502)



Income taxes	(31)		(371)		(287)		(1,798)

Increase to net earnings/(loss) attributable to BMS	$	1,117	$	2,439	$	4,004	$	7,952

(a) Includes cash settlement of unvested stock awards, and other related costs incurred in connection with recent acquisitions.

(b) Includes amortization of purchase price adjustments to Celgene debt.

(c) Includes additional reserves for certain transfer pricing matters in 2025 and the release of tax reserves related to the resolution of the Celgene 2017-2019 IRS audit in 2024.

BRISTOL-MYERS SQUIBB COMPANY

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

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


	Three Months Ended September 30, 2025									Nine Months Ended September 30, 2025
	GAAP			Specified Items(a)			Non-GAAP			GAAP			Specified Items(a)			Non-GAAP
Gross profit	$	8,787		$	122		$	8,910		$	25,853		$	152		$	26,006
Selling, general and administrative	1,789			(1)			1,788			5,086			(25)			5,061
Research and development	2,528			(95)			2,433			7,365			(434)			6,931
Amortization of acquired intangible assets	831			(831)			—			2,491			(2,491)			—
Other (income)/expense, net	(108)			(98)			(206)			725			(1,189)			(463)
Earnings/(Loss) before income taxes	3,114			1,148			4,262			7,858			4,291			12,149
Income tax provision	919			31			950			1,888			287			2,175
Net earnings/(loss) attributable to BMS used for diluted EPS calculation	$	2,201		$	1,117		$	3,318		$	5,967		$	4,004		$	9,971

Weighted-average common shares outstanding—diluted	2,039			2,039			2,039			2,039			2,039			2,039
Diluted earnings/(loss) per share	$	1.08		$	0.55		$	1.63		$	2.93		$	1.96		$	4.89

Effective tax rate	29.5		%	(7.2)		%	22.3		%	24.0		%	(6.1)		%	17.9		%

	Three Months Ended September 30, 2024									Nine Months Ended September 30, 2024
	GAAP			Specified Items(a)			Non-GAAP			GAAP			Specified Items(a)			Non-GAAP
Gross profit	$	8,935		$	101		$	9,036		$	26,802		$	419		$	27,221
Selling, general and administrative	1,983			(7)			1,976			6,278			(391)			5,887
Research and development	2,374			(21)			2,353			7,968			(974)			6,994
Amortization of acquired intangible assets	2,406			(2,406)			—			7,179			(7,179)			—
Other (income)/expense, net	234			(275)			(41)			588			(787)			(199)
Earnings/(Loss) before income taxes	1,676			2,810			4,486			(8,554)			9,750			1,196
Income tax provision	461			371			832			455			1,798			2,253
Net earnings/(loss) attributable to BMS used for diluted EPS calculation	$	1,211		$	2,439		$	3,650		$	(9,020)		$	7,952		$	(1,068)

Weighted-average common shares outstanding—diluted	2,031			2,031			2,031			2,026			2,026			2,026
Diluted earnings/(loss) per share	$	0.60		$	1.20		$	1.80		$	(4.45)		$	3.92		$	(0.53)

Effective tax rate	27.5		%	(9.0)		%	18.5		%	(5.3)		%	193.7		%	188.4		%

(a) Refer to the Specified Items schedule above for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate.

BRISTOL-MYERS SQUIBB COMPANY

NET DEBT CALCULATION

AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024

(Unaudited, dollars in millions)


	September 30, 2025		December 31, 2024

Cash and cash equivalents	$	15,726	$	10,346
Marketable debt securities - current	776		513
Marketable debt securities - non-current	406		320
Cash, cash equivalents and marketable debt securities	$	16,909	$	11,179
Short-term debt obligations	(4,509)		(2,046)
Long-term debt	(44,469)		(47,603)
Net debt position	$	(32,069)	$	(38,470)

Not for Product Promotional Use Q3 2025 Results October 30, 2025

Not for Product Promotional UseQ3 2025 Results 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, government actions and regulations, including with respect to pricing controls and market access and the imposition of new tariffs, trade restrictions and export regulations, including the potential for international reference pricing and most- favored nation drug pricing for our products, (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 measures, including non-GAAP earnings per share (EPS), to the most directly comparable GAAP measures is not provided because comparable GAAP measures 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 accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. 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. Certain information presented in the accompanying presentation may not add due to the use of rounded numbers.

Chris Boerner, PhD Board Chair and Chief Executive Officer 3 Q3 2025 Results

Not for Product Promotional UseQ3 2025 Results Q3 2025 Performance *See “Forward-Looking Statements and Non-GAAP Financial Information” 1. Not an exhaustive list of assets, programs or indications; 2. Subject to satisfaction of customary closing conditions; 3. 2025 Guidance excludes the impact of any potential future strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of future Acquired IPRD charges and licensing income; 4. October 2025 guidance was calculated using foreign exchange rates as of October 28, 2025 Global Net Sales: ~$12.2B +3% YoY; 2% Ex-FX* Financial Execution 2025 Guidance3,4 $5.8 $6.9 Q3 2024 Q3 2025 Growth Portfolio Net Sales: +18%; +17% Ex-FX* Achieved multiple clinical & regulatory milestones1 $ in billions Earnings Per Share (EPS): GAAP $1.08 & Non-GAAP* $1.63 Narrowing Non-GAAP EPS* $6.40 - $6.60 Raising Total Revenues (Reported Rates & Ex-FX*) ~$47.5 - $48.0B Key MilestonesCommercial Execution Executed strategic business development Includes ($0.20) charge from the net impact of Acquired IPR&D & licensing income 2 4 Iberdomide Anti-MTBR-tau Pumitamig CD19 NEX-T Iza-bren

Not for Product Promotional UseQ3 2025 Results 20252025 Entering data-rich period with multiple catalysts 2025–2027 key milestones * • • • • • Cobenfy Alzheimer’s Disease Psychosis (ADEPT-2) • CD19 NEX-T Autoimmune Diseases (Breakfree-1 & 2) • Krazati 1L NSCLC (TPS <50%) (KRYSTAL-17)2 • Iza-bren Advanced Solid Tumors3 • RYZ101 1L ES-SCLC • PRMT5 inhibitor NSCLC LCM pivotal data 2026 • Milvexian ACS & SSP (LIBREXIA) • Admilparant IPF (ALOFT-IPF) • Mezigdomide RRMM (SUCCESSOR-1 & 2) • Arlo-cel RRMM (QUINTESSENTIAL) • RYZ101 2L+ GEP-NETs (ACTION-1) NME registrational data Key next wave of early-stage data 2026 • Sotyktu SLE (POETYK SLE-1 & 2) • Cobenfy Alzheimer’s Disease Psychosis (ADEPT-4 & 1) 2026 • Golcadomide 1L FL (GOLSEEK-2) • MYK-224 HFpEF (AURORA) • FAAH/MAGL MSS (BALANCE-MSS-1) 2027 • AR LDD mCRPC (rechARge) 2027 • Anti-MTBR-tau Alzheimer’s Disease (TargetTau-1) • FAAH/MAGL ADA (BALANCE-AAD-1) 2027 • Milvexian AF (LIBREXIA) • Reblozyl 1L NTD MDS Associated Anemia (ELEMENT) • Sotyktu Sjogren’s Syndrome (POETYK SjS-1) • Cobenfy Bipolar-1 (BALSAM-1 & 2) *See “Forward-Looking Statements and Non-GAAP Financial Information” NME: New Molecular Entity, LCM: Life Cycle Management; 1. MRD negativity endpoint; 2. Enrolling 1L NSCLC, all-comers Phase 3 trial (KRYSTAL-4); 3. Global NSCLC trial conducted by SystImmune. Studies shown in light gray and italics have reported readouts 2025 • 5

David Elkins Executive Vice President and Chief Financial Officer 6 Q3 2025 Results

Not for Product Promotional UseQ3 2025 Results Revenue continues to transition to the Growth Portfolio $5.8 $6.9 $6.1 $5.4 Q3 2024 Q3 2025 Legacy Growth *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Other Growth Brands: Augtyro, Onureg, Inrebic, Nulojix, Empliciti, & Royalty Revenues $ in billions +18% YoY +17% Ex-FX * Growth Portfolio Legacy Portfolio Other Growth Brands1 Other Mature Brands $11.9 $12.2 7

Not for Product Promotional UseQ3 2025 Results Q3 2025 Oncology product summary *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Abraxane: Q3 2025 WW Sales $74M - YoY% (71%), (70%) Ex-FX*; 2. BMS Internal Analysis Global Net Sales1 $M YoY % Ex-FX* % $2,532 +7% +6% $739 +15% +14% $299 +28% +27% $67 --- --- $53 +58% +57% Opdivo • Global sales reflect demand growth • U.S. strong launch in MSI-high CRC & 1L NSCLC share growth • Ex-U.S. expanded indications across markets Opdualag • U.S. sales growth driven by demand as a SOC in 1L melanoma with consistent ~30% market share2 Qvantig • Increasing adoption from patients & providers across indicated tumor types • Permanent J-Code effective July 1, 2025 • EU launch gated by reimbursement timing 8

Not for Product Promotional UseQ3 2025 Results Global Net Sales $M YoY % Ex-FX* % $675 (25%) (25%) $615 +37% +37% $575 (59%) (59%) $359 +60% +58% $137 +9% +6% $119 (59%) (59%) Q3 2025 Hematology product summary *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Pomalyst: In the EU, generic pomalidomide products entered the market in August 2024; 2. Abecma Q3 2025 ex-US sales include a one-time GTN adjustment of $36M; 3. U.S. generic Sprycel launched September 1, 2024 1 Reblozyl • U.S. strong continued demand across 1L MDS- associated anemia and increasing duration of therapy • Ex-U.S. growth driven by demand & new launches across multiple markets • Annualizing >$2B in sales Breyanzi • Strong demand for Breyanzi across all indications, driven by continued growth in LBCL and recently approved indications • Annualizing >$1B in sales 9 2 3

Not for Product Promotional UseQ3 2025 Results 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Q 2 '2 2 Q 3 ’2 2 Q 4 ’2 2 Q 1 ’2 3 Q 2 ’2 3 Q 3 ’2 3 Q 4 ’2 3 Q 1 ’2 4 Q 2 ’2 4 Q 3 ’2 4 Q 4 ’2 4 Q 1 ’2 5 Q 2 '2 5 Q 3 '2 5 Camzyos U.S. Quarterly TRx1 Q3 2025 TRx: ~32.2K Q3 2025 Cardiovascular product summary Global Net Sales $M YoY % Ex-FX* % $3,746 +25% +23% $296 +89% +88% *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Symphony Health, an ICON plc Company, Metys® U.S. TRx data Eliquis • U.S. sales reflect demand growth & favorable impact of Medicare Part D Redesign (elimination of donut hole) • #1 OAC in key Ex-U.S. markets Camzyos • Continued strong U.S. demand in oHCM o ~14.1K patients on commercial drug (~1.6K added in Q3 2025) • Ex-U.S. continued launch momentum across multiple markets • Annualizing >$1B in sales 10 +11%

Not for Product Promotional UseQ3 2025 Results Q3 2025 Immunology product summary Global Net Sales $M YoY % Ex-FX* % $964 +3% +2% $80 +21% +20% *See “Forward-Looking Statements and Non-GAAP Financial Information” Sotyktu • U.S. TRx growth offset by rebates associated with improved access • ~80% of covered lives with zero step edits effective Jan. 1, 2025 • Ex-U.S. continued sales momentum 11

Not for Product Promotional UseQ3 2025 Results Q3 2025 Neuroscience product summary Global Net Sales $M YoY % Ex-FX* % $161 +9% +7% $43 --- --- Cobenfy • Strong and consistent feedback highlighting strength of efficacy on positive/negative symptoms and cognition • Continued focus to change deeply ingrained D2 prescribing habits through education 0 500 1,000 1,500 2,000 2,500 3,000 1 0 / 1 1 1 0 / 2 5 1 1 / 8 1 1 / 2 2 1 2 / 6 1 2 / 2 0 1 / 3 1 / 1 7 1 / 3 1 2 / 1 4 2 / 2 8 3 / 1 4 3 / 2 8 4 / 1 1 4 / 2 5 5 / 9 5 / 2 3 6 / 6 6 / 2 0 7 / 4 7 / 1 8 8 / 1 8 / 1 5 8 / 2 9 9 / 1 2 9 / 2 6 1 0 / 1 0 Cobenfy Weekly TRx2 *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Zeposia is primarily being marketed in MS; 2. IQVIA Weekly NPA (Rapid) & APLD as of Oct 17, 2025 1 12

Not for Product Promotional UseQ3 2025 Results US GAAP Non-GAAP $ in billions, except EPS Q3 2025 Q3 2024 Q3 2025 Q3 2024 Total Revenues, net 12.2 11.9 12.2 11.9 Gross Margin % 71.9% 75.1% 72.9% 76.0% Operating Expenses1 4.3 4.4 4.2 4.3 Acquired IPR&D 0.6 0.3 0.6 0.3 Amortization of Acquired Intangibles 0.8 2.4 - - Effective Tax Rate 29.5% 27.5% 22.3% 18.5% Diluted EPS 1.08 0.60 1.63 1.80 Diluted Shares Outstanding (# in millions) 2,039 2,031 2,039 2,031 Q3 2025 Financial Performance US P Non- P* Diluted EPS Impact from Acquired IPR&D2 (0.20) (0.09) (0.20) (0.09) *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Operating Expenses = SG&A and R&D; 2. Represents the net impact from Acquired IPRD & licensing income 13

Not for Product Promotional UseQ3 2025 Results Strategic approach to Capital Allocation 1. Cash includes cash, cash equivalents and marketable debt securities; 2. Relative to the total debt level as of March 31, 2024; 3. Subject to Board approval $B Q3 2025 Total Cash1 ~$16.9 Total Debt ~$49.0 • Pursue opportunities and partnerships to diversify portfolio & strengthen long-term outlook • Maintain strong investment-grade credit rating • On track to pay down ~$10B of debt by end of Q2 2026 with ~$6.7B achieved as of Q3 20252 Business Development Balance Sheet Strength Returning Cash to Shareholders • Remain committed to our dividend3 • ~$5B share repurchase authorization remaining as of September 30, 2025 Cash flow from Operations $B 14 $5.6 $4.4 $2.0 $3.9 $6.3 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025

Not for Product Promotional UseQ3 2025 Results Revised 2025 Guidance* 15 *The Company does not reconcile forward-looking non-GAAP measures. See “Forward-Looking Statements and Non-GAAP Financial Information”; 2025 Guidance excludes the impact of any potential future strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of future Acquired IPRD charges and licensing income; 1. July was calculated using foreign exchange rates as of July 25, 2025 and October was calculated using foreign exchange rates as of October 28, 2025; 2. Operating Expenses = SG&A and R&D Key HighlightsNon-GAAP1 July (Prior) Oct (Updated) Total FY Revenues (Reported & Ex-FX) ~$46.5 - $47.5B ~$47.5 - $48.0B Gross Margin % ~72% No change Operating Expenses2 ~$16.5B No change Other Income/ (Expense) ~$250M ~$500M Tax Rate ~18% No change Diluted EPS $6.35 - $6.65 $6.40 - $6.60 Acquired IPRD Charge Included in Diluted EPS $(0.60) $(0.80) • FY revenue vs. prior guidance primarily reflects ~$750M favorability from: • Growth Portfolio strength • Continue to expect: • Legacy Portfolio sales to decline ~15% - 17% • FY WW Revlimid sales to be ~$3B • OpEx reflects impact from investments and strategic productivity initiative • OI&E reflects higher royalties, licensing income, and interest income • EPS guidance includes net acquired IPRD charges of $0.80 per share through Q3 2025

Chris Boerner, PhD Board Chair, Chief Executive Officer David Elkins Executive VP, Chief Financial Officer Adam Lenkowsky Executive VP, Chief Commercialization Officer Cristian Massacesi, MD Executive VP, Chief Medical Officer, Global Drug Development 16 Q3 2025 Results Q&A