BRISTOL-MYERS SQUIBB COMPANY (Exact Name of Registrant as Specified in its Charter)

Transcription

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act Of 1934 Date of Report (Date of earliest event reported): July 23, 2015 BRISTOL-MYERS SQUIBB COMPANY (Exact Name of Registrant as Specified in its Charter) Delaware (State or Other Jurisdiction of Incorporation) (Commission File Number) 345 Park Avenue New York, NY (Address of Principal Executive Office) Registrant s telephone number, including area code: (212) (IRS Employer Identification Number) 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 ( seegeneral Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR ) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR e-4(c))

2 Item Results of Operations and Financial Condition. On July 23, 2015, Bristol-Myers Squibb Company (the Company ) issued a press release announcing its financial results for the second quarter of A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. Also furnished and incorporated by reference as Exhibit 99.2 is certain supplemental information posted on the Company s website at Item Financial Statements and Exhibits. (d) Exhibits Press release of Bristol-Myers Squibb Company dated July 23, Certain supplemental information posted on Bristol-Myers Squibb Company s website at not included in the press release.

3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BRISTOL-MYERS SQUIBB COMPANY Dated: July 23, 2015 By: /s/ Sandra Leung Name: Sandra Leung Title: General Counsel and Corporate Secretary

4 EXHIBIT INDEX Exhibit No. Description 99.1 Press release of Bristol-Myers Squibb Company dated July 23, Certain supplemental information posted on Bristol-Myers Squibb Company s website at not included in the press release.

5 Exhibit 99.1 Bristol-Myers Squibb Reports Second Quarter Financial Results Increases Revenues 7% to $4.2 Billion Posts Second Quarter GAAP Loss Per Share of $0.08 and Non-GAAP EPS of $0.53 Achieves Important Regulatory and Clinical Milestones for Opdivo(nivolumab) Approvals in Europe for Metastatic Melanoma and Metastatic Squamous Non-Small Cell Lung Cancer (NSCLC) Validation in Europe of Applications for Opdivoin Non-Squamous NSCLC and in Combination with Yervoy for Metastatic Melanoma Early Stop of CheckMate -02 5,a Phase 3 Study Evaluating in Patients with Renal Cell Carcinoma, After Data Demonstrates Superior Overall Survival Presents Significant New Data on Immuno-Oncology Portfolio at ASCO Increases 2015 GAAP EPS Guidance Range to $ $1.12 and Non-GAAP EPS Guidance Range to $ $1.80 ( NEW YORK, July 23, 2015) - Bristol-Myers Squibb Company (NYSE:BMY) today reported results for the second quarter of 2015, which were highlighted by strong global sales, key regulatory and clinical advances for Opdivoand significant clinical data on the company s Immuno-Oncology portfolio presented at the American Society of Clinical Oncology (ASCO). We had a very good quarter, with strong sales across our portfolio, encouraging results from clinical trials and important regulatory milestones, said Giovanni Caforio, M.D., chief executive officer, Bristol-Myers Squibb. I am excited by our progress in Immuno-Oncology as we continue to advance our leadership position and transform cancer treatment. As our Immuno-Oncology data continues to emerge, it is clear we have a tremendous opportunity, and we are making the right strategic investments to capitalize on the full potential of our portfolio. Second Quarter $ amounts in millions, except per share amounts Change Total Revenues $ 4,13 $ 3,889 7% GAAP Diluted EPS (0.08) 0.20 ** Non-GAAP Diluted EPS % ** In excess of +/- 100% 1

6 SECOND QUARTER FINANCIAL RESULTS Bristol-Myers Squibb posted second quarter 2015 revenues of $4.2 billion, an increase of 7% compared to the same period a year ago. Global revenues increased 1% adjusted for foreign exchange impact. U.S. revenues decreased 3% to $1.8 billion in the quarter compared to the same period a year ago. International revenues increased 17%. Gross margin as a percentage of revenues was 75.7% in the quarter compared to 74.5% in the same period a year ago. Marketing, selling and administrative expenses increased 2% to $98 million in the quarter. Advertising and product promotion spending decreased 11% to $17 million in the quarter. Research and development expenses increased 31% to $1.9 billion in the quarter, primarily due to the acquisition of Flexus Biosciences, Inc. The effective tax rate was 311.5% in the quarter, compared to 25.4% in the second quarter last year. The company reported net loss attributable to Bristol-Myers Squibb of $130 million, or $0.08 per share, in the quarter compared to net earnings of $333 million, or $0.20 per share, a year ago. The results in the current quarter include an $800 million R&D charge ($0.48 per share) resulting from the Flexus acquisition, which was not deductible for tax purposes. The company reported non-gaap net earnings attributable to Bristol-Myers Squibb of $890 million, or $0.53 per share, in the second quarter, compared to $798 million, or $0.48 per share, for the same period in An overview of specified items is discussed under the Use of Non-GAAP Financial Information section. Cash, cash equivalents and marketable securities were $10.1 billion, with a net cash position of $2.7 billion, as of June 30,

7 SECOND QUARTER PRODUCT AND PIPELINE UPDATE Bristol-Myers Squibb s global sales in the second quarter included Eliquis, which grew by $2 million, Orencia, which grew 15%, Sprycel, which grew 10%, and Opdivo,which had sales of $122 million. Daklinzaand Sunveprahad combined sales of $479 million, which includes $170 million of previously deferred revenue in France as part of an early access program before final pricing was obtained. Opdivo In July, the European Medicines Agency (EMA) validated two of the company s type II variation applications, which seek to extend the current indication for Opdivo. Validation of the applications confirms that the submissions are complete and starts the EMA's centralized review process. In lung cancer, the proposed new indication addresses the non-squamous, NSCLC population and is based on data from the Phase 3 CheckMate -057 study: Opdivoas monotherapy for the treatment of locally advanced or metastatic non-squamous NSCLC after prior chemotherapy in adults.in melanoma, the proposed new indication aims at extending the use of Opdivomonotherapy in combination with Yervoyfor the treatment of advanced (unresectable or metastatic) melanoma in adults and is based on data from the Phase 3 CheckMate -07 study, Phase 2 CheckMate -09 study and the Phase 1b CA study. In July, the European Commission (EC) approved Nivolumab BMS for the treatment of locally advanced or metastatic squamous NSCLC after prior chemotherapy. This approval marks the first major treatment advance in squamous NSCLC in more than a decade in the European Union (EU). Nivolumab is the first and only PD-1 immune checkpoint inhibitor to demonstrate overall survival in previously treated metastatic squamous NSCLC. This approval allows for the marketing of nivolumab in all 28 Member States of the EU. In July, the company announced that an open-label, randomized Phase 3 study evaluating Opdivoversus everolimus in previously treated patients with advanced or metastatic renal cell carcinoma (CheckMate -025) was stopped early because an assessment conducted by the independent Data Monitoring Committee concluded that the study met its endpoint, demonstrating superior overall survival in patients receiving Opdivocompared to the control arm. The company looks forward to sharing these data with health authorities soon. 3

8 In June, the EC approved Opdivofor the treatment of advanced (unresectable or metastatic) melanoma in adults, regardless of BRAF status. Opdivois the first PD-1 immune checkpoint inhibitor to have received EC approval, which allows Opdivoto be marketed in all 28 Member States of the EU. In June, the U.S. Food and Drug Administration (FDA) accepted for filing and review the supplemental Biologics License Application (sbla) for the Opdivo+Yervoyregimen in patients with previously untreated advanced melanoma, the first regulatory milestone for an immuno-oncology combination regimen in cancer. The FDA also granted Priority Review for this application, which includes data from CheckMate -09. The projected FDA action date is September 30, In May, during ASCO in Chicago, the company announced results from three Phase 3 trials for Opdivo: CheckMate In this study evaluating previously treated patients with advanced non-squamous NSCLC, Opdivo became the first PD-1 immune checkpoint inhibitor to demonstrate superior overall survival versus standard of care (docetaxel). A 27% reduction in the risk of progression or death - the primary study endpoint - was reported for Opdivoversus docetaxel. Opdivowas associated with a doubling of overall median survival across the continuum of PD-L1 expression, starting at 1% level of expression. The safety profile of Opdivoin CheckMate -057 was favorable versus docetaxel with grade 3-5 treatment-related adverse events reported in 10% of patients who were treated with Opdivoversus 54% in the docetaxel arm. CheckMate In this open-label, randomized study evaluating Opdivoversus docetaxel in previously treated patients with advanced squamous NSCLC, Opdivodemonstrated an overall survival rate of 42% at one year versus 24% for docetaxel, with a median overall survival of 9.2 months versus months, respectively. Opdivoreduced the risk of death by 41%. The safety profile of Opdivoin CheckMate -017 was consistent with prior studies and favorable versus docetaxel. The results were published in TheNewEnglandJournalofMedicine(NEJM). 4

9 CheckMate In this study evaluating the Opdivo+ Yervoyregimen and Opdivomonotherapy versus Yervoy monotherapy in patients with previously untreated advanced melanoma, both the Opdivo+ Yervoyregimen and Opdivomonotherapy demonstrated superiority to Yervoy, the current standard of care, for the co-primary endpoint of progression-free survival (PFS). Median PFS was 11.5 months for the Opdivo+ Yervoyregimen and.9 months for Opdivomonotherapy, versus 2.9 months for Yervoymonotherapy. The Opdivo+ Yervoyregimen demonstrated a 58% reduction in the risk of disease progression versus Yervoy, while Opdivomonotherapy demonstrated a 43% risk reduction versus Yervoymonotherapy. The trial is ongoing and patients continue to be followed for overall survival, a co-primary endpoint. Also at ASCO, the company announced results from an interim analysis of CA , a Phase 1-2 dose-ranging trial evaluating the safety and anti-tumor activity of Opdivoin previously treated patients with hepatocellular carcinoma or advanced liver cancer. The estimated survival rate in evaluable patients receiving Opdivowas 2% at 12 months. Results also show the safety profile of Opdivois generally consistent with that previously reported for Opdivoin other tumor types. In April, the FDA accepted for filing and review an sbla for Opdivofor the treatment of previously untreated patients with unresectable or metastatic melanoma. The FDA also granted Priority Review for this application. The projected FDA action date is August 27, Yervoy The company announced today that two YervoyPhase 3 trials, Study -095 in metastatic castration-resistant prostate cancer and Study -15 in newly diagnosed extensive-stage disease small cell lung cancer, did not meet their primary endpoints of overall survival versus standard of care and have been discontinued. No new safety concerns with Yervoywere identified in either study. The company will complete a full evaluation of the data and work with investigators on the future publication of the results. In July, the Japanese Ministry of Health, Labour and Welfare approved Yervoyfor first- and second-line treatment of unresectable malignant melanoma. 5

10 Elotuzumab In June, during ASCO and the European Hematology Association (EHA) meeting in Vienna, the company announced results from an interim analysis of ELOQUENT-2, a Phase 3, randomized, open-label trial that evaluated elotuzumab, an investigational immunostimulatory antibody, in combination with lenalidomide and dexamethasone versus lenalidomide and dexamethasone alone for the treatment of relapsed or refractory multiple myeloma. The study showed a 30% reduction in the risk of disease progression or death and a two-year PFS rate of 41% in the elotuzumab arm versus 27% in the control arm, respectively. Results also showed minimal incremental adverse events with the addition of elotuzumab to lenalidomide and dexamethasone. These results validate elotuzumab s novel mechanism of action of directly activating the immune system in patients with relapsed or refractory multiple myeloma and were published in NEJM. In June, at ASCO and EHA, the company also announced results from a randomized Phase 2 study that evaluated elotuzumab in combination with bortezomib and dexamethasone versus bortezomib and dexamethasone alone in patients with relapsed or refractory multiple myeloma which, consistent with ELOQUENT-2, demonstrated a 28% reduction in the risk of disease progression or death. Eliquis In June, at the International Society on Thrombosis and Haemostasis Congress in Toronto, the company, its partner Pfizer, and Portola Pharmaceuticals announced full results from the second part of ANNEXA -A, a Phase 3, registration-enabling study evaluating the safety and efficacy of andexanet alfa, an investigational antidote and FDA-designated breakthrough therapy, administered as an intravenous bolus followed by a continuous two-hour infusion to sustain the reversal of anticoagulation activity of Eliquisin healthy volunteers ages years. Andexanet alfa produced rapid reversal of the anticoagulant effect of Eliquis-as measured by anti-factor Xa activity, which was sustained for the duration of the infusion - and significantly reduced the level of free unbound Eliquisin the plasma and restored thrombin generation to normal.

11 HIV In July, the FDA granted Breakthrough Therapy Designation to the investigational compound BMS-308, a first-in-class HIV-1 attachment inhibitor, when used in combination with other antiretroviral agents for the treatment of HIV-1 infection in heavily treatment-experienced adult patients. In July, at the 8th International AIDS Society Conference on HIV Pathogenesis, Treatment and Prevention in Vancouver, the company announced additional Phase 2a proof-of-concept data for BMS-95517, a novel investigational agent designed to prevent the maturation of HIV-1. The study findings confirmed the antiretroviral activity of BMS when administered with atazanavir (± ritonavir) and support further development of the second-generation HIV-1 maturation inhibitor. Reyataz In June, the FDA granted pediatric exclusivity for Reyataz, providing an additional six-month period of exclusivity in the Daklinza U.S. In May, the FDA amended a previously granted Breakthrough Therapy Designation for the investigational combination of daclatasvir and sofosbuvir for use in hepatitis C (HCV) patients. The updated Designation reflects data from ALLY-1, a Phase 3 study of HCV genotype 1 patients with advanced cirrhosis (Child-Pugh Class B or C) and those who develop genotype 1 HCV recurrence post-liver transplant. The data were presented at The International Liver Congress in Vienna, Austria. Daclatasvir is marketed as Daklinzain Japan and the EU. Evotaz In July, the EC approved Evotaztablets in combination with other antiretroviral agents for the treatment of HIV-1 infected adults without known mutations associated with resistance to atazanavir. The approval allows for the marketing of Evotazin all 28 Member States of the EU. 7

12 Nulojix In May, during the American Transplant Congress in Philadelphia, the company presented results from a seven-year, longterm follow-up of BENEFIT, a prospective, randomized Phase 3 trial in kidney transplant patients. The study demonstrated a statistically significant 43% relative risk reduction of death or graft loss (transplant failure) in patients receiving the Nulojix FDA-approved dosing regimen over those receiving a cyclosporine regimen. There also was a statistically significant survival benefit of 52% relative risk reduction of death or graft loss at five years post-transplant among patients receiving the Nulojixregimen. In the long-term follow-up (years 3-7) on BENEFIT participants, the safety profile of the Nulojixregimen was similar to the cyclosporine regimen. ANNEXA is a trademark of Portola Pharmaceuticals, Inc. SECOND QUARTER BUSINESS DEVELOPMENT UPDATE In July, the company and The Medical University of South Carolina announced a translational research collaboration focused on fibrotic diseases, including scleroderma, renal fibrosis and idiopathic pulmonary fibrosis. The collaboration will include studies designed to improve the mechanistic understanding of fibrosis, explore patient segmentation based on disease characteristics and/or biomarker approaches and predictors of disease progression FINANCIAL GUIDANCE Bristol-Myers Squibb is increasing its 2015 GAAP EPS guidance range from $0.9 - $1.0 to $ $1.12. The company is also increasing its non-gaap EPS guidance range from $1.0 - $1.70 to $ $1.80. Both GAAP and non-gaap guidance assume current exchange rates and that the R&D tax credit will be extended by Congress in Key revised 2015 non-gaap lineitem guidance assumptions include: Worldwide revenues between $15.5 and $15.9 billion. Full-year gross margin as a percentage of revenues of approximately 7%. Advertising and promotion expense increasing in the high-single-digit range. Marketing, sales and administrative expenses decreasing in the low- to mid-single-digit range. 8

13 Research and development expenses increasing in the mid-single-digit range. An effective tax rate of approximately 19%. The financial guidance for 2015 excludes the impact of any potential future strategic acquisitions and divestitures, and any specified items that have not yet been identified and quantified. The non-gaap 2015 guidance also excludes other specified items as discussed under Use of Non-GAAP Financial Information. Details reconciling adjusted non-gaap amounts with the amounts reflecting specified items are provided in supplemental materials available on the company s website. Use of Non-GAAP Financial Information This press release contains non-gaap financial measures, including non-gaap earnings and related earnings per share information. These measures are adjusted to exclude certain costs, expenses, significant gains and losses and other specified items. Among the items in GAAP measures but excluded for purposes of determining adjusted earnings and other adjusted measures are: restructuring and other exit costs; accelerated depreciation charges; IPRD and asset impairments; charges and recoveries relating to significant legal proceedings; upfront, milestone and other payments for in-licensing or acquisition of products that have not achieved regulatory approval which are immediately expensed; pension settlement charges; significant tax events and additional charges related to the Branded Prescription Drug Fee. This information is intended to enhance an investor s overall understanding of the company s past financial performance and prospects for the future. Non-GAAP financial measures provide the company and its investors with an indication of the company s baseline performance before items that are considered by the company not to be reflective of the company s ongoing results. The company uses non-gaap gross profit, non-gaap marketing, selling and administrative expense, non-gaap research and development expense, and non-gaap other income and expense measures to set internal budgets, manage costs, allocate resources, and plan and forecast future periods. Non-GAAP effective tax rate measures are primarily used to plan and forecast future periods. Non-GAAP earnings and earnings per share measures are primary indicators the company uses as a basis for evaluating company performance, setting incentive compensation targets, and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. Statement on Cautionary Factors This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the company s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as "anticipate", "estimates", "should", "expect", "guidance", "project", "intend", "plan", "believe" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forwardlooking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, effects of the continuing implementation of governmental laws and regulations related to Medicare, Medicaid, Medicaid managed care organizations and entities under the Public Health Service 340B program, pharmaceutical rebates and reimbursement, market factors, 9

14 competitive product development and approvals, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, changes to business or tax planning strategies which take into account assumptions about the continued extension of the R&D tax credit, difficulties and delays in product development, manufacturing or sales including any potential future recalls, patent positions and the ultimate outcome of any litigation matter. These factors also include the company s ability to execute successfully its strategic plans, including its business development strategy, the expiration of patents or data protection on certain products, including assumptions about the company s ability to retain patent exclusivity of certain products, and the impact and result of governmental investigations. There can be no guarantees with respect to pipeline products that future clinical studies will support the data described in this release, that the compounds will receive necessary regulatory approvals, or that they will prove to be commercially successful; nor are there guarantees that regulatory approvals will be sought, or sought within currently expected timeframes, or that contractual milestones will be achieved. For further details and a discussion of these and other risks and uncertainties, see the company's periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Company and Conference Call Information Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information, please visit or follow us on Twitter at There will be a conference call on July 23, 2015, at 10:30 a.m. EDT during which company executives will review financial information and address inquiries from investors and analysts. Investors and the general public are invited to listen to a live webcast of the call at or by dialing in the U.S. toll free or international , confirmation code: Materials related to the call will be available at the same website prior to the conference call. For more information, contact: Ken Dominski, , ken.dominski@bms.com, Communications; John Elicker, , john.elicker@bms.com, Ranya Dajani, , ranya.dajani@bms.com or Bill Szablewski, , william.szablewski@bms.com, Investor Relations. 10

15 Three Months Ended June 30, Key Products Virology BRISTOL-MYERS SQUIBB COMPANY SELECTED PRODUCTS FOR THE THREE MONTHS ENDED JUNE 30, 2015 AND 2014 (Unaudited, dollars in millions) Worldwide Revenues U.S. Revenues % Change Baraclude $ 343 $ 39 (7)% $ 37 $ 84 (5)% % Change Hepatitis C Franchise 479 N/A N/A Reyataz Franchise (1)% (7)% Sustiva Franchise (12)% (3)% Oncology Erbitux (a) (9)% (7)% Opdivo 122 N/A 107 N/A Sprycel % % Yervoy (8)% (21)% Neuroscience Abilify (b) (81)% (84)% Immunoscience Orencia % % Cardiovascular Eliquis ** ** Mature Products and All Other (9)% % Total 4,13 3,889 7 % 1,837 1,901 (3)% Total Excluding Diabetes Alliance 4,099 3,82 % 1,834 1,901 (4)% ** In excess of 100% (a) (b) Erbitux is a trademark of ImClone LLC. ImClone LLC is a wholly-owned subsidiary of Eli Lilly and Company. Abilify is a trademark of Otsuka Pharmaceutical Co., Ltd. 11

16 Six Months Ended June 30, Key Products Virology BRISTOL-MYERS SQUIBB COMPANY SELECTED PRODUCTS FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2014 (Unaudited, dollars in millions) Worldwide Revenues U.S. Revenues % Change Baraclude $ 83 $ 775 (12)% $ 83 $ 154 (4)% % Change Hepatitis C Franchise 743 N/A N/A Reyataz Franchise (15)% (13)% Sustiva Franchise (11)% Oncology Erbitux ()% (4)% Opdivo 12 N/A 145 N/A Sprycel % % Yervoy % (1)% Neuroscience Abilify 1 1,095 (40)% (23)% Immunoscience Orencia % % Cardiovascular Eliquis ** ** Mature Products and All Other 1,33 1,745 (22)% (25)% Total 8,204 7,700 7 % 3,881 3, % Total Excluding Diabetes Alliance 8,08 7,494 8 % 3,878 3,552 9 % ** In excess of 100% 12

17 BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED STATEMENTS OF EARNINGS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2015 AND 2014 (Unaudited, dollars and shares in millions except per share data) Three Months Ended June 30, Six Months Ended June 30, Net product sales $ 3,572 $ 2,770 $,31 $ 5,577 Alliance and other revenues 591 1,119 1,573 2,123 Total Revenues 4,13 3,889 8,204 7,700 Cost of products sold 1, ,80 1,959 Marketing, selling and administrative ,82 1,908 Advertising and product promotion Research and development 1,85 1,41 2,872 2,32 Other (income)/expense 107 (104) (192) (312) Total Expenses 4,111 3,441,704,27 Earnings Before Income Taxes ,500 1,433 Provision for Income Taxes Net Earnings/(Loss) (110) 334 1,089 1,270 Net Earnings Attributable to Noncontrolling Interest Net Earnings/(Loss) Attributable to BMS $ (130) $ 333 $ 1,05 $ 1,270 Average Common Shares Outstanding: Basic 1,7 1,57 1,5 1,55 Diluted 1,7 1,9 1,77 1,8 Earnings/(Loss) per Common Share Basic $ (0.08) $ 0.20 $ 0.3 $ 0.77 Diluted $ (0.08) $ 0.20 $ 0.3 $ 0.7 Other (Income)/Expense Interest expense $ 49 $ 4 $ 100 $ 100 Investment income (2) (28) (5) (51) Provision for restructuring Litigation charges/(recoveries) 4 (20) 1 9 Equity in net income of affiliates (22) (33) (48) (9) Out-licensed intangible asset impairment 13 Gain on sale of product lines, businesses and assets (8) 7 (12) (252) Other alliance and licensing income (124) (144) (285) (252) Pension curtailments, settlements and special termination benefits Loss on debt redemption Other (10) 7 (53) 12 Other (income)/expense $ 107 $ (104) $ (192) $ (312) 13

18 BRISTOL-MYERS SQUIBB COMPANY SPECIFIED ITEMS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2015 AND 2014 (Unaudited, dollars in millions) Three Months Ended June 30, Six Months Ended June 30, Cost of products sold (a) $ 25 $ 39 $ 59 $ 84 Marketing, selling and administrative (b) Upfront, milestone and other payments , IPRD impairments Accelerated depreciation and other shutdown costs 2 2 Research and development , Provision for restructuring Gain on sale of product lines, businesses and assets (8) 12 (10) (247) Pension curtailments, settlements and special termination benefits Acquisition and alliance related items 17 (3) 33 Litigation charges/(recoveries) 1 (23) 15 2 Out-licensed intangible asset impairment 13 Loss on debt redemption Upfront, milestone and other licensing receipts Other (income)/expense (21) Increase to pretax income 1, , Income tax on items above (11) (102) (184) (281) Increase to net earnings $ 1,020 $ 45 $ 1,027 $ 294 (a) Specified items in cost of products sold are accelerated depreciation, asset impairment and other shutdown costs. (b) Specified items in marketing, selling and administrative are process standardization implementation costs. 14

19 BRISTOL-MYERS SQUIBB COMPANY RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS FOR THE THREE MONTHS ENDED JUNE 30, 2015 AND 2014 (Unaudited, dollars in millions) Three Months Ended June 30, 2015 GAAP Gross Profit $ 3,150 $ 25 $ 3,175 Marketing, selling and administrative 98 (3) 95 Research and development 1,85 (871) 985 Other (income)/expense 107 (237) (130) Effective Tax Rate 311.5% (288.1)% 23.4% Specified Items* Non GAAP Three Months Ended June 30, 2014 GAAP Gross Profit $ 2,898 $ 39 $ 2,937 Marketing, selling and administrative 951 (3) 948 Research and development 1,41 (458) 958 Other (income)/expense (104) (7) (171) Effective Tax Rate 25.4% (4.1)% 21.3% * Refer to the Specified Items schedule for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate. Specified Items* Non GAAP 15

20 BRISTOL-MYERS SQUIBB COMPANY RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2014 (Unaudited, dollars in millions) Six Months Ended June 30, 2015 GAAP Gross Profit $,344 $ 59 $,403 Marketing, selling and administrative 1,82 (4) 1,858 Research and development 2,872 (1,033) 1,839 Other (income)/expense (192) (115) (307) Effective Tax Rate 27.4% (5.5)% 21.9% Specified Items* Non GAAP Six Months Ended June 30, 2014 GAAP Gross Profit $ 5,741 $ 84 $ 5,825 Marketing, selling and administrative 1,908 () 1,902 Research and development 2,32 (50) 1,85 Other (income)/expense (312) 21 (291) Effective Tax Rate 11.4% 10.7 % 22.1% * Refer to the Specified Items schedule for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate. Specified Items* Non GAAP 1

21 BRISTOL-MYERS SQUIBB COMPANY RECONCILIATION OF NON-GAAP EPS TO GAAP EPS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2015 AND 2014 (Unaudited, dollars and shares in millions except per share data) Three Months Ended June 30, Six Months Ended June 30, Net Earnings/(Loss) Attributable to BMS used for Diluted EPS Calculation - GAAP $ (130) $ 333 $ 1,05 $ 1,270 Less Specified Items* 1, , Net Earnings used for Diluted EPS Calculation Non-GAAP $ 890 $ 798 $ 2,083 $ 1,54 Weighted-average Common Shares Outstanding - Diluted - GAAP 1,7 1,9 1,77 1,8 Contingently convertible debt common stock equivalents Incremental shares attributable to share-based compensation plans 10 Weighted-average Common Shares Outstanding - Diluted - Non-GAAP 1,77 1,9 1,77 1,8 Diluted Earnings/(Loss) Per Share GAAP $ (0.08) $ 0.20 $ 0.3 $ 0.7 Diluted EPS Attributable to Specified Items Diluted Earnings Per Share Non-GAAP $ 0.53 $ 0.48 $ 1.24 $ 0.94 * Refer to the Specified Items schedule for further details. 17

22 BRISTOL-MYERS SQUIBB COMPANY NET CASH/(DEBT) CALCULATION AS OF JUNE 30, 2015 AND MARCH 31, 2015 (Unaudited, dollars in millions) June 30, 2015 March 31, 2015 Cash and cash equivalents $ 4,199 $,294 Marketable securities - current 1,277 1,313 Marketable securities - long term 4,32 4,279 Cash, cash equivalents and marketable securities 10,108 11,88 Short-term borrowings and current portion of long-term debt (755) (330) Long-term debt (,15) (7,127) Net cash position $ 2,738 $ 4,429 18

23 Exhibit 99.2 BRISTOL-MYERS SQUIBB COMPANY QUARTERLY TREND ANALYSIS OF REVENUES (Unaudited, dollars in millions) Revenues % Change FX Impact 1st 2nd Months 3rd 9 Months 4th Year 1st 2nd Months 3rd 9 Months 4th Year Total $ 3,811 $ 3,889 $ 7,700 $ 3,921 $ 11,21 $ 4,258 $ 15,879 $ 4,041 $ 4,13 $ 8,204 7% 7% (9)% (7)% US and Puerto Rico 1,75 1,901 3, 1,98 5,34 2,082 7,71 2,044 1,837 3,881 (3)% % Europe , , , ,75 7% (5)% (23)% (19)% Rest of the World , , ,459 1,019 1,124 2,143 39% 31% (1)% (14)% Other , (15)% (21)% N/A N/A vs. vs. vs. vs. % of Revenues st 2nd Months 3rd 9 Months 4th Year 1st 2nd Months Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% US and Puerto Rico 4.3% 48.9% 47.% 50.2% 48.5% 48.9% 48.% 50.% 44.1% 47.3% Europe 24.9% 23.3% 24.1% 20.8% 23.0% 21.7% 22.% 19.4% 23.4% 21.4% Rest of the World 21.8% 20.9% 21.3% 21.4% 21.3% 23.0% 21.8% 25.2% 27.0% 2.1% Other 7.0%.9% 7.0% 7.% 7.2%.4% 7.0% 4.8% 5.5% 5.2% 3rd 9 Months 4th Year 1

24 BRISTOL-MYERS SQUIBB COMPANY EARNINGS FROM OPERATIONS (Unaudited, dollars and shares in millions except per share data) 1st 2nd % Change Months 3rd 9 Months 4th Year 1st 2nd Months 3rd 9 Months 4th Year vs. vs. Net product sales $ 2,807 $ 2,770 $ 5,577 $ 2,843 $ 8,420 $ 3,240 $ 11,0 $ 3,059 $ 3,572 $,31 29% 19% Alliance and other revenues 1,004 1,119 2,123 1,078 3,201 1,018 4, ,573 (47)% (2)% Total Revenues $ 3,811 $ 3,889 $ 7,700 $ 3,921 $ 11,21 $ 4,258 $ 15,879 $ 4,041 $ 4,13 $ 8,204 7% 7% Cost of products sold ,959 1,007 2,9 9 3, ,013 1,80 2% (5)% Marketing, selling and administrative ,908 1,029 2,937 1,151 4, ,82 2% (2)% Advertising and product promotion (11)% (14)% Research and development 94 1,41 2, ,345 1,189 4,534 1,01 1,85 2,872 31% 22% Other (income)/expense (208) (104) (312) (277) (589) (299) 107 (192) ** (38)% Total Expenses 2,82 3,441,27 2,913 9,180 4,318 13,498 2,593 4,111,704 19% 7% Earnings/(Loss) Before Income Taxes $ 985 $ 448 $ 1,433 $ 1,008 $ 2,441 $ (0) $ 2,381 $ 1,448 $ 52 $ 1,500 (88)% 5% Provision for Income Taxes (87) % ** Net Earnings/(Loss) $ 93 $ 334 $ 1,270 $ 732 $ 2,002 $ 27 $ 2,029 $ 1,199 $ (110) $ 1,089 ** (14)% Net Earnings/(Loss) Attributable to Noncontrolling Interest (1) ** N/A Net Earnings/(Loss) Attributable to BMS $ 937 $ 333 $ 1,270 $ 721 $ 1,991 $ 13 $ 2,004 $ 1,18 $ (130) $ 1,05 ** (17)% Diluted Earnings/(Loss) per Common Share* $ 0.5 $ 0.20 $ 0.7 $ 0.43 $ 1.19 $ 0.01 $ 1.20 $ 0.71 $ (0.08) $ 0.3 ** (17)% Average Common Shares Outstanding - Diluted 1, 1,9 1,8 1,70 1,8 1,73 1,70 1,7 1,7 1,77 1% Dividends declared per common share $ 0.3 $ 0.3 $ 0.72 $ 0.3 $ 1.08 $ 0.37 $ 1.45 $ 0.37 $ 0.37 $ % 3% % of Total Revenues 1st 2nd Months 3rd 9 Months 4th Year 1st 2nd Months 3rd 9 Months 4th Year Gross Margin 74.% 74.5% 74.% 74.3% 74.5% 77.3% 75.2% 79.0% 75.7% 77.3% Other Ratios Effective tax rate 5.0% 25.4% 11.4% 27.4% 18.0% 145.0% 14.8% 17.2% 311.5% 27.4% Other (Income)/Expense % Change 1st 2nd Months 3rd 9 Months 4th Year 1st 2nd Months 3rd 9 Months 4th Year Interest expense $ 54 $ 4 $ 100 $ 50 $ 150 $ 53 $ 203 $ 51 $ 49 $ 100 7% Investment income (23) (28) (51) (20) (71) (30) (101) (30) (2) (5) (7)% 10% Provision for restructuring % 8% Litigation charges/(recoveries) 29 (20) ** 78% Equity in net income of affiliates (3) (33) (9) (12) (81) (2) (107) (2) (22) (48) (33)% (30)% Out-licensed intangible asset impairment N/A N/A Gain on sale of product lines, businesses and assets (259) 7 (252) (315) (57) 3 (54) (154) (8) (12) ** (3)% Other alliance and licensing income (108) (144) (252) (102) (354) (50) (404) (11) (124) (285) (14)% 13% Pension curtailments, settlements and special termination benefits (20)% (42)% vs. vs.

25 Loss on debt redemption N/A ** Other (43) (10) (53) ** ** $ (208) $ (104) $ (312) $ (277) $ (589) $ 799 $ 210 $ (299) $ 107 $ (192) ** (38)% * Quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations. ** In excess of +/- 100% 2

26 BRISTOL-MYERS SQUIBB COMPANY RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT FOR THE PERIOD ENDED JUNE 30, 2015 (Unaudited, dollars in millions) QUARTER-TO-DATE Growth $ Growth % Favorable / (Unfavorable) FX Impact $ * 2015 Excluding FX Favorable / (Unfavorable) FX Impact % * Growth % Excluding FX Revenues $ 4,13 $ 3,889 $ 274 7% $ (342) $ 4,505 (9)% 1% Gross profit 3,150 2, % N/A N/A N/A N/A Gross profit excluding specified items (a) 3,175 2, % N/A N/A N/A N/A Gross profit excluding specified items as a % of revenues 7.3% 75.5% Marketing, selling and administrative % 72 1,040 7% 9% Marketing, selling and administrative excluding specified items (a) % 72 1,037 7% 9% Advertising and product promotion (20) (11)% % (4)% SG&A excluding specified items as a % of revenues 27.2% 29.2% Research and development 1,85 1, % 23 1,879 2% 33% Research and development excluding specified items (a) % 23 1,008 2% 5% Research and development excluding specified items as a % of revenues 23.7% 24.% YEAR-TO-DATE Growth $ Growth % Favorable / (Unfavorable) FX Impact $ * 2015 Excluding FX Favorable / (Unfavorable) FX Impact % * Growth % Excluding FX Revenues $ 8,204 $ 7,700 $ 504 7% $ (598) $ 8,802 (7)% 14% Gross profit,344 5, % N/A N/A N/A N/A Gross profit excluding specified items (a),403 5, % N/A N/A N/A N/A Gross profit excluding specified items as a % of revenues 78.0% 75.% Marketing, selling and administrative 1,82 1,908 (4) (2)% 125 1,987 % 4% Marketing, selling and administrative excluding specified items (a) 1,858 1,902 (44) (2)% 125 1,983 % 4% Advertising and product promotion (48) (14)% % (8)% SG&A excluding specified items as a % of revenues 2.3% 29.2% Research and development 2,872 2, % 44 2,91 1% 23% Research and development excluding specified items (a) 1,839 1,85 (17) (1)% 44 1,883 2% 1% Research and development excluding specified items as a % of revenues 22.4% 24.1% (a) Refer to the Specified Items schedule for further details. * Foreign exchange (FX) impact determined by the change in a line item's current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact. 3

27 BRISTOL-MYERS SQUIBB COMPANY WORLDWIDE REVENUES FROM OPERATIONS BY PRODUCT QUARTERLY REVENUES TREND ANALYSIS AND RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT (Unaudited, dollars in millions) Growth $ % Change EX-FX FX Impact 1st 2nd Months 3rd 9 Months 4th Year 1st 2nd 3rd Months 9 4th Months Year vs. vs. vs. vs. QTD $ $ vs. % vs. % vs. vs. TOTAL $3,811 $3,889 $ 7,700 $3,921 $11,21 $4,258 $15,879 $4,041 $4,13 $ 8,204 $ 274 $ 504 7% 7% $ 4,505 $ 8,802 1% 14% (9)% (7)% Virology (a) Baraclude , , (2) (92) (7)% (12)% % (5)% (8)% (7)% Hepatitis C Franchise (b) N/A N/A N/A N/A N/A N/A Reyataz Franchise , , (59) (109) (1)% (15)% (11)% (10)% (5)% (5)% Sustiva Franchise (c) , , (44) (73) (12)% (11)% (12)% (10)% (1)% Oncology (a) Erbitux (17) (21) (9)% ()% (9)% ()% Opdivo N/A N/A N/A N/A N/A N/A Sprycel , , % 10% % 19% (10)% (9)% Yervoy , (25) 29 (8)% 5% % 14% (10)% (9)% Neuroscience (a) Abilify (d) , , , (448) (434) (81)% (40)% (80)% (39)% (1)% (1)% Immunoscience (a) Orencia (e) , , % 13% % 19% (7)% ()% Cardiovascular (a) Eliquis ** ** ** ** N/A N/A Mature Products and All Othe r (f) , , , ,33 (70) (382) (9)% (22)% 778 1,47 (2)% (1)% (7)% ()% Total Excluding Diabetes Alliance 3,32 3,82 7,494 3,879 11,373 4,211 15,584 3,987 4,099 8, % 8% 4,441 8,84 15% 1% (9)% (8)% ** In excess of 100% (a) Key products listed do not represent all products in the respective therapeutic areas. (b) Includes Daklinza (daclatasvir) and Sunvepra (asunaprevir) revenues of $382M and $97M for the three months ended June 30, 2015, respectively, and $52M and $181M for the six months ended June 30, 2015, respectively. (c) (d) (e) (f) The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla. Includes alliance and other revenue of $27M and $313M for the three months ended June 30, 2015 and 2014, respectively, and $527M and $585M for the six months ended June 30, 2015 and 2014, respectively. Includes alliance and other revenue of $70M and $499M for the three months ended June 30, 2015 and 2014, respectively, and $578M and $940M for the six months ended June 30, 2015 and 2014, respectively. Includes Orencia SubQ revenues of $207M and $10M for the three months ended June 30, 2015 and 2014, respectively, and $383M and $29M for the six months ended June 30, 2015 and 2014, respectively. Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue. Includes Diabetes Alliance revenues of $4M and $27M for the three months ended June 30, 2015 and 2014, respectively, and $118M and $20M for the six months ended June 30, 2015 and 2014, respectively. 4

28 BRISTOL-MYERS SQUIBB COMPANY DOMESTIC REVENUES FROM OPERATIONS BY PRODUCT QUARTERLY REVENUES TREND ANALYSIS (Unaudited, dollars in millions) % Change 1st 2nd Months 3rd 9 Months 4th Year 1st 2nd Months 3rd 9 Months 4th Year TOTAL (a) $ 1,75 $ 1,901 $ 3, $ 1,98 $ 5,34 $ 2,082 $ 7,71 $ 2,044 $ 1,837 $ 3,881 (3)% % Virology Baraclude (5)% (4)% Reyataz Franchise (7)% (13)% Sustiva Franchise (b) , (3)% Oncology Erbitux (7)% (4)% Opdivo N/A N/A Sprycel % 25% Yervoy (21)% (1)% Neuroscience Abilify , , (84)% (23)% Immunoscience Orencia (c) , % 18% Cardiovascular Eliquis ** ** vs. vs. Mature Products and All Other (d) % (25)% Total Excluding Diabetes Alliance 1,51 1,901 3,552 1,98 5,520 2,08 7,0 2,044 1,834 3,878 (4)% 9% ** In excess of 100% (a) Domestic revenues include United States and Puerto Rico. (b) The Sustiva Franchise includes sales of Sustiva, as well as revenue from sales of bulk efavirenz included in the combination therapy, Atripla. (c) Includes Orencia SubQ revenues of $13M and $105M for the three months ended June 30, 2015 and 2014, respectively, and $247M and $198M for the six months ended June 30, 2015 and 2014, respectively. (d) Represents all other products sold in the U.S., including those which have lost exclusivity in major markets. 5

29 BRISTOL-MYERS SQUIBB COMPANY INTERNATIONAL REVENUES FROM OPERATIONS BY PRODUCT QUARTERLY REVENUES TREND ANALYSIS (Unaudited, dollars in millions) 1st 2nd Months 3rd % Change FX Impact 9 Months 4th Year 1st 2nd Months 3rd 9 Months 4th Year TOTAL $ 2,04 $ 1,988 $ 4,034 $ 1,953 $ 5,987 $ 2,17 $ 8,13 $ 1,997 $ 2,32 $ 4,323 17% 7% (17)% (15)% Virology Baraclude , % (3)% (10)% (8)% Hepatitis C Franchise (a) N/A N/A N/A N/A Reyataz Franchise (25)% (18)% (10)% (11)% Sustiva Franchise (b) Oncology (38)% (38)% (2)% (1)% Erbitux (50)% (37)% (3)% (2)% Opdivo N/A N/A N/A N/A Sprycel (2)% (2)% (17)% (17)% Yervoy % 11% (20)% (20)% Neuroscience Abilify (c) (71)% (7)% (3)% (3)% Immunoscience Orencia % 4% (19)% (18)% Cardiovascular Eliquis ** ** N/A N/A vs. vs. vs. vs. Mature Products and All Other (d) , , , ,114 (17)% (21)% (8)% (7)% Total Excluding Diabetes Alliance 1,981 1,91 3,942 1,911 5,853 2,125 7,978 1,943 2,25 4,208 1% 7% (17)% (15)% ** In excess of 100% (a) Includes Daklinza (daclatasvir) revenues of $382M and Sunvepra (asunaprevir) revenues of $97M for the three months ended June 30, 2015 and $52M and $181M for the six months ended, June 30, 2015, respectively. (b) (c) (d) The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla. Includes revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue.

30 BRISTOL-MYERS SQUIBB COMPANY RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS (Unaudited, dollars in millions) 1st 2nd Months 3rd 9 Months 4th Year 1st 2nd Months 3rd 9 Months 4th Year Gross Profit $ 2,843 $ 2,898 $ 5,741 $ 2,914 $ 8,55 $ 3,292 $ 11,947 $ 3,194 $ 3,150 $,344 Specified items (a) Gross profit excluding specified items 2,888 2,937 5,825 2,950 8,775 3,323 12,098 3,228 3,175,403 Marketing, selling and administrative ,908 1,029 2,937 1,151 4, ,82 Specified items (a) (3) (3) () (98) (104) (1) (105) (1) (3) (4) Marketing, selling and administrative excluding specified items , ,833 1,150 3, ,858 Research and development 94 1,41 2, ,345 1,189 4,534 1,01 1,85 2,872 Specified items (a) (48) (458) (50) (5) (571) (50) (21) (12) (871) (1,033) Research and development excluding specified items , ,774 1,139 3, ,839 Other (income)/expense (208) (104) (312) (277) (589) (299) 107 (192) Specified items (a) 88 (7) (850) (2) 122 (237) (115) Other (income)/expense excluding specified items (120) (171) (291) (74) (35) (51) (41) (177) (130) (307) Effective Tax Rate 5.0% 25.4 % 11.4% 27.4 % 18.0% % 14.8% 17.2% % 27.4 % Specified items (a) 18.0% (4.1)% 10.7% (3.2)% 4.8% (135.0)% 5.1% 3.% (288.1)% (5.5)% Effective Tax Rate excluding specified items 23.0% 21.3 % 22.1% 24.2 % 22.8% 10.0 % 19.9% 20.8% 23.4 % 21.9 % (a) Refer to the Specified Items schedule for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate. 7

31 BRISTOL-MYERS SQUIBB COMPANY SPECIFIED ITEMS (Unaudited, dollars in millions) 1st 2nd Months 3rd Months 4th Year 1st Cost of products sold (a) $ 45 $ 39 $ 84 $ 3 $ 120 $ 31 $ 151 $ 34 $ 25 $ 59 2nd Months 3rd 9 Months 4th Year Additional year of Branded Prescription Drug Fee Process standardization implementation costs Marketing, selling and administrative Upfront, milestone and other payments ,031 IPRD impairments Accelerated depreciation and other shutdown costs 2 2 Research and development ,033 Provision for restructuring Gain on sale of product lines, businesses and assets (259) 12 (247) (315) (52) 3 (559) (152) (8) (10) Pension curtailments, settlements and special termination benefits Acquisition and alliance related items (b) (3) (3) Litigation charges/(recoveries) 25 (23) Out-licensed intangible asset impairment Loss on debt redemption Upfront, milestone and other licensing receipts (10) (10) Other (income)/expense (88) 7 (21) (203) (224) (122) Increase/(decrease) to pretax income (4) , ,13 1,211 Income tax on items above (179) (102) (281) 33 (248) (297) (545) (8) (11) (184) Specified tax charge (c) Income taxes (179) (102) (281) 33 (248) (174) (422) (8) (11) (184) Increase/(decrease) to net earnings $ (171) $ 45 $ 294 $ 29 $ 323 $ 758 $1,081 $ 7 $1,020 $ 1,027 (a) Specified items in cost of products sold are accelerated depreciation, asset impairment and other shutdown costs. (b) Includes $1 million of additional year of Branded Prescription Drug Fee in the third quarter of (c) The 2014 specified tax charge relates to transfer pricing matters. 8