BRISTOL MYERS SQUIBB CO

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1 BRISTOL MYERS SQUIBB CO FORM 8-K (Current report filing) Filed 07/24/14 for the Period Ending 07/24/14 Address 345 PARK AVE NEW YORK, NY Telephone CIK Symbol BMY SIC Code Pharmaceutical Preparations Industry Biotechnology & Drugs Sector Healthcare Fiscal Year 12/31 Copyright 2014, EDGAR Online, Inc. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use.

2 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 24, 2014 (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 ( see General 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))

3 Item Results of Operations and Financial Condition. On July 24, 2014, 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 24, Certain supplemental information posted on Bristol-Myers Squibb Company s website at not included in the press release.

4 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. Dated: July 24, 2014 By: /s/ Sandra Leung Name: Sandra Leung Title: General Counsel and Corporate Secretary

5 EXHIBIT INDEX Exhibit No. Description 99.1 Press release of Bristol-Myers Squibb Company dated July 24, Certain supplemental information posted on Bristol-Myers Squibb Company s website at not included in the press release.

6 Exhibit 99.1 Bristol-Myers Squibb Reports Second Quarter 2014 Financial Results Posts Second Quarter GAAP EPS of $0.20 and Non-GAAP EPS of $0.48 Achieves Important Regulatory Milestones across Portfolio Approval for Daklinza+Sunvepra Dual Regimen in Japan Positive Advisory Opinions for Daklinza and Eliquis in Europe Plans for Third Quarter Submission of a Biologics License Application in the U.S. for Opdivo for Previously Treated Advanced Melanoma Announces Strategic Immuno-Oncology Collaboration with Ono Pharmaceutical Co., Ltd. Adjusts 2014 GAAP EPS Guidance Range to $1.50-$1.60 and Confirms Non-GAAP EPS Guidance Range of $1.70-$1.80 NEW YORK (July 24, 2014) - Bristol-Myers Squibb Company (NYSE:BMY) today reported financial results for the second quarter of 2014, which was highlighted by strong global sales for the company s key brands; the achievement of important regulatory milestones for key brands in Japan, Europe and the U.S.; a new strategic immuno-oncology collaboration agreement with Ono Pharmaceutical Co., Ltd.; and the initiation of several research collaborations that will strengthen the company s leadership position in immuno-oncology. In addition, the company adjusted 2014 GAAP guidance and confirmed 2014 non-gaap guidance. During the second quarter we delivered strong financial and operating results, invested in key business development opportunities, and achieved important regulatory milestones for products in HCV and immuno-oncology, said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. These results reflect the promise of our late-stage pipeline, the strong performance of our in-line products and the continued success of our strategy in driving growth for the company. $ amounts in millions, except per share amounts Second Quarter Change Total Revenues $ 3,889 $ 4,048 (4)% GAAP Diluted EPS (38)% Non-GAAP Diluted EPS % 1

7 SECOND QUARTER FINANCIAL RESULTS Bristol-Myers Squibb posted second quarter 2014 revenues of $3.9 billion, a decrease of 4% compared to the same period a year ago. Excluding the divested Diabetes Alliance, global revenues increased 7%. U.S. revenues decreased 7% to $1.9 billion in the quarter compared to the same period a year ago. International revenues decreased 1% to $2.0 billion. Gross margin as a percentage of revenues was 74.5% in the quarter compared to 72.6% in the same period a year ago. Marketing, selling and administrative expenses decreased 9% to $951 million in the quarter. Advertising and product promotion spending decreased 14% to $187 million in the quarter. Research and development expenses increased 49% to $1.4 billion in the quarter and included impairment and acquisition-related charges of $458 million. The effective tax rate on earnings before income taxes was 25.4% in the quarter, compared to 0% in the second quarter last year. Income taxes in the second quarter last year reflect a more favorable earnings mix between high and low tax jurisdictions, primarily driven by specified items. The company reported net earnings attributable to Bristol-Myers Squibb of $333 million, or $0.20 per share, in the quarter compared to $536 million, or $0.32 per share, a year ago. The company reported non-gaap net earnings attributable to Bristol-Myers Squibb of $798 million, or $0.48 per share, in the second quarter, compared to $730 million, or $0.44 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 $11.1 billion, with a net cash position of $3.3 billion, as of June 30,

8 SECOND QUARTER PRODUCT AND PIPELINE UPDATE Bristol-Myers Squibb s global sales in the second quarter included Eliquis, which grew by $159 million, Yervoy, which grew 38%, Sprycel, which grew 18%, and Orencia, which grew 14%. Daklinza+Sunvepra In July, the company announced that the Japanese Ministry of Health, Labor and Welfare has approved Daklinza (daclatasvir), the company s potent, pan-genotypic NS5A replication complex inhibitor ( in vitro ), and Sunvepra (asunaprevir), the company s NS3/4A protease inhibitor. The approvals are Japan s first for an all-oral, interferon- and ribavirin-free treatment regimen for patients with genotype 1 chronic hepatitis C virus infection, particularly those with compensated cirrhosis. The Daklinza + Sunvepra Dual Regimen provides a new treatment alternative that can lead to cure for many patients in Japan who currently have no treatment options. Daklinza and Sunvepra are expected to be commercially available in Japan in early September. In June, the company announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency has adopted a positive opinion recommending that Daklinza be granted approval for use in combination with other medicinal products for the treatment of chronic hepatitis C virus infection in adults. This is the first positive opinion given by the CHMP for an NS5A inhibitor. It will now be reviewed by the European Commission (EC), which has the authority to approve medicines for all European Union (EU) member states plus Iceland and Norway. In April, the company announced the submission of New Drug Applications (NDAs) for Daklinza and Sunvepra to the U.S. Food and Drug Administration (FDA). The data submitted in the NDAs support use of the Daklinza + Sunvepra Dual Regimen in patients with genotype 1b hepatitis C. The Daklinza NDA also seeks approval for use of this compound in combination with other agents for multiple genotypes. The FDA accepted the submissions for filing and assigned both submissions priority review with a user fee goal date of November 30,

9 Opdivo In July, the company announced that, following discussions with the FDA, the company is planning a third quarter submission of a Biologics License Application (BLA) for Opdivo (nivolumab) for previously treated advanced melanoma. This will mark the second tumor type for which Bristol-Myers Squibb has a regulatory submission under way for Opdivo in the U.S. In April, the company initiated a rolling BLA submission for Opdivo in third-line squamous cell non-small cell lung cancer (NSCLC). The company expects to complete the first submission by the end of the year. In June, the company announced that a randomized, blinded comparative Phase III study evaluating Opdivo versus dacarbazine in patients with previously untreated BRAF wild-type advanced melanoma (CheckMate -066) was stopped early because an analysis conducted by the independent Data Monitoring Committee showed evidence of superior overall survival in patients receiving Opdivo compared to the control arm. Also in June, at the American Society of Clinical Oncology (ASCO) meeting in Chicago, the company announced results from several clinical trials for Opdivo, both as monotherapy and in combination with Yervoy, in advanced cancers of the lungs, skin and kidneys. Bristol-Myers Squibb is at the forefront of research and discovery in the field of immuno-oncology and these data add to the growing body of research from its leading immuno-oncology pipeline, further supporting the scientific rationale for the potential of these checkpoint inhibitors as single agents or as part of a combination regimen. In May, the FDA granted Opdivo Breakthrough Therapy Designation for the treatment of patients with Hodgkin lymphoma after failure of autologous stem cell transplant and brentuximab. The designation is based on data from a cohort of patients with Hodgkin lymphoma in the company s ongoing Phase Ib study of relapsed and refractory hematological malignancies. Eliquis In July, the company and its partner, Pfizer, announced that the first patient has enrolled in a Phase IV clinical trial assessing the effectiveness and safety of Eliquis in patients with nonvalvular atrial fibrillation undergoing cardioversion. 4

10 In June, the company and its partner, Pfizer, announced that CHMP has adopted a positive opinion recommending that Eliquis be granted marketing authorization for the treatment of deep vein thrombosis (DVT) and pulmonary embolism (PE), and the prevention of recurrent DVT and PE, in adults. The CHMP s positive opinion will now be reviewed by the EC, which has the authority to approve medicines for all EU member states plus Iceland and Norway. Elotuzumab In May, the company and its partner, AbbVie, announced that the FDA has granted elotuzumab, an investigational humanized monoclonal antibody, Breakthrough Therapy Designation for use in combination with lenalidomide and dexamethasone for the treatment of multiple myeloma in patients who have received one or more prior therapies. The designation is based on findings from a randomized Phase II, openlabel study that evaluated two dose levels of elotuzumab in combination with lenalidomide and low-dose dexamethasone in previouslytreated patients, including the 10 mg/kg dose that is being studied in Phase III trials. Yervoy In June, at the ASCO meeting in Chicago, the company announced results from a Phase III randomized, double-blind study demonstrating that Yervoy 10 mg/kg (n=475) significantly improved recurrence-free survival (RFS, the length of time before recurrence or death) vs. placebo (n=476) for patients with Stage 3 melanoma who are at high risk of recurrence following complete surgical resection, an adjuvant setting. A 25% reduction in the risk of recurrence or death was observed. At three years, an estimated 46.5% of patients treated with Yervoy were free of disease recurrence compared to an estimated 34.8% of patients on placebo. The median RFS was 26.1 months for Yervoy vs months for placebo, with a median follow-up of 2.7 years. Orencia In June, at the European League Against Rheumatism meeting in Paris, the company presented data from the Phase IIIb AVERT trial showing that treatment with Orencia, a T-cell co-stimulation modulator, in combination with methotrexate (MTX) achieved significantly higher rates of DAS-defined (DAS28 CRP <2.6) remission at 12 months than treatment with standard of care agent MTX (60.9% vs. 45.2%, respectively), in biologic and MTX-naïve patients with early active rheumatoid arthritis (RA). A small but statistically significantly higher number of patients treated with Orencia plus MTX, versus MTX alone, for 12 months maintained remission 6 months after all RA treatment, including Orencia, MTX or steroids, was withdrawn. 5

11 Baraclude In June, the U.S. Court of Appeals for the Federal Circuit denied the company s appeal of a February 2013 ruling by the U.S. District Court for the District of Delaware that found invalid the patent covering Baraclude (U.S. patent 5,206,244). In July, the company filed a petition for an en banc rehearing of the case by the full U.S. Court of Appeals. SECOND QUARTER BUSINESS DEVELOPMENT UPDATE In July, the company and Ono Pharmaceutical Co., Ltd., signed a collaboration agreement to jointly develop and commercialize Opdivo, Yervoy and three immunotherapy agents in early clinical development as single agents and combination regimens in Japan, South Korea and Taiwan. Also in July, Ono announced that Opdivo received manufacturing and marketing approval in Japan for the treatment of unresectable melanoma. Opdivo is the first PD-1 immune checkpoint inhibitor to receive regulatory approval anywhere in the world. In June, the company and Syngene International announced a five-year extension of their drug discovery and development collaboration at the Biocon Bristol-Myers Squibb Research Center in Bangalore, India. In May, the company announced a clinical trial collaboration with Incyte Corporation to evaluate the safety, tolerability and preliminary efficacy of a combination regimen of Opdivo and INCB24360, Incyte s oral indoleamine dioxygenase-1 inhibitor, in a Phase I/II study. In May, the company also announced a clinical trial collaboration with Celldex Therapeutics to evaluate the safety, tolerability and preliminary efficacy of Opdivo and varlilumab, Celldex s CD27 targeting investigational antibody, in a Phase I/II study. Multiple tumor types will be explored in the study, which could potentially include NSCLC, metastatic melanoma, ovarian, colorectal and squamous cell head and neck cancers. In May, the company and CytomX Therapeutics announced a worldwide research collaboration and license agreement to discover, develop and commercialize novel therapies against multiple immuno-oncology targets using CytomX s proprietary Probody Platform. 6

12 SECOND QUARTER RESEARCH & DEVELOPMENT UPDATE In June, the company announced a collaboration with Duke University, through its Duke Clinical Research Institute (DCRI), that will focus on clinical trial transparency. The company will expand access to a broader set of clinical trial information from in-scope companysponsored studies and enable an independent scientific review through DCRI of requests from researchers that meet pre-specified requirements FINANCIAL GUIDANCE Bristol-Myers Squibb is adjusting its 2014 GAAP EPS guidance range from $1.70-$1.80 to $1.50-$1.60 as a result of impairment and expected additional restructuring charges. The company is also confirming its non-gaap EPS guidance range of $1.70-$1.80. Both GAAP and non-gaap guidance assume current exchange rates and that we retain exclusivity on Baraclude sales in the U.S. at least through the end of Key 2014 non-gaap line-item guidance assumptions remain unchanged. The financial guidance for 2014 does not include the impact of any potential strategic acquisition and divestitures, or any specified items that have not yet been identified and quantified. The non-gaap 2014 guidance also excludes 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 of products that have not achieved regulatory approval which are immediately expensed; net amortization of acquired intangible assets and deferred income related to Amylin; pension settlement charges ; and significant tax events. 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. 7

13 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 forward-looking 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, 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 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. 8

14 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 24, 2014, 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 , confirmation code: Materials related to the call will be available at the same website prior to the conference call. For more information, contact: Laura Hortas, , laura.hortas@bms.com, Communications; John Elicker, , john.elicker@bms.com, Ranya Dajani, , ranya.dajani@bms.com, or Ryan Asay, , ryan.asay@bms.com, Investor Relations. 9

15 SELECTED PRODUCTS FOR THE THREE MONTHS ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars in millions) Worldwide Revenues U.S. Revenues % Change Three Months Ended June 30, Key Products Virology Baraclude $ 369 $ 371 (1)% $ 84 $ % Reyataz (16)% (16)% Sustiva Franchise (12)% (3)% Oncology Erbitux (a) % % Sprycel % % Yervoy % % Neuroscience Abilify (b) (1)% % Immunoscience Orencia % % Cardiovascular Eliquis ** 94 5 ** % Change Diabetes Alliance (94 )% 320 (100 )% Mature Products and All Other % (8 )% Total 3,889 4,048 (4 )% 1,901 2,045 (7 )% Total Excluding Diabetes Alliance 3,862 3,610 7 % 1,901 1, % ** 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. 10

16 SELECTED PRODUCTS FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars in millions) Worldwide Revenues U.S. Revenues % Change Six Months Ended June 30, Key Products Virology Baraclude $ 775 $ % $ 154 $ % Reyataz (11)% (12)% Sustiva Franchise (15)% (6)% Oncology Erbitux % % Sprycel % % Yervoy % % Neuroscience Abilify 1,095 1,085 1 % % Immunoscience Orencia % % Cardiovascular Eliquis ** ** % Change Diabetes Alliance (74 )% (81 )% Mature Products and All Other 1,539 1,571 (2 )% (25 )% Total 7,700 7,879 (2 )% 3,666 4,016 (9 )% Total Excluding Diabetes Alliance 7,494 7,083 6 % 3,552 3,404 4 % ** In excess of 100% 11

17 CONSOLIDATED STATEMENTS OF EARNINGS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars and shares in millions except per share data) Three Months Ended June 30, Six Months Ended June 30, Net product sales $ 2,770 $ 3,024 $ 5,577 $ 5,981 Alliance and other revenues 1,119 1,024 2,123 1,898 Total Revenues 3,889 4,048 7,700 7,879 Cost of products sold 991 1,108 1,959 2,171 Marketing, selling and administrative 951 1,042 1,908 2,036 Advertising and product promotion Research and development 1, ,362 1,881 Other (income)/expense (104) 199 (312) 180 Total Expenses 3,441 3,518 6,267 6,675 Earnings Before Income Taxes ,433 1,204 Provision for Income Taxes Net Earnings ,270 1,153 Net Earnings/(Loss) Attributable to Noncontrolling Interest 1 (6) 8 Net Earnings Attributable to BMS $ 333 $ 536 $ 1,270 $ 1,145 Earnings per Common Share Basic $ 0.20 $ 0.33 $ 0.77 $ 0.70 Diluted $ 0.20 $ 0.32 $ 0.76 $ 0.69 Average Common Shares Outstanding: Basic 1,657 1,644 1,655 1,641 Diluted 1,669 1,660 1,668 1,658 Other (Income)/Expense Interest expense $ 46 $ 50 $ 100 $ 100 Investment income (28) (28) (51) (53) Provision for restructuring Litigation charges/(recoveries) (20) (22) 9 (22) Equity in net income of affiliates (33) (50) (69) (86) Gain on sale of product lines, businesses and assets 7 (252) (1) Other alliance and licensing income (144) (32) (252) (89) Pension curtailments, settlements and special termination benefits Other Other (income)/expense $ (104) $ 199 $ (312) $

18 SPECIFIED ITEMS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars in millions) Three Months Ended June 30, Six Months Ended June 30, Accelerated depreciation, asset impairment and other shutdown costs $ 39 $ $ 84 $ Amortization of acquired Amylin intangible assets Amortization of Amylin alliance proceeds (67) (134) Amortization of Amylin inventory adjustment 14 Cost of products sold Marketing, selling and administrative* Upfront, milestone and other payments IPRD impairments Research and development Provision for restructuring Gain on sale of product lines, businesses and assets 12 (247) Pension curtailments, settlements and special termination benefits Acquisition and alliance related items 17 (10) 33 (10) Litigation charges/(recoveries) (23) (23) 2 (23) Loss on debt redemption 45 Upfront, milestone and other licensing receipts (14) Other (income)/expense (21) 258 Increase to pretax income Income tax on items above (102) (116) (281) (151) Increase to net earnings $ 465 $ 194 $ 294 $ 264 * Specified items in marketing, selling and administrative are process standardization implementation costs. 13

19 RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS FOR THE THREE MONTHS ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars in millions) Three months ended June 30, 2014 Gross Profit $ 2,898 $ 39 $ 2,937 Marketing, selling and administrative 951 (3) 948 Research and development 1,416 (458) 958 Other (income)/expense (104) (67) (171) Effective Tax Rate 25.4 % (4.1)% 21.3 % GAAP Specified Items* Non GAAP Three months ended June 30, 2013 Gross Profit $ 2,940 $ 70 $ 3,010 Marketing, selling and administrative 1,042 (1) 1,041 Research and development Other (income)/expense 199 (239) (40) Effective Tax Rate 13.8 % 13.8 % * 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. GAAP Specified Items* Non GAAP 14

20 RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars in millions) Six Months Ended June 30, 2014 Gross Profit $ 5,741 $ 84 $ 5,825 Marketing, selling and administrative 1,908 (6) 1,902 Research and development 2,362 (506) 1,856 Other (income)/expense (312) 21 (291) Effective Tax Rate 11.4 % 10.7 % 22.1 % GAAP Specified Items* Non GAAP Six Months Ended June 30, 2013 Gross Profit $ 5,708 $ 155 $ 5,863 Marketing, selling and administrative 2,036 (2) 2,034 Research and development 1,881 1,881 Other (income)/expense 180 (258) (78) Effective Tax Rate 4.2 % 8.3 % 12.5 % * 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. GAAP Specified Items* Non GAAP 15

21 RECONCILIATION OF NON-GAAP EPS TO GAAP EPS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars and shares in millions except per share data) Three Months Ended June 30, Six Months Ended June 30, Net Earnings Attributable to BMS used for Diluted EPS Calculation - GAAP $ 333 $ 536 $ 1,270 $ 1,145 Less Specified Items* Net Earnings used for Diluted EPS Calculation Non-GAAP $ 798 $ 730 $ 1,564 $ 1,409 Average Common Shares Outstanding Diluted 1,669 1,660 1,668 1,658 Diluted Earnings Per Share GAAP $ 0.20 $ 0.32 $ 0.76 $ 0.69 Diluted EPS Attributable to Specified Items Diluted Earnings Per Share Non-GAAP $ 0.48 $ 0.44 $ 0.94 $ 0.85 * Refer to the Specified Items schedule for further details. 16

22 NET CASH/(DEBT) CALCULATION AS OF JUNE 30, 2014 AND MARCH 31, 2014 (Unaudited, dollars in millions) June 30, 2014 March 31, 2014 Cash and cash equivalents $ 4,282 $ 5,225 Marketable securities - current 2,893 1,834 Marketable securities - long term 3,876 3,558 Cash, cash equivalents and marketable securities 11,051 10,617 Short-term borrowings and current portion of long-term debt (365) (281) Long-term debt (7,372) (7,367) Net cash position $ 3,314 $ 2,969 17

23 Exhibit 99.2 QUARTERLY TREND ANALYSIS OF REVENUES (Unaudited, dollars in millions) Revenues % Change FX Impact 1st 2nd 6 Months 3rd 9 Months 4th Year 1st 2nd 6 Months 3rd 9 Months 4th Year Total $ 3,831 $ 4,048 $ 7,879 $ 4,065 $ 11,944 $ 4,441 $ 16,385 $ 3,811 $ 3,889 $ 7,700 (4)% (2)% US and Puerto Rico 1,971 2,045 4,016 2,037 6,053 2,265 8,318 1,765 1,901 3,666 (7)% (9)% Europe , ,881 1,049 3, ,856 (4)% (2)% 4% 3% Rest of the World , , , ,641 (3)% 3% (4)% (5)% Other % 46% vs. YTD vs. YTD vs. YTD vs. YTD % of Revenues st 2nd 6 Months 3rd 9 Months 4th Year 1st 2nd 6 Months 3rd 9 Months 4th Year Total 100.0% 100.0% % 100.0% % 100.0% % % 100.0% % US and Puerto Rico 51.4% 50.5 % 51.0% 50.1 % 50.7 % 51.0 % 50.8 % 46.3 % 48.9 % 47.6 % Europe 24.7% 23.5 % 24.1% 24.2 % 24.1 % 23.6 % 24.0 % 24.9 % 23.3 % 24.1 % Rest of the World 20.0% 20.6 % 20.3% 19.8 % 20.1 % 20.0 % 20.1 % 21.8 % 20.9 % 21.3 % Other 3.9% 5.4% 4.6 % 5.9% 5.1 % 5.4% 5.1 % 7.0 % 6.9% 7.0 % 1

24 REVENUES AND COMPOSITION OF CHANGE IN REVENUES FOR THE PERIOD ENDED JUNE 30, 2014 (Unaudited, dollars in millions) QUARTER-TO-DATE Revenues Analysis of % Change Total Change Volume Price Foreign Exchange US and Puerto Rico $ 1,901 $ 2,045 (7)% (12)% 5% Europe (4)% (1)% (7)% 4% Rest of the World (3)% 3% (2)% (4)% Other % N/A N/A Total $ 3,889 $ 4,048 (4)% (5)% 1% YEAR-TO-DATE Revenues Analysis of % Change Total Change Volume Price Foreign Exchange US and Puerto Rico $ 3,666 $ 4,016 (9)% (12)% 3% Europe 1,856 1,896 (2)% 2% (7)% 3% Rest of the World 1,641 1,600 3% 10% (2)% (5)% Other % N/A N/A Total $ 7,700 $ 7,879 (2)% (2)% 2

25 EARNINGS FROM OPERATIONS (Unaudited, dollars and shares in millions except per share data) % Change 1st 2nd 6 Months 3rd 9 Months 4th Year 1st 2nd 6 Months 3rd 9 Months 4th Year Net product sales $ 2,957 $ 3,024 $ 5,981 $ 3,025 $ 9,006 $ 3,298 $ 12,304 $ 2,807 $ 2,770 $ 5,577 (8)% (7)% Alliance and other revenues 874 1,024 1,898 1,040 2,938 1,143 4,081 1,004 1,119 2,123 9% 12% Total Revenues $ 3,831 $ 4,048 $ 7,879 $ 4,065 $ 11,944 $ 4,441 $ 16,385 $ 3,811 $ 3,889 $ 7,700 (4)% (2)% vs. YTD vs. YTD Cost of products sold 1,063 1,108 2,171 1,175 3,346 1,273 4, ,959 (11)% (10)% Marketing, selling and administrative 994 1,042 2, ,016 1,068 4, ,908 (9)% (6)% Advertising and product promotion (14)% (14)% Research and development , , , ,416 2,362 49% 26% Other (income)/expense (19 ) (208 ) (104 ) (312 ) ** ** Total Expenses 3,157 3,518 6,675 3,247 9,922 3,572 13,494 2,826 3,441 6,267 (2)% (6)% Earnings Before Income Taxes $ 674 $ 530 $ 1,204 $ 818 $ 2,022 $ 869 $ 2,891 $ 985 $ 448 $ 1,433 (15)% 19% Provision for Income Taxes ** Net Earnings $ 623 $ 530 $ 1,153 $ 692 $ 1,845 $ 735 $ 2,580 $ 936 $ 334 $ 1,270 (37)% 10% Net Earnings/(Loss) Attributable to Noncontrolling Interest 14 (6) (1) 1 ** (100)% Net Earnings Attributable to BMS $ 609 $ 536 $ 1,145 $ 692 $ 1,837 $ 726 $ 2,563 $ 937 $ 333 $ 1,270 (38)% 11% Diluted Earnings per Common Share* $ 0.37 $ 0.32 $ 0.69 $ 0.42 $ 1.11 $ 0.44 $ 1.54 $ 0.56 $ 0.20 $ 0.76 (38)% 10% Average Common Shares Outstanding - Diluted 1,655 1,660 1,658 1,662 1,659 1,666 1,662 1,666 1,669 1,668 1% 1% Dividends declared per common share $ 0.35 $ 0.35 $ 0.70 $ 0.35 $ 1.05 $ 0.36 $ 1.41 $ 0.36 $ 0.36 $ % 3% % of Total Revenues 1st 2nd 6 Months 3rd 9 Months 4th Year 1st 2nd 6 Months 3rd 9 Months 4th Year Gross Margin 72.3 % 72.6 % 72.4 % 71.1 % 72.0 % 71.3 % 71.8 % 74.6 % 74.5 % 74.6 % Other Ratios Effective tax rate 7.6 % 4.2 % 15.4 % 8.8 % 15.4 % 10.8 % 5.0 % 25.4 % 11.4 % Other (Income)/Expense % Change 1st 2nd 6 Months 3rd 9 Months 4th Year 1st 2nd 6 Months 3rd 9 Months 4th Year Interest expense $ 50 $ 50 $ 100 $ 46 $ 146 $ 53 $ 199 $ 54 $ 46 $ 100 (8)% Investment income (25 ) (28 ) (53 ) (23 ) (76 ) (28 ) (104 ) (23 ) (28 ) (51 ) 4% Provision for restructuring (91)% (82)% Litigation charges/ (recoveries) (22) (22) 17 (5) (20) 9 9% ** Equity in net income of affiliates (36) (50) (86) (42) (128) (38) (166) (36) (33) (69) 34% 20% Gain on sale of product lines, businesses and assets (1) (1) (1) (1) (2) (259) 7 (252) N/A ** Other alliance and licensing income (57) (32) (89) (31) (120) (28) (148) (108) (144) (252) ** ** Pension curtailments, settlements and special termination benefits (55)% 8% Other (5 ) 19 (4 ) ** $ (19 ) $ 199 $ 180 $ 5 $ 185 $ 20 $ 205 $ (208 ) $ (104 ) $ (312 ) ** ** vs. YTD vs. YTD * Quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations. ** In excess of 100% 3

26 RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT FOR THE PERIOD ENDED JUNE 30, 2014 (Unaudited, dollars in millions) QUARTER-TO-DATE Growth $ Growth % Favorable / (Unfavorable) FX Impact $ * 2014 Excluding FX Favorable / (Unfavorable) FX Impact % * Growth % Excluding FX Revenues $ 3,889 $ 4,048 (159) (4)% $ 10 $ 3,879 (4)% Gross profit 2,898 2,940 (42 ) (1)% N/A N/A N/A N/A Gross profit excluding specified items (a) 2,937 3,010 (73 ) (2)% N/A N/A N/A N/A Gross profit excluding specified items as a % of revenues 75.5 % 74.4 % Marketing, selling and administrative 951 1,042 (91 ) (9)% (9)% Marketing, selling and administrative excluding specified items (a) 948 1,041 (93 ) (9)% (9)% Advertising and product promotion (31 ) (14)% 187 (14)% SG&A excluding specified items as a % of revenues 29.2 % 31.1 % Research and development 1, % (4 ) 1,412 (1)% 48% Research and development excluding specified items (a) % (4 ) 954 (1)% Research and development excluding specified items as a % of revenues 24.6 % 23.5 % YEAR-TO-DATE Growth $ Growth % Favorable / (Unfavorable) FX Impact $ * 2014 Excluding FX Favorable / (Unfavorable) FX Impact % * Growth % Excluding FX Revenues $ 7,700 $ 7,879 (179) (2)% $ (14 ) $ 7,714 (2)% Gross profit 5,741 5, % N/A N/A N/A N/A Gross profit excluding specified items (a) 5,825 5,863 (38 ) (1)% N/A N/A N/A N/A Gross profit excluding specified items as a % of revenues 75.6 % 74.4 % Marketing, selling and administrative 1,908 2,036 (128) (6)% 11 1,919 (6)% Marketing, selling and administrative excluding specified items (a) 1,902 2,034 (132) (6)% 11 1,913 (6)% Advertising and product promotion (57 ) (14)% (14)% SG&A excluding specified items as a % of revenues 29.2 % 31.0 % Research and development 2,362 1, % (2 ) 2,360 (1)% 25% Research and development excluding specified items (a) 1,856 1,881 (25 ) (1)% (2 ) 1,854 (1)% Research and development excluding specified items as a % of revenues 24.1 % 23.9 % (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. 4

27 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) TOTAL Virology (a) 1st 2nd 6 Months Growth $ % Change EX-FX FX Impact 3rd 9 Months 4th Year 1st 2nd 6 Months 3rd $ 3,831 $ 4,048 $ 7,879 $ 4,065 $ 11,944 $ 4,441 $ 16,385 $ 3,811 $ 3,889 $ 7,700 $ (159 ) $ (179 ) (4)% (2)% $ 3,879 $ 7,714 (4)% (2)% 9 Months 4th Year vs. YTD vs. YTD vs. YTD vs. YTD QTD EX-FX $ YTD EX-FX $ vs. % YTD vs. YTD % vs. YTD vs. YTD Baraclude Reyataz , , (2 ) 38 (1)% 5% (1)% 6% 1% (1)% , , (69 ) (86 ) (16)% (11)% (15)% (10)% (1)% (1)% Sustiva Franchise (b) , , (50 ) (118 ) (12)% (15)% (13)% (16)% 1% 1% Oncology (a) Erbitux Sprycel Yervoy Neuroscience (a) Abilify (c) Immunoscience (a) Orencia (d) Cardiovascular (a) Eliquis % 7% % 7% N/A N/A , % 19% % 20% (1)% % 28% % 27% 1% 1% , , , ,095 (8) 10 (1)% 1% 551 1,089 (2)% 1% 1% , , % 14% % 15% (1)% (1)% ** ** ** ** N/A N/A Diabetes Alliance (e) , , (411) (590) (94)% (74)% (94)% (74)% Mature Products and All Other (f) , , , , (32) 2% (2)% 764 1,539 1% (2)% 1% Total Excluding Diabetes Alliance 3,473 3,610 7,083 3,633 10,716 3,986 14,702 3,632 3,862 7, % 6% 3,852 7,508 7% 6% ** In excess of 100% (a) Key products listed do not represent all products in the respective therapeutic areas. (b) 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 $313M and $346M for the three months ended June 30, 2014 and 2013, respectively, and $585M and $670M for the six months ended June 30, 2014 and 2013, respectively. (c) Includes revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. Includes alliance and other revenue of $499M and $454M for three months ended June 30, 2014 and 2013, respectively, and $940M and $849M for the six months ended June 30, 2014 and 2013, respectively. (d) Includes Orencia SubQ revenues of $160M and $100M for three months ended June 30, 2014 and 2013, respectively, and $296M and $184M for the six months ended June 30, 2014 and 2013, respectively. (e) The six months ended June 30, 2014 includes pre-divestiture revenues of Bydureon, Byetta, Farxiga/Forxiga/Xigduo, Onglyza/Kombiglyze, Symlin and Myalept of $153M and post-divestiture revenues of $53M. (f) Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue. Includes Plavix revenues of $45M and $44M for the three months ended June 30, 2014 and 2013, respectively, and $93M and $135M for the six months ended June 30, 2014 and 2013, respectively. Additionally, includes Avapro/Avalide revenues of $59M and $56M for the three months ended June 30, 2014 and 2013, respectively, and $115M and $102M for the six months ended June 30, 2014 and 2013, respectively. 5

28 DOMESTIC REVENUES FROM OPERATIONS BY PRODUCT QUARTERLY REVENUES TREND ANALYSIS (Unaudited, dollars in millions) % Change 1st 2nd 6 Months 3rd 9 Months 4th Year 1st 2nd 6 Months 3rd 9 Months 4th Year TOTAL (a) $ 1,971 $ 2,045 $ 4,016 $ 2,037 $ 6,053 $ 2,265 $ 8,318 $ 1,765 $ 1,901 $ 3,666 (7)% (9)% Virology Baraclude % 9% Reyataz (16)% (12)% Sustiva Franchise (b) , (3)% (6)% Oncology Erbitux % 3% Sprycel % 23% Yervoy (c) % 7% Neuroscience Abilify , , % 5% Immunoscience Orencia (d) % 7% Cardiovascular Eliquis ** ** vs. YTD vs. YTD Diabetes Alliance (e) , (100)% (81)% Mature Products and All Other (f) (8)% (25)% Total Excluding Diabetes Alliance 1,679 1,725 3,404 1,729 5,133 1,943 7,076 1,651 1,901 3,552 10% 4% ** In excess of 100% (a) (b) (c) Domestic revenues include United States and Puerto Rico. The Sustiva Franchise includes sales of Sustiva, as well as revenue from sales of bulk efavirenz included in the combination therapy, Atripla. Six months ended June 30, 2013 includes $25 million of net sales that were previously deferred until sufficient historical experience to estimate sales returns was developed. The following table provides a reconciliation of the net impact of reversal of previously deferred net sales % Change 2nd 6 Months 2nd 6 Months vs. YTD vs. YTD Yervoy Revenues As Reported % 7% Reversal of deferred revenues, net (25) (100)% Yervoy Revenues - Adjusted % 16% (d) (e) (f) Includes Orencia SubQ revenues of $105M and $82M for three months ended June 30, 2014 and 2013, respectively, and $198M and $153M for the six months ended June 30, 2014 and 2013, respectively. Includes Bydureon, Byetta, Farxiga, Onglyza/Kombiglyze and Symlin and Myalept. Represents all other products sold in the U.S., including those which have lost exclusivity in major markets. 6

29 INTERNATIONAL REVENUES FROM OPERATIONS BY PRODUCT QUARTERLY REVENUES TREND ANALYSIS (Unaudited, dollars in millions) 1st 2nd 6 Months 3rd % Change FX Impact 9 Months 4th Year 1st 2nd 6 Months 3rd 9 Months 4th Year TOTAL $ 1,860 $ 2,003 $ 3,863 $ 2,028 $ 5,891 $ 2,176 $ 8,067 $ 2,046 $ 1,988 $ 4,034 (1)% 4% (1)% Virology Baraclude , (4)% 4% 1% (1)% Reyataz (16)% (9)% (1)% (2)% Sustiva Franchise (a) (30)% (32)% 3% 2% Oncology Erbitux ** ** N/A N/A Sprycel % 15% (1)% (3)% Yervoy % 67% 3% 2% Neuroscience Abilify (b) (25)% (7)% 2% 2% Immunoscience Orencia % 28% (3)% (5)% Cardiovascular Eliquis ** ** N/A N/A vs. YTD vs. YTD vs. YTD vs. YTD Diabetes Alliance (c) (77)% (50)% Mature Products and All Other (d) , , , ,322 3% 3% 1% Total Excluding Diabetes Alliance 1,794 1,885 3,679 1,904 5,583 2,043 7,626 1,981 1,961 3,942 4% 7% 1% ** In excess of 100% (a) The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla. (b) Includes revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. (c) Includes Bydureon, Byetta, Forxiga/Xigduo, Onglyza/Kombiglyze, Symlin and Myalept. (d) Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue. 7

30 RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS (Unaudited, dollars in millions) st 2nd 6 Months 3rd 9 Months 4th Year 1st 2nd 6 Months 3rd 9 Months 4th Year Gross Profit $ 2,768 $ 2,940 $ 5,708 $ 2,890 $ 8,598 $ 3,168 $ 11,766 $ 2,843 $ 2,898 $ 5,741 Specified items (a) Gross profit excluding specified items 2,853 3,010 5,863 2,959 8,822 3,270 12,092 2,888 2,937 5,825 Marketing, selling and administrative 994 1,042 2, ,016 1,068 4, ,908 Specified items (a) (1 ) (1 ) (2 ) (4 ) (6 ) (10 ) (16 ) (3 ) (3 ) (6 ) Marketing, selling and administrative excluding specified items 993 1,041 2, ,010 1,058 4, ,902 Research and development , , , ,416 2,362 Specified items (a) (16 ) (16 ) (48 ) (458 ) (506 ) Research and development excluding specified items , , , ,856 Other (income)/expense (19 ) (208 ) (104 ) (312 ) Specified items (a) (19 ) (239 ) (258 ) (43 ) (301 ) (39 ) (340 ) 88 (67 ) 21 Other (income)/expense excluding specified items (38 ) (40 ) (78 ) (38 ) (116 ) (19 ) (135 ) (120 ) (171 ) (291 ) Effective Tax Rate 7.6 % 4.2 % 15.4 % 8.8 % 15.4% 10.8 % 5.0 % 25.4 % 11.4 % Specified items (a) 3.4 % 13.8 % 8.3 % 2.4 % 5.6 % 2.5 % 4.6 % 18.0 % (4.1 )% 10.7 % Effective Tax Rate excluding specified items 11.0 % 13.8 % 12.5 % 17.8 % 14.4 % 17.9% 15.4 % 23.0 % 21.3 % 22.1 % (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. 8

31 SPECIFIED ITEMS (Unaudited, dollars in millions) st 2nd 6 Months 3rd 9 Months 4th Year 1st 2nd 6 Months 3rd 9 Months 4th Year Accelerated depreciation, asset impairment and other shutdown costs $ $ $ $ $ $ 36 $ 36 $ 45 $ 39 $ 84 Amortization of acquired Amylin intangible assets Amortization of Amylin alliance proceeds (67) (67) (134) (68) (202) (71) (273) Amortization of Amylin inventory adjustment Cost of products sold Marketing, selling and administrative* Upfront, milestone and other payments IPRD impairments Research and development Provision for restructuring Gain on sale of product lines, businesses and assets (259) 12 (247) Pension curtailments, settlements and special termination benefits Acquisition and alliance related items (10) (10) (10) (10) Litigation charges/(recoveries) (23 ) (23 ) (23) (23 ) 25 (23 ) 2 Loss on debt redemption Upfront, milestone and other licensing receipts (14) (14) (14) (14) Other (income)/expense (88 ) 67 (21 ) Increase to pretax income Income tax on items above (35 ) (116 ) (151 ) (40 ) (191 ) (51 ) (242 ) (179 ) (102 ) (281 ) Increase/(decrease) to net earnings $ 70 $ 194 $ 264 $ 76 $ 340 $ 116 $ 456 $ (171 ) $ 465 $ 294 * Specified items in marketing, selling and administrative are process standardization implementation costs. 9

32 SELECTED BALANCE SHEET INFORMATION (Unaudited, dollars in millions) Cash and cash equivalents March 31, 2013 June 30, 2013 September 30, 2013 December 31, 2013 March 31, 2014 June 30, 2014 $ 1,355 $ 1,821 $ 1,771 $ 3,586 $ 5,225 $ 4,282 Marketable securities - current 1, ,834 2,893 Marketable securities - long term 3,242 3,223 3,623 3,747 3,558 3,876 Cash, cash equivalents and marketable securities 5,775 6,022 6,345 8,272 10,617 11,051 September 30, 2014 December 31, 2014 Short-term borrowings and current portion of long-term debt (1,372 ) (764 ) (680 ) (359 ) (281 ) (365 ) Long-term debt (6,522 ) (6,442 ) (6,532 ) (7,981 ) (7,367 ) (7,372 ) Net cash/(debt) position $ (2,119 ) $ (1,184 ) $ (867 ) $ (68 ) $ 2,969 $ 3,314 10