0000014272false00000142722025-04-242025-04-240000014272bmy:CommonStock0.10ParValueMember2025-04-242025-04-240000014272bmy:A1.000Notesdue2025Member2025-04-242025-04-240000014272bmy:A1.750Notesdue2035Member2025-04-242025-04-240000014272bmy:CelgeneContingentValueRightsMember2025-04-242025-04-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
_____________________________
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): April 24, 2025

_____________________________
BRISTOL-MYERS SQUIBB COMPANY
(Exact name of registrant as specified in its charter)
_____________________________
Delaware001-0113622-0790350
(State or other jurisdiction of
incorporation or organization)		(Commission File Number)(I.R.S Employer
Identification No.)
Route 206 & Province Line Road, Princeton, New Jersey 08543
(Address of principal executive offices) (Zip Code)
(Registrant’s telephone number, including area code): (609) 252-4621
_____________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.10 Par ValueBMYNew York Stock Exchange
1.000% Notes due 2025BMY25New York Stock Exchange
1.750% Notes due 2035BMY35New York Stock Exchange
Celgene Contingent Value RightsCELG RTNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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



Item 2.02 Results of Operations and Financial Condition.

On April 24, 2025, Bristol-Myers Squibb Company (the “Company”) issued a press release (the “Earnings Press Release”) announcing its financial results for the first quarter of 2025. A copy of the Earnings Press Release is furnished pursuant to this Item 2.02 as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein in its entirety.

Item 7.01 Regulation FD Disclosure.

On April 24, 2025, the Company posted on its website at www.bms.com a presentation (the “Bristol Myers Presentation”) on certain financial and operating initiatives available for viewing during the Company’s conference call and webcast announcing its financial results for the first quarter of 2025 at 8:00 a.m. Eastern time. A copy of the Bristol Myers Presentation is furnished pursuant to this Item 7.01 as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. The Earnings Press Release and the Bristol Myers Presentation include references to non-GAAP financial information. Reconciliations between the non-GAAP financial measures and the comparable GAAP financial measures and the reasons for the presentation of such non-GAAP financial measures, are available in the Earnings Press Release which is included as Exhibit 99.1 hereto. The Bristol Myers Presentation should be read in conjunction with the Earnings Press Release. The Company reserves the right to discontinue availability of the Bristol Myers Presentation from its website at any time.

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are furnished as part of this Current Report on Form 8-K:
Exhibit
No.		Description
99.1
99.2
104The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 
BRISTOL-MYERS SQUIBB COMPANY
Dated: April 24, 2025
By: /s/ Amy Fallone
Name: Amy Fallone
Title:Corporate Secretary


Exhibit 99.1
bmslogo2.jpg

Bristol Myers Squibb Reports First Quarter Financial Results for 2025
Results Reflect Continued Growth Portfolio Momentum and Disciplined Execution

•First quarter revenues were $11.2 billion, -6% (-4% Ex-FX)
◦Growth Portfolio revenues were $5.6 billion, +16% (+18% Ex-FX)
•GAAP EPS was $1.20 and non-GAAP EPS was $1.80
•Raising 2025 revenue guidance to a range of ~$45.8 billion to $46.8 billion; Increasing non-GAAP EPS range to $6.70 to $7.00

(PRINCETON, N.J., April 24, 2025) – Bristol Myers Squibb (NYSE: BMY) today reports results for the first quarter of 2025.

“Our strong execution in the first quarter drove continued momentum across our Growth Portfolio and meaningful progress in the pipeline,” said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. “We are advancing our multi-year plan to become a more agile and efficient company, while strengthening the foundation for top-tier, long-term growth. Our strategy is clear, and our actions are accelerating the delivery of transformational medicines to patients."


First Quarter Results
$ in millions, except per share amounts20252024Change
Change Excl. FX**
Total Revenues$11,201 $11,865 (6)%(4)%
Earnings/(Loss) Per Share - GAAP*1.20 (5.89)N/AN/A
Earnings/(Loss) Per Share - Non-GAAP*1.80 (4.40)N/AN/A
Acquired IPRD Charge and Licensing Income Net Impact on Earnings/(Loss) Per Share (0.04)(6.30)N/AN/A
*GAAP and Non-GAAP earnings/(loss) per share include the net impact of Acquired IPRD charges and licensing income.
**See "Use of Non-GAAP Financial Information".

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FIRST QUARTER RESULTS
All comparisons are made versus the same period in 2024 unless otherwise stated.
•Total revenues of $11.2 billion decreased 6%, or 4% Ex-FX.
◦U.S. revenues of $7.9 billion decreased 7%.
◦International revenues of $3.3 billion decreased 2%, or increased 2% Ex-FX.
•Growth Portfolio revenues of $5.6 billion increased 16% on a reported basis, or 18% Ex-FX. Revenue growth was primarily driven by Opdivo, Breyanzi, Reblozyl and Camzyos and reflects the strong early U.S. launch of Cobenfy.
•Legacy Portfolio revenues of $5.6 billion declined 20% on a reported basis and Ex-FX. The decline was driven by continued generic impact on Revlimid, Pomalyst, Sprycel and Abraxane, as well as the impacts from U.S. Medicare Part D redesign.

FIRST QUARTER PRODUCT REVENUE HIGHLIGHTS(d)

($ amounts in millions)Quarter Ended March 31, 2025
% Change from Quarter Ended March 31, 2024
% Change from Quarter Ended March 31, 2024 Ex-FX**
 
U.S.
Int'l
WW(c)
U.S.
Int'l
WW(c)
Int'l
WW(c)
Growth Portfolio
Opdivo$1,332 $933 $2,265 15 %1 %9 %7 %12 %
Opdivo Qvantig8 — 9 N/AN/AN/AN/AN/A
Orencia555 215 770 (3)%(5)%(4)%(1)%(2)%
Yervoy394 230 624 7 %7 %7 %12 %9 %
Reblozyl390 89 478 33 %44 %35 %49 %36 %
Opdualag228 25 252 15 %>200%23 %>200%23 %
Breyanzi204 60 263 133 %>200%146 %>200%148 %
Camzyos126 33 159 63 %>200%89 %>200%90 %
Zeposia61 46 107 (16)%22 %(3)%26 %(2)%
Abecma59 45 103 13 %47 %26 %54 %28 %
Sotyktu32 23 55 (5)%138 %27 %146 %29 %
Krazati44 4 48 116 %>200%125 %>200%125 %
Cobenfy27 — 27 N/AN/AN/AN/AN/A
Other Growth Products(a)
174 229 403 13 %34 %24 %35 %25 %
Total Growth Portfolio
3,633 1,930 5,563 18 %13 %16 %18 %18 %
Legacy Portfolio
Eliquis2,646 919 3,565 (6)%2 %(4)%5 %(3)%
Revlimid809 127 936 (44)%(41)%(44)%(39)%(44)%
Pomalyst/Imnovid537 122 658 (10)%(55)%(24)%(53)%(24)%
Sprycel126 49 175 (56)%(47)%(53)%(43)%(53)%
Abraxane40 65 105 (72)%(10)%(52)%(6)%(50)%
Other Legacy Products(b)
82 116 199 (14)%(10)%(12)%(8)%(11)%
Total Legacy Portfolio
4,240 1,398 5,638 (21)%(17)%(20)%(14)%(20)%
Total Revenues$7,873 $3,328 $11,201 (7)%(2)%(6)%2 %(4)%

2

**    See "Use of Non-GAAP Financial Information".
(a)    Includes Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenue.
(b)    Includes other mature brands.
(c)    Worldwide (WW) includes U.S. and International (Int'l).
(d)     For the above table and all subsequent tables, certain totals may not sum due to rounding. Percentages have been calculated using unrounded amounts.

FIRST QUARTER COST & EXPENSES
All comparisons are made versus the same period in 2024 unless otherwise stated.
The table below presents selected line item information.

Three Months Ended March 31, 2025
Three Months Ended March 31, 2024
($ amounts in millions)
GAAP
Specified Items**
Non-GAAP
GAAP
Specified Items**
Non-GAAP
Cost of products sold
$3,033 (14)$3,018 $2,932 (22)$2,910 
Gross margin(a)
72.9 %73.1 %75.3 %75.5 %
Selling, general and administrative
1,584 (1)1,583 2,367 (378)1,989 
Research and development
2,257 (21)2,235 2,695 (349)2,346 
Acquired IPRD
188 — 188 12,949 — 12,949 
Amortization of acquired intangible assets
830 (830)— 2,357 (2,357)— 
Other (income)/expense, net
339 (489)(150)81 (235)(154)
Effective tax rate
17.1 %(2.1)%15.1 %(3.4)%(5.6)%(9.0)%
**See "Use of Non-GAAP Financial Information" and refer to the Specified Items schedule below for further detail.
(a) Represents revenue minus cost of products sold divided by revenue.

•Gross margin decreased from 75.3% to 72.9% on a GAAP basis, and from 75.5% to 73.1% on a non-GAAP basis, primarily due to product mix.
•Selling, general and administrative expenses of $1.6 billion decreased 33% on a GAAP basis, primarily due to one-time acquisition-related expenses in 2024 and results from our strategic productivity initiative in 2025. Non-GAAP selling, general and administrative expenses of $1.6 billion decreased 20%, primarily reflecting results from our strategic productivity initiative.
•Research and development expenses of $2.3 billion decreased 16% on a GAAP basis, primarily from one-time acquisition-related expenses in 2024. Non-GAAP research and development expenses of $2.2 billion decreased 5%, primarily driven by results from our strategic productivity initiative.
•Acquired IPRD charge of $188 million decreased from $12.9 billion on a GAAP and non-GAAP basis, primarily due to the prior year Karuna acquisition and SystImmune collaboration. Licensing income of $87 million increased from $12 million.
•Amortization of acquired intangible assets of $830 million decreased 65% on a GAAP basis, primarily due to lower amortization expense related to Revlimid.
•Effective tax rate in 2025 on a GAAP and non-GAAP basis was 17.1% and 15.1%, respectively. The 2024 GAAP and non-GAAP effective tax rate was impacted by the $12.1 billion one-time non-tax-deductible charge for the Karuna acquisition.
•Reported net income attributable to Bristol Myers Squibb on a GAAP basis of $2.5 billion, or $1.20 per share, in the first quarter compared to a net loss of $11.9 billion, or $(5.89) per
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share, in the prior year. Non-GAAP net earnings attributable to Bristol Myers Squibb of $3.7 billion, or $1.80 per share, compared to a net loss of $8.9 billion, or $(4.40) per share, in the prior year.

PRODUCT AND PIPELINE UPDATES
Entries organized by date and inclusive of first quarter and recent updates.
Asset
Date Announced
Milestone
CobenfyTM (xanomeline and trospium chloride)
April 22
The Phase 3 ARISE trial evaluating Cobenfy as an adjunctive treatment to atypical antipsychotics in adults with schizophrenia did not meet the threshold for statistical significance for the primary endpoint.
Camzyos® (mavacamten)
April 17
The U.S. Food and Drug Administration (FDA) updated the U.S. Prescribing Information for Camzyos, simplifying treatment options for patients and physicians by reducing the required echo monitoring for eligible patients in the maintenance phase and expanding patient eligibility by reducing contraindications.
CamzyosApril 14
The Phase 3 ODYSSEY-HCM trial evaluating Camzyos for the treatment of adult patients with symptomatic New York Heart Association class II-III non-obstructive hypertrophic cardiomyopathy did not meet its dual primary endpoints.
Opdivo® (nivolumab) + Yervoy® (ipilimumab)
April 11
The FDA approved Opdivo plus Yervoy as a first-line treatment for adult patients with unresectable or metastatic hepatocellular carcinoma (HCC).
Opdivo + YervoyApril 8
The FDA approved Opdivo plus Yervoy as a first-line treatment of adult and pediatric patients (12 years and older) with unresectable or metastatic microsatellite instability-high or mismatch repair deficient colorectal cancer.
OpdivoMarch 28
The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) recommended approval of the perioperative regimen of Opdivo, in combination with platinum-based chemotherapy as neoadjuvant treatment, followed by Opdivo as monotherapy, as adjuvant treatment after surgical resection for the treatment of resectable non-small cell lung cancer at high risk of recurrence in adult patients whose tumors have PD-L1 expression ≥1%.
Subcutaneous formulation of Opdivo
March 28
The CHMP of the EMA recommended approval of a new Opdivo formulation associated with a new route of administration (subcutaneous use), a new pharmaceutical form (solution for injection) and a new strength (600 mg/vial).
Breyanzi® (lisocabtagene maraleucel)
March 14
The European Commission (EC) granted approval to Breyanzi for the treatment of adult patients with relapsed or refractory follicular lymphoma after two or more lines of systemic therapy.
Sotyktu® (deucravacitinib)
March 8
Announced positive data from the pivotal Phase 3 POETYK PsA-2 trial evaluating the efficacy and safety of Sotyktu in adults with active psoriatic arthritis.
Opdivo + Yervoy
March 7
The EC approved Opdivo plus Yervoy for the first-line treatment of adult patients with unresectable or advanced HCC.
4

OpdivoFebruary 19
Announced the final analysis of overall survival (OS) from the Phase 3 CheckMate -816 study. The results showed a statistically significant and clinically meaningful improvement in OS, a key secondary endpoint, compared to neoadjuvant chemotherapy alone.
SotyktuFebruary 16
Announced new five-year results from the POETYK PSO long-term extension trial of Sotyktu treatment in adult patients with moderate-to-severe plaque psoriasis. The safety profile of Sotyktu remained consistent through five years with no new safety signals identified.


OpdualagTM (nivolumab and relatlimab-rmbw)
February 13
The Phase 3 RELATIVITY-098 trial evaluating Opdualag for the adjuvant treatment of patients with completely resected stage III-IV melanoma did not meet its primary endpoint of recurrence-free survival.
Breyanzi February 10
Announced positive topline results from the Phase 2 TRANSCEND FL trial evaluating Breyanzi in adult patients with relapsed or refractory marginal zone lymphoma. The trial cohort met its primary endpoint of overall response rate and key secondary endpoint of complete response rate.


Financial Guidance
Bristol Myers Squibb is raising key 2025 non-GAAP line-item guidance assumptions as outlined below.
The company is increasing its full-year revenue guidance from approximately $45.5 billion to a range of approximately $45.8 billion to $46.8 billion, reflecting the strong performance of the Growth Portfolio, better-than-expected Legacy Portfolio sales in the first quarter of 2025, and a favorable impact of approximately $500 million related to foreign exchange rates.
In addition, full-year operating expense expectations remain approximately $16 billion, with an additional $200 million foreign exchange impact. The company now anticipates other income and expense in 2025 to be approximately $100 million of income due to higher-than-expected royalties and favorable interest income.
As a result of these changes, the company is raising the midpoint of its 2025 non-GAAP EPS guidance by $0.15 per share to an expected range of $6.70 to $7.00.
The stated guidance revisions include the estimated impact of current tariffs on U.S. products shipped to China, but do not account for any potential pharmaceutical sector tariffs.
5

Non-GAAP2,3

February
(Prior)
April
(Updated)
Total Revenues
(Reported & Ex-FX)
~$45.5 billion
~$45.8 - $46.8 billion
Gross Margin %~72%
No change
Operating Expenses1
~$16 billion
~$16.2 billion
Other income/(expense)~$30 million
~$100 million
Effective tax rate~18%
No change
Diluted EPS$6.55-$6.85
$6.70-$7.00
1 Operating Expenses = SG&A and R&D.
2 See "Use of Non-GAAP Financial Information."
3 February was calculated using foreign exchange rates as of January 9, 2025, and April was calculated using foreign
exchange rates as of April 23, 2025.

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

A reconciliation of forward-looking non-GAAP measures, including non-GAAP EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. See "Cautionary Statement Regarding Forward-Looking Statements" and "Use of Non-GAAP Financial Information."

6

Conference Call Information
Bristol Myers Squibb will host a conference call today, Thursday, April 24, 2025, at 8:00 a.m. ET, during which company executives will review financial results with the investment community.
Investors and the general public are invited to listen to a live webcast of the call at http://investor.bms.com. Materials related to the call will be available at http://investor.bms.com prior to the start of the conference call.

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

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

For more information, contact:
Media Relations: media@bms.com
Investor Relations: investor.relations@bms.com

7

Use of Non-GAAP Financial Information
In discussing financial results and guidance, the company refers to financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP and are presented because management has evaluated the company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the non-GAAP financial measures presented portray the results of the company's baseline performance, supplement or enhance management's, analysts' and investors' overall understanding of the company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. In addition, non-GAAP gross margin, which is gross profit excluding certain specified items, as a percentage of revenues, non-GAAP operating margin, which is gross profit less selling, general and administrative expenses and research and development expenses excluding certain specified items as a percentage of revenues, non-GAAP operating expenses, which is selling, general and administrative and research and development expenses excluding certain specified items, non-GAAP selling, general and administrative expenses, which is selling, general and administrative expenses excluding certain specified items, and non-GAAP research and development expenses, which is research and development expenses excluding certain specified items, are relevant and useful for investors because they allow investors to view performance in a manner similar to the method used by our management and make it easier for investors, analysts and peers to compare our operating performance to other companies in our industry and to compare our year-over-year results.

This earnings release and the accompanying tables also provide certain revenues and expenses, as well as non-GAAP measures, excluding the impact of foreign exchange ("Ex-Fx"). We calculate foreign exchange impacts by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results. Ex-Fx financial measures are not accounted for according to GAAP because they remove the effects of currency movements from GAAP results.

Non-GAAP financial measures such as non-GAAP earnings and related EPS information are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded from non-GAAP earnings and related EPS information because the company believes they neither relate to the ordinary course of the company’s business nor reflect the company’s underlying business performance. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods, including amortization of acquired intangible assets, including product rights that generate a significant portion of our ongoing revenue and will recur until the intangible assets are fully amortized, unwinding of inventory purchase price adjustments, acquisition and integration expenses, restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, divestiture gains or losses, stock compensation resulting from acquisition-related equity awards, pension, legal and other contractual settlement charges, equity investment and contingent value rights fair value adjustments (including fair value adjustments attributed to limited partnership equity method investments), and amortization of fair value adjustments of debt acquired from Celgene in our 2019 exchange offer, among other items. Deferred and current income taxes attributed to these items are also adjusted for considering their individual impact to the overall tax expense, deductibility and jurisdictional tax rates.
8


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

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

A reconciliation of forward-looking non-GAAP measures, including non-GAAP EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results.

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

Cautionary Statement Regarding Forward-Looking Statements
This earnings release and the related attachments (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the company’s 2025 financial guidance, its business development and capital allocation strategy, anticipated developments in the company’s pipeline, expectations with respect to the company’s future market position and the projected benefits of the company’s alliances and other business development activities. These statements may be identified by the fact that they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. All statements that are not statements of
9

historical facts are, or may be deemed to be, forward-looking statements. No forward-looking statement can be guaranteed, and there is no assurance that the company will achieve its financial guidance and long-term targets, that the company’s future clinical studies will support the data described in this release, that the company’s product candidates will receive necessary clinical and manufacturing regulatory approvals, that the company’s pipeline products will prove to be commercially successful, that clinical and manufacturing regulatory approvals will be sought or obtained within currently expected timeframes, or that contractual milestones will be achieved.

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

Forward-looking statements in this earnings release should be evaluated together with the many risks and uncertainties that affect the company’s business and market, particularly those identified in the cautionary statement and risk factors discussion in the company’s Annual Report on Form 10-K for the year ended December 31, 2024, as updated by the company’s subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the SEC. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.
10

BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited, dollars and shares in millions except per share data)

 Three Months Ended March 31,
 20252024
Net product sales$10,886 $11,559 
Alliance and other revenues315 306 
Total Revenues11,201 11,865 
Cost of products sold(a)
3,033 2,932 
Selling, general and administrative1,584 2,367 
Research and development2,257 2,695 
Acquired IPRD188 12,949 
Amortization of acquired intangible assets830 2,357 
Other (income)/expense, net339 81 
Total Expenses8,230 23,381 
Earnings/(Loss) Before Income Taxes2,971 (11,516)
Income tax provision509 392 
Net Earnings/(Loss)2,462 (11,908)
Noncontrolling Interest6 3 
Net Earnings/(Loss) Attributable to BMS $2,456 $(11,911)
Weighted-Average Common Shares Outstanding:
Basic2,031 2,023 
Diluted2,040 2,023 
Earnings/(Loss) per Common Share:
Basic$1.21 $(5.89)
Diluted1.20 (5.89)
Other (income)/expense, net
Interest expense(b)
$494 $425 
Royalty income - divestitures(272)(271)
Royalty and licensing income(259)(161)
Provision for restructuring133 220 
Investment income(138)(183)
Integration expenses41 71 
Litigation and other settlements257 2 
Acquisition expense 2 49 
Equity investment (gains)/losses
78 (102)
Other3 31 
Other (income)/expense, net$339 $81 
(a)     Excludes amortization of acquired intangible assets.
(b) Includes amortization of purchase price adjustments to Celgene debt.
11

BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUES
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
(Unaudited, dollars in millions)

 Change vs. 2024
 20252024GAAPExcl. F/X**
U.S.
Int'l(c)
WW(d)
U.S.
Int'l(c)
WW(d)
U.S.
Int'l(c)
WW(d)
U.S.
Int'l(c)
WW(d)
Growth Portfolio
Opdivo$1,332 $933 $2,265 $1,155 $923 $2,078 15 %1 %9 %15 %7 %12 %
Opdivo Qvantig8 — 9 — — — N/AN/AN/AN/AN/AN/A
Orencia555 215 770 572 226 798 (3)%(5)%(4)%(3)%(1)%(2)%
Yervoy394 230 624 368 215 583 7 %7 %7 %7 %12 %9 %
Reblozyl390 89 478 293 61 354 33 %44 %35 %33 %49 %36 %
Opdualag228 25 252 198 8 206 15 %>200%23 %15 %>200%23 %
Breyanzi204 60 263 87 20 107 133 %>200%146 %133 %>200%148 %
Camzyos126 33 159 77 7 84 63 %>200%89 %63 %>200%90 %
Zeposia61 46 107 72 38 110 (16)%22 %(3)%(16)%26 %(2)%
Abecma59 45 103 52 30 82 13 %47 %26 %13 %54 %28 %
Sotyktu32 23 55 34 10 44 (5)%138 %27 %(5)%146 %29 %
Krazati44 4 48 21 — 21 116 %>200%125 %116 %>200%125 %
Cobenfy
27 — 27 — — — N/AN/AN/AN/AN/AN/A
Other Growth Products(a)
174 229 403 154 171 325 13 %34 %24 %13 %35 %25 %
Total Growth Portfolio
3,633 1,930 5,563 3,083 1,709 4,792 18 %13 %16 %18 %18 %18 %
Legacy Portfolio
Eliquis2,646 919 3,565 2,821 899 3,720 (6)%2 %(4)%(6)%5 %(3)%
Revlimid809 127 936 1,453 216 1,669 (44)%(41)%(44)%(44)%(39)%(44)%
Pomalyst/Imnovid537 122 658 597 268 865 (10)%(55)%(24)%(10)%(53)%(24)%
Sprycel126 49 175 282 92 374 (56)%(47)%(53)%(56)%(43)%(53)%
Abraxane40 65 105 145 72 217 (72)%(10)%(52)%(72)%(6)%(50)%
Other Legacy Products(b)
82 116 199 95 133 228 (14)%(10)%(12)%(14)%(8)%(11)%
Total Legacy Portfolio
4,240 1,398 5,638 5,393 1,680 7,073 (21)%(17)%(20)%(21)%(14)%(20)%
Total Revenues$7,873 $3,328 $11,201 $8,476 $3,389 $11,865 (7)%(2)%(6)%(7)%2 %(4)%
**    See "Use of Non-GAAP Financial Information".
(a)    Includes Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues.
(b)    Includes other mature brands.
(c)    Includes Puerto Rico.
(d)    Worldwide (WW) includes U.S. and International (Int'l).
12

BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL REVENUES(a)
FOREIGN EXCHANGE IMPACT (%)
(Unaudited)
Three Months Ended March 31, 2025
Revenue Change %F/X % Favorable/ (Unfavorable) **Revenue Change % Ex- F/X **
Growth Portfolio
Opdivo1%(6)%7%
Opdivo QvantigN/AN/AN/A
Orencia(5)%(4)%(1)%
Yervoy7%(6)%12%
Reblozyl44%(5)%49%
Opdualag>200%NM>200%
Breyanzi>200%NM>200%
Camzyos>200%NM>200%
Zeposia22%(4)%26%
Abecma47%(6)%54%
Sotyktu138%(9)%146%
Krazati>200%NM>200%
Cobenfy
N/AN/AN/A
Other Growth Products(b)
34%(1)%35%
Total Growth Portfolio
13%(5)%18%
Legacy Portfolio
Eliquis2%(3)%5%
Revlimid(41)%(3)%(39)%
Pomalyst/Imnovid(55)%(1)%(53)%
Sprycel(47)%(3)%(43)%
Abraxane(10)%(4)%(6)%
Other Legacy Products(c)
(10)%(2)%(8)%
Total Legacy Portfolio(17)%(3)%(14)%
Total Revenues(2)%(4)%2%
NM    Not meaningful
**    See "Use of Non-GAAP Financial Information".
(a)    Includes Puerto Rico.
(b)    Includes Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues.
(c)    Includes other mature brands.

13

BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE REVENUES(a)
FOREIGN EXCHANGE IMPACT (%)
(Unaudited)
Three Months Ended March 31, 2025
Revenue Change %F/X % Favorable/ (Unfavorable) **Revenue Change % Ex- F/X **
Growth Portfolio
Opdivo9%(3)%12%
Opdivo QvantigN/AN/AN/A
Orencia(4)%(1)%(2)%
Yervoy7%(2)%9%
Reblozyl35%(1)%36%
Opdualag23%—%23%
Breyanzi146%(2)%148%
Camzyos89%(1)%90%
Zeposia(3)%(1)%(2)%
Abecma26%(2)%28%
Sotyktu27%(2)%29%
Krazati125%—%125%
Cobenfy
N/AN/AN/A
Other Growth Products(b)
24%(1)%25%
Total Growth Portfolio
16%(2)%18%
Legacy Portfolio
Eliquis(4)%(1)%(3)%
Revlimid(44)%—%(44)%
Pomalyst/Imnovid(24)%—%(24)%
Sprycel(53)%(1)%(53)%
Abraxane(52)%(1)%(50)%
Other Legacy Products(c)
(12)%(1)%(11)%
Total Legacy Portfolio
(20)%(1)%(20)%
Total Revenues(6)%(1)%(4)%
NM    Not meaningful
**    See "Use of Non-GAAP Financial Information".
(a)    Worldwide (WW) includes U.S. and International (Int'l).
(b)    Includes Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues.
(c)    Includes other mature brands.



14

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT *
(Unaudited, dollars in millions)
THREE MONTHS20252024Change $Change %
Favorable / (Unfavorable) F/X $ **
2025 Excl. F/X **
Favorable / (Unfavorable) F/X % **% Change Excl. F/X **
Revenues$11,201 $11,865 $(664)(6)%$(137)$11,338 (1)%(4)%
Gross profit8,168 8,933 (764)(9)%N/A N/A N/AN/A
Gross profit excluding specified items(a)
8,183 8,955 (772)(9)%N/A N/A N/AN/A
Gross margin(b)
72.9 %75.3 %
Gross margin excluding specified items(a)
73.1 %75.5 %
Selling, general and administrative1,584 2,367 (782)(33)%15 1,600 1 %(32)%
Selling, general and administrative excluding specified items(a)
1,583 1,989 (405)(20)%15 1,598 1 %(20)%
Research and development2,257 2,695 (438)(16)%11 2,268 — %(16)%
Research and development excluding specified items(a)
2,235 2,346 (112)(5)%11 2,246 — %(4)%
Operating margin(c)
38.6 %32.6 %
Operating margin excluding specified items
39.0 %38.9 %
*    Foreign exchange impacts were derived by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results.
** See "Use of Non-GAAP Financial Information".
(a) Refer to the Specified Items schedule below for further details.
(b)    Represents gross profit as a percentage of Revenues.
(c)    Operating margin represents gross profit less selling, general and administrative expenses and research and development expenses, as a percentage of Revenues.

15

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in millions)

 Three Months Ended March 31, 2025
 20252024
Inventory purchase price accounting adjustments$13 $8 
Site exit and other costs2 14 
Cost of products sold14 22 
Acquisition related charges(a)
— 372 
Site exit and other costs1 6 
Selling, general and administrative1 378 
Acquisition related charges(a)
— 348 
Site exit and other costs 21 1 
Research and development21 349 
Amortization of acquired intangible assets830 2,357 
Interest expense(b)
(12)(13)
Provision for restructuring133 220 
Integration expenses41 71 
Litigation and other settlements246 — 
Acquisition expenses
2 49 
Equity investment (gain)/losses
77 (102)
Other2 10 
Other (income)/expense, net489 235 
Increase to Earnings before income taxes1,356 3,341 
Income taxes on items above(143)(340)
Increase to net earnings$1,212 $3,001 
(a)    Includes cash settlement of unvested stock awards, and other related costs incurred in connection with the recent acquisitions of Karuna, RayzeBio and Mirati.
(b)    Includes amortization of purchase price adjustments to Celgene debt.
16

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
(Unaudited, dollars and shares in millions except per share data)

Three Months Ended March 31, 2025
GAAP
Specified Items(a)
Non-GAAP
Gross profit$8,168 $14 $8,183 
Selling, general and administrative1,584 (1)1,583 
Research and development2,257 (21)2,235 
Amortization of acquired intangible assets830 (830)— 
Other (income)/expense, net339 (489)(150)
Earnings/(Loss) before income taxes2,971 1,356 4,326 
Income tax provision509 143 652 
Net earnings/(loss) attributable to BMS used for diluted EPS calculation$2,456 $1,212 $3,668 
Weighted-average common shares outstanding—diluted2,040 2,040 2,040 
Diluted earnings/(loss) per share$1.20 $0.59 $1.80 
Effective tax rate17.1 %(2.1)%15.1 %
Three Months Ended March 31, 2024
GAAP
Specified Items(a)
Non-GAAP
Gross profit$8,933 $22 $8,955 
Selling, general and administrative2,367 (378)1,989 
Research and development2,695 (349)2,346 
Amortization of acquired intangible assets2,357 (2,357)— 
Other (income)/expense, net81 (235)(154)
Earnings/(Loss) before income taxes(11,516)3,341 (8,175)
Income tax provision392 340 732 
Net earnings/(loss) attributable to BMS used for diluted EPS calculation$(11,911)$3,001 $(8,910)
Weighted-average common shares outstanding—diluted2,023 2,023 2,023 
Diluted earnings/(loss) per share$(5.89)$1.49 $(4.40)
Effective tax rate(3.4)%(5.6)%(9.0)%
(a) Refer to the Specified Items schedule above for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate.

17


BRISTOL-MYERS SQUIBB COMPANY
NET DEBT CALCULATION
AS OF MARCH 31, 2025 AND DECEMBER 31, 2024
(Unaudited, dollars in millions)
 
March 31,
2025		December 31,
2024
Cash and cash equivalents$10,875 $10,346 
Marketable debt securities - current907 513 
Marketable debt securities - non-current344 320 
Cash, cash equivalents and marketable debt securities$12,126 $11,179 
Short-term debt obligations(3,554)(2,046)
Long-term debt(46,157)(47,603)
Net debt position$(37,584)$(38,470)


18
Not for Product Promotional Use Q1 2025 Results April 24, 2025

 
Not for Product Promotional UseQ1 2025 Results Forward Looking Statements and Non-GAAP Financial Information 2 This presentation contains statements about Bristol-Myers Squibb Company’s (the “Company”) future financial results, plans, business development strategy, anticipated clinical trials, results and regulatory approvals that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Actual results may differ materially from those expressed in, or implied by, these statements as a result of various factors, including, but not limited to: (i) new laws, government actions and regulations, including with respect to pricing controls and market access and the imposition of new tariffs, trade restrictions and export regulations, (ii) our ability to obtain, protect and maintain market exclusivity rights and enforce patents and other intellectual property rights, (iii) our ability to achieve expected clinical, regulatory and contractual milestones on expected timelines or at all, (iv) difficulties or delays in the development and commercialization of new products, (v) difficulties or delays in our clinical trials and the manufacturing, distribution and sale of our products, (vi) adverse outcomes in legal or regulatory proceedings, (vii) risks relating to acquisitions, divestitures, alliances, joint ventures and other portfolio actions and (viii) political and financial instability, including changes in general economic conditions. These and other important factors are discussed in the Company’s most recent annual report on Form 10-K and reports on Forms 10-Q and 8-K. These documents are available on the U.S. Securities and Exchange Commission’s website, on the Company’s website or from Bristol- Myers Squibb Investor Relations. No forward-looking statements can be guaranteed. In addition, any forward-looking statements and clinical data included herein are presented only as of the date hereof. Except as otherwise required by applicable law, the Company undertakes no obligation to publicly update any of the provided information, whether as a result of new information, future events, changed circumstances or otherwise. This presentation includes certain non-generally accepted accounting principles (“GAAP”) financial measures that we use to describe the Company’s performance. The non-GAAP financial measures are provided as supplemental information and are presented because management has evaluated the Company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the non-GAAP financial measures presented portray the results of the Company’s baseline performance, supplement or enhance management’s, analysts’ and investors’ overall understanding of the Company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. This presentation also provides certain revenues and expenses excluding the impact of foreign exchange (“Ex- FX”). We calculate foreign exchange impacts by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results. Ex-FX financial measures are not accounted for according to GAAP because they remove the effects of currency movements from GAAP results. The non-GAAP information presented herein provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. An explanation of these non-GAAP financial measures and a reconciliation to the most directly comparable financial measure are available on our website at www.bms.com/investors. Also note that a reconciliation of forward-looking non-GAAP measures, including non-GAAP earnings per share (EPS), to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. Certain information presented in the accompanying presentation may not add due to the use of rounded numbers.

 
Chris Boerner, PhD Board Chair and Chief Executive Officer 3 Q1 2025 Results

 
Q1 2025 Results Not for Product Promotional Use Q1 2025 Performance 4 *See “Forward-Looking Statements and Non-GAAP Financial Information” 1. Not an exhaustive list of assets, programs or indications; 2. Enrollment complete (March 2025); 2027 data readout remains on track 3. 2025 Guidance excludes the impact of any potential future strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of future Acquired IPRD charges and licensing income; 4. April 2025 guidance was calculated using foreign exchange rates as of April 23, 2025; 5. Range includes ~$500M FX favorability (~$250M Legacy Portfolio & ~$250M Growth Portfolio) Global Net Sales: Q1:~$11.2B (6%) YoY; (4%) Ex-FX* Financial Execution 2025 Guidance3,4 $4.8 $5.6 Q1 2024 Q1 2025 Growth Portfolio Net Sales +16%; +18% Ex-FX* Achieved multiple clinical & regulatory milestones1 $ in billions milvexian2 Earnings Per Share (EPS): GAAP: $1.20 & Non-GAAP* $1.80 Raised Non-GAAP EPS* $6.70 - $7.00 Raised Total Revenues (Reported Rates & Ex-FX*) ~$45.8B - $46.8B5 R&D MilestonesCommercial Execution

 
Q1 2025 Results Not for Product Promotional Use 20252025 Entering data rich period with multiple catalysts 5 2025–2027 key milestones * • • • • Reblozyl TD MF Associated Anemia (INDEPENDENCE) • Cobenfy Alzheimer’s Disease Psychosis (ADEPT-2) • Iberdomide RRMM (EXCALIBER-RRMM)1 • CD19 NEX-T Autoimmune Diseases (Breakfree-1 & 2) • Krazati 1L NSCLC (TPS <50%) (KRYSTAL-17)3 • Iza-bren Advanced Solid Tumors4,5 • RYZ101 1L ES-SCLC LCM pivotal data 2026 • Milvexian ACS & SSP (LIBREXIA) • Admilparant IPF (ALOFT-IPF) • Mezigdomide RRMM (SUCCESSOR-1 & 2) • Arlo-cel RRMM (QUINTESSENTIAL) • RYZ101 2L+ GEP-NETs (ACTION-1) NME registrational data* Key next wave of early-stage data 2026 • Sotyktu SLE (POETYK SLE-1 & 2) • Cobenfy Alzheimer’s Disease Psychosis (ADEPT-4 & 1) 2026 • Golcadomide 1L FL (GOLSEEK-2) • MYK-224 HFpEF (AURORA) 2027 • AR LDD mCRPC (rechARge) 2027 • Anti-MTBR-tau Alzheimer’s Disease (TargetTau-1) 2027 • Milvexian AF (LIBREXIA)2 • Reblozyl 1L NTD MDS Associated Anemia (ELEMENT) • Sotyktu Sjogren’s Syndrome (POETYK SjS-1) *See “Forward-Looking Statements and Non-GAAP Financial Information” NME: New Molecular Entity, LCM: Life Cycle Management; 1. Projected data readout for MRD negativity endpoint 2. Enrollment complete March 2025; 2027 data readout remains on track 3. Initiated 1L NSCLC, all-comers Phase 3 trial (KRYSTAL-4); 4. iza-bren (EGFRxHER3 ADC): Global NSCLC trial conducted by SystImmune; 5. BMS initiating 1L TNBC Phase 2/3 trial (IZABRIGHT-Breast01)

 
David Elkins Executive Vice President and Chief Financial Officer 6 Q1 2025 Results

 
Q1 2025 Results Not for Product Promotional Use Revenue continues to transition to the Growth Portfolio $4.8 $5.6 $7.1 $5.6 Q1 2024 Q1 2025 Legacy Growth *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Opdivo Qvantig: U.S. launch January 2025; EU approval expected by June 2, 2025; 2. Other Growth Brands: Augtyro, Onureg, Inrebic, Nulojix, Empliciti, & Royalty Revenues $ in billions +16% YoY +18% Ex-FX * (6%) YoY, (4%) Ex-FX* Growth Portfolio Legacy Portfolio Other Growth Brands2 Other Mature Brands 1 $11.9 $11.2 7

 
Q1 2025 Results Not for Product Promotional Use Q1 2025 Oncology product summary *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Abraxane: Q1 2025 WW Sales $105M - YoY% (52%), (50%) Ex-FX* 2. Krazati Q1’25 U.S. sales reflect +$6M one-time GTN benefit 3. BMS Internal Analysis 4. U.S. launch January 2025; EU approval expected by June 2, 2025 Global Net Sales1 $M YoY % Ex-FX* % $2,265 +9% +12% $624 +7% +9% $252 +23% +23% $48 +125% +125% $9 --- --- Opdivo • Global sales reflect volume growth Opdualag • U.S. sales growth driven by strong demand; ~30% market share3 as a SOC in 1L melanoma 8 Opdivo Qvantig4 • Positive initial feedback; educating HCPs & patients on benefits of a new treatment option • Expect permanent J-Code by July 1, 2025 • Anticipated EU launch gated by reimbursement timing 2

 
Q1 2025 Results Not for Product Promotional Use Global Net Sales $M YoY % Ex-FX* % $936 (44%) (44%) $658 (24%) (24%) $478 +35% +36% $263 +146% +148% $175 (53%) (53%) $103 +26% +28% Q1 2025 Hematology product summary *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Pomalyst: In the EU, generic pomalidomide products entered the market in August 2024; 2. Q1 2025 U.S. sales included a one-time $50M GTN benefit; U.S. generic Sprycel launched September 1, 2024; 3. Based on publicly reported Q3’24 & Q4’24 U.S. net sales across approved CD19-directed CAR T products 1 2 Reblozyl • 1L MDS-associated anemia now accounts for the majority of new patient starts • Ex-U.S. growth driven by new launches across Europe & Japan Breyanzi • #1 CAR T in the U.S.3 with the best-in-class CD19 CAR T profile • Continued strong demand for Breyanzi across indications, driven by LBCL 9

 
Q1 2025 Results Not for Product Promotional Use Q1 2025 Cardiovascular product summary Global Net Sales $M YoY % Ex-FX* % $3,565 (4%) (3%) $159 +89% +90% *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Symphony Health, an ICON plc Company, Metys® U.S. TRx data; 2. Q1 2025 sales reflect one-time +$160M GTN benefit in the U.S. Q 2 ’2 2 Q 3 ’2 2 Q 4 ’2 2 Q 1 ’2 3 Q 2 ’2 3 Q 3 ’2 3 Q 4 ’2 3 Q 1 ’2 4 Q 2 ’2 4 Q 3 ’2 4 Q 4 ’2 4 Q 1 ’2 5 Camzyos U.S. Quarterly TRx1 +19%Q1 2025 TRx: ~25K Eliquis • U.S. sales2 reflect demand growth, offset by Medicare Part D Redesign impact • #1 OAC in key Ex-U.S. markets 10 Camzyos • Continued strong U.S. demand in oHCM o ~11K patients on commercial drug (~1.4K added in Q1’25) o Favorable U.S. label update (eased REMS maintenance echo monitoring) • Solid Ex-U.S. demand across markets; Japan oHCM approval

 
Q1 2025 Results Not for Product Promotional Use Q1 2025 Immunology product summary Global Net Sales $M YoY % Ex-FX* % $770 (4%) (2%) $55 +27% +29% *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Symphony Health, an ICON plc Company, Metys® U.S. TRx data Q 3 ’2 2 Q 4 ’2 2 Q 1 ’2 3 Q 2 ’2 3 Q 3 ’2 3 Q 4 ’2 3 Q 1 ’2 4 Q 2 ’2 4 Q 3 ’2 4 Q 4 ’2 4 Q 1 ’2 5 Sotyktu U.S. Quarterly TRx1 +9% Q1 2025 TRx: ~17K Sotyktu • U.S. access improvements effective January 1, 2025 (~80% of covered lives with zero step edits) • Leverage broader U.S. access position to drive demand growth • Ex-U.S. sales growth reflects new market launches 11

 
Q1 2025 Results Not for Product Promotional Use Q1 2025 Neuroscience product summary Global Net Sales $M YoY % Ex-FX* % $107 (3%) (2%) $27 --- --- Cobenfy • Feedback continues to underscore strength of differentiated efficacy & safety profile • Focused on expanding prescriber base breadth & depth through HCP education 12 2 1,6554 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 1 0 / 1 1 1 0 / 1 8 1 0 / 2 5 1 1 / 1 1 1 / 8 1 1 / 1 5 1 1 / 2 2 1 1 / 2 9 1 2 / 6 1 2 / 1 3 1 2 / 2 0 1 2 / 2 7 1 / 3 1 / 1 0 1 / 1 7 1 / 2 4 1 / 3 1 2 / 7 2 / 1 4 2 / 2 1 2 / 2 8 3 / 7 3 / 1 4 3 / 2 1 3 / 2 8 4 / 4 4 / 1 1 Cobenfy Weekly TRx3 Thanksgiving Christmas & New Years *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Zeposia is primarily being marketed in MS; 2. Cobenfy Q1’25 U.S. sales reflect +$9M one-time GTN benefit; 3. IQVIA Weekly NPA (Rapid) & APLD; 4. As of April 11, 2025 1

 
Q1 2025 Results Not for Product Promotional Use US GAAP Non-GAAP $ in billions, except EPS Q1 2025 Q1 2024 Q1 2025 Q1 2024 Total Revenues, net 11.2 11.9 11.2 11.9 Gross Margin % 72.9% 75.3% 73.1% 75.5% Operating Expenses1 3.8 5.1 3.8 4.3 Acquired IPR&D 0.2 12.9 0.2 12.9 Amortization of Acquired Intangibles 0.8 2.4 - - Effective Tax Rate 17.1% (3.4%) 15.1% (9.0%) Diluted EPS 1.20 (5.89) 1.80 (4.40) Diluted Shares Outstanding (# in millions) 2,040 2,023 2,040 2,023 Q1 2025 Financial Performance US P Non- P* Diluted EPS Impact from Acquired IPR&D2 (0.04) (6.30) (0.04) (6.30) *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Operating Expenses = SG&A and R&D; 2. Represents the net impact from Acquired IPRD & Licensing income reported through Q1 2025 13

 
Q1 2025 Results Not for Product Promotional Use Strategic approach to Capital Allocation 1. Cash includes cash, cash equivalents and marketable debt securities; 2. Relative to the total debt level as of March 31, 2024; 3. Subject to Board approval $B Q1 2025 Total Cash1 ~$12.1 Total Debt ~$49.7 • Pursue opportunities and partnerships to diversify portfolio & strengthen long-term outlook • Maintain strong investment-grade credit rating • On track to pay down ~$10B of debt by end of 1H 2026 with ~$6B achieved as of Q1 20252 Business Development Balance Sheet Strength Returning Cash to Shareholders • Remain committed to our dividend3 • ~$5B share repurchase authorization remaining as of March 31, 2025 $2.8 $2.3 $5.6 $4.4 $2.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Cash flow from Operations $B 14

 
Q1 2025 Results Not for Product Promotional Use Revised 2025 Guidance* 15 *The Company does not reconcile forward-looking non-GAAP measures. See “Forward-Looking Statements and Non-GAAP Financial Information”; 2025 Guidance excludes the impact of any potential future strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of future Acquired IPRD charges and licensing income; 1. February was calculated using foreign exchange rates as of January 9, 2025 and April was calculated using foreign exchange rates as of April 23, 2025; 2. Operating Expenses = SG&A and R&D; 3. Products impacted by continued generic volume include Revlimid (US), Abraxane (US), Sprycel (US), Pomalyst (EU). Key HighlightsNon-GAAP1 February (Prior) April (Updated) Total FY Revenues (Reported & Ex-FX) ~$45.5B ~$45.8 - $46.8B Gross Margin % ~72% No change Operating Expenses2 ~$16B ~$16.2B Other Income/ (Expense) ~$30M ~$100M Tax Rate ~18% No change Diluted EPS $6.55 - $6.85 $6.70 - $7.00 • FY revenue vs. prior guidance primarily reflects: • ~$500M favorable Legacy Portfolio sales; now expect ~16% - 18% decline (previously ~18% - 20%)3 • ~$250M1 favorability from foreign exchange • ~$2 - $2.5B FY WW Revlimid sales (now at top end of the range) • ~$250M1 favorable Growth Portfolio sales from foreign exchange • OpEx reflects ~$200M1 impact from foreign exchange • OI&E reflects higher royalties and favorable interest income Total Revenue: ~$500M foreign exchange benefit1

 
Chris Boerner, PhD Board Chair, Chief Executive Officer David Elkins Executive VP, Chief Financial Officer Samit Hirawat, MD Executive VP, Chief Medical Officer, Global Drug Development Adam Lenkowsky Executive VP, Chief Commercialization Officer 16 Q1 2025 Results Q&A

 
v3.25.1
Document and Entity Information Document and Entity Information
Apr. 24, 2025
Document Information [Line Items]  
Entity Incorporation, State or Country Code DE
Entity File Number 001-01136
Entity Tax Identification Number 22-0790350
Entity Registrant Name BRISTOL-MYERS SQUIBB COMPANY
Document Period End Date Apr. 24, 2025
Amendment Flag false
City Area Code 609
Local Phone Number 252-4621
Entity Address, Postal Zip Code 08543
Entity Address, Address Line One Route 206 & Province Line Road
Entity Address, City or Town Princeton
Entity Address, State or Province NJ
Entity Central Index Key 0000014272
Document Type 8-K
Document Period End Date Apr. 24, 2025
Entity Address, Address Line One Route 206 & Province Line Road
Entity Address, City or Town Princeton
Entity Address, State or Province NJ
Entity Address, Postal Zip Code 08543
City Area Code 609
Local Phone Number 252-4621
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000014272
Amendment Flag false
Common Stock $0.10 Par Value [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, $0.10 Par Value
Trading Symbol BMY
Security Exchange Name NYSE
1.000% Notes due 2025 [Member]  
Document Information [Line Items]  
Title of 12(b) Security 1.000% Notes due 2025
Trading Symbol BMY25
Security Exchange Name NYSE
1.750% Notes due 2035 [Member]  
Document Information [Line Items]  
Title of 12(b) Security 1.750% Notes due 2035
Trading Symbol BMY35
Security Exchange Name NYSE
Celgene Contingent Value Rights [Member]  
Document Information [Line Items]  
Title of 12(b) Security Celgene Contingent Value Rights
Trading Symbol CELG RT
Security Exchange Name NYSE
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