Q2 2025 Results

July 31, 2025

Not for Product Promotional Use

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

Q2 2025 Results Not for Product Promotional Use 2

Q2 2025 Results

Chris Boerner, PhD

Board Chair
and Chief Executive Officer

3
Q2 2025 Performance
Commercial Execution Key Milestones

Global Net Sales: Q2:~$12.3B +1% YoY; 0% Ex-FX* Achieved multiple clinical & regulatory milestones1

Growth Portfolio Net Sales: +18%; +17% Ex-FX*

$ in billions

$5.6 $6.6
Executed strategic business development
2 3
Immunology NewCo
Q2 2024 Q2 2025

Financial Execution 2025 Guidance4,5

Earnings Per Share (EPS): Raising Total Revenues

~$46.5B - $47.5B
(Reported Rates & Ex-FX*)
GAAP $0.64 & Non-GAAP* $1.46
Includes ($0.57) per share net impact from acquired IPR&D charges Adjusting Non-GAAP EPS* $6.35 - $6.65
*See “Forward-Looking Statements and Non-GAAP Financial Information” 1. Not an exhaustive list of assets, programs or indications; 2. Transaction is expected to close in Q3 2025, subject to customary closing conditions; 3. Immunology NewCo
formation with Bain Capital announced July 28, 2025; 4. 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; 5. July 2025 guidance was calculated using foreign exchange rates as of July 25, 2025

Q2 2025 Results Not for Product Promotional Use 4

Enhancing & augmenting our pipeline through strategic BD
1

• License agreement for exclusive worldwide rights to

• Global alliance to co-develop and co- OncoACP3
commercialize BNT327 (PD-L1/VEGF bispecific) • Adds best-in-class targeting agent for prostate cancer
• Further strengthens our position in radiopharmaceuticals
• Partnership unlocks powerful synergies across
2,3
science, clinical development, and Immunology NewCo
commercialization • NewCo formation with Bain Capital creates opportunity
to optimize five promising immunology assets through
• Broad clinical program underway to maximize the dedicated focus and expertise
opportunity and positioned to win commercially • Assets include afimetoran (TLR7/8), TYK2, IL-2-CD25,
IL-10, and IL-18

Sourcing innovation and selectively externalizing assets to maximize value creation and drive sustainable growth

1. Transaction is expected to close in Q3 2025, subject to customary closing conditions; 2. Immunology NewCo formation with Bain Capital announced July 28, 2025; 3. Assets include Afimetoran (TLR7/8 inhibitor), BMS-986322 (oral TYK2 inhibitor),
BMS-986326 (IL-2-CD25), BMS-986498 (IL-10) and BMS-986481 (IL-18)

Q2 2025 Results Not for Product Promotional Use 5

Entering data-rich period with multiple catalysts
*
2025–2027 key milestones
LCM pivotal data NME registrational data* Key next wave of early-stage data
2025 2025 2025
• • Iberdomide RRMM (EXCALIBER-RRMM)1 • CD19 NEX-T Autoimmune Diseases (Breakfree-1 & 2)
• • Krazati 1L NSCLC (TPS <50%) (KRYSTAL-17)2
• • Iza-bren Advanced Solid Tumors3
• 2026 • RYZ101 1L ES-SCLC
• Cobenfy Alzheimer’s Disease Psychosis (ADEPT-2) • Milvexian ACS & SSP (LIBREXIA) • PRMT5 inhibitor NSCLCNEW
• Admilparant IPF (ALOFT-IPF)
2026 2026
• Mezigdomide RRMM (SUCCESSOR-1 & 2)
• Sotyktu SLE (POETYK SLE-1 & 2) • Arlo-cel RRMM (QUINTESSENTIAL) • Golcadomide 1L FL (GOLSEEK-2)
• Cobenfy Alzheimer’s Disease Psychosis (ADEPT-4 & 1) • RYZ101 2L+ GEP-NETs (ACTION-1) • MYK-224 HFpEF (AURORA)
• FAAH/MAGL MSS (BALANCE-MSS-1)NEW

2027 2027 2027

• Milvexian AF (LIBREXIA) • AR LDD mCRPC (rechARge) • Anti-MTBR-tau Alzheimer’s Disease (TargetTau-1)
• Reblozyl 1L NTD MDS Associated Anemia (ELEMENT) • FAAH/MAGL ADA (BALANCE-AAD-1)NEW
• Sotyktu Sjogren’s Syndrome (POETYK SjS-1)
• Cobenfy Bipolar-1 (BALSAM-1 & 2)NEW
*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. Enrolling 1L NSCLC, all-comers Phase 3 trial (KRYSTAL-4);
3. Global NSCLC trial conducted by SystImmune; enrolling 1L TNBC Phase 2/3 trial (IZABRIGHT-Breast01)

Q2 2025 Results Not for Product Promotional Use 6

Q2 2025 Results

David Elkins
Executive Vice President
and Chief Financial Officer

7
Revenue continues to transition to the Growth Portfolio

$ in billions
Growth Portfolio Legacy Portfolio
1

$12.2 $12.3

$5.7
$6.6

+18%
YoY
$6.6
$5.6
+17%
*
Ex-FX

Other Mature Brands

Q2 2024 Q2 2025
Other Growth Brands2
Legacy Growth

*See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Qvantig EU approval received May 28, 2025; 2. Other Growth Brands: Augtyro, Onureg, Inrebic, Nulojix, Empliciti, & Royalty Revenues

Q2 2025 Results Not for Product Promotional Use 8

Q2 2025 Oncology product summary
Global Net Sales1 Opdivo
$M YoY % Ex-FX* % • Global sales reflect demand growth
2 • Strong launch in 1L MSI-high colorectal cancer
$2,560 +7% +7%

Opdualag
$728 +16% +15% • U.S. sales growth driven by strong demand as a SOC in
1L melanoma with consistent ~30% market share4

$284 +21% +20%

Qvantig
• Positive feedback from patients & providers on benefits
$48 +51% +51% of treatment efficiencies from subcutaneous injection
• Permanent J-Code effective July 1, 2025
3

$30 --- --- • Now approved in the EU; launch gated by

reimbursement timing
*See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Abraxane: Q2 2025 WW Sales $105M - YoY% (55%), (54%) Ex-FX*; 2. Opdivo Q2 2025 global sales reflect ~$90M sequential inventory build; 3. Q2 2025 sales of $30M are
primarily U.S. based; EU approval received May 28, 2025; 4. BMS Internal Analysis

Q2 2025 Results Not for Product Promotional Use 9

Q2 2025 Hematology product summary
Global Net Sales Reblozyl
$M YoY % Ex-FX* % • Strong continued demand across 1L MDS-associated
anemia
$838 (38%) (38%)
• Ex-U.S. growth driven by demand & new launches
across Europe & Japan
1
$708 (26%) (27%)

2
$568 +34% +33% Breyanzi
• #1 CAR T in the U.S.4 with the best-in-class CD19 CAR T
$344 +125% +122% profile
• Continued strong demand for Breyanzi across all
3
$120 (72%) (72%) indications, primarily driven by LBCL

$87 (8%) (11%)

*See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Pomalyst: In the EU, generic pomalidomide products entered the market in August 2024; 2. Reblozyl Q2 2025 sales reflect ~$20M sequential inventory build; 3. U.S.
generic Sprycel launched September 1, 2024; 4. Based on publicly reported Q3 2024, Q4 2024, & Q1 2025 U.S. net sales across approved CD19-directed CAR T products

Q2 2025 Results Not for Product Promotional Use 10

Q2 2025 Cardiovascular product summary
Global Net Sales Camzyos U.S. Quarterly TRx1
35,000 +13%
Q2 2025 TRx: ~29K
$M YoY % Ex-FX* %
2 30,000
$3,680 +8% +6%
3
$260 +87% +86% 25,000

Camzyos 20,000

• Continued strong U.S. demand in oHCM

15,000
o ~12.5K patients on commercial drug (~1.6K added in
Q2 2025)
10,000
• Solid Ex-U.S. demand across markets
Eliquis 5,000
• U.S. sales reflect demand growth, partially offset by
Medicare Part D Redesign impact 0

Q2’22

Q3’22

Q4’22

Q1’23

Q2’23

Q3’23

Q4’23

Q1’24

Q2’24

Q3’24

Q4’24

Q1’25

Q2’25
• #1 OAC in key Ex-U.S. markets

*See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Symphony Health, an ICON plc Company, Metys® U.S. TRx data; 2. Eliquis Q2 2025 global sales reflect ~$100M sequential inventory build; 3. Camzyos Q2 2025 U.S. sales
reflect ~$60M sequential inventory build

Q2 2025 Results Not for Product Promotional Use 11

Q2 2025 Immunology product summary
Global Net Sales Sotyktu U.S. Quarterly TRx1
25,000 +21%
Q2 2025 TRx: ~20K
$M YoY % Ex-FX* %

2
$963 +2% +1% 20,000

3
$70 +31% +29%
15,000

Sotyktu 10,000

• U.S. access improvements effective January 1, 2025

(~80% of covered lives with zero step edits)
5,000
• Ex-U.S. sales momentum reflects new market launches

Q2'25
Q3’22

Q4’22

Q1’23

Q2’23

Q3’23

Q4’23

Q1’24

Q2’24

Q3’24

Q4’24

Q1’25
*See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Symphony Health, an ICON plc Company, Metys® U.S. TRx data; 2. Orencia Q2 2025 U.S. sales reflect ~$60M sequential inventory build; 3. Sotyktu Q2 2025 U.S. sales reflect
~$14M sequential inventory build

Q2 2025 Results Not for Product Promotional Use 12

Q2 2025 Neuroscience product summary
Global Net Sales Cobenfy Weekly TRx2
2,500
$M YoY % Ex-FX* %

1
$150 0% (2%) 2,000

$35 --- --- 1,500

Cobenfy 1,000

• Strong and consistent feedback highlighting strength of

efficacy on positive/negative symptoms and cognition 500

• Continued focus on expanding prescriber base breadth

& depth through HCP education 0

10/11
10/25

11/22

12/20

1/17
1/31
2/14
2/28
3/14
3/28
4/11
4/25

5/23

6/20

7/18
11/8

12/6

1/3

5/9

6/6

7/4
*See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Zeposia is primarily being marketed in MS; 2. IQVIA Weekly NPA (Rapid) & APLD as of July 18, 2025

Q2 2025 Results Not for Product Promotional Use 13

Q2 2025 Financial Performance
US
US GAAP
GAAP Non-GAAP
Non-GAAP *
$ in billions, except EPS Q2 2025 Q2 2024 Q2 2025 Q2 2024

Total Revenues, net 12.3 12.2 12.3 12.2

Gross Margin % 72.5% 73.2% 72.6% 75.6%

Operating Expenses1 4.3 4.8 4.0 4.2

Acquired IPR&D 1.5 0.1 1.5 0.1

Amortization of Acquired Intangibles 0.8 2.4 - -

Effective Tax Rate 25.9% (30.9%) 16.1% 14.1%

Diluted EPS 0.64 0.83 1.46 2.07

Diluted Shares Outstanding (# in millions) 2,038 2,029 2,038 2,029

Diluted EPS Impact from Acquired IPR&D2 (0.57) (0.04) (0.57) (0.04)

*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

Q2 2025 Results Not for Product Promotional Use 14

Strategic approach to Capital Allocation
Cash flow from Operations $B

Business • Pursue opportunities and partnerships to diversify

Development portfolio & strengthen long-term outlook
$5.6
$4.4
$3.9
• Maintain strong investment-grade credit rating
Balance Sheet
$2.3 • On track to pay down ~$10B of debt by end of
$2.0 Strength
Q2 2026 with ~$6.5B achieved as of Q2 2025
2

Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025

Returning • Remain committed to our dividend3

$B Q2 2025
Cash to • ~$5B share repurchase authorization remaining as
Total Cash1 ~$13.9 Shareholders of June 30, 2025
Total Debt ~$49.2

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

Q2 2025 Results Not for Product Promotional Use 15

Revised 2025 Guidance*
Non-GAAP1 Key Highlights
April (Prior) July (Updated) • FY revenue vs. prior guidance primarily reflects
~$700M favorability from:
Total FY Revenues
~$45.8 - $46.8B ~$46.5 - $47.5B
(Reported & Ex-FX) • Growth Portfolio strength

Gross Margin % ~72% No change • Legacy Portfolio sales now expected to

decline ~15% - 17% (previously ~16% - 18%)3
Operating Expenses2 ~$16.2B ~$16.5B • FY WW Revlimid sales increased to ~$3B
• ~$200M1 favorable sales from foreign
Other Income/ (Expense) ~$100M ~$250M
exchange

Tax Rate ~18% No change • OpEx reflects ~$300M impact from business
development and growth portfolio investments
Diluted EPS $6.70 - $7.00 $6.35 - $6.65 • OI&E reflects higher royalties and favorable
interest income
BioNTech Acquired IPRD
Charge Included in --- $(0.57) • July diluted EPS guidance includes acquired IPRD
Diluted EPS charges of $0.57 per share for Q2 2025
*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. April was calculated using foreign exchange rates as of April 23, 2025 and July was calculated using foreign
exchange rates as of July 25, 2025; 2. Operating Expenses = SG&A and R&D

Q2 2025 Results Not for Product Promotional Use 16

Q2 2025 Results Q&A

Chris Boerner, PhD David Elkins Samit Hirawat, MD Adam Lenkowsky

Board Chair, Executive VP, Executive VP, Executive VP,
Chief Executive Officer Chief Financial Officer Chief Medical Officer, Chief Commercialization Officer
Global Drug Development

17