Bristol-Myers Squibb Reports Second Quarter 2013 Financial Results

  Bristol-Myers Squibb Reports Second Quarter 2013 Financial Results

       *Posts Second Quarter GAAP EPS of $0.32 and non-GAAP EPS of $0.44
  *Presents Important New Clinical Data for Immuno-Oncology, Cardiovascular
                           and Immunoscience Franchises
  *Resubmits Forxiga^® in U.S. for the Treatment of Type 2 Diabetes and
    Completes Regulatory Filing in U.S. for Eliquis^® for the Prevention of
    DVT After Hip or Knee Replacement Surgery and Metreleptin for the
          Treatment of Metabolic Disorders Associated with Lipodystrophy
  *Adjusts 2013 GAAP EPS Guidance Range to $1.41 to $1.49 and non-GAAP EPS
    Guidance Range to $1.70 to $1.78

Business Wire

NEW YORK -- July 25, 2013

Bristol-Myers Squibb Company (NYSE: BMY) today reported results for the second
quarter of 2013 highlighted by the resubmission of Forxiga in the U.S., the
completion of regulatory filings for Eliquis and Metreleptin in the U.S., and
the presentation of important data from its immuno-oncology franchise at ASCO,
for Orencia^® at EULAR and for Eliquis at ISTH. In addition, the company
adjusted GAAP EPS and non-GAAP EPS guidance for 2013.

“In the second quarter, the strength in the performance of some of our key
products, the important data we presented across our portfolio and the key
regulatory filings we made in the U.S. strengthen our confidence as we build a
solid foundation for future growth,” said Lamberto Andreotti, chief executive
officer, Bristol-Myers Squibb. “We will continue to invest the necessary
resources across our portfolio to grow existing brands, support the execution
of new launches and deliver a diverse and sustainable pipeline,” Andreotti
said.

                                   
                                        Second Quarter
$ amounts in millions, except                                  
per share amounts
                                        2013            2012            Change
Net Sales                               $ 4,048         $ 4,443         (9)%
GAAP Diluted EPS                        0.32            0.38            (16)%
Non-GAAP Diluted EPS                    0.44            0.48            (8)%
                                                                        

SECOND QUARTER FINANCIAL RESULTS

  *Bristol-Myers Squibb posted second quarter 2013 net sales of $4.0 billion,
    a decrease of 9% compared to the same period a year ago, following the
    U.S. patent expiration of Avapro^®/Avalide^® in March 2012 and Plavix^® in
    May 2012. Excluding Plavix and Avapro/Avalide, net sales grew by 10%
    compared to the second quarter of 2012.
  *U.S. net sales decreased 22% to $2.0 billion in the quarter compared to
    the same period a year ago. International net sales increased 10% to $2.0
    billion.
  *Gross margin as a percentage of net sales was 72.6% in the quarter
    compared to 72.0% in the same period a year ago.
  *Marketing, selling and administrative expenses increased 4% to $1.0
    billion in the quarter.
  *Advertising and product promotion spending decreased 3% to $218 million in
    the quarter.
  *Research and development expenses decreased 1% to $951 million in the
    quarter.
  *The effective tax rate on earnings before income taxes was 0% in the
    quarter, compared to 23.7% in the second quarter last year.Income taxes
    in the current quarter 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
    $536 million, or $0.32 per share, in the quarter compared to $645 million,
    or $0.38 per share, a year ago.
  *The company reported non-GAAP net earnings attributable to Bristol-Myers
    Squibb of $730 million, or $0.44 per share, in the second quarter,
    compared to $808 million, or $0.48 per share, for the same period in 2012.
    An overview of specified items is discussed under the “Use of Non-GAAP
    Financial Information” section.
  *Cash, cash equivalents and marketable securities were $6.0 billion, with a
    net debt position of $1.2 billion, as of June 30, 2013.

SECOND QUARTER PRODUCT AND PIPELINE UPDATE

Bristol-Myers Squibb’s global sales in the second quarter included Yervoy^®,
which grew 44%, Onglyza^®/Kombiglyze™ , which grew 40%, Sprycel^®, which grew
28%, and Orencia, which grew 21%.

Orencia

  *In June, Japan’s Ministry of Health, Labour and Welfare approved the
    subcutaneous formulation of Orencia for the treatment of rheumatoid
    arthritis in cases where existing treatments are inadequate. The company
    co-develops and co-commercializes Orencia in Japan with Ono Pharmaceutical
    Co., Ltd.
  *In June, at the European League Against Rheumatism annual congress in
    Madrid, the company presented year two data from the head-to-head AMPLE
    study that showed the subcutaneous formulation of Orencia achieved
    comparable rates of efficacy and similar onset of response versus Humira^®
    among biologic-naïve patients with moderate to severe rheumatoid
    arthritis. Overall safety data were similar for both groups while
    discontinuations due to adverse events were higher for Humira.

Eliquis

  *In July, the U.S. Food and Drug Administration (FDA) accepted for review
    the Supplemental New Drug Application for Eliquis, for the prevention of
    deep vein thrombosis following hip or knee replacement surgery. The
    Prescription Drug User Fee Act (PDUFA) date—the date by which a decision
    by the FDA is expected—is March 15, 2014.
  *In June, the company and its partner, Pfizer, announced that results from
    the Phase III AMPLIFY trial, which evaluated Eliquis versus the current
    standard of care for the treatment of acute venous thromboembolism, were
    published online by the New England Journal of Medicine and presented at
    the International Society on Thrombosis and Haemostasis congress in
    Amsterdam. The results showed that Eliquis demonstrated comparable
    efficacy and significantly lower rates of major bleeding compared to the
    current standard of care.
  *In May, the company and its partner, Pfizer, announced that results from a
    prespecified subanalysis of the ARISTOTLE trial were published in
    Circulation, a peer-reviewed journal of the American Heart Association.
    The trends across the subgroup analysis were consistent with the overall
    study results that demonstrated Eliquis’ superiority versus warfarin in
    the reduction of stroke or systemic embolism and the number of major
    bleeding events and mortality in patients with nonvalvular atrial
    fibrillation.

Forxiga

  *The company and its partner AstraZeneca resubmitted to the FDA the New
    Drug Application for Forxiga for the treatment of adults with type 2
    diabetes. The resubmission, which is pending acceptance by the FDA,
    includes several new studies and additional long-term data (up to four
    years’ duration) from previously submitted studies.
  *In June, at the American Diabetes Association scientific sessions in
    Chicago, the company and its partner, AstraZeneca, presented results from
    a two-week Phase IIa pilot study evaluating Forxiga added to insulin in 70
    adult patients with sub-optimally controlled type 1 diabetes that showed
    that mean daily blood glucose derived from 7-point glucose measurements
    trended downward in all treatment groups through day seven and that
    reductions in total daily insulin dosing at day seven were observed with
    Forxiga.

Onglyza

  *In June, the company and its partner, AstraZeneca, announced top-line
    results from the Phase IV SAVOR-TIMI-53 trial in adult patients with type
    2 diabetes and either a history of established cardiovascular disease or
    multiple risk factors that showed Onglyza met its primary safety objective
    of non-inferiority and did not meet the primary efficacy objective of
    superiority, for a composite endpoint of cardiovascular death, non-fatal
    heart attack or non-fatal stroke, versus placebo when added to the current
    standard of care. The results will be presented at the European Society of
    Cardiology meeting in September.

Metreleptin

  *In June, the FDA accepted the filing and granted a Priority Review
    designation, for metreleptin, an investigational agent for the treatment
    of metabolic disorders associated with inherited or acquired
    lipodystrophy, a rare disease estimated to affect a few thousand people
    around the world, often with an early age of onset. In July, the FDA
    notified the company and its partner, AstraZeneca, that it will require a
    three-month extension to complete its review of the data supporting the
    application. The PDUFA date is February 27, 2014.

Nivolumab

  *In June, at the annual meeting of the American Society of Clinical
    Oncology in Chicago, the company announced the results from a dose-ranging
    Phase I trial evaluating the safety and anti-tumor activity of nivolumab
    combined either concurrently or sequentially with Yervoy in patients with
    advanced melanoma. In patients who received the 1 mg/kg nivolumab + 3
    mg/kg Yervoy doses in the concurrent regimen, 53% (n= 9 of 17) had
    confirmed objective responses based on modified World Health Organization
    criteria. In all nine of the responders, tumors shrank by at least 80% by
    the time of the first scheduled clinical treatment assessment (12 weeks),
    including three complete responses. The data were also published in the
    New England Journal of Medicine.

Elotuzumab

  *In June, at the European Hematology Association annual congress in
    Stockholm, the company and its partner, AbbVie, presented updated efficacy
    and safety data from a small, randomized, Phase II open-label study of
    patients with previously-treated multiple myeloma that demonstrated median
    progression-free survival of 33 months and an objective response rate of
    92% among patients treated with the investigational monoclonal antibody
    elotuzumab 10 mg/kg in combination with lenalidomide and low-dose
    dexamethasone.

SECOND QUARTER BUSINESS DEVELOPMENT UPDATE

  *In June, the company and Simcere Pharmaceutical Group announced the
    companies agreed to collaborate in China on the development and
    commercialization of the subcutaneous formulation of Orencia for the
    treatment of rheumatoid arthritis.

2013 FINANCIAL GUIDANCE

Bristol-Myers Squibb is adjusting its 2013 GAAP EPS guidance range to $1.41 to
$1.49, from $1.54 to $1.64, and its non-GAAP EPS guidance range to $1.70 to
$1.78, from $1.78 to $1.88. Both GAAP and non-GAAP guidance assume current
exchange rates. Key 2013 non-GAAP guidance assumptions include:

  *Worldwide sales between $16.0 billion and $16.5 billion.
  *Full-year gross margin as a percentage of sales of approximately 73%.
  *Advertising and promotion expense increasing in the mid-single digit
    range.
  *Marketing, sales and administrative expenses remaining flat versus last
    year.
  *Research and development expenses growing in the low-single-digit range.
  *An effective tax rate of approximately 15%.

The financial guidance for 2013 excludes the impact of any potential strategic
acquisitions and divestitures, and any specified items that have not yet been
identified and quantified. The non-GAAP 2013 guidance also excludes other
specified items as discussed under "Use of Non-GAAP Financial Information."
Details reconciling adjusted non-GAAP amounts with the amounts reflecting
specified items are provided in supplemental materials available on the
company's website.

Use of Non-GAAP Financial Information

This press release contains non-GAAP financial measures, including non-GAAP
earnings and related earnings per share information. These measures are
adjusted to exclude certain costs, expenses, significant gains and losses and
other specified items. Among the items in GAAP measures but excluded for
purposes of determining adjusted earnings and other adjusted measures are:
restructuring and other exit costs; accelerated depreciation charges; IPRD and
asset impairments; charges and recoveries relating to significant legal
proceedings; upfront, milestone and other licensing 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. 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, 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 String of Pearls strategy, the expiration of patents or
data protection on 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 products will receive necessary regulatory approvals, or that they
will prove to be commercially successful; nor are there guarantees that
regulatory approvals will be sought, or sought within currently expected
timeframes, or that contractual milestones will be achieved. For further
details and a discussion of these and other risks and uncertainties, see the
company's periodic reports, including the annual report on Form 10-K,
quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or
furnished to the Securities and Exchange Commission. The company undertakes no
obligation to publicly update any forward-looking statement, whether as a
result of new information, future events or otherwise.

Company and Conference Call Information

Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to
discover, develop and deliver innovative medicines that help patients prevail
over serious diseases. For more information, please visit http://www.bms.com
or follow us on Twitter at http://twitter.com/bmsnews.

There will be a conference call on July 25, 2013, at 10:30 a.m. ET 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 web cast of the call at http://investor.bms.com or
by dialing: 913-981-5537, confirmation code: 5748907. Materials related to the
call will be available at the same website prior to the call.

Abilify^® is a trademark of Otsuka Pharmaceutical Co., Ltd.

Atripla^® is a trademark of Bristol-Myers Squibb Co. and Gilead Sciences, Inc.

Avapro^®, Avalide^®, and Plavix^® are trademarks of Sanofi.

Byetta^® and Bydureon^®  are trademarks of Amylin Pharmaceuticals, LLC and
AstraZeneca Pharmaceuticals LP.

Erbitux^® is a trademark of ImClone LLC. ImClone Systems is a wholly-owned
subsidiary of Eli Lilly and Company.

Humira^® is a trademark of AbbVie Biotechnology LTD.

All other brand names are registered trademarks of the company and/or one of
its subsidiaries.



BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE MONTHS ENDED JUNE 30, 2013 AND 2012
(Unaudited, dollars in millions)
The following table sets forth worldwide and U.S. reported net sales for
selected products. In addition, the table includes, where applicable, the
estimated total U.S. prescription change for the retail and mail-order
channels for the comparative periods presented for certain of the company's
U.S. pharmaceutical products based on third-party data. A significant portion
of the company's U.S. pharmaceutical sales is made to wholesalers. Where
changes in reported net sales differ from prescription growth, this change in
net sales may not reflect underlying prescriber demand.

                       Worldwide Net Sales                  U.S. Net Sales                        
                                                                                                             % Change in
                             2013      2012    %                 2013        2012    %               U.S. Total
                                                   Change                                    Change          Prescriptions
                                                                                                             vs. 2012
Three Months Ended
June 30,
                                                                                                             
Key Products
Virology
Baraclude                  $ 371       $ 357       4      %        $ 73          $ 59        24     %        4%
Reyataz                      431         406       6      %          200           199       1      %        (6)%
Sustiva Franchise            411         388       6      %          275           259       6      %        (2)%
Oncology
Erbitux                      171         179       (4     )%         168           176       (5     )%       N/A
Sprycel                      312         244       28     %          135           91        48     %        23%
Yervoy                       233         162       44     %          140           122       15     %        N/A
Neuroscience
Abilify                      563         711       (21    )%         378           533       (29    )%       —
Metabolics
Bydureon                     66          —         N/A               57            —         N/A             N/A
Byetta                       104         —         N/A               74            —         N/A             N/A
Forxiga                      5           N/A       N/A               N/A           N/A       N/A             N/A
Onglyza/Kombiglyze           240         172       40     %          167           126       33     %        1%
Immunoscience
Nulojix                      6           3         100    %          4             2         100    %        N/A
Orencia                      352         290       21     %          238           199       20     %        N/A
Cardiovascular
Avapro/Avalide               56          117       (52    )%         (9    )       22        **              N/A
Eliquis                      12          1         **                5             —         N/A             N/A
Plavix                       44          741       (94    )%         18            713       (97    )%       N/A
                                                                                                             
Mature Products              671         672       —                 122           128       (5     )%       N/A
and All Other
Total                        4,048       4,443     (9     )%         2,045         2,629     (22    )%       N/A
                                                                                                             
                                                                                                                    
** In excess of
+/- 100%
                                                                                                                    
                                                                                                                    



BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE SIX MONTHS ENDED JUNE 30, 2013 AND 2012
(Unaudited, dollars in millions)
The following table sets forth worldwide and U.S. reported net sales for
selected products. In addition, the table includes, where applicable, the
estimated total U.S. prescription change for the retail and mail-order
channels for the comparative periods presented for certain of the company's
U.S. pharmaceutical products based on third-party data. A significant portion
of the company's U.S. pharmaceutical sales is made to wholesalers. Where
changes in reported net sales differ from prescription growth, this change in
net sales may not reflect underlying prescriber demand.

                       Worldwide Net Sales                  U.S. Net Sales                        
                                                                                                             % Change in
                             2013      2012    %                 2013        2012    %               U.S. Total
                                                   Change                                    Change          Prescriptions
                                                                                                             vs. 2012
Six Months Ended
June 30,
                                                                                                             
Key Products
Virology
Baraclude                  $ 737       $ 682       8      %        $ 141         $ 115       23     %        5%
Reyataz                      792         764       4      %          393           387       2      %        (7)%
Sustiva Franchise            798         774       3      %          526           513       3      %        (3)%
Oncology
Erbitux                      333         358       (7     )%         326           352       (7     )%       N/A
Sprycel                      599         475       26     %          250           186       34     %        20%
Yervoy                       462         316       46     %          299           239       25     %        N/A
Neuroscience
Abilify                      1,085       1,332     (19    )%         706           978       (28    )%       (1)%
Metabolics
Bydureon                     118         —         N/A               109           —         N/A             N/A
Byetta                       189         —         N/A               158           —         N/A             N/A
Forxiga                      8           N/A       N/A               N/A           N/A       N/A             N/A
Onglyza/Kombiglyze           442         333       33     %          307           246       25     %        4%
Immunoscience
Nulojix                      11          4         **                8             3         **              N/A
Orencia                      672         544       24     %          452           370       22     %        N/A
Cardiovascular
Avapro/Avalide               102         324       (69    )%         (9    )       130       **              N/A
Eliquis                      34          1         **                22            —         N/A             N/A
Plavix                       135         2,434     (94    )%         84            2,361     (96    )%       N/A
                                                                                                             
Mature Products              1,362       1,353     1      %          244           250       (2     )%       N/A
and All Other
Total                        7,879       9,694     (19    )%         4,016         6,130     (34    )%       N/A
                                                                                                             
                                                                                                             
* *In excess of
+/- 100%
                                                                                                             
                                                                                                             

                                                          
                                                                     
BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2013 AND 2012

(Unaudited, amounts in millions except per share data)
                                                                     
                                 Three Months                        Six Months
                                 Ended June 30,                      Ended June 30,
                                 2013          2012              2013          2012
Net Sales                        $ 4,048          $ 4,443          $ 7,879          $ 9,694 
Cost of products                   1,108             1,245             2,171             2,548
sold
Marketing, selling                 1,042             1,004             2,036             2,006
and administrative
Advertising and                    218               224               407               418
product promotion
Research and                       951               962               1,881             1,871
development
Other                             199             (51   )          180             (235  )
(income)/expense
Total expenses                    3,518           3,384           6,675           6,608 
                                                                                               
Earnings Before                    530               1,059             1,204             3,086
Income Taxes
                                                                                               
Provision for income              —               251             51              796   
taxes
                                                                                               
Net Earnings                      530             808             1,153           2,290 
Net Earnings/(Loss)
Attributable to                   (6    )          163             8               544   
Noncontrolling
Interest
Net Earnings                     $ 536            $ 645            $ 1,145          $ 1,746 
Attributable to BMS
                                                                                       
Earnings per Common
Share
Basic                            $ 0.33            $ 0.38            $ 0.70            $ 1.04
Diluted                          $ 0.32            $ 0.38            $ 0.69            $ 1.02
                                                                                       
Average Common
Shares Outstanding:
Basic                              1,644             1,683             1,641             1,685
Diluted                            1,660             1,701             1,658             1,704
                                                                                       
Other
(income)/expense
                                                                                       
Interest expense                 $ 50              $ 41              $ 100             $ 83
Investment income                  (28   )           (22   )           (53   )           (58   )
Provision for                      173               20                206               42
restructuring
Litigation                         (22   )           22                (22   )           (150  )
charges/(recoveries)
Equity in net income               (50   )           (53   )           (86   )           (110  )
of affiliates
Out-licensed
intangible asset                   —                 —                 —                 38
impairment
Gain on sale of
product lines,                     —                 (3    )           (1    )           (3    )
businesses and
assets
Other income
received from                      (32   )           (83   )           (89   )           (129  )
alliance partners,
net
Pension settlements                101               —                 101               —
Other                             7               27              24              52    
Other                            $ 199            $ (51   )         $ 180            $ (235  )
(income)/expense
                                                                                               
                                                                                               

                                                       
                                                                  
BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2013 AND 2012

(Unaudited, dollars in millions)
                                                                  
                                 Three Months                     Six Months
                                 Ended June 30,                   Ended June 30,
                                 2013         2012            2013         2012
Accelerated
depreciation, asset              $ —              $ 147           $ —              $ 147
impairment and other
shutdown costs
Amortization of
acquired Amylin                    137              —               275              —
intangible assets
Amortization of
Amylin collaboration               (67  )           —               (134 )           —
proceeds
Amortization of
Amylin inventory                  —              —             14             —    
adjustment
Cost of products                   70               147             155              147
sold
                                                                                   
Marketing, selling                 1                5               2                13
and administrative*
                                                                                   
Research and                       —                45              —                103
development**
                                                                                   
                                                                                          
Provision for                      173              20              206              42
restructuring
Acquisition and
collaboration                      (10  )           1               (10  )           13
related items
Litigation                         (23  )           22              (23  )           (150 )
charges/(recoveries)
Out-licensed
intangible asset                   —                —               —                38
impairment
Loss on debt                       —                —               —                19
repurchase
Upfront, milestone
and other licensing                —                —               (14  )           —
receipts
Pension settlements               99             —             99             —    
Other                              239              43              258              (38  )
(income)/expense
                                                                                   
                                                                                          
Increase to pretax                 310              240             415              225
income
Income tax on items               (116 )          (77 )          (151 )          (69  )
above
Increase to net                  $ 194           $ 163          $ 264           $ 156  
earnings
                                                                                          
                                                                                          

* Specified items in marketing, selling and administrative are process
standardization implementation costs.
** Specified items in research and development in 2012 are IPRD impairment
charges.



                                                          
                                                                     
BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE THREE MONTHS ENDED JUNE 30, 2013 AND 2012

(Unaudited, dollars in millions)
                                                                     
Three months ended June 30,              GAAP        Specified   Non
2013                                                   Items*        GAAP
                                                                     
Gross Profit                             $ 2,940       70            $ 3,010
                                                                     
Marketing, selling and                     1,042       (1     )        1,041
administrative
                                                                     
Research and development                   951         —               951
                                                                     
Other (income)/expense                     199         (239   )        (40   )
                                                                     
Effective Tax Rate                         —           13.8   %        13.8  %
                                                                     
                                                               
                                                                     
Three months ended June 30,              GAAP        Specified   Non
2012                                                   Items*        GAAP
                                                                     
Gross Profit                             $ 3,198       147           $ 3,345
                                                                     
Marketing, selling and                     1,004       (5     )        999
administrative
                                                                     
Research and development                   962         (45    )        917
                                                                     
Other (income)/expense                     (51   )     (43    )        (94   )
                                                                     
Effective Tax Rate                         23.7  %     1.6    %        25.3  %
                                                                             
                                                                             
* Refer to the Specified Items schedules for further details.



                                                          
                                                                     
BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE SIX MONTHS ENDED JUNE 30, 2013 AND 2012

(Unaudited, dollars in millions)
                                                                     
Six months ended June 30,                GAAP        Specified   Non
2013                                                   Items*        GAAP
                                                                     
Gross Profit                             $ 5,708       155           $ 5,863
                                                                     
Marketing, selling and                     2,036       (2     )        2,034
administrative
                                                                     
Research and development                   1,881       —               1,881
                                                                     
Other (income)/expense                     180         (258   )        (78   )
                                                                     
Effective Tax Rate                         4.2   %     8.3    %        12.5  %
                                                                     
                                                               
                                                                     
Six months ended June 30,                GAAP        Specified   Non
2012                                                   Items*        GAAP
                                                                     
Gross Profit                             $ 7,146       147           $ 7,293
                                                                     
Marketing, selling and                     2,006       (13    )        1,993
administrative
                                                                     
Research and development                   1,871       (103   )        1,768
                                                                     
Other (income)/expense                     (235  )     38              (197  )
                                                                     
Effective Tax Rate                         25.8  %     0.3    %        26.1  %
                                                                             
                                                                             
* Refer to the Specified Items schedules for further details.
                                                                             
                                                                             

                                              
                                                         
BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF NON-GAAP EPS TO GAAP EPS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2013 AND 2012

(Unaudited, amounts in millions except per share data)
                                                         
                         Three Months                    Six Months
                         Ended June 30,                  Ended June 30,
                                                                
                         2013            2012            2013            2012
Net Earnings
Attributable             $ 536           $ 645           $ 1,145         $ 1,746
to BMS –
GAAP
Earnings
attributable
to unvested               --             --             --             (2    )
restricted
shares
Net Earnings
used for
Diluted EPS              $ 536           $ 645           $ 1,145         $ 1,744 
Calculation
– GAAP
                                                                         


Net Earnings             $ 536           $ 645           $ 1,145         $ 1,746
Attributable
to BMS –
GAAP
Less
Specified                 194            163            264            156   
Items*
Net Earnings
Attributable               730             808             1,409           1,902
to BMS –
Non-GAAP
Earnings
attributable
to unvested               --             --             --             (2    )
restricted
shares
Net Earnings
used for
Diluted EPS              $ 730           $ 808           $ 1,409         $ 1,900 
Calculation
- Non-GAAP
                                                                         


Average
Common                     1,660           1,701           1,658           1,704
Shares
Outstanding
- Diluted
                                                                         

                         $ 0.32          $ 0.38          $ 0.69          $ 1.02
Diluted EPS
- GAAP
Diluted EPS
Attributable              0.12           0.10           0.16           0.10  
to Specified
Items
Diluted EPS              $ 0.44          $ 0.48          $ 0.85          $ 1.12  
- Non-GAAP
                                                                                 
                                                                                 
* Refer to the Specified Items schedules for further details.
                                                                                 
                                                                                 

                                                     
                                                                
BRISTOL MYERS SQUIBB COMPANY

NET DEBT CALCULATION

AS OF JUNE 30, 2013 AND MARCH 31, 2013

(Unaudited, dollars in millions)
                                                                
                                          June 30, 2013         March 31, 2013
Cash and cash equivalents                 $  1,821              $   1,355
Marketable securities–current                978                    1,178
Marketable                                  3,223                3,242   
securities–long-term
Cash, cash equivalents and                   6,022                  5,775
marketable securities
Short-term borrowings and
current portion of long-term                 (764    )              (1,372  )
debt
Long-term debt                              (6,442  )             (6,522  )
Net debt position                         $  (1,184  )          $   (2,119  )
                                                                
                                                                

Contact:

Bristol-Myers Squibb
Communications
Jennifer Fron Mauer, 609-252-6579
jennifer.mauer@bms.com
or
Investor Relations
John Elicker, 609-252-4611
john.elicker@bms.com
or
Ranya Dajani, 609-252-5330
ranya.dajani@bms.com
or
Ryan Asay, 609-252-5020
ryan.asay@bms.com
 
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