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Bristol-Myers Squibb Reports Third Quarter 2013 Financial Results



  Bristol-Myers Squibb Reports Third Quarter 2013 Financial Results

  * Posts Third Quarter GAAP EPS of $0.42 and Non-GAAP EPS of $0.46
  * Net Sales Increased 9% to $4.1 Billion in the Third Quarter, Led by
    Double-Digit Gains for Yervoy^®, Orencia^® and Sprycel^®
  * Important New Clinical Data for Immuno-Oncology and Diabetes Franchises
    Presented
  * Confirms 2013 GAAP EPS Guidance Range of $1.41 to $1.49 and Non-GAAP EPS
    Guidance Range of $1.70 to $1.78

Business Wire

NEW YORK -- October 23, 2013

Bristol-Myers Squibb Company (NYSE:BMY) today reported results for the third
quarter of 2013 highlighted by the strong performance of key marketed products
such as Yervoy, Orencia and Sprycel, the presentation of important clinical
data for its immuno-oncology pipeline, and the presentation of key
cardiovascular outcomes data for Onglyza^®. The company also confirmed GAAP
EPS and non-GAAP EPS guidance ranges for 2013.

“In the third quarter, we demonstrated solid financial performance and
presented new clinical data further characterizing key brands from our
immuno-oncology and diabetes franchises,” said Lamberto Andreotti, chief
executive officer, Bristol-Myers Squibb. “As we continue to execute against
our strategy today, we remain focused on investing in the meaningful
opportunities that will drive the long-term growth of our company.”

                                                 
                                                  Third Quarter
$ amounts in millions, except per share
amounts
                                                  2013      2012        Change
Net Sales                                         4,065     3,736       9%
GAAP Diluted EPS                                  0.42      (0.43 )     **
Non-GAAP Diluted EPS                              0.46      0.41        12%
                                                                         

** In excess of +/- 100%

THIRD QUARTER FINANCIAL RESULTS

  * Bristol-Myers Squibb posted third quarter 2013 net sales of $4.1 billion,
    an increase of 9% compared to the same period a year ago.
  * U.S. net sales increased 1% to $2.0 billion in the quarter compared to the
    same period a year ago. International net sales increased 18% to $2.0
    billion.
  * Gross margin as a percentage of net sales was 71.1% in the quarter
    compared to 73.6% in the same period a year ago.
  * Marketing, selling and administrative expenses decreased 8% to $980
    million in the quarter.
  * Advertising and product promotion spending increased 16% to $194 million
    in the quarter.
  * Research and development expenses decreased 6% to $893 million in the
    quarter.
  * The effective tax rate on earnings before income taxes was 15.4% in the
    quarter, compared to a tax benefit rate of 43.4% in the third quarter last
    year.
  * The company reported net earnings attributable to Bristol-Myers Squibb of
    $692 million, or $0.42 per share, in the quarter compared to a net loss of
    $711 million, or $0.43 per share, a year ago.
  * The 2012 tax benefit rate and net loss were due to a non-cash impairment
    charge included in the third quarter of 2012 resulting from the
    discontinued development of BMS-986094.
  * The company reported non-GAAP net earnings attributable to Bristol-Myers
    Squibb of $768 million, or $0.46 per share, in the third quarter, compared
    to $685 million, or $0.41 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 $6.3 billion, with a
    net debt position of $867 million as of September 30, 2013.

THIRD QUARTER PRODUCT AND PIPELINE UPDATE

Bristol-Myers Squibb’s global sales in the third quarter included Yervoy,
which grew 33%, Onglyza/Kombiglyze^™ , which grew 19%, Sprycel, which grew
20%, Orencia, which grew 22% and Baraclude^®, which grew 9%.

Eliquis^®

  * In September, at the 2013 European Society of Cardiology (ESC) Congress in
    Amsterdam, the company and its partner, Pfizer, announced the results of a
    post-hoc subanalysis from the Phase III ARISTOTLE trial. The subanalysis
    evaluated Eliquis compared to warfarin in patients with or without certain
    types of valvular heart disease, including mitral regurgitation, mitral
    stenosis, aortic regurgitation, aortic stenosis, tricuspid regurgitation
    or valve surgery. The subanalysis findings  in this population are
    consistent with the overall ARISTOTLE results, demonstrating in this
    patient population that Eliquis reduced stroke or systemic embolism,
    caused fewer major bleeding events and reduced all-cause mortality as
    compared to warfarin.
  * The companies also announced at the ESC Congress the results of another
    post-hoc subanalysis from ARISTOTLE showing that among patients with
    nonvalvular atrial fibrillation who were treated with Eliquis, clinical
    events such as stroke or systemic embolism, major bleeding and all-cause
    death were similar and uncommon in the 30-day period following a medical
    procedure regardless of whether Eliquis was stopped prior to the procedure
    or continued during the procedure.

Onglyza

  * In September at the ESC Congress, the company and its partner,
    AstraZeneca, announced the full results of the SAVOR clinical trial in
    adult patients with type 2 diabetes. In this study, Onglyza met the
    primary safety objective, demonstrating no increased risk for the primary
    composite endpoint of cardiovascular death, non-fatal myocardial
    infarction or non-fatal ischemic stroke, when added to a patient's current
    standard of care (with or without other anti-diabetic therapies), as
    compared to placebo. Onglyza did not meet the primary efficacy endpoint of
    superiority to placebo for the same composite endpoint. Patients treated
    with Onglyza experienced improved glycemic control and reduced development
    and progression of microalbuminuria over two years as assessed in
    exploratory analyses. In September, at the Annual Meeting of the European
    Association for the Study of Diabetes (EASD), additional subanalyses from
    SAVOR were presented. These subanalyses found no increased rate of
    hypoglycemia among patients treated with Onglyza compared to placebo when
    added to metformin monotherapy, at baseline. These subanalyses also found
    higher rates of hypoglycemia only in the Onglyza group compared to the
    placebo group among patients taking sulfonylureas, agents known to cause
    hypoglycemia, at baseline. In addition, the subanalyses found that rates
    of adjudication-confirmed pancreatitis were balanced between the Onglyza
    and placebo treatment groups. Observed rates of pancreatic cancer were
    also low (5 patients in the Onglyza arm versus 12 patients in the placebo
    arm).

Yervoy

  * In September, at the European Cancer Congress (ECC) in Amsterdam, results
    were presented from a pooled analysis of survival data for 12 studies in
    patients with metastatic or locally advanced or unresectable melanoma who
    were treated with Yervoy at different doses and regimens, including the
    investigational dose of 10 mg/kg and some patients who were followed for
    up to 10 years. The analysis found that a plateau in the survival curve
    begins at three years, with some patients followed for up to 10 years. At
    three years, 22% of patients were alive.
  * Also at the ECC in September, the company announced results from a Phase
    III randomized, double-blind clinical trial comparing Yervoy to placebo
    following radiation in patients with advanced metastatic
    castration-resistant prostate cancer who received prior treatment with
    docetaxel. Although the study’s primary endpoint of overall survival did
    not reach statistical significance, anti-tumor activity was observed
    across some efficacy endpoints, including progression free-survival.
  * In September, the Committee for Medicinal Products for Human Use (CHMP) of
    the European Medicines Agency adopted a positive opinion recommending
    first-line use of Yervoy in chemotherapy-naïve advanced melanoma patients.
    The CHMP's positive opinion will now be reviewed by the European
    Commission, which has the authority to approve medicines for the European
    Union.

Dapagliflozin

  * In September, at the EASD annual meeting, the company and its partner,
    AstraZeneca, announced results from a Phase III study evaluating
    dapagliflozin in adult patients with type 2 diabetes who were inadequately
    controlled on combination treatment with metformin plus sulfonylurea.
    Patients treated with dapagliflozin 10 mg as an add-on therapy to
    metformin plus sulfonylurea demonstrated significant improvements in
    glycosylated hemoglobin levels (HbA1c) and significant reductions in
    fasting plasma glucose and in body weight compared to placebo at 24 weeks.
    Significant improvements were also observed in seated systolic blood
    pressure at eight weeks in patients treated with dapagliflozin compared to
    placebo. Dapagliflozin is marketed as Forxiga^® outside the United States.
  * In July, the U.S. Food and Drug Administration accepted the New Drug
    Application (NDA) resubmission for dapagliflozin. The Prescription Drug
    User Fee Act action date is January 11, 2014.

THIRD QUARTER BUSINESS DEVELOPMENT UPDATE

  * In July, the company announced a 10-year agreement with Samsung BioLogics
    to manufacture Yervoy for the company in South Korea for certain
    international markets.

2013 FINANCIAL GUIDANCE

Bristol-Myers Squibb is confirming its 2013 GAAP EPS guidance range of $1.41
to $1.49 and its 2013 non-GAAP EPS Guidance Range of $1.70 to $1.78. Both GAAP
and non-GAAP guidance assume current exchange rates. Key 2013 non-GAAP
guidance assumptions remain unchanged. The non-GAAP guidance excludes
specified items as discussed under “Use of Non-GAAP Financial Information.”
Details reconciling adjusted non-GAAP amounts with the amounts reflected in
specified items are provided in supplemental materials available on the
company’s website.

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.

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;
in-process research and development (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 business development 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 October 23, 2013, at 10 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: 913-981-5509, confirmation code: 4094914. 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.
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 SEPTEMBER 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
                                                                                               U.S. Total
                         2013        2012        Change     2013        2012        Change     Prescriptions
                                                                                               vs. 2012
Three Months Ended
September 30,
                                                                                                
Key Products
Virology
Baraclude                $ 378       $ 346       9%         $ 67        $ 61        10%        4%
Reyataz                    375         363       3%           189         197       (4)%       (2)%
Sustiva Franchise          389         370       5%           259         250       4%         —
Oncology
Erbitux                    183         173       6%           180         169       7%         N/A
Sprycel                    316         263       20%          134         109       23%        23%
Yervoy                     238         179       33%          130         123       6%         N/A
Neuroscience
Abilify                    569         676       (16)%        378         507       (25)%      2%
Metabolics
Bydureon                   87          20        **           73          20        **         N/A
Byetta                     106         55        93%          76          55        38%        N/A
Forxiga                    7           N/A       N/A          N/A         N/A       N/A        N/A
Onglyza/Kombiglyze         211         178       19%          138         130       6%         (4)%
Immunoscience
Nulojix                    7           3         **           5           3         67%        N/A
Orencia                    375         307       22%          246         211       17%        N/A
Cardiovascular
Avapro/Avalide             71          95        (25)%        —           9         (100)%     N/A
Eliquis                    41          —         N/A          27          —         N/A        N/A
Plavix                     42          64        (34)%        18          43        (58)%      N/A
                                                                                                
Mature Products            670         644       4%           117         129       (9)%       N/A
and All Other
Total                      4,065       3,736     9%           2,037       2,016     1%         N/A
                                                                                                
** In excess of +/- 100%
 

                         BRISTOL-MYERS SQUIBB COMPANY
                              SELECTED PRODUCTS
            FOR THE NINE MONTHS ENDED SEPTEMBER 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
                                                                                                 U.S. Total
                         2013         2012         Change     2013        2012        Change     Prescriptions
                                                                                                 vs. 2012
Nine Months Ended
September 30,
                                                                                                  
Key Products
Virology
Baraclude                $ 1,115      $ 1,028      8%         $ 208       $ 176       18%        6%
Reyataz                    1,167        1,127      4%           582         584       —          (5)%
Sustiva Franchise          1,187        1,144      4%           785         763       3%         (2)%
Oncology
Erbitux                    516          531        (3)%         506         521       (3)%       N/A
Sprycel                    915          738        24%          384         295       30%        21%
Yervoy                     700          495        41%          429         362       19%        N/A
Neuroscience
Abilify                    1,654        2,008      (18)%        1,084       1,485     (27)%      —
Metabolics
Bydureon                   205          20         **           182         20        **         N/A
Byetta                     295          55         **           234         55        **         N/A
Forxiga                    15           N/A        N/A          N/A         N/A       N/A        N/A
Onglyza/Kombiglyze         653          511        28%          445         376       18%        1%
Immunoscience
Nulojix                    18           7          **           13          6         **         N/A
Orencia                    1,047        851        23%          698         581       20%        N/A
Cardiovascular
Avapro/Avalide             173          419        (59)%        (9)         139       **         N/A
Eliquis                    75           1          **           49          —         N/A        N/A
Plavix                     177          2,498      (93)%        102         2,404     (96)%      N/A
                                                                                                  
Mature Products            2,032        1,997      2%           361         379       (5)%       N/A
and All Other
Total                      11,944       13,430     (11)%        6,053       8,146     (26)%      N/A
                                                                                                  
** In excess of +/- 100%
 

 
BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012
(Unaudited, dollars and shares in millions except per share data)
                                                       
                           Three Months                 Nine Months

                           Ended September 30,          Ended September 30,
                           2013          2012           2013           2012
Net Sales                  $ 4,065       $ 3,736        $ 11,944       $ 13,430  
                                                                        
Cost of products             1,175         987            3,346          3,535
sold
Marketing, selling           980           1,071          3,016          3,077
and administrative
Advertising and              194           167            601            585
product promotion
Research and                 893           951            2,774          2,822
development
Impairment charge
for BMS-986094               —             1,830          —              1,830
intangible asset
Other                        5             (11    )       185            (246   )
(income)/expense
Total Expenses               3,247         4,995          9,922          11,603  
                                                                        
Earnings/(Loss)              818           (1,259 )       2,022          1,827
Before Income Taxes
                                                                        
Provision
for/(benefit from)           126           (546   )       177            250     
income taxes
                                                                        
Net Earnings/(Loss)          692           (713   )       1,845          1,577   
Net Earnings/(Loss)
Attributable to              —             (2     )       8              542     
Noncontrolling
Interest
Net Earnings/(Loss)        $ 692         $ (711   )     $ 1,837        $ 1,035   
Attributable to BMS
                                                                        
Earnings/(Loss) per
Common Share
Basic                      $ 0.42        $ (0.43  )     $ 1.12         $ 0.62
Diluted                    $ 0.42        $ (0.43  )     $ 1.11         $ 0.61
                                                                        
Average Common
Shares Outstanding:
Basic                        1,646         1,666          1,643          1,679
Diluted                      1,662         1,666          1,659          1,697
                                                                        
Other
(income)/expense
                                                                        
Interest expense           $ 46          $ 48           $ 146          $ 131
Investment income            (23   )       (27    )       (76    )       (85    )
Provision for                6             29             212            71
restructuring
Litigation                   17            50             (5     )       (100   )
charges/(recoveries)
Equity in net income         (42   )       (40    )       (128   )       (150   )
of affiliates
Out-licensed
intangible asset             —             —              —              38
impairment
Gain on sale of
product lines,               —             —              (1     )       (3     )
businesses and
assets
Other income
received from                (31   )       (96    )       (120   )       (225   )
alliance partners,
net
Pension settlements          37            3              138            3
Other                        (5    )       22             19             74      
Other                      $ 5           $ (11    )     $ 185          $ (246   )
(income)/expense
                                                                                 

 
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012
(Unaudited, dollars in millions)
 
                              Three Months              Nine Months
                                                       
                              Ended September 30,       Ended September 30,
                              2013        2012          2013         2012
Accelerated
depreciation, asset           $ —         $ —           $ —          $ 147
impairment and other
shutdown costs
Amortization of
acquired Amylin                 137         91            412          91
intangible assets
Amortization of Amylin          (68 )       (46   )       (202 )       (46   )
collaboration proceeds
Amortization of Amylin          —           9             14           9      
inventory adjustment
Cost of products sold           69          54            224          201
                                                                      
Stock compensation from
accelerated vesting of          —           67            —            67
Amylin awards
Process standardization         4           3             6            16     
implementation costs
Marketing, selling and          4           70            6            83
administrative
                                                                      
Stock compensation from
accelerated vesting of          —           27            —            27
Amylin awards
Upfront, milestone and
other licensing                 —           21            —            21
payments
IPRD impairment                 —           —             —            103    
Research and                    —           48            —            151
development
                                                                      
Impairment charge for
BMS-986094 intangible           —           1,830         —            1,830
asset
                                                                      
Provision for                   6           29            212          71
restructuring
Acquisition and
collaboration related           —           29            (10  )       42
items
Litigation                      —           50            (23  )       (100  )
charges/(recoveries)
Out-licensed intangible         —           —             —            38
asset impairment
Loss on debt repurchase         —           8             —            27
Upfront, milestone and
other licensing                 —           —             (14  )       —
receipts
Pension settlements             37          —             136          —      
Other (income)/expense          43          116           301          78
                                                                      
Increase to pretax              116         2,118         531          2,343
income
Income tax on items             (40 )       (722  )       (191 )       (791  )
above
Increase to net               $ 76        $ 1,396       $ 340        $ 1,552  
earnings
                                                                      

 
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO GAAP LINE ITEMS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012
(Unaudited, dollars in millions)
                                                                     
                                                        Specified     Non
Three months ended September 30, 2013       GAAP                     
                                                        Items*        GAAP
                                                                       
Gross Profit                                $ 2,890     69            $ 2,959
                                                                       
Marketing, selling and administrative         980       (4)             976
                                                                       
Research and development                      893       —               893
                                                                       
Other (income)/expense                        5         (43)            (38)
                                                                       
Effective Tax Rate                            15.4%     2.4%            17.8%
                                                                       
                                                                       
                                                                       
                                                        Specified     Non
Three months ended September 30, 2012       GAAP                     
                                                        Items*        GAAP
                                                                       
Gross Profit                                $ 2,749     54            $ 2,803
                                                                       
Marketing, selling and administrative         1,071     (70)            1,001
                                                                       
Research and development                      951       (48)            903
                                                                       
Other (income)/expense                        (11)      (116)           (127)
                                                                       
Effective Tax Rate                            43.4%     (22.9)%         20.5%
                                                                       

* Refer to the Specified Items schedules for further details. Effective tax
rate on the Specified Items represents the difference between the GAAP and
Non-GAAP effective tax rate.

 
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO GAAP LINE ITEMS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012
(Unaudited, dollars in millions)
                                                                     
                                                        Specified     Non
Nine months ended September 30, 2013        GAAP                     
                                                        Items*        GAAP
                                                                       
Gross Profit                                $ 8,598     224           $ 8,822
                                                                       
Marketing, selling and administrative         3,016     (6)             3,010
                                                                       
Research and development                      2,774     —               2,774
                                                                       
Other (income)/expense                        185       (301)           (116)
                                                                       
Effective Tax Rate                            8.8%      5.6%            14.4%
                                                                       
                                                                       
                                                                       
                                                        Specified     Non
Nine months ended September 30, 2012        GAAP                     
                                                        Items*        GAAP
                                                                       
Gross Profit                                $ 9,895     201           $ 10,096
                                                                       
Marketing, selling and administrative         3,077     (83)            2,994
                                                                       
Research and development                      2,822     (151)           2,671
                                                                       
Other (income)/expense                        (246)     (78)            (324)
                                                                       
Effective Tax Rate                            13.7%     11.3%           25.0%
                                                                       

* Refer to the Specified Items schedules for further details. Effective tax
rate on the Specified Items represents the difference between the GAAP and
Non-GAAP effective tax rate.

 
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF NON-GAAP EPS TO GAAP EPS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012
(Unaudited, dollars and shares in millions except per share data)
                                                        
                               Three Months              Nine Months

                               Ended September 30,       Ended September 30,
                                                                    
                               2013        2012          2013        2012
Net Earnings/(Loss)
Attributable to BMS –          $ 692       $ (711  )     $ 1,837     $ 1,035
GAAP
Earnings attributable to
unvested restricted              —           —             —           (1    )
shares
Net Earnings/(Loss) used
for Diluted EPS                $ 692       $ (711  )     $ 1,837     $ 1,034  
Calculation – GAAP
                                                                      
Net Earnings/(Loss)
Attributable to BMS –          $ 692       $ (711  )     $ 1,837     $ 1,035
GAAP
Less Specified Items*            76          1,396         340         1,552  
Net Earnings
Attributable to BMS –            768         685           2,177       2,587
Non-GAAP
Earnings attributable to
unvested restricted              —           —             —           (1    )
shares
Net Earnings used for
Diluted EPS Calculation        $ 768       $ 685         $ 2,177     $ 2,586  
- Non-GAAP
                                                                      
 
                                 1,662       1,666         1,659       1,697
Average Common Shares
Outstanding - Diluted
                                                                      
Diluted Earnings/(Loss)        $ 0.42      $ (0.43 )     $ 1.11      $ 0.61
per Share - GAAP
Diluted EPS Attributable         0.04        0.84          0.20        0.91   
to Specified Items
Diluted Earnings/(Loss)        $ 0.46      $ 0.41        $ 1.31      $ 1.52   
per Share - Non-GAAP
                                                                      
* Refer to the Specified Items schedules for further details.
 

 
BRISTOL-MYERS SQUIBB COMPANY
NET DEBT CALCULATION
AS OF SEPTEMBER 30, 2013 AND JUNE 30, 2013
(Unaudited, dollars in millions)
                                                                
                                        September 30, 2013       June 30, 2013
Cash and cash equivalents               $    1,771               $  1,821
Marketable securities–current                951                    978
Marketable securities–long-term              3,623                  3,223    
Cash, cash equivalents and                   6,345                  6,022
marketable securities
Short-term borrowings and current            (680      )            (764    )
portion of long-term debt
Long-term debt                               (6,532    )            (6,442  )
Net debt position                       $    (867      )         $  (1,184  )
                                                                             

Contact:

Bristol-Myers Squibb Company
Communications:
Laura Hortas, 609-252-4587
laura.hortas@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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