28state court.

No trial dates have been scheduled in any of the above CVR Litigations.

OTHER LITIGATION

~~Average Manufacturer Price Litigation~~

BMS is a defendant in a qui tam (whistleblower) lawsuit in the U.S. District Court for the Eastern District of Pennsylvania, in which the U.S. Government declined to intervene. The complaint alleges that BMS inaccurately reported its average manufacturer prices to the Centers for Medicare and Medicaid Services to lower what it owed. Similar claims have been filed against other companies. In January 2020, BMS reached an agreement in principle to resolve this matter subject to the negotiation of a definitive settlement agreement and other contingencies. In March 2021, BMS finalized an agreement with the U.S. government and qui tam relator to resolve the claims asserted in the lawsuit. BMS has paid $75 million plus interest to the federal and state governments. On July 30, 2021, the Company finalized individual settlement agreements with all 50 states and the District of Columbia, resolving related state law claims. On September 27, 2021 and consistent with the terms of the settlement agreements, the case against the Company was dismissed.

HIV Medication Antitrust ~~Lawsuits~~Litigations

BMS and ~~two~~three other manufacturers of HIV medications are defendants in related lawsuits pending in the Northern District of California. The initial lawsuits, ~~allege~~filed on behalf of indirect purchasers, alleged that the defendants’ agreements to develop and sell fixed-dose combination products for the treatment of HIV, including Atripla* and ~~Evotaz~~Evotaz®, violate antitrust laws. The currently pending actions, asserted on behalf of indirect purchasers, were initiated in 2019 in the Northern District of California and in 2020 in the Southern District of Florida. The Florida matter was transferred to the Northern District of California. In July 2020, the Court granted in part defendants’ motion to dismiss, including dismissing with prejudice plaintiffs’ claims as to an overarching conspiracy and plaintiffs’ theories based on the alleged payment of royalties after patent expiration. Other claims, however, remain. In October 2021, BMS entered a settlement agreement with the indirect purchasers. On May 6, 2022, the Court granted final approval of that settlement.

In September and October 2020, two purported class actions ~~have~~were also ~~been~~ filed asserting similar claims on behalf of direct purchasers. In March 2021, the Court dismissed one of the direct purchaser cases and limited the claims of the remaining direct purchaser case to those arising in 2016 or later. However, the Court gave plaintiffs leave to amend their complaints, and one plaintiff filed an amended complaint on March 16, 2021. In March 2022, BMS entered into a settlement agreement with the direct purchasers (excluding the retailers discussed below). In June 2022, the Court granted preliminary approval of that settlement.

On September 22, 2021, two additional non-class action direct purchaser complaints were filed by a number of retail pharmacy and grocery store chains against BMS and two other manufacturers of HIV medications. These complaints make allegations similar to those raised in the other federal court cases and the New Mexico state court case described below. ~~No trial date has been scheduled for~~In January 2022, BMS entered into an agreement to settle the ~~case~~cases filed against it by the retail ~~pharmacies~~pharmacy and grocery store chains. On October 13, 2021, BMS entered into a settlement agreement with the putative class of indirect purchasers. And on October 20, 2021, BMS reached an agreement in principle to settle claims filed by the putative class of direct purchasers. Both settlements are subject to court approval.chains, and those cases were dismissed.

In February 2021, BMS and two other manufacturers of HIV medications were sued in State Court in New Mexico by the Attorney General of the State of New Mexico in a case alleging that the defendants’ agreements to develop and sell various fixed-dose combination products for the treatment of HIV, including Atripla*, and agreements to settle certain patent litigation violate the antitrust laws of the State of New Mexico. No ~~schedule~~trial date has been ~~set for~~scheduled.

In December 2021, five additional non-class-action indirect purchaser cases were filed in the ~~case.~~Northern District of California, and one additional non-class-action indirect purchaser case was filed in California state court naming BMS and two other manufacturers as defendants. These complaints make allegations similar to those in the other federal court cases. In February 2022, BMS reached a settlement agreement with one of the non-class-action indirect purchaser plaintiffs and that case has been dismissed. In April 2022, two additional indirect purchaser plaintiffs filed non-class suits against BMS and other defendants. In July 2022, BMS entered into a settlement agreement resolving these seven remaining indirect purchaser cases.

Thalomid and Revlimid Litigations

Beginning in November 2014, certain putative class action lawsuits were filed against Celgene in the U.S. District Court for the District of New Jersey alleging that Celgene violated various antitrust, consumer protection, and unfair competition laws by (a) allegedly securing an exclusive supply contract for the alleged purpose of preventing a generic manufacturer from securing its own supply of thalidomide active pharmaceutical ingredient, (b) allegedly refusing to sell samples of Thalomid and Revlimid brand drugs to various generic manufacturers for the alleged purpose of bioequivalence testing necessary for aNDAs to be submitted to the FDA for approval to market generic versions of these products, (c) allegedly bringing unjustified patent infringement lawsuits in order to allegedly delay approval for proposed generic versions of Thalomid and Revlimid, and/or (d) allegedly entering into settlements of patent infringement lawsuits with certain generic manufacturers that allegedly have had anticompetitive effects. The plaintiffs, on behalf of themselves and putative classes of third-party payers, sought injunctive relief and damages. The various lawsuits were consolidated into a master action for all purposes. In March 2020, Celgene reached a settlement with the class plaintiffs. In October 2020, the Court entered a final order approving the settlement and dismissed the matter. That settlement did not resolve the claims of certain entities that opted out of the settlement.

In March 2019, Humana filed a lawsuit against Celgene in the U.S. District Court for the District of New Jersey. Humana’s complaint makes largely the same claims and allegations as were made in the Thalomid and Revlimid antitrust class action litigation. The complaint purports to assert claims on behalf of Humana and its subsidiaries in several capacities, including as a direct purchaser and as an indirect purchaser, and seeks, among other things, treble and punitive damages, injunctive relief and attorneys’ fees and costs. In May 2019, Celgene filed a motion to dismiss Humana’s complaint. In April 2022, the Court issued an order denying Celgene’s motion to dismiss. That order addressed only Celgene’s argument that certain of Humana’s claims were barred by the statute of limitations. The Court’s order did not address Celgene’s other grounds for dismissal and instead directed Celgene to present those arguments in a renewed motion to dismiss following the filing of amended complaints. In May 2022, Humana filed an amended complaint against Celgene and BMS asserting the same claims based on additional factual allegations. Celgene and BMS intend to file a renewed motion to dismiss. No trial date has been scheduled.

United HealthCare Services, Inc. (“UHS”), Blue Cross Blue Shield Association (“BCBSA”), BCBSM Inc., Health Care Service Corporation (“HCSC”), Blue Cross and Blue Shield of Florida Inc., Cigna Corporation (“Cigna”), and several MSP related entities (MSP Recovery Claims, Series LLC; MSPA Claims 1, LLC; MAO-MSO Recovery II, LLC, Series PMPI, a segregated series of MAO-MSO Recovery II, LLC; MSP Recovery Claims Series 44, LLC; MSP Recovery Claims PROV, Series LLC; and MSP Recovery Claims CAID, Series LLC (together, “MSP”)) filed lawsuits making largely the same claims and allegations as were made in the class action litigation. Certain of the matters have made additional claims related to copay assistance and off-label marketing of Thalomid and Revlimid. These cases are now pending in the U.S. District Court for the District of New Jersey and will proceed as described above with respect to the Humana opt-out antitrust action filed in March 2019. No trial dates have been scheduled.

In May 2021, Molina sued Celgene and BMS in San Francisco Superior Court. Molina’s complaint makes largely the same claims and allegations as were made in the class action litigation. In July 2021, Celgene and BMS removed the action to the U.S. District Court for the Northern District of California, and in January 2022, that court granted Molina’s motion to remand to San Francisco Superior Court. In June 2022, the San Francisco Superior Court dismissed 63 of Molina’s claims and stayed the remaining 4 claims. No activity is expected in this case until disposition of the New Jersey actions.

In May 2018, Humana, Inc. (“Humana”) filed a lawsuit against Celgene in the Pike County Circuit Court of the Commonwealth of Kentucky. Humana’s complaint alleges Celgene engaged in unlawful off-label marketing in connection with sales of Thalomid and Revlimid and asserts claims against Celgene for fraud, breach of contract, negligent misrepresentation, unjust enrichment and violations of New Jersey’s Racketeer Influenced and Corrupt Organizations Act. Humana subsequently dismissed its claims for breach of contract voluntarily. The complaint seeks, among other things, treble and punitive damages, injunctive relief and attorneys’ fees and costs. ~~In April 2019, Celgene filed a motion to dismiss Humana’s complaint, which the Court denied in January 2020. No~~A trial ~~date~~ has been ~~scheduled.~~

~~In March 2019, Humana filed a lawsuit against Celgene in the U.S. District Court~~scheduled for the District of New Jersey. Humana’s complaint makes largely the same claims and allegations as were made in the class action litigation. The complaint purports to assert claims on behalf of Humana and its subsidiaries in several capacities, including as a direct purchaser and as an indirect purchaser, and seeks, among other things, treble and punitive damages, injunctive relief and attorneys’ fees and costs. In May 2019, Celgene filed a motion to dismiss Humana’s complaint, and the Court has stayed discovery pending adjudication of that motion. No trial date has been scheduled.

~~In March 2020, United HealthCare Services, Inc. (“UHS”), affiliates of which opted out of the first settlement in the~~ ~~Thalomid~~ ~~and~~ ~~Revlimid~~ Antitrust Class Action Litigation, filed a lawsuit against Celgene in the U.S. District Court for the District of Minnesota. UHS’s complaint makes largely the same claims and allegations as were made in the class action litigation in addition to certain claims regarding donations directed to copay assistance. The complaint purports to assert claims on behalf of UHS and its subsidiaries in several capacities, including as a direct purchaser and as an indirect purchaser, and seeks, among other things, treble and punitive damages, injunctive relief and attorneys’ fees and costs. In December 2020, Celgene’s motion to transfer the action to the District of New Jersey was granted and the case is now pending in that Court. In January 2021, Celgene filed a motion to dismiss UHS’s complaint, which the Court administratively terminated in June 2021 pending its decision on Celgene’s pending motion to dismiss Humana’s complaint. No trial date has been scheduled.2023.

In May 2020, Celgene filed suit against Humana Pharmacy, Inc. (“HPI”), a Humana subsidiary, in Delaware Superior Court. Celgene’s complaint alleges that HPI breached its contractual obligations to Celgene by assigning claims to Humana that Humana is now asserting. The complaint seeks damages for HPI’s breach as well as a declaratory judgment. ~~In September 2020, HPI filed a motion to dismiss Celgene’s complaint, which was denied in February 2021.~~ A trial has been scheduled for March 2023.

BeiGene Arbitration Matter

On July 5, 2017, Celgene Logistics Sàrl (“Celgene Logistics”) and BeiGene, Ltd. (together with its assignees, “BeiGene”), entered into a License and Supply Agreement (the “LSA”) pursuant to which BeiGene was granted, among other things, an exclusive license to distribute and commercialize Revlimid, Vidaza and Abraxane in China.

As has been disclosed publicly, BeiGene initiated an arbitration proceeding against Celgene Logistics and BMS at the International Chamber of Commerce in June 2020, asserting various claims, including breach of contract under the LSA. In ~~July 2020, Blue Cross Blue Shield Association (“BCBSA”~~October 2021, Celgene Logistics delivered notice to BeiGene terminating the LSA with respect to Abraxane. A final hearing on the merits was held in June 2022, and the parties are currently engaged in post-hearing briefing.

MSK Contract Litigation

On April 1, 2022, Memorial Sloan Kettering Cancer Center and Eureka Therapeutics, Inc. (collectively, “Plaintiffs”) ~~sued~~filed a complaint against BMS, Celgene and ~~BMS on behalf~~Juno (collectively, “Defendants”). In June 2022, Plaintiffs filed an amended complaint. Plaintiffs allege that Defendants breached a license agreement by allegedly failing to use commercially reasonable efforts to develop, manufacture, and commercialize a certain chimeric antigen receptor product and by failing to pay Plaintiffs a running royalty of at least 1.5% of worldwide sales of Abecma allegedly owed to Plaintiffs under the ~~Federal Employee Program in the U.S. District Court for the District of Columbia. BCBSA’s complaint makes largely the same~~license agreement. Defendants disagree with plaintiffs' claims and ~~allegations as were made in the class action litigation. In April 2021, the parties’ joint~~filed a motion to ~~transfer~~dismiss the ~~action to the District of New Jersey was granted and the case is now pending~~amended complaint in ~~that Court.~~July 2022. No trial date has been scheduled.

In August 2020, BCBSM Inc., Health Care Service Corporation (“HCSC”), Blue Cross and Blue Shield of Florida Inc., and Molina Healthcare, Inc. (“Molina”) sued Celgene and BMS in a Minnesota state court. The complaint makes largely the same claims and allegations as were made in the class action litigation but adds allegations on behalf of HCSC only as to alleged off-label marketing of ~~Thalomid~~ ~~and~~ ~~Revlimid~~. In September 2020, Celgene and BMS removed the action to the U.S. District Court for the District of Minnesota. In March 2021, that Court denied plaintiffs’ motion to remand the action to state court, dismissed Molina for lack of personal jurisdiction and granted defendants’ motion to transfer the action to the District of New Jersey. The case is now pending in the District of New Jersey. No trial date has been scheduled.

In January 2021, Cigna Corporation (“Cigna”) sued Celgene and BMS in the U.S. District Court for the Eastern District of Pennsylvania. Cigna’s complaint makes largely the same claims and allegations as were made in the class action litigation. Cigna’s complaint purports to assert claims on behalf of Cigna and its subsidiaries in several capacities, including as a direct purchaser and as an indirect purchaser. In May 2021, the parties’ joint motion to transfer the action to the District of New Jersey was granted and the case is now pending in that Court. No trial date has been scheduled.

In May 2021, Molina sued Celgene and BMS in San Francisco Superior Court. Molina’s complaint makes largely the same claims and allegations as were made in the class action litigation. In July 2021, Celgene and BMS removed the action to the U.S. District Court for the Northern District of California; motions to transfer to the District of New Jersey, to dismiss for lack of personal jurisdiction and to remand to the state court are currently pending. No trial date has been scheduled.

GOVERNMENT INVESTIGATIONS

Like other pharmaceutical companies, BMS and certain of its subsidiaries are subject to extensive regulation by national, state and local authorities in the U.S. and other countries in which BMS operates. As a result, BMS, from time to time, is subject to various governmental and regulatory inquiries and investigations as well as threatened legal actions and proceedings. It is possible that criminal charges, substantial fines and/or civil penalties, could result from government or regulatory investigations.

ENVIRONMENTAL PROCEEDINGS

As previously reported, BMS is a party to several environmental proceedings and other matters, and is responsible under various state, federal and foreign laws, including CERCLA, for certain costs of investigating and/or remediating contamination resulting from past industrial activity at BMS’s current or former sites or at waste disposal or reprocessing facilities operated by third parties.

CERCLA Matters

With respect to CERCLA matters for which BMS is responsible under various state, federal and ~~foreign~~international laws, BMS typically estimates potential costs based on information obtained from the U.S. Environmental Protection Agency, or counterpart state or foreign agency and/or studies prepared by independent consultants, including the total estimated costs for the site and the expected cost-sharing, if any, with other “potentially responsible parties,” and BMS accrues liabilities when they are probable and reasonably estimable. BMS estimated its share of future costs for these sites to be ~~$79~~$88 million at ~~September~~June 30, ~~2021,~~2022, which represents the sum of best estimates or, where no best estimate can reasonably be made, estimates of the minimal probable amount among a range of such costs (without taking into account any potential recoveries from other parties). The amount includes the estimated costs for any additional probable loss associated with the previously disclosed North Brunswick Township High School Remediation Site.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s discussion and analysis of results of operations and financial condition is provided as a supplement to and should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q to enhance the understanding of our results of operations, financial condition and cash flows.

EXECUTIVE SUMMARY

Bristol-Myers Squibb Company is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. Our principal strategy is to combine the resources, scale and capability of a pharmaceutical company with the speed and focus on innovation of the biotech industry. Our focus as a biopharmaceutical company is on discovering, developing and delivering transformational medicines for patients facing serious diseases in areas where we believe that we have an opportunity to make a meaningful difference: oncology (both solid tumors and hematology), immunology, cardiovascular and ~~fibrosis.~~neurology. Our ~~four strategic~~ priorities are to ~~drive enterprise performance, maximize the value of~~continue to renew and diversify our ~~commercial~~ portfolio ~~ensure the long-term sustainability of our pipeline~~ through ~~combined internal and external innovation and establish~~launching our new ~~culture~~product portfolio, advancing our early, mid and ~~embed~~late-stage pipeline, and executing disciplined business development. We remain committed to reducing our ~~people strategy.~~debt and returning capital to shareholders. For further information on our strategy, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Executive Summary-Strategy” in our ~~2020~~2021 Form 10-K. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for terms used throughout the document.

In ~~2021,~~2022, we received 1914 approvals for new medicines and additional indications and formulations of currently marketed medicines in major markets (the U.S., EU and Japan), including advancement in ~~hematology malignancies~~oncology through ~~regulatory~~FDA approval of Opdualag, the first PD-1 inhibitor and LAG-3 blocking antibody combination. Additionally, in the U.S., EU and Japan, two Opdivo based regimens as first line treatments for unresectable advanced or metastatic ESCC were approved. We continue to advance and invest in our cell therapy portfolio through the approval of Abecma in Japan for the treatment of multiple myeloma, and approvals of Breyanzi for the second line and ~~Abecma~~,third line treatments of relapsed or refractory diffuse large B-cell lymphoma in the ~~first approvals~~U.S. and EU, respectively. We continue the expansion of ~~our cell therapy portfolio. In support of our continued investment in our cell therapy portfolio, we are expanding~~ our manufacturing capabilities through the construction of new state-of-the-art cell therapy manufacturing facilities in Devens, Massachusetts and Leiden, Netherlands. We continue to ~~see momentum in our oncology portfolio with the approvals for both~~ ~~Opdivo~~ ~~and~~ ~~Opdivo~~+~~Yervoy~~ ~~in various indications. We continue to~~ expand our portfolio in immunology with ~~the FDA approval of~~ ~~Zeposia~~ ~~for the treatment of adults with moderately to severely active UC and have~~ an important opportunity for deucravacitinib, our TYK2 inhibitor, for the treatment of psoriasis and other diseases. ~~We bolstered~~Within cardiovascular, we broadened our ~~leading cardiovascular franchise by adding mavacamten~~New Product Portfolio with the ~~acquisition~~FDA approval of ~~MyoKardia~~Camzyos (mavacamten) in ~~2020. In March 2021, the FDA accepted the NDA for mavacamten~~April 2022 for patients with symptomatic obstructive ~~HCM with an assigned PDUFA goal date of January 28, 2022.~~HCM.

Our revenues increased by 9%3% for the ~~nine~~six months ended ~~September~~June 30, ~~2021~~2022 due to In-Line Products (primarily Eliquis ~~Revlimid~~and Opdivo) and New Product Portfolio (primarily Abecma, ~~our IO~~ Opdualag and ~~new product portfolios(1)~~Reblozyl), partially offset by Recent LOE Products (primarily Revlimid) and foreign ~~exchange, partially offset by lower demand for Established Brands.~~exchange. The ~~$1.61 change~~$0.11 decrease in GAAP EPS primarily resulted from specified items, including ~~lower unwinding of inventory fair value adjustments~~equity investment and ~~tax charges and higher equity investment~~contingent consideration fair value adjustments, partially offset by lower impairment charges and higher ~~licensing, acquisition and impairment charges.~~divestiture gains in 2022. After adjusting for specified items, non-GAAP EPS increased ~~$0.69~~$0.51 as a result of higher revenues, ~~partially offset by higher costs~~royalties and ~~expenses to support product launches~~licensing income and ~~the broader portfolio.~~lower weighted-average common shares outstanding.


		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended June 30,				Six Months Ended June 30,
Dollars in Millions, except per share data	Dollars in Millions, except per share data	2021		2020		2021		2020		Dollars in Millions, except per share data	2022		2021		2022		2021
Total Revenues	Total Revenues	$	11,624	$	10,540	$	34,400	$	31,450	Total Revenues	$	11,887	$	11,703	$	23,535	$	22,776

Diluted Earnings Per Share	Diluted Earnings Per Share									Diluted Earnings Per Share
GAAP	GAAP	$	0.69	$	0.82	$	2.05	$	0.44	GAAP	$	0.66	$	0.47	$	1.25	$	1.36
Non-GAAP	Non-GAAP	2.00		1.63		5.67		4.98		Non-GAAP	1.93		1.63		3.89		3.38

Our non-GAAP financial measures, including non-GAAP earnings and related EPS information, are adjusted to exclude specified items that represent certain costs, expenses, gains and losses and other items impacting the comparability of financial results. For a detailed listing of all specified items and further information, reconciliations and ~~reconciliations of~~changes to our non-GAAP financial measures refer to “—Non-GAAP Financial Measures.”


~~(1)~~			~~New product portfolio includes~~ ~~Reblozyl~~, ~~Inrebic~~, ~~Onureg~~, ~~Zeposia~~, ~~Breyanzi~~ ~~and~~ ~~Abecma.~~

Economic and Market Factors

COVID-19

In ~~December 2019,~~response to the COVID-19 ~~emerged and subsequently expanded to a~~ pandemic, ~~resulting in~~ international, federal, state and local public health and governmental authorities ~~taking~~have taken, and continue to take, a number of actions to limit the spread of COVID-19 and address ~~material~~related disruptions in the U.S. and global economy. ~~We have and~~While we continue to experience impacts on revenues from COVID-19 primarily due to lower new patient starts and patient visits, ~~however,~~ the pandemic has not significantly impacted our results of operations. ItThe situation remains dynamic and it is difficult to reasonably assess or predict the full extent of the negative impact that the COVID-19 pandemic may have on our business, financial condition, results of operations and cash flows. The future financial and operational impact of the COVID-19 pandemic on BMS will depend on future developments such as the ultimate duration and ~~recovery from~~ the ~~pandemic, government~~severity of the spread of COVID-19 and any variant strains in the U.S. and globally, the effectiveness and outreach of vaccines, the effectiveness of federal, state, local and international government's mitigation actions, the pandemic's impact on the U.S. and global economies, ~~customer~~changes in the behavior ~~changes~~of patients and medical professionals and the timing for resumption to our normal operations, ~~among others.~~as well as developments affecting healthcare and the delivery of medicines to patients. See ~~the Company’s risk factor relating to the COVID-19 pandemic included under~~ “Part I—Item 1A. Risk Factors—~~COVID-19 Pandemic~~General Risks—The COVID-19 pandemic is affecting our business and could have a material adverse effect on us” in our ~~2020~~2021 Form 10-K.

As the COVID-19 pandemic affected global healthcare systems as well as major economic and financial markets, we adopted several procedures focused on ensuring the continued supply of our medicines to our patients and protecting the health, wellbeing and safety of our ~~workforce:~~

~~Workplace and Community~~

•workforce. Additional information on the procedures adopted are available at ~~We are maintaining our steadfast commitment to protecting our workforce, communities and patients, and ensuring the continued supply of life-saving medicines.~~

•www.bms.com/about-us/responsibility/coronavirus-updatesAs a science-based company, we have a social responsibility to help reduce the spread of the virus. We are encouraged that approximately 94% of our employees in the U.S. and Puerto Rico are vaccinated against COVID-19, and as of November 1, 2021, vaccinations will be required for the majority of our colleagues in these regions. Although local regulations and conditions in other ex-U.S. jurisdictions may limit or restrict vaccine mandates, we are committed to implementing similar requirements in other markets wherever possible. Medical or religious accommodations are being considered on an individual basis.

•As we return workers to the office, we will continue to assess the need to require weekly asymptomatic testing, mask wearing, and physical distancing of all colleagues onsite at our facilities in the U.S. and Puerto Rico. We also keep our workforce safe by conducting regular deep cleaning of our sites.

•Our manufacturing sites have remained open throughout the pandemic supported by on site personnel. We have taken a thoughtful and phased approach to bringing the rest of our workforce back to our 250 plus sites around the world, guided by the following principles:

◦~~Serving the needs of our patients and customers~~

◦~~Prioritizing health and safety~~

◦~~Following medical advice and government direction~~

◦~~Leading with compassion and flexibility~~

◦~~Modeling key learnings~~

•No single approach fits for every site or market – our timelines and circumstances have varied across the globe. We are monitoring local conditions and government direction closely and adjusting our plans as appropriate.

~~Supply of Our Medicines and Support to Patients, Physicians and Advocacy Groups~~

•An important element of keeping our promise to patients, their families and our healthcare providers is to ensure that our supply chain is robust and carefully managed. Our clinical and commercial supply chain teams have proactively used mitigation plans to ensure our products reach our markets, clinical sites and patients over the past months. Thanks to these efforts, we have not seen any disruption in our clinical or commercial supply chain due to the pandemic.

•We recognize this remains a challenging time for everyone, and we know patients may be facing additional hardships. We expanded our existing patient support programs to help eligible unemployed patients in the U.S. who have lost their health insurance due to the COVID-19 pandemic. The expanded program offers access to Bristol Myers Squibb medicines for free, including some of the company’s most widely prescribed products, as well as those prescribed via telehealth services.

•All of our U.S. and Puerto Rico personnel are required to be vaccinated to interact with customers, vendors and people at our clinical trial sites. We are also continuing to employ remote interactions as appropriate to ensure continued support for healthcare professionals, patient care, and access to our medicines across our global markets.

~~Our Clinical Trials and Research~~

•We are working with health authorities and investigators to protect our trial participants and personnel at BMS and our clinical trial sites, while ensuring regulatory compliance and the integrity of our science.

•We have provided clinical trial investigators with overarching principles and guidance regarding the conduct of BMS clinical trials worldwide in light of COVID-19, and are taking into account guidance from health authorities, where applicable..

Governmental Actions

~~Additional regulations~~Our products continue to be subject to increasing pressures across the portfolio from pharmaceutical market access and pricing controls and discounting, changes to tax and importation laws and other restrictions in the U.S., the EU and ~~internationally may occur~~other regions around the world that result in ~~the future, including healthcare reform initiatives, further changes to tax laws~~lower prices, lower reimbursement rates and ~~pricing laws and potential importation restrictions, that may reduce~~smaller populations for whom payers will reimburse, which can negatively impact our results of operations (including intangible asset impairment charges), operating cash flow, liquidity and financial flexibility. For example, Congress is currently considering a number of different proposals that would potentially: (i) allow the government to set or negotiate prices for prescription drugs, ~~including benchmarking those prices to prices paid in other countries,~~ (ii) penalize manufacturers for price increases beyond inflationary measures, (iii) redesign the Part D benefit with new out of pocket limits for patients and new mandated discounts for ~~manufacturers, (iv) increase the U.S. corporate tax rate, and (v) increase the U.S. taxation of our international business operations.~~manufacturers. The outcome of these Congressional actions ~~remains highly~~is uncertain. ~~In addition, the Organization for Economic Co-operation and Development recently reached agreement on a global minimum~~Congress is also considering potential changes to U.S. income tax ~~pursuant~~laws which would result in an increase to ~~which~~our income tax expense, including through increased taxation of our international operations. Furthermore, countries are expected to ~~implement~~make changes to their tax laws and updates to international tax ~~treaties.~~treaties to implement the agreement by the Organization for Economic Co-operation and Development to establish a global minimum tax. See risk factor on the Company’s risk factors on these items included under “Part I—Item 1A. Risk Factors—Product, Industry and Operational Risks—Increased pricing pressure and other restrictions in the U.S. and abroad continue to negatively affect our revenues and profit margins” and “—Changes to tax regulations could negatively impact our earnings” in our ~~2020~~2021 Form 10-K.

In February 2022, the Russian Federation invaded Ukraine. As a result, the U.S. and many other countries have implemented extensive sanctions on the Russian Federation, with which BMS intends to fully comply. In June 2022, we transferred our commercial operations in the Russian Federation to a third-party distributor and incurred $39 million of exit costs. Our remaining net assets in the Russian Federation are not material. The Russian Federation and Ukraine represent less than 1% of our total revenues, net assets, workforce and clinical trials, and while the situation continues to evolve, as of now, we do not anticipate any significant negative impacts on our business. For a more complete discussion on the risks we encounter in our business, please refer to “Part I—Item 1A. Risk Factors” in our 2021 Form 10-K.

Significant Product and Pipeline Approvals

The following is a summary of the significant approvals received in ~~2021:~~2022 as of July 27, 2022:


Product			Date			Approval


~~Opdivo~~			~~October 2021~~			~~EC approval of~~ ~~Opdivo~~ in combination with fluoropyrimidine- and platinum-based combination chemotherapy for the first-line treatment of adult patients with HER2-negative advanced or metastatic gastric, gastroesophageal junction, or esophageal adenocarcinoma whose tumors express PD-L1 with a combined positive score ≥ 5.


~~Opdivo~~			~~September 2021~~			~~Japan’s Ministry of Health, Labour and Welfare approval of~~ ~~Opdivo~~ ~~for the treatment of pediatric patients with recurrent or refractory classical Hodgkin lymphoma.~~


~~Opdivo~~			~~August 2021~~			~~Japan’s Ministry of Health, Labour and Welfare approval of the combination therapy~~ ~~Opdivo~~ ~~and~~ ~~Cabometyx~~* for the treatment of unresectable or metastatic RCC.


~~Opdivo~~			~~August 2021~~			~~FDA approval of~~ ~~Opdivo~~ for the adjuvant treatment of patients with urothelial carcinoma who are at high risk of recurrence after undergoing radical resection, regardless of prior neoadjuvant chemotherapy, nodal involvement or PD-L1 status.


~~Abecma~~			~~August 2021~~			~~EC approval for~~ ~~Abecma~~ for the treatment of adult patients with relapsed and refractory multiple myeloma, who have received at least three prior therapies, including an immunomodulatory agent, a proteasome inhibitor and an anti-CD38 antibody and have demonstrated disease progression on the last therapy.


~~Opdivo~~			~~July 2021~~			~~EC approval of~~ ~~Opdivo~~ ~~for the adjuvant treatment of adult patients with esophageal or gastroesophageal junction cancer who have residual pathologic disease following prior neoadjuvant chemoradiotherapy.~~


~~Opdivo+Yervoy~~Breyanzi			June ~~2021~~			~~EC approval of~~ ~~Opdivo~~ ~~plus~~ ~~Yervoy~~ ~~for the treatment of adult patients with mismatch repair deficient or microsatellite instability-high metastatic CRC after prior fluoropyrimidine-based combination chemotherapy.~~


~~Onureg~~			~~June 2021~~			~~EC approval of~~ ~~Onureg~~ as a maintenance therapy in adult patients with AML who achieved complete remission or complete remission with incomplete blood count recovery following induction therapy with or without consolidation treatment and who are not candidates for, including those who choose not to proceed to, hematopoietic stem cell transplantation.


~~Opdivo+Yervoy~~			~~June 2021~~			~~EC approval of~~ ~~Opdivo~~ ~~plus~~ ~~Yervoy~~ ~~for the first-line treatment of adults with unresectable malignant pleural mesothelioma.~~


~~Zeposia~~			~~May 2021~~			~~FDA approval of~~ ~~Zeposia~~ ~~for the treatment of adults with moderately to severely active UC.~~


~~Opdivo~~			~~May 2021~~			~~Japan’s Ministry of Health, Labour and Welfare approval of~~ ~~Opdivo~~ ~~and~~ ~~Yervoy~~ ~~in combination therapy for the first-line treatment of unresectable advanced or recurrent malignant pleural mesothelioma.~~


~~Opdivo~~			~~May 2021~~			~~FDA approval of~~ ~~Opdivo~~ ~~for the adjuvant treatment of patients with completely resected esophageal or gastroesophageal junction cancer with residual pathologic disease after neoadjuvant chemoradiotherapy.~~


~~Opdivo~~			~~April 2021~~			~~FDA approval of~~ ~~Opdivo~~ ~~in combination with chemotherapy for patients with advanced or metastatic gastric cancer, gastroesophageal junction cancer, and esophageal adenocarcinoma, regardless of PD-L1 expression status.~~


~~Opdivo~~			~~April 2021~~			~~EC approval of~~ ~~Opdivo~~ ~~in combination with~~ ~~Cabometyx~~* for the first-line treatment of patients with advanced RCC.


~~Abecma~~			~~March 2021~~			~~FDA approval of~~ ~~Abecma~~ for the treatment of adult patients with relapsed or refractory multiple myeloma after four or more prior lines of therapy, including an immunomodulatory agent, a proteasome inhibitor, and an anti-CD38 monoclonal antibody.


~~Breyanzi~~			~~March 2021~~			~~Japan’s Ministry of Health, Labour and Welfare approval of~~ ~~Breyanzi~~ ~~for the treatment of patients with relapsed or refractory large B-cell lymphoma and relapsed or refractory follicular lymphoma.~~


~~Inrebic~~			~~February 2021~~			~~EC approval of~~ ~~Inrebic~~ for the treatment of disease-related splenomegaly or symptoms in adult patients with primary myelofibrosis, post-polycythaemia vera myelofibrosis or post-essential thrombocythaemia myelofibrosis, who are Janus Associated Kinase inhibitor naïve or have been treated with ruxolitinib.


~~Breyanzi~~			~~February 2021~~2022			FDA approval of Breyanzi for the treatment of adult patients with relapsed or refractory large B-cell lymphoma after one line of therapy.


Opdivo+Yervoy			May 2022			Japan's Ministry of Health, Labour and Welfare approval of Opdivo plus Yervoy as a first-line treatment for adult patients with unresectable advanced or metastatic ESCC regardless of PD-L1 status.


Opdivo			May 2022			Japan's Ministry of Health, Labour and Welfare approval of Opdivo in combination with fluoropyrimidine- and platinum-containing chemotherapy as a first-line treatment for adult patients with unresectable advanced or metastatic ESCC regardless of PD-L1 status.


Opdivo+Yervoy			May 2022			FDA approval of Opdivo plus Yervoy as a first-line treatment for adult patients with unresectable advanced or metastatic ESCC regardless of PD-L1 status.


Opdivo			May 2022			FDA approval of Opdivo in combination with fluoropyrimidine- and platinum-containing chemotherapy as a first-line treatment for adult patients with unresectable advanced or metastatic ESCC regardless of PD-L1 status.


Camzyos (mavacamten)			April 2022			FDA approval of Camzyos (mavacamten) for the treatment of adults with symptomatic obstructive HCM.


Breyanzi			April 2022			EC approval of Breyanzi for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma, primary mediastinal large B-cell lymphoma and follicular lymphoma grade 3B after two or more lines of systemic therapy.


Opdivo+Yervoy			April 2022			EC approval of Opdivo plus Yervoy for the first-line treatment of adult patients with unresectable advanced, recurrent or metastatic ESCC with tumor cell PD-L1 expression > 1%.


Opdivo			April 2022			EC approval of Opdivo for the adjuvant treatment of adults with muscle-invasive urothelial carcinoma with tumor cell PD-L1 expression > 1% who are at risk of recurrence after undergoing radical resection.


Opdivo			April 2022			EC approval of Opdivo in combination with fluoropyrimidine- and platinum-based chemotherapy for the first-line treatment of adult patients with unresectable advanced, recurrent, or metastatic ESCC with PD-L1 expression > 1%.


Opdualag			March 2022			FDA approval of Opdualag, a fixed-dose combination of nivolumab and relatlimab, for the treatment of adult and pediatric patients 12 years of age and older with unresectable or metastatic melanoma.


Opdivo			March 2022			FDA approval of Opdivo in combination with platinum-doublet chemotherapy for adult patients with resectable NSCLC in the neoadjuvant setting.


Opdivo			March 2022			Japan's Ministry of Health, Labour and Welfare approval of Opdivo for the adjuvant treatment of urothelial carcinoma.


~~Opdivo~~Abecma			January ~~2021~~2022			~~FDA~~Japan’s Ministry of Health, Labour and Welfare approval of ~~Opdivo~~Abecma ~~in combination with~~ ~~Cabometyx~~* for the ~~first-line~~ treatment of adult patients with ~~advanced RCC.~~relapsed or refractory multiple myeloma who have received at least three prior therapies.

The FDA has indicated it is undertaking an industry-wide review of indications that received accelerated approval and for which the confirmatory studies did not meet their primary endpoints. This is not specific to BMS, but we have two ~~Opdivo~~ ~~indications that are subject to this review by the FDA in the third-line treatment of SCLC and second-line treatment of HCC. In consultation with the FDA, we have withdrawn the~~ ~~Opdivo~~ ~~indication in the third-line treatment of SCLC. Additionally, we decided to withdraw the~~ ~~Opdivo~~ ~~indication in the second-line treatment of HCC.~~

Refer to “—Product and Pipeline Developments” for ~~all of~~ the developments in our marketed products and late-stage pipeline ~~in 2021.~~since the start of the second quarter of 2022.

Acquisitions, Divestitures, Licensing and Other Arrangements

Divestitures, licensing and other arrangements allow us to focus our resources behind our growth opportunities that drive the greatest long-term value. Significant transactions entered into in 2021 are summarized below. Refer to “Item 1. Financial Statements—Note 3. Alliances” and “—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements” for ~~further information.~~information on significant divestitures, licensing and other arrangements in 2022.

~~Agenus~~ - We obtained a global exclusive license to Agenus’ proprietary bispecific antibody program, AGEN1777, that blocks TIGIT and an additional target. AGEN1777 is being studied in oncology and a Phase I clinical trial was initiated in October 2021.

~~Eisai~~ - We commenced an exclusive global strategic collaboration with Eisai for the co-development and co-commercialization of MORAb-202, a selective folate receptor alpha antibody-drug conjugate being investigated in endometrial, ovarian, lung and breast cancers. MORAb-202 is currently in Phase I/II clinical trials for solid tumors.

~~Prothena~~ - We exercised our option under the global neuroscience research and development collaboration to enter into an exclusive U.S. license for PRX005, an anti-tau antibody that specifically targets an area within the microtubule binding region for the potential treatment of Alzheimer’s disease. A Phase I clinical trial with PRX005 has been initiated.

~~Rockefeller University~~ - We obtained a global exclusive license to develop, manufacture and commercialize Rockefeller’s novel monoclonal antibody duo treatment that neutralizes the SARS-CoV-2 virus for treatment and potentially for prevention of COVID-19. Phase I clinical trials to assess dosing for IV and subcutaneous formulations and to assess safety have been completed by Rockefeller. In May 2021, enrollment initiated in the Phase II study within the NIH ACTIV-2 protocol at a network of sites within the U.S. Phase II enrollment was completed in August 2021 and topline data is expected in the fourth quarter 2021.

RESULTS OF OPERATIONS

Regional Revenues

The composition of the changes in revenues was as follows:


		Three Months Ended September 30,								Nine Months Ended September 30,									Three Months Ended June 30,								Six Months Ended June 30,
Dollars in Millions	Dollars in Millions	2021		2020		% Change		Foreign Exchange(b)		2021		2020		% Change		Foreign Exchange(b)		Dollars in Millions	2022		2021		% Change		Foreign Exchange(b)		2022		2021		% Change		Foreign Exchange(b)
United States	United States	$	7,296	$	6,542	12	%	—		$	21,694	$	19,795	10	%	—		United States	$	8,268	$	7,388	12	%	—		$	15,962	$	14,398	11	%	—
Europe		2,661		2,453		8	%	2	%	7,903		7,156		10	%	6	%
Rest of the World		1,391		1,361		2	%	1	%	4,172		4,030		4	%	2	%
International																		International	3,427		4,124		(17)	%	(9)	%	7,154		8,023		(11)	%	(8)	%

Other(a)	Other(a)	276		184		50	%	N/A		631		469		35	%	N/A		Other(a)	192		191		1	%	—		419		355		18	%	—
Total	Total	$	11,624	$	10,540	10	%	—		$	34,400	$	31,450	9	%	1	%	Total	$	11,887	$	11,703	2	%	(3)	%	$	23,535	$	22,776	3	%	(3)	%

•~~International revenues increased 10% in the third quarter 2021 due to higher demand and foreign exchange of 2%. Excluding foreign exchange impacts, revenues increased by 8%.~~

~~International revenues increased 12% year-to-date due to foreign exchange of 5% and higher demand. Excluding foreign exchange impacts, revenues increased 7%.~~

•In the U.S., certain third parties have been granted volume-limited licenses to sell generic lenalidomide beginning in 2022. In the EU, licenses have been granted to third parties to market generic lenalidomide products prior to expiry of our patent and supplementary protection certificate rights beginning in 2022. Revenues for ~~Revlimid~~ are expected to decline in the U.S. and International starting in 2022. Refer to “Item 1. Financial Statements—Note 17. Legal Proceedings and Contingencies—Intellectual Property” for further information.

Eliquis (apixaban) — an oral Factor Xa inhibitor, ~~targeted at stroke prevention~~indicated for the reduction in ~~adult patients with~~risk of stroke/systemic embolism in NVAF and for the ~~prevention and~~ treatment of ~~VTE disorders.~~DVT/PE and reduction in risk of recurrence following initial therapy.

•U.S. revenues increased ~~18%~~27% in the ~~third~~second quarter ~~2021~~of 2022 and ~~16%~~19% year-to-date due to higher average net selling prices, including favorable GTN adjustments, and higher demand. A majority of Eliquis patients enter the coverage gap during the third and fourth quarters which is expected to result in lower revenues during the second half of the year.

•International revenues ~~increased 12%~~decreased 3% in the ~~third~~second quarter ~~2021 and 19% year-to-date~~of 2022 due to ~~higher demand and~~ foreign exchange impacts of ~~2% and 6%~~12%, ~~respectively.~~partially offset by higher demand. Excluding foreign exchange impacts, revenues increased by ~~10% and 13%, respectively.~~9%.

International revenues increased 4% year-to-date due to higher demand, partially offset by foreign exchange impacts of 9% and lower average net selling prices. Excluding foreign exchange impacts, revenues increased by 13%.

•In September 2021, the Bristol Myers Squibb-Pfizer Alliance announced that the Court of Appeals for the Federal Circuit affirmed the U.S. District Court’s August 2020 decision finding the composition of matter patent and formulation patent covering ~~Eliquis~~ ~~valid and infringed. Given the decision, the earliest that generic manufacturers are permitted to launch their apixaban products is April 1, 2028, subject to additional appeals and challenges.~~

Following the May 2021 expiration of regulatory exclusivity for Eliquis in Europe, generic manufacturers have begun marketing generic versions of Eliquis in the UK and Netherlands, and may seek to market generic versions of Eliquis in additional countries in Europe,prior to the expiration of our patents, which may lead to additional infringement and invalidity actions involving our Eliquis patents being filed in various countries in Europe. We believe in the innovative science behind Eliquis and the strength of our intellectual property, which we will defend against infringement. Refer to “Item 1. Financial Statements—Note 17. Legal Proceedings and Contingencies—Intellectual Property” for further information.

Opdivo (nivolumab) — a fully human monoclonal antibody that binds to the PD-1 on T and NKT cells that has been approved for several anti-cancer indications including bladder, blood, ~~colon,~~CRC, head and neck, ~~kidney, liver,~~RCC, HCC, lung, melanoma, MPM, stomach and ~~stomach.~~esophageal cancer. The Opdivo+Yervoy regimen also is approved in multiple markets for the treatment of NSCLC, melanoma, MPM, RCC, CRC and various gastric and esophageal cancers. There are several ongoing potentially registrational studies for Opdivo across other tumor types and disease areas, in monotherapy and in combination with Yervoy and various anti-cancer agents.

•U.S. revenues increased 4%12% in the ~~third~~second quarter ~~2021~~of 2022 and 3%14% year-to-date due to higher demand across multiple ~~therapies~~indications including the Opdivo+Yervoy combinations infor NSCLC, Opdivo+Cabometyx* combination infor kidney cancer, bladder and~~Opdivo~~ in various gastric and esophageal cancers, ~~and higher average net selling prices,~~ partially offset by declining second-line eligibility across tumor indications and increased competition.

•International revenues increased ~~11%~~3% in ~~both~~ the ~~third~~second quarter ~~2021~~of 2022 and 4% year-to-date due to higher demand as a result of additional indication launches and core indications, partially offset by foreign exchange impacts of 1%10% and 4%9%, respectively. Excluding foreign exchange impacts, revenues increased ~~by 10% and 7%, respectively.~~

~~Orencia~~ ~~(abatacept) — a fusion protein indicated for adult patients with moderate to severe active RA and PsA and is also indicated for reducing signs and symptoms~~13% in ~~certain pediatric patients with moderately to severely active polyarticular JIA.~~

•~~U.S. revenues increased 10% in the third quarter 2021 and 8% year-to-date due to higher demand.~~

•~~International revenues decreased 5% in the third quarter 2021 due to the timing of product distribution to our alliance partner.~~

~~International revenues increased 3% year-to-date due to foreign exchange of 3%. Excluding foreign exchange impacts, revenues remained consistent.~~

•~~In the U.S. and EU, estimated LOE dates are based on method of use patents that expire in 2021. Formulation and additional patents expire in 2026 and beyond. There are no~~ ~~Orencia~~ ~~biosimilars on the market in the U.S., EU or Japan.~~both periods.

Pomalyst/Imnovid (pomalidomide) — a proprietary, distinct, small molecule that is administered orally and modulates the immune system and other biologically important targets. Pomalyst/Imnovid is indicated for patients with multiple myeloma who have received at least two prior therapies including lenalidomide and a proteasome inhibitor and have demonstrated disease progression on or within 60 days of completion of the last therapy.

•U.S. revenues increased 7%9% in both the ~~third~~second quarter ~~2021~~of 2022 and year-to-date due to higher average net selling prices and higher demand.

•International revenues increased ~~16%~~2% in both the ~~third~~second quarter ~~2021~~of 2022 and ~~20%~~ year-to-date due to higher demand, ~~and~~partially offset by foreign exchange impacts of 1%9% and 4%8%, ~~respectfully, partially offset by~~respectively, and lower average net selling prices. Excluding foreign exchange impacts, revenues increased by ~~15%~~11% and ~~16%~~10%, ~~respectfully.~~respectively.

Orencia (abatacept) — a fusion protein indicated for adult patients with moderate to severe active RA and PsA and is also indicated for reducing signs and symptoms in certain pediatric patients with moderately to severely active polyarticular JIA.

•U.S. revenues increased 10% in both the second quarter of 2022 and year-to-date due to higher demand.

•International revenues remained consistent in the second quarter of 2022 due to higher demand, offset by foreign exchange impacts of 12%. Excluding foreign exchange impacts, revenues increased by 12%.

International revenues decreased 5% year-to-date due to foreign exchange impacts of 9%, partially offset by higher demand. Excluding foreign exchange impacts, revenues increased by 4%.

•In the U.S. and EU, estimated LOE dates are based on method of use patents that expired in 2021. Formulation and additional patents expire in 2026 and beyond. There are no Orencia biosimilars on the market in the U.S., EU or Japan.

Sprycel (dasatinib) — an oral inhibitor of multiple tyrosine kinase indicated for the first-line treatment of patients with Philadelphia chromosome-positive CML in chronic phase and the treatment of adults with chronic, accelerated, or myeloid or lymphoid blast phase CML with resistance or intolerance to prior therapy, including Gleevec* (imatinib mesylate) and the treatment of children and adolescents aged 1 year to 18 years with chronic phase Philadelphia chromosome-positive CML.

•U.S. revenues increased 3%14% in the ~~third~~second quarter ~~2021 due to higher demand, partially offset by lower average net selling prices.~~

~~U.S. revenues remained consistent~~of 2022 and 13% year-to-date due to higher ~~demand, offset by lower~~ average net selling ~~prices.~~prices and higher demand.

•International revenues ~~remained consistent~~decreased 20% in the ~~third~~second quarter ~~2021~~

~~International revenues decreased 3%~~of 2022 and 15% year-to-date due to foreign exchange impacts of 10% and 9%, respectively and lower demand as a result of ~~increased~~ generic ~~competition in certain indications and lower average net selling prices, partially offset by foreign exchange of 3%.~~erosion. Excluding foreign exchange impacts, revenues decreased by 10% and 6%., respectively.

Yervoy (ipilimumab) — a monoclonal antibody for the treatment of patients with unresectable or metastatic melanoma. The Opdivo+Yervoy regimen also is approved in multiple markets for the treatment of NSCLC, melanoma, MPM, RCC, CRC and ~~CRC.~~esophageal cancer.

•U.S. revenues remained consistent in the ~~third~~second quarter ~~2021.~~of 2022 due to lower demand offset by higher average net selling prices.

U.S. revenues increased ~~14%~~2% year-to-date due to higher average net selling prices and higher demand primarily from the Opdivo+Yervoy combination for NSCLC.

•International revenues increased ~~47%~~9% in the ~~third~~second quarter ~~2021~~of 2022 and ~~40%~~17% year-to-date due to higher demand as a result of additional indication launches and ~~foreign exchange of 2% and 6%, respectively,~~core indications, partially offset by lower average net selling ~~prices.~~prices and foreign exchange impacts of 12% and 10%, respectively. Excluding foreign exchange impacts, revenues increased by ~~45%~~21% and ~~34%~~27%, respectively.

~~Abraxane~~ ~~(paclitaxel albumin-bound particles for injectable suspension)~~—~~a solvent-free protein-bound chemotherapy product that combines paclitaxel with albumin using our proprietary~~ ~~Nab~~® ~~technology platform, and is used to treat breast cancer, NSCLC and pancreatic cancer, among others.~~

•~~U.S. revenues decreased 11% in the third quarter 2021 due to manufacturing delays and lower average net selling prices.~~

~~U.S. revenues increased 2% year-to-date due to higher demand, partially offset by lower average net selling prices.~~

•International revenues decreased 48% in the third quarter 2021 and 29% year-to-date due to manufacturing delays and lower average net selling prices, partially offset by foreign exchange of 1% and 3%, respectively. Excluding foreign exchange impacts, revenues decreased by 49% and 32%, respectively.

•~~We expect that the manufacturing delays in the U.S. and International will continue into the fourth quarter 2021.~~

•In the U.S., as part of the settlement with Actavis LLC, Actavis was granted a license to certain patents required to sell a generic paclitaxel protein-bound particles for injectable suspension product beginning in 2022. In the EU, the patent expired in 2019 and generics have entered the market. In Japan, the estimated LOE is based on a method of use patent expiring in 2023. Revenues for ~~Abraxane~~ ~~are expected to decline in the U.S. starting in 2022 and continue to decline in the EU.~~

Empliciti (elotuzumab) — a humanized monoclonal antibody for the treatment of multiple myeloma.

Mature and other products — includes all other products, including those which have lost exclusivity in major markets, OTC products, royalty revenue and mature products.

•International revenues decreased 16% in the second quarter of 2022 and 11% year-to-date primarily due to continued generic erosion and foreign exchange impacts of 6% and 2%, respectively. Excluding foreign exchange impacts, revenues decreased by 10% and 9%, respectively.

Reblozyl (luspatercept-aamt) — an erythroid maturation agent indicated for the treatment of anemia in adult patients with beta thalassemia who require regular red blood cell transfusions and for the treatment of anemia failing an ~~erythropoiesis stimulating agent (“ESA”)~~ESA in adult patients with very low- to intermediate-risk MDS who have ring sideroblasts and require RBC transfusions.

•~~Reblozyl~~U.S. revenues increased 31% in the second quarter of 2022 and 34% year-to-date due to higher demand.

Abecma (idecabtagene vicleucel) — is a B-cell maturation antigen-directed genetically modified autologous CAR T cell therapy indicated for the treatment of adult patients with relapsed or refractory multiple myeloma after four or more prior lines of therapy, including an immunomodulatory agent, a proteasome inhibitor, and an anti-CD38 monoclonal antibody. Abecma was launched in May 2021.

Zeposia (ozanimod) — an oral immunomodulatory drug used to treat relapsing forms of multiple sclerosis, to include clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease, in adults and to treat moderately to severely active UC in adults. Zeposia was launched in June 2020.

Breyanzi (lisocabtagene maraleucel) — is a CD19-directed genetically modified autologous CAR T cell therapy indicated for the treatment of adult patients with ~~beta thalassemia who require regular red blood cell transfusions in November 2019 and for adult patients with MDS previously treated with ESA~~certain types of relapsed or refractory large B-cell lymphoma after one or more lines of systemic therapy. Breyanzi was launched in April ~~2020.~~2021.

Inrebic (fedratinib) — an oral kinase inhibitor indicated for the treatment of adult patients with intermediate-2 or high-risk primary or secondary (post-polycythemia vera or post-essential thrombocythemia) myelofibrosis. Inrebic was launched in August 2019.

Onureg (azacitidine) — an oral hypomethylating agent that incorporates into DNA and RNA, indicated for continued treatment of adult patients with AML who achieved first complete remission or complete remission with incomplete blood count recovery following intensive induction chemotherapy and are not able to complete intensive curative therapy. Onureg was launched in September 2020.

~~Zeposia~~Opdualag ( ~~(ozanimod) — an oral immunomodulatory drug used to treat relapsing forms of multiple sclerosis, to include clinically isolated syndrome, relapsing-remitting disease,~~nivolumab and ~~active secondary progressive disease, in adults and to treat moderately to severely active UC in adults.~~ relatlimab-rmbw~~Zeposia~~) ~~was launched in June 2020.~~

~~Breyanzi~~ ~~(lisocabtagene maraleucel)~~ — a ~~CD19-directed genetically modified autologous T cell immunotherapy~~combination of nivolumab, a PD-1 blocking antibody, and relatlimab, a lymphocyte activation gene-3 (LAG-3) blocking antibody, indicated for the treatment of adult and pediatric patients 12 years of age or older with ~~certain types~~unresectable or metastatic melanoma. Opdualag was launched in March 2022.

Camzyos (mavacamten) — a cardiac myosin inhibitor indicated for the treatment of ~~relapsed or refractory large B-cell lymphoma after two or more lines of systemic therapy.~~adults with symptomatic obstructive HCM to improve functional capacity and symptoms. ~~Breyanzi~~Camzyos was launched in April ~~2021.~~2022.

~~Abecma~~Revlimid (lenalidomide) ~~(idecabtagene vicleucel)~~ — ~~a B-cell maturation antigen-directed genetically modified autologous T cell immunotherapy~~an oral immunomodulatory drug that in combination with dexamethasone is indicated for the treatment of ~~adult~~ patients with ~~relapsed or refractory~~multiple myeloma. Revlimid as a single agent is also indicated as a maintenance therapy in patients with multiple myeloma ~~after four or more prior lines of therapy, including an immunomodulatory agent, a proteasome inhibitor, and an anti-CD38 monoclonal antibody.~~ ~~Abecma~~ ~~was launched in May 2021.~~following autologous hematopoietic stem cell transplant.

~~Vidaza~~ •~~(azacitidine for injection)~~—U.S. revenues decreased 2% in the second quarter of 2022 and increased 1% year-to-date. The increase in revenues year-to-date was due to higher demand in the first quarter of 2022 and higher average net selling prices, partially offset by lower demand in the second quarter of 2022 due to generic erosion. As a ~~hypomethylating agent with several approved indications worldwide for frontline treatment~~result of ~~patients with myelodysplastic syndromes, chronic myelomonocytic leukemia (CMMoL), and acute myeloid leukemia.~~the availability of generic lenalidomide beginning in March 2022, we expect a material decline in revenue during the second half of 2022.

•International revenues decreased 64% in the second quarter of 2022 and 44% year-to-date due to ~~lower demand~~generic erosion across several European countries and Canada, lower average net selling prices ~~resulting from generic competition.~~and foreign exchange impacts of 3% and 4%, respectively. Excluding foreign exchange impacts, revenues decreased by 61% and 40%, respectively.

~~Baraclude~~ •~~(entecavir) — an oral antiviral agent~~In the U.S., certain third parties have been granted volume-limited licenses to sell generic lenalidomide beginning in March 2022 or thereafter. In the EU, licenses have been granted to third parties to market generic lenalidomide products prior to expiry of our patent and supplementary protection certificate rights beginning in the UK in January 2022 and in various other major market European countries (e.g. France, Germany, Italy and Spain) where our supplementary protection certificate is in force beginning in February 2022. In Japan, the estimated minimum market exclusivity date is based on a composition of matter patent, which expires in July 2022. Global revenues for Revlimid are expected to decline to approximately $9.0 billion to $9.5 billion in 2022.

Abraxane (paclitaxel albumin-bound particles for injectable suspension)—a solvent-free protein-bound chemotherapy product that combines paclitaxel with albumin using our proprietary Nab® technology platform, and is used to treat breast cancer, NSCLC and pancreatic cancer, among others.

•U.S. revenues decreased 25% in the ~~treatment~~second quarter of ~~chronic hepatitis B.~~2022 and 24% year-to-date due to the entry of authorized generics and lower demand. Year-to-date was also impacted by manufacturing delays in the first quarter of 2022. Revenues in the second quarter of 2022 include product supply sales and profit sharing fees resulting from authorized generic arrangements.

•International revenues increased 5% in the second quarter of 2022 due to higher demand as the manufacturing delays experienced in the prior year were substantially resolved, partially offset by foreign exchange impacts of 8%. Excluding foreign exchange impacts, revenues increased by 13%.

•International revenues decreased 30% year-to-date due to generic erosion, lower demand ~~resulting from generic competition.~~

~~Other Brands — includes all other brands, including those which have lost exclusivity~~as a result of manufacturing delays and foreign exchange impacts of 5%. Excluding foreign exchange impacts, revenues decreased by 25%. During the first quarter of 2022, the manufacturing delays experienced in ~~major markets, OTC brands~~the U.S. and ~~royalty revenue.~~International were substantially resolved.

•~~International~~In the U.S. and EU, generics have entered the market. In Japan, the estimated minimum market exclusivity date is 2023 based on a method of use patent. Global revenues ~~decreased primarily due~~for Abraxane are expected to ~~continued generic erosion.~~decline by approximately 25% to 30% in 2022.

Estimated End-User Demand

Pursuant to the SEC Consent Order described in our ~~2020~~2021 Form 10-K, we monitor inventory levels on hand in the U.S. wholesaler distribution channel and outside of the U.S. in the direct customer distribution channel. We are obligated to disclose products with levels of inventory in excess of one month on hand or expected demand, subject to a de minimis exception. Estimated levels of inventory in the distribution channel in excess of one month on hand for the following products were not material to our results of operations as of the dates indicated:

~~Abraxane~~Camzyos had ~~1.9 months of inventory on hand internationally in the distribution channel at June 30, 2021 compared to 0.5~~5.1 months of inventory on hand at ~~March 31, 2021 due~~June 30, 2022 in the U.S to ~~on-going business transition from a distributor and~~support the product launch. The inventory is expected to ~~avert a forecasted back order in Latin America.~~be worked down as demand increases post launch.

In the U.S., we generally determine our months on hand estimates using inventory levels of product on hand and the amount of out-movement provided by our three largest wholesalers, which ~~account~~accounted for approximately ~~87%~~77% of total gross sales of U.S. products for the ~~nine~~six months ended ~~September~~June 30, ~~2021.~~2022. Factors that may influence our estimates include generic competition, seasonality of products, wholesaler purchases in light of increases in wholesaler list prices, new product launches, new warehouse openings by wholesalers and new customer stockings by wholesalers. In addition, these estimates are calculated using third-party data, which may be impacted by their recordkeeping processes.

Revlimid and Pomalyst are distributed in the U.S. primarily through contracted pharmacies under the Revlimid REMS and Pomalyst REMS programs, respectively. These are proprietary risk-management distribution programs tailored specifically to provide for the safe and appropriate distribution and use of Revlimid and Pomalyst. Internationally, Revlimid and Imnovid are distributed under mandatory risk-management distribution programs tailored to meet local authorities’ specifications to provide for the products’ safe and appropriate distribution and use. These programs may vary by country and, depending upon the country and the design of the risk-management program, the product may be sold through hospitals or retail pharmacies.

Our non-U.S. businesses have significantly more direct customers. Information on available direct customer product level inventory and corresponding out-movement information and the reliability of third-party demand information varies widely. We limit our direct customer sales channel inventory reporting to where we can influence demand. When this information does not exist or is otherwise not available, we have developed a variety of methodologies to estimate such data, including using historical sales made to direct customers and third-party market research data related to prescription trends and end-user demand. Given the difficulties inherent in estimating third-party demand information, we evaluate our methodologies to estimate direct customer product level inventory and to calculate months on hand on an ongoing basis and make changes as necessary. Factors that may affect our estimates include generic competition, seasonality of products, price increases, new product launches, new warehouse openings by direct customers, new customer stockings by direct customers and expected direct customer purchases for governmental bidding situations. As such, all of the information required to estimate months on hand in the direct customer distribution channel for non-U.S. business for the quarter ended ~~September~~June 30, ~~2021~~2022 is not available prior to the filing of this Quarterly Report on Form 10-Q. We will disclose any product with levels of inventory in excess of one month on hand or expected demand for the current quarter, subject to a de minimis exception, in our next ~~Annual Report~~quarterly report on Form ~~10-K.~~10-Q.

Expenses


		Three Months Ended September 30,						Nine Months Ended September 30,							Three Months Ended June 30,						Six Months Ended June 30,
Dollars in Millions	Dollars in Millions	2021		2020		% Change		2021		2020		% Change		Dollars in Millions	2022		2021		% Change		2022		2021		% Change
Cost of products sold(a)	Cost of products sold(a)	$	2,291	$	2,502	(8)	%	$	7,584	$	8,863	(14)	%	Cost of products sold(a)	$	2,720	$	2,452	11	%	$	5,191	$	5,293	(2)	%
Marketing, selling and administrative	Marketing, selling and administrative	1,788		1,706		5	%	5,336		4,940		8	%	Marketing, selling and administrative	1,787		1,882		(5)	%	3,618		3,548		2	%
Research and development	Research and development	3,251		2,499		30	%	8,747		7,393		18	%	Research and development	2,321		2,478		(6)	%	4,581		4,697		(2)	%
Acquired IPRD														Acquired IPRD	400		793		(50)	%	733		799		(8)	%
Amortization of acquired intangible assets	Amortization of acquired intangible assets	2,546		2,491		2	%	7,606		7,162		6	%	Amortization of acquired intangible assets	2,417		2,547		(5)	%	4,834		5,060		(4)	%
Other (income)/expense, net	Other (income)/expense, net	(409)		(915)		(55)	%	(1,113)		(488)		**		Other (income)/expense, net	284		(2)		**		933		(704)		**
Total Expenses	Total Expenses	$	9,467	$	8,283	14	%	$	28,160	$	27,870	1	%	Total Expenses	$	9,929	$	10,150	(2)	%	$	19,890	$	18,693	6	%

44Acquired IPRD

Acquired IPRD charges resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
Dollars in Millions	2022		2021		2022		2021
Mavacamten royalty extinguishment	$	295	$	—	$	295	$	—
Dragonfly milestone	—		—		175		—
Immatics upfront license fee	—		—		150		—
BridgeBio upfront license fee	90		—		90		—
Eisai upfront collaboration fee	—		650		—		650
Prothena opt-in license fee	—		80		—		80
Other	15		63		23		69
Acquired IPRD charges	$	400	$	793	$	733	$	799

Amortization of Acquired Intangible Assets

•Amortization of acquired intangible assets ~~increased~~decreased by ~~$55~~$130 million in the ~~third~~second quarter ~~2021~~of 2022 and ~~$444~~$226 million year-to-date, due to ~~the timing of additional product approvals.~~a longer than previously expected market exclusivity period for Pomalyst.

Other (Income)/Expense, Net

•Other (income)/expense, net changed by ~~$506~~$286 million in the ~~third~~second quarter ~~2021~~of 2022 and ~~$625 million~~$1.6 billion year-to-date, primarily due to equity investments, contingent value rights and other items discussed below.


	Three Months Ended June 30,				Six Months Ended June 30,
Dollars in Millions	2022		2021		2022		2021
Interest expense	$	313	$	330	$	639	$	683
Royalties and licensing income	(508)		(405)		(985)		(772)
Equity investment losses/(gains)	308		(148)		952		(749)
Integration expenses	124		152		229		293
Contingent consideration	—		—		1		(510)
(Gain)/Loss on debt redemption	(9)		—		266		281
Provision for restructuring	20		78		43		123
Litigation and other settlements	25		44		(12)		36

Investment income	(27)		(12)		(37)		(21)

Divestiture gains	—		(11)		(211)		(11)



Other	38		(30)		48		(57)
Other (income)/expense, net	$	284	$	(2)	$	933	$	(704)

•Royalties and licensing income includes diabetes business royalties, Keytruda* royalties, Tecentriq* royalties, upfront licensing fees and milestones for products that have not obtained commercial approval. Refer to “Item 1. Financial Statements—Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements” for further information.

•Equity investment losses/(gains) includes fair value adjustments for investments that have readily determinable fair value and observable price changes for investments without readily determinable fair values resulting primarily from initial public offerings or third-party acquisitions of entities which we held an ownership interest. Our share of income or loss from equity method investments is primarily due to fair value adjustments attributed to ~~contingent value rights~~limited partnerships. Refer to “Item 1. Financial Statements—Note 9. Financial Instruments and ~~equity investments and other items discussed below.~~Fair Value Measurements” for more information.

•

Three Months Ended September 30, Nine Months Ended September 30,
Dollars in Millions 2021 2020 2021 2020
Interest expense $ 328 $ 346 $ 1,011 $ 1,065
Contingent consideration — (988) (510) (597)
Royalties and licensing income (425) (403) (1,197) (1,124)
Equity investment gains (465) (244) (1,214) (724)
Integration expenses 141 195 434 535
Provision for restructuring 27 176 150 451
Litigation and other settlements 13 10 49 41
Transition and other service fees (6) (18) (43) (129)
Investment income (12) (13) (33) (99)
Reversion excise tax — — — 76
Divestiture losses/(gains) 2 1 (9) (6)
Intangible asset impairment — — — 21
Loss on debt redemption — — 281 —
Other (12) 23 (32) 2
Other (income)/expense, net $ (409) $ (915) $ (1,113) $ (488)

Integration expenses primarily includes consulting fees to implement Celgene integration initiatives related to processes and systems.

•Contingent consideration primarily includes fair value adjustments resulting from the change in the traded price of contingent value rights issued with the Celgene acquisition. The contractual obligation to pay the contingent value rights terminated in January 2021 because the FDA did not approve liso-cel (JCAR017) by December 31, 2020.

•~~Royalties~~(Gain)/Loss on debt redemption resulted from the early redemption of long-term debt of $849 million in the second quarter of 2022, $5.2 billion in the first quarter of 2022 and ~~licensing income includes diabetes business royalties,~~ ~~Keytruda~~* royalties, ~~Tecentriq~~* royalties, up-front licensing fees and milestones for products that have not obtained commercial approval. Refer to “Item 1. Financial Statements—Note 4. Divestitures, Licensing and Other Arrangements” for further information.

•Equity investment gains includes fair value adjustments for investments that have readily determinable fair value and observable price changes for investments without readily determinable fair values resulting primarily from initial public offerings or third-party acquisitions$3.5 billion in the first quarter of entities which we held an ownership interest. Our share of income from equity method investments are primarily due to fair value adjustments attributed to limited partnerships. Refer to “Item 1. Financial Statements—Note 9. Financial Instruments and Fair Value Measurements” for more information.

•~~Integration expenses primarily includes consulting fees to implement Celgene integration initiatives related to processes and systems.~~2021.

•Provision for restructuring includes exit and other costs primarily related to the Celgene acquisition plan. We are on track to achieve the annualized pre-tax cost savings of approximately $3.0 billion through 2022 as detailed in the restructuring activities. Refer to “Item 1. Financial Statements—Note 6. Restructuring” for further information.

•~~Investment~~Litigation and other settlements includes income ~~decreased year-to-date 2021 primarily due~~of $40 million resulting from a settlement resolving all legal claims and business interests pertaining to ~~lower interest rates.~~

•~~Reversion excise tax resulted from the transfer of the retiree medical plan assets back to the Company~~Nimbus’ TYK2 inhibitor in the first quarter ~~2020.~~of 2022. The settlement also provides for contingent development, regulatory and sales-based milestones payable to BMS upon the occurrence of certain events.

•~~A loss on debt redemption~~Divestiture gains resulted from the ~~early redemption~~divestiture of ~~$3.5 billion long-term debt obligations~~product rights for several mature products in the first quarter of 2022.

•Other includes exit costs of $39 million resulting from the transition of our commercial operations in the Russian Federation to a third-party distributor during the second quarter of 2022 and transition and other service fees in 2021.

Income Taxes


		Three Months Ended September 30,						Nine Months Ended September 30,							Three Months Ended June 30,						Six Months Ended June 30,
Dollars in Millions	Dollars in Millions	2021			2020			2021			2020			Dollars in Millions	2022			2021			2022			2021
Earnings Before Income Taxes	Earnings Before Income Taxes	$	2,157		$	2,257		$	6,240		$	3,580		Earnings Before Income Taxes	$	1,958		$	1,553		$	3,645		$	4,083
Provision for Income Taxes	Provision for Income Taxes	605			379			1,598			2,548			Provision for Income Taxes	529			492			933			993
Effective Tax Rate	Effective Tax Rate	28.0		%	16.8		%	25.6		%	71.2		%	Effective Tax Rate	27.0		%	31.7		%	25.6		%	24.3		%

Impact of Specified Items	Impact of Specified Items	13.1		%	(0.3)		%	9.4		%	55.5		%	Impact of Specified Items	10.0		%	14.1		%	9.2		%	7.1		%
Effective Tax Rate Excluding Specified Items	Effective Tax Rate Excluding Specified Items	14.9		%	17.1		%	16.2		%	15.7		%	Effective Tax Rate Excluding Specified Items	17.0		%	17.6		%	16.4		%	17.2		%


Delaware						22-0790350
(State or other jurisdiction of incorporation or organization)						(I.R.S Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.10 Par Value	BMY	New York Stock Exchange
1.000% Notes due 2025	BMY25	New York Stock Exchange
1.750% Notes due 2035	BMY35	New York Stock Exchange
Celgene Contingent Value Rights	CELG RT	New York Stock Exchange



PART I—FINANCIAL INFORMATION

Item 1.
Financial Statements:
Consolidated Statements of Earnings and Comprehensive ~~Income/(Loss)~~Income			3
Consolidated Balance Sheets			4
Consolidated Statements of Cash Flows			5
Notes to Consolidated Financial Statements			6

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations			3233

Item 3.
Quantitative and Qualitative Disclosure About Market Risk			53

Item 4.
Controls and Procedures			5453

PART II—OTHER INFORMATION

Item 1.
Legal Proceedings			5453

Item 1A.
Risk Factors			5453

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds			54

Item 6.
Exhibits			55

Summary of Abbreviated Terms			56
Signatures			57


		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended June 30,				Six Months Ended June 30,
COMPREHENSIVE INCOME/(LOSS)		2021		2020		2021		2020
COMPREHENSIVE INCOME										COMPREHENSIVE INCOME	2022		2021		2022		2021
Net Earnings	Net Earnings	$	1,552	$	1,878	$	4,642	$	1,032	Net Earnings	$	1,429	$	1,061	$	2,712	$	3,090
Other Comprehensive Income/(Loss), net of taxes and reclassifications to earnings:
Other Comprehensive Income, net of taxes and reclassifications to earnings:										Other Comprehensive Income, net of taxes and reclassifications to earnings:
Derivatives qualifying as cash flow hedges	Derivatives qualifying as cash flow hedges	113		(132)		399		(121)		Derivatives qualifying as cash flow hedges	301		6		332		286
Pension and postretirement benefits	Pension and postretirement benefits	7		(4)		45		5		Pension and postretirement benefits	25		15		46		38
Available-for-sale debt securities		(3)		(2)		(7)		7
Marketable debt securities										Marketable debt securities	(1)		(2)		(2)		(4)
Foreign currency translation	Foreign currency translation	(23)		(5)		(22)		(70)		Foreign currency translation	(88)		7		(100)		1
Total Other Comprehensive Income/(Loss)		94		(143)		415		(179)
Total Other Comprehensive Income										Total Other Comprehensive Income	237		26		276		321

Comprehensive Income	Comprehensive Income	1,646		1,735		5,057		853		Comprehensive Income	1,666		1,087		2,988		3,411
Comprehensive Income Attributable to Noncontrolling Interest	Comprehensive Income Attributable to Noncontrolling Interest	6		6		20		20		Comprehensive Income Attributable to Noncontrolling Interest	8		6		13		14
Comprehensive Income Attributable to BMS	Comprehensive Income Attributable to BMS	$	1,640	$	1,729	$	5,037	$	833	Comprehensive Income Attributable to BMS	$	1,658	$	1,081	$	2,975	$	3,397


ASSETS	ASSETS	September 30, 2021		December 31, 2020		ASSETS	June 30, 2022		December 31, 2021
Current Assets:	Current Assets:					Current Assets:
Cash and cash equivalents	Cash and cash equivalents	$	13,540	$	14,546	Cash and cash equivalents	$	10,750	$	13,979
Marketable debt securities	Marketable debt securities	2,123		1,285		Marketable debt securities	2,478		2,987
Receivables	Receivables	9,245		8,501		Receivables	9,054		9,369
Inventories	Inventories	2,163		2,074		Inventories	2,142		2,095
Other current assets	Other current assets	4,372		3,786		Other current assets	5,762		4,832
Total Current Assets	Total Current Assets	31,443		30,192		Total Current Assets	30,186		33,262
Property, plant and equipment	Property, plant and equipment	5,868		5,886		Property, plant and equipment	5,970		6,049
Goodwill	Goodwill	20,519		20,547		Goodwill	20,446		20,502
Other intangible assets	Other intangible assets	44,930		53,243		Other intangible assets	37,690		42,527
Deferred income taxes	Deferred income taxes	684		1,161		Deferred income taxes	1,337		1,439
Marketable debt securities		46		433

Other non-current assets	Other non-current assets	7,403		7,019		Other non-current assets	4,728		5,535
Total Assets	Total Assets	$	110,893	$	118,481	Total Assets	$	100,357	$	109,314

LIABILITIES	LIABILITIES					LIABILITIES
Current Liabilities:	Current Liabilities:					Current Liabilities:
Short-term debt obligations	Short-term debt obligations	$	5,065	$	2,340	Short-term debt obligations	$	4,953	$	4,948
Accounts payable	Accounts payable	2,695		2,713		Accounts payable	2,882		2,949
Other current liabilities	Other current liabilities	13,700		14,027		Other current liabilities	13,080		13,971
Total Current Liabilities	Total Current Liabilities	21,460		19,080		Total Current Liabilities	20,915		21,868
Deferred income taxes	Deferred income taxes	4,956		5,407		Deferred income taxes	3,034		4,501
Long-term debt	Long-term debt	39,677		48,336		Long-term debt	37,107		39,605
Other non-current liabilities	Other non-current liabilities	7,516		7,776		Other non-current liabilities	6,640		7,334
Total Liabilities	Total Liabilities	73,609		80,599		Total Liabilities	67,696		73,308

Commitments and contingencies	Commitments and contingencies					Commitments and contingencies

EQUITY	EQUITY					EQUITY
Bristol-Myers Squibb Company Shareholders’ Equity:	Bristol-Myers Squibb Company Shareholders’ Equity:					Bristol-Myers Squibb Company Shareholders’ Equity:
Preferred stock	Preferred stock	—		—		Preferred stock	—		—
Common stock	Common stock	292		292		Common stock	292		292
Capital in excess of par value of stock	Capital in excess of par value of stock	44,292		44,325		Capital in excess of par value of stock	44,375		44,361
Accumulated other comprehensive loss	Accumulated other comprehensive loss	(1,424)		(1,839)		Accumulated other comprehensive loss	(992)		(1,268)
Retained earnings	Retained earnings	22,625		21,281		Retained earnings	24,217		23,820
Less cost of treasury stock	Less cost of treasury stock	(28,572)		(26,237)		Less cost of treasury stock	(35,292)		(31,259)
Total Bristol-Myers Squibb Company Shareholders’ Equity	Total Bristol-Myers Squibb Company Shareholders’ Equity	37,213		37,822		Total Bristol-Myers Squibb Company Shareholders’ Equity	32,600		35,946
Noncontrolling interest	Noncontrolling interest	71		60		Noncontrolling interest	61		60
Total Equity	Total Equity	37,284		37,882		Total Equity	32,661		36,006
Total Liabilities and Equity	Total Liabilities and Equity	$	110,893	$	118,481	Total Liabilities and Equity	$	100,357	$	109,314


	Three Months Ended September 30,
	Net Proceeds(a)				Divestiture (Gains)/Losses				Royalty Income
Dollars in Millions	2021		2020		2021		2020		2021		2020
Diabetes Business	$	153	$	129	$	—	$	—	$	(159)	$	(148)
Erbitux* Business	4		3		—		—		—		—
Manufacturing Operations	27		—		—		—		—		—

Mature Brands and Other	4		41		2		1		(1)		(44)
Total	$	188	$	173	$	2	$	1	$	(160)	$	(192)


	Six Months Ended June 30, 2022
	Net Proceeds(a)				Divestiture Gains				Royalty Income
Dollars in Millions	2022		2021		2022		2021		2022		2021
Diabetes Business	$	357	$	296	$	—	$	—	$	(390)	$	(286)



Mature Products and Other	228		86		(211)		(11)		(2)		(1)
Total	$	585	$	382	$	(211)	$	(11)	$	(392)	$	(287)


		September 30, 2021						December 31, 2020							June 30, 2022						December 31, 2021
Dollars in Millions	Dollars in Millions	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3		Dollars in Millions	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Cash and cash equivalents - money market and other securities	Cash and cash equivalents - money market and other securities	$	—	$	11,660	$	—	$	—	$	12,361	$	—	Cash and cash equivalents - money market and other securities	$	—	$	7,708	$	—	$	—	$	12,225	$	—
Marketable debt securities:	Marketable debt securities:													Marketable debt securities:
Certificates of deposit	Certificates of deposit	—		1,688		—		—		1,020		—		Certificates of deposit	—		2,022		—		—		2,264		—
Commercial paper	Commercial paper	—		10		—		—		—		—		Commercial paper	—		316		—		—		320		—
Corporate debt securities	Corporate debt securities	—		471		—		—		698		—		Corporate debt securities	—		140		—		—		403		—
Derivative assets	Derivative assets	—		193		19		—		42		27		Derivative assets	—		609		8		—		206		12
Equity investments	Equity investments	3,733		145		—		3,314		138		—		Equity investments	497		556		—		1,910		109		—
Derivative liabilities	Derivative liabilities	—		12		—		—		270		—		Derivative liabilities	—		17		—		—		25		—
Contingent consideration liability:	Contingent consideration liability:													Contingent consideration liability:
Contingent value rights	Contingent value rights	9		—		—		530		—		—		Contingent value rights	6		—		—		8		—		—
Other acquisition related contingent consideration	Other acquisition related contingent consideration	—		—		67		—		—		78		Other acquisition related contingent consideration	—		—		33		—		—		35


			~~Ranges (weighted average) utilized as of:~~
~~Inputs~~			~~September 30, 2021~~
~~Discount rate~~			~~0.3% to 1.3% (0.6%)~~
~~Probability of payment~~			~~0% to 80% (2.4%)~~
~~Projected year of payment for development and regulatory milestones~~			~~2022 to 2028~~


	Nine Months Ended September 30, 2021				Nine Months Ended September 30, 2020
Dollars in Millions	Asset		Liability		Asset		Liability
Fair value as of January 1	$	27	$	78	$	—	$	106

Changes in estimated fair value	(8)		3		—		(35)
Payments	—		(12)		—		—
Foreign exchange	—		(2)		—		2
Fair value as of September 30	$	19	$	67	$	—	$	73


		Three Months Ended September 30, 2021				Nine Months Ended September 30, 2021					Three Months Ended June 30, 2022				Six Months Ended June 30, 2022
Dollars in Millions	Dollars in Millions	Cost of products sold		Other (income)/expense, net		Cost of products sold		Other (income)/expense, net		Dollars in Millions	Cost of products sold		Other (income)/expense, net		Cost of products sold		Other (income)/expense, net
Interest rate swap contracts	Interest rate swap contracts	$	—	$	(7)	$	—	$	(22)	Interest rate swap contracts	$	—	$	(7)	$	—	$	(18)

Cross-currency interest rate swap contracts	Cross-currency interest rate swap contracts	—		(2)		—		(8)		Cross-currency interest rate swap contracts	—		(4)		—		(8)
Foreign currency forward contracts	Foreign currency forward contracts	19		2		145		(14)		Foreign currency forward contracts	(131)		(18)		(213)		(75)


	Three Months Ended September 30, 2020				Nine Months Ended September 30, 2020
Dollars in Millions	Cost of products sold		Other (income)/expense, net		Cost of products sold		Other (income)/expense, net
Interest rate swap contracts	$	—	$	(7)	$	—	$	(21)
Cross-currency interest rate swap contracts	—		(3)		—		(8)
Foreign currency forward contracts	(5)		14		(63)		(41)
Foreign currency zero-cost collar contracts	—		—		—		1


	Three Months Ended June 30, 2021				Six Months Ended June 30, 2021
Dollars in Millions	Cost of products sold		Other (income)/expense, net		Cost of products sold		Other (income)/expense, net
Interest rate swap contracts	$	—	$	(7)	$	—	$	(15)
Cross-currency interest rate swap contracts	—		(3)		—		(6)
Foreign currency forward contracts	59		16		126		(16)


Dollars in Millions
Principal Value:
2.950% Notes due 2032	1,750
3.550% Notes due 2042	1,250
3.700% Notes due 2052	2,000
3.900% Notes due 2062	1,000
Total	$	6,000


Dollars in Millions	Dollars in Millions	Estimated Useful Lives	September 30, 2021		December 31, 2020		Dollars in Millions	Estimated Useful Lives	June 30, 2022		December 31, 2021
Goodwill	Goodwill		$	20,519	$	20,547	Goodwill		$	20,446	$	20,502

Other intangible assets:	Other intangible assets:						Other intangible assets:
Licenses	Licenses	5 – 15 years	327		328		Licenses	5 – 15 years	307		307
Acquired marketed product rights	Acquired marketed product rights	3 – 15 years	60,720		59,076		Acquired marketed product rights	3 – 15 years	60,477		60,454
Capitalized software	Capitalized software	3 – 10 years	1,452		1,325		Capitalized software	3 – 10 years	1,581		1,499
IPRD	IPRD		3,750		6,130		IPRD		3,710		3,750
Gross other intangible assets	Gross other intangible assets		66,249		66,859		Gross other intangible assets		66,075		66,010
Less accumulated amortization	Less accumulated amortization		(21,319)		(13,616)		Less accumulated amortization		(28,385)		(23,483)
Other intangible assets	Other intangible assets		$	44,930	$	53,243	Other intangible assets		$	37,690	$	42,527


Units in Millions	Units in Millions	Units	Weighted-Average Fair Value		Units in Millions	Units	Weighted-Average Fair Value

Restricted stock units	Restricted stock units	8.4	$	56.72	Restricted stock units	8.0	$	63.81
Market share units	Market share units	1.0	58.04		Market share units	1.0	60.74
Performance share units	Performance share units	1.5	59.04		Performance share units	1.4	66.76


Dollars in Millions	Dollars in Millions	Stock Options		Restricted Stock Units		Market Share Units		Performance Share Units		Dollars in Millions	Stock Options		Restricted Stock Units		Market Share Units		Performance Share Units
Unrecognized compensation cost	Unrecognized compensation cost	$	13	$	793	$	60	$	103	Unrecognized compensation cost	$	1	$	919	$	76	$	132
Expected weighted-average period in years of compensation cost to be recognized	Expected weighted-average period in years of compensation cost to be recognized	0.8		2.7		3.0		1.8		Expected weighted-average period in years of compensation cost to be recognized	0.3		3.1		3.2		2.0


Orencia			COVID-19			June 2022			Announced that initial results from the Phase III Accelerating COVID-19 Therapeutic Interventions and Vaccines (ACTIV-1) immune modulators clinical trial sponsored by the National Institutes of Health showed a strong, but not statistically significant improvement in the primary endpoint of time to recovery as measured by day of hospital discharge. Analyses of the secondary endpoints, including mortality and clinical status, demonstrated Orencia reduced participants' risk of death and improved their clinical status at 28 days after entering the study when compared with placebo.


Reblozyl			Beta Thalassemia			June 2022			Announced the withdrawal of the sBLA for Reblozyl for the treatment of anemia in adults with non-transfusion dependent beta thalassemia. We could not appropriately address the FDA's questions about the benefit-risk profile of Reblozyl in this patient population based on the current dataset from the Phase II BEYOND trial.


Zeposia	MS	June 2022	Announced post-hoc analyses from the Zeposia Phase III DAYBREAK open-label extension and Phase III SUNBEAM trials, showing that the majority of patients receiving Zeposia for multiple sclerosis reported improved or preserved cognitive function, with the greatest improvement seen when used early in the disease when thalamic volume remains high.
	COVID-19	June 2022	Announced new data on COVID-19 vaccine responses in participants treated with Zeposia from the Phase III DAYBREAK open-label extension study in relapsing MS. For participants who showed no evidence of recent COVID-19 infection, results showed seroconversion occurred in 100% (80/80) and 62% (18/29) of fully vaccinated mRNA and non-mRNA vaccine recipients, respectively.


~~Opdivo + Yervoy~~Product	~~Esophageal~~Indication	~~September 2021~~	~~Announced that the FDA has accepted the sBLA for~~ ~~Opdivo~~ ~~in combination with~~ ~~Yervoy~~ ~~and~~ ~~Opdivo~~ in combination with fluoropyrimidine- and platinum-containing chemotherapy as first-line treatments for adult patients with unresectable advanced, recurrent or metastatic esophageal squamous cell carcinoma. The FDA assigned a PDUFA goal date of May 28, 2022. The sBLA submissions were based on the Phase III Checkmate-648 trial.
~~September 2021~~	~~Ono, our alliance partner for~~ ~~Opdivo~~ ~~in Japan, announced that the companies have submitted supplemental applications in Japan for~~ ~~Opdivo~~ ~~in combination with~~ ~~Yervoy~~ ~~and~~ ~~Opdivo~~ in combination with chemotherapy for the first-line treatment of unresectable, advanced or recurrent esophageal cancer, for a partial change in approved items of the manufacturing and marketing approvals in Japan. The applications are based on results from the Phase III CheckMate-648 trial.
~~August 2021~~	~~Announced that the EMA validated its MAA for both~~ ~~Opdivo~~ ~~in combination with~~ ~~Yervoy~~ ~~and~~ ~~Opdivo~~ in combination with fluoropyrimidine- and platinum-containing chemotherapy as first-line treatments for adult patients with unresectable advanced, recurrent or metastatic esophageal squamous cell carcinoma. Validation of these applications confirm that the submissions are complete and begins the EMA’s centralized review process. The applications are based on results from the pivotal Phase III CheckMate-648 trial.
~~Malignant Pleural Mesothelioma~~Date	~~September 2021~~Developments	~~Announced three-year data from the CheckMate-743 trial that demonstrated a durable survival benefit with first-line treatment with~~ ~~Opdivo~~ ~~plus~~ ~~Yervoy~~ ~~compared to platinum-based standard-of-care chemotherapy in patients with unresectable malignant pleural mesothelioma, regardless of histology.~~
~~RCC~~	~~September 2021~~	~~Announced that~~ ~~Opdivo~~ ~~plus~~ ~~Yervoy~~ continued to demonstrate durable, long-term survival in the Phase III CheckMate-214 trial, with a five-year survival rate of 48% in patients with previously untreated advanced or metastatic RCC. After a median follow-up of 67.7 months, ~~Opdivo~~ ~~plus~~ ~~Yervoy~~ maintained superior overall survival and response benefits versus sunitinib in both patients with intermediate- and poor-risk prognostic factors, the primary endpoint population, and across all randomized patients.
~~SCCHN~~	~~July 2021~~	~~Announced an update on the Phase III CheckMate-651 trial comparing~~ ~~Opdivo~~ ~~plus~~ ~~Yervoy~~ ~~to the EXTREME regimen (cetuximab, cisplatin/carboplatin and fluorouracil) as a first-line treatment in platinum-eligible patients with recurrent or metastatic SCCHN. Although~~ ~~Opdivo~~ ~~plus~~ ~~Yervoy~~ ~~showed a clear, positive trend towards overall survival in patients whose tumors express PD-L1 with a combined positive score ≥ 20, the study did not meet its primary endpoints.~~


~~Orencia~~			~~aGvHD~~			~~August 2021~~			~~Announced that the FDA has accepted the sBLA for~~ ~~Orencia~~ for the prevention of moderate to severe aGvHD in patients 6 years of age and older receiving unrelated donor hematopoietic stem cell transplantation. The FDA granted the application Priority Review and assigned a PDUFA goal date of December 23, 2021. The sBLA is based on results from the Phase II ABA2 trial and a registry trial based on real world evidence.


~~Zeposia~~	UC	~~October 2021~~	~~Received a positive CHMP opinion of~~ ~~Zeposia~~ for the treatment of adults with moderately to severely active UC who have had an inadequate response, lost response, or were intolerant to either conventional therapy or a biologic agent. The opinion is based on data from the Phase III True North trial.
	MS	~~October 2021~~	~~Announced interim results from the Phase III open-label extension trial DAYBREAK, demonstrating the long-term efficacy and safety profile of~~ ~~Zeposia~~ ~~in patients with relapsing forms of MS. In the DAYBREAK extension study, safety was consistent with prior findings and no new safety signals emerged during the reporting period with long-term use of~~ ~~Zeposia. Treatment with~~ ~~Zeposia~~ demonstrated a low annualized relapse rate of 0.103. At months 36 and 48, 75% and 71% of participants were relapse-free and 3- and 6-month confirmed disability progression was observed in 13.9% and 11.4% of participants in the trial, respectively.


~~Abecma~~Breyanzi	~~Multiple Myeloma~~Lymphoma	~~August 2021~~June 2022	Announced FDA approval of Breyanzi for the second-line treatment of adult patients with large B-cell lymphoma, including diffuse large B-cell lymphoma not otherwise specified high-grade B-cell lymphoma, primary mediastinal large B-cell lymphoma and follicular lymphoma grade 3B who have: refractory disease to first line chemoimmunotherapy or relapsed within 12 months of first-line chemoimmunotherapy; or refractory disease to first-line chemoimmunotherapy or relapse after first-line chemoimmunotherapy and are not eligible for hematopoietic stem cell transplant due to comorbidities or age. The approval is based on results from the Phase II PILOT and Phase III TRANSFORM trials.
		June 2022	Announced that the EMA validated its Type II Variation application for extension of the indication for Breyanzi in second-line treatment of adult patients with diffuse large B-cell lymphoma, high grade B-cell lymphoma, primary mediastinal large B-cell lymphoma and follicular lymphoma grade 3B, who are refractory or have relapsed within 12 months of initial therapy and are candidates for haematopoietic stem cell transplant. The application is based on the Phase III TRANSFORM study.
		May 2022	Announced results from the primary analysis of PILOT, a multicenter, Phase II study evaluating Breyanzi in adults with refractory or relapsed large B-cell lymphoma after first-line therapy who were not deemed candidates for high-dose chemotherapy and hematopoietic stem cell transplant. With a median follow-up of 12.3 months, the majority of patients treated with Breyanzi saw a reduction in disease, with 80% of patients responding to treatment and 54% of patients achieving a complete response.
		April 2022	Announced EC approval ~~for~~of ~~Abecma~~Breyanzi for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma, primary mediastinal large B-cell lymphoma, and refractory multiple myeloma, who have received at least three prior therapies, including an immunomodulatory agent, a proteasome inhibitor and an anti-CD38 antibody and have demonstrated disease progression on the lastfollicular lymphoma grade 3B after two or more lines of systemic therapy. The approval is based on results from the ~~pivotal KarMMa study.~~TRANSCEND WORLD and TRANSCEND NHL 001 trials.


Camzyos (mavacamten)	Obstructive HCM	April 2022	Announced FDA approval of Camzyos (mavacamten) for the treatment of adults with symptomatic obstructive HCM to improve functional capacity and symptoms. The approval is based on results from the Phase III EXPLORER-HCM trial.
		April 2022	Announced that Phase III VALOR-HCM trial met its primary and secondary endpoints, significantly reducing the need for septal reduction therapy (SRT) in patients with severely symptomatic obstructive HCM who had been appropriate for SRT per the 2011 American College of Cardiology/American Heart Association Guidelines at baseline, after 16 weeks of treatment with mavacamten.
		April 2022	Announced that interim results from the EXPLORER-LTE cohort of the MAVA-LTE trial in patients with symptomatic obstructive HCM showed sustained improvements in cardiovascular function and patient symptoms at 48 and 84-weeks, no new safety signals were observed.


deucravacitinib			UCSLE			~~October 2021~~June 2022			Announced results from the Phase II ~~LATTICE-UC study evaluating deucravacitinib compared to placebo in~~PAISLEY trial that showed statistically significant efficacy at the primary endpoint of SLE Responder Index-4 responses at week 32 among patients with moderate to severe ~~UC did not meet the primary efficacy endpoint of clinical remission~~SLE who were treated with deucravacitinib versus placebo. Secondary endpoints demonstrated clinically meaningful improvements at Week ~~12, nor secondary efficacy endpoints.~~48. The safety profile of deucravacitinib was consistent with previously reported studies in patients with psoriasis and psoriatic arthritis ~~and~~with no new safety signals ~~were~~ observed. ~~The potential~~Data demonstrated favorable risk-benefit profile supportive of ~~deucravacitinib in UC continues to be evaluated in IM011-127, a second~~progressing into Phase ~~II trial that also includes a higher dose.~~

											III.
~~mavacamten~~Plaque Psoriasis			~~Obstructive HCM~~May 2022			~~October 2021~~			Announced that the EMA validated its MAA for mavacamten for the treatment of patients with obstructive HCM. Validation of the application confirm that the submission is complete and begins the EMA’s centralized review process. The application is based ontwo-year results from the ~~pivotal Phase III EXPLORER-HCM trial.~~


~~relatlimab~~	~~Melanoma~~	~~October 2021~~	~~Announced that the EMA validated its MAA for relatlimab~~POETYK PSO long-term extension trial demonstrating durable efficacy and ~~nivolumab fixed-dose combination for first-line~~a consistent safety profile with deucravacitinib treatment ofin adult ~~and pediatric~~ patients with ~~advanced (unresectable or metastatic) melanoma. Validation~~moderate to severe plaque psoriasis. Clinical efficacy was maintained through up to two years of ~~the application confirm that the submission is complete and begins the EMA’s centralized review process. The application is based on results from the pivotal Phase II/III RELATIVITY-047 trial.~~
		~~September 2021~~	Announced that the FDA has accepted for priority review the BLA for the fixed dose combination of relatlimab and nivolumab for the treatment of adult and pediatric patients with unresectable or metastatic melanoma. The FDA assigned a PDUFA goal date of March 19, 2022. The BLA submission was based on the Phase II/III RELATIVITY-047 trial.deucravacitinib treatment.


Period	Total Number of Shares Purchased(a)	Average Price Paid per Share(a)		Total Number of Shares Purchased as Part of Publicly Announced Programs(b)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs(b)
Dollars in Millions, Except Per Share Data








July 1 to 31, 2021	6,187,408	$	67.32	6,047,717	$	2,999
August 1 to 31, 2021	1,188,560	68.53		1,158,062	2,919
September 1 to 30, 2021	53,090	65.67		—	2,919
Three months ended September 30, 2021	7,429,058			7,205,779


Exhibit No.						Description
31a.						Section 302 Certification Letter.
31b.						Section 302 Certification Letter.
32a.						Section 906 Certification Letter.
32b.						Section 906 Certification Letter.
101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH						XBRL Taxonomy Extension Schema Document.
101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF						XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB						XBRL Taxonomy Extension Label Linkbase Document.
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document.
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


~~2020~~2021 Form 10-K	Annual Report on Form 10-K for the fiscal year ended December 31, ~~2020~~	~~LIBOR~~	~~London Interbank Offered Rate~~
~~Agenus~~	~~Agenus Inc.~~2021	Lilly	Eli Lilly and Company
~~aGvHD~~AML	acute ~~graft versus host disease~~myeloid leukemia	LOE	loss of exclusivity
~~Amgen~~Amylin	~~Amgen~~Amylin Pharmaceuticals, Inc.	MAA	marketing authorization application
~~AML~~aNDA	~~acute myeloid leukemia~~abbreviated new drug application	MDL	multi-district litigation
~~Amylin~~AstraZeneca	~~Amylin Pharmaceuticals, Inc.~~AstraZeneca PLC	MDS	myelodysplastic syndromes
~~aNDA~~BLA	~~abbreviated new drug applications~~biologics license application	MPM	malignant pleural mesothelioma
~~AstraZeneca~~BridgeBio	~~AstraZeneca PLC~~	~~MyoKardia~~	~~MyoKardia, Inc.~~
~~BCMA~~	~~B-cell maturation antigen~~	~~NDA~~	~~new drug application~~
~~BLA~~	~~biologics license application~~	~~NKT~~	~~natural killer T cells~~
~~bluebird~~	~~bluebird bio,~~BridgeBio Pharma Inc.	~~NSCLC~~MS	~~non-small cell lung cancer~~Multiple Sceloris
CAR T	chimeric antigen receptor T-cell	~~NVAF~~MyoKardia	~~non-valvular atrial fibrillation~~MyoKardia, Inc.
Celgene	Celgene Corporation	~~Ono~~NDA	~~Ono Pharmaceutical Co., Ltd.~~new drug application
CERCLA	U.S. Comprehensive Environmental Response, Compensation and Liability Act	~~OTC~~NKT	~~over-the-counter~~natural killer T cells
CHMP	Committee for Medicinal Products for Human Use	NSCLC	non-small cell lung cancer
CML	chronic myeloid leukemia	NVAF	non-valvular atrial fibrillation
CRC	Colorectal carcinoma	OTC	over-the-counter
CVR	contingent value rights	Otsuka	Otsuka Pharmaceutical Co., Ltd.
~~CML~~EC	~~chronic myeloid leukemia~~European Commission	PD-1	programmed cell death protein 1
~~Cormorant~~Eisai	~~Cormorant Pharmaceuticals~~Eisai Co., Ltd.	PD-L1	programmed death-ligand 1
~~CRC~~EMA	~~Colorectal carcinoma~~	~~PDUFA~~	~~The Prescription Drug User Fee Act~~
~~CVR~~	~~contingent value rights~~European Medicines Agency	Pfizer	Pfizer, Inc.
ECEPS	~~European Commission~~	~~Prothena~~	~~Prothena Corporation plc~~
~~Eisai~~	~~Eisai Co., Ltd.~~earnings per share	PsA	psoriatic arthritis
~~EMA~~ESCC	~~European Medicines Agency~~esophageal squamous cell carcinoma	Quarterly Report on Form 10-Q	Quarterly Report on Form 10-Q for the quarterly period ended ~~September~~June 30, ~~2021~~
~~EPS~~	~~earnings per share~~	~~R&D~~	~~research and development~~
~~ESCC~~	~~esophageal squamous cell carcinoma~~	RA	~~rheumatoid arthritis~~2022
EU	European Union	~~RBC~~R&D	~~red blood cell~~research and development
FASB	Financial Accounting Standards Board	~~RCC~~RA	~~renal cell carcinoma~~rheumatoid arthritis
FDA	U.S. Food and Drug Administration	~~REMS~~RBC	~~risk evaluation and mitigation strategy~~red blood cell
GAAP	U.S. generally accepted accounting principles	~~RRMM~~RCC	~~relapsed and refractory multiple myeloma~~renal cell carcinoma
~~GILTI~~GTN	~~Global intangible low-taxed income~~gross-to-net	REMS	risk evaluation and mitigation strategy
HCC	hepatocellular carcinoma	Sanofi	Sanofi S.A.
~~GTN~~HCM	~~gross-to-net~~hypertrophic cardiomyopathy	sBLA	supplemental Biologics License Application
~~HCC~~HIV	~~hepatocellular carcinoma~~	~~SCLC~~	~~small cell lung cancer~~
~~HCM~~	~~hypertrophic cardiomyopathy~~human immunodeficiency viruses	SEC	Securities and Exchange Commission
~~HIV~~	~~human immunodeficiency viruses~~	~~TNBC~~	~~triple-negative breast cancer~~
IO	immuno-oncology	UCSLE	~~ulcerative colitis~~Systemic Lupus Erythematosus
IPRD	in-process research and development	~~U.S.~~Turning Point	~~United States~~Turning Point Therapeutics, Inc.
IRS	Internal Revenue Service	UKUC	~~United Kingdom~~ulcerative colitis
JIA	juvenile idiopathic arthritis	~~VAT~~U.S.	~~value added tax~~United States
Juno	Juno Therapeutics, Inc.	~~VTE~~UK	~~venous thromboembolic~~United Kingdom
LIBOR	London Interbank Offered Rate	VAT	value added tax


		BRISTOL-MYERS SQUIBB COMPANY (REGISTRANT)

Date:	~~October~~July 27, ~~2021~~2022	By:	/s/ Giovanni Caforio, M.D.
			Giovanni Caforio, M.D. Chairman of the Board and Chief Executive Officer

Date:	~~October~~July 27, ~~2021~~2022	By:	/s/ David V. Elkins
			David V. Elkins Chief Financial Officer