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OFFON

BRISTOL-MYERS SQUIBB COMPANY

(BMY)
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Bristol Myers Squibb : Q2 2021 Presentation

07/28/2021 | 08:44am EDT

Q2 2021 Results

July 28, 2021

Forward Looking Statement and Non-GAAP Financial Information

This presentation contains statements about the Company's future plans and prospects that constitute forward-looking

statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated as a result of various important factors, including those discussed in the Company's most recent annual report on Form 10-K and reports on Form 10-Q and Form 8-K. These documents are available on the SEC's website, on the Bristol-Myers Squibb website or from Bristol-Myers Squibb Investor Relations.

In addition, any forward-looking statements represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

This presentation includes certain non-generally accepted accounting principles (GAAP) financial measures that we use to describe our company's performance. The non-GAAP information presented provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. An explanation of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measure are available on our website at bms.com/investors.

Also note that a reconciliation of certain forward-looking statements, however, is not provided due to no reasonably accessible or reliable comparable GAAP measures for such statements and the inherent difficulty in forecasting and quantifying such statements that are necessary for such reconciliation.

Q2 2021 Results

Not for Product Promotional Use

2

Q2 2021 Results

Giovanni Caforio

Board Chair and

Chief Executive Officer

Not for Product Promotional Use

3

Q2 2021 Performance

Operational

Performance

Pipeline Execution

Financial Strength

Business Development

Strong commercial execution

  • Sales of $11.7B in Q2; +16% YoY, +13% ex-FX
  • Strong momentum with launches for I-O and new product portfolio

Significant milestones

  • Solid Tumors: Opdivo U.S. approval in adj. EC/GEJ & positive CHMP opinion; Opdivo in adj. MIBC - PDUFA Sep 3, 2021
  • Hematology: Positive data for Breyanzi in 2L TE LBCL; Abecma positive CHMP opinion in 4L+ MM; iberdomide + dex in 4L+ MM data in-house
  • Immunology: Zeposia U.S. approval in moderate-to-severe UC
  • CV: Milvexian (FXIa inhibitor) Ph 2 TKR data in-house

Strong financial results and outlook

  • Continued revenue and EPS growth
  • Reaffirm 2021 Revenue and Non-GAAP EPS guidance
  • Balance sheet strength and strong cash flow generation; debt repayments of ~$5.7B & executed share repurchases of ~$3B YTD
  • Licensed anti-TIGIT bispecific antibody program w/ Agenus & FRα ADC collab w/ Eisai

Q2 2021 Results

Not for Product Promotional Use

4

Execution Scorecard

Financial Expectations

  • 2020-2025:
    • Low to mid-single digit revenue CAGR*
    • Low double-digit revenue CAGR for Continuing business*
  • Operating margins low to mid 40%s**
  • ~$3B of synergies by end of 2022
  • $45B - $50B of free- cash flow 2021-2023**

On track based on 2021

guidance

2021 Key Milestones

Opdivo (+/- Yervoy)

U.S./EU expected approvals:

1L RCC (9ER) , 1L GC (649, O+Chemo),

adj Eso (577)

adj MIBC (274)

1L Esophageal (CM-648)

Opdivo return to annual growth

Relatlimab

1L Melanoma w/ Opdivo Ph3

Breyanzi

3L+

DLBCL U.S.

/ EU approval

2L TE

and TNE DLBCL

3L+

CLL

Abecma

4L+

MM U.S.1

/ EU approval

Iberdomide + dex

4L+

MM Ph 1b/2a

Deucravacitinib

PsO (2nd study) Ph3

& U.S. filing

UC Ph2 (POC)

Zeposia

UC U.S.

/ EU approval

Cendakimab

Initiation of Ph3

Factor XIa inh.

Total Knee Replacement VTEp Ph2 (POC)

Mavacamten

oHCM U.S. filing

& approval2

2022/2023 Key Milestones

Opdivo (+/- Yervoy)

Metastatic

1L HCC (CM-9DW)

Adjuvant

Neo-adj Lung EFS (CM-816)

Peri-adj Lung (CM-77T)

Bempeg

1L melanoma3 & 1L renal

Breyanzi

3L+ Follicular lymphoma

Abecma

3L+ MM (KarMMa-3) Ph3

2L+ MM (KarMMa-2) POC

CC-92480

4L+ MM Ph1/2

CC-93269 (TCE)

Initiation of pivotal trial

Deucravacitinib

PsO U.S./EU approval

CD & Lupus Ph2 (POC)

Zeposia

CD Ph3

Factor XIa inh.

Secondary Stroke Prevention Ph2 (POC)

Reblozyl

1L MDS (ESA naïve) COMMANDS Ph3

Ph 1/2 Pipeline

>20 POC decisions

To be expanded to include regulatory milestones pending future

registrational successes

*At constant exchange rates - Non-GAAP: there is no reliable or reasonable estimable comparable Q2 2021 Results GAAP metric for this Non-GAAPforward-looking information; **Non-GAAP: there is no reliable or

reasonable estimable comparable GAAP metric for this forward-looking information

1Approved after 4 prior lines of therapy

5

2 PDUFA January 28, 2022

Not for Product Promotional Use

3 Expected in 2022

Disclaimer

Bristol-Myers Squibb Company published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 12:43:20 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2021 46 378 M - -
Net income 2021 6 495 M - -
Net Debt 2021 28 289 M - -
P/E ratio 2021 21,3x
Yield 2021 3,20%
Capitalization 136 B 136 B -
EV / Sales 2021 3,55x
EV / Sales 2022 3,19x
Nbr of Employees 30 250
Free-Float 76,0%
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Mean consensus OUTPERFORM
Number of Analysts 20
Last Close Price 61,31 $
Average target price 75,89 $
Spread / Average Target 23,8%
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Managers and Directors
Giovanni Caforio Chairman & Chief Executive Officer
David V. Elkins Chief Financial Officer & Executive Vice President
Paul von Autenried Chief Information Officer & Executive VP
Rupert J. Vessey Executive VP-Research & Early Development
Joseph E. Eid Senior VP & Head-Global Medical Affairs
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