Form 8-K

8-K — BRISTOL MYERS SQUIBB CO

Accession: 0000014272-26-000008

Filed: 2026-04-30

Period: 2026-04-30

CIK: 0000014272

SIC: 2834 (PHARMACEUTICAL PREPARATIONS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — bmy-20260430.htm (Primary)

EX-99.1 — PRESS RELEASE OF BRISTOL-MYERS SQUIBB COMPANY DATED APRIL 30, 2026 (a2026q1ex991.htm)

EX-99.2 — PRESENTATION MATERIALS OF BRISTOL-MYERS SQUIBB COMPANY DATED APRIL 30, 2026 (q12026earningspresentati.htm)

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8-K

8-K (Primary)

Filename: bmy-20260430.htm · Sequence: 1

bmy-20260430

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________

FORM 8-K

_____________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2026

_____________________________

BRISTOL-MYERS SQUIBB COMPANY

(Exact name of registrant as specified in its charter)

_____________________________

Delaware 001-01136 22-0790350

(State or other jurisdiction of

incorporation or organization) (Commission File Number) (I.R.S Employer

Identification No.)

Route 206 & Province Line Road, Princeton, New Jersey 08543

(Address of principal executive offices) (Zip Code)

(Registrant’s telephone number, including area code): (609) 252-4621

_____________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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

Celgene Contingent Value Rights CELG RT New York Stock Exchange

2.973% Notes due 2030 BMY/30 New York Stock Exchange

3.363% Notes due 2033 BMY/33 New York Stock Exchange

1.750% Notes due 2035 BMY35 New York Stock Exchange

3.857% Notes due 2038 BMY/38 New York Stock Exchange

4.289% Notes due 2045 BMY/45 New York Stock Exchange

4.581% Notes due 2055 BMY/55 New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 30, 2026, Bristol-Myers Squibb Company (the “Company”) issued a press release (the “Earnings Press Release”) on its website at www.bms.com announcing its financial results for the first quarter of 2026. A copy of the Earnings Press Release is furnished pursuant to this Item 2.02 as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. Other than the Earnings Press Release, the information contained in or connected to the Company's website is not deemed to be incorporated by reference in this Current Report on Form 8-K.

Item 7.01 Regulation FD Disclosure.

On April 30, 2026, the Company posted on its website at www.bms.com a presentation (the “Bristol Myers Presentation”) on certain financial and operating initiatives available for viewing during the Company’s conference call and webcast announcing its financial results for the first quarter of 2026 at 8:00 a.m. Eastern time. A copy of the Bristol Myers Presentation is furnished pursuant to this Item 7.01 as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. The Earnings Press Release and the Bristol Myers Presentation include references to non-GAAP financial information. Reconciliations between the non-GAAP financial measures and the comparable GAAP financial measures and the reasons for the presentation of such non-GAAP financial measures, are available in the Earnings Press Release which is included as Exhibit 99.1 hereto. The Bristol Myers Presentation should be read in conjunction with the Earnings Press Release. The Company reserves the right to discontinue availability of the Bristol Myers Presentation from its website at any time.

Pursuant to General Instruction B.2. to Form 8-K, the information set forth in this Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities thereof, nor shall it be incorporated by reference into future filings by the Company under the Exchange Act or under the Securities Act of 1933, as amended, except to the extent specifically provided in any such filing. Additionally, the submission of the information set forth in this Item 7.01 is not deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely by Regulation FD.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are furnished as part of this Current Report on Form 8-K:

Exhibit

No. Description

99.1

Press release of Bristol-Myers Squibb Company dated April 30, 2026

99.2

Presentation Materials of Bristol-Myers Squibb Company dated April 30, 2026

104 The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BRISTOL-MYERS SQUIBB COMPANY

Dated: April 30, 2026

By: /s/ Amy Fallone

Name: Amy Fallone

Title: Senior Vice President and Corporate Secretary

EX-99.1 — PRESS RELEASE OF BRISTOL-MYERS SQUIBB COMPANY DATED APRIL 30, 2026

EX-99.1

Filename: a2026q1ex991.htm · Sequence: 2

Document

Exhibit 99.1

Bristol Myers Squibb Reports First Quarter Financial Results for 2026

Financial Results Reflect Strong Execution and a Strengthened Foundation with Significant Pipeline Milestones Ahead

•First quarter revenues increased 3% (+1% Ex-FX) to $11.5 billion

◦Growth Portfolio revenues increased 12% (+9% Ex-FX) to $6.2 billion

•GAAP EPS was $1.31 and non-GAAP EPS was $1.58; Both figures include net impact of $(0.03) due to the Acquired IPRD charges and licensing income

•Reaffirms 2026 financial guidance with revenues of ~$46.0 billion to $47.5 billion; Non-GAAP EPS range of $6.05 to $6.35, with total revenues and non-GAAP EPS trending toward the upper end of the ranges

(PRINCETON, N.J., April 30, 2026) – Bristol Myers Squibb (NYSE: BMY) today reports results for the first quarter of 2026.

“We are off to a good start in 2026, with first quarter results reflecting sustained momentum across our Growth Portfolio and disciplined execution throughout the business," said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. "With multiple pivotal data readouts and opportunities ahead, we remain focused on advancing our differentiated pipeline and translating this progress into meaningful outcomes for patients and shareholders."

First Quarter Results

$ in millions, except per share amounts 2026 2025 Change

Change Excl. FX**

Total Revenues $11,489 $11,201 3 % 1 %

Earnings/(Loss) Per Share - GAAP* 1.31 1.20 9 % N/A

Earnings/(Loss) Per Share - Non-GAAP* 1.58 1.80 (12) % N/A

Acquired IPRD Charges and Licensing Income Net Impact on Earnings/(Loss) Per Share (0.03) (0.04) N/A N/A

*GAAP and Non-GAAP earnings/(loss) per share include the net impact of Acquired IPRD charges and licensing income.

**See "Use of Non-GAAP Financial Information".

FIRST QUARTER RESULTS*

•Growth Portfolio revenues of $6.2 billion increased 12%, or 9% Ex-FX. Revenue growth was primarily driven by Camzyos, Breyanzi and Reblozyl.

•Legacy Portfolio revenues of $5.3 billion decreased 6%, or 8% Ex-FX. Demand increased for Eliquis, which was more than offset by expected continued generic impacts across the remainder of the Legacy Portfolio.

•Total revenues of $11.5 billion increased 3%, or 1% Ex-FX.

◦U.S. revenues of $7.8 billion decreased 1%.

◦International revenues of $3.7 billion increased 11%, or 4% Ex-FX.

*All comparisons are made versus the same period in 2025 unless otherwise stated.

FIRST QUARTER PRODUCT REVENUE HIGHLIGHTS(e)

($ amounts in millions) Quarter Ended March 31, 2026

% Change from Quarter Ended March 31, 2025

% Change from Quarter Ended March 31, 2025 Ex-FX**

U.S.

Int'l

WW(d)

U.S.

Int'l

WW(d)

Int'l

WW(d)

Growth Portfolio

Opdivo $ 1,159 $ 988 $ 2,146 (13) % 6 % (5) % (1) % (8) %

Opdivo Qvantig 131 32 163 >200% >200% >200% >200% >200%

Orencia 590 228 818 6 % 6 % 6 % — % 5 %

Yervoy 367 284 651 (7) % 24 % 4 % 16 % 2 %

Reblozyl 440 116 555 13 % 30 % 16 % 23 % 15 %

Breyanzi 292 120 411 43 % 101 % 56 % 87 % 53 %

Opdualag 246 49 295 8 % 98 % 17 % 81 % 15 %

Camzyos 229 85 314 82 % 155 % 97 % 137 % 94 %

Zeposia 69 49 118 14 % 7 % 11 % (3) % 7 %

Sotyktu 35 33 69 10 % 43 % 24 % 34 % 20 %

Krazati 46 3 50 4 % (6) % 4 % (14) % 3 %

Cobenfy 56 — 56 107 % N/A 107 % N/A 107 %

Other Growth Products(a)

212 369 581 (9) % 35 % 15 % 32 % 13 %

Total Growth Portfolio

3,872 2,355 6,227 7 % 22 % 12 % 15 % 9 %

Legacy Portfolio

Eliquis 3,077 1,059 4,137 16 % 15 % 16 % 5 % 13 %

Revlimid 278 71 349 (66) % (44) % (63) % (45) % (63) %

Pomalyst/Imnovid 439 74 513 (18) % (39) % (22) % (40) % (22) %

Sprycel 36 37 73 (71) % (25) % (58) % (26) % (59) %

Abraxane 12 38 50 (71) % (42) % (53) % (43) % (54) %

Other Legacy Products(b)

74 82 156 (10) % (30) % (21) % (32) % (23) %

Total Legacy Portfolio 3,916 1,361 5,277 (8) % (3) % (6) % (10) % (8) %

Other Revenue(c)

— (15) (15) N/A N/A N/A N/A N/A

Total Revenues $ 7,788 $ 3,701 $ 11,489 (1) % 11 % 3 % 4 % 1 %

** See "Use of Non-GAAP Financial Information".

(a) Includes Abecma, Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues, including royalties received from Merck on Winrevair.

(b) Includes other mature brands.

(d) Worldwide (WW) includes U.S. and International (Int'l).

(e) For the above table and all subsequent tables, certain totals may not sum due to rounding. Percentages have been calculated using unrounded amounts.

FIRST QUARTER COST & EXPENSES

The table below presents selected line-item information.

GAAP Non-GAAP**

Three months ended March 31, Three months ended March 31,

($ amounts in millions)

2026

2025

Change

2026

2025

Change

Cost of products sold

$ 3,421 $ 3,033 13% $ 3,408 $ 3,018 13%

Gross margin

70.2 % 72.9 % (270) bps 70.3 % 73.1 % (280) bps

Selling, general and administrative

1,617 1,584 2% 1,616 1,583 2%

Research and development

2,649 2,257 17% 2,238 2,235 —%

Acquired IPRD(a)

94 188 (50)% 94 188 (50)%

Amortization of acquired intangible assets

437 830 (47)% — — N/A

Other (income)/expense, net

32 339 (90)% 173 (150) NM

Effective tax rate

17.3 % 17.1 % 20 bps 18.3 % 15.1 % 320 bps

** See "Use of Non-GAAP Financial Information" and refer to the Specified Items schedule below for further detail.

NM Not meaningful.

(a) Non-GAAP Acquired IPRD does not include adjustments to GAAP Acquired IPRD.

•Gross margin decreased from 72.9% to 70.2% on a GAAP basis, and from 73.1% to 70.3% on a non-GAAP basis, primarily reflecting a change in product mix.

•Selling, general and administrative expenses of $1.6 billion increased 2% on a GAAP and non-GAAP basis.

•Research and development expenses of $2.6 billion increased 17% on a GAAP basis, primarily due to IPRD impairment charges in 2026. Non-GAAP research and development expenses of $2.2 billion were relatively flat.

•Acquired IPRD charges of $94 million decreased from $188 million and licensing income of $13 million decreased from $87 million on a GAAP and non-GAAP basis.

•Amortization of acquired intangible assets of $437 million decreased 47% on a GAAP basis, primarily due to lower amortization expense related to Pomalyst.

•Other (income)/expense, net of $32 million and $173 million on a GAAP and non-GAAP basis, respectively, reflects the expiry of royalty income on diabetes products at the end of 2025.

•Effective tax rate increased from 17.1% to 17.3% on a GAAP basis and from 15.1% to 18.3% on a non-GAAP basis, primarily driven by jurisdictional earnings mix.

•Net income attributable to Bristol Myers Squibb of $2.7 billion, or $1.31 per share, increased from $2.5 billion, or $1.20 per share, on a GAAP basis. On a non-GAAP basis, net income attributable to Bristol Myers Squibb of $3.2 billion, or $1.58 per share, decreased from $3.7 billion, or $1.80 per share. GAAP and non-GAAP EPS include the impacts of Acquired IPRD charges and licensing income.

PRODUCT AND PIPELINE UPDATES

Entries organized by date and inclusive of first quarter and recent updates.

Asset(s)

Date Announced

Milestone

Eliquis® (apixaban)

April 24

The BMS-Pfizer Alliance announced the launch of a collaboration with Mark Cuban Cost Plus Drug Company (Cost Plus Drugs) to offer Eliquis on CostPlusDrugs.com, expanding options for cash-paying patients. Beginning April 27, 2026, Eliquis became available on Cost Plus Drugs, and patients with a prescription will pay a total of $345 for a 30-day supply.

Camzyos®

(mavacamten)

March 29

Announced positive data from the Phase 3 SCOUT-HCM trial of Camzyos, the first study of a cardiac myosin inhibitor in adolescents (ages 12 years to <18 years) with symptomatic obstructive hypertrophic cardiomyopathy. The trial met its primary endpoint and showed meaningful improvement over placebo in multiple secondary endpoints at 28 weeks with no new safety signals.

Cobenfy™ (xanomeline and trospium chloride)

March 28

Announced data from a Phase 4,open-label clinical trial evaluating the symptom stability, safety and tolerability of Cobenfy when switching adult outpatients with schizophrenia from an oral atypical antipsychotic to Cobenfy monotherapy. Through 8 weeks, patients remained stable with mean Positive and Negative Syndrome Scale total scores remaining below baseline, and no new safety signals were observed, regardless of cross-titration duration.

Opdivo® (nivolumab)

March 20

The U.S. Food and Drug Administration (FDA) approved Opdivo in combination with doxorubicin, vinblastine and dacarbazine for the treatment of adult and pediatric patients 12 years and older with previously untreated Stage III or IV classical Hodgkin Lymphoma (cHL).

In addition, the European Commission approved Opdivo in combination with brentuximab vedotin for the treatment of children 5 years of age and older, adolescents, and adults up to 30 years of age with relapsed or refractory cHL after one prior line of therapy.

mezigdomide March 9

Positive interim results from the Phase 3 SUCCESSOR-2 trial evaluating oral mezigdomide in combination with carfilzomib and dexamethasone demonstrated statistically significant and clinically meaningful improvement in progression-free survival (PFS) versus carfilzomib and dexamethasone alone in patients with relapsed or refractory multiple myeloma. This is the second positive Phase 3 study for the Bristol Myers Squibb cereblon E3 ligase modulator (CELMoD) program.

Sotyktu® (deucravacitinib)

March 6

The FDA approved Sotyktu for the treatment of adults with active psoriatic arthritis (PsA). The approval is based on positive results from the pivotal POETYK PsA-1 and POETYK PsA-2 trials and makes Sotyktu the first tyrosine kinase 2 inhibitor approved for PsA.

izalontamab brengitecan

(iza-bren)

February 26

Announced with SystImmune that SystImmune's parent company, Sichuan Biokin Pharmaceutical Co., Ltd., reported positive topline results from a pre-specified interim analysis of a Phase 3 study conducted in China evaluating iza-bren in patients with unresectable locally advanced or metastatic triple-negative breast cancer whose disease progressed following prior taxane therapy. Iza-bren demonstrated statistically significant and clinically meaningful improvement in both PFS and overall survival compared to chemotherapy of physician's choice, meeting the dual primary endpoints.

Reblozyl® (luspatercept)

February 23

Announced positive topline results from the ongoing, ex-U.S., Phase 2 registrational study evaluating Reblozyl versus placebo for anemia in adults with Alpha (α)-Thalassemia. The non-transfusion-dependent (NTD) and transfusion-dependent (TD) cohorts met their respective primary endpoints, with Reblozyl demonstrating a statistically significant and clinically meaningful increase in hemoglobin levels in NTD patients with α-thalassemia, and a statistically significant and clinically meaningful decrease is red blood cell transfusion burden in TD patients with α-thalassemia. All key secondary endpoints were also met.

iberdomide February 17

The FDA accepted a New Drug Application for iberdomide combined with standard treatment (daratumumab + dexamethasone) in patients with relapsed or refractory multiple myeloma. The FDA assigned a Prescription Drug User Fee Act date of August 17, 2026. Iberdomide has the potential to be the first approved CELMoD agent.

Our Strategy

At Bristol Myers Squibb, our goal is to build a company that is financially strong and delivers industry-leading, sustainable growth into the 2030s and beyond.

As we advance our multi-year strategy to position the company for long-term growth, we are guided by the following priorities:

•Focusing R&D on high-impact, transformational medicines to treat life-threatening diseases;

•Embedding rigorous operational execution across the organization to build momentum in our Growth Portfolio comprised primarily of medicines early in their lifecycles; and

•Maintaining disciplined capital allocation to drive sustainable cash flow generation, balance sheet strength and long-term shareholder returns.

Financial Guidance

Bristol Myers Squibb is reaffirming its 2026 financial guidance with total revenues and diluted EPS trending toward the upper end of the ranges provided below.

2026 Non-GAAP1,2 Line-Item Guidance

February

(Prior)

April

(Reaffirmed)

Total Revenues

(Reported & Ex-FX)

~$46.0 - $47.5 billion

No change

Gross Margin % ~69% - 70%

No change

Operating Expenses3

~$16.3 billion

No change

Other income/(expense) ~($700 million)

No change

Effective tax rate

~18%

No change

Diluted EPS

$6.05 - $6.35

No change

1 See "Use of Non-GAAP Financial Information."

2 February was calculated based on mid-January 2026 foreign exchange rates, and April was calculated based on mid-April exchange rates.

3 Operating Expenses = SG&A and R&D.

The company continues to expect total Worldwide Eliquis revenues to increase in 2026, when compared to 2025, consistent with the range shown in the table below.

2026 Eliquis Revenue Guidance

2026 WW Revenue Growth*

10% - 15%

* Compared to 2025 Worldwide Eliquis revenues.

The 2026 financial guidance provided excludes the impact of any potential future strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of future Acquired IPRD charges and licensing income. To the extent we have quantified the impact of significant R&D charges or other income resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights, we may update this information from time to time on our website, www.bms.com, in the "Investors" section. Non-GAAP guidance assumes exchange rates as of the date noted. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release.

A reconciliation of forward-looking non-GAAP measures, including non-GAAP EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and

other adjustments. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. See "Cautionary Statement Regarding Forward-Looking Statements" and "Use of Non-GAAP Financial Information."

Conference Call Information

Bristol Myers Squibb will host a conference call today, Thursday, April 30, 2026, at 8:00 a.m. ET, during which company executives will review financial results with the investment community.

Investors and the general public are invited to listen to a live webcast of the call at http://investor.bms.com. Materials related to the call will be available at http://investor.bms.com prior to the start of the conference call.

A replay of the webcast will be available at http://investor.bms.com approximately three hours after the conference call concludes.

About Bristol Myers Squibb: Transforming Patients' Lives Through Science

At Bristol Myers Squibb, our mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. We are pursuing bold science to define what's possible for the future of medicine and the patients we serve. For more information, visit us at BMS.com and follow us on LinkedIn, X, YouTube, Facebook and Instagram.

###

corporatefinancial-news

For more information, contact:

Media Relations: media@bms.com

Investor Relations: investor.relations@bms.com

Use of Non-GAAP Financial Information

In discussing financial results and guidance, the company refers to financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP and are presented because management has evaluated the company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the non-GAAP financial measures presented portray the results of the company's baseline performance, supplement or enhance management's, analysts' and investors' overall understanding of the company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. In addition, non-GAAP gross margin, which is revenue less cost of products sold excluding certain specified items, as a percentage of revenue, non-GAAP operating expenses, which is selling, general and administrative and research and development expenses excluding certain specified items, non-GAAP selling, general and administrative expenses, which is selling, general and administrative expenses excluding certain specified items, and non-GAAP research and development expenses, which is research and development expenses excluding certain specified items, are relevant and useful for investors because they allow investors to view performance in a manner similar to the method used by our management and make it easier for investors, analysts and peers to compare our operating performance to other companies in our industry and to compare our year-over-year results.

This earnings release and the accompanying tables also provide certain revenues and expenses, as well as non-GAAP financial measures, excluding the impact of foreign exchange ("Ex-FX"). We calculate foreign exchange impacts by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results. Ex-FX financial measures are not accounted for according to GAAP because they remove the effects of currency movements from GAAP results.

Non-GAAP financial measures, such as non-GAAP earnings and related EPS information, are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded from non-GAAP earnings and related EPS information because the company believes they neither relate to the ordinary course of the company’s business nor reflect the company’s underlying business performance. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods, including amortization of acquired intangible assets, including product rights that generate a significant portion of our ongoing revenue and will recur until the intangible assets are fully amortized, unwinding of inventory purchase price adjustments, integration expenses, restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, divestiture gains or losses, pension, legal and other contractual settlement charges, equity investment and contingent value rights fair value adjustments (including fair value adjustments attributed to limited partnerships and other investments), and amortization of fair value adjustments of debt acquired from Celgene in our 2019 exchange offer, among other items. Deferred and current income taxes attributed to these items are also adjusted for considering their individual impact to the overall tax expense, deductibility and jurisdictional tax rates, as well as certain other significant tax items.

Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related financial measures presented in the press release that are prepared in accordance with GAAP and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

Reconciliations of the non-GAAP financial measures to the most comparable GAAP measures are provided in the accompanying financial tables and will also be available on the company’s website at www.bms.com. Within the accompanying financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and EPS amounts presented are calculated from the underlying amounts.

A reconciliation of forward-looking non-GAAP financial measures, including non-GAAP EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results.

Website Information

We routinely post important information for investors on our website, www.bms.com, in the “Investors” section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. We may also use social media channels to communicate with our investors and the public about our company, our products and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels is not incorporated by reference into, and is not a part of, this document. All trademarks mentioned are the property of their owners.

Cautionary Statement Regarding Forward-Looking Statements

This earnings release and the related attachments (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the company’s 2026 financial guidance, its business development and multi-year allocation strategy, anticipated developments in the company’s pipeline, expectations with respect to the company’s future market position and the projected benefits of the company’s alliances and other business development activities. These statements may be identified by the fact that they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. No forward-looking

statement can be guaranteed, and there is no assurance that the company will achieve its financial guidance and strategic objectives, that the company’s future clinical studies will support the data described in this release, that the company’s product candidates will receive necessary clinical and manufacturing regulatory approvals, that the company’s pipeline products will prove to be commercially successful, that clinical and manufacturing regulatory approvals will be sought or obtained within currently expected timeframes, or that contractual milestones will be achieved.

Forward-looking statements are based on current expectations and projections about the company’s future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond the company’s control and could cause the company’s future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. Such risks, uncertainties and other matters include, but are not limited to: increasing pricing pressures from market access, pharmaceutical pricing controls and discounting; market actions taken by private and government payers to manage drug utilization and contain costs; government actions relating to the imposition of new tariffs, trade restrictions and export regulations; the company’s ability to retain patent and market exclusivity for certain products; regulatory changes that result in lower prices, lower reimbursement rates and smaller populations for whom payers will reimburse; changes under the 340B Drug Pricing Program; the company’s ability to obtain and maintain regulatory approval for its product candidates; the possibility of difficulties and delays in product introduction and commercialization; increasing industry competition; potential difficulties, delays and disruptions in manufacturing, distribution or sale of products; the company’s ability to identify potential strategic acquisitions, licensing opportunities or other beneficial transactions; failure to complete, or delays in completing, collaborations, acquisitions, divestitures, alliances and other portfolio actions and the failure to achieve anticipated benefits from such transactions and actions; exposure to litigation and/or regulatory actions or investigations; the impact of any healthcare reform and legislation or regulatory action in the United States and international markets; increasing market penetration of lower-priced generic products; the failure of the company’s suppliers, vendors, outsourcing partners, alliance partners and other third parties to meet their contractual, regulatory and other obligations; the impact of counterfeit or unregistered versions of the company’s products and from stolen products; product label changes or other measures that could result in declining sales; safety or efficacy concerns regarding the company’s products or any product in the same class as the company’s products; the risk of cyber-attacks and unauthorized disclosure of trade secrets or other confidential data; the company’s ability to execute its financial, strategic and operational plans; the company’s ability to attract and retain key personnel; the impact of the company’s significant indebtedness; political and financial instability of international economies and sovereign risk; interest rate and currency exchange rate fluctuations, credit and foreign exchange risk management; risks relating to the use of social media platforms; issuance of new or revised accounting standards; and risks relating to public health outbreaks, epidemics and pandemics.

Forward-looking statements in this earnings release should be evaluated together with the many risks and uncertainties that affect the company’s business and market, particularly those identified in the cautionary statement and risk factors discussion in the company’s Annual Report on Form 10-K for the year ended December 31, 2025, as updated by the company’s subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the SEC. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited, dollars and shares in millions except per share data)

Three Months Ended March 31,

2026 2025

Net product sales $ 11,168 $ 10,886

Alliance and other revenues 321 315

Total Revenues 11,489 11,201

Cost of products sold(a)

3,421 3,033

Selling, general and administrative 1,617 1,584

Research and development 2,649 2,257

Acquired IPRD 94 188

Amortization of acquired intangible assets 437 830

Other (income)/expense, net 32 339

Total Expenses 8,250 8,230

Earnings/(Loss) Before Income Taxes 3,240 2,971

Income tax provision 561 509

Net Earnings/(Loss) 2,678 2,462

Noncontrolling Interest 1 6

Net Earnings/(Loss) Attributable to BMS $ 2,677 $ 2,456

Weighted-Average Common Shares Outstanding:

Basic 2,038 2,031

Diluted 2,047 2,040

Earnings/(Loss) per Common Share:

Basic $ 1.31 $ 1.21

Diluted 1.31 1.20

Other (income)/expense, net

Interest expense

$ 411 $ 494

Royalty income - divestitures — (272)

Royalty and licensing income (195) (259)

Investment income (104) (138)

Provision for restructuring 5 133

Litigation and other settlements 4 257

Equity investment (gains)/losses

(134) 78

Integration expenses 19 41

Other 27 4

Other (income)/expense, net $ 32 $ 339

(a) Excludes amortization of acquired intangible assets.

BRISTOL-MYERS SQUIBB COMPANY

PRODUCT REVENUES

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Unaudited, dollars in millions)

Change vs. 2025

2026 2025 GAAP Excl. F/X**

U.S.

Int'l

WW(d)

U.S.

Int'l

WW(d)

U.S.

Int'l

WW(d)

U.S.

Int'l

WW(d)

Growth Portfolio

Opdivo $ 1,159 $ 988 $ 2,146 $ 1,332 $ 933 $ 2,265 (13) % 6 % (5) % (13) % (1) % (8) %

Opdivo Qvantig 131 32 163 8 — 9 >200% >200% >200% >200% >200% >200%

Orencia 590 228 818 555 215 770 6 % 6 % 6 % 6 % — % 5 %

Yervoy 367 284 651 394 230 624 (7) % 24 % 4 % (7) % 16 % 2 %

Reblozyl 440 116 555 390 89 478 13 % 30 % 16 % 13 % 23 % 15 %

Breyanzi 292 120 411 204 60 263 43 % 101 % 56 % 43 % 87 % 53 %

Opdualag 246 49 295 228 25 252 8 % 98 % 17 % 8 % 81 % 15 %

Camzyos 229 85 314 126 33 159 82 % 155 % 97 % 82 % 137 % 94 %

Zeposia 69 49 118 61 46 107 14 % 7 % 11 % 14 % (3) % 7 %

Sotyktu 35 33 69 32 23 55 10 % 43 % 24 % 10 % 34 % 20 %

Krazati 46 3 50 44 4 48 4 % (6) % 4 % 4 % (14) % 3 %

Cobenfy

56 — 56 27 — 27 107 % N/A 107 % 107 % N/A 107 %

Other Growth Products(a)

212 369 581 233 274 507 (9) % 35 % 15 % (9) % 32 % 13 %

Total Growth Portfolio

3,872 2,355 6,227 3,633 1,930 5,563 7 % 22 % 12 % 7 % 15 % 9 %

Legacy Portfolio

Eliquis 3,077 1,059 4,137 2,646 919 3,565 16 % 15 % 16 % 16 % 5 % 13 %

Revlimid 278 71 349 809 127 936 (66) % (44) % (63) % (66) % (45) % (63) %

Pomalyst/Imnovid 439 74 513 537 122 658 (18) % (39) % (22) % (18) % (40) % (22) %

Sprycel 36 37 73 126 49 175 (71) % (25) % (58) % (71) % (26) % (59) %

Abraxane 12 38 50 40 65 105 (71) % (42) % (53) % (71) % (43) % (54) %

Other Legacy Products(b)

74 82 156 82 116 199 (10) % (30) % (21) % (10) % (32) % (23) %

Total Legacy Portfolio

3,916 1,361 5,277 4,240 1,398 5,638 (8) % (3) % (6) % (8) % (10) % (8) %

Other Revenues(c)

— (15) (15) — — — N/A N/A N/A N/A N/A N/A

Total Revenues $ 7,788 $ 3,701 $ 11,489 $ 7,873 $ 3,328 $ 11,201 (1) % 11 % 3 % (1) % 4 % 1 %

** See "Use of Non-GAAP Financial Information".

(a) Includes Abecma, Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues, including royalties received from Merck on Winrevair.

(b) Includes other mature brands.

(d) Worldwide (WW) includes U.S. and International (Int'l).

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL REVENUES

FOREIGN EXCHANGE IMPACT (%)

(Unaudited)

Three Months Ended March 31, 2026

Revenue Change % F/X % Favorable/ (Unfavorable) ** Revenue Change % Ex- F/X **

Growth Portfolio

Opdivo 6% 7% (1)%

Opdivo Qvantig >200% NM >200%

Orencia 6% 6% —%

Yervoy 24% 8% 16%

Reblozyl 30% 8% 23%

Breyanzi 101% 14% 87%

Opdualag 98% 17% 81%

Camzyos 155% 18% 137%

Zeposia 7% 10% (3)%

Sotyktu 43% 9% 34%

Krazati (6)% 8% (14)%

Cobenfy

N/A N/A N/A

Other Growth Products(a)

35% 3% 32%

Total Growth Portfolio

22% 7% 15%

Legacy Portfolio

Eliquis 15% 10% 5%

Revlimid (44)% 1% (45)%

Pomalyst/Imnovid (39)% 1% (40)%

Sprycel (25)% 1% (26)%

Abraxane (42)% 2% (43)%

Other Legacy Products(b)

(30)% 3% (32)%

Total Legacy Portfolio (3)% 7% (10)%

Other Revenues(c)

N/A N/A N/A

Total Revenues 11% 7% 4%

NM Not meaningful

** See "Use of Non-GAAP Financial Information".

(a) Includes Abecma, Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues, including royalties received from Merck on Winrevair.

(b) Includes other mature brands.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE REVENUES(a)

FOREIGN EXCHANGE IMPACT (%)

(Unaudited)

Three Months Ended March 31, 2026

Revenue Change % F/X % Favorable/ (Unfavorable) ** Revenue Change % Ex- F/X **

Growth Portfolio

Opdivo (5)% 3% (8)%

Opdivo Qvantig >200% NM >200%

Orencia 6% 2% 5%

Yervoy 4% 3% 2%

Reblozyl 16% 1% 15%

Breyanzi 56% 3% 53%

Opdualag 17% 2% 15%

Camzyos 97% 4% 94%

Zeposia 11% 4% 7%

Sotyktu 24% 4% 20%

Krazati 4% 1% 3%

Cobenfy

107% —% 107%

Other Growth Products(b)

15% 2% 13%

Total Growth Portfolio

12% 2% 9%

Legacy Portfolio

Eliquis 16% 3% 13%

Revlimid (63)% —% (63)%

Pomalyst/Imnovid (22)% —% (22)%

Sprycel (58)% —% (59)%

Abraxane (53)% 1% (54)%

Other Legacy Products(c)

(21)% 2% (23)%

Total Legacy Portfolio

(6)% 2% (8)%

Other Revenues(d)

N/A N/A N/A

Total Revenues 3% 2% 1%

NM Not meaningful

** See "Use of Non-GAAP Financial Information".

(a) Worldwide (WW) includes U.S. and International (Int'l).

(b) Includes Abecma, Augtyro, Onureg, Inrebic, Nulojix, Empliciti and royalty revenues, including royalties received from Merck on Winrevair.

(d) Includes revenue hedging activities in 2026.

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

(Unaudited, dollars in millions)

Three Months Ended March 31,

2026 2025

Inventory purchase price accounting adjustments $ 13 $ 13

Site exit and other costs — 2

Cost of products sold 13 14

Site exit and other costs — 1

Selling, general and administrative — 1

IPRD impairments 410 —

Site exit and other costs 1 21

Research and development 411 21

Amortization of acquired intangible assets 437 830

Interest expense

(9) (12)

Provision for restructuring 5 133

Litigation and other settlements — 246

Equity investment (gains)/losses (134) 77

Integration expenses 19 41

Other (22) 3

Other (income)/expense, net (140) 489

Increase to earnings/(loss) before income taxes 721 1,356

Income taxes on items above (161) (143)

Increase to net earnings/(loss) attributable to BMS $ 560 $ 1,212

BRISTOL-MYERS SQUIBB COMPANY

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

(Unaudited, dollars and shares in millions except per share data)

Three Months Ended March 31, 2026

GAAP

Specified Items(a)

Non-GAAP

Cost of products sold

$ 3,421 $ (13) $ 3,408

Selling, general and administrative 1,617 — 1,616

Research and development 2,649 (411) 2,238

Amortization of acquired intangible assets 437 (437) —

Other (income)/expense, net 32 140 173

Earnings/(Loss) before income taxes 3,240 721 3,961

Income tax provision 561 161 723

Net earnings/(loss) attributable to BMS used for diluted EPS calculation $ 2,677 $ 560 $ 3,237

Weighted-average common shares outstanding—diluted 2,047 2,047 2,047

Diluted earnings/(loss) per share $ 1.31 $ 0.27 $ 1.58

Gross margin(b)

70.2 % 0.1 % 70.3 %

Effective tax rate 17.3 % 0.9 % 18.3 %

Three Months Ended March 31, 2025

GAAP

Specified Items(a)

Non-GAAP

Cost of products sold

$ 3,033 $ (14) $ 3,018

Selling, general and administrative 1,584 (1) 1,583

Research and development 2,257 (21) 2,235

Amortization of acquired intangible assets 830 (830) —

Other (income)/expense, net 339 (489) (150)

Earnings/(Loss) before income taxes 2,971 1,356 4,326

Income tax provision 509 143 652

Net earnings/(loss) attributable to BMS used for diluted EPS calculation $ 2,456 $ 1,212 $ 3,668

Weighted-average common shares outstanding—diluted 2,040 2,040 2,040

Diluted earnings/(loss) per share $ 1.20 $ 0.59 $ 1.80

Gross margin(b)

72.9 % 0.1 % 73.1 %

Effective tax rate 17.1 % (2.1) % 15.1 %

(a) Refer to the Specified Items schedule above for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP

effective tax rate.

(b) Gross margin represents Revenue less Cost of products sold, as a percentage of Revenues.

BRISTOL-MYERS SQUIBB COMPANY

NET DEBT CALCULATION

AS OF MARCH 31, 2026 AND DECEMBER 31, 2025

(Unaudited, dollars in millions)

March 31,

2026 December 31,

2025

Cash and cash equivalents $ 9,574 $ 10,209

Marketable debt securities - current 912 464

Marketable debt securities - non-current 366 396

Cash, cash equivalents and marketable debt securities $ 10,853 $ 11,069

Short-term debt obligations (2,308) (2,261)

Long-term debt (42,152) (42,850)

Net debt position $ (33,607) $ (34,043)

EX-99.2 — PRESENTATION MATERIALS OF BRISTOL-MYERS SQUIBB COMPANY DATED APRIL 30, 2026

EX-99.2

Filename: q12026earningspresentati.htm · Sequence: 3

q12026earningspresentati

Not for Product Promotional Use Q1 2026 Results April 30, 2026

Not for Product Promotional UseQ1 2026 Results Forward Looking Statements and Non-GAAP Financial Information 2 This presentation contains statements about Bristol-Myers Squibb Company’s (the “Company”) future financial results, plans, business development strategy, anticipated clinical trials, results and regulatory approvals that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Actual results may differ materially from those expressed in, or implied by, these statements as a result of various factors, including, but not limited to: (i) new laws, government actions, agreements and regulations, including with respect to pricing controls and market access and the imposition of new tariffs, trade restrictions and export regulations, including the potential for international reference pricing and most-favored nation drug pricing for our products, (ii) our ability to obtain, protect and maintain market exclusivity rights and enforce patents and other intellectual property rights, (iii) our ability to achieve expected clinical, regulatory and contractual milestones on expected timelines or at all, (iv) difficulties or delays in the development and commercialization of new products, (v) difficulties or delays in our clinical trials and the manufacturing, distribution and sale of our products, (vi) adverse outcomes in legal or regulatory proceedings, (vii) risks relating to acquisitions, divestitures, alliances, joint ventures and other portfolio actions and (viii) political and financial instability, including changes in general economic conditions. These and other important factors are discussed in the Company’s most recent annual report on Form 10-K and reports on Forms 10-Q and 8-K. These documents are available on the U.S. Securities and Exchange Commission’s website, on the Company’s website or from Bristol-Myers Squibb Investor Relations. No forward- looking statements can be guaranteed. In addition, any forward-looking statements and clinical data included herein are presented only as of the date hereof. Except as otherwise required by applicable law, the Company undertakes no obligation to publicly update any of the provided information, whether as a result of new information, future events, changed circumstances or otherwise. This presentation includes certain non-generally accepted accounting principles (“GAAP”) financial measures that we use to describe the Company’s performance. The non-GAAP financial measures are provided as supplemental information and are presented because management has evaluated the Company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the non-GAAP financial measures presented portray the results of the Company’s baseline performance, supplement or enhance management’s, analysts’ and investors’ overall understanding of the Company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. This presentation also provides certain revenues and expenses excluding the impact of foreign exchange (“Ex- FX”). We calculate foreign exchange impacts by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results. Ex-FX financial measures are not accounted for according to GAAP because they remove the effects of currency movements from GAAP results. The non-GAAP information presented herein 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 financial measure are available on our website at www.bms.com/investors. Also note that a reconciliation of forward-looking non-GAAP measures, including non-GAAP earnings per share (EPS), to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. Certain information presented in the accompanying presentation may not add due to the use of rounded numbers.

3 Q1 2026 Results Chris Boerner, PhD Board Chair and Chief Executive Officer

Not for Product Promotional UseQ1 2026 Results Q1 2026 Performance *See “Forward-Looking Statements and Non-GAAP Financial Information” 1. Not an exhaustive list of assets, programs, or indications $5.6 $6.2 Q1 2025 Q1 2026 $ in billions 4 Iza-bren Growth Portfolio Revenues Key Milestones1 Achieved multiple clinical & regulatory milestones New indication approvals +12%; +9% Ex-FX* Iberdomide Mezigdomide Diverse portfolio of growth drivers

Q1 2026 Results Not for Product Promotional Use Significant data expected in 2026…and beyond* NME registrational data 2026 • Admilparant IPF (ALOFT-IPF) • Arlo-cel 4L+ MM (QUINTESSENTIAL) • Iberdomide RRMM PFS (EXCALIBER-RRMM) • Mezigdomide RRMM (SUCCESSOR-2) (Mar’26) • Milvexian AF (LIBREXIA-AF1) • Milvexian SSP (LIBREXIA-STROKE1) • RYZ101 2L+ GEP-NETs (ACTION-1) 2027 • AR LDD mCRPC (rechARge) • Zola-cel SLE (Breakfree-SLE) 2028 • Atigotatug + nivolumab 1L ES-SCLC (TIGOS) • Golcadomide High-Risk 1L LBCL (GOLSEEK-1) • Iza-bren 1L TNBC (IZABRIGHT-Breast01) • Pumitamig 1L ES-SCLC (ROSETTA-Lung-012) LCM pivotal data 2026 • Cobenfy AD Psychosis (ADEPT-1, 2 & 4) • Sotyktu SLE (POETYK SLE-1 & 2) 2027 • Admilparant PPF (ALOFT-PPF) • Cobenfy Bipolar-I (BALSAM-1 & 2) • Mezigdomide RRMM (SUCCESSOR-1) • Reblozyl 1L NTD MDS Associated Anemia (ELEMENT) • Sotyktu Sjogren’s Disease (POETYK SjS-1) 2028 • Arlo-cel 2-4L MM (QUINTESSENTIAL-2) • Cobenfy AD Agitation (ADAGIO-2) • Cobenfy AD Cognition (MINDSET-1 & 2) • Cobenfy Adjunctive Bipolar-1 (BALSAM-4) • Golcadomide 2L+ FL (GOLSEEK-4) • Iza-bren EGFRm NSCLC (IZABRIGHT-Lung01) • Krazati 1L NSCLC PD-L1 ≥50% (KRYSTAL-7) • Zola-cel SSc (Breakfree-SSc) Key next wave early-stage data 2026 • BCMAxGPRC5D dual-targeting CAR T RRMM • Golcadomide 1L FL (GOLSEEK-2) • MYK-224 HFpEF (AURORA) • Navlimetostat (PRMT5 inhibitor) Solid Tumors • Pumitamig Solid Tumors2 • Zola-cel Autoimmune Diseases (Breakfree-1 & 2) 2027 • Anti-MTBR-tau Alzheimer’s Disease (TargetTau-1) • FAAH/MAGL AD Agitation (BALANCE-AAD-1) • FAAH/MAGL MS Spasticity (BALANCE-MSS-1) *See “Forward-Looking Statements and Non-GAAP Financial Information”, NME: New Molecular Entity, LCM: Life Cycle Management; 1. Trial conducted by Johnson & Johnson; 2. Trial conducted by BioNTech. Studies shown with dates in parenthesis have reported readouts 5

Q1 2026 Results Not for Product Promotional Use Keys to enable long-term, sustainable growth* • Drive top-tier R&D productivity • Operate with financial discipline • Strategically allocate capital Sharpen execution across talent and decision-making to drive our early- to –mid stage pipeline Broaden AI application across R&D to optimize operations while improving quality & pace of innovation Deliver the remainder of $2B savings by end of 2027 Pursue high value business development to support a balanced pipeline and deliver long term returns → *See “Forward-Looking Statements and Non-GAAP Financial Information” 6

7 Q1 2026 Results David Elkins Executive Vice President and Chief Financial Officer

Q1 2026 Results Not for Product Promotional Use $ in billions Growth Portfolio represents the majority of revenue Other Growth Brands1 Growth Portfolio Legacy Portfolio Other Mature Brands $5.6 $6.2 5.6 5.3 Q1 2025 Q1 2026 $11.2 $11.5 +12% YoY +9% Ex-FX* 8 *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Other Growth Brands: Abecma, Augtyro, Onureg, Inrebic, Nulojix, Empliciti, & Royalty Revenues, including royalties received from Merck on Winrevair

Not for Product Promotional UseQ1 2026 Results Q1 2026 Oncology product summary *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Abraxane: Q1 2026 WW Sales $50M - YoY% (53%), (54%) Ex-FX* Global Net Sales1 $M YoY % Ex-FX* % $2,146 (5%) (8%) $651 +4% +2% $295 +17% +15% $163 >200% >200% $50 +4% +3% Opdivo • Remains an important contributor to the Growth Portfolio and continues to deliver value to patients 9 Qvantig • Continued global growth is driven by meaningful convenience to patients and healthcare systems Opdualag • Growth reflects strong demand and established position as a standard of care in 1L melanoma

Not for Product Promotional UseQ1 2026 Results Global Net Sales1 $M YoY % Ex-FX* % $555 +16% +15% $513 (22%) (22%) $411 +56% +53% $349 (63%) (63%) $73 (58%) (59%) Q1 2026 Hematology product summary *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Abecma: Q1 2026 WW Sales $81M - YoY% (21%), (24%) Ex-FX*; 2. In the U.S., generic pomalidomide entered in March of 2026; 3. In the U.S., generic lenalidomide products are no longer volume-limited as of January 31, 2026 2 Reblozyl • Growth driven by continued global demand across MDS-associated anemia • Established strong brand momentum, with the predominant share of business from 1L MDS-anemia Breyanzi • Continued strong demand as the leading CD19 directed CAR T across B-cell malignancies • Expanding adoption across community sites & outpatient administration continues to grow the CAR T class 10 3

Not for Product Promotional UseQ1 2026 Results Q1 2026 Cardiovascular & Immunology product summary Global Net Sales (Cardiovascular) $M YoY % Ex-FX* % $4,137 +16% +13% $314 +97% +94% *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Sotyktu is no longer promoted in dermatology in the U.S. and in a number of ex-U.S. markets Eliquis • Continued U.S. demand growth and market share gains • Remains #1 OAC in key Ex-U.S. markets Camzyos • Continued strong global demand and market penetration in oHCM • Strong launch momentum outside the U.S. 11 Global Net Sales (Immunology) $M YoY % Ex-FX* % $818 +6% +5% $69 +24% +20% Sotyktu • PsA approval supports continued engagement with the rheumatology community ahead of potential SLE and SjD data readouts 1

Not for Product Promotional UseQ1 2026 Results Q1 2026 Neuroscience product summary Global Net Sales $M YoY % Ex-FX* % $118 +11% +7% $56 +107% +107% Cobenfy • Steady growth trajectory expected near term • Opportunity to improve patient experience through prescriber education emphasizing optimized dose utilization • Focus on expanding both breadth and depth of adoption *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Zeposia is primarily being marketed in MS 1 12

Not for Product Promotional UseQ1 2026 Results US GAAP Non-GAAP $ in billions, except EPS Q1 2026 Q1 2025 Q1 2026 Q1 2025 Total Revenues, net 11.5 11.2 11.5 11.2 Gross Margin %1 70.2% 72.9% 70.3% 73.1% Operating Expenses2 4.3 3.8 3.9 3.8 Acquired IPR&D 0.1 0.2 0.1 0.2 Amortization of Acquired Intangibles 0.4 0.8 - - Effective Tax Rate 17.3% 17.1% 18.3% 15.1% Diluted EPS 1.31 1.20 1.58 1.80 Diluted Shares Outstanding (# in millions) 2,047 2,040 2,047 2,040 Q1 2026 Financial Performance GA P Non- P* Diluted EPS Impact from Acquired IPR&D3 (0.03) (0.04) (0.03) (0.04) *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Gross Margin = Revenue less COGS as a percentage of Revenue; 2. Operating Expenses = SG&A and R&D; 3. Represents the net impact from Acquired IPRD & licensing income 13

Not for Product Promotional UseQ1 2026 Results Strategic approach to Capital Allocation 1. Cash includes cash, cash equivalents and marketable debt securities; 2. Subject to Board approval Cash flow from Operations $B 14 $2.0 $3.9 $6.3 $2.0 $1.1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 $B Q1 2026 Total Cash1 ~$10.9 Total Debt ~$44.5 Business Development • Pursue opportunities and partnerships to diversify portfolio & strengthen long-term outlook Balance Sheet Strength • Strong balance sheet affords financial flexibility • Maintain strong investment-grade credit rating Returning Cash to Shareholders • Remain committed to our dividend2 • ~$5B share repurchase authorization remaining as of March 31, 2026

Not for Product Promotional UseQ1 2026 Results 2026 Guidance* 15 *The Company does not reconcile forward-looking non-GAAP measures. See “Forward-Looking Statements and Non-GAAP Financial Information”; 2026 Guidance excludes the impact of any potential future strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of future Acquired IPRD charges and licensing income; 1. Guidance provided in April was calculated based on mid-April foreign exchange rates; 2. Operating Expenses = SG&A and R&D Non-GAAP1 February (Prior) April (Reaffirmed) Total FY Revenues (Reported & Ex-FX) ~$46.0 - $47.5B No change Gross Margin % ~69-70% No change Operating Expenses2 ~$16.3B No change Other Income/ (Expense) ~($700M) No change Tax Rate ~18% No change Diluted EPS $6.05 - $6.35 No change • FY revenue tracking toward the upper end of our established guidance range: • Continued Growth Portfolio strength • 12% to 16% decline in Legacy Portfolio • 10% to 15% growth in WW Eliquis revenue • Gross margin reflects impact of product mix • OI&E reflects expiration of diabetes royalties, interest income, and interest expense • Diluted EPS tracking toward the upper end of our established guidance range Diluted weighted-average shares outstanding of 2,049 million were used to calculate 2026 diluted EPS guidance Key Highlights

Chris Boerner, PhD Board Chair, Chief Executive Officer David Elkins Executive VP, Chief Financial Officer Adam Lenkowsky Executive VP, Chief Commercialization Officer Cristian Massacesi, MD Executive VP, Chief Medical Officer, Global Drug Development Q1 2026 Results Q&A

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