BRISTOL MYERS SQUIBB CO - FORM 8-K - EX-99.2 - CERTAIN SUPPLEMENTAL INFORMATION - April 29, 2021

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EX-99.3 - PRESENTATION MATERIALS OF BRISTOL-MYERS SQUIBB COMPANY DATED APRIL 29, 2021 - BRISTOL MYERS SQUIBB COq12021resultsslides.htm
EX-99.1 - PRESS RELEASE OF BRISTOL-MYERS SQUIBB COMPANY DATED APRIL 29, 2021 - BRISTOL MYERS SQUIBB COq12021ex991.htm
8-K - 8-K - BRISTOL MYERS SQUIBB CObmy-20210429.htm

Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
QUARTERLY TREND ANALYSIS OF REVENUES
(Unaudited, dollars in millions)
Revenues20202021% Change
FX Impact(b)
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD vs. YTDQtr vs. QtrYTD vs. YTD
United States$6,766 $6,487 $13,253 $6,542 $19,795 $6,782 $26,577 $7,010 4%4%——
Europe2,567 2,136 4,703 2,453 7,156 2,697 9,853 2,553 (1)%(1)%8%8%
Rest of the World1,335 1,334 2,669 1,361 4,030 1,427 5,457 1,346 1%1%2%2%
Other(a)
113 172 285 184 469 162 631 164 45%45%——
Total$10,781 $10,129 $20,910 $10,540 $31,450 $11,068 $42,518 $11,073 3%3%2%2%
% of Revenues20202021
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear
United States62.8 %64.0 %63.4 %62.1 %62.9 %61.3 %62.5 %63.3 %
Europe 23.8 %21.1 %22.5 %23.3 %22.8 %24.4 %23.2 %23.1 %
Rest of the World12.4 %13.2 %12.8 %12.9 %12.8 %12.9 %12.8 %12.2 %
Other1.0 %1.7 %1.3 %1.7 %1.5 %1.4 %1.5 %1.4 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
(a)    Other revenues include royalties and alliance-related revenues for products not sold by our regional commercial organizations.
(b)    Foreign exchange impacts were derived by applying the prior period average currency rates to the current period revenues.
1

BRISTOL-MYERS SQUIBB COMPANY
EARNINGS FROM OPERATIONS
(Unaudited, dollars and shares in millions except per share data)
 20202021% Change
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD vs. YTD
Net product sales$10,541 $9,817 $20,358 $10,197 $30,555 $10,766 $41,321 $10,798 2%2%
Alliance and other revenues240 312 552 343 895 302 1,197 275 15%15%
Total Revenues10,781 10,129 20,910 10,540 31,450 11,068 42,518 11,073 3%3%
Cost of products sold(a)
3,662 2,699 6,361 2,502 8,863 2,910 11,773 2,841 (22)%(22)%
Marketing, selling and administrative1,606 1,628 3,234 1,706 4,940 2,721 7,661 1,666 4%4%
Research and development2,372 2,522 4,894 2,499 7,393 3,750 11,143 2,225 (6)%(6)%
IPRD charge - MyoKardia acquisition— — — — — 11,438 11,438 — N/AN/A
Amortization of acquired intangible assets2,282 2,389 4,671 2,491 7,162 2,526 9,688 2,513 10%10%
Other (income)/expense, net1,163 (736)427 (915)(488)(1,826)(2,314)(702)****
Total Expenses11,085 8,502 19,587 8,283 27,870 21,519 49,389 8,543 (23)%(23)%
Earnings/(Loss) Before Income Taxes(304)1,627 1,323 2,257 3,580 (10,451)(6,871)2,530 ****
Provision/(Benefit) for Income Taxes462 1,707 2,169 379 2,548 (424)2,124 501 8%8%
Net Earnings/(Loss)(766)(80)(846)1,878 1,032 (10,027)(8,995)2,029 ****
Noncontrolling Interest9 5 14 6 20 — 20 8 (11)%(11)%
Net Earnings/(Loss) Attributable to BMS$(775)$(85)$(860)$1,872 $1,012 $(10,027)$(9,015)$2,021 ****
Diluted Earnings/(Loss) per Common Share*$(0.34)$(0.04)$(0.38)$0.82 $0.44 $(4.45)$(3.99)$0.89 ****
Weighted-Average Common Shares Outstanding - Diluted2,258 2,263 2,261 2,290 2,295 2,252 2,258 2,265 ——
Dividends declared per common share$0.45 $0.45 $0.90 $0.45 $1.35 $0.49 $1.84 $0.49 9%9%
20202021
% of Total Revenues1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear
Gross Margin66.0 %73.4 %69.6 %76.3 %71.8 %73.7 %72.3 %74.3 %
Other Ratios
Effective tax rate(152.0)%104.9 %163.9 %16.8 %71.2 %4.1 %(30.9)%19.8 %
Other (income)/expense, net20202021% Change
1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD vs. YTD
Interest expense(b)
$362 $357 $719 $346 $1,065 $355 $1,420 $353 (2)%(2)%
Contingent consideration556 (165)391 (988)(597)(1,160)(1,757)(510)****
Royalties and licensing income(410)(311)(721)(403)(1,124)(403)(1,527)(367)(10)%(10)%
Equity investment (gains)/losses338 (818)(480)(244)(724)(504)(1,228)(601)****
Integration expenses174 166 340 195 535 182 717 141 (19)%(19)%
Provision for restructuring160 115 275 176 451 79 530 45 (72)%(72)%
Litigation and other settlements32 (1)31 10 41 (235)(194)(8)****
Transition and other service fees(61)(50)(111)(18)(129)(20)(149)(15)(75)%(75)%
Investment income(61)(25)(86)(13)(99)(22)(121)(9)(85)%(85)%
Reversion excise tax76 — 76 — 76 — 76 — (100)%(100)%
Divestiture (gains)/losses(16)9 (7)1 (6)(49)(55)— (100)%(100)%
Intangible asset impairment— 21 21 — 21 — 21 — N/AN/A
Loss on debt redemption— — — — — — — 281 N/AN/A
Other13 (34)(21)23 2 (49)(47)(12)****
Other (income)/expense, net$1,163 $(736)$427 $(915)$(488)$(1,826)$(2,314)$(702)****
*    Quarterly amounts may not add to the year-to-date amounts, as each period is computed on a discrete basis.
**    In excess of +/- 100%.
(a)    Excludes amortization of acquired intangible assets.
(b)    Includes amortization of purchase price adjustments to Celgene debt.
2

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED MARCH 31, 2021
(Unaudited, dollars in millions)
QUARTER-TO-DATE20212020$ Change% ChangeFavorable / (Unfavorable) FX Impact $*2021 Excluding FXFavorable / (Unfavorable) FX Impact %*% Change Excluding FX
Revenues$11,073 $10,781 $292 3 %$223 $10,850 2 %1 %
Gross profit8,232 7,119 1,113 16 %N/A N/A N/AN/A
Gross profit excluding specified items(a)
8,649 8,557 92 1 %N/A N/A N/AN/A
Gross profit excluding specified items as a % of revenues78.1 %79.4 %
Marketing, selling and administrative1,666 1,606 60 4 %(28)1,638 (2)%2 %
Marketing, selling and administrative excluding specified items(a)
1,667 1,585 82 5 %(28)1,639 (2)%3 %
Marketing, selling and administrative excluding specified items as a % of revenues15.1 %14.7 %
Research and development2,225 2,372 (147)(6)%(12)2,213 (1)%(7)%
Research and development excluding specified items(a)
2,224 2,256 (32)(1)%(12)2,212 (1)%(2)%
Research and development excluding specified items as a % of revenues20.1 %20.9 %
*    Foreign exchange impacts were derived by applying the prior period average currency rates to the current period revenues and expenses.
(a)    Refer to the Specified Items schedule for further details.
3

BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
 20202021$ Change
% Change(b)
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD vs. YTDQtr vs. QtrYTD vs. YTD
Prioritized Brands
Revlimid$2,915 $2,884 $5,799 $3,027 $8,826 $3,280 $12,106 $2,944 $29 $29 1%1%
Eliquis2,641 2,163 4,804 2,095 6,899 2,269 9,168 2,886 245 245 9%9%
Opdivo1,766 1,653 3,419 1,780 5,199 1,793 6,992 1,720 (46)(46)(3)%(3)%
Orencia714 750 1,464 826 2,290 867 3,157 758 44 44 6%6%
Pomalyst/Imnovid713 745 1,458 777 2,235 835 3,070 773 60 60 8%8%
Sprycel521 511 1,032 544 1,576 564 2,140 470 (51)(51)(10)%(10)%
Yervoy396 369 765 446 1,211 471 1,682 456 60 60 15%15%
Abraxane300 308 608 342 950 297 1,247 314 14 14 5%5%
Empliciti97 97 194 96 290 91 381 85 (12)(12)(12)%(12)%
Reblozyl8 55 63 96 159 115 274 112 104 104 ****
Inrebic12 15 27 13 40 15 55 16 4 4 33%33%
Onureg— — — 3 3 14 17 15 15 15 N/AN/A
Zeposia— 1 1 2 3 9 12 18 18 18 N/AN/A
Established Brands
Vidaza158 126 284 106 390 65 455 54 (104)(104)(66)%(66)%
Baraclude122 121 243 100 343 104 447 113 (9)(9)(7)%(7)%
Other Brands(a)
418 331 749 287 1,036 279 1,315 339 (79)(79)(19)%(19)%
Total$10,781 $10,129 $20,910 $10,540 $31,450 $11,068 $42,518 $11,073 $292 $292 3%3%
**    In excess of +/- 100%.
(a)    Includes products that have lost exclusivity in major markets, over-the-counter (OTC) brands and royalty revenue.
(b)    Changes in buying patterns resulting from the COVID-19 pandemic contributed approximately $500 million of revenues in the three months ended March 31, 2020. Excluding the impact of the COVID-19 pandemic, total revenues increased 8% in the three months ended March 31, 2021 as compared to the prior year period. Excluding the impacts of the COVID-19 pandemic and foreign exchange, total revenues increased 6% in the three months ended March 31, 2021 as compared to the prior year period.

1st Qtr$ Change% Change2020 Favorable COVID-19 Impact $2020 Excluding COVID-19 Impact% Change Excluding COVID-19 ImpactFavorable FX Impact %% Change Excluding COVID-19 Impact and FX
20202021
Total revenues$10,781 $11,073 $292 3 %$500 $10,281 8 %2 %6 %
4

BRISTOL-MYERS SQUIBB COMPANY
U.S. REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
 20202021% Change
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD vs. YTD
Prioritized Brands
Revlimid$1,966 $2,048 $4,014 $2,080 $6,094 $2,197 $8,291 $1,958 ——
Eliquis1,777 1,363 3,140 1,118 4,258 1,227 5,485 1,923 8%8%
Opdivo1,008 956 1,964 1,018 2,982 963 3,945 944 (6)%(6)%
Orencia500 554 1,054 588 1,642 626 2,268 536 7%7%
Pomalyst/Imnovid489 522 1,011 548 1,559 577 2,136 512 5%5%
Sprycel300 308 608 336 944 351 1,295 275 (8)%(8)%
Yervoy257 254 511 309 820 304 1,124 294 14%14%
Abraxane205 218 423 236 659 214 873 225 10%10%
Empliciti59 59 118 59 177 53 230 51 (14)%(14)%
Reblozyl8 55 63 92 155 104 259 98 ****
Inrebic12 15 27 13 40 15 55 15 25%25%
Onureg— — — 3 3 14 17 14 N/AN/A
Zeposia— 1 1 2 3 7 10 13 N/AN/A
Established Brands
Vidaza2 — 2 — 2 — 2 5 ****
Baraclude3 3 6 3 9 3 12 4 33%33%
Other Brands(a)
180 131 311 137 448 127 575 143 (21)%(21)%
Total(b)
$6,766 $6,487 $13,253 $6,542 $19,795 $6,782 $26,577 $7,010 4%4%
**    In excess of +/- 100%.
(a)    Includes products that have lost exclusivity in major markets, OTC brands and royalty revenue.
(b)    Includes Puerto Rico.

5

BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
 20202021
% Change(b)
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYearQtr vs. QtrYTD vs. YTD
Prioritized Brands
Revlimid$949 $836 $1,785 $947 $2,732 $1,083 $3,815 $986 4%4%
Eliquis864 800 1,664 977 2,641 1,042 3,683 963 11%11%
Opdivo758 697 1,455 762 2,217 830 3,047 776 2%2%
Orencia214 196 410 238 648 241 889 222 4%4%
Pomalyst/Imnovid224 223 447 229 676 258 934 261 17%17%
Sprycel221 203 424 208 632 213 845 195 (12)%(12)%
Yervoy139 115 254 137 391 167 558 162 17%17%
Abraxane95 90 185 106 291 83 374 89 (6)%(6)%
Empliciti38 38 76 37 113 38 151 34 (11)%(11)%
Reblozyl— — — 4 4 11 15 14 N/AN/A
Inrebic— — — — — — — 1 N/AN/A
Onureg— — — — — — — 1 N/AN/A
Zeposia— — — — — 2 2 5 N/AN/A
Established Brands
Vidaza156 126 282 106 388 65 453 49 (69)%(69)%
Baraclude119 118 237 97 334 101 435 109 (8)%(8)%
Other Brands(a)
238 200 438 150 588 152 740 196 (18)%(18)%
Total$4,015 $3,642 $7,657 $3,998 $11,655 $4,286 $15,941 $4,063 1%1%
(a)    Includes products that have lost exclusivity in major markets, OTC brands and royalty revenue.
(b)    The foreign exchange impact on international revenues was favorable 6% for both the first quarter and year-to-date. The foreign exchange impact on Prioritized Brands is included below.
Quarter-to-DateYear-to-Date
Revenue Change %Favorable/ (Unfavorable) FX Impact %Revenue Change % Excluding FXRevenue Change %Favorable/ (Unfavorable) FX Impact %Revenue Change % Excluding FX
Revlimid4%6%(2)%4%6%(2)%
Eliquis11%8%3%11%8%3%
Opdivo2%4%(2)%2%4%(2)%
Orencia4%5%(1)%4%5%(1)%
Pomalyst/Imnovid17%6%11%17%6%11%
Sprycel(12)%4%(16)%(12)%4%(16)%
Yervoy17%5%12%17%5%12%
Abraxane(6)%4%(10)%(6)%4%(10)%
Empliciti(11)%4%(15)%(11)%4%(15)%
6

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in millions)
 20202021
1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear
Inventory purchase price accounting adjustments$1,420 $714 $2,134 $456 $2,590 $98 $2,688 $79 
Intangible asset impairment— — — — — 575 575 315 
Employee compensation charges2 1 3 — 3 1 4 — 
Site exit and other costs16 13 29 3 32 1 33 23 
Cost of products sold1,438 728 2,166 459 2,625 675 3,300 417 
Employee compensation charges15 12 27 7 34 241 275 — 
Site exit and other costs6 (1)5 (1)4 — 4 (1)
Marketing, selling and administrative21 11 32 6 38 241 279 (1)
License and asset acquisition charges25 300 325 203 528 475 1,003 — 
IPRD impairments— — — — — 470 470 — 
Inventory purchase price accounting adjustments17 — 17 8 25 11 36 — 
Employee compensation charges18 15 33 8 41 241 282 1 
Site exit and other costs56 39 95 4 99 16 115 — 
Research and development116 354 470 223 693 1,213 1,906 1 
IPRD charge - MyoKardia acquisition— — — — — 11,438 11,438 — 
Amortization of acquired intangible assets2,282 2,389 4,671 2,491 7,162 2,526 9,688 2,513 
Interest expense(a)
(41)(41)(82)(40)(122)(37)(159)(34)
Contingent consideration556 (165)391 (988)(597)(1,160)(1,757)(510)
Royalties and licensing income(83)(18)(101)(53)(154)(14)(168)(14)
Equity investment (gains)/losses339 (818)(479)(214)(693)(463)(1,156)(608)
Integration expenses174 166 340 195 535 182 717 141 
Provision for restructuring160 115 275 176 451 79 530 45 
Litigation and other settlements— — — — — (239)(239)— 
Reversion excise tax76 — 76 — 76 — 76 — 
Divestiture (gains)/losses(16)9 (7)1 (6)(49)(55)— 
Loss on debt redemption— — — — — — — 281 
Other (income)/expense, net1,165 (752)413 (923)(510)(1,701)(2,211)(699)
Increase to pretax income5,022 2,730 7,752 2,256 10,008 14,392 24,400 2,231 
Income taxes on items above(291)(3)(294)(405)(699)(1,034)(1,733)(300)
Income taxes attributed to Otezla® divestiture
— 255 255 11 266 — 266 — 
Income taxes attributed to internal transfer of intangible assets— 853 853 — 853 — 853 — 
Income taxes(291)1,105 814 (394)420 (1,034)(614)(300)
Increase to net earnings$4,731 $3,835 $8,566 $1,862 $10,428 $13,358 $23,786 $1,931 
(a)    Includes amortization of purchase price adjustments to Celgene debt.
7

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
(Unaudited, dollars in millions)
 20202021
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear
Gross Profit$7,119 $7,430 $14,549 $8,038 $22,587 $8,158 $30,745 $8,232 
Specified items(a)
1,438 728 2,166 459 2,625 675 3,300 417 
Gross profit excluding specified items8,557 8,158 16,715 8,497 25,212 8,833 34,045 8,649 
Marketing, selling and administrative1,606 1,628 3,234 1,706 4,940 2,721 7,661 1,666 
Specified items(a)
(21)(11)(32)(6)(38)(241)(279)1 
Marketing, selling and administrative excluding specified items1,585 1,617 3,202 1,700 4,902 2,480 7,382 1,667 
Research and development2,372 2,522 4,894 2,499 7,393 3,750 11,143 2,225 
Specified items(a)
(116)(354)(470)(223)(693)(1,213)(1,906)(1)
Research and development excluding specified items2,256 2,168 4,424 2,276 6,700 2,537 9,237 2,224 
IPRD charge –MyoKardia acquisition— — — — — 11,438 11,438 — 
Specified items(a)
— — — — — (11,438)(11,438)— 
IPRD charge –MyoKardia acquisition excluding specified items— — — — — — — — 
Amortization of acquired intangible assets2,282 2,389 4,671 2,491 7,162 2,526 9,688 2,513 
Specified items(a)
(2,282)(2,389)(4,671)(2,491)(7,162)(2,526)(9,688)(2,513)
Amortization of acquired intangible assets excluding specified items— — — — — — — — 
Other (income)/expense, net1,163 (736)427 (915)(488)(1,826)(2,314)(702)
Specified items(a)
(1,165)752 (413)923 510 1,701 2,211 699 
Other (income)/expense, net excluding specified items(2)16 14 8 22 (125)(103)(3)
(a)    Refer to the Specified Items schedule for further details.


8

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP TO NON-GAAP EPS
(Unaudited, dollars and shares in millions except per share data)
 20202021
 1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear1st Qtr2nd Qtr6 Months3rd Qtr9 Months4th QtrYear
Earnings/(Loss) before income taxes$(304)$1,627 $1,323 $2,257 $3,580 $(10,451)$(6,871)$2,530 
Specified items(a)
5,022 2,730 7,752 2,256 10,008 14,392 24,400 2,231 
Earnings before income taxes excluding specified items4,718 4,357 9,075 4,513 13,588 3,941 17,529 4,761 
Provision/(Benefit) for income taxes462 1,707 2,169 379 2,548 (424)2,124 501 
Income taxes on specified items(a)
291 3 294 405 699 1,034 1,733 300 
Income taxes attributed to Otezla® divestiture(a)
— (255)(255)(11)(266)— (266)— 
Income taxes attributed to internal transfer of intangible assets(a)
— (853)(853)— (853)— (853)— 
Provision for income taxes excluding tax on specified items and income taxes attributed to Otezla® divestiture and internal transfer of intangible assets
753 602 1,355 773 2,128 610 2,738 801 
Noncontrolling Interest9 5 14 6 20 — 20 8 
Specified items(a)
— — — — — — — — 
Noncontrolling Interest excluding specified items9 5 14 6 20 — 20 8 
Net Earnings/(Loss) attributable to BMS used for Diluted EPS Calculation - GAAP(775)(85)(860)1,872 1,012 (10,027)(9,015)2,021 
Specified items(a)
4,731 3,835 8,566 1,862 10,428 13,358 23,786 1,931 
Net Earnings attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP3,956 3,750 7,706 3,734 11,440 3,331 14,771 3,952 
Weighted-average Common Shares Outstanding - Diluted-GAAP2,258 2,263 2,261 2,290 2,295 2,252 2,258 2,265 
Weighted-average Common Shares Outstanding - Diluted-Non-GAAP2,298 2,297 2,298 2,290 2,295 2,286 2,293 2,265 
Diluted Earnings/(Loss) Per Share - GAAP*$(0.34)$(0.04)$(0.38)$0.82 $0.44 $(4.45)$(3.99)$0.89 
Diluted Earnings Per Share attributable to specified items(a)
2.06 1.67 3.73 0.81 4.54 5.91 10.43 0.85 
Diluted Earnings Per Share - Non-GAAP*$1.72 $1.63 $3.35 $1.63 $4.98 $1.46 $6.44 $1.74 
Effective Tax Rate(152.0)%104.9 %163.9 %16.8 %71.2 %4.1 %(30.9)%19.8 %
Specified items(a)
168.0 %(91.1)%(149.0)%0.3 %(55.5)%11.4 %46.5 %(3.0)%
Effective Tax Rate excluding specified items16.0 %13.8 %14.9 %17.1 %15.7 %15.5 %15.6 %16.8 %
*    Quarterly amounts may not add to the year-to-date amounts, as each period is computed on a discrete basis.
(a)    Refer to the Specified Items schedule for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate.

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BRISTOL-MYERS SQUIBB COMPANY
SELECTED BALANCE SHEET INFORMATION
(Unaudited, dollars in millions)
March 31,
2020		June 30,
2020		September 30,
2020		December 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021
Cash and cash equivalents$15,817 $19,934 $19,435 $14,546 $10,982 
Marketable debt securities - current2,505 1,724 1,720 1,285 1,948 
Marketable debt securities - non-current651 523 495 433 288 
Cash, cash equivalents and marketable debt securities18,973 22,181 21,650 16,264 13,218 
Short-term debt obligations(3,862)(4,819)(3,585)(2,340)(1,777)
Long-term debt(42,844)(41,853)(41,364)(48,336)(44,505)
Net debt position$(27,733)$(24,491)$(23,299)$(34,412)$(33,064)
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BRISTOL-MYERS SQUIBB COMPANY
2021 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS
Full Year 2021
Pre-taxTaxAfter-tax
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP$3.18 to $3.38
Projected Specified Items:
Purchase price accounting adjustments(a)
4.55 0.40 4.15 
Acquisition, restructuring and integration expenses(b)
0.36 0.08 0.28 
Equity investment gains and contingent consideration(0.50)(0.05)(0.45)
Intangible asset impairment0.14 0.03 0.11 
Loss on debt redemption0.12 0.02 0.10 
Other(0.02)— (0.02)
Total4.65 0.48 4.17 
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP$7.35 to $7.55
(a)    Includes amortization of acquired intangible assets, unwind of inventory fair value adjustments and amortization of fair value adjustments of debt assumed from Celgene.
(b)    Includes acquisition-related restructuring and integration expenses recognized primarily in Other (income)/expense, net.
The following table summarizes the company's 2021 financial guidance:
Line itemGAAPNon-GAAP
RevenuesIncreasing high-single digitsIncreasing high-single digits
Gross margin as a percent of revenueApproximately 79%Approximately 80.5%
Marketing, selling and administrative expenseIn line with 2020Increasing low-single digits
Research and development expenseDecreasing low-double digitsIncreasing mid-single digits
Effective tax rateApproximately 22%Approximately 16%
The GAAP financial results for the full year of 2021 will include specified items, including purchase price accounting adjustments, acquisition and integration expenses, charges associated with restructuring, downsizing and streamlining worldwide operations, impairment of intangible assets, divestiture gains or losses, stock compensation resulting from accelerated vesting of Celgene awards, certain retention-related employee compensation charges related to the Celgene transaction and equity investment and contingent value rights fair value adjustments (including fair value adjustments attributed to limited partnership equity method investments), among other items. The 2021 financial guidance excludes the impact of any potential future strategic acquisitions and divestitures and any specified items that have not yet been identified and quantified. For a fuller discussion of items that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol Myers Squibb Reports First Quarter Financial Results for 2021 on April 29, 2021, including “2021 Financial Guidance” and “Use of non-GAAP Financial Information” therein.
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BRISTOL MYERS SQUIBB CO Reports