ASCO 2017 Investor Event June 4, 2017 NOT FOR PRODUCT PROMOTIONAL USE 1 Forward-Looking 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 from the SEC, 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 also contains certain non-GAAP financial measures, adjusted to include certain costs, expenses, gains and losses and other specified items. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures are available on the company’s website at www.bms.com. NOT FOR PRODUCT PROMOTIONAL USE 2 BMS R&D Dr. Tom Lynch Chief Scientific Officer NOT FOR PRODUCT PROMOTIONAL USE 3 VISION FOR R&D We are focused, science oriented and data driven – and determined to deliver medicines that have the potential to transform the lives of patients NOT FOR PRODUCT PROMOTIONAL USE 4 R&D Priorities Expand Opdivo/Yervoy across multiple tumors/biomarker sets Accelerate delivery of our next wave of I-O assets Understand the biology of I-O resistance Develop novel combination regimens Accelerate development of our most promising assets in CFI Focus on Business Development NOT FOR PRODUCT PROMOTIONAL USE 5 Continued Immuno-Oncology R&D Success Positive Registrational 10 15 Trials 11 8 Approved Phase III trials Indications 6 stopped early 5 due to survival 4 benefit 15 in 2 Years Tumors with 2 ongoing registrational 0 trials Opdivo Avastin Taxotere New England Journal of Medicine Global Approvals 11 Publications Breakthrough ~250 for Opdivo Therapy 7 Designations Note: All milestones since 2014 NOT FOR PRODUCT PROMOTIONAL USE 6 Significant progress has been made, but the journey is only just beginning MECHANISMS PD-1 + What is next in the journey? Novel I-O LAG-3 Mechanisms PD-1/CTLA-4 combo IDO Novel Quads Combinations Triplets PD-1/ LIRI CTLA-4 chemo Vaccines/Viruses RT Targeted PD-1 combo GITR Non-IO mechanisms 2010 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 2020 ‘21 ‘22 ‘23 ‘24 ‘25 ‘26 ‘27 ‘28 ‘29 2030 NOT FOR PRODUCT PROMOTIONAL USE 7 Significant progress has been made, but the journey is only just beginning BIOMARKERS What is next in the journey? TMB* Gene signatures* PDL-1 LAG-3* Immunologic biomarkers* MSI-H Tumor derived markers* 2010 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 2020 ‘21 ‘22 ‘23 ‘24 ‘25 ‘26 ‘27 ‘28 ‘29 2030 *Exploratory/unapproved biomarkers NOT FOR PRODUCT PROMOTIONAL USE 8 BMS R&D Priorities in Oncology Leveraging Translational Approaches and Innovative Trial Designs • Improve outcomes for patients with: • Deliver on current O+/-Y development portfolio • IO sensitive tumors • Accelerate next wave of IO • Primary Resistance agents • Acquired Resistance • Explore new combination regimens NOT FOR PRODUCT PROMOTIONAL USE 9 Focus On Building Key Capabilities Enhance Translational Invest in Cancer Invest in Data Medicine Capabilities Biology and Analytics NOT FOR PRODUCT PROMOTIONAL USE 10 Our Industry Leading Internal Oncology Pipeline Anti-CTLA-4 NF Cabiralizumab Anti-LAG3 (Anti-CSF1R) Glypican-3 ADC Anti-GITR IDO Inhibitor Anti-TIGIT Ulocuplumab PROSTVAC (Anti-CXCR4) th Anti-CD73 Mesothelin ADC EMPLICITI Data as of May 10 , 2017 Marketed 1 Urelumab Anti-OX40 2 (Anti-CD137) OPDIVO Phase III Phase II Anti-Fucosyl HuMax-IL8 YERVOY Phase I GM1 Lirilumab 1 Approved in at least one BET Inhibitor SPRYCEL major market (Anti-KIR) (US, EU, JP) 2 In Ph III or currently under reg. review NOT FOR PRODUCT PROMOTIONAL USE 11 Data as of April 1, 2017 Oncology – Development Portfolio Phase I Phase II Phase III Approved Indications Anti-LAG3* + Anti-CTLA-4 NF ^ Mesothelin-ADC ^ OPDIVO* OPDIVO* OPDIVO* + YERVOY* OPDIVO* OPDIVO* OPDIVO* Solid Tumors Solid Tumors NHL (FL) Adjuvant Melanoma 1L Head & Neck Previously treated BRAF wild-type Met Solid Tumors Met Melanoma Melanoma OPDIVO* OPDIVO* + YERVOY* Glypican-3 ADC ^ BET Inhibitor OPDIVO* Lirilumab* 2L SCLC 1L Head & Neck OPDIVO* OPDIVO* + YERVOY* HCC Solid Tumors NHL (DLBCL) Hematologic Mal. 1L BRAF wild-type Melanoma across OPDIVO* + YERVOY* OPDIVO*# Met Melanoma BRAF status Anti-TIGIT ^ Ulocuplumab OPDIVO* Urelumab*+OPDIVO* 1L SCLC 3L Gastric Solid Tumors & OPDIVO* Solid Tumors Hematologic Mal. MSI+ Colon YERVOY* Hematologic Mal. Melanoma across OPDIVO* + YERVOY* OPDIVO* + YERVOY* Metastatic Melanoma 1L NSCLC 1L Gastric BRAF status Anti-GITR ^ Lirilumab*^ OPDIVO*# Anti-Fucosyl GM1 ^ Solid Tumors Solid Tumors # OPDIVO* Ovarian SCLC OPDIVO* OPDIVO* + YERVOY* Previously treated Unresectable NSCLC Adjuvant Gastric Adjuvant Melanoma Lirilumab* + EMPLICITI Met Squamous NSCLC Cabiralizumab*^ OPDIVO* EMPLICITI* 1L MM Pomalido- OPDIVO* OPDIVO*# Solid Tumors 2L HCC OPDIVO* EMPLICITI* MM mide Combo NSCLC Neoadjuvant 2L Esophageal Previously treated Met Relapsed/Refractory Anti-CD73 ^ Urelumab* + Non-squamous NSCLC MM Revlimid Combo EMPLICITI* OPDIVO* YERVOY OPDIVO* + YERVOY* OPDIVO* + YERVOY* Solid Tumors CNS Lymphoma Adolescent Mel NSCLC EGFR mutant MM 1L Esophageal OPDIVO* SPRYCEL* OPDIVO* OPDIVO* Previously treated Anti-OX40 ^ OPDIVO* + YERVOY* 1L CML Solid Tumors & SPRYCEL* Adjuvant Esophageal advanced RCC Solid Tumors 1L RCC Hematologic Mal. Pediatric /Gastroesophageal OPDIVO* SPRYCEL* Anti-LAG3*^ OPDIVO* + * Development Partnership OPDIVO* OPDIVO* + YERVOY* Advanced Hodgkin Refractory CML Solid Tumors & YERVOY EMPLICITI: AbbVie 1L Glioblastoma 1L Mesothelioma Lymphoma Hematologic Mal. Solid Tumors SPRYCEL: Otsuka OPDIVO* + OPDIVO, YERVOY: Ono Pharmaceutical OPDIVO* EMPLICITI* OPDIVO* OPDIVO* IDO Inhibitor ^ OPDIVO* Previously treated Prostvac: Bavarian Nordic 1L HCC Multiple Myeloma Previously treated Solid Tumors Pediatric Met Urothelial EMPLICITI* Met Head & Neck Lirilumab: Innate Pharma, Ono Pharmaceutical OPDIVO* Urelumab, Anti-LAG-3: Ono Pharmaceutical 1L MM Revlimid HuMax-IL8 Adjuvant Bladder Combo Solid Tumors Cabiralizumab: Five Prime Therapeutics OPDIVO* + YERVOY* PROSTVAC* ++ ^ Trial(s) exploring various combinations 1L Bladder Met CRPC Anti-CTLA-4 NF started a Phase 1 trial # Partner-run study and was added to this slide May 10 ++ Option rights NOT FOR PRODUCT PROMOTIONAL USE 12 Early Stage Pipeline Strategy D r. David Feltquate Head of Early Clinical Development NOT FOR PRODUCT PROMOTIONAL USE 13 The Immuno-Biology TUMOR The TUMOR may leverage of Cancer is Complex inherent mechanisms to • Effector cells are central for sustain itself and evade tumor recognition and killing immune destruction • Other factors may modulate the activity of effector cells The STROMA comprises a variety of cell types that may suppress immune function via EFFECTOR expression of cell surface or IMMUNE REGULATORY and CELL soluble inhibitory molecules, ANTIGEN-PRESENTING CELLS including metabolites may negatively regulate or not provide necessary stimulation to the immune system STROMA IMMUNE REGULATORY & APCs NOT FOR PRODUCT PROMOTIONAL USE 14 TUMOR Our Portfolio has Inhibit/target multiple approaches tumor cell pathways Fucosyl-GM1 BCR-ABL in each of these Glypican-3-ADC CXCR4 Activate T effector cells Mesothelin-ADC BET categories GITR CD137 OX40 ICOS BlockBlock tumor tumor inhibition/ checkpoints Maximize NK cells checkpoints PD-1 CTLA4 KIR SLAMF7 PD-1 CTLA4 TIM3TIM3 TIGITTIGIT BlockBlock or depleteor deplete LAG3 immune regulators LAG3 immune regulators EFFECTOR Block inhibitory IDO CSF1R CELL stromal effects IDOCD73CSF1RCTLA4-NF CD73 CTLA4-NF CCR2/5 IL-8 Optimize antigen STROMA presentation Vaccine IMMUNE Oncolytic Virus REGULATORY Radiation* & APCs Chemotherapy* NOT FOR PRODUCT PROMOTIONAL USE *Not part of BMY portfolio 15 Role of LAG-3 in T-Cell Exhaustion and Anti–PD-1 Resistance: Rationale For Anti–LAG-3 and Anti–PD-1 Combination Therapy + Nivolumab + Anti-LAG-3 Tumor or IO-Naïve: Other Infiltrating Cell In therapy-naïve patients, PD-1 PD-L1 LAG-3 limits IO response constitutive LAG-3 expression may limit the anti-tumor activity of PD-1 pathway blockade. LAG-3 MHC II Effector CD4+/CD8+ + Antigen PD-L1 T cell MHC II + Nivolumab + Anti-LAG-3 PD-1 PD-1 LAG-3 + Nivolumab In patients exposed to PD-1 pathway blockade, adaptive IO-Relapsed/Refractory: Acquires upregulation of LAG-3 expression resistance LAG-3 contributes to resistance may lead to treatment resistance and tumor progression. Nivolumab + Anti-LAG-3 (BMS-986016) NOT FOR PRODUCT PROMOTIONAL USE 16 Developing Biomarkers to Predict Better Outcomes Tumor Antigens Inflamed Tumor Microenvironment • Tumor Mutation Burden (TMB) • PD-L1 • Microsatellite Instability / • Tumor Inflammatory Signature Mismatch Repair Deficiency Tumor Inflamed (TIS) • T cell Receptor Profiling Antigens Tumor • T cell Infiltration Tumor Immune Suppression Host Environment Tumor Immune • Tim-3 Suppression • Microbiome Markers • LAG-3 • Suppressive Immune Cells (e.g. T-regs) NOT FOR PRODUCT PROMOTIONAL USE 17 Tumors with high mutation burden are a rational target for I-O therapy Tumor cells with …may have high …which can lead to high high TMB…1,2 neoantigen load…1,2 tumor immunogenicity and increased T-cell reactivity and anti-tumor response2-5 Mutated DNA NK cell CD8+ T cell Tumor Tumor cell The high immunogenicity of tumors with high mutation burden makes them a rational target for treatment with I-O therapies1,2 1. Schumacher TN, Schreiber RD. Science. 2015;348(6230):69-74. 2. Kim JM, Chen DS. Ann Oncol. 2016;27(8):1492-1504. 3. Liontos M et al. Ann Transl Med. 2016; 4(14):264. 4. Sharma P, Allison JP. Science. 2015;348(6230):56-61. 5. Giannakis M et al. Cell Rep.