C HANGING THE C OURSE OF

H UMAN H EALTH T HROUGH B OLD

P URSUITS IN S CIENCE

Q3 2017 Conference Call

October 26, 2017
Q3 2017 Conference Call

Mark Alles, Chief Executive Officer

Peter Kellogg, Chief Financial Officer

Terrie Curran, President, I&I

Nadim Ahmed, President, Hematology/Oncology

Scott Smith, President & Chief Operating Officer

Q&A
2
 Forward Looking Statements and Adjusted Financial Information

This presentation contains forward-looking statements, which are generally statements that are not historical facts.
Forward-looking statements can be identified by the words expects, anticipates, believes, intends, estimates,
plans, will, outlook, targets and similar expressions. Forward-looking statements are based on managements
current plans, estimates, assumptions and projections, and speak only as of the date they are made. We undertake no
obligation to update any forward-looking statement in light of new information or future events, except as otherwise
required by law. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict
and are generally beyond our control. Actual results or outcomes may differ materially from those implied by the forward-
looking statements as a result of the impact of a number of factors, many of which are discussed in more detail in our
Annual Report on Form 10-K and our other reports filed with the Securities and Exchange Commission.

In addition to unaudited financial information prepared in accordance with U.S. GAAP, this presentation also contains
adjusted financial measures. Further information relevant to the interpretation of adjusted financial measures, and
reconciliations of these adjusted financial measures to the most comparable GAAP measures, may be found in the
Appendix and on our website at www.Celgene.com in the Investor Relations section.

3
 C HANGING THE C OURSE OF
H UMAN H EALTH T HROUGH B OLD
P URSUITS IN S CIENCE

Mark Alles
Chief Executive Officer
 Building A Platform for Sustained High Growth

Forecasting Industry Leading Growth Through 2020

2017 updated guidance: Revenue: ~$13B (+16% Y/Y); Adj. diluted EPS: $7.30 - $7.35 (+23% Y/Y)*
2020 updated targets: Revenue: $19B - $20B (CAGR +14.5%)*; Adj. diluted EPS: >$12.50 (CAGR
+19.5%)

Advancing Next Generation Growth Drivers

Ozanimod data at ECTRIMS; bb2121, JCAR017, CC-486 and CC-122 data at ASH
12 Ph III data readouts expected by YE:18

Building for Sustained Growth Beyond 2020

Closed BeiGene transaction in August; BGB-A317 clinical development communication at ASH
5 INDs YTD; Robust R&D engine developing ~50 compounds across ~100 indications

*Calculated using the mid-point of the range.

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 C HANGING THE C OURSE OF
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P URSUITS IN S CIENCE

Peter Kellogg
Chief Financial Officer
Q3 2017 Financial Highlights

Strong Volume-Driven Operating Results

Q3:17 year-over-year net product sales grew 11% and adjusted diluted EPS grew 21%
Adjusted operating margins improved by 430 bps Y/Y

2017 Total Revenue and OTEZLA Net Product Sales Updated

2017 total revenue updated from $13.0B-$13.4B to ~$13.0B
OTEZLA net product sales updated from $1.5B-$1.7B to ~$1.25B

2020 Targets Updated

2020 total revenue updated to $19.0B-$20.0B
2020 adjusted diluted EPS updated to >$12.50

Balanced Capital Deployment

$3.8B in share repurchase authorization remaining
Strong ramp-up of share repurchase program to be initiated

7
 Q3 2017 Total Net Product Sales

Total Net Product Sales Contribution to Q3:17 Total Net Product Sales Growth
$3,283
$2,969 11.0% 0.6% 1.0% 10.6%

$3,000
$2,313
$2,500

$2,000
$ Millions

$1,500

$ Millions
18% 28% 11%
$1,000

$500

$0
Q3:15 Q3:16 Q3:17 Q3:16 Volume Price Fx / Q3:17
Hedge
Footnote: Growth Rates = Growth vs. Prior Year Period
Certain prior year amounts have been rounded +/- $1M to conform to the current year rounding convention.
8
 Q3 2017 Adjusted Diluted Earnings Per Share

Adjusted Diluted EPS Contribution to Q3:17 Adjusted Diluted EPS

$1.91

$1.58 $0.33 $0.06 ($0.03) ($0.03) $1.91

$1.58

$1.23
Dollars Per Share

Dollars Per Share

27% 28% 21%

Q3:15 Q3:16 Q3:17 Q3:16 Oper. OIE Tax Rate Share Q3:17
Income Count
Footnote: Growth Rates = Growth vs. Prior Year Period

9
 Key P&L Line Items (Adjusted)

vs. vs.
Q3:17
Q3:16 Q2:17

Product Gross Margin 96.6% NC 20 bps

R&D expenses $698M 40 bps 10 bps

% of revenue 21.2%

SG&A expenses $521M 390 bps 40 bps

% of revenue 15.9%

Operating Margin 59.5% 430 bps NC

Effective Tax Rate 16.5% 110 bps NC

10
 Updating 2017 Guidance

Previous Updated

Net Product Sales

REVLIMID $8.0B-$8.3B Unchanged

POMALYST/IMNOVID ~$1.6B Unchanged

OTEZLA $1.5B-$1.7B ~$1.25B

ABRAXANE ~$1.0B Unchanged

Total Revenue $13.0B-$13.4B ~$13.0B

Adjusted Operating Margin ~57.5% ~58.5%

Adjusted Diluted EPS $7.25-$7.35 $7.30-$7.35

Weighted Average Diluted Shares ~815M Unchanged

11
Delivering Industry-Leading, Volume-Driven Growth

Total Revenue Adjusted Diluted EPS

($B) ($)

>$12.503
$19-$20

14.5% 19.5%
CAGR 2 CAGR 2
~$13 $7.30-$7.35

20171 2020E 20171 2020E

1. 2017 guidance
2. CAGRs calculated from mid-point of the range
3. Based on range of 800-815M diluted shares 12
 Updated 2020 Targets
($ billions except per share
Original 2020 Targets Updated 2020 Targets Updated 2020 Targets
amounts) (Issued 1/12/15)1 (Low End) (High End)
Hematology
Existing Products / Indications $13.0 $14.7 $14.7
New Products / Indications $1.8 $0.7 $1.4
Total Hematology >$14.8 $15.4 $16.1

Total Oncology >$2.2 $1.0 $1.1

Total I&I >$4.0 $2.6 $2.8

Total Net Product Sales >$21.0 $19.0 $20.0

Adjusted Diluted EPS >$13.00 >$12.502

1. Updated upon acquisition of Receptos in July 2015
2. Based on range of 800-815M diluted shares
13
 Cash and Marketable Securities

(in Billions) 9/30/17 12/31/16

Cash and Marketable Securities $11.76 $7.97

Cash flow from operations was $1.1B during Q3:17

In Q3:17, purchased approximately $114M of shares
$3.8B remaining under existing share repurchase program
Will continue to opportunistically repurchase shares; targeting an immediate
significant share repurchase initiative over the next few months

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 C HANGING THE C OURSE OF
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P URSUITS IN S CIENCE

Terrie Curran
President, I&I
Q3 2017 I&I Franchise Results

OTEZLA Growth Impacted by Market Headwinds

In the U.S., slowing market growth due to managed care controls remains a key challenge
Despite increasing competition, market share remains constant
Uptake accelerating across key international markets where full reimbursement is in place
Behet's disease Ph III positive; Additional lifecycle programs advancing

Ozanimod Moving Forward in Multiple Sclerosis

Multiple data presentations at ECTRIMS-ACTRIMS October 25-28 in Paris
Preparing for regulatory submission to the FDA by year-end and EMA filing in H1:18
Global launch readiness activities underway

Updating Development of the IBD Portfolio

Ozanimod UC 92-week Ph II data presented at the World Congress of Gastroenterology
at ACG2017 medical meetings; Advancing Ph III development
Discontinued Ph III GED-0301 REVOLVETM and SUSTAINTM Crohns disease trials
16
 Q3 2017 OTEZLA Net Sales Summary

Current Results & Potential Future Growth Drivers Net Sales ($M)

Q3:17 net sales $308M; +12% Y/Y, -14% Q/Q $308

2017 growth drivers $275
$58
- Positive Q3 U.S. TRx growth amidst challenging market $31
dynamics: +17% Y/Y, +4% Q/Q
- Best in class uptake continues ex-US where
differentiated access secured (Japan, France)
$139
Potential future growth drivers advancing $10
$244 $250
- Ph III RELIEF trial in Behets disease positive
- Ph III scalp psoriasis enrollment accelerating
$129
- Ph II POC data in UC expected by YE:17
- On track to file QD formulation by YE:17
$18
Q3:14 Q3:15 Q3:16 Q3:17

U.S. ROW
Certain prior year amounts have been rounded +/- $1M to conform to the current year rounding convention.
17
U.S. Market Growth Slowing in 2017

U.S. Psoriasis/Derm Y/Y U.S. PsA/Rheum Y/Y

TRx Growth TRx Growth

25% 20%
18%
20% 16% 15%
17% 18%
14%
12%
15% 12%
10%
10% 8%
7%
6%
5% 4%
2%
2%
0% 0%
2015 2016 2017 (through Sept) 2015 2016 2017 (through Sept)

Source: Symphony prescriber data through 22 September 2017

18
OTEZLA Growth Continues to Outpace U.S. Market Expansion

U.S. Psoriasis/Derm Y/Y U.S. PsA/Rheum Y/Y

TRx Growth TRx Growth

25% 20%
18%
20%
20% 16% 15%
17% 18%
14% 13%
12%
15% 12%
10%
10% 8%
7%
6%
5% 4%
2%
2%
0% 0%
2015 2016 2017 (through Sept) 2015 2016 2017 (through Sept)
Market OTEZLA Market OTEZLA

Source: Symphony prescriber data through 22 September 2017

19
 OTEZLA Leading in Share of New Patients Despite Increasing
Competitive Intensity
Psoriasis New to Brand Share
(Normalized Patient Equivalents)
Market Share Dynamics
50% TALTZ SILIQ TREMFYA
Approved Approved Approved
45%
Maintaining new-to-brand share leadership
40% OTEZLA
39.7% in both psoriasis and PsA
35%
30% OTEZLA also commands leadership in
25% systemic treatment-nave patient segment,
20% consistent with strong patient demand and
15%
target positioning
10% Post-TNF patient share impacted by recent
5% IL-17 launches and associated access
0% limitations

ENBREL STELARA HUMIRA

COSENTYX OTEZLA TALTZ
Acitretin Methotrexate Cyclosporine

Source: SHS psoriasis claims data through August 2017

Note: Symphony data subject to restatement; NTB includes patients initiating titration and bridge for OTEZLA
20
 Significant New Patient Uptake Driven by Differentiated Patient
Access Position for OTEZLA

Japan: New to Brand Share

France: Launch-Aligned New Patient Starts
(Moderate-to-severe Psoriasis)
4,500 2%
4,000

3,500
New Patient Starts

3,000 28%
2,500 OTEZLA
2,000
46%
1,500
11%
1,000

500
13%
0
m1 m2 m3 m4 m5 m6 m7 m8 m9 m10 m11 m12

Cosentyx Stelara Taltz Otezla OTEZLA NEORAL TIGASON Biologics Others

No initial prescription required at hospital setting Broadest label and access among systemic treatments

Source: Gers; Competitor IMS JPM, Otezla Ex-W/S data; Apremilast MCI KPI tracking survey, August 2017
21
 Maximizing the OTEZLA Opportunity Across New Applications

Behets Disease Advancing a Robust Life Cycle Plan

Ph III RELIEFTM trial met primary and key Event Timing

secondary endpoints across multiple
measures of disease activity Initiate Ph III
Scalp psoriasis Q2:17
Safety profile consistent with that of
previous trials
Ph III Data
Preparing submission for presentation at Behets Disease Q3:17
upcoming major medical meeting
Global regulatory submissions beginning Ph II Data
Ulcerative Colitis Q4:17
in 2018
Submit NDA
Once daily formulation Q4:17

22
 Ozanimod in RMS:
Pivotal Program Data to be Highlighted at Major Upcoming Medical Meeting

Abstracts at a Glance
Oral Presentations:
Ozanimod demonstrates efficacy and safety in a phase 3 trial of relapsing multiple sclerosis Pivotal efficacy and safety data to be
(SUNBEAM) presented at MSParis (ECTRIMS-
Ozanimod vs interferon -1a: clinical and MRI results of RADIANCE part B - a 2-year phase 3 trial in
relapsing multiple sclerosis ACTRIMS) meeting this month
Poster Presentations:
Cardiac safety of ozanimod in a QT/QTc trial and a phase 2 trial in RMS
Full results from the SUNBEAMTM and
Effect of ozanimod on action potential parameters in adult human purkinje fibres RADIANCETM Ph III trials to be
Lower baseline levels of vitamin D are associated with a higher risk of new lesion development in presented as oral and late-breaking oral
patients with relapsing multiple sclerosis
Ozanimod does not impact cytotoxic T lymphocyte function in vitro demonstrating differentiation from presentations, respectively
fingolimods activity on SET-PP2A
Ozanimod has an improved nonclinical safety profile relative to fingolimod
Comparison of reproductive and juvenile nonclinical findings between ozanimod and fingolimod Additional clinical and non-clinical
Fingolimod activates the 5-HT1A receptor in S1P3R/5-HT1A heterooligomer complexes in vivo poster presentations will expand upon
Ozanimod demonstrates preservation of brain volume at 1 and 2 years in two phase 3 trials of
relapsing multiple sclerosis (SUNBEAM and RADIANCE) the safety profile and potential for
Ozanimod (RPC1063) is potentially neuroprotective through direct activity on Th1 and Th17 T cell prevention of neurological damage
expansion and migration, monocyte migration and microglia expansion
Ozanimod (RPC1063) is potentially neuroprotective through direct CNS effects
Analyst, advocacy, media and advisory
E-posters:
Lack of clinically meaningful changes in cardiac effects from co-administration of ozanimod and a
meetings to follow
beta-blocker or a calcium channel blocker
Ozanimod (RPC1063) reduces the plasma biomarker neurofilament light chain in preclinical rodent
models of multiple sclerosis

ECTRIMS = European Committee for Treatment and Research in MS

ACTRIMS = American Committee for Treatment and Research in MS
23
 Ozanimod in IBD:
Advancing Development in Both UC and Crohns Disease

TOUCHSTONE Two-year Data Enhances STEPSTONE Top-Line Results Support

Ozanimod Profile in UC Ph III Development in Crohns disease
Improvement in Active Disease Measures Reduction in SES-CD Scores Proportion of CDAI Responders and
From OLE Baseline Through Week 92 at Week 12 Remitters at Week 12
100% 97.0% 50% 70% 66.1%
90% 91.0% 43.3%
45%
86.0% 60%
80%
40%
70%
% of Patients

35% 50%
45.8%
60%
30% 26.7% 40%
50%
25%
40% 30%
20%
30% Physician Global Assessment (PGA) score 0 or 1
15% 20%
20%
Rectal Bleeding Subscore (RBS) 0 or 1 10%
10% 10%
No Blood in Stools (RBS = 0) 5%
0%
0% 0%
Clinical Response Clinical Remission
25% 50% (Reduction in CDAI (CDAI 150)
Reduction Reduction 100)

24
2017 I&I Franchise Outlook

Maximize the OTEZLA Opportunity

Continue to execute on current strategy, increasing pre-biologic access to OTEZLA for
appropriate patients
Expand eligible patient population via new indications, scientific communications and QD formulation
Accelerate enrollment of OTEZLA Ph III trial in scalp psoriasis
Complete U.S. sNDA filing of QD formulation by YE:17

Optimize the Ozanimod Opportunity in MS

Submit ozanimod U.S. NDA in RMS by YE:17
Continue launch-readiness activities
Hiring key personnel in Sales, Marketing and Medical Affairs

Advance Next Stage of Future Growth Catalysts

Trial readout from OTEZLA Ph II in UC by YE:17
Advance enrollment of ozanimod Ph III trial in UC
Prepare to initiate ozanimod Ph III in Crohns disease
Advance Ph II development of CC-220 in SLE and CC-90001 in IPF
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 C HANGING THE C OURSE OF
H UMAN H EALTH T HROUGH B OLD
P URSUITS IN S CIENCE

Nadim Ahmed
President, Hematology/Oncology
Q3 2017 Hematology/Oncology Franchise Results

Solid Net Product Sales and Operating Momentum

Q3:17 solid net sales growth of +10% Y/Y
Sales performance driven by continued growth in key markets

Advancing Growth Drivers

REVLIMID continues to grow across geographies with NSCT and post-ASCT maintenance launches
POMALYST/IMNOVID growth continues through triplet use
Near-term Ph III readouts for key marketed products
IDHIFA (enasidenib) received U.S. regulatory approval in August in IDH2 mutant rrAML

Transformational Pipeline Advancing with Future Growth Drivers

Closed collaboration with BeiGene for BGB-A317 to expand and accelerate immuno-oncology portfolio
Updated ASH data for bb2121 and JCAR017 demonstrate promise of CAR-T assets
Advancing additional key pipeline assets luspatercept, marizomib, CC-486 and CC-122
Submitted IND for next-generation CELMoD agent CC-92480 in RRMM

27
 Q3 2017 REVLIMID Net Sales Summary

Current Results & Potential Future Growth Drivers Net Sales ($M)
$2,081
Q3:17 net sales $2,081M; +10% Y/Y, +2% Q/Q
$1,892
Ongoing NDMM launch continues to advance; market
share continues to grow ex-U.S. $720
REVLIMID NDMM NSCT reimbursed in 24 countries; $1,453 $738
France reimbursement achieved Q4:17 $1,300
Reimbursement achieved for post-ASCT maintenance
setting in 9 countries $558
Maintaining share in RRMM with continued adoption of $540
triplet combinations
Potential future growth drivers advancing $1,361
$1,154
U.S. regulatory submission for RVd in 1st line setting on
$895
track for Q1:18 $760
Ph III RELEVANCE study in 1st line follicular lymphoma
data by year-end; AUGMENTTM study in relapsed and/or
refractory indolent lymphoma data expected Q1:18
Q3:14 Q3:15 Q3:16 Q3:17
Ph III ROBUST study in 1st line diffuse large B-cell
lymphoma data expected in 2018 U.S. ROW

Certain prior year amounts have been rounded +/- $1M to conform to the current year rounding convention. 28
 Q3 2017 POMALYST/IMNOVID Net Sales Summary
$417
Net Sales ($M)
Current Results & Potential Future Growth Drivers
$341
Q3:17 net sales $417M; +22% Y/Y, +7% Q/Q $149
POMALYST/IMNOVID continues to grow globally
U.S. POMALYST/dex share growing in 3rd line+ $257 $138
since June daratumumab/POMALYST combination
approval
Ex-U.S. share stable in key markets in spite of $181 $107
multiple new entrants
Duration trends increasing across all geographies $63
$268
Potential future growth drivers advancing
$203
Ph III OPTIMISMM data in 2nd line+ patients
$150
expected 2018 $118
New triplets will increase share and duration for
POMALYST/IMNOVID
Q3:14 Q3:15 Q3:16 Q3:17

U.S. ROW

Certain prior year amounts have been rounded +/- $1M to conform to the current year rounding convention. 29
 Q3 2017 ABRAXANE Net Sales Summary

Net Sales ($M)

Current Results & Potential Future Growth Drivers
$251
Q3:17 net sales $251M; +8% Y/Y, -1% Q/Q
$230 $233
ABRAXANE continues to deliver solid performance $212
Maintaining U.S. leadership in first-line metastatic
pancreatic cancer $102
$61 $85 $89
Continued share gains in metastatic pancreatic cancer
in EU
Maintaining market share in breast cancer and lung
cancer in spite of competition
Potential future growth drivers advancing
Ph III apact data for ABRAXANE in adjuvant $151 $145 $144 $149
pancreatic cancer by YE:18
Ph III I/O combination trials in NSCLC, TNBC expected
in 2018
Q3:14 Q3:15 Q3:16 Q3:17

U.S. ROW

Certain prior year amounts have been rounded +/- $1M to conform to the current year rounding convention. 30
 Q4 2017 Key ASH Data Presentations

Multiple Presentations Supporting our Pipeline

bb2121 JCAR017 CC-486 CC-122

Oral presentation Oral presentations &
providing updated results scientific posters providing
in heavily pre-treated updated data on safety &
relapsed and/or refractory efficacy of JCAR017 in
multiple myeloma relapsed/refractory diffuse
large B-cell lymphoma
Oral presentation Oral presentation
providing Ph I data in high- providing results in
risk, previously untreated combination with
DLBCL, FL, or non- obinutuzumab to treat
Hodgkins lymphoma relapsed and refractory
B-cell non-Hodgkins
lymphoma

31
2017 Hematology/Oncology Franchise Outlook

Commercial Portfolio On Track to Deliver for 2017

On track to achieve FY 2017 guidance for REVLIMID, POMALYST/IMNOVID and ABRAXANE
REVLIMID positioned for continued growth in NSCT and post-ASCT maintenance settings
POMALYST/IMNOVID growth continues through triplet use
IDHIFA (enasidenib) approved by FDA in IDH2 mutant rrAML; successful launch ongoing

Positioned for Near-Term Growth with Upcoming Data Readouts

Ph III readouts for RELEVANCE, AUGMENTTM, OPTIMISMM and apact
Planning for Q1:18 U.S. regulatory submission for RVd in 1st line MM setting
Awaiting results of Ph III trials for luspatercept in MDS and beta thalassemia and CC-486 in AML

Mid- and Late-Stage Pipeline Advancing

Highlighting pipeline at ASH with multiple abstracts across assets and diseases
Advancing bb2121, JCAR017, marizomib and CC-122 towards registration
BGB-A317: progressing clinical development plan in solid tumors

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 C HANGING THE C OURSE OF
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P URSUITS IN S CIENCE

Scott Smith
President and Chief Operating Officer
Strong Momentum. Investing to Drive Growth Beyond 2020.

Strong Contribution from the Commercial Portfolio

Strong volume driven growth across the portfolio
Leveraging our business model to deliver top line growth and operating efficiencies
Solid growth from POMALYST and REVLIMID; OTEZLA cumulative revenue of $2.5B

2017 Inflection Points with Multiple Value Drivers Delivering

Ozanimod RMS data at ECTRIMS and Ph II data in CD at ACG and UEGW
Ozanimod FDA filing in RMS by YE:17; EU filing in Q1:18
Data from REVLIMID lymphoma trials expected by YE:17/Q1:18

Investing in Growth Beyond 2020

INDs filed in 2017 for CC-92480 in RRMM and CC-90001 in IPF; Initiation of Ph IIb with CC-220 in lupus
Pivotal programs for bb2121, JCAR017, marizomib, ozanimod in CD and luspatercept in 1st line MDS
expected in 2018
BGB-A317 clinical plan by year-end

34
 C HANGING THE C OURSE OF
H UMAN H EALTH T HROUGH B OLD
P URSUITS IN S CIENCE

Q3 2017 Conference Call

October 26, 2017
 C HANGING THE C OURSE OF
H UMAN H EALTH T HROUGH B OLD
P URSUITS IN S CIENCE

Reconciliation Tables
 Reconciliation Tables
Use of Non-GAAP Financial Measures

In addition to financial information prepared in accordance with U.S. GAAP, this document also contains certain non-GAAP financial measures based on managements view of
performance including:

Adjusted research and development expense

Adjusted selling, general and administrative expense
Adjusted operating margin
Adjusted net income
Adjusted earnings per share

Management uses such measures internally for planning and forecasting purposes and to measure the performance of the Company. We believe these adjusted financial measures
provide useful and meaningful information to us and investors because they enhance investors understanding of the continuing operating performance of our business and facilitate
the comparison of performance between past and future periods. These adjusted financial measures are non-GAAP measures and should be considered in addition to, but not as a
substitute for, the information prepared in accordance with U.S. GAAP. When preparing these supplemental non-GAAP financial measures we typically exclude certain GAAP items
that management does not consider to be normal, recurring, cash operating expenses but that may not meet the definition of unusual or non-recurring items. Other companies may
define these measures in different ways. The following categories of items are excluded from adjusted financial results:

Acquisition and Divestiture-Related Costs: We exclude the impact of certain amounts recorded in connection with business combinations and divestitures from our adjusted financial
results that are either non-cash or not normal, recurring operating expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing. These
amounts may include non-cash items such as the amortization of acquired intangible assets, amortization of purchase accounting adjustments to inventories, intangible asset
impairment charges and expense or income related to changes in the estimated fair value measurement of contingent consideration. We also exclude transaction and certain other cash
costs associated with business acquisitions and divestitures that are not normal recurring operating expenses, including severance costs which are not part of a formal restructuring
program.

Share-based Compensation Expense: We exclude share-based compensation from our adjusted financial results because share-based compensation expense, which is non-cash,
fluctuates from period to period based on factors that are not within our control, such as our stock price on the dates share-based grants are issued.

37
 Reconciliation Tables
Collaboration-related Upfront Expenses: We exclude collaboration-related upfront expenses from our adjusted financial results because we do not consider them to be
normal, recurring operating expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing. Upfront payments to
collaboration partners are made at the commencement of a relationship anticipated to continue for a multi-year period and provide us with intellectual property rights,
option rights and other rights with respect to particular programs. The variability of amounts and lack of predictability of collaboration-related upfront expenses makes the
identification of trends in our ongoing research and development activities more difficult. We believe the presentation of adjusted research and development, which does
not include collaboration-related upfront expenses, provides useful and meaningful information about our ongoing research and development activities by enhancing
investors understanding of our normal, recurring operating research and development expenses and facilitates comparisons between periods and with respect to projected
performance. All expenses incurred subsequent to the initiation of the collaboration arrangement, such as research and development cost-sharing expenses/reimbursements
and milestone payments up to the point of regulatory approval are considered to be normal, recurring operating expenses and are included in our adjusted financial results.

Research and Development Asset Acquisition Expense: We exclude costs associated with acquiring rights to pre-commercial compounds because we do not consider such
costs to be normal, recurring operating expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing. Research and
development asset acquisition expenses includes expenses to acquire rights to pre-commercial compounds from a collaboration partner when there will be no further
participation from the collaboration partner or other parties. The variability of amounts and lack of predictability of research and development asset acquisition expenses
makes the identification of trends in our ongoing research and development activities more difficult. We believe the presentation of adjusted research and development,
which does not include research and development asset acquisition expenses, provides useful and meaningful information about our ongoing research and development
activities by enhancing investors understanding of our normal, recurring operating research and development expenses and facilitates comparisons between periods and
with respect to projected performance.

Restructuring Costs: We exclude costs associated with restructuring initiatives from our adjusted financial results. These costs include amounts associated with facilities to
be closed, employee separation costs and costs to move operations from one location to another. We do not frequently undertake restructuring initiatives and therefore do
not consider such costs to be normal, recurring operating expenses.

Certain Other Items: We exclude certain other significant items that may occur occasionally and are not normal, recurring, cash operating expenses from our adjusted
financial results. Such items are evaluated on an individual basis based on both the quantitative and the qualitative aspect of their nature and generally represent items that,
either as a result of their nature or magnitude, we would not anticipate occurring as part of our normal business on a regular basis. While not all-inclusive, examples of
certain other significant items excluded from adjusted financial results would be: expenses for significant fair value adjustments to equity investments, significant
litigation-related loss contingency accruals and expenses to settle other disputed matters.

38
 Reconciliation Tables

Estimated Tax Impact From Above Adjustments: We exclude the net income tax impact of the non-tax adjustments described above from our adjusted financial results. The net
income tax impact of the non-tax adjustments includes the impact on both current and deferred income taxes and is based on the taxability of the adjustment under local tax law and
the statutory tax rate in the tax jurisdiction where the adjustment was incurred.

Non-Operating Tax Adjustments: We exclude the net income tax impact of certain other significant income tax items, which are not associated with our normal, recurring
operations (Non-Operating Tax Items), from our adjusted financial results. Non-Operating Tax Items include items which may occur occasionally and are not normal, recurring
operating expenses (or benefits), including adjustments related to acquisitions, divestitures, collaborations, certain adjustments to the amount of unrecognized tax benefits related to
prior year tax positions, and other similar items. We also exclude excess tax benefits and tax deficiencies that arise upon vesting or exercise of share-based payments recognized as
income tax benefits or expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing.

Long-Term Targets

A reconciliation of long-term adjusted financial targets to the most comparable GAAP measures cannot be provided because we are unable to forecast with reasonable certainty
many of the items necessary to calculate such comparable GAAP measures, including share-based compensation expense, collaboration-related upfront expense, research and
development asset acquisition expense, acquisition-related expenses, fair value adjustments to contingent consideration, the ultimate outcome of legal proceedings and unusual
gains and losses, as well as unforeseen events, risks and developments. These items are uncertain, depend on various factors, and could be material to our results computed in
accordance with GAAP. We believe the inherent uncertainties in reconciling our long-term non-GAAP measures to the most comparable GAAP measures would make the forecasted
comparable GAAP measures nearly impossible to predict with reasonable certainty and therefore inherently unreliable.

See the attached Reconciliations of GAAP to Adjusted Net Income for explanations of the amounts excluded and included to arrive at the adjusted measures for the three- and nine-
month periods ended September 30, 2017 and 2016, and for the projected amounts for the twelve-month period ending December 31, 2017.

39
 Celgene Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
(In millions, except per share data)

Three-Month Periods Ended Nine-Month Periods Ended

September 30, September 30,
2017 2016 2017* 2016

Net product sales $ 3,283 $ 2,969 $ 9,494 $ 8,208

Other revenue 4 14 26 41
Total revenue 3,287 2,983 9,520 8,249

Cost of goods sold (excluding amortization of acquired intangible assets) 118 108 342 325
Research and development 1,347 1,653 3,177 3,335
Selling, general and administrative 608 698 2,167 1,973
Amortization of acquired intangible assets 80 87 250 354
Acquisition related charges and restructuring, net 49 25 75 25
Total costs and expenses 2,202 2,571 6,011 6,012
Reconciliation Tables

Operating income 1,085 412 3,509 2,237

Interest and investment income, net 33 7 72 21

Interest (expense) (127) (128) (380) (373)
Other (expense), net - (35) (18) (12)

Income before income taxes 991 256 3,183 1,873

Income tax provision 3 85 162 303

Net income $ 988 $ 171 $ 3,021 $ 1,570

Net income per common share:

Basic $ 1.26 $ 0.22 $ 3.87 $ 2.02
Diluted $ 1.21 $ 0.21 $ 3.72 $ 1.95

Weighted average shares:

Basic 784.1 775.8 781.2 777.3
Diluted 815.2 801.5 812.6 803.7

* During the third quarter of 2017, we adopted ASU 2017-12 with an initial application date of January 1, 2017. Prior to the adoption of ASU 2017-12, we recognized all changes in the fair
value of the excluded component of a hedge in Other (expense), net in the Consolidated Statements of Income under a mark-to-market approach. Pursuant to the provisions of ASU 2017-
12, we no longer recognize the adjustments to the fair value of the excluded component in Other (expense), net but we instead recognize the initial value of the excluded component using an
amortization approach over the life of the hedging instrument. When we report our results for the quarterly periods ended March 31, 2018 and June 30, 2018, we intend to recast the
financial statements for the quarterly periods ended March 31, 2017 and June 30, 2017, respectively, to reflect the adoption of ASU 2017-12. The nine-month period ended September 30,
2017 includes the following immaterial revisions to previously issued financial results:

Three-Month Period Ended Three-Month Period Ended Six-Month Period Ended

March 31, 2017 June 30, 2017 June 30, 2017
As Reported As Revised As Reported As Revised As Reported As Revised
Net product sales $ 2,950 $ 2,952 $ 3,256 $ 3,259 $ 6,206 $ 6,211
Other (expense) income, net 26 13 (76) (31) (50) (18)
Income tax provision 84 82 69 77 153 159
Net income 941 932 1,061 1,101 2,002 2,033
Diluted net income per common share $ 1.16 $ 1.15 $ 1.31 $ 1.36 $ 2.47 $ 2.51

September 30, December 31,

2017 2016
Balance sheet items:
Cash, cash equivalents & marketable securities $ 11,759 $ 7,970
Total assets 31,736 28,086
Long-term debt, including current portion 14,274 14,290
Total stockholders' equity 9,850 6,600
40
 Celgene Corporation and Subsidiaries
Reconciliation of GAAP to Adjusted Net Income
(In millions, except per share data)

Three-Month Periods Ended Nine-Month Periods Ended

September 30, September 30,
2017 2016 2017* 2016

Net income - GAAP $ 988 $ 171 $ 3,021 $ 1,570

Before tax adjustments:

Cost of goods sold (excluding amortization of acquired intangible assets):
Share-based compensation expense (1) 7 8 22 25

Research and development:

Share-based compensation expense (1) 65 63 200 189
Collaboration-related upfront expense (2) 584 324 669 688
Research and development asset acquisition expense (3) - 623 325 623

Selling, general and administrative:

Share-based compensation expense (1) 87 77 260 238
Reconciliation Tables

Litigation-related loss contingency accrual expense (4) - 30 315 130

Amortization of acquired intangible assets (5) 80 87 250 354

Acquisition related (income) charges and restructuring, net:

Change in fair value of contingent consideration (6) 49 23 75 12
Restructuring charges (7) - 2 - 13

Income tax provision:

Estimated tax impact from above adjustments (8) (149) (151) (387) (357)
Non-operating tax adjustments (9) (156) 7 (326) (5)
Net income - Adjusted $ 1,555 $ 1,264 $ 4,424 $ 3,480

Net income per common share - Adjusted

Basic $ 1.98 $ 1.63 $ 5.66 $ 4.48
Diluted $ 1.91 $ 1.58 $ 5.44 $ 4.33

Explanation of adjustments:
(1) Exclude share-based compensation expense totaling $159 for the three-month period ended September 30, 2017 and $148 for the three-month period ended September 30, 2016.
Exclude share-based compensation expense totaling $482 for the nine-month period ended September 30, 2017 and $452 for the nine-month period ended September 30, 2016.
(2) Exclude upfront payment expense for research and development collaboration arrangements.
(3) Exclude research and development asset acquisition expenses.
(4) Exclude loss contingency accrual expenses related to a civil litigation matter in 2017 and a contractual dispute in 2016.
(5) Exclude amortization of intangible assets acquired in the acquisitions of Pharmion Corp., Gloucester Pharmaceuticals, Inc. (Gloucester), Abraxis BioScience, Inc. (Abraxis), Celgene
Avilomics Research, Inc. (Avila), and Quanticel Pharmaceuticals, Inc. (Quanticel).
(6) Exclude changes in the fair value of contingent consideration related to the acquisitions of Gloucester, Abraxis, Avila, Nogra Pharma Limited and Quanticel.
(7) Exclude restructuring charges related to our relocation of certain operations into our two Summit, NJ locations as well as costs associated with certain headcount reductions.
(8) Exclude the estimated tax impact of the above adjustments.
(9) Exclude other non-operating tax expense items. The adjustments for the three-month period ended September 30, 2017 are to exclude the excess tax benefits related to the adoption of
ASU 2016-09 (Compensation-Stock Compensation) of $103, prior year tax benefits arising from a U.S. research and development and orphan drug tax credits study of $55 and to
exclude other adjustments totaling tax expense of $2. The adjustments for the nine-month period ended September 30, 2017 are to exclude the excess tax benefits related to the
adoption of ASU 2016-09 (Compensation-Stock Compensation) of $273, prior year tax benefits arising from a U.S. research and development and orphan drug tax credits study
of $55 and to exclude other adjustments totaling tax expense of $2. The adjustment for the three-month period ended September 30, 2016 is to include net tax benefits of $7. The
adjustments for the nine-month period ended September 30, 2016 are to exclude the tax benefit on the settlement of a state tax examination of $2 and to include other adjustments
totaling tax expense of $3.

* During the third quarter of 2017, we adopted ASU 2017-12 with an initial application date of January 1, 2017. Prior to the adoption of ASU 2017-12, we recognized all changes in the
fair value of the excluded component of a hedge in Other (expense), net in the Consolidated Statements of Income under a mark-to-market approach. Pursuant to the provisions of
ASU 2017-12, we no longer recognize the adjustments to the fair value of the excluded component in Other (expense), net but we instead recognize the initial value of the excluded
component using an amortization approach over the life of the hedging instrument. When we report our results for the quarterly periods ended March 31, 2018 and June 30, 2018, we
intend to recast the financial statements for the quarterly periods ended March 31, 2017 and June 30, 2017, respectively, to reflect the adoption of ASU 2017-12. The nine-month period
ended September 30, 2017 includes the following immaterial revisions to previously issued financial results:

Three-Month Period Ended Three-Month Period Ended Six-Month Period Ended

March 31, 2017 June 30, 2017 June 30, 2017
As Reported As Revised As Reported As Revised As Reported As Revised
Net income - GAAP $ 941 $ 932 $ 1,061 $ 1,101 $ 2,002 $ 2,033
Net income - Adjusted 1,364 1,355 1,474 1,514 2,838 2,869
Diluted net income per common share - Adjusted $ 1.68 $ 1.67 $ 1.82 $ 1.87 $ 3.50 $ 3.54
41
 Celgene Corporation and Subsidiaries
Reconciliation of Full-Year 2017 Projected GAAP to Adjusted Net Income
(In millions, except per share data)

Range
Low High

Projected net income - GAAP (1) $ 3,894 $ 4,233

Before tax adjustments:

Cost of goods sold (excluding amortization of acquired intangible assets):
Share-based compensation expense 31 29
Reconciliation Tables

Research and development:

Share-based compensation expense 276 260
Collaboration-related upfront expense 674 674
Research and development asset acquisition expense 325 325

Selling, general and administrative:

Share-based compensation expense 355 334
Litigation-related loss contingency accrual expense 315 315

GED-0301 charge, net 500 300

Amortization of acquired intangible assets 333 326

Acquisition related (income) charges and restructuring, net:

Change in fair value of contingent consideration 80 65

Income tax provision:

Estimated tax impact from above adjustments (507) (545)
Non-operating tax adjustments (326) (326)

Projected net income - Adjusted $ 5,950 $ 5,990

Projected net income per diluted common share - GAAP $ 4.78 $ 5.19

Projected net income per diluted common share - Adjusted $ 7.30 $ 7.35

Projected weighted average diluted shares 815.0 815.0

(1) Our projected 2017 earnings do not include the effect of any business combinations, collaboration agreements, asset acquisitions, asset
impairments, litigation-related loss contingency accruals, changes in the fair value of our CVRs issued as part of the acquisition of Abraxis or
non-operating tax adjustments that may occur after the day prior to the date of this press release.
42
 Celgene Corporation and Subsidiaries
Net Product Sales
(In millions)

Three-Month Periods
Ended Se ptember 30, % Change
(1) (2)
2017 2016 Reported Operational Curre ncy

REVLIMID
U.S. $ 1,361 $ 1,154 17.9% 17.9% 0.0%
International 720 738 (2.4)% (0.5)% (1.9)%
Worldwide 2,081 1,892 10.0% 10.7% (0.7)%

POMALYST /IMNOVID
U.S. 268 203 32.0% 32.0% 0.0%
International 149 138 8.0% 12.1% (4.1)%
Worldwide 417 341 22.3% 23.9% (1.6)%

Reconciliation Tables

OTEZLA
U.S. 250 244 2.5% 2.5% 0.0%
International 58 31 87.1% 90.2% (3.1)%
Worldwide 308 275 12.0% 12.3% (0.3)%

ABRAXANE
U.S. 149 144 3.5% 3.5% 0.0%
International 102 89 14.6% 18.6% (4.0)%
Worldwide 251 233 7.7% 9.2% (1.5)%

(3)
IDHIFA
U.S. 7 - N/A N/A N/A
International - - N/A N/A N/A
Worldwide 7 - N/A N/A N/A

VIDAZA
U.S. 1 3 (66.7)% (66.7)% 0.0%
International 150 151 (0.7)% 2.4% (3.1)%
Worldwide 151 154 (1.9)% 1.1% (3.0)%

azacitidine for injection

U.S. 13 16 (18.8)% (18.8)% 0.0%
International 1 - N/A N/A N/A
Worldwide 14 16 (12.5)% (12.5)% 0.0%

THALOMID
U.S. 21 24 (12.5)% (12.5)% 0.0%
International 13 14 (7.1)% (4.4)% (2.7)%
Worldwide 34 38 (10.5)% (9.5)% (1.0)%

ISTODAX
U.S. 17 18 (5.6)% (5.6)% 0.0%
International 2 2 0.0% (1.1)% 1.1%
Worldwide 19 20 (5.0)% (5.1)% 0.1%

All Other
U.S. 1 - N/A N/A N/A
International - - N/A N/A N/A
Worldwide 1 - N/A N/A N/A

Total Net Product Sales

U.S. 2,088 1,806 15.6% 15.6% 0.0%
International 1,195 1,163 2.8% 5.3% (2.5)%
Worldwide $ 3,283 $ 2,969 10.6% 11.6% (1.0)%

(1) Operational includes impact from both volume and price

(2) Currency includes the impact from both foreign exchange rates and hedging activities

(3) IDHIFA was approved in August 2017 in the U.S. for the treatment of adult patients with R/R AML with an isocitra
dehydrogenase-2 mutuation as detected by an FDA approved test.
43
 Celgene Corporation and Subsidiaries
Net Product Sales
(In millions)

Nine-Month Periods
Ended Se ptember 30, % Change
(1) (2)
2017 2016 Reported Operational Curre ncy

REVLIMID
U.S. $ 3,953 $ 3,230 22.4% 22.4% 0.0%
International 2,046 1,936 5.7% 7.5% (1.8)%
Worldwide 5,999 5,166 16.1% 16.8% (0.7)%

POMALYST /IMNOVID
U.S. 725 559 29.7% 29.7% 0.0%
International 447 374 19.5% 22.5% (3.0)%
Worldwide 1,172 933 25.6% 26.8% (1.2)%

Reconciliation Tables

OTEZLA
U.S. 755 636 18.7% 18.7% 0.0%
International 153 76 101.3% 98.5% 2.8%
Worldwide 908 712 27.5% 27.2% 0.3%

ABRAXANE
U.S. 452 462 (2.2)% (2.2)% 0.0%
International 289 245 18.0% 21.4% (3.4)%
Worldwide 741 707 4.8% 6.0% (1.2)%

(3)
IDHIFA
U.S. 7 - N/A N/A N/A
International - - N/A N/A N/A
Worldwide 7 - N/A N/A N/A

VIDAZA
U.S. 5 10 (50.0)% (50.0)% 0.0%
International 460 445 3.4% 5.5% (2.1)%
Worldwide 465 455 2.2% 4.2% (2.0)%

azacitidine for injection

U.S. 31 56 (44.6)% (44.6)% 0.0%
International 1 - N/A N/A N/A
Worldwide 32 56 (42.9)% (42.9)% 0.0%

THALOMID
U.S. 64 75 (14.7)% (14.7)% 0.0%
International 40 42 (4.8)% (2.2)% (2.6)%
Worldwide 104 117 (11.1)% (10.2)% (0.9)%

ISTODAX
U.S. 51 53 (3.8)% (3.8)% 0.0%
International 7 6 16.7% 14.4% 2.3%
Worldwide 58 59 (1.7)% (1.9)% 0.2%

All Other
U.S. 1 1 N/A N/A N/A
International 7 2 N/A N/A N/A
Worldwide 8 3 N/A N/A N/A

Total Net Product Sales

U.S. 6,044 5,082 18.9% 18.9% 0.0%
International 3,450 3,126 10.4% 12.2% (1.8)%
Worldwide $ 9,494 $ 8,208 15.7% 16.4% (0.7)%

(1) Operational includes impact from both volume and price

(2) Currency includes the impact from both foreign exchange rates and hedging activities

(3) IDHIFA was approved in August 2017 in the U.S. for the treatment of adult patients with R/R AML with an isocitra
dehydrogenase-2 mutuation as detected by an FDA approved test.
44
Return on Invested Capital Calculation

45
 C HANGING THE C OURSE OF
H UMAN H EALTH T HROUGH B OLD
P URSUITS IN S CIENCE

Appendix
 2017 Milestones
Financial Performance Clinical Data
Total Revenue $13.0B-$13.4B1 Total Revenue ~$13B3 Ph III apact ABRAXANE in adjuvant PanC Moved to YE:18
REVLIMID net sales $8.0B-$8.3B1 Ph III RELEVANCE REVLIMID in 1st line FL
POMALYST net sales ~$1.6B1 Ph III AUGMENTTM REVLIMID in RR FL Moved to Q1:18
OTEZLA net sales $1.5B-$1.7B1 OTEZLA net sales ~$1.253 Ph III Ozanimod in multiple sclerosis (SUNBEAM and RADIANCETM)
TM

ABRAXANE net sales ~$1.0B1 X Ph II CC-486 with fulvestrant in ER+ HER2- mBC
Adj. operating margin ~57.5%2 Adj. operating margin ~58.5%3 X Ph II Demcizumab in NSCLC (DENALI)
Adj. EPS $7.25 to $7.352 Adj. EPS $7.30-$7.353 X Ph II Demcizumab in PanC (YOSEMITE)
Ph II OTEZLA in UC
Regulatory Submissions/Decisions Ph II GED-0301 in UC
FDA decision of REVLIMID in post-ASCT maintenance Ph II STEPSTONETM - Ozanimod in CD
EU decision of REVLIMID in post-ASCT maintenance Ph I/II Durvalumab in RRMM and 1st Line MDS and AML
Submit sNDA for RVd in NDMM Moved to Q1:18
FDA decision on IDHIFA in IDH2-mutated AML Trial Enrollment
Submit sNDA for OTEZLA once-daily formulation X Complete enrollment in Ph III CD-002 GED-0301 in CD
Submit NDA for Ozanimod in RMS Complete enrollment in Ph III OPTIMISSM trial
POMALYST in 2nd Line MM
Trial Initiations Complete enrollment in Ph III ROBUST - REVLIMID in DLBCL
Initiate pivotal trial with CC-122 in DLBCL Complete enrollment in Ph III QUAZAR - CC-486 in AML
Initiate pivotal trial with bb2121 in RRMM Complete enrollment in Ph III MEDALISTTM Luspatercept in MDS
Initiate pivotal program with JCAR017 in DLBCL Complete enrollment in Ph III BELIEVETM Luspatercept in beta-thalassemia
Initiate Ph III trial with OTEZLA in scalp PSOR Complete enrollment in Ph III RELIEF OTEZLA in Behets
Initiate Ph III trial with OTEZLA in AS Moved to 2018 Complete enrollment in Ph III TRUE NORTHTM
X Initiate Ph III trial with RPC4046 in EoE Ozanimod in UC Moved to 2018
Initiate pivotal trial with Marizomib in GBM Moved to 2018 R&ED
Initiate Ph II trial with Luspatercept in myelofibrosis File at least 8 INDs
1. Original guidance January 2017 2. Updated July 2017 3. Updated October 2017 47
 Advancing a High Quality Pipeline with Significant Potential

REVLIMID CC-486 ABRAXANE CC-90010

NDMM, RRMM RRMM REVLIMID CC-90010 PanC, NSCLC, Solid Tumors
MCL NHL mBC
rosmantuzumab
ACY-241 Marizomib Solid Tumors
POMALYST GBM
RRMM RRMM ISTODAX CC-90002
PTCL, CTCL NHL
JTX-2011 navicixizumab
Lymphoma Solid Tumors Solid Solid Tumors
Multiple
THALOMID Myeloma Marizomib & Leukemia Tumors
NDMM, RRMM RRMM CC-486 OMP-313M32
10 REVLIMID
NHL 7 CC-486
NHL
NSCLC, mBC 12 Solid Tumors

CC-122 LYC-55716 CC-90002

CC-220 RRMM Solid Tumors
JCAR017 Solid Tumors
RRMM IMFINZI
NHL, CLL NHL CC-122
bb2121 CC-90011
CC-122 HCC
IMFINZI RRMM AG-881 Solid Tumors
NDMM, RRMM NHL, CLL Glioma
REVLIMID FT-1101 OTEZLA FT-4101
Del 5q MDS MDS, AML PSOR, PSA NASH
OTEZLA CC-90006
Behet's, AS
PSOR
VIDAZA CC-90009 Scalp PSOR
MDS, AML AML
Ozanimod ABX-1431
LEGEND Myeloid Inflammation Neuro, Pain
IBD, MS
IDHIFA Disease CC-90002 & Immunology
IDH2 RRAML AML
Ph I Market 10 12 GED-0301
RPC-4046 UC
EoE
CC-486 Luspatercept
MDS, AML MF LYC-30937
OTEZLA UC, PSOR
Luspatercept IMFINZI UC
MDS, Beta-thalassemia MDS, AML CC-220 CC-90001
SLE IPF
Celgene has an exclusive option to license JTX-2011, rosmantuzumab, navicixizumab, OMP-313M32, FT-1101, FT-4101, AG-881 and an option to acquire LYC-55716, LYC-30937 and ABX-1431
48
Return On Invested Capital (ROIC): Focused on Efficient Growth

ROIC
$25.0 35.0%

30.0%
$20.0
25.0%

$15.0
20.0%
$ Billion

15.0%
$10.0

10.0%
$5.0
5.0%
Average Invested Capital
$0.0 0.0%
2009 2010 2011 2012 2013 2014 2015 2016 Q3 2017
(TTM)
Capital Base Excluding Cash* Capital Base ROIC Excluding Cash* ROIC

*For purposes of this calculation, cash includes cash and cash equivalents and marketable securities available for sale.

Footnote: Financial performance is based on GAAP operating income adjusted to reflect amortization of certain charges excluded from 2008 calculation and tax impact. Calculation for
2015 includes expenses driven by the Juno Therapeutics and AstraZeneca collaborations and expenses incurred in connection with the acquisition of Receptos as well as the impact of the
August 2015 debt issuance on the capital base. Refer to reconciliation tables for complete calculation methodology. Calculation revised in 2015 for all prior periods to reflect amortization of
certain charges excluded from 2008 calculation.
49
REVLIMID Multiple Myeloma Late Stage Programs

Patient Population Induction and Maintenance in ASCT Eligible

Trial Name MYELOMA XI
Phase III
Target Enrollment 4,420
Arm A: Cyclophosphamide (500mg) D1,8,15; THALOMID (100mg) D1-21 then 200mg daily; Dexamethasone (40mg)
D1-4,12-15 for minimum of 4 21-day cycle
Arm B: REVLIMID (25mg) D1-21; Cyclophosphamide (500mg) D1,8; Dexamethasone (40mg)
D1-4,12-15 for minimum of 4 28-day cycles
Arm C: Cyclophosphamide (500mg) D1,8; Carfilzomib (20 mg/m2) D1,2 cycle 1 then
(36 mg/m2) D1,2,8,9,15,16; REVLIMID (25mg) D1-21; Dexamethasone (40mg) D1-4,8,9,15,16 for 4 21-day cycles
Patients with no change, progressive disease, PR or MR randomized to:
Design Arm A: Bortezomib (1.3mg/m2) D1,4,8,11; Cyclophosphamide (500mg) D1,8,15; Dexamethasone (20mg)
D1,2,4,5,8,9,11,12 for max of 8 21-day cycles
Arm B: No treatment
All patients go to SCT
After SCT randomization to:
Arm A: REVLIMID (10mg) D1-21 for 28-day cycle to disease progression
Arm B: No maintenance
Primary Endpoint Overall Survival and Progression Free Survival

Status Interim data presented at ASH 2016

50
POMALYST/IMNOVID Multiple Myeloma Late Stage Programs

Patient Population RRMM

MM-007
Trial Name
OPTIMISMM

Phase III

Target Enrollment 558

Arm A: POMALYST/IMNOVID (4mg); Bortezomib (1.3

mg/m2 IV); Low-dose dexamethasone to disease
Design progression
Arm B: Bortezomib (1.3 mg/m2 IV); Low-dose
dexamethasone to disease progression

Primary Endpoint Progression Free Survival

Enrollment complete
Status
Data in 2018E

51
MDS/AML/MF Late Stage Programs

Patient Population Low risk/INT-1 transfusion-dependent MDS Post induction AML Maintenance

CC-486 CC-486
Molecule
(Oral Azacitidine) (oral azacitidine)

Trial Name AZA-MDS-003 CC-486-AML-001

Phase III III

Target Enrollment 386 460

Arm A: CC-486 (150mg or 200mg) Arm A: CC-486 (150mg or 200mg)

Design
Arm B: Placebo Arm B: Best Supportive Care

Primary Endpoint RBC-transfusion independence for more than 12 weeks Overall Survival

Enrollment complete
Status Trial enrolling
Data expected in 2018E

52
MDS/AML/MF Late Stage Programs
Anemia in to Very Low-, Low-, or Red Blood Cell Transfusion Dependent
Patient Population
Intermediate-Risk MDS Beta-Thalassemia

Molecule Luspatercept Luspatercept

Trial Name MEDALISTTM BELIEVETM

Phase III III

Target Enrollment 210 335

Arm A: Luspatercept (starting dose of 1.0 mg/kg

Arm A: Luspatercept (1mg/kg plus Best Supportive
subcutaneous injection every 3 weeks)
Design Care)
Arm B: Placebo (subcutaneous injection every 3
Arm B: Placebo plus Best Supportive Care
weeks)

Proportion of subjects with hematological

improvement from Week 13 to Week 24 compared
Red Blood Cell Transfusion Independence (RBC-TI) to 12-week prior to randomization
Primary Endpoint 8 weeks
Hematological improvement from Week 13 to Week
24 compared to the 12-week.
Enrollment complete Enrollment complete
Status
Data expected in 2018E Data expected in 2018E

53
MDS/AML/MF Late Stage Programs

Patient Population IDH2 Mutant AML

Molecule IDHIFA (enasidenib, AG-221)

Trial Name IDHENTIFYTM

Phase III

Target Enrollment 280

Arm A: IDHIFA (100 mg daily) 28-day cycle; Best

Design Supportive Care
Arm B: Best Supportive Care

Primary Endpoint Overall survival

Status Trial enrolling

54
 REVLIMID Lymphoma Late Stage Programs

Relapsed or Refractory Newly Diagnosed Follicular Untreated Activated B-Cell

Patient Population
Follicular Lymphoma Lymphoma DLBCL
AUGMENTTM ROBUST
Trial Name RELEVANCE
NHL-007 DLC-002

Phase III III III

Target Enrollment 357 1,031 560

Arm A: REVLIMID (starting dose

Arm A: REVLIMID (10-20mg) D1-21;
20mg)
Rituximab 375 mg/m2 weekly for cycle
D2-22 for up to 18 28-day cycles; Arm a: REVLIMID (15mg) D1-14; R-
1 then D1 of cycles 2-5 for 5 28-day
Rituximab (starting dose 375 mg/m2) CHOP21 for 6 21-day cycles
Design cycles
weekly for up to 12 28-day cycles
Arm B: Placebo; R-CHOP21 for 6
Arm B: Placebo d1-21; Rituximab 375
Arm B: Physicians choice of cycles
mg/m2 weekly for cycle 1 then D1 of
Rituximab-CHOP, Rituximab-CVP or
cycles 2-5 for 5 28-day cycles
Rituximab-bendamustine

Complete Response Rate and

Primary Endpoint Progression Free Survival
Progression Free Survival
Progression Free Survival

Enrollment complete Enrollment complete Trial enrolling

Status
Data in Q1:18E Data in 2017E Data in 2018E

55
REVLIMID Lymphoma Late Stage Programs

Patient Population Relapsed or Refractory Indolent Lymphoma

MAGNIFYTM
Trial Name
NHL-008

Phase III

Target Enrollment 278

Arm A: REVLIMID (10-20mg) D1-21; Rituximab 375 mg/m2 weekly for cycle 1 then D of cycles 3,
5,7,9 and 11 for 12 28-day cycles followed by REVLIMID (10mg) D1-21; Rituximab 375 mg/m2 D1
of cycles 13,15,17,19,21,23,25,27 and 29 for 18 28-day cycles followed by REVLIMID (10mg) D1-
Design 21 until disease progression; 28 day cycle
Arm B: REVLIMID (10-20mg) D1-21; Rituximab 375 mg/m2 weekly for cycle 1 then D1 of cycles 3,
5,7,9 and 11 for 12 28-day cycles followed by REVLIMID (10mg) D1-21; Rituximab 375 mg/m2 D1
of cycles 13,15,17,19,21,23,25,27 and 29 for 18 28-day cycles

Primary Endpoint Progression Free Survival

Trial enrolling
Status
Data in 2020E

56
ABRAXANE Solid Tumor Late Stage Programs

Adjuvant Therapy in Surgically Resected

Patient Population
Pancreatic Cancer
PANC-003
Trial Name
apact

Phase III

Target Enrollment 866

Arm A: ABRAXANE (125 mg/m2); Gemcitabine (1000

mg/m2) D1,8,15 for 6 28-day cycles
Design
Arm B: Gemcitabine (1000 mg/m2) D1,8,15 for 6 28-
day cycles

Primary Endpoint Disease Free Survival

Enrollment complete
Status
Data by YE:18

57
I&I Late Stage Programs

Patient Population Active Behets Disease Scalp Psoriasis

Molecule OTEZLA OTEZLA

BCT-002 SPSO-001
Trial Name
RELIEFTM STYLETM
Phase III III
Target Enrollment 207 300

Arm A: Placebo for 12 weeks followed by 30mg

Arm A: Placebo for 16 weeks followed by
OTEZLA twice daily for 52 weeks
Design 30mg OTEZLA twice daily for 16 weeks
Arm B: 30mg OTEZLA twice daily for 64
Arm B: Placebo for 32 weeks
weeks

Proportion of subjects with ScPGA score of

Area under the curve (AUC) for the number of
Primary Endpoint oral ulcers from baseline through week 12
clear (0) or almost clear (1) with at least a 2-
point reduction from baseline at Week 16

Met primary endpoint

Status Data expected at major medical congress Trial enrolling
Regulatory submissions planned

58
I&I Late Stage Programs

Patient Population Moderate to Severe Ulcerative Colitis

Molecule Ozanimod

Trial Name TRUE NORTHTM

Phase III
Target Enrollment 900

Arm A: Ozanimod (1mg) daily for induction

Design and maintenance
Arm B: Placebo induction and maintenance

Clinical remission assessed by Mayo

component sub-scores at week 10
Primary Endpoint
Clinical remission assessed by Mayo
component sub-scores at week 52

Enrolling
Status
Enrollment expected to complete by YE:18

59
I&I Late Stage Programs

Patient Population Relapsing Multiple Sclerosis Relapsing Multiple Sclerosis

Molecule Ozanimod Ozanimod

Trial Name SUNBEAMTM RADIANCETM

Phase III II/III

Target Enrollment ~1,300 ~1,300

Arm A: Ozanimod (0.5mg) daily; Placebo IM weekly
Arm B: Ozanimod (1mg) daily; Placebo IM weekly
Design
Arm C: Oral placebo daily; Beta-interferon IM
weekly
Primary Endpoint Annualized relapse rate at month 12
Phase II
Arm A: Ozanimod (0.5mg) daily
Arm B: Ozanimod (1mg) daily
Arm C: Placebo daily
Phase III
Arm A: Ozanimod (0.5mg) daily; Placebo IM weekly
Arm B: Ozanimod (1mg) daily; Placebo IM weekly
Arm C: Oral placebo daily; Beta-interferon IM weekly
Annualized relapse rate at month 24

Data top-lined Data top-lined

Status
Data to be presented at ECTRIMS 2017 Data to be presented at ECTRIMS 2017

60