UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K/A
(Amendment No. 1)

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 26, 2007

BRISTOL-MYERS SQUIBB COMPANY
(Exact Name of Registrant as Specified in its Charter)

 
					
Delaware	 	1-1136	 	22-079-0350	
(State or Other Jurisdiction
of Incorporation)	 	(Commission File Number)	 	(IRS Employer
Identification Number)	
345 Park Avenue
New York, NY, 10154
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: (212) 546-4000

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))	

 
Item 2.02. Results of Operations and Financial Condition.
On April 26, 2007, Bristol-Myers Squibb Company (the “Company”) filed a Form 8-K furnishing its press release that announced the Company’s financial results for the first quarter of 2007 and incorporating it therein by reference. Also furnished and incorporated by reference as Exhibit 99.2 was certain supplemental information posted on the Company’s website at www.bms.com . This supplemental information has been revised to include net sales, months on hand, and estimated demand information for key products and growth drivers as of March 31, 2007 for the Company’s International Pharmaceutical, Nutritionals and Other Health Care reporting segments. Net sales and months on hand information is also provided as of December 31, 2006, March 31, 2006 and December 31, 2005. The revised supplemental information is furnished   and incorporated by reference as Exhibit 99.2 to this Form 8-K/A.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.2.     Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com

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

	 	BRISTOL-MYERS SQUIBB COMPANY	
			
Dated: May 31, 2007	 	By:	 	/s/ Sandra Leung	
	 	Name:	 	Sandra Leung	
	 	Title:	 	Senior Vice President and General Counsel	

EXHIBIT INDEX

Exhibit No.	 	Description	
99.2	 	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com	
  
Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
NET SALES
QUARTERLY SALES TREND ANALYSIS
($ in millions)

 	 	2006	 	 	2007	 	% Change	 	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
Net Sales	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 			 			
Pharmaceuticals	 	$	3,700	 	 	$	3,859	 	 	$	7,559	 	 	$	3,154	 	 	$	10,713	 	 	$	3,148	 	 	$	13,861	 	 	$	3,457	 	 		 		 		 		 		 		 	-7	%	 	-7	%	
																	
US Pharmaceuticals	 	 	2,064	 	 	 	2,197	 	 	 	4,261	 	 	 	1,609	 	 	 	5,870	 	 	 	1,501	 	 	 	7,371	 	 	 	1,932	 	 		 		 		 		 		 		 	-6	%	 	-6	%	
Primary Care	 	 	1,409	 	 	 	1,441	 	 	 	2,850	 	 	 	819	 	 	 	3,669	 	 	 	648	 	 	 	4,317	 	 	 	1,090	 	 		 		 		 		 		 		 	-23	%	 	-23	%	
Oncology/Virology	 	 	419	 	 	 	458	 	 	 	877	 	 	 	494	 	 	 	1,371	 	 	 	525	 	 	 	1,896	 	 	 	504	 	 		 		 		 		 		 		 	20	%	 	20	%	
Neuroscience	 	 	231	 	 	 	280	 	 	 	511	 	 	 	262	 	 	 	773	 	 	 	297	 	 	 	1,070	 	 	 	298	 	 		 		 		 		 		 		 	29	%	 	29	%	
Immunoscience	 	 	5	 	 	 	18	 	 	 	23	 	 	 	34	 	 	 	57	 	 	 	31	 	 	 	88	 	 	 	40	 	 		 		 		 		 		 		 	*	 	 	*	 	
																	
Europe and Middle East Medicines	 	 	1,024	 	 	 	1,000	 	 	 	2,024	 	 	 	886	 	 	 	2,910	 	 	 	934	 	 	 	3,844	 	 	 	916	 	 		 		 		 		 		 		 	-11	%	 	-11	%	
																	
Latin America/Canada	 	 	288	 	 	 	303	 	 	 	591	 	 	 	300	 	 	 	891	 	 	 	306	 	 	 	1,197	 	 	 	297	 	 		 		 		 		 		 		 	3	%	 	3	%	
																	
Asia/Pacific Medicines	 	 	279	 	 	 	320	 	 	 	599	 	 	 	318	 	 	 	917	 	 	 	349	 	 	 	1,266	 	 	 	289	 	 		 		 		 		 		 		 	4	%	 	4	%	
																	
Nutritionals	 	 	565	 	 	 	582	 	 	 	1,147	 	 	 	582	 	 	 	1,729	 	 	 	618	 	 	 	2,347	 	 	 	606	 	 		 		 		 		 		 		 	7	%	 	7	%	
																	
Other Health Care	 	 	411	 	 	 	430	 	 	 	841	 	 	 	418	 	 	 	1,259	 	 	 	447	 	 	 	1,706	 	 	 	413	 	 		 		 		 		 		 		 	—  	 	 	—  	 	
																	
ConvaTec	 	 	230	 	 	 	262	 	 	 	492	 	 	 	265	 	 	 	757	 	 	 	291	 	 	 	1,048	 	 	 	254	 	 		 		 		 		 		 		 	10	%	 	10	%	
																	
Medical Imaging	 	 	181	 	 	 	168	 	 	 	349	 	 	 	153	 	 	 	502	 	 	 	156	 	 	 	658	 	 	 	159	 	 		 		 		 		 		 		 	-12	%	 	-12	%	
																	
Total Company	 	$	4,676	 	 	$	4,871	 	 	$	9,547	 	 	$	4,154	 	 	$	13,701	 	 	$	4,213	 	 	$	17,914	 	 	$	4,476	 	 		 		 		 		 		 		 	-4	%	 	-4	%	
				
 	 	2006	 	 	2007	 	Basis Point Change	 	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
% of Total Sales	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 			 			
Pharmaceuticals	 	 	79.1	%	 	 	79.2	%	 	 	79.2	%	 	 	75.9	%	 	 	78.2	%	 	 	74.7	%	 	 	77.4	%	 	 	77.2	%	 		 		 		 		 		 		 	(190	)	 	(190	)	
																	
US Pharmaceuticals	 	 	44.1	%	 	 	45.1	%	 	 	44.6	%	 	 	38.7	%	 	 	42.8	%	 	 	35.6	%	 	 	41.1	%	 	 	43.2	%	 		 		 		 		 		 		 	(90	)	 	(90	)	
Primary Care	 	 	30.1	%	 	 	29.6	%	 	 	29.9	%	 	 	19.7	%	 	 	26.8	%	 	 	15.4	%	 	 	24.1	%	 	 	24.4	%	 		 		 		 		 		 		 	(570	)	 	(570	)	
Oncology/Virology	 	 	9.0	%	 	 	9.4	%	 	 	9.2	%	 	 	11.9	%	 	 	10.0	%	 	 	12.5	%	 	 	10.5	%	 	 	11.3	%	 		 		 		 		 		 		 	230	 	 	230	 	
Neuroscience	 	 	4.9	%	 	 	5.7	%	 	 	5.3	%	 	 	6.3	%	 	 	5.6	%	 	 	7.0	%	 	 	6.0	%	 	 	6.7	%	 		 		 		 		 		 		 	180	 	 	180	 	
Immunoscience	 	 	0.1	%	 	 	0.4	%	 	 	0.2	%	 	 	0.8	%	 	 	0.4	%	 	 	0.7	%	 	 	0.5	%	 	 	0.8	%	 		 		 		 		 		 		 	70	 	 	70	 	
																	
Europe and Middle East Medicines	 	 	21.9	%	 	 	20.5	%	 	 	21.2	%	 	 	21.3	%	 	 	21.2	%	 	 	22.2	%	 	 	21.5	%	 	 	20.5	%	 		 		 		 		 		 		 	(140	)	 	(140	)	
																	
Latin America/Canada	 	 	6.2	%	 	 	6.2	%	 	 	6.2	%	 	 	7.2	%	 	 	6.5	%	 	 	7.3	%	 	 	6.7	%	 	 	6.6	%	 		 		 		 		 		 		 	40	 	 	40	 	
																	
Asia/Pacific Medicines	 	 	6.0	%	 	 	6.6	%	 	 	6.3	%	 	 	7.7	%	 	 	6.7	%	 	 	8.3	%	 	 	7.1	%	 	 	6.5	%	 		 		 		 		 		 		 	50	 	 	50	 	
																	
Nutritionals	 	 	12.1	%	 	 	12.0	%	 	 	12.0	%	 	 	14.0	%	 	 	12.6	%	 	 	14.7	%	 	 	13.1	%	 	 	13.5	%	 		 		 		 		 		 		 	140	 	 	140	 	
																	
Other Health Care	 	 	8.8	%	 	 	8.8	%	 	 	8.8	%	 	 	10.1	%	 	 	9.2	%	 	 	10.6	%	 	 	9.5	%	 	 	9.3	%	 		 		 		 		 		 		 	50	 	 	50	 	
																	
ConvaTec	 	 	4.9	%	 	 	5.4	%	 	 	5.2	%	 	 	6.4	%	 	 	5.5	%	 	 	6.9	%	 	 	5.8	%	 	 	5.7	%	 		 		 		 		 		 		 	80	 	 	80	 	
																	
Medical Imaging	 	 	3.9	%	 	 	3.4	%	 	 	3.6	%	 	 	3.7	%	 	 	3.7	%	 	 	3.7	%	 	 	3.7	%	 	 	3.6	%	 		 		 		 		 		 		 	(30	)	 	(30	)	
																	
Total Company	 	 	100.0	%	 	 	100.0	%	 	 	100.0	%	 	 	100.0	%	 	 	100.0	%	 	 	100.0	%	 	 	100.0	%	 	 	100.0	%	 		 		 		 		 		 		 			 			

*	In Excess of +/- 200%	

BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR TOTAL COMPANY
FOR THE PERIOD ENDED MARCH 31, 2007
($ in millions)
YEAR-TO-DATE

 	  	Pharmaceuticals
Group	 	 	Nutritionals	 	 	Convatec	 	 	Medical Imaging	 	 	Total
Company	 	
Price Increases/(Decreases)	  	 	—  	 	 	 	2	%	 	 	-1	%	 	 	-3	%	 	 	—  	 	
Foreign Exchange	  	 	2	%	 	 	2	%	 	 	5	%	 	 	—  	 	 	 	2	%	
Volume	  	 	-9	%	 	 	3	%	 	 	6	%	 	 	-9	%	 	 	-6	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	-7	%	 	 	7	%	 	 	10	%	 	 	-12	%	 	 	-4	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 Period to Date Sales	  	$	3,457	 	 	$	606	 	 	$	254	 	 	$	159	 	 	$	4,476	 	
Total 2006 Period to Date Sales	  	$	3,700	 	 	$	565	 	 	$	230	 	 	$	181	 	 	$	4,676	 	

BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENT OF EARNINGS
($ in millions, except per share amounts)

 	 	2006	 	 	2007	 	% Change	 	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
Net Sales	 	$	4,676	 	 	$	4,871	 	 	$	9,547	 	 	$	4,154	 	 	$	13,701	 	 	$	4,213	 	 	$	17,914	 	 	$	4,476	 	 		 		 		 		 		 		 	-4	%	 	-4	%	
																	
Cost of products sold	 	 	1,476	 	 	 	1,568	 	 	 	3,044	 	 	 	1,465	 	 	 	4,509	 	 	 	1,447	 	 	 	5,956	 	 	 	1,392	 	 		 		 		 		 		 		 	-6	%	 	-6	%	
Marketing, selling and administrative	 	 	1,238	 	 	 	1,181	 	 	 	2,419	 	 	 	1,189	 	 	 	3,608	 	 	 	1,311	 	 	 	4,919	 	 	 	1,158	 	 		 		 		 		 		 		 	-6	%	 	-6	%	
Advertising and product promotion	 	 	295	 	 	 	352	 	 	 	647	 	 	 	286	 	 	 	933	 	 	 	418	 	 	 	1,351	 	 	 	269	 	 		 		 		 		 		 		 	-9	%	 	-9	%	
Research and development	 	 	750	 	 	 	740	 	 	 	1,490	 	 	 	756	 	 	 	2,246	 	 	 	821	 	 	 	3,067	 	 	 	807	 	 		 		 		 		 		 		 	8	%	 	8	%	
Provision for restructuring, net	 	 	1	 	 	 	3	 	 	 	4	 	 	 	2	 	 	 	6	 	 	 	53	 	 	 	59	 	 	 	37	 	 		 		 		 		 		 		 	*	 	 	*	 	
Litigation (income)/charges, net	 	 	(21)	 	 	 	(14)	 	 	 	(35)	 	 	 	(9)	 	 	 	(44)	 	 	 	346	 	 	 	302	 	 	 	—  	 	 		 		 		 		 		 		 	100	%	 	100	%	
Gain on sale of business and product asset	 	 	(200)	 	 	 	—  	 	 	 	(200)	 	 	 	—  	 	 	 	(200)	 	 	 	—  	 	 	 	(200)	 	 	 	—  	 	 		 		 		 		 		 		 	100	%	 	100	%	
Equity in net income of affiliates	 	 	(93)	 	 	 	(125)	 	 	 	(218)	 	 	 	(118)	 	 	 	(336)	 	 	 	(138)	 	 	 	(474)	 	 	 	(126)	 	 		 		 		 		 		 		 	-35	%	 	-35	%	
Other expense/(income), net	 	 	37	 	 	 	56	 	 	 	93	 	 	 	(34)	 	 	 	59	 	 	 	240	 	 	 	299	 	 	 	22	 	 		 		 		 		 		 		 	-41	%	 	-41	%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 		 		 		 		 	 	 	 	 	 	
Total expenses	 	 	3,483	 	 	 	3,761	 	 	 	7,244	 	 	 	3,537	 	 	 	10,781	 	 	 	4,498	 	 	 	15,279	 	 	 	3,559	 	 		 		 		 		 		 		 	2	%	 	2	%	

Earnings/(Loss) Before Minority Interest and Income Taxes	 	 	1,193	 	 	 	1,110	 	 	 	2,303	 	 	 	617	 	 	 	2,920	 	 	 	(285)	 	 	 	2,635	 	 	 	917	 	 		 		 		 		 		 		 	-23	%	 	-23	%	
																	
Provision/(Benefit) for income taxes	 	 	328	 	 	 	256	 	 	 	584	 	 	 	193	 	 	 	777	 	 	 	(167)	 	 	 	610	 	 	 	86	 	 		 		 		 		 		 		 	-74	%	 	-74	%	
Minority interest, net of taxes	 	 	151	 	 	 	187	 	 	 	338	 	 	 	86	 	 	 	424	 	 	 	16	 	 	 	440	 	 	 	141	 	 		 		 		 		 		 		 	-7	%	 	-7	%	

Net Earnings/(Loss)	 	$	714	 	 	$	667	 	 	$	1,381	 	 	$	338	 	 	$	1,719	 	 	$	(134)	 	 	$	1,585	 	 	 	690	 	 		 		 		 		 		 		 	-3	%	 	-3	%	

Interest expense on conversion of convertible debt bonds, net of tax	 	 	8	 	 	 	8	 	 	 	16	 	 	 	9	 	 	 	25	 	 	 	—   	(1)	 	 	—   	(2)	 	 	9	 	 		 		 		 		 		 		 			 			
Net Earnings/(Loss) used for diluted earnings per common share calculation	 	$	722	 	 	$	675	 	 	$	1,397	 	 	$	347	 	 	$	1,744	 	 	$ 	(134) 	(1)	 	$ 	1,585 	(2)	 	 	699	 	 		 		 		 		 		 		 			 			

Diluted Earnings/(Loss) per Common Share**	 	$	0.36	 	 	$	0.34	 	 	$	0.70	 	 	$	0.17	 	 	$	0.88	 	 	$ 	 (0.07) 	(1)	 	$ 	0.81 	(2)	 	$	0.35	 	 		 		 		 		 		 		 	-3	%	 	-3	%	
																	
Average Common Shares Outstanding - Diluted	 	 	1,988	 	 	 	1,994	 	 	 	1,992	 	 	 	1,992	 	 	 	1,991	 	 	 	1,961 	(1)	 	 	1,963 	(2)	 	 	1,997	 	 		 		 		 		 		 		 	—  	 	 	—  	 	
Dividends declared per common share	 	$	0.28	 	 	$	0.28	 	 	$	0.56	 	 	$	0.28	 	 	$	0.84	 	 	$	0.28	 	 	$	1.12	 	 	$	0.28	 	 		 		 		 		 		 		 	—  	 	 	—  	 	
				
 	 	2006	 	 	2007	 	Basis Point Change	 	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
% of Net Sales	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 			 			
																	
Gross Margin	 	 	68.4	%	 	 	67.8	%	 	 	68.1	%	 	 	64.7	%	 	 	67.1	%	 	 	65.7	%	 	 	66.8	%	 	 	68.9	%	 		 		 		 		 		 		 	50	 	 	50	 	
																	
Cost of products sold	 	 	31.6	%	 	 	32.2	%	 	 	31.9	%	 	 	35.3	%	 	 	32.9	%	 	 	34.3	%	 	 	33.2	%	 	 	31.1	%	 		 		 		 		 		 		 	(50)	 	 	(50)	 	
Marketing, selling and administrative	 	 	26.5	%	 	 	24.2	%	 	 	25.3	%	 	 	28.6	%	 	 	26.3	%	 	 	31.1	%	 	 	27.5	%	 	 	25.9	%	 		 		 		 		 		 		 	(60)	 	 	(60)	 	
Advertising and product promotion	 	 	6.3	%	 	 	7.2	%	 	 	6.8	%	 	 	6.9	%	 	 	6.8	%	 	 	9.9	%	 	 	7.5	%	 	 	6.0	%	 		 		 		 		 		 		 	(30)	 	 	(30)	 	
Research and development	 	 	16.0	%	 	 	15.2	%	 	 	15.6	%	 	 	18.2	%	 	 	16.4	%	 	 	19.5	%	 	 	17.1	%	 	 	18.0	%	 		 		 		 		 		 		 	200	 	 	200	 	
Total expenses	 	 	74.5	%	 	 	77.2	%	 	 	75.9	%	 	 	85.1	%	 	 	78.7	%	 	 	106.8	%	 	 	85.3	%	 	 	79.5	%	 		 		 		 		 		 		 	500	 	 	500	 	
																	
Earnings/(Loss) Before Minority Interest and Income Taxes	 	 	25.5	%	 	 	22.8	%	 	 	24.1	%	 	 	14.9	%	 	 	21.3	%	 	 	-6.8	%	 	 	14.7	%	 	 	20.5	%	 		 		 		 		 		 		 	(500)	 	 	(500)	 	
																	
Net Earnings/(Loss)	 	 	15.3	%	 	 	13.7	%	 	 	14.5	%	 	 	8.1	%	 	 	12.5	%	 	 	-3.2	%	 	 	8.8	%	 	 	15.4	%	 		 		 		 		 		 		 	10	 	 	10	 	
																	
Other Ratios	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 			 			
Effective Tax Rate	 	 	27.5	%	 	 	23.1	%	 	 	25.4	%	 	 	31.3	%	 	 	26.6	%	 	 	58.6	%	 	 	23.1	%	 	 	9.4	%	 		 		 		 		 		 		 			 			

 	 	2006	 	 	2007	 	% Change	 	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
Other (Income)/Expense, net	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 			 			
																	
Interest expense	 	$	116	 	 	$	124	 	 	$	240	 	 	$	130	 	 	$	370	 	 	$	128	 	 	$	498	 	 	$	109	 	 		 		 		 		 		 		 	-6	%	 	-6	%	
Interest income	 	 	(62)	 	 	 	(65)	 	 	 	(127)	 	 	 	(74)	 	 	 	(201)	 	 	 	(73)	 	 	 	(274)	 	 	 	(53)	 	 		 		 		 		 		 		 	15	%	 	15	%	
Foreign exchange transaction (gains)/losses	 	 	(12)	 	 	 	23	 	 	 	11	 	 	 	(11)	 	 	 	—  	 	 	 	6	 	 	 	6	 	 	 	8	 	 		 		 		 		 		 		 	167	%	 	167	%	
Other, net	 	 	(5)	 	 	 	(26)	 	 	 	(31)	 	 	 	(79)	 	 	 	(110)	 	 	 	179	 	 	 	69	 	 	 	(42)	 	 		 		 		 		 		 		 	*	 	 	* 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 		 		 		 		 	 	 	 	 	 	
	 	$	37	 	 	$	56	 	 	$	93	 	 	$	(34)	 	 	$	59	 	 	$	240	 	 	$	299	 	 	$	22	 	 		 		 		 		 		 		 	-41	%	 	-41	%	

*	in excess of +/- 200%	
**	amounts may not calculate due to rounding differences between continuing and discontinued operations.	
(1)	as a result of the Q4 2006 net loss, Diluted Average Common Shares Outstanding and Loss per Common Share are equal to Basic Average Common Shares Outstanding and Loss per Common Share.	
(2)	assumed interest amount and the assumed conversion of convertible debt are not used for Diluted Earnings per Common Share calculation as the impact of convertible debt is anti-dilutive.	

BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE NET SALES BY PRODUCT
QUARTERLY SALES TREND ANALYSIS
($ in millions)

 	 	2006	 	2007	 	% Change	 	
 	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
Total Company	 	$	4,676	 	$	4,871	 	$	9,547	 	$	4,154	 	$	13,701	 	$	4,213	 	$	17,914	 	$	4,476	 		 		 		 		 		 		 	-4	%	 	-4	%	
																	
PHARMACEUTICALS	 	 	3,700	 	 	3,859	 	 	7,559	 	 	3,154	 	 	10,713	 	 	3,148	 	 	13,861	 	 	3,457	 		 		 		 		 		 		 	-7	%	 	-7	%	
																	
Cardiovascular	 	 	1,917	 	 	1,907	 	 	3,824	 	 	1,239	 	 	5,063	 	 	1,093	 	 	6,156	 	 	1,475	 		 		 		 		 		 		 	-23	%	 	-23	%	
Plavix	 	 	986	 	 	1,145	 	 	2,131	 	 	630	 	 	2,761	 	 	496	 	 	3,257	 	 	938	 		 		 		 		 		 		 	-5	%	 	-5	%	
Pravachol	 	 	536	 	 	323	 	 	859	 	 	192	 	 	1,051	 	 	146	 	 	1,197	 	 	135	 		 		 		 		 		 		 	-75	%	 	-75	%	
Avapro/ Avalide	 	 	233	 	 	280	 	 	513	 	 	277	 	 	790	 	 	307	 	 	1,097	 	 	270	 		 		 		 		 		 		 	16	%	 	16	%	
Coumadin	 	 	55	 	 	55	 	 	110	 	 	53	 	 	163	 	 	57	 	 	220	 	 	46	 		 		 		 		 		 		 	-16	%	 	-16	%	
																	
Virology	 	 	468	 	 	524	 	 	992	 	 	532	 	 	1,524	 	 	580	 	 	2,104	 	 	590	 		 		 		 		 		 		 	26	%	 	26	%	
Reyataz	 	 	207	 	 	236	 	 	443	 	 	233	 	 	676	 	 	255	 	 	931	 	 	263	 		 		 		 		 		 		 	27	%	 	27	%	
Sustiva Franchise***	 	 	175	 	 	193	 	 	368	 	 	201	 	 	569	 	 	222	 	 	791	 	 	226	 		 		 		 		 		 		 	29	%	 	29	%	
Baraclude	 	 	11	 	 	14	 	 	25	 	 	22	 	 	47	 	 	36	 	 	83	 	 	45	 		 		 		 		 		 		 	*	 	 	*	 	
																	
Oncology	 	 	361	 	 	401	 	 	762	 	 	399	 	 	1,161	 	 	394	 	 	1,555	 	 	355	 		 		 		 		 		 		 	-2	%	 	-2	%	
Erbitux	 	 	138	 	 	172	 	 	310	 	 	175	 	 	485	 	 	167	 	 	652	 	 	160	 		 		 		 		 		 		 	16	%	 	16	%	
Taxol	 	 	147	 	 	149	 	 	296	 	 	137	 	 	433	 	 	130	 	 	563	 	 	111	 		 		 		 		 		 		 	-24	%	 	-24	%	
Sprycel	 	 	—  	 	 	—  	 	 	—  	 	 	11	 	 	11	 	 	14	 	 	25	 	 	21	 		 		 		 		 		 		 	—  	 	 	—  	 	
																	
Affective (Psychiatric) Disorders	 	 	323	 	 	376	 	 	699	 	 	354	 	 	1,053	 	 	404	 	 	1,457	 	 	408	 		 		 		 		 		 		 	26	%	 	26	%	
Abilify**	 	 	283	 	 	324	 	 	607	 	 	313	 	 	920	 	 	362	 	 	1,282	 	 	366	 		 		 		 		 		 		 	29	%	 	29	%	
																	
Immunoscience	 	 	5	 	 	18	 	 	23	 	 	34	 	 	57	 	 	32	 	 	89	 	 	41	 		 		 		 		 		 		 	*	 	 	*	 	
Orencia	 	 	5	 	 	18	 	 	23	 	 	34	 	 	57	 	 	32	 	 	89	 	 	41	 		 		 		 		 		 		 	*	 	 	*	 	
																	
Other Pharmaceuticals	 			 			 			 			 			 			 			 			 		 		 		 		 		 		 			 			
Efferalgan	 	 	68	 	 	62	 	 	130	 	 	62	 	 	192	 	 	74	 	 	266	 	 	81	 		 		 		 		 		 		 	19	%	 	19	%	
																	
NUTRITIONALS	 	 	565	 	 	582	 	 	1,147	 	 	582	 	 	1,729	 	 	618	 	 	2,347	 	 	606	 		 		 		 		 		 		 	7	%	 	7	%	
Enfamil	 	 	237	 	 	253	 	 	490	 	 	246	 	 	736	 	 	271	 	 	1,007	 	 	254	 		 		 		 		 		 		 	7	%	 	7	%	
Enfagrow	 	 	67	 	 	59	 	 	126	 	 	69	 	 	195	 	 	67	 	 	262	 	 	72	 		 		 		 		 		 		 	7	%	 	7	%	
																	
OTHER HEALTH CARE	 	 	411	 	 	430	 	 	841	 	 	418	 	 	1,259	 	 	447	 	 	1,706	 	 	413	 		 		 		 		 		 		 	—  	 	 	—  	 	
																	
CONVATEC	 	 	230	 	 	262	 	 	492	 	 	265	 	 	757	 	 	291	 	 	1,048	 	 	254	 		 		 		 		 		 		 	10	%	 	10	%	
Ostomy	 	 	123	 	 	141	 	 	264	 	 	139	 	 	403	 	 	151	 	 	554	 	 	130	 		 		 		 		 		 		 	6	%	 	6	%	
Wound Therapeutics	 	 	98	 	 	107	 	 	205	 	 	113	 	 	318	 	 	123	 	 	441	 	 	107	 		 		 		 		 		 		 	9	%	 	9	%	
																	
MEDICAL IMAGING	 	 	181	 	 	168	 	 	349	 	 	153	 	 	502	 	 	156	 	 	658	 	 	159	 		 		 		 		 		 		 	-12	%	 	-12	%	
Cardiolite	 	 	103	 	 	105	 	 	208	 	 	97	 	 	305	 	 	103	 	 	408	 	 	99	 		 		 		 		 		 		 	-4	%	 	-4	%	

*	In excess of +/- 200%	
**	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
***	Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of branded Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. Atripla is sold through a joint venture with Gilead Sciences, Inc.	

BRISTOL-MYERS SQUIBB COMPANY
DOMESTIC* NET SALES BY PRODUCT
QUARTERLY SALES TREND ANALYSIS
($ in millions)

 	 	2006	 	2007	 	% Change	 	 	% Change in U.S.
Total Prescription****	 	
 	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	 	YTD vs. YTD	 	 	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
Total Company	 	$	2,638	 	$	2,806	 	$	5,444	 	$	2,170	 	$	7,614	 	$	2,115	 	$	9,729	 	$	2,505	 		 		 		 		 		 		 	-5	%	 	-5	%	 			 			
																			
PHARMACEUTICALS	 	 	2,076	 	 	2,205	 	 	4,281	 	 	1,619	 	 	5,900	 	 	1,517	 	 	7,417	 	 	1,944	 		 		 		 		 		 		 	-6	%	 	-6	%	 			 			
																			
Cardiovascular	 	 	1,341	 	 	1,330	 	 	2,671	 	 	752	 	 	3,423	 	 	616	 	 	4,039	 	 	1,045	 		 		 		 		 		 		 	-22	%	 	-22	%	 			 			
Plavix	 	 	850	 	 	988	 	 	1,838	 	 	474	 	 	2,312	 	 	343	 	 	2,655	 	 	787	 		 		 		 		 		 		 	-7	%	 	-7	%	 	-28	%	 	-28	%	
Pravachol	 	 	302	 	 	128	 	 	430	 	 	73	 	 	503	 	 	50	 	 	553	 	 	57	 		 		 		 		 		 		 	-81	%	 	-81	%	 	-86	%	 	-86	%	
Avapro/ Avalide	 	 	139	 	 	167	 	 	306	 	 	159	 	 	465	 	 	182	 	 	647	 	 	163	 		 		 		 		 		 		 	17	%	 	17	%	 	-1	%	 	-1	%	
Coumadin	 	 	47	 	 	46	 	 	93	 	 	45	 	 	138	 	 	48	 	 	186	 	 	38	 		 		 		 		 		 		 	-19	%	 	-19	%	 	-17	%	 	-17	%	
																			
Virology	 	 	259	 	 	270	 	 	529	 	 	292	 	 	821	 	 	327	 	 	1,148	 	 	319	 		 		 		 		 		 		 	23	%	 	23	%	 			 			
Reyataz	 	 	119	 	 	122	 	 	241	 	 	129	 	 	370	 	 	144	 	 	514	 	 	143	 		 		 		 		 		 		 	20	%	 	20	%	 	17	%	 	17	%	
Sustiva Franchise*****	 	 	108	 	 	115	 	 	223	 	 	128	 	 	351	 	 	144	 	 	495	 	 	144	 		 		 		 		 		 		 	33	%	 	33	%	 	25	%	 	25	%	
Baraclude	 	 	9	 	 	9	 	 	18	 	 	14	 	 	32	 	 	18	 	 	50	 	 	17	 		 		 		 		 		 		 	89	%	 	89	%	 	127	%	 	127	%	
																			
Oncology	 	 	159	 	 	187	 	 	346	 	 	201	 	 	547	 	 	195	 	 	742	 	 	182	 		 		 		 		 		 		 	14	%	 	14	%	 			 			
Erbitux	 	 	136	 	 	172	 	 	308	 	 	173	 	 	481	 	 	165	 	 	646	 	 	158	 		 		 		 		 		 		 	16	%	 	16	%	 	N/A	 	 	N/A	 	
Taxol	 	 	4	 	 	4	 	 	8	 	 	2	 	 	10	 	 	2	 	 	12	 	 	4	 		 		 		 		 		 		 	—  	 	 	—  	 	 	N/A	 	 	N/A	 	
Sprycel	 	 	—  	 	 	—  	 	 	—  	 	 	11	 	 	11	 	 	11	 	 	22	 	 	10	 		 		 		 		 		 		 	—  	 	 	—  	 	 	N/A	 	 	N/A	 	
																			
Affective (Psychiatric) Disorders	 	 	237	 	 	286	 	 	523	 	 	266	 	 	789	 	 	302	 	 	1,091	 	 	305	 		 		 		 		 		 		 	29	%	 	29	%	 			 			
Abilify**	 	 	231	 	 	267	 	 	498	 	 	260	 	 	758	 	 	294	 	 	1,052	 	 	293	 		 		 		 		 		 		 	27	%	 	27	%	 	14	%	 	14	%	
																			
Immunoscience	 	 	5	 	 	18	 	 	23	 	 	34	 	 	57	 	 	31	 	 	88	 	 	40	 		 		 		 		 		 		 	*	**	 	*	**	 			 			
Orencia	 	 	5	 	 	18	 	 	23	 	 	34	 	 	57	 	 	31	 	 	88	 	 	40	 		 		 		 		 		 		 	*	**	 	*	**	 	N/A	 	 	N/A	 	
																			
Other Pharmaceuticals	 			 			 			 			 			 			 			 			 		 		 		 		 		 		 			 			 			 			
Efferalgan	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 		 		 		 		 		 		 	—  	 	 	—  	 	 	N/A	 	 	N/A	 	
																			
NUTRITIONALS	 	 	247	 	 	282	 	 	529	 	 	267	 	 	796	 	 	295	 	 	1,091	 	 	274	 		 		 		 		 		 		 	11	%	 	11	%	 			 			
Enfamil	 	 	155	 	 	174	 	 	329	 	 	169	 	 	498	 	 	190	 	 	688	 	 	171	 		 		 		 		 		 		 	10	%	 	10	%	 	N/A	 	 	N/A	 	
Enfagrow	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 		 		 		 		 		 		 	—  	 	 	—  	 	 	N/A	 	 	N/A	 	
																			
OTHER HEALTH CARE	 	 	231	 	 	226	 	 	457	 	 	215	 	 	672	 	 	232	 	 	904	 	 	214	 		 		 		 		 		 		 	-7	%	 	-7	%	 			 			
																			
CONVATEC	 	 	73	 	 	85	 	 	158	 	 	84	 	 	242	 	 	101	 	 	343	 	 	78	 		 		 		 		 		 		 	7	%	 	7	%	 			 			
Ostomy	 	 	34	 	 	41	 	 	75	 	 	39	 	 	114	 	 	45	 	 	159	 	 	34	 		 		 		 		 		 		 	—  	 	 	—  	 	 	N/A	 	 	N/A	 	
Wound Therapeutics	 	 	30	 	 	34	 	 	64	 	 	36	 	 	100	 	 	43	 	 	143	 	 	32	 		 		 		 		 		 		 	7	%	 	7	%	 	N/A	 	 	N/A	 	
																			
MEDICAL IMAGING	 	 	158	 	 	141	 	 	299	 	 	131	 	 	430	 	 	131	 	 	561	 	 	136	 		 		 		 		 		 		 	-14	%	 	-14	%	 			 			
Cardiolite	 	 	91	 	 	91	 	 	182	 	 	86	 	 	268	 	 	90	 	 	358	 	 	87	 		 		 		 		 		 		 	-4	%	 	-4	%	 	N/A	 	 	N/A	 	

*	This table presents Total Company sales on a legal entity source basis and segment and product sales on a country management reported basis. As a result, the sum of segment sales does not tie to Total Company sales.	
**	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
***	In excess of +/- 200%	
****	The estimated total U.S. prescription change for the retail and mail order channels are calculated based on Next-Generation Prescription Services (NGPS) version 2.0 data on a weighted-average basis. NGPS data is provided by IMS Health, a supplier of market research for the pharmaceutical industry. The weighted-average basis reflects the fact that mail order prescriptions include a greater volume of product supplied compared to retail prescriptions, which on average are 90 days for mail order and 30 days for retail. The calculation is derived by multiplying NGPS mail order prescription data by a factor that approximates three and adding to this the NGPS retail prescriptions.	
*****	Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of branded Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. Atripla is sold through a joint venture with Gilead Sciences, Inc. The change in U.S. total prescriptions growth for the Sustiva Franchise includes both branded Sustiva and Atripla prescription units.	

BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL* NET SALES BY PRODUCT
QUARTERLY SALES TREND ANALYSIS
($ in millions)

 	 	2006	 	2007	 	% Change	 	
 	 	1st Qtr	  	2nd Qtr	  	6 Months	  	3rd Qtr	  	9 Months	  	4th Qtr	  	Year	  	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
Total Company	 	$	2,038	  	$	2,065	  	$	4,103	  	$	1,984	  	$	6,087	  	$	2,098	  	$	8,185	  	$	1,971	 		 		 		 		 		 		 	-3	%	 	-3	%	
																	
PHARMACEUTICALS	 	 	1,624	  	 	1,654	  	 	3,278	  	 	1,535	  	 	4,813	  	 	1,631	  	 	6,444	  	 	1,513	 		 		 		 		 		 		 	-7	%	 	-7	%	
																	
Cardiovascular	 	 	576	  	 	577	  	 	1,153	  	 	487	  	 	1,640	  	 	477	  	 	2,117	  	 	430	 		 		 		 		 		 		 	-25	%	 	-25	%	
Plavix	 	 	136	  	 	157	  	 	293	  	 	156	  	 	449	  	 	153	  	 	602	  	 	151	 		 		 		 		 		 		 	11	%	 	11	%	
Pravachol	 	 	234	  	 	195	  	 	429	  	 	119	  	 	548	  	 	96	  	 	644	  	 	78	 		 		 		 		 		 		 	-67	%	 	-67	%	
Avapro/ Avalide	 	 	94	  	 	113	  	 	207	  	 	118	  	 	325	  	 	125	  	 	450	  	 	107	 		 		 		 		 		 		 	14	%	 	14	%	
Coumadin	 	 	8	  	 	9	  	 	17	  	 	8	  	 	25	  	 	9	  	 	34	  	 	8	 		 		 		 		 		 		 	—  	 	 	—  	 	
																	
Virology	 	 	209	  	 	254	  	 	463	  	 	240	  	 	703	  	 	253	  	 	956	  	 	271	 		 		 		 		 		 		 	30	%	 	30	%	
Reyataz	 	 	88	  	 	114	  	 	202	  	 	104	  	 	306	  	 	111	  	 	417	  	 	120	 		 		 		 		 		 		 	36	%	 	36	%	
Sustiva Franchise****	 	 	67	  	 	78	  	 	145	  	 	73	  	 	218	  	 	78	  	 	296	  	 	82	 		 		 		 		 		 		 	22	%	 	22	%	
Baraclude	 	 	2	  	 	5	  	 	7	  	 	8	  	 	15	  	 	18	  	 	33	  	 	28	 		 		 		 		 		 		 	    	***	 	    	***	
																	
Oncology	 	 	202	  	 	214	  	 	416	  	 	198	  	 	614	  	 	199	  	 	813	  	 	173	 		 		 		 		 		 		 	-14	%	 	-14	%	
Erbitux	 	 	2	  	 	—  	  	 	2	  	 	2	  	 	4	  	 	2	  	 	6	  	 	2	 		 		 		 		 		 		 	—  	 	 	—  	 	
Taxol	 	 	143	  	 	145	  	 	288	  	 	135	  	 	423	  	 	128	  	 	551	  	 	107	 		 		 		 		 		 		 	-25	%	 	-25	%	
Sprycel	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	3	  	 	3	  	 	11	 		 		 		 		 		 		 	—  	 	 	—  	 	
																	
Affective (Psychiatric) Disorders	 	 	86	  	 	90	  	 	176	  	 	88	  	 	264	  	 	102	  	 	366	  	 	103	 		 		 		 		 		 		 	20	%	 	20	%	
Abilify**	 	 	52	  	 	57	  	 	109	  	 	53	  	 	162	  	 	68	  	 	230	  	 	73	 		 		 		 		 		 		 	40	%	 	40	%	
																	
Immunoscience	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	1	  	 	1	  	 	1	 		 		 		 		 		 		 	—  	 	 	—  	 	
Orencia	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	1	  	 	1	  	 	1	 		 		 		 		 		 		 	—  	 	 	—  	 	
																	
Other Pharmaceuticals	 			  			  			  			  			  			  			  			 		 		 		 		 		 		 			 			
Efferalgan	 	 	68	  	 	62	  	 	130	  	 	62	  	 	192	  	 	74	  	 	266	  	 	81	 		 		 		 		 		 		 	19	%	 	19	%	
																	
NUTRITIONALS	 	 	318	  	 	300	  	 	618	  	 	315	  	 	933	  	 	323	  	 	1,256	  	 	332	 		 		 		 		 		 		 	4	%	 	4	%	
Enfamil	 	 	82	  	 	79	  	 	161	  	 	77	  	 	238	  	 	81	  	 	319	  	 	83	 		 		 		 		 		 		 	1	%	 	1	%	
Enfagrow	 	 	67	  	 	59	  	 	126	  	 	69	  	 	195	  	 	67	  	 	262	  	 	72	 		 		 		 		 		 		 	7	%	 	7	%	
																	
OTHER HEALTH CARE	 	 	180	  	 	204	  	 	384	  	 	203	  	 	587	  	 	215	  	 	802	  	 	199	 		 		 		 		 		 		 	11	%	 	11	%	
																	
CONVATEC	 	 	157	  	 	177	  	 	334	  	 	181	  	 	515	  	 	190	  	 	705	  	 	176	 		 		 		 		 		 		 	12	%	 	12	%	
Ostomy	 	 	89	  	 	100	  	 	189	  	 	100	  	 	289	  	 	106	  	 	395	  	 	96	 		 		 		 		 		 		 	8	%	 	8	%	
Wound Therapeutics	 	 	68	  	 	73	  	 	141	  	 	77	  	 	218	  	 	80	  	 	298	  	 	75	 		 		 		 		 		 		 	10	%	 	10	%	
																	
MEDICAL IMAGING	 	 	23	  	 	27	  	 	50	  	 	22	  	 	72	  	 	25	  	 	97	  	 	23	 		 		 		 		 		 		 	—  	 	 	—  	 	
Cardiolite	 	 	12	  	 	14	  	 	26	  	 	11	  	 	37	  	 	13	  	 	50	  	 	12	 		 		 		 		 		 		 	—  	 	 	—  	 	

*	This table presents Total Company sales on a legal entity source basis and segment and product sales on a country management reported basis. As a result, the sum of segment sales does not tie to Total Company sales.	
**	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
***	In excess of +/- 200%	
****	Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of branded Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. Atripla is sold through a joint venture with Gilead Sciences, Inc.	

BRISTOL-MYERS SQUIBB COMPANY
U.S. PHARMACEUTICALS NET SALES
EXCLUDING ESTIMATED IMPACT OF LAUNCH OF GENERIC CLOPIDOGREL BISULFATE
($ in millions)

 	  	2007	  	2006	  	% Change	
 	  	Q1	  	Q1	  	Qtr vs. Qtr	
U.S Pharmaceuticals Net Sales	  		  		  		
U.S Pharmaceuticals Net Sales as Reported	  	$1,932	  	$2,064	  	-6%	
Estimated Impact of Launch of Generic Clopidogrel Bisulfate	  	300 to 350	  	—  	  	—  	
U.S Pharmaceuticals Net Sales Excluding the Estimated	  		  		  		
	  	 	  	 	  	 	
Impact of Launch of Generic Clopidogrel Bisulfate	  	$2,232 to $2,282	  	$2,064	  	8% to 11%	

BRISTOL-MYERS SQUIBB COMPANY
GROSS MARGIN
EXCLUDING SPECIFIED ITEMS
($ in millions)

 	  	2007	 	
 	  	Q1	 	 	 	 	 	 	 	 	 	 	 	TOTAL YEAR	 	
Net Sales	  	$	4,476	 	 				 				 				 	$	4,476	 	
	  	 	 	 	 				 				 				 	 	 	 	
Gross Profit	  				 				 				 				 				
Gross Profit	  	$	3,084	 	 				 				 				 	$	3,084	 	
Specified items*	  	 	16	 	 				 				 				 	 	16	 	
	  	 	 	 	 				 				 				 	 	 	 	
Gross Profit Excluding Specified Items	  	$	3,100	 	 				 				 				 	$	3,100	 	
	  	 	 	 	 				 				 				 	 	 	 	
Gross Margin %	  	 	68.9	%	 				 				 				 	 	68.9	%	
Specified items*	  	 	0.4	%	 				 				 				 	 	0.4	%	
	  	 	 	 	 				 				 				 	 	 	 	
Gross Margin Excluding Specified Items	  	 	69.3	%	 				 				 				 	 	69.3	%	

 	  	2006	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	TOTAL YEAR	 	
Net Sales	  	$	4,676	 	 	$	4,871	 	 	$	4,154	 	 	$	4,213	 	 	$	17,914	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross Profit	  				 				 				 				 				
Gross Profit	  	$	3,200	 	 	$	3,303	 	 	$	2,689	 	 	$	2,766	 	 	$	11,958	 	
Specified items*	  	 	46	 	 	 	20	 	 	 	72	 	 	 	29	 	 	 	167	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross Profit Excluding Specified Items	  	$	3,246	 	 	$	3,323	 	 	$	2,761	 	 	$	2,795	 	 	$	12,125	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross Margin %	  				 				 				 				 				
Gross Margin %	  	 	68.4	%	 	 	67.8	%	 	 	64.7	%	 	 	65.6	%	 	 	66.8	%	
Specified items*	  	 	1.0	%	 	 	0.4	%	 	 	1.7	%	 	 	0.7	%	 	 	0.9	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross Margin Excluding Specified Items	  	 	69.4	%	 	 	68.2	%	 	 	66.4	%	 	 	66.3	%	 	 	67.7	%	

*	Please refer to the Specified Item - QTD tab for detail of specified items.	

BRISTOL-MYERS SQUIBB COMPANY
RESEARCH AND DEVELOPMENT EXPENSES
EXCLUDING SPECIFIED ITEMS
($ in millions)

 	  	2007	
 	  	Q1	  	 	  	 	  	 	  	TOTAL YEAR	
Research and Development Expenses	  	$	            807	  			  			  			  	$	807	
Specified items*	  	 	80	  			  			  			  	 	80	
	  	 	 	  			  			  			  	 	 	
Research and Development Expenses Excluding Specified Items	  	$	727	  			  			  			  	$	727	

 	  	2006	
 	  	Q1	  	Q2	  	Q3	  	Q4	  	TOTAL YEAR	
Research and Development Expenses	  	$	750	  	$	            740	  	$	            756	  	$	            821	  	$	3,067	
Specified items*	  	 	18	  	 	1	  	 	17	  	 	49	  	 	85	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Research and Development Expenses Excluding Specified Items	  	$	732	  	$	739	  	$	739	  	$	772	  	$	2,982	

*	Please refer to the Specified Item - QTD tab for detail of specified items.	

BRISTOL-MYERS SQUIBB COMPANY
EFFECTIVE TAX RATE
EXCLUDING SPECIFIED ITEMS
($ in millions)

 	  	2007	 	
 	  	Q1	 	 	 	 	 	 	 	 	 	 	 	TOTAL YEAR	 	
Provision for Income Taxes	  				 				 				 				 				
Provision for Income Taxes	  	$	86	 	 				 				 				 	$	86	 	
Specified items*	  	 	79	 	 				 				 				 	 	79	 	
	  	 	 	 	 				 				 				 	 	 	 	
Provision for Income Taxes Excluding Specified Items	  	$	165	 	 				 				 				 	$	165	 	
	  	 	 	 	 				 				 				 	 	 	 	
Earnings Before Minority Interest and Provision for Income Taxes	  	$	917	 	 				 				 				 	$	917	 	
Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items	  	$	1,050	 	 				 				 				 	$	1,050	 	
						
Effective Tax Rate	  				 				 				 				 				
Effective Tax Rate	  	 	9.4	%	 				 				 				 	 	9.4	%	
Effective Tax Rate Excluding Specified Items	  	 	15.7	%	 				 				 				 	 	15.7	%	
		
 	  	2006	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	TOTAL YEAR	 	
Provision for Income Taxes	  				 				 				 				 				
Provision/(Benefit) for Income Taxes	  	$	328	 	 	$	256	 	 	$	193	 	 	$	(167	)	 	$	610	 	
Specified items*	  	 	(49	)	 	 	(3	)	 	 	(34	)	 	 	196	 	 	 	110	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for Income Taxes Excluding Specified Items	  	$	279	 	 	$	253	 	 	$	159	 	 	$	29	 	 	$	720	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings/(Loss) Before Minority Interest and Provision for Income Taxes	  	$	1,193	 	 	$	1,110	 	 	$	617	 	 	$	(285	)	 	$	2,635	 	
Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items	  	$	1,081	 	 	$	1,120	 	 	$	670	 	 	$	425	 	 	$	3,296	 	
						
Effective Tax Rate	  				 				 				 				 				
Effective Tax Rate	  	 	27.5	%	 	 	23.1	%	 	 	31.3	%	 	 	58.6	%	 	 	23.1	%	
Effective Tax Rate Excluding Specified Items	  	 	25.8	%	 	 	22.6	%	 	 	23.7	%	 	 	6.8	%	 	 	21.8	%	

*	Please refer to the Specified Item - QTD tab for detail of specified items.	

BRISTOL-MYERS SQUIBB COMPANY
EARNINGS BEFORE MINORITY INTEREST AND INCOME TAXES
EXCLUDING SPECIFIED ITEMS
($ in millions)

 	  	2007	 	
 	  	Q1	 	 	 	 	 	 	 	 	 	 	 	TOTAL YEAR	 	
Earnings Before Minority Interest and Provision for Income Taxes	  	$	917	 	 				 				 				 	$	917	 	
						
Specified items:	  				 				 				 				 				
Upfront and milestone payments	  	 	80	 	 				 				 				 	 	80	 	
Downsizing and streamlining of worldwide operations	  	 	37	 	 				 				 				 	 	37	 	
Accelerated depreciation	  	 	16	 	 				 				 				 	 	16	 	
	  	 	 	 	 				 				 				 	 	 	 	
Subtotal	  	 	133	 	 				 				 				 	 	133	 	
	  	 	 	 	 				 				 				 	 	 	 	
Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items	  	$	1,050	 	 				 				 				 	$	1,050	 	

 	  	2006	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	TOTAL YEAR	 	
Earnings / (Loss) Before Minority Interest and Provision for Income Taxes	  	$	1,193	 	 	$	1,110	 	 	$	617	 	 	$	(285	)	 	$	2,635	 	
						
Specified items:	  				 				 				 				 				
Gain on sale of product asset	  	 	(200	)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(200	)	
Litigation matters	  	 	40	 	 	 	(14	)	 	 	(29	)	 	 	353	 	 	 	350	 	
Insurance recoveries	  	 	(21	)	 	 	—  	 	 	 	(9	)	 	 	(7	)	 	 	(37	)	
Downsizing and streamlining of worldwide operations / other	  	 	69	 	 	 	24	 	 	 	91	 	 	 	131	 	 	 	315	 	
Debt retirement costs	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	220	 	 	 	220	 	
Claim for damages	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	13	 	 	 	13	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal	  	 	(112	)	 	 	10	 	 	 	53	 	 	 	710	 	 	 	661	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items	  	$	1,081	 	 	$	1,120	 	 	$	670	 	 	$	425	 	 	$	3,296	 	

BRISTOL-MYERS SQUIBB COMPANY
DILUTED EARNINGS PER COMMON SHARE
EXCLUDING SPECIFIED ITEMS

 	  	2007	 	
 	  	Q1	 	 	 	  	 	 	 	 	 	 	TOTAL YEAR *	 	
Diluted Earnings per Common Share	  	$	0.35	 	 			  				 				 	$	0.35	 	
						
Specified items:	  				 			  				 				 				
Upfront payments	  	 	0.03	 	 			  				 				 	 	0.03	 	
Downsizing and streamlining of worldwide operations	  	 	0.01	 	 			  				 				 	 	0.01	 	
Accelerated depreciation	  	 	0.01	 	 			  				 				 	 	0.01	 	
Change in estimate for taxes on a prior year specified item	  	 	(0.02	)	 			  				 				 	 	(0.02	)	
	  	 	 	 	 			  				 				 	 	 	 	
Subtotal	  	 	0.03	 	 			  				 				 	 	0.03	 	
	  	 	 	 	 			  				 				 	 	 	 	
Diluted Earnings per Common Share Excluding Specified Items	  	$	0.38	 	 			  				 				 	$	0.38	 	

 	  	2006	 	
 	  	Q1	 	 	Q2	  	Q3	 	 	Q4	 	 	TOTAL YEAR *	 	
Diluted Earnings / (Loss) per Common Share	  	$	0.36	 	 	$	0.34	  	$	0.17	 	 	$	(0.07	)	 	$	0.81	 	
						
Specified items:	  				 			  				 				 				
Gain on sale of product asset	  	 	(0.06	)	 	 	—  	  	 	—  	 	 	 	—  	 	 	 	(0.06	)	
Litigation matters	  	 	0.01	 	 	 	—  	  	 	(0.01	)	 	 	0.14	 	 	 	0.14	 	
Insurance recoveries	  	 	(0.01	)	 	 	—  	  	 	—  	 	 	 	—  	 	 	 	(0.01	)	
Downsizing and streamlining of worldwide operations / other	  	 	0.02	 	 	 	0.01	  	 	0.04	 	 	 	0.05	 	 	 	0.12	 	
Debt retirement costs	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	0.07	 	 	 	0.07	 	
Tax item	  	 	—  	 	 	 	—  	  	 	0.02	 	 	 	—  	 	 	 	0.02	 	
	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Subtotal	  	 	(0.04	)	 	 	0.01	  	 	0.05	 	 	 	0.26	 	 	 	0.28	 	
	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings per Common Share Excluding Specified Items	  	$	0.32	 	 	$	0.35	  	$	0.22	 	 	$	0.19	 	 	$	1.09	 	

*	quarterly amounts may not add to the annual total due to rounding of individual calculations.	

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006
($ in millions)
Three months ended March 31, 2007

 	  	Cost of
products sold	  	Research and
development	  	Provision for
restructuring, net	  	Total	 	 	 	 	 	 	  	 	 	 	 	 	
Upfront payments	  	$	—  	  	$	80	  	$	—  	  	$	80	 	 				 			  				 				
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	37	  	 	37	 	 				 			  				 				
Accelerated depreciation	  	 	16	  	 	—  	  	 	—  	  	 	16	 	 				 			  				 				
	  	 	 	  	 	 	  	 	 	  	 	 	 	 				 			  				 				
	  	$	16	  	$	80	  	$	37	  	 	133	 	 				 			  				 				
	  	 	 	  	 	 	  	 	 	  				 				 			  				 				
Income taxes on items above	  			  			  			  	 	(40	)	 				 			  				 				
Change in estimate for taxes on a prior year specified item	  			  			  			  	 	(39	)	 				 			  				 				
	  			  			  			  	 	 	 	 				 			  				 				
Reduction to Net Earnings	  			  			  			  	$	54	 	 				 			  				 				

Three months ended March 31, 2006	  			  			  			  				 				 			  				 				
									
 	  	Cost of
products sold	  	Research and
development	  	Sales Force	  	Provision for
restructuring
and other items,
net	 	 	Litigation
settlement
income	 	 	Other expense,
net	  	Gain on sale
of product
asset	 	 	Total	 	
Litigation Matters:	  			  			  			  				 				 			  				 				
Insurance recovery	  	$	—  	  	$	—  	  	$	—  	  	$	—  	 	 	$	(21	)	 	$	—  	  	$	—  	 	 	$	(21	)	
Commercial litigation	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	40	  	 	—  	 	 	 	40	 	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	(21	)	 	 	40	  	 	—  	 	 	 	19	 	
Other:	  			  			  			  				 				 			  				 				
Accelerated depreciation and asset impairment	  	 	46	  	 	—  	  	 	4	  	 	—  	 	 	 	—  	 	 	 	—  	  	 	—  	 	 	 	50	 	
Upfront and milestone payments	  	 	—  	  	 	18	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	—  	  	 	—  	 	 	 	18	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	—  	  	 	1	 	 	 	—  	 	 	 	—  	  	 	—  	 	 	 	1	 	
Gain on sale of product asset	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	—  	  	 	(200	)	 	 	(200	)	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
	  	$	46	  	$	18	  	$	4	  	$	1	 	 	$	(21	)	 	$	40	  	$	(200	)	 	 	(112	)	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  				 				 			  				 	 	48	 	
Minority interest, net of taxes	  			  			  			  				 				 			  				 	 	(13	)	
	  			  			  			  				 				 			  				 	 	 	 	
Increase to Net Earnings	  			  			  			  				 				 			  				 	$	(77	)	

BRISTOL-MYERS SQUIBB COMPANY
SELECT BALANCE SHEET INFORMATION
($ in millions)

 	  	March 31,
2006	  	June 30,
2006	  	September 30,
2006	  	December 31,
2006	 	 	March 31,
2007	  	June 30,
2007	  	September 30,
2007	  	December 31,
2007	
Cash, cash equivalents and marketable debt securities	  	$	5,281	  	$	5,357	  	$	5,505	  	$	4,013	 	 	$	4,012	  	$	—  	  	$	—  	  	$	—  	
Short-term borrowings	  	 	234	  	 	189	  	 	630	  	 	187	 	 	 	241	  	 	—  	  	 	—  	  	 	—  	
Long-term debt	  	 	8,278	  	 	8,239	  	 	7,837	  	 	7,248	 	 	 	7,132	  	 	—  	  	 	—  	  	 	—  	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	
Net debt	  	$	3,231	  	$	3,071	  	$	2,962	  	$	3,422	 	 	$	3,361	  	$	—  	  	$	—  	  	$	—  	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	
Receivables, net of allowances	  	$	3,236	  	$	3,326	  	$	2,945	  	$	3,247	 	 	$	3,381	  	$	—  	  	$	—  	  	$	—  	
									
Stockholders’ equity	  	 	11,556	  	 	11,712	  	 	11,589	  	 	9,991 	(1)	 	 	10,261	  	 	—  	  	 	—  	  	 	—  	
									
Capital expenditures and capitalized software (for the quarter ended)	  	 	202	  	 	160	  	 	199	  	 	224	 	 	 	202	  			  			  			

(1)	Includes the impact of the adoption of SFAS 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans - an amendment of FASB Statements No. 87, 88, 106 and 132(R)”	

BRISTOL-MYERS SQUIBB COMPANY
2007 FULL YEAR PROJECTED DILUTED EPS
EXCLUDING PROJECTED SPECIFIED ITEMS

 	  	Full Year 2007	 	
Projected Diluted Earnings per Common Share	  	$	1.24 to $1.34	 	
Projected Specified Items:	  				
Upfront and milestone payments	  	 	0.05	 	
Downsizing and streamlining of worldwide operations	  	 	0.03	 	
Change in estimate for taxes on a prior year specified item	  	 	(0.02	)	
	  	 	 	 	
Total	  	 	0.06	 	
	  	 	 	 	
Projected Diluted Earnings per Common Share Excluding Specified Items	  	$	1.30 to $1.40	 	
	  	 	 	 	
Gross Margin/Research and Development/Tax Rate Projections Excluding Specified Items
Gross margin on a GAAP basis for the three months ended March 31, 2007 was 68.9%, which included specified items of $16 million and had a 0.4% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the three months ended March 31, 2007 gross margin was 69.3%. On a non-GAAP basis, based on historical trends in 2006 and the first quarter of 2007 the Company projects gross margin for the full year 2007 to be at least 100 basis points higher than 2006. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. See Gross Margin non comparable tab.
Research and development expenses on a GAAP basis for the three months ended March 31, 2007 were $807 million, which included specified items of $80 million. On a non-GAAP basis, for the three months ended March 31, 2007 research and development expenses were $727 million. On a non-GAAP basis, based on historical trends in 2006 and the first quarter of 2007 the Company projects research and development expenses for the full year 2007 to increase in the mid to upper single digit range compared to 2006. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on research and development. See R&D non comparable tab.
The effective tax rate on a GAAP basis for the three months ended March 31, 2007 was 9.4%, which included specified items of $79 million in the tax provision, and had a 6.3% favorable impact on the effective tax rate in aggregate. On a non-GAAP basis, the three months ended March 31, 2007 effective tax rate was 15.7%. On a non-GAAP basis, based on historical trends in 2006 and the first quarter of 2007 the Company projects effective tax rate for the full year 2007 to be in the 20% range. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See Tax Rate non comparable tab.
The GAAP results for the full year 2007 would include specified items that may occur and impact results. These specified items could include charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, upfront and milestone payments, copromotion or alliance charges and charges for in-process research and development related to new external development transactions, gains or losses from asset disposals, restructuring activities and significant tax events. For a fuller discussion of certain of the litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Company Reports Financial Results For The First Quarter of 2007, April 26, 2007, including “2007 Guidance” and “Use of Non-GAAP Financial Information” therein.

BRISTOL-MYERS SQUIBB COMPANY
ESTIMATED MONTHS ON HAND OF TOP 15 U.S. PHARMACEUTICAL PRODUCTS
IN THE U.S. WHOLESALER DISTRIBUTION CHANNEL
The following tables sets forth, for each of the Company’s top 15 pharmaceutical products (based on 2006 annual net sales) sold by the Company’s U.S. Pharmaceuticals business, the U.S. Pharmaceuticals net sales and the estimated number of months on hand of the applicable product in the U.S. wholesaler distribution channel for the quarters ended March 31, 2007 and 2006 and December 31, 2006 and 2005.

 	 	March 31, 2007	 	December 31, 2006	 	March 31, 2006	 	December 31, 2005	
 	 	Net Sales	 	Months on Hand	 	Net Sales	 	Months on Hand	 	Net Sales	 	Months on Hand	 	Net Sales	 	Months on Hand	
 	 	(Dollars in Millions)	 	 	 	(Dollars in Millions)	 	 	 	(Dollars in Millions)	 	 	 	(Dollars in Millions)	 	 	
Abilify (total revenue)	 	$	293	 	0.4	 	$	294	 	0.5	 	$	231	 	0.5	 	$	175	 	0.6	
Avapro/Avalide	 	 	163	 	0.4	 	 	182	 	0.5	 	 	139	 	0.4	 	 	168	 	0.6	
Baraclude	 	 	17	 	0.6	 	 	18	 	0.7	 	 	9	 	1.0	 	 	4	 	0.7	
Coumadin	 	 	38	 	0.7	 	 	48	 	0.8	 	 	47	 	0.6	 	 	50	 	0.8	
Erbitux (a)	 	 	158	 	0.3	 	 	165	 	0.4	 	 	136	 	—  	 	 	121	 	—  	
Glucophage Franchise	 	 	21	 	0.6	 	 	16	 	0.7	 	 	25	 	0.7	 	 	29	 	0.7	
Kenalog	 	 	18	 	0.5	 	 	24	 	0.8	 	 	23	 	0.7	 	 	23	 	0.9	
Orencia (b)	 	 	40	 	0.3	 	 	31	 	0.4	 	 	5	 	0.9	 	 	—  	 	—  	
Paraplatin	 	 	5	 	13.8	 	 	6	 	5.8	 	 	7	 	1.2	 	 	5	 	0.9	
Plavix	 	 	787	 	0.6	 	 	343	 	0.6	 	 	850	 	0.4	 	 	906	 	0.6	
Pravachol	 	 	57	 	0.6	 	 	50	 	0.6	 	 	302	 	0.4	 	 	366	 	0.6	
Reyataz	 	 	143	 	0.7	 	 	144	 	0.7	 	 	119	 	0.6	 	 	110	 	0.5	
Sprycel	 	 	10	 	0.7	 	 	11	 	1.4	 	 	—  	 	—  	 	 	—  	 	—  	
Sustiva Franchise  (c)  (total revenue)	 	 	144	 	0.7	 	 	144	 	0.7	 	 	108	 	0.5	 	 	102	 	0.6	
Zerit	 	 	12	 	0.6	 	 	19	 	0.9	 	 	19	 	0.7	 	 	21	 	0.8	
For all products other than Erbitux and Orencia, the Company determines the above months on hand estimates by dividing the estimated amount of the product in the U.S. wholesaler distribution channel by the estimated amount of out-movement of the product from the U.S. wholesaler distribution channel over a period of 31 days, all calculated as described below. Factors that may influence the Company’s estimates include generic competition, seasonality of products, wholesaler purchases in light of increases in wholesaler list prices, new product launches, new warehouse openings by wholesalers and new customer stockings by wholesalers. In addition, such estimates are calculated using third-party data, which represent their own record-keeping processes and as such, may also reflect estimates.
Estimates of product in the wholesaler distribution channel and out-movement are based on weekly information received directly from third-parties, and excludes any inventory held by intermediaries such as retailers and hospitals, and excludes goods in transit to such wholesalers. The Company determines the amount of out-movement of a product over a period of 31 days by using the most recent out-movement of a product as provided by these third parties, adjusted to reflect the Company’s estimate of goods in transit to these wholesalers. The Company estimates the amount of goods in transit by using information provided by these wholesalers with respect to their open orders and the Company’s records of sales to these wholesalers with respect to such open orders.
(a) In the first and second quarter of 2006, the Company sold Erbitux to intermediaries (such as wholesalers and specialty oncology distributors) and shipped Erbitux directly to the end-users of the product who are the customers of those intermediaries. Beginning in the third quarter of 2006, the Company expanded its distribution model to include two distributors who then held Erbitux inventory. One additional distributor was added for Erbitux in the first quarter of 2007. The Company recognizes revenue upon such shipment consistent with its revenue recognition policy. The above estimate of months on hand was calculated by dividing the inventories of Erbitux held by the distributors for their own accounts as reported by the distributors as of the end of the quarter by the out-movements of the product reported by the distributors over the last 31 day period. The inventory levels reported by the distributors are a product of their record-keeping process.
(b) Orencia was launched in February 2006. From launch through the second quarter, the Company distributed Orencia through an exclusive distribution arrangement with a single distributor. Following approval of the supplemental Biologics License Application (sBLA) that allows a third party to manufacture Orencia at an additional site, the exclusive distribution arrangement terminated on July 17, 2006 and the Company expanded its distribution network for ORENCIA to multiple distributors. The above estimates of months on hand was calculated by dividing the inventories of Orencia held by these distributors at the end of the quarter by the out-movement of the product over the last 31 day period, as reported by these distributors. The inventory on hand and out-movements reported by these distributors are a product of the distributors’ own record-keeping process.
(c) Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The estimated months on hand of the product in the U.S. wholesale distribution channel only include branded Sustiva inventory.

U.S. Pharmaceuticals
Estimated End-User Demand
The following tables set forth for each of the Company’s top 15 pharmaceutical products (based on 2006 annual net sales) sold by the U.S. Pharmaceuticals business, for the three months ended March 31, 2007 compared to the same periods in the prior year: (i) changes in reported U.S. net sales for the period; (ii) estimated total U.S. prescription change for the retail and mail order channels calculated by the Company based on NGPS version 2.0 data on a weighted average basis; and (iii) the estimated U.S. therapeutic category share of the applicable product calculated by the Company based on NGPS version 2.0 data on a weighted-average basis. Prior year prescription data has been adjusted to conform to the NGPS version 2.0 data.

 	  	Three Months Ended
March 31, 2007	 	 	Month Ended
March 31, 2007	 	
 	  	Change
in U.S.
Net Sales (a)	 	 	Change in U.S.
Total Prescriptions (b)	 	 	Estimated TRx
Therapeutic
Category Share  (b, c)	 	
ABILIFY* (total revenue)	  	27	%	 	14	%	 	12	%	
AVAPRO*/AVALIDE*	  	17	 	 	(1	)	 	13	 	
BARACLUDE	  	89	 	 	127	 	 	25	 	
COUMADIN	  	(19	)	 	(17	)	 	14	 	
ERBITUX* (d) 	  	16	 	 	N/A	 	 	N/A	 	
GLUCOPHAGE* Franchise	  	(16	)	 	(39	)	 	1	 	
KENALOG (e) 	  	(22	)	 	N/A	 	 	N/A	 	
ORENCIA (d) 	  	*	*	 	N/A	 	 	N/A	 	
PARAPLATIN (d) 	  	(29	)	 	N/A	 	 	N/A	 	
PLAVIX*	  	(7	)	 	(28	)	 	65	 	
PRAVACHOL	  	(81	)	 	(86	)	 	1	 	
REYATAZ (f) 	  	20	 	 	17	 	 	19	 	
SPRYCEL (g) 	  	—  	 	 	—  	 	 	5	 	
SUSTIVA Franchise (f, h) (total revenue)	  	33	 	 	25	 	 	34	 	
ZERIT	  	(37	)	 	(26	)	 	4	 	
			
 	  	Three Months Ended
March 31, 2006	 	 	Month Ended
March 31, 2006	 	
 	  	Change
in U.S.
Net Sales (a)	 	 	Change in U.S.
Total Prescriptions (b)	 	 	Estimated TRx
Therapeutic
Category Share (b, c)	 	
ABILIFY* (total revenue)	  	43	%	 	29	%	 	12	%	
AVAPRO*/AVALIDE*	  	36	 	 	4	 	 	15	 	
BARACLUDE	  	—  	 	 	—  	 	 	15	 	
COUMADIN	  	12	 	 	(28	)	 	18	 	
ERBITUX* (d) 	  	56	 	 	N/A	 	 	N/A	 	
GLUCOPHAGE* Franchise	  	(36	)	 	(48	)	 	1	 	
KENALOG (e) 	  	109	 	 	N/A	 	 	N/A	 	
ORENCIA (d) 	  	—  	 	 	N/A	 	 	N/A	 	
PARAPLATIN (d) 	  	(53	)	 	N/A	 	 	N/A	 	
PLAVIX*	  	26	 	 	13	 	 	87	 	
PRAVACHOL	  	17	 	 	(17	)	 	6	 	
REYATAZ (f) 	  	29	 	 	16	 	 	18	 	
SPRYCEL (g) 	  	—  	 	 	—  	 	 	—  	 	
SUSTIVA (f) 	  	5	 	 	2	 	 	31	 	
ZERIT	  	(27	)	 	(35	)	 	6	 	

(a)	Reflects percentage change in net sales in dollar terms, including change in average selling prices and wholesaler buying patterns.	

(b)	Derived by multiplying NGPS mail order prescription data by a factor that approximates three and adding to this the NGPS retail prescriptions.	
(c)	The therapeutic categories are determined by the Company as those products considered to be in direct competition with the Company’s own products. The products listed above compete in the following therapeutic categories: ABILIFY* (antipsychotics), AVAPRO*/AVALIDE* (angiotensin receptor blockers), BARACLUDE (oral antiviral agent), COUMADIN (warfarin), ERBITUX* (oncology), GLUCOPHAGE* Franchise (oral antidiabetics), KENALOG (intra-articular/intramuscular steroid), ORENCIA (fusion protein), PARAPLATIN (carboplatin), PLAVIX* (antiplatelet agents), PRAVACHOL (HMG CoA reductase inhibitors), REYATAZ (antiretrovirals - third agents excluding NORVIR* and TRIZIVIR*), SPRYCEL (TKIs for leukemia), SUSTIVA Franchise (antiretrovirals - third agents excluding NORVIR* and TRIZIVIR*) and ZERIT (nucleoside reverse transcriptase inhibitors).	
(d)	ERBITUX*, PARAPLATIN and ORENCIA are parenterally administered products and do not have prescription-level data as physicians do not write prescriptions for these products. The Company believes therapeutic category share information provided by third parties for these products may not be reliable and accordingly, none is presented here.	
(e)	The Company does not have prescription level data because the product is not dispensed through a retail pharmacy. The Company believes therapeutic category share information provided by third parties for this product may not be reliable and accordingly, none is presented here.	
(f)	REYATAZ and the SUSTIVA Franchise have been recalculated as a percentage share of antiretrovirals – third agents excluding NORVIR* and TRIZIVIR*.	
(g)	SPRYCEL was launched in the U.S. in July 2006.	
(h)	Beginning in the third quarter of 2006, SUSTIVA Franchise (total revenue) includes sales of SUSTIVA, as well as revenue of bulk efavirenz included in the combination therapy, ATRIPLA*. The therapeutic category share information and change in U.S. total prescriptions growth for SUSTIVA Franchise (antiretrovirals – third agents excluding NORVIR* and TRIZIVIR*) includes both branded SUSTIVA and ATRIPLA* prescription units.	
**	In excess of 200%.	
The Company is reporting REYATAZ’s estimated TRx category share within the antiretrovirals - third agents (excluding NORVIR* and TRIZIVIR*) category rather than the protease inhibitors (excluding NORVIR*) category. The Company believes that the antiretrovirals - third agents (excluding NORVIR* and TRIZIVIR*) category more closely reflects the use of protease inhibitors, which has evolved and competes with other products within the antiretrovirals - third agents (excluding NORVIR* and TRIZIVIR*) category. The historical trends of growth in REYATAZ’s estimated TRx category share between the two categories are not materially different.
The estimated prescription change data and estimated therapeutic category share reported throughout this Form 10-Q only include information from the retail and mail order channels and do not reflect information from other channels, such as hospitals, institutions and long-term care, among others. The data provided by IMS are a product of IMS’ own record-keeping processes and are themselves estimates based on sampling procedures, subject to the inherent limitations of estimates based on sampling.

Estimated Inventory Months on Hand in the Distribution Channel
The following tables set forth for each of the Company’s top 15 pharmaceutical products (based on 2006 annual net sales) sold by the Company’s U.S. Pharmaceuticals business, the U.S. Pharmaceuticals net sales and the estimated number of months on hand of the applicable product in the U.S. wholesaler distribution channel for the quarters ended March 31, 2007 and 2006 and December 31, 2006 and 2005.

   	  	March 31, 2007	  	March 31, 2006	
(Dollars in Millions)	  	Net Sales	  	Months on Hand	  	Net Sales	  	Months on Hand	
ABILIFY* (total revenue)	  	$	293	  	0.4	  	$	231	  	0.5	
AVAPRO*/AVALIDE*	  	 	163	  	0.4	  	 	139	  	0.4	
BARACLUDE	  	 	17	  	0.6	  	 	9	  	1.0	
COUMADIN	  	 	38	  	0.7	  	 	47	  	0.6	
ERBITUX*	  	 	158	  	0.3	  	 	136	  	—  	
GLUCOPHAGE* Franchise	  	 	21	  	0.6	  	 	25	  	0.7	
KENALOG	  	 	18	  	0.5	  	 	23	  	0.7	
ORENCIA	  	 	40	  	0.3	  	 	5	  	0.9	
PARAPLATIN	  	 	5	  	13.8	  	 	7	  	1.2	
PLAVIX*	  	 	787	  	0.6	  	 	850	  	0.4	
PRAVACHOL	  	 	57	  	0.6	  	 	302	  	0.4	
REYATAZ	  	 	143	  	0.7	  	 	119	  	0.6	
SPRYCEL	  	 	10	  	0.7	  	 	—  	  	—  	
SUSTIVA Franchise (a)  (total revenue)	  	 	144	  	0.7	  	 	108	  	0.5	
ZERIT	  	 	12	  	0.6	  	 	19	  	0.7	
			
 	  	December 31, 2006	  	December 31, 2005	
(Dollars in Millions)	  	Net Sales	  	Months on Hand	  	Net Sales	  	Months on Hand	
ABILIFY* (total revenue)	  	$	294	  	0.5	  	$	175	  	0.6	
AVAPRO*/AVALIDE*	  	 	182	  	0.5	  	 	168	  	0.6	
BARACLUDE	  	 	18	  	0.7	  	 	4	  	0.7	
COUMADIN	  	 	48	  	0.8	  	 	50	  	0.8	
ERBITUX*	  	 	165	  	0.4	  	 	121	  	—  	
GLUCOPHAGE* Franchise	  	 	16	  	0.7	  	 	29	  	0.7	
KENALOG	  	 	24	  	0.8	  	 	23	  	0.9	
ORENCIA	  	 	31	  	0.4	  	 	—  	  	—  	
PARAPLATIN	  	 	6	  	5.8	  	 	5	  	0.9	
PLAVIX*	  	 	343	  	0.6	  	 	906	  	0.6	
PRAVACHOL	  	 	50	  	0.6	  	 	366	  	0.6	
REYATAZ	  	 	144	  	0.7	  	 	110	  	0.5	
SPRYCEL	  	 	11	  	1.4	  	 	—  	  	—  	
SUSTIVA Franchise (a)  (total revenue)	  	 	144	  	0.7	  	 	102	  	0.6	
ZERIT	  	 	19	  	0.9	  	 	21	  	0.8	

(a)	Beginning in the third quarter of 2006, the SUSTIVA Franchise includes sales of SUSTIVA, as well as revenue of bulk efavirenz included in the combination therapy, ATRIPLA*. The estimated months on hand of the product in the U.S. wholesale distribution channel only include branded SUSTIVA inventory.	
In October 2004, the U.S. pediatric exclusivity period for PARAPLATIN expired. The resulting entry of multiple generic competitors for PARAPLATIN led to a significant decrease in demand for PARAPLATIN, which in turn led to the months on hand of the product in the U.S. wholesaler distribution channel exceeding one month on hand at March 31, 2007, December 31, 2006 and March 31, 2006. The estimated value of PARAPLATIN inventory in the U.S. wholesaler distribution channel over one month on hand was approximately $0.4 million at March 31, 2007, $0.6 million at December 31, 2006 and $0.9 million at March 31, 2006. The Company no longer produces PARAPLATIN for the U.S. market and will continue to monitor PARAPLATIN wholesaler inventory levels until they have been depleted.

SPRYCEL was launched in the U.S. in July 2006. Consistent with customary practice at the time of a new product launch, the Company’s U.S. wholesalers built inventories of the product to meet expected demand, and at December 31, 2006, the estimated value of SPRYCEL inventory in the U.S. wholesaler distribution channel exceeded one month on hand by approximately $1.4 million. As of March 31, 2007, SPRYCEL inventory in the U.S. wholesaler distribution channel has been worked down to less than one month on hand.
For all products other than ERBITUX* and ORENCIA, the Company determines the above months on hand estimates by dividing the estimated amount of the product in the U.S. wholesaler distribution channel by the estimated amount of out-movement of the product from the U.S. wholesaler distribution channel over a period of 31 days, all calculated as described below. Factors that may influence the Company’s estimates include generic competition, seasonality of products, wholesaler purchases in light of increases in wholesaler list prices, new product launches, new warehouse openings by wholesalers and new customer stockings by wholesalers. In addition, such estimates are calculated using third-party data, which represent their own record-keeping processes and as such, may also reflect estimates.
The Company maintains inventory management agreements (IMAs) with most of its U.S. Pharmaceuticals wholesalers, which account for nearly 100% of total gross sales of U.S. pharmaceutical products. Under the current terms of the IMAs, the Company’s three largest wholesaler customers provide the Company with weekly information with respect to inventory levels of product on hand and the amount of out-movement of products. These three wholesalers accounted for nearly 90% of total gross sales of U.S. pharmaceutical products in the first quarter of 2007. The inventory information received from these wholesalers excludes inventory held by intermediaries to whom they sell, such as retailers and hospitals, and excludes goods in transit to such wholesalers. The Company uses the information provided by these three wholesalers as of the Friday closest to quarter end to calculate the amount of inventory on hand for these wholesalers at the applicable quarter end. This amount is then increased by the Company’s estimate of goods in transit to these wholesalers based on the Company’s records of sales to these wholesalers, which have not been reflected in the weekly data provided by the wholesalers. Under the Company’s revenue recognition policy, sales are recorded when substantially all the risks and rewards of ownership are transferred, which in the U.S. Pharmaceuticals business is generally when product is shipped. In such cases, goods in transit to a wholesaler are owned by the applicable wholesaler and, accordingly, are reflected in the calculation of inventories in the wholesaler distribution channel. The Company determines the out-movement of a product from these wholesalers over a period of 31 days by using the most recent four weeks of out-movement of a product as provided by these wholesalers and extrapolating such amount to a 31 day basis. The Company estimates for each product, inventory levels on hand and out-movements for all its U.S. Pharmaceuticals business wholesaler customers, by adjusting the three largest wholesalers’ inventory levels and out-movements by a factor that approximates the other remaining wholesalers’ percentage share of total gross sales for such product in the U.S. In addition, the Company receives inventory information from these other wholesalers on a selective basis for certain key products.
The Company’s U.S. Pharmaceuticals business through the IMAs discussed above, has arrangements with substantially all of its direct wholesaler customers and requires those wholesalers to maintain inventory at levels that are no more than one month of their demand.
ORENCIA was launched in February 2006. From launch through the second quarter, the Company distributed ORENCIA through an exclusive distribution arrangement with a single distributor. Following approval of the supplemental Biologics License Application that allows a third party to manufacture ORENCIA at an additional site, the exclusive distribution arrangement terminated on July 17, 2006 and the Company expanded its distribution network for ORENCIA to multiple distributors. The above estimates of months on hand was calculated by dividing the inventories of ORENCIA held by these distributors at the end of the quarter by the out-movement of the product over the last 31 day period, as reported by these distributors. The inventory on hand and out-movements reported by these distributors are a product of the distributors’ own record-keeping processes.

In the first and second quarter of 2006, the Company sold ERBITUX* to intermediaries (such as wholesalers and specialty oncology distributors) and shipped ERBITUX* directly to the end-users of the product who are the customers of those intermediaries. Beginning in the third quarter of 2006, the Company expanded its distribution model to include two distributors who then held ERBITUX* inventory. One additional distributor was added for ERBITUX* in the first quarter of 2007. The Company recognizes revenue upon such shipment consistent with its revenue recognition policy.
The above estimate of months on hand was calculated by dividing the inventories of ERBITUX* held by the distributors for their own accounts as reported by the distributors as of the end of the quarter by the out-movements of the product reported by the distributors over the last 31 day period. The inventory levels reported by the distributors are a product of their record-keeping process.

International Pharmaceuticals, Nutritionals and Other Health Care
The following table sets forth for each of the Company’s key pharmaceutical products and other growth drivers sold by the Company’s International Pharmaceuticals reporting segment, including the top 15 pharmaceutical products sold in the Company’s major non-U.S. countries (based on 2006 net sales), and for each of the key products sold by the other reporting segments listed below, the percentage change in the Company’s estimated ultimate patient/consumer demand for the months of March 2007 and December 2006 compared to the same period in the prior year.

 	  	% Change in Demand on a
Constant U.S. Dollar Basis	 	
 	  	March 2007
vs. March 2006	 	 	December 2006
vs. December 2005	 	
International Pharmaceuticals	  			 			
ABILIFY* (total revenue)	  	5	 	 	15	 	
AVAPRO*/AVALIDE*	  	5	 	 	6	 	
BARACLUDE	  	23	 	 	*	*	
BUFFERIN*	  	0	 	 	11	 	
CAPOTEN	  	(6	)	 	(16	)	
DAFALGAN	  	0	 	 	5	 	
EFFERALGAN	  	(1	)	 	2	 	
MAXIPIME	  	(4	)	 	(23	)	
MONOPRIL	  	(8	)	 	(10	)	
ORENCIA	  	*	*	 	N/A	 	
PERFALGAN	  	1	 	 	17	 	
PLAVIX*	  	1	 	 	(8	)	
PRAVACHOL	  	(1	)	 	(63	)	
REYATAZ	  	16	 	 	23	 	
SPRYCEL	  	N/A	 	 	N/A	 	
SUSTIVA Franchise (total revenue)	  	3	 	 	4	 	
TAXOL ® (paclitaxel)	  	(5	)	 	(18	)	
VIDEX/VIDEX EC	  	11	 	 	(33	)	
Nutritionals	  			 			
ENFAMIL/ENFAGROW	  	6	 	 	6	 	
NUTRAMIGEN	  	4	 	 	17	 	
Other Health Care	  			 			
ConvaTec	  			 			
Ostomy	  	5	 	 	—  	 	
Wound Therapeutics	  	3	 	 	5	 	
Medical Imaging	  			 			
CARDIOLITE	  	(8	)	 	(5	)	

**	In excess of 200%	

Estimated Inventory Months on Hand in the Distribution Channel
The following table sets forth for each of the Company’s key products sold by the reporting segments listed below, the net sales of the applicable product for each of the quarters ended March 31, 2007, December 31, 2006, March 31, 2006, and December 31, 2005, and the estimated number of months on hand of the applicable product in the direct customer distribution channel for the reporting segment as of the end of each of the four quarters. The estimates of months on hand for key products described below for the International Pharmaceuticals reporting segment are based on data collected for all of the Company’s significant business units outside of the U.S. Also described further below is information on non-key product(s) where the amount of inventory on hand at direct customers is more than approximately one month and the impact is not de minimis. For the other reporting segments, estimates are based on data collected for the U.S. and all significant business units outside of the U.S.

 	  	March 31, 2007	  	December 31, 2006	
Dollars in Millions	  	Net Sales	  	Months
On Hand	  	Net Sales	  	Months
On Hand	
International Pharmaceuticals	  			  		  			  		
ABILIFY* (total revenue)	  	$	73	  	0.6	  	$	68	  	0.7	
AVAPRO*/AVALIDE*	  	 	107	  	0.5	  	 	125	  	0.6	
BARACLUDE	  	 	28	  	0.7	  	 	18	  	0.8	
BUFFERIN*	  	 	24	  	0.5	  	 	32	  	0.5	
CAPOTEN	  	 	26	  	0.8	  	 	31	  	0.8	
DAFALGAN	  	 	44	  	1.2	  	 	40	  	1.0	
EFFERALGAN	  	 	81	  	1.1	  	 	74	  	0.7	
MAXIPIME	  	 	29	  	0.5	  	 	33	  	0.6	
MONOPRIL	  	 	36	  	0.8	  	 	35	  	0.9	
ORENCIA	  	 	1	  	0.3	  	 	1	  	—  	
PERFALGAN	  	 	58	  	0.5	  	 	54	  	0.5	
PLAVIX*	  	 	151	  	0.5	  	 	153	  	0.6	
PRAVACHOL	  	 	78	  	0.6	  	 	96	  	0.8	
REYATAZ	  	 	120	  	0.9	  	 	111	  	1.0	
SPRYCEL	  	 	11	  	0.4	  	 	3	  	0.5	
SUSTIVA Franchise (a) (total revenue)	  	 	82	  	0.5	  	 	78	  	0.5	
TAXOL ® (paclitaxel)	  	 	107	  	0.7	  	 	128	  	0.7	
VIDEX/VIDEX EC	  	 	27	  	1.1	  	 	29	  	1.4	
Nutritionals	  			  		  			  		
ENFAMIL/ENFAGROW	  	 	326	  	0.8	  	 	338	  	0.9	
NUTRAMIGEN	  	 	52	  	0.9	  	 	54	  	1.0	
Other Health Care	  			  		  			  		
ConvaTec	  			  		  			  		
Ostomy	  	 	130	  	0.9	  	 	151	  	1.0	
Wound Therapeutics	  	 	107	  	0.9	  	 	123	  	1.0	
Medical Imaging	  			  		  			  		
CARDIOLITE	  	 	99	  	0.7	  	 	103	  	0.9	

(a)	Beginning in the third quarter of 2006, the SUSTIVA Franchise includes sales of SUSTIVA, as well as revenue of bulk efavirenz included in the combination therapy, ATRIPLA*. The estimated months on hand of the product in the distribution channel only include branded SUSTIVA inventory.	

											
 	  	March 31, 2006	  	December 31, 2005	
Dollars in Millions	  	Net Sales	  	Months
on Hand	  	Net Sales	  	Months
on Hand	
International Pharmaceuticals	  			  		  			  		
ABILIFY* (total revenue)	  	$	52	  	0.6	  	$	49	  	0.6	
AVAPRO*/AVALIDE*	  	 	94	  	0.5	  	 	109	  	0.6	
BARACLUDE	  	 	2	  	1.1	  	 	1	  	—  	
BUFFERIN*	  	 	22	  	0.6	  	 	36	  	0.7	
CAPOTEN	  	 	35	  	0.8	  	 	38	  	0.8	
DAFALGAN	  	 	37	  	1.4	  	 	34	  	1.2	
EFFERALGAN	  	 	68	  	1.2	  	 	74	  	1.0	
MAXIPIME	  	 	40	  	0.8	  	 	48	  	0.8	
MONOPRIL	  	 	46	  	1.1	  	 	43	  	0.9	
ORENCIA	  	 	—  	  	—  	  	 	—  	  	—  	
PERFALGAN	  	 	46	  	0.6	  	 	43	  	0.6	
PLAVIX*	  	 	136	  	0.5	  	 	155	  	0.6	
PRAVACHOL	  	 	234	  	1.5	  	 	218	  	0.8	
REYATAZ	  	 	88	  	0.6	  	 	78	  	0.6	
SPRYCEL	  	 	—  	  	—  	  	 	—  	  	—  	
SUSTIVA	  	 	67	  	0.5	  	 	68	  	0.6	
TAXOL ® (paclitaxel)	  	 	143	  	0.6	  	 	176	  	0.8	
VIDEX/VIDEX EC	  	 	31	  	0.8	  	 	34	  	0.9	
Nutritionals	  			  		  			  		
ENFAMIL/ENFAGROW	  	 	304	  	0.9	  	 	330	  	1.0	
NUTRAMIGEN	  	 	48	  	1.0	  	 	48	  	1.1	
Other Health Care	  			  		  			  		
ConvaTec	  			  		  			  		
Ostomy	  	 	123	  	0.9	  	 	145	  	1.0	
Wound Therapeutics	  	 	98	  	0.9	  	 	112	  	0.9	
Medical Imaging	  			  		  			  		
CARDIOLITE	  	 	103	  	0.8	  	 	100	  	1.0	
The above months on hand information represents the Company’s estimates of aggregate product level inventory on hand at direct customers divided by the expected demand for the applicable product. Expected demand is the estimated ultimate patient/consumer demand calculated based on estimated end-user consumption or direct customer out-movement data over the most recent 31 day period or other reasonable period. Factors that may affect the Company’s estimates include generic competition, seasonality of products, direct customer purchases in light of price increases, new product or product presentation launches, new warehouse openings by direct customers, new customer stockings by direct customers and expected direct customer purchases for governmental bidding situations.
The Company relies on a variety of methods to calculate months on hand for these reporting segments. Where available, the Company relies on information provided by third parties to determine estimates of aggregate product level inventory on hand at direct customers and expected demand. For the reporting segments listed above; however, the Company has limited information on direct customer product level inventory, end-user consumption and direct customer out-movement data. Further, the quality of third-party information, where available, varies widely. In some circumstances, such as the case with new products or seasonal products, such historical end-user consumption or out-movement information may not be available or applicable. In such cases, the Company uses estimated prospective demand. In cases where direct customer product level inventory, ultimate patient/consumer demand or out-movement data do not exist or are otherwise not available, the Company has developed a variety of other methodologies to calculate estimates of such data, including using such factors as historical sales made to direct customers and third-party market research data related to prescription trends and end-user demand.

As of March 31, 2006, BARACLUDE, an antiviral product, had approximately 1.1 months of inventory on hand at direct customers. The level of inventory on hand was due primarily to stocking of the product in support of the recent launch in China.
As of March 31, 2007, March 31, 2006, and December 31, 2005, DAFALGAN, an analgesic product sold principally in Europe, had approximately 1.2, 1.4 and 1.2 months of inventory on hand, respectively, at direct customers. The level of inventory on hand was due primarily to private pharmacists purchasing DAFALGAN approximately once every eight weeks and the seasonality of the product.
As of March 31, 2007 and March 31, 2006, EFFERALGAN, an analgesic product sold principally in Europe, had approximately 1.1 and 1.2 months of inventory on hand respectively, at direct customers. The level of inventory on hand was due primarily to private pharmacists purchasing EFFERALGAN approximately once every eight weeks and the seasonality of the product.
As of March 31, 2006, MONOPRIL, a cardiovascular product, had approximately 1.1 months of inventory on hand at direct customers. The level of inventory on hand was due primarily to supply of the product in support of its inclusion in a government program in Russia.
As of March 31, 2006, PRAVACHOL, a cardiovascular product, had approximately 1.5 months of inventory on hand at direct customers. The increased level of inventory on hand was due primarily to an increase in orders from a significant direct customer in France.
As of March 31, 2007 and December 31, 2006, VIDEX/VIDEX EC, an antiviral product, had approximately 1.1 and 1.4 months of inventory on hand, respectively, at direct customers. The increased level of inventory on hand was due primarily to government purchasing patterns in Brazil. The Company is contractually obligated to provide VIDEX/VIDEX EC to the Brazilian government upon placement of an order for product by the government. Under the terms of the contract, the Company has no control over the inventory levels relating to such orders.
As of December 31, 2005, NUTRAMIGEN, infant nutritional products sold principally in the U.S., had approximately 1.1 months of inventory on hand at direct customers. The level of inventory on hand at the end of the quarter ended December 31, 2005 was due primarily to holiday stocking by retailers.
The Company continuously seeks to improve the quality of its estimates of months on hand of inventories held by its direct customers including thorough review of its methodologies and processes for calculation of these estimates and review and analysis of its own and third parties’ data used in such calculations. The Company expects that it will continue to review and refine its methodologies and processes for calculation of these estimates and will continue to review and analyze its own and third parties’ data in such calculations. The Company also has and will continue to take steps to expedite the receipt and processing of data for the non-U.S. Pharmaceuticals business.